Document:

20-F

Exhibit 4.11  

Summary of Economic
Terms  

 Lender: Bank Leumi Le Israel 

		Credit line
	Long term*

	 		
			
			
			
	Principal	10,455,000	6,879,000
	Loan currency	NIS	NIS
	Period	revolving	3 years
	Interest payment	monthly	quarterly
	Principal payment	revolving	quarterly
	Interest rate	P+1.75%	P+2%
	Charges due to early repayment	0.05%	0.05%
	One time commission	$   64,000	$    2,500

 * As of June 30, 2008 no amounts were drawn under this loan.

Form of Request to
Allocate a Credit in Israeli Currency (unlinked)  

	To:  	Bank
Leumi le-Israel B.M.  

	 		
	 		
	 		
	 		
	 		
	 	_________________ Branch	Date: _________________

Re: Request to allocate
Credit in Israeli Currency (Unlinked)  

	1.  	Advance
and amount of the Credit  

        Please
allocate to us a credit, /we confirm receipt of a credit* in the sum of NIS ______
(hereinafter: “the Credit”) in our account number ___________ maintained with
yourselves (hereinafter: “the Credit Account”) and, if no such account as above
presently exists with yourselves, please open for us an account in our name and allocate
the Credit therein. The General Conditions for Opening an Account for Receiving Credits
signed by us in your favor (hereinafter: “the Terms of Operation”), in addition
to the additional conditions hereinafter contained, will apply to the Credit Account and
to the Credit. Please credit our Account with yourselves, Account No. __________ (the
“the Master Account”) with the amount of the Credit. 

	2.  	Term
of the Credit  

	 	
The
Credit will be for a term of ___________ (the “Term of the Credit”). The date
of advancing the Credit will be ____________ (the “Date of Allocation of Credit”).  

	3.  	Interest 

	 	(a) 	The
unpaid balance of the Credit will bear interest based upon the Bank’s
               preference, on the daily balance or will bear interest on a different
period, as                will be customary in the Bank, commencing from the date the
Credit is advanced                until the full and actual payment thereof to the Bank.
The interest will be                calculated according to the number of days which have
actually elapsed divided                by 365 or 366, depending on the number of years
in that relevant period. 

	 	(b) 	Fixed
interest 

	 	
If
this request, is a request to allocate credit with a fixed interest, then the rate of
interest on the unpaid balance of the Credit will be _____% a (the “Interest Rate)” and
the adjusted interest will be _________% (the “Adjusted Interest”).
Notwithstanding the mentioned in section 3(a), if it is agreed that the repayment shall
be made in the Spitzer method, the interest shall be calculated, from the date the credit
is advanced until the full and actual payment thereof to the Bank based upon 360 days in
a year and 30 days in a month.  

	 	(c) 	Variable
interest 

	 	1. 	If
this request, is a request to allocate credit with a variable interest, then
          the rate of interest mentioned in paragraph (a) above will be an interest rate
          in an amount that is higher/lower than ______ % (the “Interest
          Spread”) which is higher/lower than ______% above the prime rate of
          interest as defined below.  

	 	
For
the purposes hereof “the prime rate of interest” means interest at the basic
rate customary in the Bank from time to time in overdraft accounts in Israeli currency. 

	 	2. 	We
have taken note that a change in the prime rate of interest in the Bank will
          lead to a change in the interest on the Credit, by a percentage identical to
          such change in the basic interest, or at the Bank’s option, by the same
          ratio whereby the basic rate of interest has been changed against the basic
rate           as it existed prior to such change. In the event of repayment (credit with
          variable interest) using the Spitzer method, then the interest shall be
          calculated as detailed in Section 3(a) and if any change occurs in the prime
          rate of interest on a day not being an interest payment day, the new interest
          rate will apply as from the immediately succeeding interest payment date
          following the date of the change, or on the date of the change of interest, at
          the option of the Bank.  

	 	3. 	We
are aware that the interest of _________% (the “Initial Interest           Rate”)
shall be the interest that shall commence on the date of grant of           the Credit
until the change of the prime rate of the interest, as           aforementioned.  

	 	4. 	For
the avoidance of doubt, it is hereby stated that the Bank will be entitled,
          from time to time, to change the interest rate as aforesaid even with respect
to           amounts of the Credit which have already been allocated to us in the Credit
          Account.  

	4.  	Repayment
of Principal and Interest  

	 	(a) 	We
hereby undertake to repay the Bank the principal of the Credit together with
          the interest thereon in______ consecutive equal monthly installments in the sum
          of approximately _________________ each, on each ______ of every calendar
month,           commencing on _______________ and terminating on ____________(the
          “Repayment of Principal”). 

	 	(b) 	We
hereby commit to repay the interest of the unpaid balance of Credit in
          _________ consecutive installments in the sum of approximately
_________________           each, on each ______ of every calendar month, commencing on
_______________ and           terminating on ___________(the “Repayment of Interest”. 

	 	
In
case that the Interest shall be repaid in one installment, the Interest shall be added to
the principal and shall compound interest from commencing on _______________ and
terminating on _______ (the “Accumulation Period”), from the date of allocation
of the Credit. 

	 	(c) 	If
the credit shall be paid under the Spitzer method, then instead of the           detailed
in sections (a) and (b) above, we hereby commit to the Bank to repay           the Bank,
the principal together with the interest with respect to the unpaid           balance of
the Credit in equal monthly sequential installments, in ______           consecutive
equal monthly installments in the sum of approximately           _________________ each,
on each ______ of every calendar month, commencing on           _______________ and
terminating on ____________(the “Repayment using           Spitzer Method (Principal
and Interest)”). Notwithstanding the stated in           this section, the monthly
payments may be unequal due to the calculation method,           based upon the number of
days as detailed in section 3(a). 

	 	(d) 	We
are aware that the total repayment schedule which includes the exact amount           of
each payment will be provided to us soon after the allocation of the Credit           and
we that the amount that shall bind us is the one set forth the in the           repayment
schedule or if amended, as detailed in the amended repayment schedule. 

	 	
In
the event of a change in the interest rates as provided by paragraph 3(c) above, the
amount of the unpaid balance of the Credit will be adjusted and the amounts of the
installments changed accordingly so that the amounts of the installments will be equal
from the date of the change until the next succeeding date of change. An amended
repayment schedule will be given to us promptly after the date of the change. 

	 5.  	Mode
of repaying the Credit  

	 	
On
the date of payment of each amount on account of the principal of the Credit, principal,
interest or other charges, please debit our Master Account as mentioned above for the
purpose of discharging such amounts.  

	 	
If
the credit balance in the Master Account shall be insufficient to cover the amount, in
whole or in part, please grant us a credit in the amount required to discharge such sum,
either through the Master Account or through any other account, thereby debiting the
Master Account or such other account.  

	 	
We
are aware and agree that if, at the time the Master Account or the other account is
debited with the credit as aforesaid, the balance in such account will be a debit balance
or become overdrawn as a result of such debiting, the credit will bear interest at the
Customary Rate at such time according to the Terms of Operation of such account. We are
aware that if the credit advanced to us as above exceeds the Credit facility previously
authorized, then such credit will bear Interest at the Maximum Rate according to the
Terms of Operation of such account.  

We are aware that the interest that
shall be debited to us in the Master Account or any other account, might be higher than
one or more of the options as to Interest specified in the Terms of Operation. If it
transpires, either before or after such debiting, that the state of the Account does not
or did not enable a debit in such amount to be effected, and you decide that you do not
wish for any reason to advance us a credit, or any legal impediment will exist to the
debiting of the Account, you will be entitled to debit a special account to be opened in
our name with such amount, and such special account will bear interest as provided by
Clause 5 or Clause 13.5, titled “Deficiency Interest” of the Terms of
Operation.  

	6.  	                   We
shall not be entitled to repay the Credit (principal and interest) before the
                    agreed upon Repayment Date, except if we have a legal right to do so,
that may                     not be conditioned, or that the Bank agrees to do so in
advance, in writing. The                     Bank shall be entitled to condition any such
early repayment, with certain                     terms, including an early repayment
commission, in the maximum amount legally                     allowed. It is hereby
agreed that section 13(b) to the Israeli Pledge Law 1967,                     and any
section that shall replace it, shall not apply to the early repayment of
                    credit. 

	7. 	                    We
approve that we have received a copy of this document. 

	 	
Customers'
signatures: ____________________          ____________________ 

Form of Request to
Allocate a Credit Framework in Debitory Account (unlinked)  

	
Bank
Leumi le-Israel B.M.  

		
		
		
		
		
	Branch_____________________________________	Account No_____________
	Date:______________

Request to Allocate a
Credit Framework In Israeli Currency Account No _________  

(hereinafter referred
to as “the Account”)  

	1.  	The
Request  

We hereby request from Bank Leumi
le-Israel B.M. (the “Bank”) the allocation of a credit framework in account no.
_______ ( the “Credit Framework”) in an amount of _______ (the “Credit
Framework Amount”) in accordance with the detailed in this Request and in the terms
and conditions for operation of the Account, as modified or as will be modified in the
future (the “Terms and Conditions of Operation”). 

	2.  	Term
of the Credit  

	 	2.1 	The
date of advancing the Credit will be _______________ (“Date of Credit Advancement”).
If the Date of the Credit Advancement will not be stated, the date shall be the date
stated on the Bank notice regarding the advancement of the Credit. The end of the term of
the Credit shall be __________________ (the “Credit Expiration Date”). 

	 	2.2 	We
request that at each Credit Expiration Date, the Credit Framework shall be renewed for an
additional year (or another time period), at the terms that shall be in force at such
renewal date, including without limitation with respect to the interest rate, rate of
Allocation of Credit Commission and additional commissions, which shall be in force at
the renewal date. Each renewal of the Credit Framework shall be subject to the receipt
from the Bank, at least 10 days prior to the end of the existing term of the Credit, a
written notice stating the Bank’s approval for such renewal, which shall include the
new terms of the Credit framework. 

For the avoidance of doubt, it is
hereby clarified that nothing in this Request derogates the Bank’s right to not
renew the Credit Framework in whole or in part, or to renew it for a period of less than
a year and/or to decrease or annul, at any time, any Credit Framework, as described in
the Terms and Conditions of Operation.  

	3.  	Interest  

We have noted that subject to the
Terms and Conditions of Operation and for so long as you do not notify us otherwise- 

	 	3.1 	Interest
Rate for Debit Balances in the Credit Framework  

	 	
The
rate of interest on debit balances in the Credit Framework will be a changing rate, equal
to the interest at the basic rate customary in the Bank from time to time in overdraft
accounts in Israeli currency (the “Prime Rate”), as shall be from time to time,
with a margin of ________________ (the “Interest Rate for Debit Balances in the
Credit Framework”). 

	 	3.2 	Maximum
Interest Rate on Debit Balances  

	 	
The
maximum interest rate of debit balances shall be a changing rate, based upon the highest
interest rate ____________ (the “Interest Rate for Debit Balances”), in
addition to the interest rate of _________ (the “Maximum Interest Rate for Debit
Balances”). 

	 	3.3 	Term
of Interest Calculation and Repayment Dates  

	 	3.3.1. 	The
interest mentioned in paragraphs 3.1 and 3.2 above shall be computed based
               upon the number of days that there was been a debit balance in the
Account; and                it will be paid by us or will be credited as debt in our
Account, on the last                business day of March, June, September and December
each year.  

	4.  	Credit
Allocation Commission  

The credit allocation commission in
respect of the Credit Framework, for each quarter, will be in the amount of or at the rate
of ______% (the “Quarterly Credit Allocation Commission”) and will be paid by us
or it shall be credited to the Account in advance at the time of the determination or
increase of any Credit Framework and thereafter it will be paid by us or it shall be
credited to the Account on the first business day of every January, April, July and
October each year . 

In cases that the Credit Allocation
Commission shall be stated in percentages, the calculation of the commission shall be made
by multiplication of the amount of the of the Credit Framework by the stated percentage
and the number of days until the end of the term or the end of the quarter (the earlier of
the two), divided by the number of days in the quarter. 

Notwithstanding the above, the Bank
may determine a minimum or maximum Credit Allocation Commission. 

	5.  	Unilateral
Credit Framework  

	 	5.1 	We
agree that the Bank may, but will not be obliged, at its sole discretion, to provide us
with a unilateral credit framework, in the Account, with out our request. If the bank
provides us with such unilateral credit framework, it shall not be interpreted as the Bank’s
agreement, to repeat this in the future or to renew all or part of the unilateral credit
framework it has provided. 

	 	
In
any case that the Bank shall provide us with a unilateral credit framework, it shall be
deemed part of the Credit Framework and the terms of this document and the Terms and
Conditions of Operation shall apply.  

	 	5.2 	The
debit balances in the unilateral credit framework, if the Bank shall agree to it, shall
bear a changing interest rate equal to the Maximum Interest Rate for Debit Balances, in
the highest rate stated under the most recent agreed upon Credit scale. 

	 	5.3 	The
time period of the unilateral credit framework may be different than the one set for the
       Credit Framework herein. 

	 	5.4 	The
unilateral credit framework shall not bear a Credit Allocation Commission.

	 	5.5 	The
Bank will provide us a notice with respect to the unilateral credit framework, close to
the time of its bestowal. 

	6.  	Amendments  

	 	6.1 	We
are aware that the Bank may, from time to time, amend the interest rates mentioned herein
or any component of them (including the margin rate or the Maximum Interest Rate for
Debit Balances), the Credit Allocation Commission rate (including the minimum and maximum
rates), the term of Credit and their way of calculation. 

Notwithstanding the abovementioned,
as the interest in based upon the Prime Rate, any change in the Prime Rate shall cause a
similar change in the interest. All such changes shall also be applicable to the
unilateral credit framework mentioned in paragraph 5, if such credit framework shall be
provided. 

	 	6.2 	Such
amendment shall apply to all debit balances existing at the time of the amendment and to
all debit balances existing thereafter. 

	 	6.3 	The
notice with respect to any amendment shall be provided as required under applicable law.

	 	6.4 	Notwithstanding
the aforementioned, we are aware that there may be a change in a certain component of the
interest before the Bank provides the Credit Framework, and in such case the interest
rate shall apply to the debit balances shall be at the new rate at that time and not in
the rates detailed herein, that is given only for information purposes. 

	7.  	We
confirm that we received a copy of this document.  

Customers’ signature
______________20-F

Exhibit 4.12  

PROMISSORY NOTE (GRID) 

		
	New York, N.Y. December 4, 2007	$2,500,000 

        For
Value Received Summit Radio Corp. promise(s) to pay to the order of BANK LEUMI USA (the
“Bank”), at its offices at 564 FIFTH AVENUE, NEW YORK, NEW YORK, 10036, the
principal sum of TWO MILLION AND FIVE HUNDRED THOUSAND Dollars (“Maximum Principal
Amount”) or, if less, the aggregate unpaid principal sum of all loans made by the
Bank, in its sole discretion, to the maker of this Note from time to time. Te principal
sum of each such loan shall be payable no later then December 2, 2009. 

        Within
the limits of the Maximum Principal Amount, the maker may borrow, prepay, and re-borrow in
the manner provided herein. 

        Each
loan shall bear interest (from the date of such loan) at a rate per annum which shall be
equal to 0.5% per annum above the rate of interest designated by the Bank, and in effect
from time to time, as its “Reference Rate”, adjusted when said Reference Rate
changes. (The maker acknowledges that the Reference Rate may not necessarily represent the
lowest rate of interest charged by the Bank to customers.) 

        The
Bank is hereby authorized to enter on the schedule attached hereto the amount of each loan
and each payment of principal thereon, without any further authorization on the part of
the maker or any guarantor of this Note, but the Bank’s failure to make such entry
shall not limit or otherwise affect the obligations of the maker or any guarantor of this
Note. In the event that any other Liabilities (as hereinafter defined) of maker to the
Bank are due at any time that the Bank receives a payment from maker on account of this
Note or any such other Liabilities of maker, the Bank may apply such payments to amounts
due under this Note or any such other Liabilities in such manner as the Bank, in its
discretion, elects, regardless of any instructions from maker to the contrary. 

        The
maker and each guarantor of this Note acknowledges and agrees that the use of this form of
note is for their convenience, and there is no obligation on the part of the Bank to make
loans to the maker whatsoever. 

        Interest
shall be computed on the basis of a 360-day year and shall be payable at the end of each
month and at maturity. In no event shall interest exceed the maximum legal rate permitted
for the maker. 

        Each
maker authorizes (but shall not require) the Bank to debit any account maintained by the
maker with the Bank, at any date on which the payment of principal or of interest on any
of the Liabilities is due, in an amount equal to any unpaid portion of such payment. If
the time for payment of principal or of interest on any of the Liabilities or any other
money payable hereunder or with respect to any of the Liabilities becomes due on a day on
which the Bank’s offices are closed (as required or permitted by law or otherwise),
such payment shall be made on the next succeeding business day, and such extension shall
be included in computing interest in connection with such payment. All payments by any
maker of this Note on account of principal, interest or fees hereunder shall be made in
lawful money of the United States of America, in immediately available funds. 

        All
Property (as hereinafter defined) held by the Bank shall be subject to a security interest
in favor of the Bank or holder hereof as security for any and all Liabilities. The term
“Property” shall mean the balance of every deposit account of the maker with the
Bank or any of the Bank’s nominees or agents and al other obligations of the Bank or
any of its nominees or agents to the maker, whether now existing or hereafter arising, and
all other personal property of the maker (including without limitation all money,
accounts, general intangibles, goods, instruments, documents and chattel paper) which, or
evidence of which, are now or at any time in the future shall come into the possession or
under the control of or be in transit to the Bank or any of its nominees or agents for any
purpose, whether or not accepted for the purposes for which it was delivered. The term
“Liabilities” shall mean the indebtedness evidenced by this Note and all other
indebtedness, liabilities and obligations of any kind of the maker (or any partnership or
other group of which the maker is a member) to (a) the Bank, (b) any group of which the
Bank is a member, or (c) any other person if the Bank has a participation or other
interest in such indebtedness, liabilities or obligations, whether (i) for the Bank’s
own account or as agent for others, (ii) acquired directly or indirectly by the Bank from
the maker or others, (iii) absolute or contingent, joint or several, secured or unsecured,
liquidated or unliquidated, due or not due, contractual or tortuous, now existing or
hereafter arising, or (iv) incurred by the maker as principal, surety, endorser, guarantor
or otherwise, and including without limitation all expenses, including attorneys’
fees, incurred by the Bank in connection with any such indebtedness, liabilities or
obligations or any of the Property (including any sale or other disposition of the
Property). 

        Upon
the happening, with respect to any maker or guarantor of this Note or any assets of any
such maker or guarantor, of any of the following events: death of the maker or guarantor
or any member of the maker or guarantor (if a partnership); the failure to furnish the
Bank with any requested information or failing to permit inspection of books or records by
the Bank or any of its agents; the making of any misrepresentation to the Bank in
obtaining credit for any of them; dissolution (if a corporation or partnership); the
making of a mortgage or pledge; the commencement of a foreclosure proceeding; default in
the payment of principal or interest on this Note or in the payment of any other
obligation of any said maker or guarantor held by the Bank or holder thereof or in the
performance or observance of any covenant or agreement contained in the instrument
evidencing such obligation; default in the payment of principal of or interest on any
indebtedness for borrowed money owed to any other person or entity (including any such
indebtedness in the nature of a lease) or default in the performance or observance of the
terms of any instrument pursuant to which such indebtedness was created or is secured, the
effect of which default is to cause or permit any holder of any such indebtedness to cause
the same to become due prior to its stated maturity (and whether or not such default is
waived by the holder thereof); a change in the financial condition or affairs of any of
them which in the opinion of the Bank or subsequent holder hereof materially reduces his,
their or its ability to pay all of his, their or its obligations; the suspension of
business; the making of an assignment for the benefit of creditors, or the appointment of
a trustee, receiver or liquidator for the maker or guarantor or for any of his, its or
their property, or the commencement of any proceedings by the maker or guarantor under any
bankruptcy, reorganization, arrangement of debt, insolvency, readjustment of debt,
receivership, liquidation or dissolution law or statute (including, if the maker or
guarantor is a partnership, its dissolution pursuant to any agreement or statute), or the
commencement of any such proceedings without the consent of the maker or guarantor, as the
case may be, and such proceedings shall continue undischarged for a period of 30 days; the
sending of notice of an intended bulk sale; the entry of judgments or any attachment, levy
or execution against any of his, their or its properties shall not be released,
discharged, dismissed, stayed or fully bonded for a period of 30 days or more after its
entry, issue or levy, as the case may be; or the issuance of a warrant of distraint or
assertion of the lien for unpaid taxes, this Note, if not then due or payable on demand,
shall become due and payable immediately without demand or notice and all other debts or
obligations or the makers hereof to the Bank or holder hereof, whether due or not due and
whether direct or contingent and howsoever evidenced, shall, at the option of the Bank or
holder hereof, also become due and payable immediately without demand or notice. After
this Note becomes due, at stated maturity or on acceleration, any unpaid balance hereof
shall bear interest from the date it becomes due until paid at a rate per annum 3% above
the rate borne by this Note when it becomes due or, if such rate shall not be lawful with
respect to the undersigned, then at the highest lawful rate. The liability of any party to
commercial paper held by the Bank or holder hereof, other than the makers hereof, shall
remain unaffected hereby and such parties shall remain liable thereon in accordance with
the original tenor thereof. Each maker agrees that if an attorney is retained to enforce
or collect this Note or any other obligations by reason of non-payment of this Note when
due or made due hereunder, a reasonable attorneys’ fee shall be paid in addition,
which fees shall be computed as follows: 15% of the principal, interest and all other sums
due and owing to the Bank or holder or the reasonable value of the attorneys’
services, whichever is greater. 

        This
Note shall be governed by the laws of the State of New York and shall be binding upon the
maker and the maker’s heirs, administrators, successors and assigns. The maker hereby irrevocably consents to the jurisdiction of any New York State or Federal court
located in New York City over any action or proceeding arising out of any dispute between
the maker and the Bank, and the maker further irrevocably consents to the service of
process in any such action or proceeding by the mailing of a copy of such process to the
maker at the address set forth below. In the event of litigation between the Bank and the
maker over any matter connected with this Note or resulting from transactions hereunder,
the right to a trial by jury is hereby waived by the Bank and the maker. The maker also
waives the right to interpose any set-off or counterclaim of any nature. The Bank or
any holder may accept late payments, or partial payments, even though marked “payment
in full” or containing words of similar import or other conditions, without waiving
any of its rights. No amendment, modification or waiver of any provision of this Note nor
consent to any departure by maker therefrom shall be effective, irrespective of any course
of dealing, unless the same shall be in writing and signed by the Bank, and then such
waiver or consent shall be effective only in the specific instance and for the specific
purpose for which given. 

        The
rights and remedies of the Bank provided for hereunder (including but not limited to the
right to accelerate Liabilities of maker and to realize on any security for any such
Liabilities) are cumulative with the rights and remedies of the Bank available under any
other instrument or agreement or under applicable law. 

        The
undersigned, if more than one, shall be jointly and severally liable hereunder. 

	

——————————————

(Name of maker)

Summit Radio Corp
——————————————

1008 TEANECK Road 
——————————————

TEANECK 07666, New Jersey
——————————————

——————————————
(Address)

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