Document:

exhibit_4-16.htm

Exhibit 4.16

 

Date:   August 15, 2007

Israel Discount Bank Ltd. (“the Bank”)

 

FIRST ADDITION TO THE IRREVOCABLE LETTER OF UNDERTAKING

OF JULY 15, 2007

 

Whereas on July 15, 2007, we signed an irrevocable letter of undertaking to the Bank, wherein we undertook irrevocably, inter alia, to fulfill and cause to fulfill, to the satisfaction of the Bank, certain conditions, matters, provisions and covenants (“the Original Letter of Undertaking”);

Whereas at our request the Bank agreed to amend the Original Letter of Undertaking as specified hereinbelow in this Letter of Amendment;

Accordingly, the parties hereby agree and declare that the Original Letter of Undertaking shall be amended as follows:

	
1.  

	
Section 1 (Definitions) of the Original Letter of Undertaking:

Section 1.6 shall be added thereto as follows: “Financial Credit” – All debts, undertakings and various obligations vis-à-vis banks and/or other non-banking entities, including credits, loans, debentures of any kind, etc.

	
2.  

	
Section 3.2 of the Original Letter of Undertaking:

This shall be replaced by the following text: The deficit in tangible equity capital shall not exceed US$30 million at any time.

	
3.  

	
Section 3.5 of the Original Letter of Undertaking:

This shall be replaced by the following text: The total sum of Financial Credit shall not exceed 40% of the total of the balance sheet.

	
4.  

	
No amendment shall apply to all the remaining conditions, stipulations and provisions of the Letter of Undertaking.

	
5.  

	
The Letter of Amendment constitutes and shall always constitute an inseparable part of the Letter of Undertaking, and these must be viewed as one set to be read together, following on each other and in one sequence, while all words, phrases, conditions, and definitions, stated and stipulated in the Letter of Undertaking, shall apply as well to the Letter of Amendment.

 

In Witness whereof we have set our signatures hereto:

 

Varda Sagiv

-------------------------------------

BluePhoenix Solutions Ltd.

[Stamp:   BluePhoenix Solutions Ltd.]

  

  

  

I, the undersigned, Adv. Yael Peretz, who serves as the attorney of BluePhoenix Solutions Ltd., Company No. 52-004306-8 (hereinafter: “the Company”) do hereby confirm to the Israel Discount Bank Ltd. (hereinafter: “the Bank”) that the document above was signed in the name of the company by Ms. Varda Sagiv and Mr. Yossi [Illegible], who are authorized by means of their signatures to bind the company vis-à-vis the Bank, in accordance with the decisions of the approved organs of the company duly made and by virtue of the documents of incorporation of the company, the Memorandum and Articles of Incorporation thereof, so that the document above is binding on the company, is enforceable by the Bank vis-à-vis the company and is valid vis-à-vis the Bank for all intents and purposes.

 

	 Date:   August 14, 2007               	        [Signature] 
Attorney:      ........................

[Stamp:      YAEL PERETZ Advocate]

 

We hereby agree to the amendment of the Letter of Undertaking in accordance with the aforesaid.

....................................

Israel Discount Bank Ltd.exhibit_4-17.htm

Exhibit 4.17

Date:    February 22, 2010

Israel Discount Bank Ltd.

 

Second Addition to the Irrevocable Letter of Undertaking

of July 15, 2007

 

Signed between:           BluePhoenix Solutions Ltd., Identifying No. 520043068 (“the Company”)

And:                                Israel Discount Bank Ltd. (“the Bank”)

 

	
WHEREAS

	
On July 15, 2007, the company signed an Irrevocable Letter of Undertaking vis-à-vis the bank, which was amended by virtue of the First Addition to the Irrevocable Letter of Undertaking of August 15, 2007 (the Letter of Undertaking and the amendment thereof shall hereinafter be called jointly and severally: “the Letter of Undertaking”).

	
WHEREAS

	
The parties wish to amend the Letter of Undertaking as specified herein below;

Accordingly, the parties have agreed as follows:

1.           The preamble to this Letter of Undertaking constitutes an integral part thereof.

2.           Section 1.5 shall be deleted and replaced by the following:

	
  

	
“1.5

	
EBITDA – is defined as the operating profit during the 12 months preceding the date of the relevant inspection, plus depreciation and deductions of any type, while neutralizing one-time expenses that do not reflect the ordinary course of business of the Company, as specified in the audited or reviewed financial statements of the Company.”

3.           Section 3.2 shall be amended in the following manner:

	
  

	
“3.2

	
Following the words “$5 million annually” the following shall be added “(five million US dollars).”

 

3.           Following section 3.12, section 3.13 shall be added, as follows:

	
  

	
“3.13

	
We are aware that the financial relations specified in the Letter of Undertaking are based on the accounting standards and current rules of accounting applied to our recent financial statements. The application to our financial statements of accounting standards and/or rules that vary from those whereon the recent financial statements were prepared, including the International Financial Reporting Standards (IFRS), accounting standards in Israel and/or the United States (hereinafter: “the New Standards”), is likely to lead to alterations that have implications with respect to the financial relations. At any time that it appears to the Bank that the alterations that have been caused and/or are about to be caused to our financial statements as a result of the application of the New Standards, require such, the Bank, following consultation with us but without requiring our consent, may inform us as to the alterations required by the Bank in the financial relations, in order to adjust these to the above-mentioned alterations, with the intent to adjust such to the original financial purpose in accordance with which the financial relations were fixed (hereinafter: “the Amended Financial Relations”). If the Bank informs us of Amended Financial Relations, these shall obligate us commencing on the date of delivery of the notice of the Bank.”

  

  

  

	
4.

	
This Letter of Amendment constitutes an integral part of the Letter of Undertaking; all the remaining provisions whereof shall continue to apply and remain in full effect without any further amendment.

	
5.

	
Commission for handling the Company’s application and the preparation of documents in the amount of NIS 45,000 shall be paid by the Company to the Bank at the time this agreement is signed. The payment is final, irrevocable and shall also remain in effect in the event of the revocation of the credit framework and/or the failure to utilize the framework in all or in part.

 

	
In Witness whereof the parties have set their signatures hereto:

 

	
[Signature] [Signature]

_______________________

Israel Discount Bank Ltd.

	
[Signature] [Signature]

                 _________________________

       BluePhoenix Solutions Ltd.

 

By means of Yaron Tzoela      I.D.  5647068  Position:  CEO

By means of Varda Sagiv       I.D.  56591985  Position:  VP Finance

 

	 	Director           

 

	
Confirmation of Attorney

I, the undersigned, Yael Peretz, Attorney, who serves as legal advisor to BluePhoenix Solutions Ltd. (hereinafter: “the Company”), do hereby confirm that the Company has duly made a decision and in accordance with the documents of incorporation thereof to sign this Letter of Amendment herein above, and the signatures of Mr. Yaron Tzoela, I.D. 5647068 and Ms. Varda Sagiv, I.D. 56591985 on this Letter of Amendment herein above shall bind the company as regards the matters aforesaid in this Letter of Amendment.

 

	Date:   February 23, 2010	
Signature and Stamp:  [Signature and Stamp:

       Yael Peretz, Advocate]exhibit_4-18.htm

	
Exhibit 4.18

 

	 	BLUEPHOENIX 

Leading Enterprise IT Modernization

 

December 22, 2004

 

To

Hapoalim Bank Ltd.

 

Dear Sir / Madam:

RE: Undertaking

 

Whereas we have received and/or shall receive from time to time from Hapoalim Bank Ltd. (hereinafter: “the Bank”), credit, documentary credit, a variety of loans, overdrafts in a current account, in a current loan account or other account, letters of indemnity and any guarantees whatsoever on our behalf or on behalf of others as per our request, discount on bills, the provision of a variety of bank extensions and reliefs and other various banking services (hereinafter, all jointly and severally: “Banking Services”), under conditions that have been agreed on and/or shall be agreed on from time to time with respect to any such banking service;

Accordingly, we hereby undertake vis-à-vis the bank that as long as we have not paid off the Banking Services as follows:

	
1.

	
We hereby undertake  not to pledge nor to encumber any of our assets whatsoever, whether in our possession currently or at any future date, in all or in part, and in any manner and form whatsoever and for any purpose and for any reason whatsoever in favor of any third party whatsoever, and we hereby undertake not to become obligated in any manner whatsoever to give and/or create a pledge and/or encumbrance as aforesaid without obtaining your advance written consent to this.

The term “asset” shall have the meaning that includes land, chattels and rights of any kind whatsoever, whether held or as evidence.

 

The term “pledge” shall have the meaning determined in the Pledge Law, 5727-1967.

 

The term “pledge” and/or “encumbrance” shall have the meaning that includes the assignment of a right by way of an encumbrance.

	
2.

	
We hereby undertake that no change shall occur in the control of our company, in relation to its condition at the time of our signing this agreement, without obtaining the advance written consent of the Bank.

The term “control” shall have the meaning determined in the Securities Law, 5728-1968.

	
3.

	
We shall maintain in our financial statements the financial relations specified herein below:

	
  

	
a.

	
Our total equity capital shall be no less than US $35,000,000 (thirty-five million US dollars).

 

 

 

 

 

	
  

	
b.

	
The ratio of equity capital to the total balance sheet shall be no less than 40% (forty percent).

	
4.

	

The rate of our EBITDA in annual terms shall be no less than $1,000,000 (one million US dollars) at any time.

 

	
5.

	
a.    We hereby undertake that up to June 30 each year, we shall deliver to the Bank all our consolidated financial statements to the date of December 31 of the previous year, and within 60 days of the conclusion of each quarter, we shall deliver quarterly statements to the Bank, in accordance with that which is required according to the accepted accounting rules in Israel, these statements having been audited by a competent external accountant and prepared in accordance with the accepted accounting rules in Israel as these shall exist from time to time.

	
.

	
b.    In addition thereto and without derogating from all the aforesaid, we hereby undertake to deliver to the Bank from time to time a copy of every authorization and/or notice and/or statement and/or any other document that we are obligated to deliver by virtue of the law to any authority and/or public registry.

	
6.

	
We hereby agree that if we violate any of our aforesaid undertakings, including any of the financial relations stated above, you may take any means that you deem fit, including the presentation for repayment forthwith of all our debts and undertakings vis-à-vis the bank, in addition to any other remedy and/or relief to which you are entitled in accordance with the documents we have signed and/or shall sign in your favor.

	
7.

	
This undertaking is irrevocable, and we may not revoke and/or amend it without obtaining your advance written consent to this.

	
8.

	
The aforesaid is not meant to derogate from but rather to add to the remaining undertakings we have vis-à-vis the Bank, pursuant to the various documents that we have signed and/or shall sign in your favor.

 

	 	Yours truly, 

 

[Signature]

 

BluePhoenix Solutions Ltd.

 

 

 

 

 

 

Authorization of Attorney

I, the undersigned, Yael Peretz, Attorney, who serves as the legal advisor of the BluePhoenix Co. Ltd., do hereby confirm that the approved signatories of the company, Mr. Arik Kilman and Ms. Iris Yahel have signed the document above in my presence and the signatures thereof are binding on the company.

 

[Signature]

[Stamp:  Yael Peretz, Advocate]

_____________________________

Attorney

 

	
BluePhoenix Solutions Ltd.

8 Maskit Street   P.O.Box 2062   Herzliya 46120   ISRAEL   Tel. 972-9-9526100   Fax. 972-9-9526111   www.bphx.com

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