Document:

exhibit_4-3.htm

Exhibit 4.3

 

ASSET PURCHASE AGREEMENT

 

This Asset Purchase Agreement (this "Agreement") is made and entered into as of May 31, 2010, by and among: ScanMaster Systems (I.R.T.) ltd., an Israeli Company organized under the laws of Israel ("Purchaser"); and IRT ScanMaster Systems Inc., a company organized under the laws of the State of New Hampshire with its offices at 319, Garlington Road, Suite B4, Greenville, South Carolina, USA (the "Company") (Company together with Purchaser, the "Parties" and each a "Party").  Certain other capitalized terms used in this Agreement are defined in Asset and Liability  Re-Allocation Agreement (as defined hereinafter), shall apply in their entirety to this Agreement, mutatis mutandis, unless such capitalized term is explicitly defined otherwise herein this Agreement.

 

Recitals

 

	
WHEREAS,

	
The Company and the Purchaser are each a wholly owned subsidiary of Elbit Visions Systems Ltd. ("EVS"); and

 

	
WHEREAS,

	
the Company, the Purchaser and EVS have jointly utilized assets and have had common management and other functions; and

 

	
WHEREAS,

	
EVS, the Purchaser and other parties have entered into an agreement for the sale of the Purchaser to a group of investors (the "SPA"); and

 

	
WHEREAS,

	
EVS and the Purchaser have re-allocated their assets and liabilities so that each entity will fully own and be fully responsible for its respective business following the sale of the Purchaser, all in accordance with and subject to the terms and conditions of the Asset and Liability Re-Allocation Agreement; and

 

	
WHEREAS,

	
The parties have agreed that the Purchaser shall purchase all of the remaining assets of the Company, upon the terms and conditions contained herein.

 

Agreement

 

NOW Therefore, the parties to this Agreement agree as follows:

 

	
Section 1.

	
Description of Transaction.

 

1.1           Purchase and Sale of Assets. Subject to the terms and conditions set forth in this Agreement and in reliance upon the representations and warranties of the Company and Purchaser herein set forth, at the Closing, the Company shall sell, transfer, convey, assign and deliver to Purchaser, by appropriate deeds, bills of sale, assignments and other instruments reasonably satisfactory to the Purchaser and its counsel, and Purchaser shall purchase from the Company, all of the Company's right, title and interest in and to its assets as defined in Schedule 1 attached hereto as well as any new assets created or received by the Company subsequent to the date of this Agreement and prior to the final liquidation of the Company (the "Assets"). The Assets shall be conveyed free and clear of all liabilities, obligations, Liens and Encumbrances, excepting only the exceptions set forth in Schedule 1.

  

  

  

 

1.2           Assumption of Liabilities.  As consideration for the purchase and sale of the Assets, the Purchaser shall, from and after the Closing, assume, perform, discharge and pay when due, the liabilities and obligations of the Company as set forth in Schedule 1 and only to the extent set forth in Schedule 1, as well as any new liabilities assumed by or imposed upon the Company subsequent to the date of this Agreement and prior to the final liquidation of the Company (the "Liabilities").

1.3           For avoidance of doubt it is hereby clarified that other than the Assets and the Liabilities, which are being and may be acquired and assumed by the Purchaser, all other existing assets and liabilities of the Company shall be retained by the Company after the Closing.

	
Section 2.

	
Representations and Warranties of the Parties

 

Each Party represents and warrants that it has all requisite power and authority to execute and deliver this Agreement and to perform its obligations hereunder. The execution and delivery of this Agreement and the performance by each Party and the consummation by each Party of the transactions contemplated hereby have been duly and validly authorized by all necessary corporate action on the part of each Party. This Agreement has been duly and validly executed and delivered by each Party.

 

	
Section 3.

	
Guarantees

 

From and after the Closing (as defined below), any and all guarantees, undertakings and Liens of any form and sort ("Guarantees") granted by a party hereto ("Guarantor") in favor of the other party or EVS ("Beneficiary") (including guarantees and collateral to banking and financial institutions) shall be forthwith cancelled and the Guarantor shall be totally and irrevocably released from any and all such Guarantees.

The Beneficiary undertakes to take any and all required actions and to provide any and all substitute Guarantees required to release the Guarantor from any Guarantees and to replace any Guarantees granted by Guarantor in favor of the Beneficiary, no later than 28 days of receipt of the Guarantor's first written notice informing it of such Guarantee.

	
Section 4.

	
Enquiries, Payables and Receivables

 

4.1           From and after the Closing, each Party shall promptly forward the other any enquiries in connection with the other Party's Business, including without limitation, any of the following:

4.1.1 Requests for payment for goods and services furnished by a third Party;

4.1.2 Requests for performance of unperformed obligations and liabilities under licenses, permits and Contracts;

 

  

2

  

 

4.1.3 Requests for performance of all warranty, maintenance and support work; and

4.1.4 Requests for payment of any Israeli or U.S. federal, state, local, foreign and other taxes, assessments, or other governmental charges, including, without limitation, income, estimated income, business, occupation, franchise, property, sales, use, employment or withholding taxes, including interest, penalties and additions in connection therewith.

4.2            Immediately following receipt of any forwarded request as set forth in Section 4.1  the receiving Party shall promptly take all steps required to notify the third party that it is responsible for payment or performance, as the case may be, of such Liability, and shall be responsible, pursuant to assume, perform, discharge and pay any such Liability

4.3           From and after the signing of this Agreement by the Parties, each Party shall inform the other and transfer to it, upon the Closing, any and all amounts received by it in connection with any of the other Party's Assets or the Business. It is hereby made clear that all such amounts shall be deemed owned by the rightful owner and held for its benefit and on its behalf in trust by and until the transfer thereof.

 

	
Section 5.

	
Closing

 

The closing of the transactions contemplated herein (the "Closing") shall take place at the offices of Matry, Meiri & Co. Law Offices or at such other place, date and time as the Company and the Purchaser may agree, but no later than the earlier of: (i) June 30, 2010; and (ii) the assignment of this Agreement to a new company to be incorporated in the USA by the Purchaser as a fully-owned subsidiary of the Purchaser (the "Closing").

 

	
Section 6.

	
Indemnification.

 

	
6.1

	
From and after the Closing, each Party shall indemnify, defend and hold harmless the other Party and its respective directors, officers, agents and representatives (collectively, "Indemnified Persons") from and against any and all Losses which may be incurred or suffered by any such Indemnified Person and which may arise out of or result from the other Party's Assets, Business, Liabilities and /or in connection with Guarantees granted in such party's favor, including, without limitation, as set forth in Section ‎0.

	
6.2

	
Notice to Indemnifying Party. If any Party (the "Indemnified Party") receives notice of any claim or other commencement of any action or proceeding with respect to which any other Party (the "Indemnifying Party") is obligated to provide indemnification pursuant to Section 6, the Indemnified Party shall promptly give the Indemnifying Party written notice thereof which notice shall specify, if known, the amount or an estimate of the amount of the liability arising therefrom. Such notice shall be a condition precedent to any liability of the Indemnifying Party for indemnification hereunder. The Indemnified Party shall not settle or compromise any claim by a third Party for which it is entitled to indemnification hereunder, without the prior written consent of the Indemnifying Party (which shall not be unreasonably withheld or delayed) unless suit shall have been instituted against it and the Indemnifying Party shall not have taken control of such suit after notification thereof as provided in Section 6.3.  Failure by the Indemnified Party to give notice promptly will not affect the indemnification obligations of the Indemnifying Party except and to the extent the Indemnifying Party is prejudiced thereby.

 

  

3

  

 

	
6.3

	
Defense by Indemnifying Party. In connection with any claim giving rise to indemnity hereunder resulting from or arising out of any claim or legal proceeding by a person who is not a Party to this Agreement, the Indemnifying Party at its sole cost and expense shall, upon written notice to the Indemnified Party, assume the defense of any such claim or legal proceeding using counsel of its choice (subject to the approval of the Indemnified Party, which approval may not be unreasonably withheld or delayed). The Indemnified Party shall be entitled to participate in the defense of any such action, with its counsel and at its own expense; provided, however, that if there exists a conflict of interests between the Indemnifying Party (or any constituent Party thereof) and the Indemnified Party, the Indemnified Party (or such constituent Party thereof) shall have the right to engage separate counsel, the reasonable costs and expenses of which shall be paid by the Indemnifying Party, but in no event shall the Indemnifying Party be liable to pay for the costs and expenses of more than one such separate counsel.  If the Indemnifying Party does not assume the defense of any such claim or litigation resulting therefrom, the Indemnified Party may defend against such claim or litigation, after giving notice of the same to the Indemnifying Party, on such terms as the Indemnified Party may deem appropriate, the reasonable costs and expenses of which shall be paid by the Indemnifying Party, and the Indemnifying Party shall be entitled to participate in the defense of such action, with its counsel and at its own expense.  Notwithstanding the foregoing, however, a Party shall in all cases be entitled to control the defense of any such action if it (i) may result in injunctions or other equitable remedies in respect of the Party or its business; or (ii) may have an adverse impact on the Party's business or its financial condition even if the other Party pays all indemnification amounts in full.

	
6.4

	
Subrogation.  Upon making any payment to an Indemnified Party for any indemnification claim pursuant to this Section 6, the Indemnifying Party shall be subrogated, to the extent of such payment, to any rights which the Indemnified Party may have against any other parties with respect to the subject matter underlying such indemnification claim.

 

	
Section 7.

	
Mutual Release

 

	
7.1

	
Other than as set forth in this Agreement (including the Schedules), the Company on the one part and the Purchaser on the other part (both including their respective affiliates, predecessors, successors, shareholders, directors, observers, employees, agents, attorneys, consultants or anyone acting on their behalf – such inclusion to apply to both sets of parties both as a releasing party and as a released party) mutually, permanently and irrevocably release each other, from any and all claims, actions or demands, known or unknown, past present or future, arising, directly or indirectly, out of, or related, in any way, to the period prior to the Closing.

 

	
7.2

	
Each Party represents and warrants that the financial undertakings and obligations of its counter party expressly contained herein, constitutes the entire and complete outstanding debt and liability of such party to it, and such party hereby irrevocably waives any and all rights, claims and demands against such its counter party in connection with any other financial undertakings, obligations, liabilities and debts, and shall not be entitled to initiate  any legal proceeding and/or actions in connection therewith.

 

  

4

  

 

	
Section 8.

	
Limitation of Liability

 

In no event shall either of the parties or any of their affiliates or any of their respective trustees, directors, officers,  employees and agents be liable to the other party or any of its affiliates, sublicensees or distributors for indirect, special, incidental or consequential damages of any kind arising in any way out of this agreement, however caused and on any theory of liability, including without limitation economic damages or lost profits, regardless of whether such party shall be advised, shall have other reason to know, or in fact shall know of the possibility of the foregoing.

	
Section 9.

	
Miscellaneous

 

	
7.3

	
Entire Agreement; Amendment. This Agreement, together with all exhibits and schedules hereto, and other documents contemplated hereby to be delivered by the Parties, covers the entire understanding of the Parties hereto, superseding all prior agreements or understandings relating to any of the subject matters hereof, and no modification or amendment of the terms and conditions shall be effective unless made in writing and signed by the Parties or their respective duly authorized agents.

 

	
7.4

	
Taxes and expenses. Each of the Parties shall bear and pay all of its taxes and expenses (including legal costs) in connection with the negotiation, execution and performance of this Agreement.

 

	
7.5

	
No Waiver. Any failure or delay on the part of either Party in the exercise of any right or privilege hereunder shall not operate as a waiver thereof, nor shall any single or partial exercise of any such right or privilege preclude other or further exercise thereof or any other right or privilege.

 

	
7.6

	
Delays or Omissions. No failure or delay by a Party in exercising any claim, remedy, right, power or privilege under this Agreement shall operate as a waiver nor shall any single or partial exercise of any claim, remedy, right, power or privilege preclude any further exercise thereof or exercise of any other claim, right, power or privilege, nor shall it be construed to be a waiver of any such breach or default therein or in any similar breach or default thereafter occurring.

 

  

5

  

 

	
7.7

	
Successors and Assigns. Neither Party may assign its rights, privileges or obligations under this Agreement without the express written consent of the other Party.

 

	
7.8

	
No Third Party Beneficiaries. Other than pursuant to Sections ‎0, this Agreement shall not confer any rights or remedies on any person other than the Parties.

 

	
7.9

	
Counterparts. This Agreement may be executed in one or more counterparts, all of which together shall be deemed to constitute one and the same instrument.

 

	
7.10

	
Severability. If any provision of this Agreement shall be found by any court or administrative body of competent jurisdiction to be invalid or unenforceable the invalidity or unenforceability of such provision shall not affect the other provisions of this Agreement and all provisions not affected by such invalidity or unenforceability shall remain in full force and effect. The Parties hereby agree to substitute for any invalid or unenforceable provision a valid or enforceable provision which achieves to the greatest extent possible the economic legal and commercial objects of the invalid or unenforceable provision.

 

	
7.11

	
Notices. All notices, requests, demands and other communications hereunder shall be made in writing, and shall be deemed to have been duly given if delivered by overnight courier, sent by mail to the respective parties or personally delivered addressed written above or to such other address as Purchaser or Seller may designate by written notice to the other Parties. Any such notices, requests, demands or other communications shall be deemed to have been duly given when received, if delivered personally or, if mailed, on the date five (5) days after the date so deposited in the mails, postage prepaid, return receipt requested or on the day following the day sent if sent by prepaid overnight delivery service.  Notices, requests and other communications hereunder may be delivered by electronic facsimile transmission (fax) or e-mail if confirmation by sender is made within three (3) Business Days by mail or personal delivery. All periods of notice shall be measured from the date of deemed delivery thereof.

 

	
7.12

	
Governing Law & Forum. This Agreement shall be governed and construed under the laws of the State of Israel and the exclusive place of jurisdiction in any matter arising out of or in connection with this Agreement shall be the competent courts in Tel Aviv or Hamerkaz District.

 

	
7.13

	
Further Assurances. The Parties undertake to sign, whether prior to the Closing or thereafter, any document or instrument which may be required for the purpose of consummating and giving effect to the transactions contemplated hereby, and to fully carry out the purposes of this Agreement.

 

  

6

  

 

 

	 	
ScanMaster (I.R.T.) ltd.

 

By:  ________________________

 

Name: ______________________

 

Title:  ______________________

 

IRT ScanMaster Systems Inc.

By:  ________________________

 

Name: ______________________

 

Title:  ______________________

 

 

  

7

  

 

Schedule 1

 

 

 

8exhibit_4-4.htm

Exhibit 4.4

 

CREDITOR AGREEMENT

THIS CREDITOR AGREEMENT (this “Agreement”) made as of the ____ day of May__, 2010, is made by and among ScanMaster (IRT) Systems Ltd., a company organized under the laws of Israel, with headquarters located at 1 Hayasur Street, Hasharon Industrial Park, Kadima, P.O.B. 5030, Israel (the "Company") and Elbit Vision Systems Ltd., a company organized under the laws of Israel, with headquarters located at 1 Hayasur Street, Hasharon Industrial Park, Kadima, P.O.B. 5030, Israel (the "Creditor").

 

W I T N E S S E T H :

WHEREAS, the Creditor is selling to a third party its holdings in the Company and IRT ScanMaster Systems Inc. ("IRT Scan");

 

WHEREAS, immediately after the Closing (as defined herein), the Scan Payment (as defined herein) constitutes an outstanding direct debt of the Company to the Creditor;

WHEREAS, the parties wish to determine the terms of repayment of the Scan Payment (as defined herein); and

WHEREAS, the Company and Creditor have outstanding debts to each of Bank Leumi le Israel B.M. and Bank Hapoalim B.M. (the "Banks"), pursuant to which the consent of the Banks is required for any additional loans and the reorganizing of existing loans;

NOW THEREFORE, the parties hereto hereby agree as follows:

1.           The Debt.

At the Closing (as defined herein), the Company shall have a debt obligation towards the Creditor in the aggregate amount of $675,000 (the "Scan Payment") which shall be paid to the Creditor in quarterly installments over a period of ten years commencing January 1, 2011 (the "Scan Installments").

The obligations of the Creditor pursuant to this Agreement are subject to the receipt by the Creditor of: (i) true and correct copies of resolutions of the Company's Board of Directors authorizing the Company to enter into this Agreement, and authorizing an officer of the Company to enter into such documents and their respective exhibits, annexes and schedules, in the form attached hereto as Exhibit A; (ii) an executed Share Purchase Agreement relating to the sale of Scan and IRT Scan to third party purchasers, including the exhibits thereto, attached hereto as Exhibit B; and (iii) copies of the consents of the Banks to the terms of this Agreement. The closing of the transaction contemplated herein and the execution and delivery to the Creditor of the above documentation (the "Closing") shall take place at the offices of Matry, Meiri & Co. Law Offices or at such other place, date and time as the Company and the Creditor may agree For the purposes of this Agreement including all of its schedules, exhibits and annexes, the “Effective Date” shall be deemed the Closing.

 

  

  

  

 

2.           Repayment. The Company shall repay the Scan Payment as follows: six hundred and seventy five thousand US Dollars ($675,000), together with the interest thereon (denominated in United States dollars) at a rate of interest of annual US Dollar LIBOR per annum, (the “Rate of Interest”) calculated as of the disbursement date of each Installment (as defined below) and compounded annually, plus any value added tax in Israel “Value Added Tax”, if applicable, in accordance with Israeli law (together the “Interest”) (the "Scan Repayment Amount") shall be repaid in equal quarterly installments over ten years (each, an "Installment") commencing January 1, 2011, and each Installment of the Scan Repayment Amount shall be due and payable on the first day of the calendar quarter commencing January 1, 2011. The Interest Rate is computed on a 360 day year for the actual number of days elapsed. Any late payment of the Principal Loan Amount and/or the Interest shall result in an additional 2% per annum late payment interest on such amount(s) which shall compound monthly.

Notwithstanding anything to the contrary, the Company may prepay any amounts owed to the Creditor, at any time, subject to (i) the prior written approval of each of the Banks to any prepayment (and such prepayment being subject to any conditions determined by the Banks); and (ii) the Company providing the Creditor with fifteen (15) days prior written notice informing the Creditor of such intention to prepay, and further provided that each such prepayment is in an amount no less than the lesser of (a) Fifty Thousand United States Dollars (US$50,000), or (b) the remaining Scan Repayment Amount, plus unpaid accrued Interest.

Notwithstanding anything herein to the contrary, in the event that the Agreement relating to Tender No. HNIRC/01/07 between the Company and Israel Railway Ltd., is terminated other than by the initiation of the Company (any act or omission of the Company which occurred prior to the Closing shall not be deemed as Company initiation for the  purpose of this clause), and the Company fails to enter into any agreements for the inspection of rail tracks for a period of two years following the Closing, the Creditor shall forgive any unpaid portion of the Scan Repayment Amount, remaining at the end of said two year period, up to a maximum of Four Hundred and Fifty Thousand United States Dollars (US$450,000). Said amount shall be deducted from the Scan Payment and the company shall be irrevocably exempt and released from the payment thereof.

3.           Acceleration. Notwithstanding anything herein to the contrary, the remaining Scan Repayment Amount, together with accrued and unpaid Interest to date, shall be due and payable at any time without any further demand, immediately upon the occurrence of an Event of Acceleration unless otherwise provided for below.

For the purposes of this Section 3, an “Event of Acceleration” shall be deemed to exist upon the occurrence of any of the following:

	
(i)

	
the Company fails to pay any sum due from it hereunder at the time, in the currency and in the manner specified herein, or otherwise is in breach of this Agreement or, and the same is not remedied within fifteen (15) days after the Creditor has notified the Company in writing of said nonpayment or breach; or

  

2

  

 

	
(ii)

	
the filing by or against the Company of any petition for liquidation, receivership or any petition for relief under the provisions of applicable law for the relief of debtors and the continuation of such petition without dismissal for a period of thirty (30) days or more, or the appointment of a special manager, liquidator, receiver, or trustee (temporary or otherwise) to take possession of all or substantially all of the property or assets of the Company, provided that said appointment is not cancelled within thirty (30) days of its initiation, or execution by the Company of a general assignment for the benefit of its creditors; or the Company resolves to voluntarily liquidate; or the appointment of a permanent liquidator or permanent receiver to take possession of the material property or assets of the Company; or the sale, license or transfer of all or substantially all of the assets of the Company.

 

	
(iii)

	
For the avoidance of doubt, it is clarified that this provision does not apply to the merger and/or sale of the shares of the Company.

Notwithstanding anything to the contrary herein, the Company shall be permitted to assign the Scan Repayment Amount, or any part thereof, provided it shall have first obtained the written consent of the Creditor to such assignment.

The Company shall promptly inform the Creditor of the occurrence of any Event of Acceleration or potential Event of Acceleration and, upon receipt of a written request to that effect from the Creditor, confirm to the Creditor that, except as previously notified to the Creditor or as notified in such confirmation, no Event of Acceleration or potential Event of Acceleration has occurred.

4.           Representations and Warranties. The Company hereby represents and warrants to the Creditor, as of the Effective Date, as follows:

(i)                      the Company is a company duly formed and validly existing under the laws of the State of Israel; the Company has full corporate power and authority to enter into and perform its obligations under this Agreement and this Agreement constitutes a legally binding obligation of the Company and is enforceable against the Company in accordance with its respective terms;

(ii)                      the execution and delivery of this Agreement (including all exhibits, schedules and annexes) by the Company, and performance of the Company’s obligations hereunder, have been duly and validly authorized by all necessary corporate action;

 

5.           Covenant.  The Company shall comply with the terms of this Agreement and do all that is necessary to maintain in full force and effect all authorizations, approvals, licenses and consents required in or by the laws and regulations of the State of Israel, and any other applicable jurisdiction to enable it lawfully to enter into and perform its obligations under this Agreement, or to ensure the legality, validity, enforceability or admissibility in evidence of this Agreement.

6.           Set-Off.  The Company shall have no rights of set-off against the Scan Repayment Amount for any amounts owed by the Creditor to the Company, unless relating to a liquidated sum evidenced by written record originating from the Creditor and unpaid by the Creditor to either the Company and/or MEO Consulting Ltd. for a period of at least 30 days beyond its due date for payment.

 

  

3

  

 

      7.           Miscellaneous. Each of the parties hereto shall perform such further acts and execute such further documents as may reasonably be necessary to carry out and give full effect to the provisions of this Agreement and the intentions of the parties as reflected hereby.  This Agreement shall be governed by and construed according to the laws of the State of Israel, without regard to the conflict of laws provisions thereof. Except as otherwise expressly limited herein, the provisions hereof shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors, and administrators of the parties hereto.  None of the parties' rights, privileges, or obligations set forth in, arising under, or created by this Agreement may be assigned or transferred by the other party without the prior consent in writing of the Creditor;  notwithstanding the foregoing, the Creditor shall have the right to assign or transfer any of its rights, privileges and obligations under this Agreement, in the event of a sale, license or transfer of all or substantially all of the assets of the Creditor. This Agreement, its exhibits and the schedules hereto constitute the full and entire understanding and agreement between the parties with regard to the subject matters hereof and thereof.  The preamble, schedules and exhibits hereto constitute an integral part hereof. In the event of any inconsistency or conflict between the provisions of the Agreement and any schedules, annexes and exhibits thereto, the provisions of this Agreement shall prevail and govern. Any term of this Agreement may be amended and the observance of any term hereof may be waived (either prospectively or retroactively and either generally or in a particular instance) only with the written consent of all of the parties to this Agreement and the Banks. All notices and other communications required or permitted hereunder to be given to a party to this Agreement shall be in writing and shall be telecopied or mailed by registered or certified mail, postage prepaid, or by electronic mail, or otherwise delivered by hand or by messenger, if to the Company then to the Company's address set forth above to the attention of the Chief Executive Officer, with a copy to Nir Kalderon, Adv. ______________ and if to the Creditor then to the address set forth above, to the attention of Chief Executive Officer and the Chief Financial Officer,  with a copy to Adrian Daniels, Adv. Yigal Arnon & Co., 1 Azrieli Center (Round Tower), Tel Aviv 67021, Israel, or such other address with respect to a party as such party shall notify each other party in writing as above provided.  Any notice sent in accordance with this Section 6 shall be effective (i) if mailed, seven (7) business days after mailing, (ii) if sent by messenger, upon delivery, and (iii) if sent via telecopier or electronic mail, upon transmission and electronic confirmation of receipt or (if transmitted and received on a non-business day) on the first business day following transmission and electronic confirmation of receipt.  No delay or omission to exercise any right, power, or remedy accruing to any party upon any breach or default under this Agreement, shall be deemed a waiver of any other breach or default theretofore or thereafter occurring.  All remedies, either under this Agreement or by law or otherwise afforded to any of the parties, shall be cumulative and not alternative.  If any provision of this Agreement is held by a court of competent jurisdiction to be unenforceable under applicable law, then such provision shall be excluded from this Agreement and the remainder of this Agreement shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms; provided, however, that in such event this Agreement shall be interpreted so as to give effect, to the greatest extent consistent with and permitted by applicable law, to the meaning and intention of the excluded provision as determined by such court of competent jurisdiction.

[Remainder of page intentionally left blank.]

 

  

4

  

 

    IN WITNESS WHEREOF the parties have signed this Loan Agreement in one or more counterparts as of the date first hereinabove set forth.

	
  

	
ScanMaster (IRT) Systems Ltd

 

By:       ________________________

Name:  ________________________

Title:     ________________________

ELBIT VISION SYSTEMS LTD.

By:           ________________________

Name:      ________________________

Title:        ________________________

[Signature Page of Creditor Agreement]

 

5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00182-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00182-of-00352.parquet"}]]