EX-4.4 4 exhibit_4-4.htm EXHIBIT 4.4

Exhibit 4.4
SUMMARY OF MATERIAL PROVISIONS
of the Loan Documents Between First International Bank of Israel and the Company Dated December 14, 2010

| 1. | Loan Amount: $40 million

| 2. | Term: 10 years

| 3. | Interest Rate: 4.77%

| 4. | Repayment: Principal shall be repaid in 10 equal yearly installments commencing January 1, 2012. Interest shall be repaid every 6 months.

| 5. | The loan is secured by a floating charge over the Company’s assets, which shall remain until October 2012, at which time it shall be converted into a negative pledge. An additional security for the loan is a mortgage over our headquarters offices in Petah Tikva in favor of the bank.

| 6. | Under the provisions of the loan, we undertook to satisfy two material covenants during the term of the loan: free cash of $15 million and a net debt to EBITDA ratio of 3.5. We believe that, as of December 31, 2010, we are in compliance with these two covenants.

| 7. | Under the provisions of the loan, the following may be exercisable without the bank’s consent: the Company may take additional credit from thirds parties, which may be secured by up to a $10 million first degree lien on any asset of the Company; Spacenet may take additional credit secured by up to a $30 million first degree lien on Spacenet’s shares and assets; and other subsidiaries of the Company may take, in the aggregate, additional credit secured by up to $10 million first degree liens on such subsidiaries’ assets.