Intention Letter for Granting Credit - Bio-Technology General (Israel) Ltd. and Bank Hapoalim BM
22nd March, 2000
Bank Hapoalim B.M.
45 Rothschild Boulevard
BIO - TECHNOLOGY GENERAL ( ISRAEL ) LTD..
RE: INTENTION LETTER FOR GRANTING CREDIT
As per your request we ,Bank Hapoalim B.M. hereby confirm that we will provide
you with a credit line up to the sum of $ 20,000,000 ( Twenty Million United
States Dollars ) ( hereinafter :" the Credit") subject to the terms and
conditions as stated hereinbelow:
1. THE CREDIT
a) DRAWDOWN PERIOD - from March 1 2000 until December 31, 2000.
b) DURATION - for long term credit - 5 ( five) years from each
for short term credit - 12 (twelve ) months from each
c) INTEREST - for long term credit - LIBOR plus 1% p.a.
for short term credit - LIBOR plus 0.5% p.a.
d) PREPAYMENT - You may on every interest payment date of long term
loan prepay such loan without any premium or penalty
upon giving at least 14 days prior written notice.
e) COMMITMENT FEE - 0.125% p.a. of the Credit, to be paid on the
beginning of the Drawdown Period.
a) You will create in our favour a first ranking floating charge over
all your assets in form and substance satisfactory to us. Said
charge will rank
pari passu with the floating charge you have or will create in
favour of Bank Leumi Le-Israel B.M..
b) You will furnish us with a guarantee signed by Bio - Technology
General Corporation in form and substance satisfactory to us to
secure the repayment of the Credit.
c) You will sign and execute all credit documents and other documents
concerning the Credit which we customarily require and which will
be in form and substance satisfactory to us in all aspects.
d) The Credit will be granted if there is no legal ( or any other )
e) We would appreciate your acceptance of the above no later than
April 15, 2000. If we do not receive your acceptance by the said
date , this letter will be null and void.
Very truly Yours,
BANK HAPOALIM B.M.
/s/ R. Simha G.Moshe
We hereby agree to the conditions set out in this letter.
Bio - Technology General ( Israel) Ltd.