Document:

EXHIBIT 10.3

 Exhibit 10.3 
  
 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 
  
 LAMAR SIGNAL PROCESSING LTD. 
  
 We have audited the accompanying balance sheets of LAMAR SIGNAL PROCESSING LTD. (the
“Company”) as of December 31, 2004 and 2003, and the related statements of operations, changes in shareholders’ deficiency and cash flows for each of the years then ended. These financial statements are the responsibility of the
Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit. 
  
 We conducted our audit in accordance with the Standards of the Public Company Accounting Oversight Board (United States) and in accordance with generally accepted
auditing standards in Israel, including those prescribed under the Auditors’ Regulations (Auditor’s Mode of Performance), 1973. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements, assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. We believe that our audit provide a reasonable basis for our opinion.

  
 In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of the Company as of December 31, 2004 and 2003, and the results of its operations, changes in shareholders’ deficiency and its cash flows for each of the years then ended, in conformity with
accounting principles generally accepted in Israel (as applicable to the financial position and results of operations of the Company such principles are practically identical to generally accepted accounting principles in the United States).

  
 Without qualifying our opinion we draw attention to Note 1C to the financial
statements, according to which as of December 31, 2004 and 2003, the Company has a shareholders’ deficiency in the amount of $2.3 and $2.2 million and a working capital deficiency of $2.3 and $2.2 million, respectively. These factors, among
others described in Note 1C raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments with respect to the carrying amounts of assets and liabilities and their
classification that might be necessary should the Company be unable to continue to operate as a going concern.” 
  
 /s/ KOST FORER GABBAY & KASIERER 
 An member of Ernst &
Young International 
  
 Haifa, Israel 
 March 23, 2005Forebearance agreement among ACT Teleconferencing and Investors

 EXHIBIT 10.72 
  
 April 12, 2005 
  
 Mr. Ed Bernica 
 Chief Financial Officer 
 ACT Teleconferencing, Inc. 
 1526 Cole Boulevard, Suite 300 
 Golden, CO 80401 
  
 RE: ACT Teleconferencing, Inc., et al 
  
 Dear Ed:

  
 ACT Teleconferencing (“ACT”) has notified Silicon Valley Bank
(“SVB”) of events of default under the Loan and Security Agreement dated November 12, 2004 for failure to comply with the Minimum Tangible Net Worth financial covenant and failure to deliver the required financial statements and compliance
certificates for January and February, 2005. SVB is willing to consider forbearing from exercising its rights and remedies under the Loan Agreement subject to the following revised terms and conditions. The purpose of this letter is to facilitate
discussion and it is not to be construed to be a commitment or agreement on the part of SVB to provide the forbearance. Additionally, this proposal letter is only attended to address terms of the facility that we are considering modifying. All other
terms and conditions of the Loan and Security Agreement will remain unchanged subject to approval by the Silicon Valley Bank credit committee. 
  

			
	 Borrowers:
	  	ACT Teleconferencing, Inc., ACT Teleconferencing Services, Inc., ACT Videoconferencing, Inc., ACT Proximity, Inc., and ACT Research, Inc.
	 	  	 
	Forbearance Period:	  	To June 30, 2005.
	 	  	 
	 Revolving Credit 
 Facility:
	  	 $3,500,000 (“Maximum Credit Limit”) – no change.

	 	  	 
	 Term Loans:
	  	Eliminate the $1,000,000 term loan commitments.
	 	  	 
	 Interest:
	  	Increase the Interest Rate from Prime Rate + 1.50% to Prime Rate + 2.50%.

			
	Forbearance fee:	  	$5,000.00.
	 	  	 
	Financial Covenants:	  	Minimum Cash Income of $1.00 with a first measurement date of April 30, 2005. Cash Income/(Loss) defined as Net Income/(Loss) plus Depreciation/Amortization plus other non-cash charges less
principal debt service (principal only) and less unfinanced Capital Expenditures. This covenant will be measured beginning with the April 30, 2005 month-to-date results. For May, the covenant measurement will include April and May results. For June,
the covenant measurement will include April, May and June results.
	 	  	 
	 Equity/Sale of
 Company
Raise:
	  	At 30 day reviews beginning April 29, 2005, ACT must demonstrate progress in obtaining refinancing, raising equity or selling the company. SVB will determine compliance with this requirement
in its reasonable discretion.
	 	  	 
	 Financial 
 reporting:
	  	 (1) Monthly financial statements to be received no later than 25 days following the end of each month.
 (2) Cash budgets to be received on a weekly basis.

	 	  	 
	 Other:
	  	 (1) Receipt of a Deposit Account Control Agreement from Vectra Bank by April 22, 2005.
 (2) SVB collateral audit to be conducted before May 15, 2005.

  
 Again, this letter is not a commitment
or agreement to enter into the forbearance. The terms and conditions outlined above are subject to approval by SVB’s credit committee. We look forward to discussing these terms with you. 
  
 Sincerely, 
  
 SILICON VALLEY BANK 
  

			
	 Kevin L. Grossman
 Vice President
	  	 S. Reneé Hudnall
 Vice President

 ACKNOWLEDGED AND AGREED TO: 
  
 ACT Teleconferencing, Inc., et al 
  
 By: /s/ Edward J. Bernica         
  
 Title:    CFO                                

  
 Date:
  4/15/05Services Agreement

 EXHIBIT 10.4 
  
 SERVICES AGREEMENT, dated as of June 4, 2004 (the “Agreement”), by and among JER COMMERCIAL DEBT ADVISORS LLC, a
Delaware limited liability company (the “Manager”), JER Investors Trust Inc., a Maryland corporation (the “Company”), and J.E. ROBERT COMPANY, INC., a Delaware corporation (“JER”). 
  
 W I T N E S S E
T H: 
  
 WHEREAS, the Manager has entered into a
management agreement (as such agreement may be amended from time to time, the “Management Agreement”), dated as of June 4, 2004, between the Company and the Manager; and 
  
 WHEREAS, JER desires to provide such services, including personnel, services and resources, to the Manager to enable the
Manager to perform its duties under the Management Agreement. 
  
 NOW THEREFORE, in consideration of the foregoing premises, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto hereby
agree as follows: 
  

	 	1.	Agreement to Provide Services. JER agrees to provide the Manager with such personnel, services and resources to enable the Manager to carry out its obligations and
responsibilities under the Management Agreement. 

  

	 	2.	Term. This Agreement will terminate upon the termination of the Management Agreement. 

  

	 	3.	Assignments. This Agreement may not be assigned by any party hereto, in whole or in part, and shall terminate automatically in the event of any such assignment, unless such
assignment is consented to in writing by the other party; provided, however, that JER may delegate to one or more of its Affiliates performance of any of its responsibilities hereunder so long as it remains liable for any such
Affiliate’s performance. 

  

	 	4.	Governing Law. This Agreement and the rights and obligations of the parties under this Agreement shall be governed by, and construed and interpreted in accordance with, the
law of the state of New York. 

  

	 	5.	Counterparts. This Agreement may be executed by the parties to this Agreement on any number of separate counterparts (including by telecopy), and all of said counterparts
taken together shall be deemed to constitute one and the same instrument. 

	 	6.	Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such
prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

  

	 	7.	Binding Nature of Agreement; Successors and Assigns.This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, personal
representatives, successors and permitted assigns as provided in this Agreement. 

  

	 	8.	Amendments. This Agreement may not be modified or amended other than by an agreement in writing signed by the parties hereto. 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

  

			
	 JER COMMERCIAL DEBT ADVISORS LLC

		
	By:	 	/s/ Daniel T. Ward
	 Name: Daniel T. Ward
 Title:   Senior Managing Director

  

			
	 J.E. ROBERT COMPANY, INC.

		
	By:	 	/s/ Daniel T. Ward
	 Name: Daniel T. Ward
 Title: Senior Managing Director

  

			
	JER INVESTORS TRUST INC.
		
	By:	 	TAE-SIK YOON
	 Name: Tae-Sik Yoon
 Title:   Executive Vice President

  

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