Document:

Exhibit 10.2
    

    

    

    

    

    
      AMENDMENT NO. 3
    

    
      This AMENDMENT NO. 3, dated as of March 23, 2009 (“Amendment
      No. 3”), is entered into by and among DAYTON SUPERIOR CORPORATION, a
      Delaware corporation (the “Borrower”), the persons
      designated as “Lenders” on the signature pages hereto (the “Lenders”),
      and GENERAL ELECTRIC CAPITAL CORPORATION (“GE Capital”), a
      Delaware corporation, as administrative agent (in such capacity, the “Administrative
      Agent”).
    

    
      WHEREAS, the Borrower, the other Loan Parties, the Lenders and GE
      Capital, as administrative agent and collateral agent, are party to the
      Term Loan Credit Agreement dated as of March 3, 2008 (as amended by
      Amendment No. 1, dated as of June 4, 2008, and Amendment No. 2, dated as
      of March 16, 2009, the “Original Credit Agreement”; all
      capitalized terms defined in the Original Credit Agreement and not
      otherwise defined herein to have the meanings assigned thereto in the
      Original Credit Agreement); and
    

    
      WHEREAS, the Borrower wishes to amend the Original Credit Agreement in
      the manner set forth below; and
    

    
      WHEREAS, the Lenders, subject to the terms and conditions of this
      Amendment No. 3, are willing to amend the Original Credit Agreement as
      provided herein.
    

    
      NOW, THEREFORE, in consideration of the premises and the agreements,
      provisions and covenants herein contained, the Borrower and the Lenders
      agree as follows:
    

    
      Section 1.
AMENDMENT
    

    
      Subject to the satisfaction of the condition to effectiveness referred
      to in Section 3 below, the Original Credit Agreement is hereby
      amended as follows:
    

    
             (a)  Section 1.1
      of the Original Credit Agreement is hereby amended by adding in the
      appropriate alphabetical places the following definitions:
    

    
      ‘“Amendment No. 3’ means Amendment No. 3 to this
      Agreement dated as of March 23, 2009 among the Borrower, the
      Administrative Agent and the Lenders signatory thereto.”
    

    
      ‘“Amendment No. 3 Effective Date’ means March 23,
      2009.”
    

    
             (b)  The definition of the term “Base
      Rate” appearing in Section 1.1 of the Original Credit
      Agreement is amended and restated in its entirety as follows:
    

    
      ‘“Base Rate’ means the greatest of (i) the rate last
      quoted by The Wall Street Journal as the “Prime rate” (viz., as of the
      date hereof, the base rate posted by 70% of the nation’s largest banks)
      in the United States or, if The Wall Street Journal ceases to quote such
      rate, the highest per annum interest rate published by the Federal
      Reserve Board in Federal Reserve Statistical Release H.15 (519)
      (Selected Interest Rates) as the “bank prime loan” rate or, if such rate
      is no longer quoted therein, any similar rate quoted therein (as
      determined by the Administrative Agent) or any similar release by the
      Federal Reserve Board (as determined by the Administrative Agent), (ii)
      400 basis points in excess of the Federal Funds Rate, (iii) 4.25% per
      annum and (iv) a per annum rate equal to the Eurodollar Rate calculated
      based on an Interest Period of three months plus the difference between
      the Applicable Margin for Eurodollar Rate Loans and the Applicable
      Margin for Base Rate Loans.”
    

    

    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    
             (c)  The definition of the term “Scheduled
      Maturity Date” appearing in Section 1.1 of the Original
      Credit Agreement is amended and restated in its entirety as follows:
    

    
      “‘Scheduled Maturity Date’ means April 9, 2009.”
    

    
             (d)  Section
      2.9(b)(i) of the Original Credit Agreement is hereby amended by
      inserting the following immediately prior to the word “and” which ends
      such Section 2.9(b)(i): “, provided, that from and
      after the Amendment No. 3 Effective Date, in lieu of payments every
      three months from the first day of such Interest Period, payments of
      interest on Eurodollar Loans shall be made on the last day of each
      calendar month within such Interest Period,”.
    

    
             (e)  Section
      2.10(a) of the Original Credit Agreement is hereby amended by adding
      the following sentence at the end of such Section 2.10(a):
      “Notwithstanding anything to the contrary contained in this Agreement,
      from and after the Amendment No. 3 Effective Date, no Interest Period
      other than a one month Interest Period may be selected for the
      conversion to or continuation of any Eurodollar Rate Loan.”
    

    
             (f)  Section
      6.1(c) of the Original Credit Agreement is amended by inserting the
      following immediately after the phrase “90 days” appearing in such Section
      6.1(c): “(or, in the case of the Fiscal Year ended December 31,
      2008, 120 days)”.
    

    
             (g)  Section 6
      of the Original Credit Agreement is amended by adding the following Sections
      6.9 and 6.10 at the end of such Section 6 as follows:
    

    
      “Section 6.9.  Additional Information.  
    

    
      In addition, from and after the Amendment No. 3 Effective Date, weekly,
      on Friday of each week, the Borrower shall deliver (i) to the
      Administrative Agent and the Lenders a Borrowing Base Certificate (as
      defined as of the date hereof in the Revolving Credit Agreement) with
      respect to Borrower and its Domestic Subsidiaries, accompanied by such
      supporting detail and documentation as has been delivered to the
      Revolving Credit Administrative Agent (other than any third party
      valuation reports prepared for the Revolving Credit Administrative
      Agent), as provided for therein in connection with a Borrowing Base
      Certificate and (ii) to the Administrative Agent and the Lenders, a 13
      week rolling cash flow forecast, together with an explanation of the
      differences from the prior cash flow forecast, in each case, in form and
      substance satisfactory to the Lenders. Borrower shall also deliver to
      the Administrative Agent and the Lenders all term sheets, engagement
      letters, letters of intent, agreements in principle and definitive
      agreements and, to the extent requested by the Administrative Agent or
      any Lender, other material documents, in each case relating to efforts
      by or on behalf of Borrower to raise debt or equity capital or to sell
      Borrower, and Borrower agrees not to enter into any such agreement that
      is subject to confidentiality provisions that prohibit disclosure
      thereof to the Administrative Agent and the Lenders.  Borrower shall
      conduct weekly telephone calls with the Administrative Agent, the other
      Lenders who wish to participate, the advisors to the Administrative
      Agent and to the Lenders and the financial advisors to the Borrower.
      Such telephone calls may be conducted concurrently with those required
      by Section 6.9 of the Revolving Credit Agreement. From time to
      time, at the request of the Administrative Agent or any Lender, Borrower
      shall deliver to the Administrative Agent and the Lenders lists of all
      financial advisors retained by Borrower and descriptions of the
      compensation arrangements made with such financial advisors, and shall
      provide to the Administrative Agent and the Lenders access to such
      advisors and such other information as the Administrative Agent or any
      Lender may request with respect to work being performed by such advisors
      on behalf of the Borrower.
    

    

    

    
      
        

        

      

      
        
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      Section 6.10.  Additional Deliveries.
    

    
      Concurrently with delivering or giving any financial statement,
      certificate, report, notice or writing, or providing other information,
      under the foregoing provisions of Section 6, Borrower will
      deliver a copy of such financial statement, certificate, report, notice
      or writing or provide such other information to the Lenders.”
    

    
             (h)  Section 7.7
      of the Original Credit Agreement is hereby amended and restated in its
      entirety as follows:
    

    
      “Section 7.7.  Access to Books and Records.  Each
      Group Member shall permit the Administrative Agent, the Lenders and any
      Related Person of any of them and any financial advisor to the Lenders
      or legal counsel to the Administrative Agent or to the Lenders (other
      than the Administrative Agent), as often as reasonably requested, at any
      reasonable time during normal business hours and with reasonable advance
      notice (except that, during the continuance of an Event of Default, no
      such notice shall be required) to (a) visit and inspect the property of
      each Group Member and examine and make copies of and abstracts from, the
      corporate (and similar), financial, operating and other books and
      records of each Group Member, (b) discuss the affairs, finances and
      accounts of each Group Member with any officer or director of any Group
      Member and (c) communicate directly with any registered certified public
      accountants (including the Group Members’ Accountants); provided that if
      such visit or inspection occurs at any time when no Default has occurred
      and is continuing, such visit or inspection shall be coordinated through
      the Administrative Agent.  Each Group Member shall authorize its
      respective registered certified public accountants (including the Group
      Members’ Accountants) to communicate directly with the Administrative
      Agent, the Lenders and their Related Persons and with any financial
      advisor to the Lenders or legal counsel to the Administrative Agent or
      the Lenders, and to disclose to the Administrative Agent, the Lenders
      and their Related Persons and any financial advisor to the Lenders or
      legal counsel to the Administrative Agent or the Lenders all financial
      statements and other documents and information as they might have and
      the Administrative Agent or any Lender reasonably requests with respect
      to any Group Member.”
    

    

    

    
      
        

        

      

      
        
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             (i)  Section
      7.11(c) of the Original Credit Agreement is hereby amended by
      inserting the following immediately prior to the period that ends such Section
      7.11(c): “, provided, however, that
      notwithstanding the foregoing, from and after the Amendment No. 3
      Effective Date, whether or not any Event of Default is continuing, the
      Administrative Agent may direct, and at the direction of the Required
      Lenders shall direct, that all cash or securities in any Controlled
      Deposit Account (other than Borrower’s disbursement account into which
      proceeds of the Loans under (and as such term is defined in) the
      Revolving Credit Agreement are deposited) or Controlled Securities
      Account be transferred on a daily basis to a deposit account maintained
      by and in the name of the Administrative Agent (which may be the deposit
      account described in Section 2.13(a)) for application to the
      Obligations”.
    

    
             (j)  Section 8.16
      of the Original Credit Agreement is hereby amended by amending and
      restating clause (ii) thereof in its entirety as
      follows:  “(ii)          Liens permitted by Section
      8.2(a) or Section 8.2(b),”
    

    
             (k)  Section 9.1
      of the Original Credit Agreement is hereby amended by (i) replacing the
      period ending paragraph (h) of such Section 9.1 with “; or” and
      (ii) adding the following immediately thereafter:
    

    
      “(i)  the Borrower shall extend the expiration date of the Exchange
      Offer and Consent Solicitation Relating to Debt Securities Issued by
      Dayton Superior Corporation, issued by the Borrower on July 15, 2008
      (the “Exchange Offer”), to a date beyond April 9, 2009 or
      shall accept any of the Senior Subordinated Notes pursuant to the
      Exchange Offer.
    

    
      (j)  the Borrower shall fail on or prior to April 9, 2009 to negotiate
      and deliver to the Administrative Agent a letter of intent or definitive
      term sheet for the acquisition of the Borrower by a Person acceptable to
      the Lenders on terms and conditions satisfactory to the Lenders; or
    

    
      (k)  the Borrower shall fail to pay on or prior to 5:00 p.m. (New York
      time) on March 23, 2009, to the Administrative Agent, Gibson, Dunn &
      Crutcher LLP or King & Spalding LLP, in each case, in immediately
      available funds, the  fees and expenses and respective deposits
      described in Section 2(a) of Amendment No. 3.”
    

    

    

    
      
        

        

      

      
        
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             (l)  Section 9.2
      of the Original Credit Agreement is amended by replacing the phrase
      “During the continuance of any Event of Default, the Administrative
      Agent may, and, at the request of the Required Lenders shall,” with the
      phrase “During the continuance of any Event of Default the
      Administrative Agent (so long as General  Electric Capital Corporation
      is the Administrative Agent) may, or (so long as (x) General Electric
      Capital Corporation is not the Administrative Agent and (y) the
      “Obligations” under and as such term is defined in the Revolving Credit
      Agreement have been or are concurrently being, accelerated), General
      Electric Capital Corporation may, and at request of the Required
      Lenders, the Administrative Agent shall,”.
    

    
             (m)  Section
      10.9(a) of the Original Credit Agreement is amended by amending and
      restating the first sentence thereof in its entirety as follows:  “The
      Administrative Agent may resign at any time and shall resign upon the
      written request of the Required Lenders in the event that an Event of
      Default is continuing, in each case by delivering notice of such
      resignation to the Lenders and the Borrower, effective on the date set
      forth in such notice (which date shall, in the case of a resignation
      upon request of the Required Lenders, be the date specified in such
      request, if any, provided that such date is no earlier than 5 days and
      no later than 30 days after the date such request is sent) or, if no
      such date is set forth therein, upon the date such notice shall be
      effective.”
    

    
             (n)  Section
      11.1(a)(iv) of the Original Credit Agreement is amended by replacing
      the phrase “or to the application of any payment, including as set forth
      in Section 2.12” with the phrase “but shall apply to the
      application of all payments, including as set forth in Section 2.12.”
    

    
             (o)  Section
      11.1(a)(vii) of the Original Credit Agreement is amended by
      inserting immediately prior to the semicolon ending such section the
      following “or change to a lesser percentage or number of Lenders any
      requirement that the Lenders approve any document or documents, event or
      circumstance”.
    

    
             (p)  Section
      11.3(c) of the Original Credit Agreement is amended by replacing the
      text “including fees and disbursements of counsel, limited, solely in
      the case of Lenders other than the Administrative Agent, to one legal
      counsel” at the end of such Section 11.3(c) with the
      following text: “including fees and disbursements of (x) one legal
      counsel to the Administrative Agent (or, if GE Capital shall no longer
      be the Administrative Agent, one legal counsel to GE Capital) and (y)
      one legal counsel to, collectively, the Lenders other than GE Capital,
      which shall be selected by such Lenders (or, upon written notice from
      any such Lender to the Borrower that such Lenders do not wish to be
      represented by the same legal counsel, 50% of the fees and disbursements
      of one legal counsel to each such other Lender individually, to be
      selected in each case by each such other Lender, provided that no such
      Lender may select Gibson, Dunn & Crutcher LLP as its legal counsel in
      such event, and Gibson, Dunn & Crutcher LLP shall resign as counsel to
      such other Lenders upon joint written request of such other Lenders and
      payment of all accrued fees and disbursements of Gibson, Dunn & Crutcher
      LLP through such date of resignation), and one financial advisor to the
      Lenders”.
    

    

    

    
      
        

        

      

      
        
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      Section 2.
FEES AND EXPENSES
    

    
             (a)  On or prior to 5:00 p.m. (New York time) on March 23, 2009,
      Borrower shall promptly pay to Administrative Agent all reasonable
      costs, expenses and charges incurred by Administrative Agent in
      connection with the preparation, negotiation, execution and delivery of
      this Agreement and any documents and instruments relating hereto
      pursuant to and consistent with Section 11.3 of the Credit
      Agreement.  On or prior to 5:00 p.m. (New York time) on March 23, 2009,
      the Borrower shall deposit with Gibson, Dunn & Crutcher LLP, counsel for
      Davidson Kempner Capital Management LLC and Silverpoint Capital, L.P.,
      as Lenders, $50,000 to be applied toward payment of legal fees and
      disbursements of Gibson, Dunn & Crutcher LLP, and shall deposit with
      King & Spalding LLP, counsel for Administrative Agent, $25,000 to be
      applied toward payment of legal fees and expenses of King & Spalding
      LLP, in each case as incurred, in representation of such Lenders and the
      Administrative Agent, as the case may be, in connection with this
      Amendment No. 3 and the preservation of their rights and any potential
      restructuring, as provided under Section 11.3(c) of the Original
      Credit Agreement; and the Borrower agrees to pay all such fees and
      expenses, if any, in excess of such amount, to the extent payable under Section
      11.3(c) of the Original Credit Agreement, upon demand by such
      Lenders or the Administrative Agent, as the case may be.  Borrower also
      confirms its obligation under Section 11.3 of the Credit
      Agreement to reimburse all reasonable costs, fees and expenses of an
      independent financial consultant selected by the Administrative Agent
      and the Revolving Credit Administrative Agent (as retained by
      independent counsel to the Administrative Agent and the Revolving Credit
      Administrative Agent); provided, that the Required Lenders may,
      in their sole discretion, on behalf of the Lenders, select an
      independent financial consultant to the Lenders to be retained by one or
      more of the Lenders or counsel to one of more of the Lenders, in any
      case, as determined by the Required Lenders, and notwithstanding
      anything in Section 11 of the Credit Agreement to the contrary,
      Borrower shall reimburse all reasonable costs, fees and expenses of such
      financial consultant, and Administrative Agent shall not be entitled to
      reimbursement by Borrower for the costs or expenses of a separate
      financial consultant to Administrative Agent, in its capacity as such.  
    

    
             (b)  In consideration of the execution by Administrative Agent
      and the Lenders of this Agreement and for other good and valuable
      consideration, the receipt and sufficiency of which are hereby
      acknowledged, each Lender signing this Agreement shall earn a
      non-refundable fee, payable by Borrower on the Amendment No. 3 Effective
      Date to Administrative Agent for the pro rata benefit of such Lenders
      without offset, deduction or withholding of any kind, in an amount equal
      to 3.0% of such Lender’s outstanding Term Loans under the Credit
      Agreement as of the date hereof (without giving effect to this
      Agreement).  Such fee shall be paid-in-kind and capitalized as an
      additional principal amount of the Term Loans, and which shall, at the
      request of any Lender to whom such capitalized fee is owing, be
      evidenced by PIK Notes in the form of Exhibit K attached to the Credit
      Agreement.
    

    

    

    
      
        

        

      

      
        
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      Section 3.
CONDITIONS TO EFFECTIVENESS
    

    
      This Amendment No. 3 shall be effective as of March 23, 2009 (the “Amendment
      No. 3 Effective Date”), subject to and upon satisfaction on or prior
      to such date of the following conditions: (i) receipt by the
      Administrative Agent of one or more counterparts of this Amendment No. 3
      executed and delivered by the Borrower, the Administrative Agent and the
      Lenders, (ii) receipt by the Administrative Agent of evidence
      satisfactory to the Administrative Agent that the Revolving Credit
      Agreement has been amended (or is concurrently being amended) pursuant
      to an amendment in the form of Annex I hereto (the “Revolving
      Credit Facility Amendment”), (iii) receipt by the Administrative
      Agent of a certificate of a Responsible Officer that no Default or Event
      of Default has occurred or is continuing, and (iv) the Borrower shall
      have delivered a PIK Note to each Lender that has made a request
      therefor of the Borrower representing such Lender’s pro rata portion of
      the principal amount of the fee referred to in, and capitalized pursuant
      to, Section 2(b) hereof.
    

    
      Section 4.
LIMITATION ON SCOPE
    

    
      Except as expressly amended hereby, all of the representations,
      warranties, terms, covenants and conditions of the Loan Documents shall
      remain in full force and effect in accordance with their respective
      terms.  The amendment set forth herein shall be limited precisely as
      provided for herein and shall not be deemed to be a waiver of, amendment
      of, consent to or modification of any term or provision of the Loan
      Documents or any other document or instrument referred to therein or of
      any transaction or further or future action on the part of the Borrower
      or any other Loan Party requiring the consent of the Administrative
      Agent or Lenders except to the extent specifically provided for
      herein.  The Administrative Agent and Lenders have not and shall not be
      deemed to have waived any of their respective rights and remedies
      against the Borrower or any other Loan Party for any existing or future
      Defaults or Event of Default.
    

    
      Section 5.
MISCELLANEOUS
    

    
             (a)  The Borrower hereby represents and warrants that (i) this
      Amendment No. 3 has been duly authorized and executed by it, and the
      Original Credit Agreement, as amended by this Amendment No. 3, is its
      legal, valid and binding obligation, enforceable in accordance with its
      terms, except as such enforceability may be limited by applicable
      bankruptcy, moratorium and similar laws affecting the rights of
      creditors in general; (ii) this Amendment No. 3 is being delivered in
      the State of New York; and (iii) each of the representations and
      warranties made or deemed made by Borrower under the Original Credit
      Agreement is true and correct as of the date of this Amendment No. 3.
    

    

    

    
      
        

        

      

      
        
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             (b)  The Borrower hereby ratifies and confirms the Original
      Credit Agreement as amended hereby, and agrees that, as amended hereby,
      the Original Credit Agreement remains in full force and effect.
    

    
             (c)  The Borrower hereby acknowledges, confirms and agrees that,
      as of the date hereof, the security interests and liens granted to the
      Administrative Agent on behalf of itself and the Secured Parties under
      the Original Credit Agreement and the other Loan Documents securing the
      Obligations are in full force and effect, are properly perfected and are
      enforceable in accordance with the terms of the Credit Agreement and the
      other Loan Documents.
    

    
             (d)  The Borrower hereby acknowledges, confirms and agrees that
      as of the Amendment No. 3 Effective Date (giving effect to the
      provisions of this Amendment No. 3), the Borrower is in the aggregate
      indebted to the Administrative Agent and Lenders for Term Loans under
      the Loan Documents in the principal amount of $102,227,500, and that all
      such obligations under the Credit Agreement owing by the Borrower
      together with interest accrued and accruing thereon, and all fees,
      costs, expenses and other charges now or hereafter payable by the
      Borrower to the Administrative Agent and each Lender pursuant to the
      terms of the Loan Documents and this Amendment No. 3, are
      unconditionally owing by the Borrower to each Lender, without offset,
      defense or counterclaim of any kind, nature or description whatsoever
    

    
             (e)  The Administrative Agent and each Lender party to this
      Amendment No. 3 hereby consents to the amendments and modifications set
      forth in that certain Revolving Credit Facility Amendment attached
      hereto as Annex I.
    

    
             (f)  The Borrower hereby represents and warrants as of the date
      hereof in favor of the Administrative Agent and each Lender that each
      and every representation and warranty heretofore made by the Borrower in
      the Original Credit Agreement and the other Loan Documents is true and
      correct as if made on the date hereof (except to the extent such
      representations and warranties expressly relate to an earlier date in
      which case such representations and warranties were true and correct in
      all material respects as of such earlier date) and with specific
      reference to this Amendment No. 3 and all other Loan Documents executed
      and/or delivered in connection herewith, provided that the
      representation and warranty contained in this paragraph (f) shall not
      apply to the representation and warranty contained in Section 4.5
      of the Original Credit Agreement or the representation and warranty
      contained in Section 4.6 of the Original Credit Agreement, except
      to the extent that the representation and warranty contained in Section
      4.6 of the Original Credit Agreement constitutes a representation
      and warranty that the Borrower is Solvent within the meaning of clause
      (c) of the definition of the term ‘Solvent’.
    

    
             (g)  The Borrower agrees that all Loan Documents remain in full
      force and effect notwithstanding the execution and delivery of this
      Amendment No. 3.
    

    
             (h)  This Amendment No. 3 may be executed by the parties hereto
      in separate counterparts, each of which when so executed and delivered
      shall be deemed an original, but all of which counterparts together
      shall constitute but one and the same instrument.
    

    

    

    
      
        

        

      

      
        
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             (i)  All references in the Loan Documents to the “Credit
      Agreement” and in the Original Credit Agreement as amended hereby to
      “this Agreement,” “hereof,” “herein” or the like shall mean and refer to
      the Original Credit Agreement as amended by this Amendment No. 3 (as
      well as by all subsequent amendments, restatements, modifications and
      supplements thereto).
    

    
             (j)  Each of the following provisions of the Original Credit
      Agreement is hereby incorporated herein by this reference with the same
      effect as though set forth in its entirety herein, mutatis mutandis,
      and as if “this Agreement” in any such provision read “this Amendment
      No. 3”: Section 11.11 (Notices), Section 11.13
      (Governing Law), Section 11.14 (Jurisdiction), Section 11.15
      (Waiver of Jury Trial), Section 11.16 (Severability) and Section
      11.18 (Entire Agreement).
    

    
      Section 6.
RELEASE
    

    
      Borrower hereby releases, acquits, and forever discharges the
      Administrative Agent and each of the Lenders and each past or present
      affiliate, officer, director, agent, servant, employee, representative
      and attorney of the Administrative Agent and the Lenders from any and
      all claims, causes of action, suits, debts, liens, obligations,
      liabilities, demands, losses, costs and expenses (including attorneys’
      fees) of any kind, character, or nature whatsoever, known or unknown,
      fixed or contingent, which Borrower may have or claim to have now or
      which may hereafter arise out of or connected with any act of commission
      or omission of the Administrative Agent or any Lender existing or
      occurring prior to the date of this Amendment No. 3 or any instrument
      executed prior to the date of this Amendment No. 3 including, without
      limitation, any claims, liabilities or obligations arising with respect
      to the Original Credit Agreement or the other of the Loan
      Documents.  The provisions of this Section 6 shall be
      binding upon Borrower and shall inure to the benefit of the
      Administrative Agent and the Lenders and each past or present affiliate,
      officer, director, agent, servant, employee, representative and attorney
      of the Administrative Agent and the Lenders.
    

    
      [signature pages follow]
    

    

    

    
      
        

        

      

      
        
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      WITNESS the due execution hereof by the respective duly
      authorized officers of the undersigned as of the date first written
      above.
    

    
      BORROWER:
    

    
      DAYTON SUPERIOR CORPORATION, a
Delaware corporation
    

    
      By: /s/ Edward J. Puisis______________________
      Name:  Edward
      J. Puisis
      Title: Executive Vice President and CFO
    

    
      LENDERS:
    

    
      GENERAL ELECTRIC CAPITAL CORPORATION,
    

    
      as Administrative Agent and a Lender
    

    
      By: /s/ Michelle Handy______                      
      Name:
      Michelle Handy
      Title:  Its Duly Authorized Signatory
    

    
      DK ACQUISITION PARTNERS, LP, as a Lender
    

    
      By: M.H. DAVIDSON & CO., its general partner
    

    
      By: /s/ Avi Friedman                                        
      Name:
      Avi Friedman
      Title:  General Partner
    

    
      
        

        

      

      
        
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      FIELD POINT III, LTD., as a Lender
    

    
      By: /s/ Michael A. Gatto____                      
      Name:
      Michael A. Gatto
      Title:  Authorized Signatory
    

    

    

    
      FIELD POINT IV, LTD., as a Lender
    

    
      By: /s/ Michael A. Gatto____                      
      Name:
      Michael A. Gatto
      Title:  Authorized Signatory
    

    

    

    
      GRAND CENTRAL ASSET TRUST, SIL
SERIES, as a Lender
    

    
      By: /s/ Brian Schott______                        
      Name:
      Brian Schott
      Title:  Attorney-in-fact
    

    

    

    
      
        

        

      

      
        
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      Annex I
    

    
      Please see attached.
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    
      Please see Exhibit 10.220-F

Exhibit 4.5  

SPECIAL LICENSE TO RENDER
TELECOMMUNICATION SERVICES, AMENDMENT NO.3, ISSUED TO
 THE REGISTRANT ON OCTOBER 29, 2008
BY THE ISRAELI MINISTRY OF COMMUNICATIONS 
(TRANSLATED FROM HEBREW) 

	
(Emblem of the State of Israel)  

	
STATE
OF ISRAEL  

	
Ministry
of Communications  

 Special License to render
telecommunication services numbered 5-10439-2-95049 to 
RRSat Global Communications Network
Ltd. Company  

Amendment no. 3  

By virtue of the power pursuant to
Section 4(e) of the Communications (Telecommunication and Broadcasting) Law, 5742-1982 and
pursuant to Section 5 of the Telegraph Ordinance [New Version] 5732-1972, and the rest of
the powers granted to us pursuant to any law, we hereby amend special license to render
telecommunication services – video and audio transmission services via stationary or
mobile land satellite stations, which was granted to RRSat Global Communications
Network Ltd. Company (hereinafter – RRSat) on the date of 27 Tevet 5768
(31.07.2008) and renewal from Thursday, 28 Tamuz 5768 (31.07.2008) as detailed below: 

	Amendment  to 
part A & B 	1.	  Parts A and B in the License of 31.12.2001 shall be replaced by
parts A and B attached hereto.  

	Addition of Appendices  	2.	The following Appendices shall be added to the License: 

	 	
“Appendix
A1 – Principal structure of the system for voice and data relay”;

	 	
“Appendix
A2 – Principal structure of the Inmarsat system”;  

	 	
“Appendix
A3 – Services to the Shipping and Ports Authority”;  

	 	
“Appendix
A4 – List of clients of Bezeq Company”;  

	Amendment to
 Appendix A 	 3.	
 Instead of “Appendix A – Principal structure of the system of
31.12.2001, shall be:  

	 	
“Appendix
A – Principal structure of video and audio system” attached
hereto;  

	 Amendment to Appendix D 	4.	
Instead of “Appendix D –  “Copy of Licensee’s trade license, valid as
of the date of   granting the license” shall be:  

	 	
“Appendix
D – Copy of Licensee’s trade license, updated (to be remitted within 3 months)";  

	Amendment 	5.	
Instead of “Appendix E – Technical and Spectral data of the existing system and
space segments” to be updated within 3 months.  

Special license no.
5-10439-3-95049 for company RRSat Global Communications Network Ltd., to render video and
audio transmission services by means of stationary and mobile land satellite stations 

Part A: Details of the
Licensee 

RRSat Global
Communications Network Ltd. 
Company registered in Israel under
number: 51-926980-3
Address of headquarters: 4
Hagoren St. Omer 84965 
Tel.
no: 08-8610000 Fax no.: 08-8610501 
Email: david@rrsat.com
Website:www.rrsat.com  

Part B: The License 

	1.  	Definitions  

	 	
1.1
In this license, the following phrases will bear the meaning alongside them:  

	 	 “Access Approval” 	 –	Approval given by the satellite service operator to the
Licensee pertaining to the compatibility of the Licensee’s system to the technical
requirements of the satellite system belonging to the satellite service provider, as
attached in Appendix C to the license;  

	 	“Approval Type” 	   –       	
Within the  meaning of the Law or  Ordinance,  pursuant to the matter at   hand; 

	 	“The Treaty” 	   –       	The International Telecommunication Union’s constitution
(ITU) and the treaty there under, Kyoto 1994, or any other treaty repealing it and the
administrative regulations for the radio and telephone pertaining thereto; 

	 	“Transmission Licensee” 	   –       	An ISO or whoever received a special license to render transmission 
services;

	 	“law” 	   –       	Including administrative instructions;

	 	“The Law” 	   –       	The  Communications  Law  (Telecommunication  and Broadcasting), 5742-1982 and secondary legislation enacted by virtue thereof;

	 	“The  Client” 	   –       	Whoever engaged in a contract with the Licensee in order to
receive the services in accordance with Section 3 of the license and it is one of the
following:

	 	a. 	Pertaining
the services described in sections 3.1.2 through 3.1.4:  

	 	(1) 	An
Israeli corporation broadcasting television or radio broadcasts pursuant to
               any law, to the public in Israel or to a part thereof, or a foreign
broadcasting                or distribution corporation operating in accordance with a
treaty to which                Israel is a signatory thereof (hereinafter – the
Broadcasting Corporation);  

	 	    (2) 	Whoever
seeks to analogically transfer visual and audio to a type of recipients
               and only them, and the visual and audio that are being transmitted are not
               intended nor can be reasonably received by an antenna with a diameter of
2.44                meters or less;  

	 	(3) 	Whoever
seeks to digitally transfer visual and audio to a type of recipients and
               only to them, and the visual and audio that are being transmitted are not
               intended nor can be received by someone who does not have a suitable
decoder;  

2

	 	(4) 	Whoever
was given from time to time, a special approval from the Director;  

	 	b. 	Regarding
the services described in sections 3.1.5, whoever engaged in a                contract
with the Licensee in order to receive the services and he is a licensee
               for the said services.  

	 	c. 	Regarding
the services described in sections 3.1.6, whoever engaged in a                contract
with the Licensee in order to receive services on the Inmarsat network                in
accordance with this license;  

	 	d. 	Additionally,
regarding the services described in sections 3.1.5 and 3.1.6,                whoever was
given, from time to time, a special approval from the Director;  

	 	“INO
(International Operator)” 	   –       	General     licensee     to render     international     telecommunication  services.

	 	“The Director”  	   –       	The  Ministry's  Director  General or the person  designated  on his behalf with respect to this license

	 	“The system” 	   –       	Stationary and mobile land satellite stations serving the
transmission of visual and audio signals or combined visual and audio signals, or data or
voice signals, including: parabolic antennas, broadcasting and reception equipment and
ancillary equipment as detailed in Appendix A, A1 and A2; 

	 	“ISO (Intra State Operator” 	   –       	General licensee to render stationary Intra state
telecommunication services, including unique general licensee;

	 	“Satellite Service Operator” 	   –       	 A corporation  that makes  available  for use of the  Licensee,  whether directly or via an underwriter, satellite space segments which the Director,
and subject to all laws, approved the use of its services;

	 	“The Supervisor” 	   –       	Whoever the Director authorized to supervise the Licensee's activities;

	 	“State of Emergency” 	   –       	One of the following situations:

	 	a. 	State
of Emergency as defined in Sections 38, 39 and 41 of the Basic Law: The
               Government;  

	 	b. 	Home
Front Special State – in accordance with Section 9C of the Civil
               Defense Law, 5711-1951;  

	 	c. 	Communications
Crisis – a situation whereby telecommunication systems                crashed or
there is an actual fear that they might crash, due to a natural                disaster,
mass disaster or breach of security and which the existence thereof                was
determined by the Minister of Communications;  

	 	d. 	Time
of exertion of emergency economy – Time of exertion of emergency
               economy in accordance with Government Decision no. 1716 of July 6, 1986
and                Government Decision no. 1080 of February 13, 2000 and any other
Government                Decision.  

	 	“ The
Ministry ” 	   –       	Ministry of Communications;

3

	 	“Type of Recipients” 	   –       	A group including a limited number of persons with a common
interest to receive the visual and audio and can justifiably be distinguished, from
a material aspect, from other persons; In this respect the actual reception of visual will
not be deemed a common interest;

	 	“Majority of Assets” 	   –       	The Licensee’s assets that serve to render the
telecommunication services set forth in this license whereby without them the Licensee
cannot itself offer the services under the license, in whole or in part, or without them
the standard of service rendered by the Licensee would be substantially impaired;

	 	“The Ordinance” 	   –       	The Wireless Telegraph Ordinance [New Version], 5732-1972 and
the secondary legislation enacted pursuant thereto; 

	 	“End Equipment” 	   –       	Telecommunication equipment for the use of the client that
connects or is intended to be connected from the client’s premises to the system; 

	 	“Point to Point Line” 	   –       	A physical or logical line serving telecommunication’s
purposes, whereby the transmission by telecommunication begins at one end and only ends at
the other end; A Point to Point Line may exist between one point to another point;  

	 	“Transmission” 	   –       	Emission of electromagnetic signals; 

	 	“The Service” 	   –       	The Licensee's services that are given pursuant to this license; 

	 	“Relay Service” 	   –       	Carrying out relay for another;

	 	“The Minister” 	   –       	Minister of Communications

	 	“Supervision Regulations” 	   –       	The  Telecommunication  Regulations  (Supervision  of Licensee's
 Activities) 5746-1986;

	 	“Operational Regulations” 	   –       	The Telecommunication  Regulations (Installation,  Operation and Maintenance) 5745-1986;

	 	1.2 	Phrases
that are not explicitly defined in Section 1.1 of this license will bear the meaning
given to them in a different place in this license, or the Law or by the Ordinance or by
the Interpretation Law, 5741-1981, insofar as a different meaning is not implied by the
written language or context thereof. 

	2. 	The
Purpose Of The License

	 	
The
purpose of the license is to define the telecommunication services and the
telecommunication activities that are permitted under this license as well as the
conditions thereof  

	3.  	The
permitted types of activities and services  

	 	3.1. 	The
Licensee, pursuant to this license and subject to the terms hereof and all
          laws, may supply services as defined in this section below to the Client: 

	 	3.1.1 	Receipt
of the rights to use the satellite space segments which the Licensee leased for its own
use or for the purpose of making them available to the Client, in the meaning set forth
in Subsections (a), (b) and (d) of the definition of “Client” in Section 1,
upon coordinating the same with the Satellite Service Operator and the Ministry.  

4

	 	3.1.2 	Visual
and Audio Intra State Transmission Service  

	 	
The
point to point visual and audio signals intra state transmission service or point to
defined multi-point, including but not limited to reception, Transmission or both
(up-link/down link) and Relay via or through satellite, to the cClient, in the meaning
set forth in Subsection (a) of the definition of “Client” in Section 1.  

	 	3.1.3 	Visual
and Audio International Transmission Service  

	 	
Point
to point visual and audio signals international transmission service or point to defined
multi-point, including reception, Transmission or both (up-link/down link) and Relay via
or through satellite, to Client, in the meaning set forth in Subsection (a) of the
definition of “Client” in Section 1. 

	 	3.1.4 	Distribution
of Broadcasts of a Broadcasting Corporation 

	 	
Distribution
service of broadcasts of a Client that is a broadcasting corporation will be given in
accordance with the provisions of the laws regulating the Client’s aforesaid
broadcasts.  

	 	3.1.5 	Establishing,
carrying out and operating land stations for satellite communication for the purpose of
rendering international and intrastate telecommunication services (voice and data) to
Client, in the meaning set forth in Subsections (b) and (d) of the definition of “Client” in
Section 1.  

	 	3.1.6 	Telecommunication
services on the Inmarsat network.  

	 	
Installation,
carrying out, maintenance and operation of a stationary land station for the purpose of
rendering voice and data traffic service and allocation of a sim card on the Inmarsat
network as set forth in Appendix A2 in the license and in accordance with technological
updates which will occur, from time to time, in the Inmarsat network and in its services
approved by the Director. 

	 	3.1.6.1 	In
order to remove any doubt, all the international services given on the Inmarsat network
will be rendered in a manner so that the system will be linked to the public
telecommunication network in Israel and abroad via an INO.  

	 	3.1.6.2 	Regarding
the technical aspects of the operation of the station, and the permits and licenses
required in this respect, the Licensee will act as required hereunder:  

	 	3.1.6.2.1 	The
Licensee will connect the Inmarsat stationary land station in accordance with its
license, via a suitable licensee, to the international telecommunications systems of
INOs, as detailed in Appendix A2, in such a way that enables the existence of
international Inmarsat services for any Client, by means of end equipment in the Client’s
possession.  

	 	3.1.6.2.2 	The
technical, operational and trade arrangements between the Licensee and an INO will ensure
all that is necessary to supply every Client with the following:  

	 	(a) 	Quality
service, including control on the quality of service and the means to
               examine and deal with Clients complaints regarding the quality of service.  

	 	(b) 	Reliable
and accurate billing of the Client, including control on the billing,                and
means to examine and deal with clients complaints regarding erroneous
               billing and detection and prevention of fraud and deceit.  

	 	(c) 	Consumer
reply to applications and clarifications of the Client, including tools
               and means for providing a detailed invoice to the Client and for checking
               applications of the Client in any issue linked to reception of
international                services.  

5

	 	3.1.6.2.3 	For
the purpose of all aforesaid, the Licensee will act inter alia, as follows: 

	 	(a) 	Allow
any client to transfer Inmarsat calls via an INO  

	 	(b) 	Ensure
equal conditions to any INO, including with respect to commercial terms,
               billing and collection arrangements, availability of connecting
installations                and quality of service; without derogating from the
generality of the aforesaid,                company R.R. will supply service to all the
INOs in equal conditions, including                in the issue of reciprocal link,
supply of infrastructure facilities and                connection services to the
Inmarsat system.  

	 	–	In
any communication in which the call initiator is a subscriber of a land network, a
communication called ‘fix to mobile’, the Licensee will ensure equal conditions
for any INO, including with respect to commercial trade terms, billing and collection
arrangements, availability of connecting installations and quality of service.  

	 	–	In
any communication in which the call initiator is a mobile satellite terminal which dials
to a subscriber of a land network in Israel or abroad, a communication called ‘fix
to mobile’, the Licensee will transfer the call via an INO selected by him.  

	 	(c) 	The
terms for providing access and making use by an INO of the Licensee’s
               system will be reasonable and nondiscriminatory; In case the parties don’t
               agree, the Minister will decide in these matters.  

	 	(d) 	The
Licensee will transfer to the Director a copy of each agreement between the
               Licensee and an INO regarding access and usage as aforesaid, upon his
request.  

	 	3.2. 	Comments
and Clarifications

	 	3.2.1 	Licensee
may carry out activities and services permitted by this license by an analogical or
digital method as well as to perform signal processing, compression, encoding and relay.  

	 	3.2.2 	Prior
to the first operation of the land satellite station opposite any satellite, the Licensee
will perform compatibility tests of the station against the said satellite and will be
entitled to operate the station against this satellite only after it has obtained access
approval. A copy of the approval will be remitted to the Director of the engineering and
licensing department as well as to the Director of spectrum management and frequency
licensing in the Ministry of Communications.  

	 	
Copies
of all of Licensee’s Access approvals are attached as Appendix C, which will be
updated from time to time. 

	 	3.2.3 	With
respect to a Client who is a general licensee for cable broadcasts, the Licensee is only
entitle to render point to point transmission services or point to predefined multi-point
services, provided that the reception points are broadcasting centers that serve the
general licensee for cable broadcasts.  

	 	3.2.4 	Additionally
to the aforesaid in Section 3.1.6, the Licensee must supply all the services set forth in
the letter of the Shipping and Ports Authority attached to the license as Appendix A3.  

	 	3.3. 	Ancillary
Services  

	 	3.3.1 	Establishment,
installation, connection, operation and maintenance of the system. 

6

	 	3.3.2 	Establishment
and operation of control means necessary to guarantee that the system functions properly.  

	 	3.3.3 	Ordering
and receiving lines from the ISO or special licensee to render transmission services for
the purpose of connecting the system with clients.  

	4.  	Commencement,
Renewal and Validity of the License  

	 	4.1 	This
license will commence on the day the Director signs it and it will be valid until Wednesday,
24 Av 5773 (31.07.2013)  (hereinafter – “License Period”). 

	 	4.2 	During
the License Period the Director may inspect whether the license terms are being upheld by
the Licensee and the quality of its services. 

	 	4.3 	Whereupon
the Director deems it appropriate during the license period to amend its terms or details
of this license, add or derogate from them (hereinafter – “The Director’s
Requirements”), after having heard the Licensee and after having taken into account
inter alia, the considerations set forth in Section 4(b) of the Law, the Licensee
will act to abide by the Director’s Requirements and these requirements will be an
integral part of this license. 

	 	4.4 	The
Director will act pursuant to its powers as noted in Section 4.3 after having given the
Licensee ample opportunity to argue his assertions. 

	 	4.5 	The
Licensee will notify the Ministry in writing, no later than 60 days prior to the end of
the license period whether it intends to renew the license and will attach to the request
a report as detailed in Section 10.4, and should he not do so, then the Licensee may not
continue rendering the services from the date of the end of the license period; a request
submitted after the aforesaid date, if submitted, will be considered a new request for a
special license and all deriving therefrom. 

	5.  	Terms
of the License  

	 	5.1 	Installation
and Operation of the System and End Equipment 

	 	
In
the installation, operation and maintenance of the system, the Licensee will ensure at
least the following: 

	 	5.1.1 	The
existence of the necessary approvals as detailed below: 

	 	5.1.1.1 	Type
Approval from the Director with respect to all the end equipment specified in Appendix A,
A1 and A2 to the license.  

	 	5.1.1.2 	Installation
of the system, operation and maintenance thereof will be carried out by the Licensee or
contractors who will act on its behalf, and in accordance with the terms of the Type
Approval given with respect to the foregoing equipment.  

	 	5.1.1.3 	The
Licensee will advise the Ministry in advance and in writing concerning the contractors
working on its behalf.  

	 	5.1.1.4 	Access
approvals to the Licensee's land satellite stations. 

	 	5.2 	Maintenance

	 	5.2.1 	In
any event of a malfunction, the turnaround time for renewal of service to the Client will
be as detailed in the agreement with the Client.  

7

	 	5.2.2 	The
Licensee will ground the transmitter and will ensure that the feeders and antennas will
be at ground potential with respect to direct voltage.  

	 	5.2.3 	Whereby
the power supply of the transmitter emanates from the electricity network, electrical
contact between the electricity network and antenna needs to be avoided.  

	 	5.2.4 	Licensee
will ensure that the operation of the system does not cause electromagnetic interferences
to the State’s systems or to other lawfully operating systems.  

	 	5.2.5 	Whereupon
the Licensee becomes aware that the system is causing such interferences as noted in
Section 5.3.4 it must stop forthwith the system from operating and not renew its
operation so long as the interference continues or may continue.  

	 	5.2.6 	In
any event of a malfunction constituting a safety hazard, the Licensee is responsible to
prevent the hazard immediately upon its discovery.  

	 	5.2.7 	In
any event of a malfunction, the Licensee will first inspect whether the source of the
malfunction is something other than the system, including the end equipment.  

	 	5.3 	Infrastructures  

	 	
The
service will be provided via the systems described in Appendices A, A1, A2 and E to the
license via satellite infrastructures (space segments) and via the ISO (land)
infrastructure or a special licensee to render the transmission services and via an INO. 

	 	5.4 	Using
Encryption System  

	 	
Any
use of encryption systems, whether direct or indirect, including via hardware and/or
software will be made subject to the provisions of the Order for the Supervison Over
Commodities And Services (Dealing with Encryption), 5758-1998. 

	 	5.5 	Restrictions  

	 	5.5.1 	Licensee
will establish and operate, for the purpose of rendering the service, a satellite land
station or a mobile satellite station as set forth in Appendices A, A1 and A2.  

	 	5.5.2 	To
remove any doubt it is clarified that: 

	 	5.5.2.1 	Licensee
is not entitled to render telecommunication services that were not explicitly approved
under this license or by any other telecommunication license from the Director;  

	 	5.5.2.2 	Whereupon
a Licensee sees a client rendering services to third parties, it will not allow it nor
enable it to do so unless the client obtains a license to do so.  

	 	5.5.2.3 	Licensee
is not entitled to permit the use of its system by another licensee unless this was
permitted in this license, or pursuant to the Director’s directive in accordance
with Section 5 of the law.  

	 	5.5.2.4 	Licensee
will execute the activities and services pursuant to this license by the manner
determined herein with respect to the performance and supply thereof;  

	 	5.5.2.5 	Licensee
is not entitled to bypass the foregoing stipulations through the use of permits
determined in other licenses given to it and which were intended for another matter.  

	 	5.5.2.6 	Operating
the system is contingent upon performing compatibility tests and obtaining Access
Approval from the satellite service operator.  

8

	 	5.5.2.7 	Licensee
is not entitled to render broadcasting services to the public nor is it entitled to
permit another to render such services using its facilities, unless the other is a Client
that is a broadcasting corporation as defined in this document and in accordance with the
provisions of the law and the license regulating that Client’s broadcasts.  

	 	5.5.2.8 	Licensee
is not entitled to bypass, by any means, a public telecommunications network of a general
Licensee or transmission service of a special Licensee.  

	 	5.5.3 	A
Licensee is not entitled to make changes to the system described in Appendices A, A1, A2
and E to this license without obtaining the Director’s approval in advance and in
writing.  

	 	5.5.4 	Licensee
is not entitled to use, within the Client’s premises, cables or pipes owned by an
ISO or used by an ISO unless it obtains the ISO’s written consent to do so.  

	 	5.6 	Fair
Competition  

	 	
Licensee’s
activities will not include an act or omission that may impede upon competition within the
general telecommunications field or competition within the field of services detailed in
Section 3 in particular, restricting such competition or harm the public benefit. 

	 	5.7 	Cancellation
of a Condition in the License  

	 	5.7.1 	Cancellation
or a determination pertaining to the cancellation of a condition in this license, or a
portion thereof, will only apply with respect to that condition or portion thereof,
pursuant to the matter at hand, and they will not in and of themselves prejudice the
binding validity of the license, or of another condition therein, unless a different
meaning is compelled resulting from the cancellation or revocation or the context of the
matter at hand.  

	 	5.7.2 	Upon
cancellation of the license or expiration of its validity, the Licensee will disconnect
the entire system including the end equipment, which served for rendering the service.  

	 	5.8 	Licensee’s
Role In A State of Emergency  

	 	
The
Licensee will act as specified in Appendix B to this license.  

	 	5.9 	Norms,
Procedures, Specifications and Standards  

	 	5.9.1 	Licensee
will prepare and remit for approval by the Director, procedures, specifications and
standards necessary to carry out the telecommunication activities and rendering
telecommunication services.  

	 	5.9.2 	Licensee
will carry out telecommunication activities and render telecommunication services
pursuant to procedures, specifications and standards set by the Director or approved by
him, and pursuant to updates notified by the Director from time to time.  

	 	5.9.3 	Licensee
will ensure that it obtains Access Approval for the stations from the “A.T.
Communications Channels Ltd.” company prior to their operation on the Amos network,
and will remit to the Director a copy of each Access Approval given to it.  

	 	5.10 	Instructions
and Restrictions with respect to Spectrum issues 

	 	5.10.1 	The
approval to operate the system over an electromagnetic spectrum is as detailed in
Appendices A, A1, A2, B and E which will be revised from time to time by the Director.  

9

	 	5.10.2 	The
Licensee will abide by all the rules deriving from broadcasting and reception activities
via satellite pursuant to the Treaty, Law, Ordinance and the license and pursuant to the
procedures as published by the Director from time to time.  

	 	5.10.3 	The
approval for the station’s activity over the electromagnetic spectrum will be on a
secondary basis(1) and subject to additional conditions based on the station’s
individual frequency as detailed in Appendices A, A1, A2 and E.  

	 	5.10.4 	In
the case of an Israeli satellite operator, the Licensee will ensure that the system
operates in accordance with the spectral constraints which the State submitted to toward
other organizations.  

	 	5.10.5 	In
the case of a foreign satellite service operator, the Licensee will ensure that the
system operates in accordance with the spectral constraints that the satellite service
operator’s managers and organizations committed to toward the State.  

	 	5.10.6 	In
the event that no such reciprocal undertakings exist, the Director may determine the
conditions of transmission to the foreign satellite service operator  

	 	5.10.7 	The
frequencies and transmission power detailed in Appendices A, A1, A2 and E will be
compatible with the foregoing constraints pursuant to the sections above.  

	 	5.10.8 	The
approval for the electromagnetic spectrum activity is as detailed in Appendices A, A1,
A2, B and E; any change in frequencies or other data requires contacting the Director in
advance and in writing in order to request approval. The Director will consider the
specific request and is not obligated to approve the requested change.  

	 	5.10.9 	Within
3 months from amendment of the license, the Licensee will remit an update to Appendix E
of the license.  

	 	5.10.10 	Use
of Frequencies  

	 	5.10.10.1 	Licensee
will establish the system and operate it by such a manner that none of its parts radiate
radiation that is prohibited pursuant to the provisions of the Pharmacists Regulations
(Radioactive Elements And Their Products), 5740-1980, and will do all that is necessary,
if necessary, in order to obtain a permit pursuant to the foregoing regulations and all
laws.  

	 	5.10.10.2 	Licensee
will establish the systems and operate them by such a manner that prevents interference
with other telecommunication and remote systems that operate lawfully; prior to operating
the system the Licensee will perform tests and measurements in order to prevent
electromagnetic interferences; if it is discovered that electromagnetic interference is
foreseen or interference is discovered upon the operation thereof, the Licensee will act
in order to find a solution to prevent such interference and prevent them from
reoccurring and if no solution can be found, then the Licensee will write to the
Director, or the person designated for this purpose on its behalf, in order to try and
find a reasonable solution; the Director may demand that each of the parties make changes
in operating the equipment or use of the frequencies or stop transmitting over certain
frequencies across the country or in specific areas.  

	 	5.10.10.3 	Licensee
will use the frequencies allotted to him as noted in Appendix E only in order to render
the services pursuant to this license.  

	 	5.10.10.4 	Granting
this license, including approval of the engineering plan, does not award any protection
from interferences from other electrical radiators that are lawfully operating within
parallel frequency fields or other electrical radiators operating outside the State’s
territory or electrical radiators that are lawfully operating on a frequency whereby
their harmony is received by the system, however the Director will make all reasonable
efforts in order to find a suitable solution for the required protection.  

	* 	        Secondary
Basis within the meaning of the International Telecommunication Union           (ITU)
Regulations 

10

	 	5.11 	Payments  

	 	
The
Client will pay the Licensee for the services, in accordance with the tariff table
attached to the alliance agreement. 

	6.  	Methods
of Rendering the Service  

	 	6.1 	Furnishing
the Service  

	 	6.1.1 	Licensee
will render its services via the system and stations that are specified in Appendices A,
A1, A2 and E to this license.  

	 	6.1.2 	Licensee
will remit complete and detailed information regarding the services, nature of the
services, scope and the cost of such service to anyone seeking such information and to
the Clients.  

	 	6.1.3 	A
copy of the alliance agreement to be remitted to the Client will include, inter alia,
these:  

	 	6.1.3.1 	Description
of the services the Client is to receive. 

	 	6.1.3.2 	The
technical standards of the service.  

	 	6.1.3.3 	The
quality of service and availability standards, including maintenance and control data.  

	 	6.1.3.4 	The
date upon which rendering the services will begin. 

	 	6.1.3.5 	Routes
of the lines - outlet and destination. 

	 	6.1.3.6 	The
consideration that the client will pay the Licensee in return for the service. 

	 	6.1.3.7 	Data
pertaining to the systems via which the services will be rendered. 

	 	6.1.4 	Licensee
will render the service continuously, in accordance with the alliance agreement with the
Client and subject to all laws and provisions of the license.  

	 	6.2 	Marketing
the Service  

	 	6.2.1 	Licensee
will render the service to all those seeking the service within the State of Israel, and
with the approval of the liaison and coordination administration, will render the
services in the Judea and Samaria region and the Gaza strip that are within the control
of the State of Israel, subject to the local law and the security legislation in those
areas.  

	 	6.2.2 	Licensee
is not entitled to operate the satellite system from the Palestinian Authority territory
for the purpose of international communications.  

	 	6.3 	Advertising
the Service  

	 	
With
respect to advertising the services subject-matter of this license, the Licensee will
abide by the following:  

11

	 	6.3.1 	Advertising
the services to the public will be sincere and accurate and pursuant to the provisions of
the law.  

	 	6.3.2 	No
advertising will prejudice the public benefit, the Ministry or an ISO and the
restrictions detailed in this license will apply thereto.  

	 	6.3.3 	The
advertising will correspond with the conditions of the license and the informative
content of the service being advertised.  

	 	6.3.4 	The
advertisement will include a detailed reference of the service being provided pursuant to
this license and will also note the license number therein.  

	 	6.3.5 	The
advertisement will include complete information about the service center and the person
responsible for handling public grievances.  

	7.  	Amending
the Conditions of the License  

	 	
The
Director, after having given the Licensee ample opportunity to argue its assertions, may
amend the conditions of the license, add to them or derogate from them if he is of the
opinion that one of the following has occurred:  

	 	7.1 	A
change occurred to the license applicant’s extent of compatibility to perform the
actions and services subject-matter of the license. 

	 	7.2 	The
change to the license was necessary in order to improve and guarantee  the  competition
 within          the telecommunications field.

	 	7.3 	The
change to the license was necessary to ensure the standard of services provided hereunder.

	 	7.4 	Technological
changes in the telecommunications field justifying a change in the license.

	8.  	Communication
and Quality of Service  

	 	8.1 	Service
Location  

	 	8.1.1 	In
order to render the services pursuant to this license, the Licensee will operate an
operations, control and maintenance center (hereinafter – The Center); the
communications and control Center of the service will be installed and operated in the
Center.  

	 	8.1.2 	The
centers are located in: 

	 	a. 	Reem
Junction, Rural Delivery Shiqmim, Tel. 08-861000  

	 	b. 	5
Hahasqala Blvd., Tel           Aviv, Tel. 03-5623994, Fax. 03-5613061  

	 	c. 	1
HaKesem St. Herzliya, Tel.           09-9541383, Fax. 09-9541328  

	 	d. 	Emeq
Haela, Tel. 02-9904444, Fax. 02-9913473  

	 	8.1.3 	The
centre at Reem Junction or Emek Haela will offer those calling, information pertaining to
the Licensee’s services and will serve as the address for clarifications and
handling malfunctions.  

	 	8.1.4 	The
Licensee will keep a record of all complaints it receives and the manner by which they
are handled.  

	 	8.1.5 	The
center at Reem Junction or Emeq Haela will be manned 24 hours a day, all year round,
except Saturdays and Holidays.  

12

	 	8.2 	Lines  

	 	
For
the purpose of rendering the service subject-matter of this license by the Licensee,an ISO
or a special licensee rendering transmission services to the Licensee will install for the
Licensee, lines whose numbers will be adapted to the system’s traffic load and will
allow the service quality requirements determined in Section 8.3 to be met. 

	 	8.3 	Quality
and Continuity of Service  

	 	8.3.1 	Upon
rendering the service pursuant to this license, the Licensee will guarantee at least the
following:  

	 	8.3.1.1 	Continuous
supply of control and maintenance services in accordance with the alliance agreement with
the Client and subject to all laws  

	 	8.3.1.2 	The
Licensee will act, insofar as possible, to prevent the occurrence of malfunctions in the
system.  

	 	8.3.1.3 	The
Licensee and whomever he so authorizes will report any malfunctions that impact the ISO
public telecommunications network to the ISO and will act to quickly repair the
malfunction insofar as possible.  

	 	8.3.2 	Licensee
will install, as part of the system, computerized means for reporting and warnings
pertaining to meeting the quality of service.  

	 	8.3.3 	Licensee
will appoint someone responsible to handle Clients’ grievances; will keep a record
of the grievances and the manner by which they were handled – all as the Director so
instructs.  

	 	8.3.4 	The
installation and maintenance of a generator and U.P.S. system that will allow for
uninterrupted work during electricity power cuts for a period of at least eight hours.  

	9.  	Qualifications
and Ability  

	 	9.1 	In
order to render services pursuant to this license, and to perform the provisions of this
license, the Licensee will use proper means and employ a skilled professional team
comprising of at least 6 technical professionals (engineers, technical engineers and
technicians) of which at least 2 registered engineers out of all the professionals –at
least two who each one will have at least 3 years experience in the satellite
communications field. 

	 	9.2 	The
professional team will have the knowledge and experience in the satellite communication
field and operating satellite communication systems as well as having the ability to
coordinate between satellite organizations and satellite networks and the Ministry of
Communications. 

	 	9.3 	Licensee
will keep in its possession, during the license period valid knowledge agreements to
operate the system as well as agreements to service and maintain all the system’s
components. 

	10.  	Monitoring,
Reporting and Cooperation  

	 	10.1 	With
respect to monitoring and control powers over the Licensee’s activities and the duty
to report applicable to it, the provisions of the Supervisory Regulations will be deemed
an integral part of the conditions of this license. 

	 	10.2 	The
Licensee will cooperate with the supervisor and anyone appointed on its behalf for this
purpose – will extend the required assistance and will furnish plans and other
documents, accounts and reports, as will be requested from time to time, associated with
the license and operation of the service as well as the provisions by the Supervisory
Regulations. Likewise, the Licensee will enable a person designated for this purpose on
behalf of the Ministry to perform engineering tests and other tests in its premises,
systems and other equipment he installed. 

13

	 	10.3 	The
Ministry will monitor adherence to the license conditions and will make available to
itself all the powers determined by law whereupon any of the provisions of the license
are breached, including the possibility of disconnecting the lines or terminating the
services and even revoking the license in instances that are appropriate according to the
Law, and including imposing financial sanctions in accordance with the Law. 

	 	10.4 	The
Licensee’s Activity Report and Plans  

	 	10.4.1 	Within
three months from amendment no. 3 to the license, the Licensee will transfer an update to
the list of clients which “Bezeq” remitted to the Ministry, which is attached
as Appendix A4 referring to the activity transferred from “Bezeq” to the
Licensee.  

	 	10.4.2 	Once
a year, from the date of signing the license, or pursuant to the request of the Director,
the Licensee will remit an annual report as specified in Supplement A, to the senior
engineer and licensing deputy Director and to the senior deputy Director
telecommunications supervisor.  

	 	10.4.3 	The
report will be signed by an authorized signatory and an affidavit confirming the details
included in it will be attached to it.  

	 	10.4.4 	An
application for renewal of the license which its validity has not yet expired, will be
remitted not later than 90 days before the end of license period, pursuant to the
Telecommunications Regulations (Telecommunications and Broadcasting) (Details of a
Special License Application), 5764-2004. If the Licensee failed to remit the
aforementioned application, the Director is entitled not to consider it as a renewal
application, but a new license application, with all that it entails, including the issue
of paying a license fee, filing an application, etc.  

	11.  	Miscellaneous  

	 	11.1 	Fees  

	 	11.1.1 	Licensee
will pay for this license, fees at the rates and on the dates as determined by the
Ministry in return for this license – all pursuant to the Law and the Ordinance; the
Licensee will also provide, to guarantee fulfillment of its obligations, a bank guarantee
or other guarantee, pursuant to the Ministry’s guidelines and subject to all laws.  

	 	11.1.2 	A
suspending condition to this license being enforced and the continued enforcement in the
future is that the Licensee pays all such payments.  

	 	11.1.3 	Whereupon
the license was revoked, limited, suspended or not renewed for whatever reason – the
Licensee will not be entitled to reimbursement of payments or fees, in whole or in part,
that it paid for the license, renewal thereof, expanding it or changing the details
thereof.  

	 	11.2 	The
Liability Of The Parties And The Relationship Between Them  

	 	11.2.1 	The
Ministry is not liable toward the Clients and toward any third party for any damage
sustained as a result of an act or omission by the Licensee, those acting on its behalf
or in its place and which are associated with rendering services pursuant to this
license; the Licensee will indemnify the Ministry, forthwith, for any damage or expense
it incurs due to such a claim.  

	 	11.2.2 	Licensee
will clarify in the alliance agreement that the contractual relationships for the purpose
of rendering services subject-matter of this license is between him and the Client only
and that there are no contractual or commercial relations between the Client and the
Ministry or between the client and an ISO insofar as rendering services under this
license are concerned.  

14

	 	11.3 	Changing
Identification Details  

	 	
Licensee
will notify the Director in advance and in writing of any change to its address, the
center’s address, his name, telephone number or facsimile number. 

	 	11.4 	Publication
and Remitting Information  

	 	11.4.1 	The
Ministry is entitled to publish the license, in whole or in part, with the exception of
its appendices, for public knowledge on the date and as it deems appropriate; without
derogating from the foregoing the license without its appendices is available to the
public for perusal at the Ministry.  

	 	11.4.2 	The
provisions of the Freedom of Information Law, 5758-1998 (hereinafter: “Freedom of
Information Law”) will apply to a request for information including details
pertaining to the appendices to the license.  

	 	11.4.3 	The
Licensee will mark in the application to obtain a license the information contained in
the license appendices which in his opinion sub-section 9(b)(6) of the Freedom of
Information Law will apply and will reason his opinion as detailed in Section 13 of the
Freedom of Information Law.  

	12.  	The
License, its provisions and Provisions of the Law  

	 	12.1 	Captions
of the Sections  

	 	
The
captions of the sections in the license were inserted solely for convenience purposes and
will not be used as an aid to interpretation or explaining the content of any of the
conditions in the license. 

	 	12.2 	Contradiction
Between The Provisions Of The License  

	 	
In
any event that a dispute arises with respect to interpreting a provision in the license
or a prima facie contradiction between them, the Director will determine how to interpret
the provisions or how to settle the contradiction between them and after having given the
Licensee ample opportunity to argue his assertions. 

	 	12.3 	Abiding
By The Provisions Of All Laws  

	 	12.3.1 	Upon
rendering the services pursuant to this license, the Licensee will ensure that it abides
by all of the following:  

	 	12.3.1.1 	The
provisions of the Law, Treaty and Ordinance.  

	 	12.3.1.2 	Administrative
instructions given pursuant to the Law or Ordinance.  

	 	12.3.2 	The
granting of this license does not release the Licensee from fulfilling any provision
applicable to him pursuant to any law.  

	 	12.4 	The
License As An Exhaustive Document  

	 	12.4.1 	The
Licensee’s rights, duties and powers insofar as performing telecommunication
activities and rendering telecommunication services as detailed in this license are
concerned, and the performance of telecommunication activities necessary for the purpose
of the foregoing license, are those that only originate in this license and derived from
it and pursuant to it.  

15

	 	12.4.2 	The
Licensee will be estopped from asserting the existence of any right, permission or power
in connection with the performance of telecommunication activities or rendering
telecommunication services on the basis of any information, warranty, undertaking,
representation, offer, understanding, publication, protocol, discussion or declaration
made outside the scope of this license, whether in writing or orally, whether prior to
being granted the license or thereafter, unless they were explicitly expressed in this
license.  

	 	12.5 	Assignment
To Another  

	 	12.5.1 	The
license is personal, and the Licensee cannot assign it to another, including any right or
obligation pursuant hereto, unless the Licensee received an approval to do so from the
Minister.  

	 	12.5.2 	Whoever
holds means of control in the Licensee or in a principal shareholder of the Licensee,
cannot pledge such means of control, unless the pledge agreement includes a condition
according to which the pledge may not be exercised without the Minister’s approval
in advance and in writing.  

	 	12.5.3 	For
the purpose of Section 12.5.1 – 

	 	12.5.3.1 “Assignment”	 – whether
directly or indirectly, whether for consideration or without consideration, whether
permanently or for a period of time; including a change in the means of control of the
Licensee even if this does not constitute a change of owner of control and including
transferring the majority of the Licensee’s assets; 

	 	12.5.3.2 "Means

of control" 	   –     within the meaning of Section 1 of the Law. 

	 	12.5.4 	Notwithstanding
the aforesaid in Section 12.5.1, assignment or acquisition of traded means of control in
the Licensee which require an approval pursuant to Section 115.1 which do not constitute
transfer of control in the Licensee, will be carried out in accordance with the
provisions of Appendix H’ and after the Director has given an approval in advance
and in writing for the carrying out of an issuence or sale to the public of the
securities. For the purpose hereof, “traded means of control” –means
of control, including deposit certificates or similar certificates, under securities
traded on a stock exchange in Israel and/or abroad, in a non-hostile country, or means of
control issued to the public according to a prospectus and held by the public, in Israel
and/or abroad, in a non-hostile country.  

	13.  	Terms
And Provisions To Ensure Individual Privacy  

	 	
While
rendering services pursuant to this license, the Licensee will take every measure
necessary pursuant to the Law to ensure the Client’s privacy, and inter alia,
will act in accordance with these terms: 

	 	13.1 	Licensee
will not remit any information or details about the clients and about the type of
services they request except to the clients themselves. 

	14.  	Appendices
to the license  

	 	
The
Appendices to this license constitute an integral part of the license (not to be published
to the public). 

16

	 	
Below
is the list of Appendices:  

	  	Appendix A 	–	Principle structure of a system for transmission of video and audio. 

	  	Appendix
A1 	–	Principle structure of a system for transmission of voice and data. 

	  	Appendix A2 	–	Principle structure of the Inmarsat system. 

	  	Appendix A3 	–	Services to the Shipping and Ports Authority. 

	  	Appendix A4 	–	List of Bezeq Company’s clients furnished to the Ministry on 03.08.2008.

	  	Appendix B 	–	The Licensee's  role during a state of emergency,  special home front situation and
a material communications crisis.

	  	Appendix C 	–	Copies of the Access Approvals.

	  	Appendix D 	–	Copy of Licensee’s trade license, updated (to be remitted within 3 months).

	  	Appendix E 	–	The system’s technical and spectral data and that of the space segments (to
be updated within 3 months).

	  	Appendix F 	–	List of Clients (correct as of 31.7.2008) and services rendered to the Client.

	  	Appendix  G 	–	List of holders in the company.

	  	Appendix  H 	–	Transfer of traded means of control.

	15. 	Name
of contact person on behalf of the company: Mr. David Rivel Telephone
No. 08-8610000, Fax No. 08-8610501

			
			
			
			
			
	29 Tishre 5769	[signature]	[signature]
	28 October 2008	Chaim Garon, Adv. 	Mordechai Mordechai 
	     	Senior Deputy Director General 	Director General 
	     	Engineering and Licensing 	Ministry of Communications 
	     	Ministry of Communications 
			

17

Annex H –
Transfer of Traded Means of Control 

Further to the above section 12.5.3
of the license, the following sections will apply: 

	 1.  	Notwithstanding
section 12.5.1 of the license –  

	 	(a)	If,
without the prior approval of the Director, traded means of control in the Licensee have
been transferred or acquired resulting with a person becoming a principal shareholder in
the Licensee, the Licensee shall report such transaction to the Director in writing
within 21 days from the day that he was notified of it. 

	 	(b)	 If,
without the prior approval of the Director, traded means of control in an amount equal to
10% or more of such type of means of control or in an amount resulting with a person
becoming an influential shareholder in the Licensee have been transferred or acquired,
which did not result in the transfer of control of the Licensee, the Licensee shall
report this to the Director in writing and file with the Director a request to approve
such transfer or acquisition, and all within 21 days from the day that it was notified of
such transaction. 

	2.  	 Entering
into an underwriting agreement in connection with a                public offering or
sale of securities to the public, and their registration on a                stock
exchange in Israel or abroad, in a country that is not hostile, or the
               deposit of securities, including deposit certificates or any such similar
               certificate, in exchange for securities, or their registration with a
               registration company or agent, will not be regarded in and of itself as
the                transfer of the means of control in the Licensee. 

	3.  	(a)  	
Immediately upon the Licensee becoming aware of any           Extraordinary Holdings, it
shall record such matter in the company books           (Shareholder Register) noting the
Extraordinary Holdings, and send a notice to           the shareholder with the
Extraordinary Holdings and to the Director. For these           purposes, “Extraordinary
Holdings” – the holding of traded means           of control without the prior
approval of the Director in accordance with section           1(b) above, and as long as
the Director has not provided his approval in           accordance with the section. 

	 	(b) 	Extraordinary
Holdings, that will be recorded in accordance with           section 3(a), will not grant
the holder any rights whatsoever, and will be           considered “dormant shares” as
defined under Section 308 of the           Companies Law, 5759-1999, except for the
purpose of shareholder dividends or           other distributions (including the right to
participate in an offering of rights           calculated on the basis of the holdings of
the means of control of the Licensee,           however, the holdings acquired pursuant
to such offering will be considered as           Extraordinary Holdings), and therefore
any action or claim in relation to an           exercise of any right due to the
Extraordinary Holdings will not be enforceable,           except for the receipt of
dividends or other distributions as aforesaid. 

	4. 	(a)  	The
Extraordinary Holdings will not grant voting rights in the general meeting.           The
participating shareholder in the vote of the shareholders meeting will           notify
the Licensee before the vote, or if the vote is a written vote, to be           noted on
the ballot, whether the shareholder’s holdings in the Licensee or           the
shareholder’s vote requires approval according to section 1(b) or not;           a
shareholder who did not notify the Licensee as aforesaid, will not vote and           his
voice will not be counted. 

	 	(b) 	A
director of the Licensee will not be appointed, elected or dismissed from
          office as a result of the exercise of the rights of the Extraordinary Holdings;
          in the event that a director has been appointed, elected or dismissed, any such
          appointment, election or dismissal shall not be valid. 

	 	(c) 	The
terms of sections 3 and 4 will be included in the Articles of Association of
          the Licensee, including section 6, with all necessary changes. 

	5.  	As
long as the Articles of Association include the terms of sections 3 and 4 and
               the Licensee acts in accordance with sections 1, 3 and 4, the
Extraordinary                Holdings themselves will not constitute grounds for
revocation of the License. 

	6.  	The
terms of sections 1-5 will not apply to a person who is a founding
               shareholder. In this context, “a founding shareholder” – Kardan
               Communications Ltd., Del-Ta Engineering Equipment Ltd. and Mr. David
Rivel.

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