EXHIBIT 4.24
May 2, 2004
Industrial Development Bank of Israel, Ltd.
Dear Sirs,
RE: AMENDMENT OF ADDITIONAL CONDITIONS FOR GRANTING CREDITS - AMENDMENT NO. 4
Reference is made to the Additional Conditions for Granting Credits dated
November 30, 2000 (the "Agreement"), as amended by the Amendment of Additional
Conditions for Granting Credits dated August 13, 2002, the Amendment of
Additional Conditions for Granting Credits dated July 30, 2003 and the Amendment
of Additional Conditions for Granting Credits dated February 15, 2004 (the
"THIRD AMENDMENT" together with the Agreement and all the other Amendments, the
"ADDITIONAL CONDITIONS").
Pursuant to Section 11.2 of the Agreement, we hereby confirm our agreement to
the amendment of Subsections 2.1 and 2.2 of Section 1 of the Third Amendment,
which shall be amended as follows:
1) The words: "Within 14 days of receipt of funds from a new equity
raising the Borrower is in the process of finalizing, and which shall
not be" appearing in lines 1 and 2 of Subsection 2.1 shall be deleted
and shall be replaced with the word: "No".
2) The words "MARCH 31, 2004" appearing in line 3 of subsection 2.1 shall
each be deleted and replaced with the words: "MAY 11, 2004".
3) The words: "WITHIN 7 DAYS FROM THE DATE OF THE BANK'S AFORESAID DEMAND
AND THE EQUITY REFERRED TO IN SECTION 2.1 IS RAISED" appearing in
lines 5, 6 and 7 of Subsection 2.2, shall be deleted and replaced by
the words "NOT LATER THAN MAY 11, 2004"
Furthermore, we hereby confirm the receipt of notice from the Bank pursuant to
and in accordance with Subsection 2.2 on March 29, 2004.
Except as modified hereby, the Additional Conditions remain operative and in
effect without any change.
Please confirm your agreement to the above amendment to the Additional
Conditions.
Your Sincerely,
e-SIM, Ltd.
By: ___________
Title:__________
We confirm our agreement to the above amendment number 4 of the Additional
Conditions.
Signature 1:____________________________ Signature 2:___________________________
INDUSTRIAL DEVELOPMENT BANK OF ISRAEL, LTD. INDUSTRIAL DEVELOPMENT BANK OF ISRAEL, LTD.
By: _________________ By: _________________
Title: ______________ Title: ______________