Document:

ex4-36.htm

    
      
        
          
            
              

            
Exhibit
4.36

        

      

    

     

    Waiver
dated November 24, 2008 to Letter Agreement, dated April 30, 2008, between
First
International Bank of Israel, as lender, and AudioCodes Ltd., as
borrower.

     

    (English
Summary of Documents in Hebrew)

    
      	 
      	 
      
	
              Date:

            	
              November
      24, 2008

            
	 
      	 
      
	
              Parties:

            	
              First
      International Bank of Israel

            
	 
      	 
      
	
              Borrower:

            	
              AudioCodes
      Ltd.

            
	 
      	 
      
	
              Financial
      Covenants:

            	 
      

    

     

    In
relation to the following covenant:

     

    -         Until
repayment of 2% Senior Convertible Notes Due 2024 in November 2009, cash and
investments not less than $120 million and cash balance not less than $15
million.

     

    The
parties agreed that the Lender shall not be entitled to immediate repayment of
Borrower’s obligation due to Borrower’s buyback in October 22, 2008 of $50
million of Senior Convertible Notes.ex4-37.htm

    
      
        
          

        
Exhibit
4.37

    

     

    Amendment
dated February 16, 2009 to Letter Agreements, dated April 30, 2008, between
First
International Bank of Israel, as lender, and AudioCodes Ltd., as
borrower.

     

    (English
Summary of Documents in Hebrew)

    
      
        	 
      	 
      
	
                Date:

              	
                February
      16, 2009

              
	 
      	 
      
	
                Parties:

              	
                First
      International Bank of Israel

              
	 
      	 
      
	
                Borrower:

              	
                AudioCodes
      Ltd.

              
	 
      	 
      
	
                Financial
      Covenants:

              	 
      

      

    

     

    In
relation to the following covenant:

     

    Operating
income (US GAAP):

    
      
        	 
      	 
      
	
                -

              	
                At
      least $3 million for each consecutive four fiscal quarters, commencing
      December 31, 2008.

              
	 
      	 
      
	
                The
      parties agreed that until December 31, 2009 expenses due to impairment of
      intangible assets shall not be taken into account as part of the
      calculation of the operating
income.ex4-38.htm

    
      
        
          
            

          
Exhibit
4.38

      

    

     

    Letter
Agreements, dated July 14, 2008, between Bank Mizrahi Tefahot Ltd., as lender,
and
AudioCodes Ltd., as borrower

     

    (English
Summary of Documents in Hebrew)

    
      	 
      	 
      
	
              Date:

            	
              July
      14, 2008

            
	 
      	 
      
	
              Parties:

            	
              Bank
      Mizrahi Tefahot Ltd.

            
	 
      	 
      
	 
      	
              Borrower:
      AudioCodes Ltd.

            
	 
      	 
      
	
              Loan
      No. 1:

            	 
      
	 
      	 
      
	
              Principal
      Amount:

            	
              $11.5
      million

            
	 
      	 
      
	
              Currency:

            	
              US
      Dollar

            
	 
      	 
      
	
              Interest
      Rate:

            	
              LIBOR
      + 1.3%

            
	 
      	 
      
	
              Maturity:

            	
              July
      15, 2013

            
	 
      	 
      
	
              Principal
      Repayment:

            	
              20
      equal quarterly payments.

            
	 
      	 
      
	
              Interest
      Repayment:

            	
              Quarterly
      with repayment of principal

            
	 
      	 
      
	
              Loan
      No. 2:

            	 
      
	 
      	 
      
	
              Principal
      Amount:

            	
              $3.5
      million

            
	 
      	 
      
	
              Currency:

            	
              US
      Dollar

            
	 
      	 
      
	
              Interest
      Rate:

            	
              LIBOR
      + 0.5%

            
	 
      	 
      
	
              Maturity:

            	
              July
      15, 2013

            
	 
      	 
      
	
              Principal
      Repayment:

            	
              20
      equal quarterly payments.

            
	 
      	 
      
	
              Interest
      Repayment:

            	
              Quarterly
      with repayment of principal

            
	 
      
	
              Pledge:

            
	 
      
	
              First
      ranking charge on Borrower’s $3.5 million account held at
      Lender.

            
	 
      
	
              Floating
      charge on all Borrower’s assets.

            
	 
      
	
              First
      ranking charge on Borrower’s intellectual property, bills of landing,
      unpaid share capital, goodwill and insurance rights arising from the
      pledged assets.

            
	 
      
	
              First
      ranking charge on all the securities, documents and third party deeds the
      Borrower delivers to the Lender in any way, including to collect, deposit
      and/or secure.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      
        	
                Financial
      Covenants:

              
	 
      	 
      
	
                Shareholders’
      equity (net of intangible assets, goodwill and loans to affiliated
      parties):

              
	 
      
	
                -

              	
                Until
      December 31, 2009 – not less than $25 million.

              
	 
      	 
      
	
                -

              	
                From
      December 31, 2009 balance sheet – not less than $30 million and ratio of
      shareholders’ equity to total assets no less than 15%.

              
	 
      
	
                Aggregate
      short term and long term liabilities to banks and financing institutions
      (excluding 2% Senior Convertible Notes Due 2024):

              
	 
      	 
      
	
                -

              	
                Not
      greater than $30 million.

              
	 
      	 
      
	
                Operating
      income (US GAAP):

              
	 
      
	
                -

              	
                At
      least $3 million for each consecutive four fiscal quarters, commencing
      December 31, 2008.

              
	 
      	 
      
	
                -

              	
                Operating
      loss of up to $3 million resulting from stock-based compensation expenses
      related to option grants to employees under SFAS 123R will not be deemed a
      breach of the covenant.

              
	 
      	 
      
	
                Cash
      and investments:

              
	 
      
	
                -

              	
                Cash
      defined as cash and cash equivalents and short term deposits up to one
      year.

              
	 
      	 
      
	
                -

              	
                Investments
      defined as long-term deposits up to 2 years and trading bonds with A+
      rating maturing in less than 2 years.

              
	 
      	 
      
	
                -

              	
                Until
      repayment of 2% Senior Convertible Notes Due 2024 in November 2009, cash
      and investments not less than $120 million and cash balance not less than
      $15 million.

              
	 
      	 
      
	
                -

              	
                Following
      repayment of 2% Senior Convertible Notes Due 2024 in November 2009,
      accounts receivable and cash and investments not less than $40 million,
      cash and investments not less than $20 million and cash balance not less
      than $15 million.

              
	 
      	 
      
	
                Lender
      confirms that it complies with the financial covenants as of the date of
      the loans.

              
	 
      
	
                Other
      Covenants:

              
	 
      
	
                Undertake
      to agree with Lender on new financial covenants criteria if Borrower
      changes its accounting principles. If agreement not reached within 30 days
      or longer period agreed, Borrower has right to accelerate
      loan.

              
	 
      
	
                Current
      and/or future loans of Shabtai Adlersberg to the Borrower (“Owner Loans”)
      will be subordinated to Borrower’s liabilities to
  Lender.

              
	 
      
	
                Borrower
      not permitted to declare dividends, pay management fees, interest or other
      payments to shareholders, or repay Owner Loans until Borrower’s
      liabilities to Lender pursuant to the loans are repaid in
      full.

              
	 
      	 
      
	
                -

              	
                The
      limitation does not prohibit (i) repurchase of shares or convertible notes
      if Borrower complies with financial covenants or (ii) payments of interest
      and other payments required pursuant to the convertible
    notes.

              

        
          
             

          

          
             

            
              

            

          

          
             

          

        

      

    

     

    The
Borrower undertakes not to dispose of assets in excess of $1 million during a
consecutive 12 month period, without Lender’s prior written consent other than
in ordinary course of business in arms’ length transactions.

     

    The
Borrower undertakes not to acquire or invest in excess of $10 million during a
consecutive 12 month period, without prior notice to the Lender, which notice
shall not be made prior to a public notice, if required.

     

    The
Borrower undertakes to provide ongoing reports to Lender about Borrower’s
business and financial position, including copies of financial statements,
outstanding collectibles, investment portfolio, litigation, and any violation of
covenants, and Lender shall be entitled to meet at any time with Borrower’s
accountants to confirm Borrower’s financial position.

     

    Covenant
of Shabtai Aldersberg:

     

    Shabtai
Aldersberg agrees not to reduce his ownership percentage below 5% without the
Lender’s prior written consent, and not to request repayment of any loans he
made to the Borrower, and agrees to repay any amounts received in violation
thereof.

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