Document:

EX-4.17

 Exhibit 4.17 
 Non-Binding English Translation 
 of Hebrew Original 

Appendix A 
 Orbotech
Ltd. 
  

			
	Registration No. 520035213	  	Date: February 10, 2013

 To: 
 Israel
Discount Bank Ltd. (the “Bank”) 
 Ladies and Gentlemen, 

Re: Irrevocable Letter of Undertaking 
 Further to the Letter of Agreement dated January 31, 2013 and as an integral part of the Financing Agreement between us signed on December 21, 2009, including all amendments thereto
(hereinafter—the “Financing Agreement”), pertaining to the credit facilities and banking services you have provided to us and as part of the other loan documents we have signed to you, we, the undersigned, Orbotech Ltd.
registration no. 520035213 (hereinafter—the “Company”), hereby irrevocably declare, agree, testify, confirm and undertake to the Bank, as follows: 
 As of the date of issuance of this letter no charge and/or mortgage of any type or kind except for the “Permitted Charges” (as such term is defined below) exist over all or any of our assets
and/or properties and/or other rights of any type and kind (hereinafter—the “Company’s Assets”), such that the Company’s Assets are completely free and clear of all charges, mortgages, attachments (except provisional
attachments) and of rights of any parties and/or entities, except for the Permitted Charges (hereinafter in reference to Company’s Assets—“Free and Clear”). 

 

	1.	That as long as we owe the Bank any debts, undertakings, obligations and amounts, all pursuant to the records of the Bank as in effect from time to time and at all
times (hereinafter—the “Debts”): 

  

	 	1.1	The Company’s Assets will always be Free and Clear. 

  

	 	1.2	Other than the Permitted Charges, we will not create, without the Bank’s prior written consent, any charge and/or mortgage of any kind or type over the
Company’s Assets, in whole or in part, which now belong to us and/or that will belong to us at any time. 

  

	 	1.3	Other than the Permitted Charges, we will not carry out any transaction and/or action in the Company’s Assets and we will not vest others with any rights in the
Company’s Assets, and among other things, we will not assign and/or sell and/or lease and/or rent and/or deliver and/or transfer in any way the Company’s Assets, in whole or in part, to another or others nor will we transfer them from one
place to another, without your prior written consent, other than in the ordinary course of business of the Company. 

  

	2.	The “Permitted Charges” are: 

  

	 	2.1	Any fixed charge or floating charge which is registered as of the date of this letter at the Registrar of Companies and is intended to secure a debt or an obligation of
the Company, including towards the State of Israel (including any authority or extension thereof) or towards a bank acting on its behalf or in its name and/or towards the Bank. 

 

	 	2.2	 Any fixed charge and/or mortgage on the fixed assets of the Company for the benefit of a third party (including leasing companies) which provided
and/or will provide credit (full or partial) directly or by 

  
 4.17-1

	 	
way of leasing for the purchase of such fixed assets, and the aforesaid charge and/or mortgage will be utilized by the recipient thereof as a security for the debts and obligations of the Company
with respect to such credit (‘Shaslan’). 

  

	 	2.3	Any delivery, endorsement and/or assignment, from time to time, of documents in connection with export or import of goods (hereinafter—the
“Documents”) to any bank or to a third party which will grant credit (full or partial) directly for the financing of such export or import, and the aforementioned Documents will be utilized by the recipient thereof as a security for
the debts and obligations of the Company with respect to such credit and the right of such recipient to realize therefrom the debts and obligations of the Company with respect to such credit will have priority. 

 

	3.	For avoidance of doubt, it is hereby clarified that the sale and/or assignment and/or discount of accounts receivables and/or letters of credit and/or bills and/or
other negotiable instruments do not constitute a charge or a mortgage of any kind over the Company’s Assets for purposes of this letter and they will not be deemed as an assignment, sale or transfer of the Company’s Assets in any other
way, provided that they are carried out on reasonable commercial terms and at fair value. 

  

	4.	It is further clarified that the right of setoff, possession and/or lien of Israeli and/or foreign banks over monies, rights, securities or assets that stand to the
credit of any account or which are deposited or which will be deposited in any account of the Company with such banks will not constitute a charge or a mortgage of any kind over the Company’s Assets for purposes of this letter.

  

	5.	In addition, any delivery, endorsement and/or assignment from time to time of bills of customers (such as—promissory notes, bills of exchange and checks) and other
negotiable instruments to any third party providing credit, loans and other financial services, so that the bills and other instruments will serve such recipient as security for the debts and obligations of the Company towards him with respect to
such credit, and the right of such recipient to realize therefrom the debts and obligations of the Company with respect to such credit will have priority, will not constitute a charge or a mortgage over the Company’s Assets for the purposes of
this letter. 

  

	6.	We will be able to cancel this Letter of Undertaking at any time by written notice if you confirm to us in writing that we have no debts and obligations of any kind
towards you. Such written confirmation will be provided within 7 business days from receipt of our request therefor. 

  

	7.	We hereby undertake, that in the event that we sign for the benefit of any third party an undertaking not to create charges on terms that are preferential to those
contained in our undertaking towards the Bank, such terms will be deemed to apply, mutatis mutandis, to our undertaking towards the Bank, as if originally contained therein. 

 

	8.	Other than as provided under this letter, all of the remaining provisions of the Financing Agreement and the loan documents will continue to apply in their full force
and effect. 

  

	9.	The Company declares and undertakes to the Bank that it has duly adopted all resolutions and received all approvals required by law and pursuant to its incorporation
documents for entering into this letter, and further that it does not require the consent or approval of any third party to enter into this letter and to perform all its obligations as detailed herein, that no prohibition and/or restraint and/or
limitation whatsoever, whether under law or agreement, exist for its signing this letter, and its execution hereof does not constitute a breach of and/or does not derogate from any right of a third party, including under law and/or agreement and/or
any other obligation towards a third party. 

  

	10.	Any breach and/or default of all and/or part of that set forth and stipulated in this letter, will constitute and will be deemed as a breach of the Financing Agreement
and the loan documents, as well as the securities and guarantees and as an additional event of default that will entitle the Bank to accelerate payments on account of credits and to demand immediate repayment of the credits, as provided in the
Financing Agreement, with all implications as a result thereof. 

  
 4.17-2

 In witness whereof, we have signed this letter: 

 

	
	/s/            
	
	Orbotech Ltd. registration no. 520035213

 I the undersigned, Adv. Alon J. Fiul, acting as counsel of Orbotech Ltd. registration no. 520035213
(hereinafter—the “Company”), hereby confirm to Israel Discount Bank Ltd. (hereinafter – the “Bank”) that the above referenced document was signed on behalf of the Company by Mr. Doron Abramovitch
I.D. number 023762784 and Mr. Amichai Steimberg I.D. number 057430308, who are authorized by their signatures to bind the Company towards the Bank, pursuant to duly adopted resolutions of the authorized organs of the Company, as well as by
virtue of the incorporation documents of the Company, such that the above referenced document binds the Company, and is valid for all intents and purposes. 
  

							
				
	Date: February 10, 2013	 		 	Advocate:	 	/s/ and stamp
		 		 	Alon J. Fiul, Adv. L.N. 38893

 Bank’s agreement 
 We agree to that set forth in your above letter to us. 
  

	
	/s/ and stamp
	 Israel Discount Bank Ltd.

Business Division

 To: 
 Israel
Discount Bank Ltd. 
 Dear Sir, 
 In a
written resolution of the board of directors of Orbotech Ltd. registration no 520035213 (hereinafter – the “Company”) from February 6, 2013 it was resolved as follows: 

 

	1.	To sign the document attached to this letter titled: “Irrevocable Letter of Undertaking” for the benefit of Israel Discount Bank Ltd.

  

	2.	To empower any two of: Mr. Yochai Richter—I.D. 1652494, Mr. Asher Levy—I.D. 055640791, Mr. Amichai Steimberg—I.D. 057430308 and
Mr. Doron Abramovich—I.D. 023762784, to sign together on behalf of the Company all of the above referenced documents. 

  
 4.17-3

 We hereby confirm that the above resolutions are in accordance with the current
incorporation documents of the Company, have been registered in the minute book and signed by the chairman and that all resolutions and approvals required for this transaction have been received and adopted. 

 

	
	
	/s/             
	Chairman

 To: 

Israel Discount Bank Ltd. 
 Tel-Aviv 

Dear Sir, 
 I the undersigned, acting as counsel
of the above referenced Company, hereby confirm to Israel Discount Bank Ltd. (hereinafter—the “Bank”) that: 
  

	1.	The copy of the above referenced written resolution attached hereto of Orbotech Ltd. registration no 520035213 (hereinafter—the “Company”) is a
true copy of the original thereof. 

  

	2.	The resolutions adopted and mentioned under the above referenced written resolution are in accordance with the incorporation documents of the Company, its memorandum
and articles of association, have been registered in the minute book and have been signed by the chairman. 

  

	3.	All approvals and resolutions have been received and adopted, and anything required by law carried out, including within the authorized organs of the Company, so that
the above referenced resolutions bind the Company towards the Bank for all intents and purposes. 

  

	4.	No restraint and/or limitation exists by law and/or agreement with respect to adoption of the above referenced resolutions, the execution and realization thereof in
relation to the Company. 

  

	5.	Mr. Doron Abramovitch I.D. 023762784 and Mr. Amichai Steimberg I.D. 057430308 are managers in the Company and the signatures of any two of them together with
the Company’s stamp bind the Company for all intents and purposes with respect to the document attached to this letter and titled: “Irrevocable Letter of Undertaking”. 

 

	6.	In addition I hereby confirm to you that as of the date set forth herein, no application for appointment of a permanent or temporary receiver is pending against the
Company, nor has any order to appoint a permanent or temporary receiver been issued, nor has an application for a temporary or permanent order of liquidation been issued against the Company. 

Date: February 10, 2013 
  

			
	Advocate:  	 	 /s/ and stamp

	Alon J. Fiul, Adv. L.N. 38893
		 	

  
 4.17-4EX-4.18

 Exhibit 4.18 
 Non-Binding English Translation 
 of Hebrew Original 

Bank Hapoalim 

The Head Management 
 Business Division 
 Menachem Begin Road 23, Tel-Aviv 66183

 Date: January 30, 2013  
 To: 
 Orbotech Ltd. 

Re: Letter of Agreement 
 Ladies and Gentlemen, 
  

			
	WHEREAS,	  	Bank Hapoalim Ltd. (hereinafter—the “Bank”) has granted you and/or will grant you credit,
documentary credit, various short term loans, overdraft
facilities in a checking account, a
current loan account or a different account, indemnification letters and other guarantees for you
and/or for third parties or others, at your request and/or at the request of third parties,
discounting of
bills, extensions and various other banking reliefs and other various banking
services (hereinafter collectively and severally—the “Banking Services”) and
		
	WHEREAS,	  	For guaranteeing the payment of your debts and undertakings for and in connection with the Banking Services, you have created, inter alia, a first degree floating charge,
for the benefit of the Bank, limited to the amount of $22,000,000 (twenty two million U.S. Dollars) over all of the assets, property and rights of any type and kind whatsoever, with no exception, that you now have and that you will have in the
future, including without limitation, over all of your intellectual property rights, including in connection with registered or pending patents, and also a fixed charge over your goodwill and your rights for exemption and/or relief and/or discount
in taxes, all in accordance with that certain debenture dated October 21, 2010 which was registered with the Registrar of Companies as charge number 10 (hereinafter—the “Debenture” and the “Referenced
Charge”, as applicable); and
		
	WHEREAS,	  	You have asked the Bank to agree to cancel the Referenced Charge, this upon fulfillment of the conditions set forth in this Letter of Agreement;
	
	NOW THEREFORE, at your request we hereby confirm the following:
		
		  	We will be willing to agree to cancel the Referenced Charge and to deliver to you an appropriate letter of cancellation (including an appropriate notice to the Registrar of
Companies regarding the cancelation of the Referenced Charge), provided that all of the following conditions will be met:
		
		  	 1.      Receipt of a similar agreement from Discount Bank, for whose benefit you have also
created a floating charge over your assets and rights and which has been registered with the Registrar of Companies as charge number 9, provided such agreement shall not contradict our agreement herein.

		
		  	 2.      The removal of the Referenced Charge shall not derogate from any right and/or remedy the
Bank has under law and/or any document, and all rights of the Bank pursuant to other obligations that were made for its benefit by you and/or on your behalf, will remain in full force and effect and unchanged.

		
		  	 3.      The Bank will not have had until the Effective Date (as defined hereinafter), pursuant
to any terms and provisions of the documents which you have signed and/or which you will have signed for the benefit of the Bank until the Effective Date, a right to demand immediate repayment of any amount which it is entitled to or which it will
be entitled to from you according to any such documents with respect to the Banking Services.

		
		  	 4.      You shall sign for the benefit of the Bank a Letter of Undertaking, in the form attached
hereto as Appendix A.

  
 4.18-1

 This letter is effective until and no later than March 31, 2013 (hereinafter—the
“Effective Date”), if all conditions detailed above are not met by the Effective Date, the agreement pursuant to this letter will be automatically cancelled. If the conditions detailed in Sections 1-4 above are met by the Effective
Date, the Bank will deliver to you an appropriate letter of cancellation (including an appropriate notice to the Registrar of Companies regarding the cancellation of the Referenced Charge in the form of Appendix B to this letter) and
concurrently with the cancelation of the charge in the records of the Registrar of Companies, the Debenture will be deemed canceled. 
 Other than as explicitly provided in this letter (including the cancelation of the Debenture and the Referenced Charge), your obligations towards the Bank will remain unchanged, it will not derogate from
any right and/or remedy the Bank has under law and/or any document, and all rights of the Bank pursuant to other guarantees which have been provided or that will be provided for the benefit of the Bank by you and/or on your behalf, will remain in
full force and effect and unchanged. 
  

	
	Sincerely,
	
	/s/            
	Bank Hapoalim Ltd.
	Head Management

  

	
	
	/s/            
	A. Kirmair    N. Ben Meshulam

  
 4.18-2

 Appendix B 

 

			
	 	  	Head Management
	 	  	Business Division
		  	Industry, Capital Market and High Tech Sector
		
		  	Menachem Begin Road 23 St. Tel-Aviv
		  	Date: February 14, 2013

 To: 
 The
Registrar of Companies 
 Post Office Box 28178 
 Jerusalem 91281 
 Ladies and Gentlemen, 

Re: Orbotech Ltd. Registration No. 520035213 
 Cancellation of Charge 
 Pursuant to the request of the above referenced company, we
hereby confirm that we agree that in the records of the honorable Registrar a note will be written about the cancelation of the registration of the charge that the company created for the benefit of Bank Hapoalim Ltd., as follows: 

 

							
	 Charge No.
	  	 Creation Date
	  	 Registration Date
	  	 Description of the Document

	10	  	October 21, 2012	  	November 9, 2010	  	debenture

  

	
	Sincerely,
	
	Bank Hapoalim Ltd.
	Head Management
	/s/                    
                
	 A. Kirmair    N. Ben Meshulam

 cc: Orbotech Ltd. 

  
 4.18-3

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