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Commitments and Contingent Liabilities
 9 Months Ended
Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingent Liabilities
NOTE 3:- COMMITMENTS AND CONTINGENT LIABILITIES

 

  a. Liens:

The Company has several liens granted to financial institutions mainly to secure various operating lease agreements in connection with its office space.

 

  b. Lease Commitments:

The Company rents its facilities in all locations under operating leases with lease periods expiring from 2014 - 2026. VSL leases cars for its employees under operating lease agreements expiring at various dates from 2014 – 2017.

Aggregate minimum rental commitments under non-cancelable leases as of September 30, 2014 for the upcoming years were as follows:

 

     Unaudited  

2014

    $ 655   

2015

      1,879   

2016

      3,319   

2017

      2,649   

2018

      2,675   

Thereafter

      20,168   
  

 

 

  
   $ 31,345   
  

 

 

  

Total rent expenses for the nine months ended September 30, 2014 and the year ended December 31, 2013 were approximately $ 2,106 and $ 1,636, respectively.

 

  c. On March 31, 2014, the Company entered into a promissory note and related security documents with Bank Leumi USA allowing the Company to borrow up to $7,000 against certain of its accounts receivable outstanding amount, based on several conditions, at an annual interest rate of the Wall Street Journal Prime Rate less 0.15%. As of September 30, 2014 that rate amounted to 3.1%. This promissory note enables the Company to engage in foreign currency hedging transactions with Bank Leumi USA to manage the Company’s exposure to foreign currency risk without restricted cash requirements. Amounts may be borrowed under the promissory note until March 31, 2015 at which time the principal sum of each such loan, together with accrued and unpaid interest payable, will become due and payable. As of September 30, 2014, the Company did not borrow any amounts under the promissory note, and, as such, no interest expense has been recorded.