Major Shareholding Notification • Jun 25, 2019
Major Shareholding Notification
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(Amendment No. 10) UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Name of Issuer)
Ordinary Shares, par value NIS0.01 per share (Title of Class of Securities)
70211M109* (CUSIP Number)
Adam Chesnoff Saban Capital Group LLC 10100 Santa Monica Boulevard, Suite 2600 Los Angeles, CA 90067 (310) 557-5100 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
with a copy to:
David Eisman, Esq. Skadden, Arps, Slate, Meagher & Flom LLP 300 South Grand Avenue, Suite 3400 Los Angeles, CA 90071 (213) 687-5381 June 16, 2019 (Date of Event Which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ܆
The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
* This CUSIP number applies to the American Depositary Shares, evidenced by American Depositary Receipts, each representing one Ordinary Share, par value NIS0.01 per share. No CUSIP number has been assigned to the Ordinary Shares.
| 1 NAME OF REPORTING PERSON: | |||
|---|---|---|---|
| S.B. Israel Telecom Ltd. | |||
| 2 | (܆ ( a( |
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: ܈ (b |
|
| 3 | SEC USE ONLY | ||
| 4 | SOURCE OF FUNDS: | ||
| NA | |||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e): ܆ | ||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION: | ||
| Israel | |||
| 7. SOLE VOTING POWER: |
|||
| NUMBER OF | 0 | ||
| SHARES | 8. SHARED VOTING POWER: |
||
| BENEFICIALLY OWNED BY |
|||
| EACH | 49,862,800 (see Item 5) | ||
| REPORTING | 9. SOLE DISPOSITIVE POWER: |
||
| PERSON | |||
| WITH | 0 | ||
| 10. SHARED DISPOSITIVE POWER: |
|||
| 49,862,800 (see Item 5) | |||
| 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: | |||
| 49,862,800 (see Item 5) | |||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: ܈ | ||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): | ||
| 30.41%* | |||
| 14 | TYPE OF REPORTING PERSON: | ||
| CO |
| 1 NAME OF REPORTING PERSON: | |||
|---|---|---|---|
| SCG Communication Ventures LLC | |||
| 2 | (܆ ( a( |
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: ܈ (b |
|
| 3 | SEC USE ONLY | ||
| 4 | SOURCE OF FUNDS: | ||
| NA | |||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e): ܆ | ||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION: | ||
| Delaware | |||
| 7. SOLE VOTING POWER: |
|||
| NUMBER OF | 0 | ||
| SHARES BENEFICIALLY |
8. SHARED VOTING POWER: |
||
| OWNED BY | |||
| EACH | 49,862,800 (see Item 5) 9. SOLE DISPOSITIVE POWER: |
||
| REPORTING | |||
| PERSON WITH |
0 | ||
| 10. SHARED DISPOSITIVE POWER: |
|||
| 49,862,800 (see Item 5) | |||
| 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: | |||
| 49,862,800 (see Item 5) | |||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: ܈ | ||
| 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): |
|||
| 30.41%* | |||
| 14 | TYPE OF REPORTING PERSON: | ||
| HC |
| 1 NAME OF REPORTING PERSON: | |||
|---|---|---|---|
| HSAC Investments, L.P. | |||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (܆ ( ܈ (b a( |
||
| 3 | SEC USE ONLY | ||
| 4 | SOURCE OF FUNDS: | ||
| NA | |||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e): ܆ | ||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION: | ||
| Delaware | |||
| 7. | SOLE VOTING POWER: | ||
| NUMBER OF | 0 | ||
| SHARES BENEFICIALLY |
8. | SHARED VOTING POWER: | |
| OWNED BY | |||
| EACH | 49,862,800 (see Item 5) | ||
| REPORTING | 9. | SOLE DISPOSITIVE POWER: | |
| PERSON | 0 | ||
| WITH | 10. | SHARED DISPOSITIVE POWER: | |
| 49,862,800 (see Item 5) | |||
| 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: | |||
| 49,862,800 (see Item 5) | |||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: ܈ | ||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): | ||
| 30.41%* | |||
| 14 | TYPE OF REPORTING PERSON: | ||
| HC |
| 1 NAME OF REPORTING PERSON: | |||
|---|---|---|---|
| Saban Capital Group LLC | |||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: | ||
| (܆ ( a( |
܈ (b | ||
| 3 | SEC USE ONLY | ||
| 4 | SOURCE OF FUNDS: | ||
| NA | |||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e): ܆ | ||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION: | ||
| Delaware | |||
| 7. SOLE VOTING POWER: |
|||
| NUMBER OF SHARES |
0 | ||
| BENEFICIALLY | 8. SHARED VOTING POWER: |
||
| OWNED BY | |||
| EACH | 49,862,800 (see Item 5) | ||
| REPORTING | 9. SOLE DISPOSITIVE POWER: |
||
| PERSON | |||
| WITH | 0 | ||
| 10. SHARED DISPOSITIVE POWER: |
|||
| 49,862,800 (see Item 5) | |||
| 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: | |||
| 49,862,800 (see Item 5) | |||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: ܈ | ||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): | ||
| 30.41%* | |||
| 14 | TYPE OF REPORTING PERSON: | ||
| CO |
| 1 NAME OF REPORTING PERSON: | |||
|---|---|---|---|
| SCG Investment Holdings LLC | |||
| 2 | (܆ ( a( |
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: ܈ (b |
|
| 3 | SEC USE ONLY | ||
| 4 | SOURCE OF FUNDS: | ||
| NA | |||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e): ܆ | ||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION: | ||
| Delaware | |||
| 7. SOLE VOTING POWER: |
|||
| NUMBER OF | 0 | ||
| SHARES | 8. SHARED VOTING POWER: |
||
| BENEFICIALLY | |||
| OWNED BY EACH |
49,862,800 (see Item 5) | ||
| REPORTING | 9. SOLE DISPOSITIVE POWER: |
||
| PERSON | 0 | ||
| WITH | 10. SHARED DISPOSITIVE POWER: |
||
| 49,862,800 (see Item 5) | |||
| 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: | |||
| 49,862,800 (see Item 5) | |||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: ܈ | ||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): | ||
| 14 | 30.41%* | TYPE OF REPORTING PERSON: | |
| HC |
| 1 NAME OF REPORTING PERSON: | |||
|---|---|---|---|
| Alpha Family Trust | |||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (܆ ( ܈ (b a( |
||
| 3 | SEC USE ONLY | ||
| 4 | SOURCE OF FUNDS: | ||
| NA | |||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e): ܆ | ||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION: | ||
| California | |||
| 7. | SOLE VOTING POWER: | ||
| NUMBER OF | 0 | ||
| SHARES | 8. | SHARED VOTING POWER: | |
| BENEFICIALLY OWNED BY |
|||
| EACH | 49,862,800 (see Item 5) | ||
| REPORTING | 9. | SOLE DISPOSITIVE POWER: | |
| PERSON | |||
| WITH | 0 | ||
| 10. | SHARED DISPOSITIVE POWER: | ||
| 49,862,800 (see Item 5) | |||
| 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: | |||
| 49,862,800 (see Item 5) | |||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: ܈ | ||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): | ||
| 30.41%* | |||
| 14 | TYPE OF REPORTING PERSON: | ||
| OO |
| 1 NAME OF REPORTING PERSON: | ||||||
|---|---|---|---|---|---|---|
| Haim Saban | ||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (܆ ( ܈ (b a( |
|||||
| 3 | SEC USE ONLY | |||||
| 4 | SOURCE OF FUNDS: | |||||
| NA | ||||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e): ܆ | |||||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION: | |||||
| United States; Israel | ||||||
| 7. | SOLE VOTING POWER: | |||||
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING |
0 | |||||
| 8. | SHARED VOTING POWER: | |||||
| 49,862,800 (see Item 5) | ||||||
| 9. | SOLE DISPOSITIVE POWER: | |||||
| PERSON WITH |
0 | |||||
| 10. | SHARED DISPOSITIVE POWER: | |||||
| 49,862,800 (see Item 5) | ||||||
| 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: | ||||||
| 49,862,800 (see Item 5) | ||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: ܈ | |||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): | |||||
| 14 | 30.41%* TYPE OF REPORTING PERSON: |
|||||
| IN |
| 1 NAME OF REPORTING PERSON: | ||||||
|---|---|---|---|---|---|---|
| Cheryl Saban | ||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (܆ ( ܈ (b a( |
|||||
| 3 | SEC USE ONLY | |||||
| 4 | SOURCE OF FUNDS: | |||||
| NA | ||||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e): ܆ | |||||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION: | |||||
| United States | ||||||
| 7. | SOLE VOTING POWER: | |||||
| NUMBER OF | 0 | |||||
| SHARES | 8. | SHARED VOTING POWER: | ||||
| BENEFICIALLY OWNED BY |
49,862,800 (see Item 5) | |||||
| EACH REPORTING |
9. | SOLE DISPOSITIVE POWER: | ||||
| PERSON WITH |
0 | |||||
| 10. | SHARED DISPOSITIVE POWER: | |||||
| 49,862,800 (see Item 5) | ||||||
| 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: | ||||||
| 49,862,800 (see Item 5) | ||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: ܈ | |||||
| 13 | ||||||
| PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): | ||||||
| 30.41%* | ||||||
| 14 | TYPE OF REPORTING PERSON: | |||||
| IN |
The statement on Schedule 13D filed on February 8, 2013, relating to ordinary shares, par value NIS 0.01 per share (the "Ordinary Shares"), of Partner Communications Company Ltd., a company organized under the laws of the State of Israel (the "Issuer"), (the "Original Filing," and as amended previously and by this Amendment No. 10, the "Schedule 13D"), as previously amended by the amendment dated October 17, 2013 ("First Amendment"), the amendment dated December 23, 2013 (the "Second Amendment"), the amendment filed on May 20, 2014 (the "Third Amendment"), the amendment filed on October 19, 2015 (the "Fourth Amendment"), the amendment filed on June 12, 2017 (the "Fifth Amendment"), the amendment filed on June 22, 2017 (the "Sixth Amendment"), the amendment filed on October 9, 2018 (the "Seventh Amendment"), the amendment filed on October 30, 2018 (the "Eighth Amendment"), and the amendment filed on April 25, 2019 (the "Ninth Amendment"), is hereby further amended as set forth below by this Amendment No. 10 (this "Amendment"). This Amendment supplements and amends the Schedule 13D to the extent specified herein. Capitalized terms used but not defined in this Amendment shall have the meaning given to them in the Original Filing as previously amended.
This Amendment is being filed jointly by the Reporting Persons. The agreement among the Reporting Persons relating to the joint filing of this Amendment was filed as Exhibit 99.1 to the Original Filing.
S.B. Israel and Adv. Ady Fighel, in his capacity as the Permanent Receiver (the "Receiver"), for assets pledged by Scailex in favor of bondholders (Series 10) of Scailex (the "Bondholders"), have discussed entering into a form of agreement (the "Contingent Settlement Agreement"), pursuant to which, subject to the satisfaction of the Condition Precedent (as defined below), the parties would waive any claim, demand or right under the Scailex Share Purchase Agreement in general, and in particular, the Special Dividend Arrangement (as defined below), which reflects rights that were attached to the purchased shares, against S.B. Israel's undertaking (which remains subject to the same condition) to pay to the Receiver's fund, by the Last Date for Payment (as defined below), an amount in NIS that is equal to US \$1,750,000, plus the VAT payable with respect to such amount (unless, prior to the Last Date for Payment, S.B. Israel is able to obtain a ruling from applicable VAT authorities that no such VAT is due). The Contingent Settlement Agreement was approved by the Bondholders at a meeting held on June 16, 2019. S.B. Israel expects the Contingent Settlement Agreement to be fully executed and delivered upon and immediately after the deposit by the Bondholders of amounts to cover the Receiver's related expenses, which S.B. Israel expects to occur reasonably promptly. The Contingent Settlement Agreement is subject to the approval of the liquidation court that appointed the Receiver (which approval must be obtained within certain timelines specified by the Contingent Settlement Agreement), of the Receiver's entry into the Special Dividend Agreement, in a final and binding judgment, which is no longer appealable (the "Condition Precedent"). Although S.B. Israel currently expects that the Contingent Settlement Agreement will be entered into and performed as described above, that expectation necessarily remains subject to the condition noted above.
The "Special Dividend Arrangement" means the arrangement set forth in the Scailex Share Purchase Agreement pursuant to which S.B. Israel would transfer to Scailex up to approximately NIS 115 million of dividends it receives from the Issuer against the pro-rata transfer from Scailex to S.B. Israel of 2,983,333 Ordinary Shares.
The "Last Date for Payment" means the earlier of: (a) January 31, 2020, (b) immediately prior to the date of a dividend distribution by the Issuer to its shareholders, (c) the closing date of a transaction for the sale of "control" (as defined in the Israeli Securities Law, 5728-1968) of the Issuer by S.B. Israel, or of S.B. Israel by SCG Communication, (d) the date of the closing of an equity investment in S.B. Israel by a third party investor; but in any event not earlier than five business days from the date of satisfaction of the Condition Precedent (and the receipt of the payment instructions from the Receiver).
The foregoing summary of the proposed Contingent Settlement Agreement is not intended to be complete and is qualified in its entirety by reference to the form of Contingent Settlement Agreement attached hereto as Exhibit 99.10.
S.B. Israel and Adv. Ady Fighel, in his capacity as Receiver for assets pledged by Scailex in favor of the Bondholders, have discussed entering into a form of agreement (the "Contingent Settlement Agreement"), pursuant to which, subject to the satisfaction of the Condition Precedent, the parties would waive any claim, demand or right under the Scailex Share Purchase Agreement in general, and in particular, the Special Dividend Arrangement, which reflects rights that were attached to the purchased shares, against S.B. Israel's undertaking (which remains subject to the same condition) to pay to the Receiver's fund, by the Last Date for Payment, an amount in NIS that is equal to US \$1,750,000, plus the VAT payable with respect to such amount (unless, prior to the Last Date for Payment, S.B. Israel is able to obtain a ruling from applicable VAT authorities that no such VAT is due). The Contingent Settlement Agreement was approved by the Bondholders at a meeting held on June 16, 2019. S.B. Israel expects the Contingent Settlement Agreement to be fully executed and delivered upon and immediately after the deposit by the Bondholders of amounts to cover the Receiver's related expenses, which S.B. Israel expects to occur reasonably promptly. The Contingent Settlement Agreement is subject to the approval of the liquidation court that appointed the Receiver (which approval must be obtained within certain timelines specified by the Contingent Settlement Agreement), of the Receiver's entry into the Special Dividend Agreement, in a final and binding judgment, which is no longer appealable. Although S.B. Israel currently expects that the Contingent Settlement Agreement will be entered into and performed as described above, that expectation necessarily remains subject to the condition noted above.
The foregoing summary of the proposed Contingent Settlement Agreement is not intended to be complete and is qualified in its entirety by reference to the form of Contingent Settlement Agreement attached hereto as Exhibit 99.10.
| Exhibit 99.1* | Joint Filing Agreement, dated as of February 8, 2013, among the Reporting Persons. |
|---|---|
| Exhibit 99.2* | Assumption Agreement, dated as of November 30, 2012, by and between S.B. Israel Telecom Ltd. and Advent Investments Pte. Ltd. |
| Exhibit 99.3* | Amended and Restated Terms and Conditions of the Notes |
| Exhibit 99.4* | Share Purchase Agreement, dated as of November 30, 2012, by and between Scailex Corporation Ltd. and S.B. Israel Telecom Ltd. |
| Exhibit 99.5* | Share Purchase Agreement, dated as of January 23, 2013, by and between Leumi Partners Ltd. and S.B. Israel Telecom Ltd. |
| Exhibit 99.7* | Registration Rights Agreement dated as of October 17, 2013, by and between S.B. Israel Telecom Ltd. and Partner Communications Company Ltd. |
| Exhibit 99.8* | Agreement dated June 10, 2017 between S.B. Israel Telecom Ltd. and Hermetic Trust, as the trustee of the Notes |
| Exhibit 99.9* | Consent Letter dated October 25, 2018 between S.B. Israel Telecom Ltd. and Hermetic Trust, as the trustee of the Notes |
| Exhibit 99.10 | Form of Agreement between S.B. Israel Telecom Ltd. and Adv. Ady Fighel, in his capacity as the Permanent Receiver for assets pledged by Scailex Corporation Ltd. in favor of the Bondholders (Series 10) of Scailex Corporation Ltd. [English translation from Hebrew] |
* previously filed
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this Statement is true, complete and correct.
Dated: June 19, 2019
By: /s/ Adam Chesnoff Name: Adam Chesnoff Title: Director
By: /s/ Adam Chesnoff Name: Adam Chesnoff
Title: Managing Director
By: /s/ Adam Chesnoff Name: Adam Chesnoff Title: President and Chief Operating Officer of Saban Capital Group LLC, the general partner of HSAC
Investments LP
By: /s/ Adam Chesnoff Name: Adam Chesnoff Title: President and Chief Operating Officer
By: /s/ Adam Chesnoff Name: Adam Chesnoff Title: President and Chief Operating Officer
By: /s/ Haim Saban Name: Haim Saban Title: Co-Trustee
/s/ Haim Saban
/s/ Cheryl Saban
[English translation from Hebrew]
Agreement
Made and entered into in Tel Aviv on ____________, 2019
Between
S.B. Israel Telecom Ltd. c/o Meitar Liquornik Geva Leshem Tal, Law Offices 16 Abba Hillel, Ramat Gan Fax: [ ] Email: [ ] ("SB Israel")
And
B.S.R Tower 1, 18th floor Ramat Gan 5257334, Israel Fax: [ ] Email: [ ] (the "Receiver")
of the second part;
of the first part;
WHEREAS as of the date of signing this Agreement, the results of the Bondholders' meeting (attached hereto as Appendix A) have been published on the "MAYA" system and according to such results the Bondholders resolved by a special majority to instruct the Bonds trustee to notify the Receiver and the Liquidation Court of their consent to the terms of this Agreement, which has been attached to the voting proxy made available to them (attached hereto as Appendix B);
2.1. Subject to the satisfaction of the Condition Precedent (as defined below), the Receiver and SB Israel (the "Parties") finally and absolutely waive, vis-à-vis each other and, subject to the payment of the Agreed Amount (as defined below) to the Receiver's fund as detailed below, vis-à-vis any third party (including Partner and a purchaser of the shares of Partner held by SB Israel), any claim, demand or right under the Share Purchase Agreement in general, and under the Special Dividend Arrangement in particular, which reflects rights that were attached to the purchased shares, against SB Israel's undertaking (guaranteed by SCG Communication Ventures LLC) ("SCG"), pursuant to the terms and conditions of this Agreement, to pay (by itself or through SCG) to the Receiver's fund (in accordance with the payment instructions delivered to SB Israel prior to the execution of this Agreement), by the Last Date for Payment (as defined below), an amount in New Israeli Shekels that is equal (on the date of payment to the Receiver's fund or, if applicable, on the Deposit Date (as defined below)) to US \$1,750,000 (the "Agreed Amount"), based on the last representative exchange rate of the US Dollar, as published by the Bank of Israel prior to the date of payment to the Receiver's fund or, if applicable, prior to the Deposit Date.
The "Last Date for Payment" means the earlier of: (a) January 31, 2020, (b) immediately prior to the date of a dividend distribution by Partner to its shareholders, (c) the closing date of a transaction for the sale of "control" (as defined in the Securities Law, 5728-1968) of Partner by SB Israel, or of SB Israel by SCG Communication Ventures LLC, (d) the date of the closing of an equity investment in SB Israel by a third party investor; but in any event not earlier than five business days from the date of satisfaction of the Condition Precedent.
It is agreed by the parties that SB Israel will approach the VAT authorities for a ruling that the payment of the Agreed Amount will not be subject to VAT. Notwithstanding the foregoing, insofar as the payment of all or part of the Agreed Amount will be paid to the Receiver's fund together with such VAT as stated in the ruling from the VAT authorities, against the issuance of a VAT invoice by the Receiver. To the extent that by the Last Date for Payment, such ruling from the VAT authorities has not been obtained, the Agreed Amount will be paid together with VAT in respect of the entire Agreed Amount, against the issuance of a VAT invoice by the Receiver.
extension period), to extend the period for receipt of such approval by additional periods of 30 days each, provided that (a) SB Israel shall not be entitled to extend the period for receipt of such approval to beyond 150 days from the date of signing this Agreement, and (b) the Receiver shall not be entitled to extend the period for receipt of such approval to beyond 90 days from the date of signing this Agreement.
Condition Precedent or (ii) until the return of the Agreed Amount to SB Israel (or to whom it may direct) shortly after the termination or expiration of this Agreement (pursuant to Section 2.4 or Section 3.2), as applicable, and the trust costs will be borne solely by SB Israel (and not by the Receiver). It is being clarified that SB Israel will not be entitled to assign only its rights without assigning also all of its obligations under this Agreement. It is hereby further clarified, for the avoidance of doubt, that any such assignment shall also release SCG Communication Venture LLC from its obligations and guarantee under this Agreement.
S.B. Israel Telecom Ltd. Adv. Ady Fighel, in his capacity as Permanent Receiver
Attorney Confirmation:
I, the undersigned, Adv. ____________, hereby certify that S.B. Israel Telecom Ltd. has signed this Agreement through _______________ and ___________ and that the signature of the foregoing persons binds S.B. Israel Telecom Ltd. for all intents and purposes.
____________ ________, Adv.
We, SCG Communication Ventures LLC (whose address for service of process is c/o Meitar Liquornik Geva Leshem Tal & Co., 16 Abba Hillel, Ramat Gan, Fax: [], Email: []), hereby guarantee the undertaking of SB Israel set forth in Section 2.1 above:
SCG Communication Ventures LLC
Attorney Confirmation:
I, the undersigned, Adv. ____________, hereby certify that SCG Communication Ventures LLC has signed this Agreement through _______________ and ___________ and that the signature of the foregoing persons binds SCG Communication Ventures LLC for all intents and purposes.
____________ ________, Adv.
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