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Long Term Debt | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
LONG TERM DEBT |
NOTE 12:- | LONG TERM DEBT
|  | Linkage |  | Interest |  | December 31, |
|  | basis |  | rate |  | 2020 |  |  | 2019 |
|  |  |  | % |  |  |  |  |  |
Loans from banks and other (1) |  | NIS |  | Israeli Prime + 0.2 – 5% |  | $ | 23,534 |  |  | $ | 20,951 |
Other long term debt |  |  |  |  |  |  | 88 |  |  |  | 112 |
|  |  |  |  |  | $ | 23,622 |  |  | $ | 21,063 |
Current maturities |  | NIS |  |  |  |  | (10,270 | ) |  |  | (5,523 | )
|  |  |  |  |  | $ | 13,352 |  |  | $ | 15,540 |
(1) | On November 2016, the Company obtained a loan in the amount of $ 31,356 linked to the New Israel Shekel from an Israeli financial institution. The principal amount of the loan is payable in seven equal annual installments with the final payment due on November 2, 2023 and bears a fixed interest rate of 2.60% per annum, payable in two semi-annual payments.
Under the terms of the loan with the Israeli financial institution, the Company has undertaken to maintain the following financial covenants, as they will be expressed in its consolidated financial statements, as described:
| a. | Total equity attributable to Magic Software Enterprises shareholders shall not be lower than $ 100,000 at all times;
| b. | The Company’s consolidated cash and cash equivalent and marketable securities available for sales shall not be less than $ 10,000;
| c. | The ratio of the Company’s consolidated total financial debts to consolidated total assets will not exceed 50%;
| d. | The ratio of the Company’s total financial debts less cash, short-term deposits and short-term marketable securities to the annual EBITDA will not exceed 3.25 to 1; and
| e. | The Company shall not create any pledge on all of its property and assets in favor of any third party without the financial institution’s consent.
As of December 31, 2020, the Company was in compliance with the financial covenants.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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