Document:

Exhibit 10.1

 

 

 

 

 

Execution Version

 

REVOLVING CREDIT FACILITY AGREEMENT

 

between

 

CARTRACK PROPRIETARY LIMITED

(in its capacity as Borrower)

 

and

 

THE STANDARD
BANK OF SOUTH AFRICA LIMITED

(acting through its Corporate and Investment Banking division)

(in its capacity as Original Lender)

 

and

 

THE PARTIES LISTED IN Annexure A AS ORIGINAL
GUARANTORS

(in their capacity as Original Guarantors)

 

	The Central 96 Rivonia Road

Sandton 2196 Johannesburg South Africa

Private Bag 10015 Sandton 2146	Docex 111 Sandton

Tel +27 11 535 8000

Fax +27 11 535 8600	www.werksmans.com

 

     

     

    

 

 

 

TABLE OF CONTENTS

 

	1	DEFINITIONS AND INTERPRETATION	1
	 	 	 
	2	THE FACILITY	29
	 	 	 
	3	PURPOSE	29
	 	 	 
	4	CONDITIONS OF UTILISATION	30
	 	 	 
	5	UTILISATION	31
	 	 	 
	6	REPAYMENT	32
	 	 	 
	7	PREPAYMENT AND CANCELLATION	32
	 	 	 
	8	INTEREST	37
	 	 	 
	9	INTEREST PERIODS	38
	 	 	 
	10	CHANGES TO THE CALCULATION OF INTEREST	38
	 	 	 
	11	FEES	41
	 	 	 
	12	TAX GROSS UP AND INDEMNITIES	41
	 	 	 
	13	INCREASED COSTS	46
	 	 	 
	14	INDEMNITY	47
	 	 	 
	15	MITIGATION BY THE LENDER	48
	 	 	 
	16	COSTS AND EXPENSES	48
	 	 	 
	17	GUARANTEE AND INDEMNITY	49
	 	 	 
	18	REPRESENTATIONS	54
	 	 	 
	19	INFORMATION UNDERTAKINGS	62
	 	 	 
	20	FINANCIAL COVENANTS	67
	 	 	 
	21	GENERAL UNDERTAKINGS	72
	 	 	 
	22	EVENTS OF DEFAULT	83
	 	 	 
	23	CHANGES TO THE LENDER	88
	 	 	 
	24	CHANGES TO THE OBLIGORS	90
	 	 	 
	25	CONDUCT OF BUSINESS BY THE LENDER	91
	 	 	 
	26	PAYMENT MECHANICS	91
	 	 	 
	27	SET-OFF	93

 

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	28	NOTICES	94
	 	 	 
	29	CALCULATIONS AND CERTIFICATES	98
	 	 	 
	30	PARTIAL INVALIDITY	98
	 	 	 
	31	REMEDIES AND WAIVERS	99
	 	 	 
	32	CONFIDENTIAL INFORMATION	99
	 	 	 
	33	CONFIDENTIALITY OF FUNDING RATES	102
	 	 	 
	34	RENUNCIATION OF BENEFITS	104
	 	 	 
	35	COUNTERPARTS	104
	 	 	 
	36	WAIVER OF IMMUNITY	104
	 	 	 
	37	SOLE AGREEMENT	105
	 	 	 
	38	NO IMPLIED TERMS	105
	 	 	 
	39	GOVERNING LAW	105
	 	 	 
	40	ENFORCEMENT	105

 

	ANNEXURES
	ANNEXURE A - THE ORIGINAL GUARANTORS
	ANNEXURE B - CONDITIONS PRECEDENT
	ANNEXURE C - UTILISATION REQUEST
	ANNEXURE D - FORM OF TRANSFER CERTIFICATE
	ANNEXURE E - FORM OF ACCESSION LETTER
	ANNEXURE F - FORM OF COMPLIANCE CERTIFICATE
	ANNEXURE G - FORM OF RESIGNATION LETTER
	ANNEXURE H - TIMETABLES
	ANNEXURE I - SHAREHOLDERS OF THE BORROWER
	ANNEXURE J - PERMITTED TRANSFEREES
	ANNEXURE K - EXISTING FINANCIAL INDEBTEDNESS
	ANNEXURE L - DORMANT ENTITIES

 

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REVOLVING CREDIT FACILITY AGREEMENT

 

between

 

CARTRACK PROPRIETARY LIMITED

(in its capacity as Borrower)

 

and

 

THE STANDARD BANK OF SOUTH AFRICA LIMITED

(acting through its Corporate and Investment Banking division)

(in its capacity as Original Lender)

 

and

 

THE PARTIES LISTED IN Annexure A AS ORIGINAL GUARANTORS

(in their capacity as Original Guarantors)

 

		1	DEFINITIONS AND INTERPRETATION

 

		1.1	Definitions

 

In this Agreement –

 

		1.1.1	“Accession Letter” - in relation to an Additional Guarantor, a document substantially
in the form set out in Annexure E (Form of Accession Letter);

 

		1.1.2	“Additional Guarantor” - a company which becomes an Additional Guarantor in
accordance with 24.2;

 

		1.1.3	“Affiliate” - in relation to any person, shall mean a Subsidiary of that person
or a Holding Company of that person or any other Subsidiary of that Holding Company, provided that, in relation to the Borrower,
it shall mean a member of the Group;

 

		1.1.4	“Agreement” - this Agreement and its Annexures;

 

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		1.1.5	“Auditors” - one of PricewaterhouseCoopers, Ernst & Young, KPMG or
Deloitte & Touche or any other firm approved in advance by the Lender (such approval not to be unreasonably withheld or
delayed);

 

		1.1.6	“Authorisation” - an authorisation, consent, approval, resolution, licence,
permit, exemption, filing, notarisation, lodgement or registration;

 

		1.1.7	“Availability Period” - in respect of -

 

		1.1.7.1	Tranche A, the period from and including the Effective Date to and including the date which falls
on the corresponding day in the Month which falls three months prior to the Repayment Date;

 

		1.1.7.2	Tranche B, with effect from the Effective Date, the period from and including the date on which
the Tranche B Conditions have been fulfilled to and including the date which falls on the corresponding day in the Month which
falls three months prior to the Repayment Date;

 

		1.1.8	“Available Commitment” - in relation to any Tranche, the Lender’s Commitment
in respect of that Tranche minus –

 

		1.1.8.1	the amount of its participation in any outstanding Loans in respect of such Tranche; and

 

		1.1.8.2	in relation to any proposed Utilisation of such Tranche, the amount of its participation in any
Loans in respect of such Tranche that are due to be made on or before the proposed Utilisation Date;

 

		1.1.9	“Borrower” – Cartrack Proprietary Limited(registration number 2001/006063/07),
a private company duly incorporated and registered in accordance with the laws of South Africa;

 

		1.1.10	“Break Costs” - the amount (if any) by which –

 

		1.1.10.1	the interest (excluding the Margin) which the Lender should have received for the period from the
date of receipt of all or any part of its participation in a Loan or Unpaid Sum to the last day of the current Interest Period
in respect of that Loan or Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day of that Interest
Period;

 

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exceeds –

 

		1.1.10.2	the amount which the Lender would be able to obtain by placing an amount equal to the principal
amount or Unpaid Sum received by it on deposit with a leading bank for a period starting on the Business Day following receipt
or recovery and ending on the last day of the current Interest Period;

 

		1.1.11	“Budget” – in relation to each Financial Year of the Borrower, each budget
delivered by the Borrower to the Lender in respect of that Financial Year pursuant to 19.4;

 

		1.1.12	“Business Day” - a day (other than a Saturday, a Sunday or official public holiday)
on which banks are open for general business in Johannesburg;

 

		1.1.13	“Cartrack Holdings” - Cartrack Holdings Limited (registration number 2005/036316/06),
a public company duly incorporated and registered in accordance with the laws of South Africa;

 

		1.1.14	“Code” - the US Internal Revenue Code of 1986;

 

		1.1.15	“Commitment” - the Tranche A Commitment or the Tranche B Commitment, to the
extent not cancelled, reduced or transferred by the Lender under this Agreement;

 

		1.1.16	“Companies Act” – the Companies Act 71 of 2008 and including any regulations
promulgated thereunder;

 

		1.1.17	“Compliance Certificate” - a certificate substantially in the form set out in
Annexure F (Form of Compliance Certificate);

 

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		1.1.18	“Confidential Information” - all information relating to the Borrower, any Obligor,
the Group, the Finance Documents or the Facility of which the Lender becomes aware in its capacity as, or for the purpose of becoming,
the Lender or which is received by the Lender in relation to, or for the purpose of becoming the Lender under, the Finance Documents
or the Facility from any member of the Group or any of its advisers, in whatever form, and includes information given orally and
any document, electronic file or any other way of representing or recording information which contains or is derived or copied
from such information but excludes –

 

		1.1.18.1	information that –

 

		1.1.18.1.1	is or becomes public information other than as a direct or indirect result of any breach by the
Lender of 32; or

 

		1.1.18.1.2	is identified in writing at the time of delivery as non-confidential by any member of the Group
or any of its advisers; or

 

		1.1.18.1.3	is known by the Lender before the date the information is so disclosed to it or is lawfully obtained
by the Lender after that date, from a source which is, as far as the Lender is aware, unconnected with the Group and which, in
either case, as far as the Lender is aware, has not been obtained in breach of, and is not otherwise subject to, any obligation
of confidentiality, and;

 

		1.1.18.1.4	any Funding Rate;

 

		1.1.19	“Confidentiality Undertaking” - a confidentiality undertaking in a form agreed
between the Borrower and the Lender;

 

		1.1.20	“Default” - an Event of Default or any event or circumstance specified in 22
which would (with the expiry of any applicable grace period, the giving of notice, the making of any determination under the Finance
Documents or any combination of any of the foregoing) be an Event of Default;

 

		1.1.21	“Delisting Event” - the delisting of the shares of Cartrack Holdings from the
securities exchange operated by the JSE;

 

		1.1.22	“Disposal” - a sale, lease (other than a lease of assets entered into in the
ordinary course of business), licence, transfer, loan or other disposal by a person of any asset, undertaking or business (whether
by a voluntary or involuntary single transaction or series of transactions), and “Dispose” (or any other derivative
thereof) shall have a corresponding meaning;

 

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		1.1.23	“Disruption Event” - either or both of –

 

		1.1.23.1	a material disruption to those payment or communications systems
or to those financial markets which are, in each case, required to operate in order for payments to be made in connection
with the Facility (or otherwise in order for the transactions contemplated by the Finance Documents to be carried out) which disruption
is not caused by, and is beyond the control of, any of the Parties; or

 

		1.1.23.2	the occurrence of any other event which results in a disruption (of
a technical or systems-related nature) to the treasury or payments operations of a Party preventing that, or any other Party
 –

 

		1.1.23.2.1	from performing its payment obligations under the Finance Documents;
or

 

		1.1.23.2.2	from communicating with other Parties in accordance with the terms
of the Finance Documents, and which (in either such case)
is not caused by, and is beyond the control of, the Party whose operations are disrupted;

 

		1.1.24	“Distribution” – shall bear the meaning assigned to such term in section
1 of the Companies Act and includes any payment (whether in cash or in specie) by way of interest or principal (whether
in respect of an inter-company loan or otherwise), dividend, fee, royalty or other distribution or payment (including, by way of
the repurchase of any shares);

 

		1.1.25	“EBITDA” - has the meaning assigned to this term in 20.1.6;

 

		1.1.26	“Economic Failure” – shall occur if, in the reasonable opinion of the
Lender, a change or deterioration occurs in the domestic or international capital, money, banking, financial, monetary, economic,
political or financial market conditions at any time, from and including the Signature Date up to (and including) the first Utilisation
Date which falls thereafter, which renders it impractical or uneconomical for the Lender to provide the Facility at all or on the
terms set out in the Finance Documents;

 

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		1.1.27	“Effective Date” – the date on which the Lender notifies the Borrower
that it has received all of the documents and other evidence listed in Part I of Annexure B to its satisfaction;

 

		1.1.28	“Environment” - humans, animals, plants and all other living organisms including
the ecological systems of which they form part and the following media –

 

		1.1.28.1	air (including, without limitation, air within natural or man-made
structures, whether above or below ground);

 

		1.1.28.2	water (including, without limitation, territorial, coastal and inland
waters, water under or within land and water in drains and sewers); and

 

		1.1.28.3	land (including, without limitation, land under water);

 

		1.1.29	“Environmental Claim” - any claim, proceeding, formal notice or investigation
by any person in respect of any Environmental Law;

 

		1.1.30	“Environmental Law” - any applicable law or regulation which relates to –

 

		1.1.30.1	the pollution or protection of the Environment;

 

		1.1.30.2	harm to or the protection of human health;

 

		1.1.30.3	the conditions of the workplace; or

 

		1.1.30.4	the generation, handling, storage, use, release, emission or spillage of any substance which, alone
or in combination with any other, is capable of causing harm to the Environment, including, without limitation, any waste;

 

		1.1.31	“Environmental Permits” - any permit and other Authorisation and the filing
of any notification, report or assessment required under any Environmental Law for the operation of the business of any Obligor
conducted on or from the properties owned or used by any Obligor;

 

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		1.1.32	“Equity Cure Funding” - funding provided to the Borrower pursuant to a subscription
for new share capital in the Borrower by the Shareholders, for the purpose of avoiding the occurrence of an Event of Default of
the nature contemplated in clause 22.2, alternatively for the purpose of remedying an Event of Default of the nature contemplated
in such clause which has occurred, in the latter instance subject always to the provisions of clause 20.4.1;

 

		1.1.33	“Event of Default” - any event or circumstance specified as such in 22;

 

		1.1.34	“Excluded Disposal” - a Disposal to the extent that -

 

		1.1.34.1	the proceeds of such Disposal is not applied as contemplated in 1.1.34.2 or 1.1.34.3 below and
do not (together with all other proceeds of Disposals received by the Group during the Financial Year during which that Disposal
is implemented) exceed R25,000,000 in aggregate; or

 

		1.1.34.2	the proceeds of such Disposal is used to replace the assets Disposed of with assets comparable
or superior as to type, value and quality within 90 days of receipt of such proceeds; or

 

		1.1.34.3	the board of directors of the relevant Group member resolves, within 90 days of receipt of such
proceeds, to apply such proceeds to replace the assets Disposed of with assets comparable or superior as to type, value and quality
and are so applied to acquire such assets within 90 days of the passing of such resolution; or

 

		1.1.34.4	such Disposal is of obsolete or redundant assets on an arm’s length basis which are no longer
required for the efficient operation of the business of an Obligor, or any other assets made in the ordinary course of the day-to-day
business of an Obligor on an arm’s length basis; or

 

		1.1.34.5	such Disposal comprises of any of the Borrower’s book debts that are more than 120 days overdue
and are classified as bad debts for cash and on non-recourse terms, provided that such Disposals shall not be made at a discount
of more than 20% of the face value of such book debts; or

 

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		1.1.34.6	such Disposal is concluded in the ordinary course of business of the Borrower or other member of
the Group and in keeping with normal business practices in the Group;

 

		1.1.35	“Excluded Insurance Proceeds” - any Insurance Proceeds (excluding Insurance
Proceeds on account of any claims under third party liability policies or claims in respect of loss of profits) to the extent that:

 

		1.1.35.1	such Insurance Proceeds are not applied as contemplated in 1.1.35.2 or 1.1.35.3 below and such
Insurance Proceeds do not (together with all other Insurance Proceeds received by the Group during the Financial Year during which
those Insurance Proceeds are received) exceed R25,000,000 in aggregate; or

 

		1.1.35.2	such Insurance Proceeds are applied towards the replacement, reinstatement
and/or repair of the assets in respect of which the relevant insurance claim was made with assets comparable or superior as to
type, value and quality or otherwise in amelioration of the loss in respect of which the relevant insurance claim was made (or
to reimburse the relevant Group company for any amount applied in replacing, reinstating and/or repairing such assets with assets
comparable or superior as to type, value and quality) within 90 days of receipt of such Insurance Proceeds; or

 

		1.1.35.3	the board of directors of the relevant Group member resolves, within 90 days of receipt of such
Insurance Proceeds, to apply such Insurance Proceeds towards the replacement, reinstatement and/or repair of the assets in respect
of which the relevant insurance claim was made to with assets comparable or superior as to type, value and quality or otherwise
in amelioration of the loss in respect of which the relevant insurance claim was made (or to reimburse the relevant Group company
for any amount applied in replacing, reinstating and/or repairing such assets with assets comparable or superior as to type, value
and quality), and such Insurance Proceeds are so applied within 90 days of the passing of such resolution;

 

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		1.1.36	“Facility” - the revolving credit facility made available under this Agreement
as described in 2, comprising of Tranche A and Tranche B;

 

		1.1.37	“FATCA” means –

 

		1.1.37.1	sections 1471 to 1474 of the Code or any associated regulations;

 

		1.1.37.2	any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement
between the US and any other jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred
to in 1.1.37.1; or

 

		1.1.37.3	any agreement pursuant to the implementation of any treaty, law or regulation referred to in 1.1.37.1
or 1.1.37.2 with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction;

 

		1.1.38	“FATCA Application Date” means –

 

		1.1.38.1	in relation to a “withholdable payment” described in section 1473(1)(A)(i) of
the Code (which relates to payments of interest and certain other payments from sources within the US), 1 July 2014;

 

		1.1.38.2	in relation to a “withholdable payment” described in section 1473(1)(A)(ii) of
the Code (which relates to “gross proceeds” from the disposition of property of a type that can produce interest from
sources within the US), 1 January 2019; or

 

		1.1.38.3	in relation to a “passthru payment” described in section
1471(d)(7) of the Code not falling within 1.1.38.1 or 1.1.38.2, 1 January 2019,

 

or, in each case, such other date
from which such payment may become subject to a deduction or withholding required by FATCA as a result of any change in FATCA after
the date of this Agreement;

 

		1.1.39	“FATCA Deduction” - a deduction or withholding from a payment under a Finance
Document required by FATCA;

 

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		1.1.40	“FATCA Exempt Party” - a Party that is entitled to receive payments free from
any FATCA Deduction;

 

		1.1.41	“Finance Documents” – collectively –

 

		1.1.41.1	this Agreement;

 

		1.1.41.2	the Transaction Security Documents;

 

		1.1.41.3	the Subordination Agreement;

 

		1.1.41.4	the Release Agreement;

 

		1.1.41.5	any other agreement or document that may be designated as a “Finance Document” by written
agreement between the Borrower and the Lender; and

 

		1.1.41.6	any amendment agreement to any of the Finance Documents referred to in 1.1.41.1 to 1.1.41.5 (both
inclusive), and “Finance Document”
shall be a reference to any one of them, as the context may require;

 

		1.1.42	“Financial Covenants” – the financial covenants recorded in clause 20;

 

		1.1.43	“Financial Indebtedness” means any indebtedness for or in respect of –

 

		1.1.43.1	moneys borrowed;

 

		1.1.43.2	any amount raised by acceptance under any acceptance credit facility or dematerialised equivalent;

 

		1.1.43.3	any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures,
loan stock or any similar instrument;

 

		1.1.43.4	the amount of any liability in respect of any lease or hire purchase contract which would, in accordance
with IFRS, be treated as a balance sheet liability (other than any liability in respect of a lease or hire purchase contract which
would, in accordance with GAAP in force prior to 1 January 2019, have been treated as an operating lease);

 

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		1.1.43.5	receivables sold or discounted (other than any receivables to the
extent they are sold on a non-recourse basis);

 

		1.1.43.6	any amount raised under any other transaction (including any forward
sale or purchase agreement) of a type not referred to in any other clause of this definition having the commercial effect
of a borrowing;

 

		1.1.43.7	any derivative transaction entered into in connection with protection
against or benefit from fluctuation in any rate or price (and, when calculating the value of any derivative transaction,
only the marked to market value (or, if any actual amount is due as a result of the termination or close-out of that derivative
transaction, that amount) shall be taken into account);

 

		1.1.43.8	any amount raised by the issue of shares which are redeemable;

 

		1.1.43.9	any counter-indemnity obligation in respect of a guarantee, indemnity,
bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution; and

 

		1.1.43.10	the amount of any liability in respect of any guarantee or indemnity
for any of the items referred to in 1.1.43.1 to 1.1.43.9;

 

		1.1.44	“Financial Year” - in respect of -

 

		1.1.44.1	the Borrower, each of the Borrower’s financial years, which
as at the Signature Date ends on the last day of February of each calendar year;

 

		1.1.44.2	each Guarantor, each of such Guarantor’s financial years, which
as at the Signature Date ends on the last day of February of each calendar year;

 

		1.1.45	“Funding Rate” - any individual rate notified by the Lender to the Borrower
pursuant to 10.4.1.2;

 

		1.1.46	“Group” - Cartrack Holdings and the other Obligors from time to time;

 

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		1.1.47	“Guarantor” - an Original Guarantor or an Additional Guarantor, unless it has
ceased to be a Guarantor in accordance with 24;

 

		1.1.48	“Holding Company” - in relation to a person, any other person in respect of
which it is a Subsidiary;

 

		1.1.49	“IFRS” - international accounting standards within the meaning of the IAS Regulation
1606/2002 to the extent applicable to the relevant financial statements;

 

		1.1.50	“Insolvency Event” - in relation to any person, any of the following events
or circumstances –

 

		1.1.50.1	a binding order or binding declaration is made, or a meeting of the directors or shareholders of
such person is convened, to consider the passing of, or a resolution is passed for the administration, custodianship, curatorship,
business rescue, bankruptcy, liquidation, sequestration, winding-up, dissolution or reorganisation (and whether provisional or
final) (by way of voluntary arrangement, scheme of arrangement or otherwise) of such person, or of its estate;

 

		1.1.50.2	such person files any resolution or makes any application (or such application is made by any other
person), in each instance directly or indirectly in relation to any business rescue proceedings involving such person and/or any
order is made by any court in relation to any business rescue proceedings involving such person. For the purposes of this 1.1.50,
the term “business rescue” shall have a meaning which is the same as the meaning attributed to such term in
section 128(1)(b) of the Companies Act, or any equivalent legislation in any jurisdiction to which such person is subject;

 

		1.1.50.3	such person is unable (or admits inability) or is deemed to be unable to pay its debts generally
as they fall due or is (or admits to being) otherwise insolvent or stops, suspends or threatens to stop or suspend payment of all
or a material part of its debts or proposes or seeks to make or makes a general assignment or any arrangement or composition with
or for the benefit of its creditors generally or a moratorium is agreed or declared in respect of or affecting all or a material
part of its indebtedness;

 

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		1.1.50.4	such person takes any proceeding or other step with a view to the general readjustment, rescheduling
or deferral of its indebtedness (or any part thereof) with its general body of creditors which it would otherwise be unable to
pay when due), or proposes to take any such step;

 

		1.1.50.5	such person takes any proceeding or other step, with a view to the general readjustment, rescheduling
or deferral of its indebtedness (or any part thereof which it would otherwise be unable to pay when due), or proposes to take any
such step;

 

		1.1.50.6	any receiver, administrative receiver, judicial receiver, business rescue practitioner, administrator,
compulsory manager, judicial custodian, curator, trustee in bankruptcy, liquidator, or the like is appointed in respect of such
person or any part of its assets, or such person requests any such appointment in respect of itself;

 

		1.1.50.7	such person commits any act which, if such act was committed by an individual, would constitute
an act of insolvency within the meaning of section 8 of the Insolvency Act, 1936, or any equivalent legislation in any jurisdiction
to which such person is subject;

 

		1.1.51	“Insurance Policies” - in relation to any member of the Group, all contracts
and policies of insurance and re-insurance of any kind which are effected and maintained by or on behalf of that member of the
Group;

 

		1.1.52	“Insurance Proceeds” - the proceeds of any insurance claim under any insurance
maintained by any member of the Group;

 

		1.1.53	“Interest Payment Dates” - 31 May, 31 August, 30 November and the last
day of February of each year;

 

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		1.1.54	“Interest Period” – each period which commences on one Interest Payment
Date and which ends on the day prior to the next Interest Payment Date provided that, in relation to –

 

		1.1.54.1	each Loan –

 

		1.1.54.1.1	the first Interest Period in respect of such Loan shall commence
on (and include) the Utilisation Date of such Loan and end on (but exclude) the next Interest Payment Date; and 1.1.55

 

		1.1.54.1.2	the last Interest Period in respect of such Loan shall commence on (and include) the Interest Payment
Date immediately preceding the Repayment Date and end on the Repayment Date;

 

		1.1.54.2	any Unpaid Sum which consists of all or part of a Loan which became due on a day which was not
the last day of an Interest Period relating to that Loan, the first Interest Period for that overdue amount shall have a duration
equal to the unexpired portion of the current Interest Period relating to that Loan.

 

		1.1.55	“Interpolated Screen Rate” - in relation to any Loan, the rate (rounded to the
same number of decimal places as the Screen Rate) which results from interpolating on a linear basis between –

 

		1.1.55.1	the Screen Rate for the longest period (for which the Screen Rate
is available) which is less than the Interest Period of that Loan; and

 

		1.1.55.2	the Screen Rate for the shortest period (for which the Screen Rate
is available) which exceeds the Interest Period of that Loan,

 

each as of the Specified Time for
ZAR;

 

		1.1.56	“JIBAR” - in relation to any Loan the applicable Screen Rate –

 

		1.1.56.1	as of the Specified Time the offering of deposits in ZAR for a period
equal in length to the Interest Period of the relevant Loan; or

 

		1.1.56.2	as otherwise determined pursuant to 10.1; and

 

		1.1.56.3	if in either case, that rate is less than zero, then JIBAR shall
be deemed to be zero;

 

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		1.1.57	“Johannesburg Market” - in relation to ZAR, the South African interbank market;

 

		1.1.58	“JSE” – JSE Limited, registration number 2005/022939/06, a public company
licensed as an exchange under the Financial Markets Act, No. 19 of 2012 and registered and incorporated with limited liability
according to the company laws of South Africa;

 

		1.1.59	“Karoo” – Karooooo PTE Ltd, registration number 201817157Z, an
exempt private company limited by shares, incorporated in Singapore;

 

		1.1.60	“Lender” – SBSA, or any other bank, financial institution, trust, fund
or other entity to which SBSA has transferred is rights and obligations hereunder in accordance with 23, which in each case has
not ceased to be a Party in accordance with the terms of this Agreement;

 

		1.1.61	“Loan” - a loan made or to be made under the Facility or the principal amount
outstanding for the time being of that loan;

 

		1.1.62	“Margin” - in respect of -

 

		1.1.62.1	Tranche A, 2.05% per annum;

 

		1.1.62.2	Tranche B, 2.05% per annum, subject to variation as
determined by the Lender in its sole discretion dependent on prevailing market conditions at the time of Utilisation, as notified
by the Lender to the Borrower by no later than the applicable Utilisation Date;

 

		1.1.63	“Material Adverse Effect” - a material adverse effect on –

 

		1.1.63.1	the business, operations, property, condition (financial or otherwise) or prospects of any Obligor
and/or the Group taken as a whole;

 

		1.1.63.2	the ability of any Obligor to perform any of its obligations under the Finance Documents; or

 

		1.1.63.3	the validity or enforceability of any of, or the effectiveness or ranking of any Security granted
or purporting to be granted pursuant to any of, the Finance Documents or the rights or remedies of the Lender under any of the
Finance Documents.

 

    15

     

    

 

 

 

		1.1.64	“Material Subsidiary” – any member of the Group which contributes 5% or
more to the Group’s EBITDA on a consolidated basis;

 

		1.1.65	“Measurement Dates” – the last day of each quarter in each Financial Year
of the Borrower, being 31 May, 31 August, 30 November and the last day of February of each Financial Year of the Borrower;

 

		1.1.66	“Month” - a period starting on one day in a calendar month and ending on the
numerically corresponding day in the next calendar month, except that –

 

		1.1.66.1	(subject to 1.1.66.3) if the numerically corresponding day is not a Business Day, that period shall
end on the next Business Day in that calendar month in which that period is to end if there is one, or if there is not, on the
immediately preceding Business Day;

 

		1.1.66.2	if there is no numerically corresponding day in the calendar month in which that period is to end,
that period shall end on the last Business Day in that calendar month; and

 

		1.1.66.3	if an Interest Period begins on the last Business Day of a calendar month, that Interest Period
shall end on the last Business Day in the calendar month in which that Interest Period is to end;

 

The above rules will only
apply to the last Month of any period;

 

		1.1.67	“Net Disposal Proceeds” - the cash consideration received (including any amount
owing to and set off by any purchaser) by a member of the Group for any Disposal (other than an Excluded Disposal) made by that
member of the Group of all or part of its business, undertaking or assets after deducting -

 

		1.1.67.1	any expenses in relation to such Disposal which are properly evidenced
and reasonably incurred; and

 

    16

     

    

 

 

 

		1.1.67.2	any Tax incurred and required to be paid by that member of the Group in connection with that Disposal
(as reasonably determined by the relevant Group member on the basis of professional advice and existing rates and taking account
of any available credit, deduction or allowance);

 

		1.1.68	“Net Insurance Proceeds” - Insurance Proceeds received by the Borrower or any
other member of the Group (other than Excluded Insurance Proceeds), after deducting -

 

		1.1.68.1	any expenses in relation to the relevant claim giving rise to the relevant Insurance Proceeds which
are properly evidenced and reasonably incurred; and

 

		1.1.68.2	any Taxes incurred or required to be paid by that member of the Group in connection with such Insurance
Proceeds (as reasonably determined by the relevant Group member on the basis of professional advice and existing rates and taking
account of any available credit, deduction or allowance);

 

		1.1.69	“New Lender” - has the meaning given to that term in 23;

 

		1.1.70	“Obligor” - the Borrower or a Guarantor;

 

		1.1.71	“Obligor Coverage Test” – has the meaning given to it in 21.29.1;

 

		1.1.72	“Obligor Earnings Ratio” - for each Measurement Period and as at any date, the
ratio between (1) Obligor EBITDA for such Measurement Period or as at such date and (2) EBITDA for such Measurement Period
or as at such date, expressed as a percentage;

 

		1.1.73	“Obligor EBITDA” – EBITDA of the Obligors (calculated on the same basis
as for the Group save that it will be calculated on an unconsolidated basis and will exclude intragroup items);

 

    17

     

    

 

 

 

 

		1.1.74	“Obligor Pledge and Cession” – the written pledge and cession agreement
concluded or to be concluded on or about the Signature Date between the Lender and the Obligors, in terms of which, inter alia,
each Obligor -

 

		1.1.74.1	pledges any and all shares held by it in any Obligor from time to time; and

 

		1.1.74.2	cedes, in securitatem debiti, all its rights, title and interest in and to -

 

		1.1.74.2.1	the shares, investments and securities and any and all claims held by it on account of the shares,
investments and securities contemplated in 1.1.74.1 above;

 

		1.1.74.2.2	any and all bank accounts held by it with any bank from time to time and any and all amounts standing
to the credit of those bank accounts from time to time;

 

		1.1.74.2.3	any and all Insurance Policies and any Insurance Proceeds;

 

		1.1.74.2.4	all amounts of any nature whatsoever now or from time to time in the future owing to it by any
third person, including, without limitation, all and any amounts now or from time to time owing to that Obligor by any of its debtors,

 

as security for its payment and/or
performance obligations to the Lender under the Finance Documents;

 

		1.1.75	“Original Financial Statements” –

 

		1.1.75.1	in relation to the Borrower, the audited consolidated financial statements of the Group for the
Financial Year ended 29 February 2020; and

 

		1.1.75.2	in relation to each Original Obligor other than the Borrower, its
audited financial statements for its Financial Year ended 29 February 2020;

 

		1.1.76	“Original Guarantor” - each Subsidiary of Cartrack Holdings as at the Signature
Date, as set out in Annexure A (The Original Guarantors);

 

		1.1.77	“Original Jurisdiction” - in relation to an Obligor, the jurisdiction under
whose laws that Obligor is incorporated as at the Signature Date, or, in the case of an Additional Guarantor, as at the date on
which that Additional Guarantor becomes Party as a Guarantor;

 

    18

     

    

 

 

 

		1.1.78	“Original Obligor” - the Borrower or an Original Guarantor;

 

		1.1.79	“Party” - a party to this Agreement;

 

		1.1.80	“Permitted Distribution” - any Distribution effected by any member of the Group
with the prior written consent of the Lender, and in accordance with the dividend policy approved by the board of such member of
the Group, provided that -

 

		1.1.80.1	no Event of Default is continuing or might reasonably be expected to result from the making of
such proposed Distribution;

 

		1.1.80.2	the requirements set out in 20.2 are complied with as at the date of such proposed Distribution,
and will be complied with for the next twelve months following the date of the Distribution (as reasonably estimated utilising
all of the relevant financial information available as at the date of the proposed Distribution);

 

		1.1.81	“Permitted Loans” - loans made by the Borrower to Cartrack Management Services
Proprietary Limited (registration number 2009/001287/07) which do not exceed an amount of R14,400,000 in aggregate in any Financial
Year;

 

		1.1.82	“Quasi-Security” has the meaning given to it in 21.3;

 

		1.1.83	“Quotation Day” - in relation to any period for which an interest rate is to
be determined, the first day of that period unless market practice differs in the Johannesburg Market, in which case the Quotation
Day will be determined by the Lender in accordance with market practice in the Johannesburg Market (and if quotations would normally
be given on more than one day, the Quotation Day will be the last of those days);

 

		1.1.84	“Reference Bank Rate” - the arithmetic mean of the rates (rounded upwards to
four decimal places) as supplied to the Lender at its request by the Reference Banks –

 

		1.1.84.1	(other than where 1.1.84.2 applies) as the rate at which the relevant Reference Banks could borrow
funds in the Johannesburg Market in ZAR and for the relevant period, were it to do so by asking for and then accepting interbank
offers for deposits in reasonable market size in that currency and for that period; or

 

    19

     

    

 

 

 

		1.1.84.2	if different, as the rate (if any and applied to the relevant Reference Bank and the relevant currency
and period) which contributors to the Screen Rate are asked to submit to the relevant administrator;

 

		1.1.85	“Reference Banks” - the principal Johannesburg offices of Absa Bank Limited,
FirstRand Bank Limited, lnvestec Bank Limited, Nedbank Limited and The Standard Bank of South Africa Limited or such other entities
as may be appointed by the Lender in consultation with the Borrower;

 

		1.1.86	“Refinance Funding” - funding, other than (i) internally generated cash
flows of the Group and/or (ii) any amounts which have been advanced to the Borrower in the form of ordinary shareholder equity
from shareholders of the Borrower, and provided that such amount was not procured by the Borrower from a third party financier,
utilised or intended to be utilised directly or indirectly, to make a repayment or prepayment of the outstanding balance of any
Loan and raised by the Borrower or any of the Borrower’s direct or indirect Affiliates, from a financial institution other
than the Lender;

 

		1.1.87	“Related Fund” - in relation to a fund (the “first fund”), means
a fund which is managed or advised by the same investment manager or investment adviser as the first fund or, if it is managed
by a different investment manager or investment adviser, a fund whose investment manager or investment adviser is an Affiliate
of the investment manager or investment adviser of the first fund;

 

		1.1.88	“Release Agreement” - the written release letter concluded or to be concluded
between FirstRand Bank Limited (acting through its Rand Merchant Bank division), FirstRand Bank Limited (acting through its RMB
Corporate Banking division) and the Obligors in terms of which, inter alia, the security provided by the Obligors in respect
of the RMB Security Documents (as defined therein) is irrevocably released on the terms and conditions contained therein;

 

    20 

     

    

 

 

 

		1.1.89	“Relevant Jurisdiction” - in relation to an Obligor –

  

		1.1.89.1	its Original Jurisdiction; and

 

		1.1.89.2	any jurisdiction where any asset subject to or intended to be subject to the Transaction Security
to be created by it is situated;

 

		1.1.90	“Repayment Date” - the date which falls on the third anniversary of the Effective
Date;

 

		1.1.91	“Representative” - any delegate, agent, manager, administrator, nominee, attorney,
trustee or custodian appointed by the Lender;

 

		1.1.92	“Resignation Letter” - a letter substantially in the form set out in Annexure
G (Form of Resignation Letter);

 

		1.1.93	“Sanctioned Entity” –

 

		1.1.93.1	an entity, country or territory which is listed on a Sanctions List
or is subject to Sanctions;

 

		1.1.93.2	a person which is ordinarily resident in a country or territory which
is listed on a Sanctions List or is subject to Sanctions;

 

		1.1.94	“Sanctioned Transaction” - the use of the proceeds of a Facility for the purpose
of financing or providing any credit, directly or indirectly, to –

 

		1.1.94.1	a Sanctioned Entity; or

 

		1.1.94.2	any other person or entity, if any member of the Group has actual
knowledge that the person or entity proposes to use the proceeds of the financing or credit for the purpose of financing
or providing any credit, directly or indirectly, to a Sanctioned Entity,

 

in each case to the extent that
to do so is prohibited by, or would cause any breach of, Sanctions (including at the time that the funding is advanced);

 

    21

     

    

 

 

 

		1.1.95	“Sanctions” - trade, economic or financial sanctions, laws, regulations,
embargoes or restrictive measures imposed, administered or enforced from time to time by any Sanctions Authority;

 

		1.1.96	“Sanctions Authority” –

 

		1.1.96.1	the United Nations;

 

		1.1.96.2	the European Union;

 

		1.1.96.3	the Council of Europe (founded under the Treaty of London, 1946);

 

		1.1.96.4	the government of the United States of America;

 

		1.1.96.5	the government of the United Kingdom;

 

		1.1.96.6	the government of the Republic of France; and

 

		1.1.96.7	the government of South Africa,

 

and any of their governmental authorities,
including, without limitation, the Office of Foreign Assets Control for the US Department of Treasury (OFAC), the US Department
of Commerce, the US State Department or the US Department of the Treasury, Her Majesty’s Treasury (HMT) and the French
Ministry of Finance (MINEFI);

 

		1.1.97	“Sanctions List” –

 

		1.1.97.1	the Specially Designated Nationals and Blocked Persons List maintained and published by OFAC;

 

		1.1.97.2	the Consolidated List of Financial Sanctions Targets and the Investments
Ban List maintained and published by HMT,

 

or any similar list maintained
and published, or a public announcement of a Sanctions designation made, by any Sanctions Authority, in each case as amended, supplemented
or substituted from time to time;

 

    22

     

    

 

 

 

		1.1.98	“SBSA” – The Standard Bank of South Africa Limited (registration number
1962/000738/06), a public company duly incorporated in accordance with the laws of South Africa, acting through its Corporate and
Investment Banking division;

 

		1.1.99	“Repeating Representations” - each of the representations set out in 18.1 to
18.11 (both inclusive), 18.13 to 18.17 (both inclusive), and 18.19 to 18.27 (both inclusive);

 

		1.1.100	“Screen Rate” - the mid-market rate for deposits
in ZAR for the relevant period before any correction, recalculation or republication by the administrator which appears on the
Reuters Screen SAFEY Page alongside the caption “YIELD” at the applicable time (or any replacement Reuters page which
displays that rate, or on the appropriate page of such other information service which publishes that rate from time to time
in place of Reuters). If such page or service ceases to be available, the Lender may specify another page or service
displaying the appropriate rate after consultation with the Borrower;

 

		1.1.101	“Secured Obligations” - all obligations at any time due, owing or incurred by
any Obligor to the Lender or any other Obligor under the Finance Documents, whether present or future, actual or contingent (and
whether incurred solely or jointly and whether as principal or surety or in some other capacity);

 

		1.1.102	“Secured Property” - all of the assets of the Obligors which from time to time
are, or are expressed to be, the subject of the Transaction Security;

 

		1.1.103	“Security” - a mortgage bond, notarial bond, cession in security, charge, pledge,
hypothec, lien or other security interest securing any obligation of any person or any other agreement or arrangement having a
similar effect;

 

		1.1.104	“Shareholders” – the ordinary shareholders of the Borrower, being as at
the Signature Date, those Entities or Persons listed in Annexure I;

 

		1.1.105	“Signature Date” - the date of the signature of the Party last signing this
Agreement in time;

 

		1.1.106	“South Africa” - the Republic of South Africa;

 

    23

     

    

 

 

 

		1.1.107	“Specified Time” - a day or time determined in accordance with Annexure H (Timetables);

 

		1.1.108	“Subordination Agreement” – the written subordination agreement concluded
or to be concluded contemporaneously herewith, between the Shareholders, the Borrower and the Lender, in terms of which, inter
alia, the Shareholders subordinate all of their claims against the Borrower in favour of the Lender;

 

		1.1.109	“Subsidiary” - a “subsidiary” as defined in the Companies
Act 2008 and shall include any person who would, but for not being a “company” under the Companies Act 2008, qualify
as a “subsidiary” as defined in the Companies Act 2008;

 

		1.1.110	“Tax” - any tax, levy, impost, duty or other charge or withholding of a similar
nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same);

 

		1.1.111	“Total Commitments” - the aggregate of the Commitments, being R925,000,000 at
the Signature Date;

 

		1.1.112	“Tranche A” – that portion of the Facility equal to the Tranche A Commitment
made available by the Lender to the Borrower in terms of 5;

 

		1.1.113	“Tranche A Commitment” – that portion of the Commitment equal to R75,000,000;

 

		1.1.114	“Tranche B” – that portion of the Facility equal to the Tranche B Commitment
made available by the Lender to the Borrower in terms of 5;

 

		1.1.115	“Tranche B Commitment” – that portion of the Commitment equal to R850,000,000;

 

		1.1.116	“Tranche B Conditions” – the conditions precedent set out in 4.2.2;

 

		1.1.117	“Tranches” - collectively, Tranche A and Tranche B and “Tranche”
means either of Tranche A and Tranche B as the context may require;

 

    24

     

    

 

 

 

		1.1.118	“Transaction Security” - the Security created or expressed to be created in
favour of the Lender pursuant to the Transaction Security Documents;

 

		1.1.119	“Transaction Security Documents” means each of –

 

		1.1.119.1	the Obligor Pledge and Cession;

 

		1.1.119.2	any other document entered into by any Obligor creating or expressed to create any Security over
all or any part of its assets in respect of the obligations of any of the Obligors under any of the Finance Documents;

 

		1.1.120	“Transfer” has the meaning given to it in 23.1;

 

		1.1.121	“Transfer Certificate” - a certificate substantially in the form set out in
Annexure D or any other form agreed between the Lender and the Borrower;

 

		1.1.122	“Transfer Date” - in relation to a Transfer, the later of –

 

		1.1.122.1	the proposed Transfer Date specified in the Transfer Certificate; and

 

		1.1.122.2	the date on which the Lender executes the Transfer Certificate;

 

		1.1.123	“Treasury Transactions” - any derivative transaction entered into in connection
with protection against or benefit from fluctuation in any rate or price;

 

		1.1.124	“Unpaid Sum” - any sum due and payable but unpaid by an Obligor under the Finance
Documents;

 

		1.1.125	“US” - the United States of America;

 

		1.1.126	“US Tax Obligor” means –

 

		1.1.126.1	the Borrower which is resident for tax purposes in the US; or

 

		1.1.126.2	an Obligor some or all of whose payments under the Finance Documents are from sources within the
US for US federal income tax purposes;

 

    25

     

    

 

 

 

		1.1.127	“Utilisation” - a utilisation of the Facility;

 

		1.1.128	“Utilisation Date” - the date of a Utilisation, being the date on which the
relevant Loan is to be made;

 

		1.1.129	“Utilisation Request” - a notice substantially in the form set out in Annexure
C (Utilisation Request);

 

		1.1.130	“VAT” –

 

		1.1.130.1	any value added tax as provided for in the Value Added Tax Act, 1991;

 

		1.1.130.2	any general service tax; and

 

		1.1.130.3	any other tax of a similar nature;

 

		1.1.131	“ZAR” or “R” - South African Rand, the lawful currency of
South Africa;

 

		1.2	Construction

 

		1.2.1	Unless a contrary indication appears, any reference in this Agreement to –

 

		1.2.1.1	the “Lender”, any “Obligor”, any “Party”,
or any other person shall be construed so as to include its successors in title, permitted cessionaries and permitted transferees
to, or of, its rights and/or obligations under the Finance Documents;

 

		1.2.1.2	a document in “agreed form” is a document which is previously agreed in writing
by or on behalf of the Borrower and the Lender or, if not so agreed, is in the form specified by the Lender;

 

		1.2.2	“assets” includes present and future properties, revenues and rights of every
description;

 

		1.2.3	“authority” includes any court or any governmental, intergovernmental or supranational
body, agency, department or any regulatory, self-regulatory or other authority;

 

    26

     

    

 

 

 

		1.2.4	a “Finance Document” or any other agreement or instrument is a reference to
that Finance Document or other agreement or instrument as amended, novated, supplemented, extended or restated;

 

		1.2.5	the use of the word “including” followed by specific examples will not be construed
as limiting the meaning of the general wording preceding it, and the eiusdem generis rule must not be applied in the interpretation
of such general wording or such specific examples;

 

		1.2.6	“guarantee” means (other than in 17) any guarantee, letter of credit, bond,
indemnity or similar assurance against loss, or any obligation, direct or indirect, actual or contingent, to purchase or assume
any indebtedness of any person or to make an investment in or loan to any person or to purchase assets of any person where, in
each case, such obligation is assumed in order to maintain or assist the ability of such person to meet its indebtedness;

 

		1.2.7	“indebtedness” includes any obligation (whether incurred as principal or as
surety) for the payment or repayment of money, whether present or future, actual or contingent;

 

		1.2.8	a “person” includes any individual, firm, company, corporation, government,
state or agency of a state or any association, trust, joint venture, consortium, partnership or other entity (whether or not having
separate legal personality);

 

		1.2.9	a “regulation” includes any regulation, rule,
official directive, request or guideline (whether or not having the force of law) of any governmental, intergovernmental
or supranational body, agency, department or of any regulatory, self-regulatory or other authority or organisation;

 

		1.2.10	a provision of law is a reference to that provision as amended or
re-enacted; and

 

		1.2.11	a time of day is a reference to Johannesburg time;

 

		1.3	The determination of the extent to which a rate is “for
a period equal in length” to an Interest Period shall disregard any inconsistency arising from the last day of
that Interest Period being determined pursuant to the terms of this Agreement.

 

    27

     

    

 

 

 

		1.4	Section, clause and annexure headings are for ease of reference only.

 

		1.5	Unless a contrary indication appears, a term used in any other Finance
Document or in any notice given under or in connection with any Finance Document has the same meaning in that Finance Document
or notice as in this Agreement.

 

		1.6	A Default (other than an Event of Default) is “continuing”
if it has not been remedied or waived and an Event of Default is “continuing” if it has not been
waived.

 

		1.7	If any provision in a definition is a substantive provision conferring
rights or imposing obligations on any Party, notwithstanding that it appears only in an interpretation clause, effect shall
be given to it as if it were a substantive provision of the relevant Finance Document.

 

		1.8	Unless inconsistent with the context, an expression in any Finance
Document which denotes the singular includes the plural and vice versa.

 

		1.9	The annexures to any Finance Document form an integral part thereof
and a reference to a “clause” or an “Annexure” is a reference to a clause of, or an
annexure to, this Agreement.

 

		1.10	The rule of construction that, in the event of ambiguity, a contract shall be interpreted
against the party responsible for the drafting thereof, shall not apply in the interpretation of the Finance Documents.

 

		1.11	The expiry or termination of any Finance Documents shall not affect those provisions of the Finance
Documents that expressly provide that they will operate after any such expiry or termination or which of necessity must continue
to have effect after such expiry or termination, notwithstanding that the clauses themselves do not expressly provide for this.

 

		1.12	The Finance Documents shall to the extent permitted by applicable
law be binding on and enforceable by the administrators, trustees, permitted cessionaries, business rescue practitioners
or liquidators of the Parties as fully and effectually as if they had signed the Finance Documents in the first instance and reference
to any Party shall be deemed to include such Party’s administrators, trustees, permitted cessionaries, business rescue practitioners
or liquidators, as the case may be.

 

    28

     

    

 

 

 

		1.13	Where figures are referred to in numerals and in words in any Finance
Document, if there is any conflict between the two, the words shall prevail.

 

		1.14	Unless a contrary indication appears, where any number of days is
to be calculated from a particular day, such number shall be calculated as including that particular day and excluding the
last day of such period.

 

		1.15	Third party rights

 

		1.15.1	Except as expressly provided for in this Agreement or in any other Finance Document, no provision
of any Finance Document constitutes a stipulation for the benefit of any person who is not a party to that Finance Document.

 

		1.15.2	Notwithstanding any term of any Finance Document, the consent of any person who is not a party
to that Finance Document is not required to rescind or vary that Finance Document at any time except to the extent that the relevant
variation or rescission (as the case may be) relates directly to the right conferred upon any applicable third party under a stipulation
for the benefit of that party that has been accepted by that third party.

 

		2	THE FACILITY

 

Subject to the terms of this
Agreement. the Lender makes available to the Borrower a ZAR revolving credit facility in an aggregate amount equal to the Commitment,
comprising of Tranche A and Tranche B.

 

		3	PURPOSE

 

		3.1	Purpose

 

The Borrower shall apply all
amounts borrowed by it under the Facility towards its general corporate purposes.

 

		3.2	Monitoring

 

The Lender is not bound to monitor
or verify the application of any amount borrowed pursuant to this Agreement.

 

    29

     

    

 

 

 

		4	CONDITIONS OF UTILISATION

 

		4.1	Initial conditions precedent

 

The Borrower may not deliver
a Utilisation Request unless the Lender has received all of the documents and other evidence listed in Part 1 of Annexure
B in form and substance satisfactory to the Lender on or before 26 February 2021. The Lender shall notify the Borrower promptly
upon being so satisfied.

 

		4.2	Further conditions precedent

 

The
Lender will only be obliged to comply with 5.4 if on the date of any Utilisation Request-

 

		4.2.1	relating to a Utilisation of Tranche A and on the proposed Utilisation Date -

 

		4.2.1.1	the Effective Date has occurred;

 

		4.2.1.2	no Default is continuing or would result from the proposed Loan; and

 

		4.2.1.3	the Repeating Representations to be made by each Obligor are true in all material respects; and

 

		4.2.2	relating to a Utilisation of Tranche B and on the proposed Utilisation
Date, in addition to the conditions set out in 4.2.1.1 to 4.2.1.3, -

 

		4.2.2.1	the Lender has confirmed to the Borrower in writing that it has obtained
final credit approval in respect of such Utilisation; and

 

		4.2.2.2	the Borrower has provided evidence, to the satisfaction of the Lender,
that the requirements set out in 20.2 will be complied with as at the proposed Utilisation Date and for the next two Measurement
Dates immediately following such proposed Utilisation Date.

 

    30

     

    

 

 

 

		5	UTILISATION

 

		5.1	Delivery of a Utilisation Request

 

Subject to 4, the Borrower may
utilise each of the Tranche A Commitment and the Tranche B Commitment by delivery to the Lender of a duly completed Utilisation
Request in respect thereof not later than the Specified Time, provided that, subject to the remaining provisions of this Agreement,
the Utilisation Date specified in the Utilisation Request must be a date which falls within the applicable Availability Period.

 

		5.2	Completion of a Utilisation Request

 

		5.2.1	Subject to 5.1, a Utilisation Request is irrevocable and will not be regarded as having been duly
completed unless –

 

		5.2.1.1	the proposed Utilisation Date is a Business Day within the applicable Availability Period;

 

		5.2.1.2	it identifies the Tranche to be utilised pursuant to such Utilisation request;

 

		5.2.1.3	in respect of a Utilisation of Tranche A, the date of the Utilisation Request is not less than
three Business Days prior to the proposed Utilisation Date;

 

		5.2.1.4	in respect of a Utilisation of Tranche B, the date of the Utilisation Request is not less than
five Business Days prior to the proposed Utilisation Date;

 

		5.2.1.5	the currency and amount of the Utilisation comply with clause 5.3; and

 

		5.2.1.6	it identifies the proposed first Interest Period and that Interest Period complies with clause
9.

 

		5.2.2	Only one Loan may be requested in each Utilisation Request.

 

		5.3	Currency and amount

 

		5.3.1	The currency specified in a Utilisation Request must be ZAR.

 

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		5.3.2	The amount of the proposed Loan in respect of any Tranche must be an amount which is not more than
the Available Commitment in respect of such Tranche and which is a minimum of ZAR25,000,000 or, if less, the Available Commitment
in respect of such Tranche.

 

		5.4	Lender’s participation

 

If the conditions set out in
this Agreement have been met, the Lender shall make each Loan available by the Utilisation Date thereof.

 

		5.5	Cancellation of Commitment

 

The Commitments in respect of
a Tranche which, at that time, are unutilised shall be immediately cancelled at the end of the Availability Period in respect of
such Tranche.

 

		6	REPAYMENT

 

		6.1	Repayment of Loans

 

The Borrower shall repay the
Loans made to it in full on the Repayment Date.

 

		6.2	Reborrowing

 

All principal amounts constituting
a Loan voluntarily prepaid or repaid by the Borrower shall be available for re-advance to the Borrower subject to and in accordance
with the other provisions of this Agreement.

 

		7	PREPAYMENT AND CANCELLATION

 

		7.1	Illegality

 

If it becomes unlawful, in any
applicable jurisdiction, for the Lender to perform any of its obligations as contemplated by this Agreement or to fund or maintain
its participation in any Loan or it becomes unlawful for any Affiliate of the Lender for the Lender to do so –

 

		7.1.1	the Lender shall promptly notify the Borrower upon becoming aware of that event;

 

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		7.1.2	upon the Lender notifying the Borrower, the Available Commitment in respect of both Tranche A and
Tranche B will be immediately cancelled; and

 

		7.1.3	the Borrower shall repay the Lender’s participation in the Loans on the last day of the Interest
Period for each Loan occurring after the Lender has notified the Borrower or, if earlier, the date specified by the Lender in the
notice delivered to the Borrower (being no earlier than the last day of any applicable grace period permitted by law) and the Lender’s
corresponding Commitment shall be cancelled in the amount of the participations repaid.

 

		7.2	Sanctions

 

		7.2.1	If any Obligor –

 

		7.2.1.1	is or becomes a Sanctioned Entity;

 

		7.2.1.2	participates in any manner in any Sanctioned Transaction;

 

		7.2.1.3	acts, directly or indirectly, to benefit any party against whom Sanctions have been established
by a Sanctions Authority;

 

then

 

		7.2.1.4	the Borrower shall notify the Lender promptly upon becoming aware of that event; and

 

		7.2.1.5	the Lender shall not be obliged to fund any Utilisation.

 

		7.2.2	The Lender, in the case of 7.2.1.1 to 7.2.1.3 (both inclusive) may by notice to the Borrower, elect
to cancel its Commitment with effect from the date of receipt by the Borrower of such notice and declare its participation in all
outstanding Loans immediately due and payable.

 

		7.2.3	On receipt by the Borrower of a notice referred to in 7.2.2 above, the relevant Commitment of the
Lender will be immediately cancelled and the Lender’s participation in all outstanding Loans under the Facility owing to
the Lender shall become immediately due and payable.

 

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		7.3	Change of control

 

		7.3.1	If a Change of Control occurs –

 

		7.3.1.1	the Borrower shall promptly notify the Lender upon becoming aware of that event;

 

		7.3.1.2	the Lender shall not be obliged to fund a Utilisation; and

 

		7.3.1.3	if the Lender so requires, the Lender shall, by not less than five days’ notice to the Borrower,
cancel the Commitments and declare all outstanding Loans, together with accrued interest, and all other amounts accrued under the
Finance Documents immediately due and payable, whereupon the Commitments will be cancelled and all such outstanding Loans and amounts
will become immediately due and payable.

 

		7.3.2	For the purposes of 7.3.1 above, “Change of Control” means –

 

		7.3.2.1	at any time before the Delisting Event. Karoo ceases directly or indirectly to hold 68.17% of the
issued shares of Cartrack Holdings;

 

		7.3.2.2	at any time after the Delisting Event, Karoo (ceases directly or indirectly to hold 100% of the
issued shares of Cartrack Holdings;

 

		7.3.2.3	Cartrack Holdings ceases directly or indirectly to hold 100% of the issued shares of the Borrower;
and/or

 

		7.3.2.4	any change in the shareholding of any Guarantor subsequent to the Effective Date.

 

		7.4	Net Disposal Proceeds and Net Insurance Proceeds

 

		7.4.1	The Borrower shall, as applicable –

 

		7.4.1.1	within five Business Days of receipt of any Net Disposal Proceeds
or Net Insurance Proceeds (as the case may be); or

 

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		7.4.1.2	upon the expiry of the relevant period contemplated in 1.1.34.2 of
the definition of “Excluded Disposal Proceeds” or the relevant period contemplated in 1.1.35.2 of the
definition of “Excluded Insurance Proceeds”,

 

notify the Lender in writing of
the full amount of such Net Disposal Proceeds or Net Insurance Proceeds (as the case may be) (the “Offered Amount”)
and in each such notice (“Offer Notice”) offer to make a prepayment to the Lender of the full Offered Amount
in prepayment of the outstanding Loans.

 

		7.4.2	The Lender shall, within seven Business Days of receipt of the Offer
Notice (“Acceptance Period”), notify the Borrower in writing (“Acceptance Notice”) whether
it wishes to accept the offer of the Offered Amount, provided that, if the Lender fails to so notify the Borrower, it shall be
deemed to have accepted the relevant offer in full.

 

		7.4.3	If an offer is accepted or deemed to accepted by the Lender in accordance
with 7.4.2, the Borrower shall, on the first Interest Payment Date immediately succeeding the earlier of (i) the date
of the Acceptance Notice and (ii) the expiry of the Acceptance Period, apply the Offered Amount make a mandatory prepayment
of the outstanding Loans on account of the Facility.

 

		7.4.4	If any portion of any Offered Amount is not required to be applied
towards the repayment of the outstanding Loans in accordance with this 7.4, (the “Distributable Amount”),
the Borrower or the relevant member of the Group shall be entitled to apply the Distributable Amount towards any purpose it
deems fit.

 

		7.5	Voluntary cancellation

 

The Borrower may, if it gives
the Lender not less than seven Business Days’ (or such shorter period as the Lender may agree) prior notice, cancel the whole
or any part (but, if in part, being a minimum amount of ZAR25,000,000) of the Available Commitment in respect of any Tranche.

 

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		7.6	Voluntary prepayment of Loans

 

The Borrower may, if it gives
the Lender not less than seven Business Days’ (or such shorter period as the Lender may agree) prior notice, prepay the whole
or any part of any Loan (but, if in part, being an amount that reduces the amount of the Loan by a minimum amount of ZAR25,000,000).

 

		7.7	Prepayment Penalty

 

		7.7.1	If the Borrower utilises directly or indirectly any Refinance Funding
in relation to the repayment or prepayment of any Loan or cancellation of any Commitment, then all and not less than all
of the outstanding balance of every Loan together with all interest and other amounts accrued thereon under this Agreement must
be simultaneously repaid by the Borrower, the Total Commitment shall be cancelled upon such prepayment and –

 

		7.7.1.1	prior to the first anniversary of the Effective Date, a prepayment penalty equal to 2% (plus VAT
thereon if applicable) of the face value amount of such prepayment;

 

		7.7.1.2	on or after the first anniversary of the Effective Date and prior to the second anniversary of
the Effective Date, a prepayment penalty equal to 1% (plus VAT thereon if applicable) of the face value amount of such prepayment;

 

(each of the amounts payable in
respect of 7.7.1.1 and 7.7.1.2, a “Prepayment Penalty”), provided that such prepayment shall be allocated by
the Lender first as to costs, then as to accrued interest and finally as to the outstanding principal under such Loan.

 

		7.8	Restrictions

 

		7.8.1	Any notice of cancellation or prepayment given by any Party under
this 7 shall be irrevocable and, unless a contrary indication appears in this Agreement, shall specify the date or dates
upon which the relevant cancellation or prepayment is to be made and the amount of that cancellation or prepayment.

 

    36

     

    

 

 

 

		7.8.2	Any prepayment under this Agreement shall be made together with accrued
interest on the amount prepaid and, subject to any Break Costs and, save as otherwise provided for in 7.7, without premium
or penalty.

 

		7.8.3	The Borrower shall not repay or prepay all or any part of the Loans or cancel all or any part of
the Commitments except at the times and in the manner expressly provided for in this Agreement.

 

		7.8.4	No amount of the Total Commitments cancelled under this Agreement
may be subsequently reinstated.

 

		8	INTEREST

 

		8.1	Calculation of interest

 

The rate of interest on each
Loan for each Interest Period is the percentage rate per annum which is the aggregate of the applicable –

 

		8.1.1	Margin; and

 

		8.1.2	JIBAR.

 

		8.2	Payment of interest

 

The Borrower shall pay accrued
interest on each Loan during each Interest Period on the Interest Payment Date immediately following such Interest Period and in
full on the Repayment Date.

 

		8.3	Default interest

 

		8.3.1	If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest
shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate
which is 2% per annum higher than the rate which would have been payable if the overdue amount had, during the period of non-payment,
constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Lender
(acting reasonably). Any interest accruing under this 8.3 shall be immediately payable by the Obligor on demand by the Lender.

 

    37

     

    

 

 

 

		8.3.2	Default interest (if unpaid) arising on any overdue amount will be
compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain
immediately due and payable.

 

		8.4	Notification of rates of interest

 

The Lender shall promptly notify
the Borrower of the determination of a rate of interest under this Agreement and of each Funding Rate relating to a Loan.

 

		9	INTEREST PERIODS

 

		9.1	Non-Business Days

 

If an Interest Period would
otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in that calendar
month (if there is one) or the preceding Business Day (if there is not).

 

		9.2	Consolidation of Loans

 

If two or more Interest Periods
in respect of any Loans end on the same date, those Loans will be consolidated into, and treated as, a single Loan on the last
day of the Interest Period.

 

		10	CHANGES TO THE CALCULATION OF INTEREST

 

		10.1	Unavailability of Screen Rate

 

		10.1.1	Interpolated Screen Rate: If no Screen Rate is available for JIBAR for the Interest Period of a
Loan, the applicable JIBAR shall be the Interpolated Screen Rate for a period equal in length to the Interest Period of that Loan.

 

		10.1.2	Reference Bank Rate: If no Screen Rate is available for JIBAR for (i) ZAR; or (ii) the
Interest Period of a Loan, and it is not possible to calculate the Interpolated Screen Rate, the applicable JIBAR shall be the
Reference Bank Rate as of the Specified Time and for a period equal in length to the Interest Period of that Loan.

 

    38 

     

    

 

 

		10.1.3	Cost of funds: If 10.1.2 above applies but no Reference Bank Rate is available or the relevant
Interest Period there shall be no JIBAR for that Loan and 10.4 shall apply to that Loan for that Interest Period.

 

		10.2	Calculation of Reference Bank Rate

 

		10.2.1	Subject to 10.2.2, if JIBAR is to be determined on the basis of a Reference Bank Rate but a Reference
Bank does not supply a quotation by the Specified Time, the Reference Bank Rate shall be calculated on the basis of the quotations
of the remaining Reference Banks.

 

		10.2.2	If at or about noon on the Quotation Day, none or only one of the Reference Banks supplies a quotation,
there shall be no Reference Bank Rate for the relevant Interest Period.

 

		10.3	Market disruption

 

If, before close of business
in Johannesburg on the Quotation Day, the Lender notifies the Borrower that the cost to it of funding its participation in a Loan
from the wholesale market for ZAR would be in excess of JIBAR or that JIBAR has ceased to be an accredited rate, then 10.4 shall
apply to that Loan for the relevant Interest Period.

 

		10.4	Cost of funds

 

		10.4.1	If this 10.4 applies, the rate of interest on the Lender’s
share of the relevant Loan for the relevant Interest Period shall be the percentage rate per annum which is the sum of –

 

		10.4.1.1	the Margin; and

 

		10.4.1.2	the rate notified by the Lender to the Borrower as soon as practicable
and in any event before interest is due to be paid in respect of that Interest Period, to be that which expresses as a percentage
rate per annum the cost to the Lender of funding its participation in that Loan from whatever source(s) it may reasonably
select.

 

    39 

     

    

 

 

		10.4.2	If this 10.4 applies and the Lender or the Borrower so requires,
the Lender and the Borrower shall enter into negotiations (for a period of not more than 30 days) with a view to agreeing
a substitute basis for determining the rate of interest.

 

		10.4.3	Any alternative basis agreed pursuant to 10.4.2 above shall, with
the prior consent of the Lender and the Borrower, be binding on all Parties.

 

		10.5	Break Costs

 

		10.5.1	The Borrower shall, within three Business Days of demand by the Lender,
pay to the Lender its Break Costs attributable to all or any part of a Loan or Unpaid Sum being paid by the Borrower on
a day other than the last day of an Interest Period for that Loan or Unpaid Sum.

 

		10.5.2	The Lender shall, as soon as reasonably practicable after a demand by the Borrower, provide a certificate
confirming the amount of its Break Costs for any Interest Period in which they accrue.

 

		10.6	Economic Failure

 

On the occurrence of an Economic
Failure, the Lender reserves the right to increase the applicable Margin applicable to the Facility by such an amount as may be
necessary to compensate for the Lender’s loss of return. Upon the determination by the Lender that an Economic Failure has
occurred, the Lender shall by written notice advise the Borrower of the increased Margin and, upon the Lender so notifying the
Borrower, the applicable Margin shall increase by the percentage recorded in such notice, with effect from the date of occurrence
of such Economic Failure.

 

    40 

     

    

 

 

		11	FEES

 

		11.1	Commitment fee

 

		11.1.1	The Borrower shall pay to the Lender a fee computed at the rate of
30% of the Margin, together with VAT thereon, per annum on the Lender’s Available Commitment in respect of Tranche
A for the Availability Period.

 

		11.1.2	The accrued commitment fee is payable in arrears on each Interest
Payment Date which falls within the Availability Period (on the basis that the first Interest Period following the Effective
Date ends on 30 May 2021), on the last day of the Availability Period and, if cancelled in full, on the cancelled amount of
the Lender’s Commitment in respect of the Initial Facility at the time the cancellation is effective.

 

		11.2	Debt origination fee

 

		11.2.1	The Borrower shall pay to the Lender an irrevocable and non-refundable
debt origination fee in an amount equal to ZAR1,850,000, together with VAT thereon, on the Effective Date.

 

		11.2.2	The Borrower acknowledges that the fee contemplated in 11.2.1 is
irrevocable and is required to be paid on the Effective Date in consideration for the expertise used in the debt structuring,
implementation and completion of the transaction contemplated in this Agreement.

 

		12	TAX GROSS UP AND INDEMNITIES

 

		12.1	Definitions

 

		12.1.1	In this Agreement –

 

		12.1.1.1	“Protected Party” means the Lender which is or will be subject to any liability,
or required to make any payment, for or on account of Tax in relation to a sum received or receivable (or any sum deemed for the
purposes of Tax to be received or receivable) under a Finance Document;

 

    41 

     

    

 

 

		12.1.1.2	“Tax Credit” means a credit against, relief or remission for, or repayment of
any Tax;

 

		12.1.1.3	“Tax Deduction” means a deduction or withholding for or on account of Tax from
a payment under a Finance Document;

 

		12.1.1.4	“Tax Payment” means either the increase in a payment made by an Obligor to the
Lender under 12.2 or a payment under 12.3.

 

		12.1.2	Unless a contrary indication appears, in this 12 a reference to “determines”
or “determined” means a determination made in the absolute discretion of the person making the determination.

 

		12.2	Tax gross-up

 

		12.2.1	Each Obligor shall make all payments to be made by it without any
Tax Deduction, unless a Tax Deduction is required by law.

 

		12.2.2	The Borrower shall promptly upon becoming aware that an Obligor must make a Tax Deduction (or that
there is any change in the rate or the basis of a Tax Deduction) notify the Lender accordingly. Similarly, the Lender shall notify
the Borrower and any relevant Obligor on becoming so aware in respect of a payment payable to the Lender.

 

		12.2.3	If a Tax Deduction is required by law to be made by an Obligor, the amount of the payment due from
that Obligor shall be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the payment which
would have been due if no Tax Deduction had been required.

 

		12.2.4	If an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax Deduction and
any payment required in connection with that Tax Deduction within the time allowed and in the minimum amount required by law.

 

		12.2.5	Within thirty days of making either a Tax Deduction or any payment required in connection with
that Tax Deduction, the Obligor making that Tax Deduction shall deliver to the Lender evidence reasonably satisfactory to the Lender
that the Tax Deduction has been made or (as applicable) any appropriate payment paid to the relevant taxing authority.

 

    42 

     

    

 

 

		12.3	Tax indemnity

 

		12.3.1	The Borrower shall (within three Business Days of demand by the Lender) pay to a Protected Party
an amount equal to the loss, liability or cost which that Protected Party determines will be or has been (directly or indirectly)
suffered for or on account of Tax by that Protected Party in respect of a Finance Document.

 

		12.3.2	Clause 12.3.1 above shall not apply –

 

		12.3.2.1	with respect to any Tax assessed on the Lender under the law of the jurisdiction in which the Lender
is incorporated or, if different, the jurisdiction (or jurisdictions) in which the Lender is treated as resident for tax purposes,
if that Tax is imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be received
or receivable) by the Lender; or

 

		12.3.2.2	to the extent a loss, liability or cost is -

 

		12.3.2.2.1	compensated for by an increased payment under 12.2; or

 

		12.3.2.2.2	relates to a FATCA Deduction required to be made by a Party.

 

		12.3.3	A Protected Party making, or intending to make a claim under 12.3.1 shall promptly notify the Borrower
of the event which will give, or has given, rise to the claim.

 

		12.4	Tax Credit

 

If an Obligor makes a Tax Payment
and the Lender determines that –

 

		12.4.1	a Tax Credit is attributable to an increased payment of which that Tax Payment forms part, or to
that Tax Payment or to a Tax Deduction in consequence of which that Tax Payment was required; and

 

    43 

     

    

 

 

		12.4.2	the Lender has obtained, utilised and retained that Tax
Credit,the Lender shall pay an amount to the Obligor which the Lender determines will leave it (after that payment) in the same
after-Tax position as it would have been in had the Tax Payment not been required to be made by the Obligor.

 

		12.5	Stamp taxes

 

The Borrower shall (within three
Business Days of demand) indemnify the Lender against, and shall pay to the Lender, any cost, loss or liability the Lender incurs
in relation to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document.

 

		12.6	Value added tax

 

		12.6.1	All amounts set out or expressed to be payable under a Finance Document by any Party to the Lender
which (in whole or in part) constitute the consideration for a supply or supplies for VAT purposes shall be deemed to be exclusive
of any VAT which is chargeable on such supply or supplies, and accordingly, if VAT is or becomes chargeable on any supply made
by the Lender to any Party under a Finance Document and the Lender is required to account to the relevant tax authority for the
VAT, that Party must pay to the Lender (in addition to and at the same time as paying any other consideration for such supply)
an amount equal to the amount of the VAT (and the Lender must promptly provide an appropriate VAT invoice to that Party).

 

		12.6.2	Where a Finance Document requires any Party to reimburse or indemnify
the Lender for any costs or expenses, that Party shall reimburse or indemnify (as the case may be) the Lender for the full
amount of such cost or expense, including such part thereof as represents VAT, save to the extent that the Lender reasonably determines
that it is entitled to credit or repayment in respect of such VAT from the relevant tax authority.

 

		12.7	FATCA Information

 

		12.7.1	Subject to 12.7.3, each Party shall, within ten Business Days of
a reasonable request by another Party –

 

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		12.7.1.1	confirm to that other Party whether it is –

 

		12.7.1.1.1	a FATCA Exempt Party; or

 

		12.7.1.1.2	not a FATCA Exempt Party;

 

		12.7.1.2	supply to that other Party such forms, documentation and other information
relating to its status under FATCA as that other Party reasonably requests for the purposes of that other Party’s compliance
with FATCA; and

 

		12.7.1.3	supply to that other Party such forms, documentation and other information
relating to its status as that other Party reasonably requests for the purposes of that other Party’s compliance with any
other law, regulation, or exchange of information regime.

 

		12.7.2	If a Party confirms to another Party pursuant to 12.7.1.1 that it
is a FATCA Exempt Party and it subsequently becomes aware that it is not or has ceased to be a FATCA Exempt Party, that
Party shall notify that other Party reasonably promptly.

 

		12.7.3	Clause 12.7.1 shall not oblige the Lender to do anything, and 12.7.1.3 shall not oblige any other
Party to do anything, which would or might in its reasonable opinion constitute a breach of –

 

		12.7.3.1	any law or regulation;

 

		12.7.3.2	any fiduciary duty; or

 

		12.7.3.3	any duty of confidentiality.

 

		12.7.4	If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation
or other information requested in accordance with 12.7.1.1 or 12.7.1.2 (including, for the avoidance of doubt, where 12.7.3 applies),
then such Party shall be treated for the purposes of the Finance Documents (and payments under them) as if it is not a FATCA Exempt
Party until such time as the Party in question provides the requested confirmation, forms, documentation or other information.

 

    45 

     

    

 

 

		13	INCREASED COSTS

 

		13.1	Increased costs

 

		13.1.1	Subject to 13.3 the Borrower shall, within three Business Days of a demand by the Lender, pay for
the account of the Lender the amount of any Increased Costs incurred by the Lender or any of its Affiliates as a result of (i) the
introduction of or any change in (or in the interpretation, administration or application of) any law or regulation or (ii) compliance
with any law or regulation made after the Signature Date.

 

		13.1.2	In this Agreement “Increased Costs” means –

 

		13.1.2.1	a reduction in the rate of return from the Facility or on the Lender’s (or its Affiliate’s)
overall capital;

 

		13.1.2.2	an additional or increased cost; or

 

		13.1.2.3	a reduction of any amount due and payable under any Finance Document,

 

which is incurred or suffered by
the Lender or any of its Affiliates to the extent that it is attributable to the Lender having entered into its Commitment or funding
or performing its obligations under any Finance Document.

 

		13.2	Increased cost claims

 

The Lender intending to make
a claim pursuant to 13.1 shall notify the Borrower of the event giving rise to the claim.

 

		13.3	Exceptions

 

		13.3.1	Clause 13.1 does not apply to the extent any Increased Cost is –

 

		13.3.1.1	attributable to a Tax Deduction required by law to be made by an Obligor;

 

    46 

     

    

 

 

		13.3.1.2	compensated for by 12.3 (or would have been compensated for under 12.3 but was not so compensated
solely because any of the exclusions in 12.3.2 applied); or

 

		13.3.1.3	attributable to the wilful breach by the Lender or its Affiliates of any law or regulation.

 

		13.3.2	In this 13.3, a reference to a “Tax Deduction” has the same meaning given to
that term in 12.1.

 

		14	INDEMNITY

 

		14.1	The Borrower shall (or shall procure that an Obligor will), within three Business Days of demand,
indemnify the Lender against and shall pay to the Lender any cost, loss or liability incurred by the Lender as a result of –

 

		14.1.1	the occurrence of any Default;

 

		14.1.2	a failure by an Obligor to pay any amount due under a Finance Document on its due date;

 

		14.1.3	funding, or making arrangements to fund, its participation in a Loan requested by the Borrower
in a Utilisation Request but not made by reason of the operation of any one or more of the provisions of this Agreement (other
than by reason of default or negligence by the Lender alone); or

 

		14.1.4	a Loan (or part of a Loan) not being prepaid in accordance with a notice of prepayment given by
the Borrower.

 

		14.1.5	The Borrower shall promptly indemnify the Lender, each Affiliate of the Lender and each officer
or employee of the Lender or its Affiliate, against any cost, loss or liability incurred by the Lender or its Affiliate (or officer
or employee of the Lender or Affiliate) in connection with or arising out of the use of proceeds under the Facility or Transaction
Security being taken over the Secured Property (including but not limited to those incurred in connection with any litigation,
arbitration or administrative proceedings or regulatory enquiry concerning the use of proceeds under the Facility), unless such
loss or liability is caused by the gross negligence or wilful misconduct of the Lender or its Affiliate (or employee or officer
of the Lender or Affiliate). Any Affiliate or any officer or employee of the Lender or its Affiliate may rely on this 14, subject
to 1.15.

 

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		15	MITIGATION BY THE LENDER

 

		15.1	Mitigation

 

		15.1.1	The Lender shall, in consultation with the Borrower, take all reasonable
steps to mitigate any circumstances which arise and which would result in any amount becoming payable under or pursuant to, or
cancelled pursuant to, any of 7.1, 12 or 13 including (but not limited to) transferring its rights and obligations under
the Finance Documents to another Affiliate.

 

		15.1.2	Clause 15.1.1 does not in any way limit the obligations of any Obligor under the Finance Documents.

 

		15.2	Limitation of liability

 

		15.2.1	The Borrower shall promptly indemnify the Lender against and shall pay to the Lender all costs
and expenses reasonably incurred by the Lender as a result of steps taken by it under 15.1.

 

		15.2.2	The Lender is not obliged to take any steps under 15.1 if, in the opinion of the Lender (acting
reasonably), to do so might be prejudicial to it.

 

		16	COSTS AND EXPENSES

 

		16.1	Transaction expenses

 

The Borrower shall promptly
on demand pay the Lender the amount of all costs and expenses (including legal fees) reasonably incurred by it in connection with
the negotiation, preparation, printing, execution, syndication and perfection of –

 

		16.1.1.1	the Transaction Security, this Agreement, and any other documents referred to in this Agreement;
and

 

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		16.1.1.2	any other Finance Documents executed after the Signature Date.

 

		16.2	Amendment costs

 

If

 

		16.2.1	an Obligor requests an amendment, waiver or consent; or

 

		16.2.2	there is any change in law or any regulation which requires an amendment, waiver or consent under
the Finance Documents, the Borrower shall, within three Business Days of demand, reimburse the Lender for the amount of all costs
and expenses (including legal fees) reasonably incurred by the Lender (and by any Representative appointed by the Lender) in responding
to, evaluating, negotiating or complying with that request or requirement.

 

		16.3	Enforcement costs

 

The Borrower shall, within three
Business Days of demand, pay to the Lender the amount of all costs and expenses (including legal fees on the scale as between attorney
and own client whether incurred before or after judgement) incurred by the Lender in connection with the enforcement of, or the
preservation of any rights under, any Finance Document and the Transaction Security and any proceedings instituted by or against
the Lender as a consequence of taking or holding the Transaction Security or enforcing these rights.

 

		17	GUARANTEE AND INDEMNITY

 

		17.1	Guarantee and indemnity

 

Each Guarantor irrevocably and
unconditionally jointly and severally, as a principal obligor and not merely as a surety and on the basis of discrete obligations
enforceable against it –

 

		17.1.1	guarantees to the Lender punctual performance by each other Obligor of all that Obligor’s
obligations under the Finance Documents;

 

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		17.1.2	undertakes to the Lender that whenever an Obligor does not pay any amount when due under or in
connection with any Finance Document, that Guarantor shall immediately on demand pay that amount as if it was the principal obligor;
and

 

		17.1.3	agrees with the Lender that if any obligation guaranteed by it is or becomes unenforceable, invalid
or illegal, it will, as an independent and primary obligation, indemnify the Lender immediately on demand against any cost, loss
or liability it incurs as a result of an Obligor not paying any amount which would, but for such unenforceability, invalidity or
illegality, have been payable by it under any Finance Document on the date when it would have been due. The amount payable by a
Guarantor under this indemnity will not exceed the amount it would have had to pay under this 17 if the amount claimed had been
recoverable on the basis of a guarantee.

 

		17.2	Continuing guarantee

 

This guarantee is a continuing
guarantee and will extend to the ultimate balance of sums payable by any Obligor under the Finance Documents, regardless of any
intermediate payment or discharge in whole or in part.

 

		17.3	Reinstatement

 

If any discharge, release or
arrangement (whether in respect of the obligations of any Obligor or any security for those obligations or otherwise) is made by
the Lender in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored
in insolvency, business rescue proceedings, liquidation, winding-up or otherwise, without limitation, then the liability of each
Obligor under this 17 will continue or be reinstated as if the discharge, release or arrangement had not occurred.

 

		17.4	Waiver of defences

 

The obligations of each Guarantor
under this 17 will not be affected by any act, omission, matter or thing which, but for this clause, would reduce, release or prejudice
any of its obligations under this 17 (without limitation and whether or not known to it or the Lender) including –

 

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		17.4.1	any time, waiver or consent granted to, or composition with, any Obligor or other person;

 

		17.4.2	the release of any other Obligor or any other person under the terms of any composition or arrangement
with any creditor of any member of the Group;

 

		17.4.3	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect,
take up or enforce, any rights against, or security over assets of, any Obligor or other person or any non-presentation or nonobservance
of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;

 

		17.4.4	any incapacity or lack of power, authority or legal personality of or dissolution or change in
the members or status of an Obligor or any other person;

 

		17.4.5	any amendment, novation, supplement, extension, restatement (however fundamental and whether or
not more onerous) or replacement of any Finance Document or any other document or security including without limitation any change
in the purpose of, any extension of or any increase in any facility or the addition of any new facility under any Finance Document
or other document or security;

 

		17.4.6	any unenforceability, illegality, invalidity suspension or cancellation of any obligation of any
person under any Finance Document or any other document or security;

 

		17.4.7	any insolvency, liquidation, winding-up, business rescue or similar proceedings (including, but
not limited to, receipt of any distribution made under or in connection with those proceedings);

 

		17.4.8	any other Finance Document not being executed by or binding against any other Guarantor or any
other party; or

 

		17.4.9	any other fact or circumstance arising on which a Guarantor might otherwise be able to rely on
a defence based on prejudice, waiver or estoppel.

 

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		17.5	Immediate recourse

 

Each Guarantor waives any right
it may have of first requiring the Lender (or any trustee or agent on its behalf) to proceed against or enforce any other rights
or security or claim payment from any person before claiming from that Guarantor under this 17. This waiver applies irrespective
of any law or any provision of a Finance Document to the contrary.

 

		17.6	Appropriations

 

Until all amounts which may
be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full, the
Lender (or any trustee or agent on its behalf) may –

 

		17.6.1	refrain from applying or enforcing any other moneys, security or
rights held or received by the Lender (or agent or other person on its behalf) in respect of those amounts, or apply and
enforce the same in such manner and order as it sees fit (whether against those amounts or otherwise) and no Guarantor shall be
entitled to the benefit of the same; and

 

		17.6.2	hold in an interest-bearing suspense account any moneys received
from any Guarantor or on account of any Guarantor’s liability under this 17.

 

		17.7	Deferral of Guarantors’ rights

 

Until all amounts which may
be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full and unless
the Lender otherwise directs, no Guarantor will exercise any rights which it may have by reason of performance by it of its obligations
under the Finance Documents or by reason of any amount being payable, or liability arising, under this 17 –

 

		17.7.1	to be indemnified by an Obligor;

 

		17.7.2	to claim any contribution from any other guarantor of or provider of security for any Obligor’s
obligations under the Finance Documents;

 

		17.7.3	to take the benefit (in whole or in part and whether by way of subrogation, cession of action or
otherwise) of any rights of the Lender under the Finance Documents or of any other guarantee or security taken pursuant to, or
in connection with, the Finance Documents by the Lender;

 

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		17.7.4	to bring legal or other proceedings for an order requiring any Obligor
to make any payment, or perform any obligation, in respect of which any Guarantor has given a guarantee, undertaking or
indemnity under 17.1;

 

		17.7.5	to exercise any right of set-off against any Obligor; and/or

 

		17.7.6	to claim, rank, prove or vote as a creditor or shareholder of any Obligor in competition with the
Lender.

 

If a Guarantor receives any
benefit, payment or distribution in relation to such rights, it shall hold that benefit, payment or distribution to the extent
necessary to enable all amounts which may be or become payable to the Lender by the Obligors under or in connection with the Finance
Documents to be repaid in full on trust for, or otherwise for the benefit of, the Lender and shall promptly pay or transfer the
same to the Lender.

 

		17.8	Release of Guarantors’ right of contribution

 

If any Guarantor (a “Retiring
Guarantor”) ceases to be a Guarantor in accordance with the terms of the Finance Documents for the purpose of any sale
or other disposal of that Retiring Guarantor then on the date such Retiring Guarantor ceases to be a Guarantor –

 

		17.8.1	that Retiring Guarantor is released by each other Guarantor from any liability (whether past, present
or future and whether actual or contingent) to make a contribution to any other Guarantor arising by reason of the performance
by any other Guarantor of its obligations under the Finance Documents; and

 

		17.8.2	each other Guarantor waives any rights it may have by reason of the performance of its obligations
under the Finance Documents to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights
of the Lender under any Finance Document or of any other security taken pursuant to, or in connection with, any Finance Document
where such rights or security are granted by or in relation to the assets of the Retiring Guarantor.

 

    53 

     

    

 

 

		17.9	Additional security

 

This guarantee is in addition
to and is not in any way prejudiced by any other guarantee or security now or subsequently held by the Lender.

 

		18	REPRESENTATIONS

 

Each Obligor makes the representations
and warranties set out in this 18 to the Lender on the Signature Date.

 

		18.1	Status

 

		18.1.1	It is a corporation, duly incorporated and validly existing under the law of its Original Jurisdiction.

 

		18.1.2	Each of its Subsidiaries is a limited liability corporation, duly incorporated and validly existing
under the law of its Original Jurisdiction.

 

		18.1.3	It and each of its Subsidiaries has the power to own its assets and carry on its business as it
is being conducted.

 

		18.2	Binding obligations

 

		18.2.1	The obligations expressed to be assumed by it in each Finance Document to which it is a party are
legal, valid, binding and enforceable obligations; and

 

		18.2.2	(without limiting the generality of 18.2.1 above), each Transaction Security Document to which
it is a party creates the security interests which that Transaction Security Document purports to create and those security interests
are valid and effective.

 

		18.3	Non-conflict with other obligations

 

The entry into and performance
by it of, and the transactions contemplated by, the Finance Documents and the granting of the Transaction Security do not and will
not conflict with –

 

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		18.3.1	any law or regulation applicable to it;

 

		18.3.2	its or any of its Subsidiaries’ constitutional documents; or

 

		18.3.3	any agreement or instrument binding upon it or any of its Subsidiaries or any of its or any of
its Subsidiaries’ assets or constitute a default or termination event (however described) under any such agreement or instrument.

 

		18.4	Power and authority

 

		18.4.1	It has the power to enter into, perform and deliver, and has taken all necessary action to authorise
its entry into, performance and delivery of, the Finance Documents to which it is a party and the transactions contemplated by
those Finance Documents.

 

		18.4.2	No limit on its powers will be exceeded as a result of the borrowing, grant of security or giving
of guarantees or indemnities contemplated by the Finance Documents to which it is a party.

 

		18.5	Validity and admissibility in evidence

 

		18.5.1	All Authorisations and any other acts, conditions or things required or desirable –

 

		18.5.1.1	to enable it lawfully to enter into, exercise its rights and comply with its obligations in the
Finance Documents to which it is a party; and

 

		18.5.1.2	to make the Finance Documents to which it is a party admissible in
evidence in its Relevant Jurisdictions, have been obtained, effected, done, fulfilled or performed and are in full force
and effect.

 

		18.5.2	All Authorisations necessary for the conduct of the business, trade and ordinary activities by
each member of the Group have been obtained or effected and are in full force and effect.

 

    55 

     

    

 

 

		18.6	Governing law and enforcement

 

		18.6.1	The choice of the law stated to be the governing law of each Finance Document will be recognised
and enforced in its Relevant Jurisdictions.

 

		18.6.2	Any judgment obtained in relation to a Finance Document in the jurisdiction of the stated governing
law of that Finance Document will be recognised and enforced in its Relevant Jurisdictions.

 

		18.7	Insolvency and Financial Distress

 

		18.7.1	No creditors’ process described in 22.8 has been taken or, to the knowledge of the Borrower,
threatened in relation to any Material Subsidiary.

 

		18.7.2	No Insolvency Event has occurred in respect of the Borrower or any Material Subsidiary nor is the
Borrower or any Material Subsidiary financially distressed within the meaning of section 128 of the Companies Act.

 

		18.7.3	Neither it nor any member of the Group is Financially Distressed (as defined in the Companies Act,
2008).

 

		18.8	Deduction of Tax

 

It is not required to make any
Tax Deduction (as defined in 12.1) from any payment it may make under any Finance Document.

 

		18.9	No filing or stamp taxes

 

Under the laws of its Relevant
Jurisdictions it is not necessary that the Finance Documents be filed, recorded or enrolled with any court or other authority in
that jurisdiction or that any stamp, registration, notarial or similar Taxes or fees be paid on or in relation to the Finance Documents
or the transactions contemplated by the Finance Documents.

 

		18.10	No default

 

		18.10.1	No Event of Default is continuing or might reasonably be expected to result from the making of
any Utilisation or the entry into, the performance of, or any transaction contemplated by, any Finance Document.

 

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		18.10.2	No other event or circumstance is outstanding which constitutes a default under any other agreement
or instrument which is binding on it or any of its Subsidiaries or to which its (or any of its Subsidiaries’) assets are
subject which might have a Material Adverse Effect.

 

		18.11	No misleading information

 

All written information provided
by any member of the Group (including its advisers) to the Lender under or in connection with the Finance Documents was true, complete
and accurate in all material respects as at the date it was provided and is not misleading in any respect.

 

		18.12	Financial statements

 

		18.12.1	Its Original Financial Statements were prepared in accordance with IFRS consistently applied.

 

		18.12.2	Its Original Financial Statements fairly represent its financial condition as at the end of the
relevant Financial Year and operations during the relevant Financial Year (consolidated in the case of the Borrower).

 

		18.12.3	The Budgets and forecasts supplied under this Agreement were arrived at after careful consideration
and have been prepared in good faith on the basis of recent historical information and on the basis of assumptions which were reasonable
as at the date they were prepared and supplied.

 

		18.12.4	There has been no material adverse change in its business or financial condition (or the business
or consolidated financial condition of the Group, in the case of the Borrower) since the date of its Original Financial Statements.

 

		18.13	Pari passu ranking

 

Its payment obligations under
the Finance Documents rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors,
except for obligations mandatorily preferred by law applying to companies generally.

 

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		18.14	No proceedings pending or threatened

 

No litigation, arbitration or
administrative proceedings of or before any court, arbitral body or agency which, if adversely determined, might reasonably be
expected to have a Material Adverse Effect has or have (to the best of its knowledge and belief) been started or threatened against
it or any of its Subsidiaries.

 

		18.15	No breach of laws

 

		18.15.1	It has not (and none of its Subsidiaries has) breached any law or regulation which breach has or
is reasonably likely to have a Material Adverse Effect.

 

		18.15.2	No labour disputes are current or, to the best of its knowledge and belief (having made due and
careful enquiry), threatened against any member of the Group which have or are reasonably likely to have a Material Adverse Effect.

 

		18.16	Environmental laws

 

		18.16.1	Each member of the Group is in compliance with 21.15 and to the best of its knowledge and belief
(having made due and careful enquiry) no circumstances have occurred which would prevent such compliance in a manner or to an extent
which has or is reasonably likely to have a Material Adverse Effect.

 

		18.16.2	No Environmental Claim has been commenced or (to the best of its knowledge and belief (having made
due and careful enquiry)) is threatened against any member of the Group where that claim has or is reasonably likely, if determined
against that member of the Group, to have a Material Adverse Effect.

 

		18.17	Authorised Signatures

 

Any person specified as its
authorised signatory under Annexure B (Conditions precedent) or 19.5.7 is authorised to sign Utilisation Requests and other
notices on its behalf.

 

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		18.18	Financial year end

 

The Financial Year-end of -

 

		18.18.1	the Borrower is February; and

 

		18.18.2	each Guarantor is February.

 

		18.19	No immunity

 

In any proceedings taken in
South Africa or in any other jurisdiction, it will not be entitled to claim for itself or any of its assets immunity from suit,
execution, attachment or other legal process in relation to any Finance Document.

 

		18.20	Private and commercial acts

 

Its execution of the Finance
Documents to which it is a party constitutes, and its exercise of its rights and performance of its obligations thereunder will
constitute, private and commercial acts done and performed for private and commercial purposes.

 

		18.21	Taxation

 

		18.21.1	It and each member of the Group has duly and punctually paid and discharged all Taxes imposed upon
it or its assets in all material respects within the time period allowed without incurring penalties except to the extent that
-

 

		18.21.1.1	payment is being contested in good faith;

 

		18.21.1.2	it has maintained adequate provisions for those Taxes in accordance with IFRS; and

 

		18.21.1.3	payment can be lawfully withheld.

 

		18.21.2	No claims or investigations are being, or are reasonably likely to be, made or conducted against
it with respect to Taxes which –

 

		18.21.2.1	are reasonably likely to result in the imposition of any conviction; or

 

    59 

     

    

 

 

 

		18.21.2.2	result in the imposition of any penalty that may adversely affect the reputation of any Finance
Party (as determined by that Finance Party in its absolute discretion by written notice to the Borrower to that effect).

 

		18.21.3	It is resident for Tax purposes only in South Africa.

 

		18.22	Anti-corruption law

 

Each member of the Group has
conducted its businesses in compliance with applicable anti-corruption laws and has instituted and maintains as at the Signature
Date policies and procedures designed to promote and achieve compliance with such laws.

 

		18.23	Sanctions

 

No Obligor, nor any of its directors
to its best knowledge (having made due and careful enquiry), is listed on any Sanctions List.

 

		18.24	Security and Financial Indebtedness

 

		18.24.1	No Security or Quasi-Security exists over all or any of the present or future assets of any member
of the Group other than as permitted by this Agreement.

 

		18.24.2	No member of the Group has any Financial Indebtedness outstanding other than in terms of the Permitted
Loans and/or as permitted by this Agreement or as disclosed in Annexure K (Existing Financial Indebtedness).

 

		18.24.3	Subject in each case to any registration specifically required by law, each Transaction Security
Document validly creates the security interest which is expressed to be created by that Transaction Security Document.

 

		18.25	Ranking

 

The Transaction Security has
or will have first ranking priority and it is not subject to any prior ranking or pari passu ranking Security.

 

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		18.26	Ownership

 

It is the sole, absolute, legal
and, where applicable, beneficial owner of the respective assets over which it purports to grant Security free from any claims,
third party rights or competing interests other than Security permitted under 21.3.3.

 

		18.27	No Material Adverse Effect

 

No Material Adverse Effect has
occurred.

 

		18.28	No adverse consequences

 

		18.28.1	It is not necessary under the laws of its Relevant Jurisdictions –

 

		18.28.1.1	in order to enable the Lender to enforce its rights under any Finance Document; or

 

		18.28.1.2	by reason of the execution of any Finance Document or the performance
by it of its obligations under any Finance Document,

 

		18.28.2	that the Lender should be licensed, qualified or otherwise entitled
to carry on business in any of its Relevant Jurisdictions.

 

		18.29	Dormant entities

 

As at the Signature Date, the
Subsidiaries of the Borrower listed in Annexure L (“Dormant Entities”) are not trading or conducting business
of any nature whatsoever. If any Dormant Entity recommences any trading or conducts any business at any time during the term of
this Agreement, the Borrower shall forthwith notify the Lender thereof.

 

		18.30	Repetition

 

The Repeating Representations
are deemed to be made by each Obligor by reference to the facts and circumstances then existing on –

 

		18.30.1	the date of each Utilisation Request and the first day of each Interest Period; and

 

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		18.30.2	in the case of an Additional Guarantor, the day on which it becomes (or it is proposed that it
becomes) an Additional Guarantor.

 

		19	INFORMATION UNDERTAKINGS

 

The undertakings in this 19 remain
in force from the Signature Date for so long as any amount is outstanding under the Finance Documents or any Commitment is in force.

 

		19.1	Financial statements

 

The Borrower shall supply to
the Lender –

 

		19.1.1	as soon as the same become available, but in any event within 120
days after the end of each of its Financial Years –

 

		19.1.1.1	its audited consolidated financial statements for that Financial Year; and

 

		19.1.1.2	the audited financial statements of each Obligor for that Financial Year; and

 

		19.1.2	as soon as the same become available, but in any event within 30 days after the end of each Measurement
Period, its management accounts (including a balance sheet, income statement, management accounts and cash flow statements, summarised
debtors age analysis) for that Measurement Period.

 

		19.2	Compliance Certificate

 

		19.2.1	The Borrower shall supply to the Lender, with each set of audited consolidated financial statements
for a Financial Year, each set of management accounts in respect of each Measurement Period in a Financial Year ending on a Measurement
Date provided in terms of 19.1, a Compliance Certificate in the form attached as Annexure F (i) setting out (in reasonable
detail) computations as to compliance with clause 20 as at the date as at which those financial statements or management accounts
were drawn up and (ii) confirming compliance with the financial covenants recorded in clause 20. For the avoidance of doubt
it being recorded that the first Measurement Date shall be 28 February 2021.

 

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		19.2.2	Each Compliance Certificate shall be signed by two directors of the Borrower.

 

		19.3	Requirements as to financial statements and management accounts

 

		19.3.1	Each set of financial statements and management accounts delivered by the Borrower pursuant to
19.1 shall be certified by a director of the relevant company as fairly representing its financial condition as at the date as
at which those financial statements and/or management accounts were drawn up.

 

		19.3.2	The Borrower shall procure that each set of financial statements
and management accounts in respect of any Obligor delivered pursuant to 19.1 is prepared using IFRS, accounting practices
and financial reference periods consistent with those applied in the preparation of the Original Financial Statements for that
Obligor unless, in relation to any set of financial statements or management accounts (as the case may be), it notifies the Lender
that there has been a change in IFRS, the accounting practices or reference periods and its Auditors (or, if appropriate, the Auditors
of the Obligor) deliver to the Lender –

 

		19.3.2.1	a description of any change necessary for those financial statements and/or management accounts
to reflect the IFRS, accounting practices and reference periods upon which that Obligor’s Original Financial Statements were
prepared; and

 

		19.3.2.2	sufficient information, in form and substance as may be reasonably required by the Lender, to enable
the Lender to determine whether 20 has been complied with and make an accurate comparison between the financial position indicated
in those financial statements and/or management accounts and that Obligor’s Original Financial Statements.

 

Any reference in this Agreement
to those financial statements and/or management accounts shall be construed as a reference to those financial statements and/or
management accounts as adjusted to reflect the basis upon which the Original Financial Statements were prepared.

 

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		19.4	Budget

 

		19.4.1	The Borrower shall supply to the Lender, as soon as the same become available but in any event
within seven days before the start of each of its Financial Years, an annual Budget for that Financial Year.

 

		19.4.2	The Borrower shall ensure that each Budget –

 

		19.4.2.1	is in a form reasonably acceptable to the Lender and includes a projected
consolidated profit and loss, balance sheet and cashflow statement for the Group, and descriptions of the proposed activities
of the Group for the Financial Year to which the Budget relates. The projections shall relate to the 12 month period comprising,
and each month in, that Financial Year;

 

		19.4.2.2	is prepared in accordance with the Accounting Principles and the accounting practices and financial
reference periods applied to financial statements under 19.1;

 

		19.4.2.3	has been approved by the board of directors of the Borrower.

 

		19.4.3	If the Borrower updates or changes the Budget, it shall promptly deliver to the Lender, such updated
or changed Budget together with a written explanation of the main changes in that Budget.

 

		19.5	Information: miscellaneous

 

The Borrower shall supply to
the Lender –

 

		19.5.1	all documents dispatched by the Borrower to its shareholders (or any class of them) or its creditors
generally (or any class of them) at the same time as they are dispatched;

 

		19.5.2	promptly upon becoming aware of them, details and copies of any change proposed to be made or made
to its constitutional documents or the constitutional documents of it or any Obligor, including the filing of any Memorandum of
Incorporation under the Companies Act 2008, if such change would adversely affect the rights of the Lender, or the ability of the
Borrower to meet its payment and/or other obligations, under the Finance Documents;

 

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		19.5.3	written notice of all off balance sheet items, as such latter term is defined in IFRS, within five
Business Days of the item arising;

 

		19.5.4	promptly upon becoming aware of them, the details of (i) any
Event of Default, and (ii) any litigation, arbitration, administrative proceedings, liquidation applications, winding up applications
or business rescue applications or other Insolvency Event which are current, threatened or pending against it or any other
member of the Group, and which might, if adversely determined, have a Material Adverse Effect;

 

		19.5.5	promptly, such information as the Lender may reasonably require about the Secured Property and
compliance of the Obligors with the terms of any Transaction Security Documents;

 

		19.5.6	promptly, and in any event within five Business Days, such further information regarding the financial
condition, business and operations of any member of the Group as the Lender may reasonably request;

 

		19.5.7	promptly, notice of any change in authorised signatories of it or any other Obligor signed by a
director or company secretary of it or such other Obligor (as the case may be) accompanied by specimen signatures of any new authorised
signatories;

 

		19.5.8	promptly upon request, such additional information or documentation as the Lender may require in
order to verify that any signatory referred to in 19.5.7 above has been duly authorised;

 

		19.5.9	the details of any Disposal or insurance claim which would result in the receipt by any member
of the Group of any Net Disposal Proceeds and/or Net Insurance Proceeds;

 

		19.6	Auditors

 

The Borrower shall not (and
shall ensure that no other Obligor will) change its auditors from those retained by it as at the Signature Date except with the
consent of the Lender.

 

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		19.7	Financial Year end

 

The Borrower shall procure that
each Financial Year-end Financial of -

 

		19.7.1	the Borrower is February; and

 

		19.7.2	each Guarantor is February.

 

		19.8	Notification of default

 

		19.8.1	Each Obligor shall notify the Lender promptly upon becoming aware
of same, all relevant information regarding any facts or circumstances which could reasonably be expected to result in the
occurrence of an Event of Default and/or a Default and/or adversely affect the Lender’s rights and/or interests under the
Finance Documents after the Signature Date.

 

		19.8.2	Each Obligor shall notify the Lender of any Default (and the steps, if any, being taken to remedy
it) promptly upon becoming aware of its occurrence (unless that Obligor is aware that a notification has already been provided
by another Obligor).

 

		19.8.3	Promptly upon a request by the Lender, the Borrower shall supply
to the Lender a certificate signed by two of its directors or senior officers on its behalf certifying that no Default is
continuing (or if a Default is continuing, specifying the Default and the steps, if any, being taken to remedy it).

 

		19.9	“Know your customer” checks

 

		19.9.1	If –

 

		19.9.1.1	the introduction of or any change in (or in the interpretation, administration
or application of) any law or regulation made after the Signature Date;

 

		19.9.1.2	any change in the status or shareholding composition of an Obligor after the Signature Date; or

 

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	19.9.1.3	a proposed Transfer by the Lender of any of its rights and obligations under this Agreement to
a party that is not the Lender prior to such Transfer,

 

obliges the Lender (or, in the
case of 19.9.1.3 above, any prospective new Lender) to comply with “know your customer” or similar identification
procedures (whether in terms of the Financial Intelligence Centre Act, 2001 or otherwise) in circumstances where the necessary
information is not already available to it, each Obligor shall promptly upon the request of the Lender supply, or procure the supply
of, such documentation and other evidence as is reasonably requested by the Lender (for itself or, in the case of the event described
in 19.9.1.3 above, on behalf of any prospective new Lender) in order for the Lender or, in the case of the event described in 19.9.1.3
above, any prospective new Lender to carry out and be satisfied it has complied with all necessary “know your customer”
or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance
Documents.

 

		19.9.2	The Borrower shall, by not less than 10 Business Days’ prior
written notice to the Lender, notify the Lender of its intention to request that one of its Subsidiaries becomes an Additional
Guarantor pursuant to 24.

 

		19.9.3	Following the giving of any notice pursuant to 19.9.2, if the accession of such Additional Guarantor
obliges the Lender to comply with “know your customer” or similar identification procedures in circumstances
where the necessary information is not already available to it, the Borrower shall promptly upon the request of the Lender supply,
or procure the supply of, such documentation and other evidence as is reasonably requested by the Lender (for itself or on behalf
of any prospective new Lender) in order for the Lender or any prospective new Lender to carry out and be satisfied it has complied
with all necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant
to the accession of such Subsidiary to this Agreement as an Additional Guarantor.

 

		20	FINANCIAL COVENANTS

 

		20.1	Financial definitions

 

In this Agreement –

 

	20.1.1	“Capital Expenditure” - in respect of each Measurement Period, all expenditure
incurred by the Group which would qualify as capital expenditure in accordance with IFRS;

 

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		20.1.2	“Debt” - for each Measurement Period and as at the Measurement Date on which
such Measurement Period ends without double counting, all non-subordinated, Interest bearing financial indebtedness (including
Financial Indebtedness);

 

		20.1.3	“Debt to EBITDA Ratio” - for each Measurement Period, the ratio of Debt as at
the last day of that Measurement Period to EBITDA for that Measurement Period;

 

		20.1.4	“Debt Service” - in respect of each Measurement Period and in relation to the
Group, the sum of –

 

		20.1.4.1	Interest for such Measurement Period; plus

 

		20.1.4.2	any scheduled repayments and any mandatory prepayments that may occur
during that Measurement Period in respect of Debt;

 

		20.1.5	“Debt Service Cover Ratio” - in respect of each Measurement Period, the ratio
between (i) Free Cash Flow for such Measurement Period and (ii) Debt Service for such Measurement Period;

 

		20.1.6	“EBITDA” - in relation to the Group (and in respect of each Measurement Period),
the consolidated operating profit of the Group (and including the annualised operating income of any businesses or companies acquired
during the applicable Financial Year) (and without double counting) –

 

		20.1.6.1	before Taxation;

 

		20.1.6.2	before deducting any interest, preference dividends, commission, fees, discounts, prepayment fees,
premiums or charges and other finance payments, in each instance in respect of Financial Indebtedness, whether paid, payable or
capitalised by any member of the Group (calculated on a consolidated basis) in respect of that Measurement Period;

 

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		20.1.6.3	not including any accrued interest owing to any member of the Group;

 

		20.1.6.4	after adding back any amount attributable to the amortisation, or depreciation of assets of any
member of the Group, but specifically excluding any depreciation of a right of use asset in accordance with IFRS 16;

 

		20.1.6.5	after deducting the amount of any profit (or adding back the amount of any loss) of any member
of the Group which is attributable to minority interests;

 

		20.1.6.6	before taking into account any unrealised gains or losses on any derivative instrument (other than
any derivative instrument which is accounted for on a hedge accounting basis) which is reported through the income statement during
that period;

 

		20.1.6.7	before any unrealised gains or losses due to exchange rate movements which is reported through
the income statement during that period;

 

		20.1.6.8	excluding the charge to profit represented by the expensing of forfeitable shares,

 

		20.1.6.9	taking into account any adjustment in terms of IFRS 16 in respect of all lease payments made;

 

in each case, to the extent added,
deducted or taken into account, as the case may be, for the purposes of determining operating profits of the Group before Taxation;

 

		20.1.7	“Free Cash Flow” - without double counting, in respect of each Measurement Period
and in relation to the Group, EBITDA for such Measurement Period adjusted by –

 

		20.1.7.1	adding the amount (if any) by which the Group’s consolidated working capital has decreased
during such period or, as the case may be, deducting the amount (if any) by which the Group’s consolidated working capital
has increased during such Measurement Period. The changes in working capital are to be calculated by comparing the rolling average
working capital over the relevant Measurement Period with the rolling average working capital over the immediately preceding Measurement
Period;

 

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		20.1.7.2	deducting any Capital Expenditure incurred by the Group during such
Measurement Period;

 

		20.1.7.3	adding the amount of any increase in provisions, other non-cash debits and other non-cash charges
(which are not current assets or current liabilities) and deducting the amount of any non-cash credits (which are not current assets
or current liabilities), in each case, to the extent taken into account in establishing EBITDA;

 

		20.1.7.4	deducting any Taxes (less rebates) (determined without double counting) which the Group has paid
during such Measurement Period;

 

		20.1.7.5	adding any Interest actually received by any member of the Group,

 

and so that no amount shall be
added (or deducted) more than once;

 

		20.1.8	“Interest” - in respect of any Measurement Period, the sum of all interest and
accrued finance charges under any non-subordinated interest-bearing liability and all accrued dividends under any preference share
financing for such Measurement Period; and

 

		20.1.9	“Measurement Period” - each period of 12 (twelve) consecutive months preceding
a Measurement Date.

 

		20.2	Financial condition

 

The Borrower shall ensure that
at all times until all of the Secured Obligations have been fully and finally discharged (as confirmed by the Lender in writing),
the following Financial Covenants will be achieved and maintained –

 

		20.2.1	Debt Service Cover Ratio in respect of each Measurement Period equal to or more than 1.3 times;

 

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		20.2.2	Debt to EBITDA Ratio in respect of each Measurement Period of less than or equal to 1.25 times.

 

		20.3	Financial testing

 

The Financial Covenants shall
be calculated in accordance with IFRS and tested on each Measurement Date (the first Measurement Date being 28 February 2021)
by reference to the consolidated financial information of the Group (contained in the financial statements and management accounts
delivered pursuant to clause 19.1 and/or each Compliance Certificate delivered pursuant to clause 19.2), in respect of each Measurement
Period.

 

		20.4	Equity Cure

 

		20.4.1	Should it be anticipated by the Borrower that any Financial Covenant
will be breached or if any Financial Covenant has been breached in respect of any Measurement Period in terms of the preceding
provisions of this clause 20, the Borrower may in each instance, should it wish to avoid the occurrence of an Event of Default
of the nature contemplated in clause 22.2 or remedy an Event of Default of the nature contemplated in such clause which
has occurred, restore the relevant Financial Covenant to the level required in terms of such provisions by prepaying a portion
of the outstanding Loans and cancelling a corresponding portion of the Commitment, utilising Equity Cure Funding (“Equity
Cure”), subject to the following terms and conditions –

 

		20.4.1.1	the Borrower shall be required to give written notice of its intention to implement such Equity
Cure to the Lender and thereafter to fully implement such Equity Cure within 30 calendar days from the date of giving such notice
in the event of an anticipated breach of any of the Financial Covenants, such implementation to include the delivery of documentary
proof to the Lender (acceptable to the Lender), of the utilisation of Equity Cure Funding to prepay a portion of the outstanding
Loans;

 

		20.4.1.2	if an Event of Default contemplated in clause 22.2 has occurred, and the Borrower wishes to utilise
Equity Cure Funding to remedy such Event of Default, then the Borrower must do so within 30 calendar days of the Measurement Date
in respect of which such Event of Default occurred;

 

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		20.4.1.3	no more than two Equity Cures may be effected;

 

		20.4.1.4	without derogating from the provisions of clause 20.4.1.1, Equity Cures may not be effected in
consecutive Measurement Periods;

 

		20.4.1.5	no other Event of Default has occurred and is continuing; and

 

		20.4.1.6	upon Equity Cure Funding having been utilised to prepay a portion of the outstanding Loans as equals
the amount of the Equity Cure Funding (“Relevant Repayment”) in order to achieve an Equity Cure in relation
to any Financial Covenant which may be or has been breached in relation to a particular Measurement Period, such Financial Covenant
shall be recalculated on the basis that –

 

		20.4.1.6.1	the quantum of the Debt shall be reduced by the quantum of such Equity
Cure Funding so utilised for the Relevant Repayment as if the Relevant Repayment had occurred on the first day of the Measurement
Period, for the purposes of determining the Debt to EBITDA Ratio; and

 

		20.4.1.6.2	the quantum of Debt Service shall be recalculated as if the Relevant Repayment had occurred on
the first day of the Measurement Period, for the purposes of determining the Debt Service Cover Ratio.

 

		20.4.2	All Equity Cure Funding which has been utilised to make a Relevant Repayment, the amounts so repaid
under the Facility, shall no longer be available for Utilisation by the Borrower under the Facility and a corresponding portion
of the Commitment shall be cancelled.

 

		21	GENERAL UNDERTAKINGS

 

The undertakings in this 21 remain
in force from the Signature Date for so long as any amount is outstanding under the Finance Documents or any Commitment is in force.

 

		21.1	Authorisations

 

Each Obligor shall (and the
Borrower shall ensure that each member of the Group will) promptly –

 

		21.1.1	obtain, comply with and do all that is necessary to maintain in full force and effect; and

 

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		21.1.2	supply certified copies to the Lender, upon its request, of,

 

any Authorisation required under
any law or regulation of a Relevant Jurisdiction to –

 

		21.1.3	enable it to perform its obligations under the Finance Documents;

 

		21.1.4	ensure the legality, validity, enforceability or admissibility in evidence of any Finance Document;
and

 

		21.1.5	carry on its business where failure to do so has or is reasonably likely to have a Material Adverse
Effect.

 

		21.2	Compliance with laws

 

Each Obligor shall (and the
Borrower shall ensure that each member of the Group will) comply in all respects with all laws to which it may be subject.

 

		21.3	Negative pledge

 

In this 21.3, “Quasi-Security”
means an arrangement or transaction described in 21.3.2.

 

		21.3.1	No Obligor shall (and the Borrower shall ensure that no member of the Group will) create or permit
to subsist any Security over any of its assets.

 

		21.3.2	No Obligor shall (and the Borrower shall ensure that no member of the Group will) –

 

		21.3.2.1	sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased
to or re-acquired by an Obligor;

 

		21.3.2.2	sell, transfer or otherwise dispose of any of its receivables on recourse terms;

 

		21.3.2.3	enter into or permit to subsist any title retention arrangement;

 

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		21.3.2.4	enter into or permit to subsist any arrangement under which money or the benefit of a bank or other
account may be applied, set-off or made subject to a combination of accounts; or

 

		21.3.2.5	enter into or permit to subsist any other preferential arrangement having a similar effect,

 

in circumstances where the arrangement
or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the acquisition of an asset.

 

		21.3.3	Clauses 21.3.1 and 21.3.2 do not apply to any Security or (as the
case may be) Quasi-Security listed below –

 

		21.3.3.1	any lien arising by operation of law and in the ordinary course of
trading and not as a result of any default or omission by any member of the Group;

 

		21.3.3.2	any Security or Quasi-Security entered into pursuant to any Finance
Document;

 

		21.3.3.3	any Security or Quasi-Security arising under any retention of title, hire purchase or conditional
sale arrangement or arrangements having similar effect in respect of goods supplied to a member of the Group in the ordinary course
of trading and on the supplier’s standard or usual terms and not arising as a result of any default or omission by any member
of the Group.

 

		21.4	Disposals

 

		21.4.1	No Obligor shall (and the Borrower shall ensure that no member of
the Group will) enter into a single transaction or a series of transactions (whether related or not) and whether voluntary
or involuntary to sell, lease, transfer or otherwise dispose of any asset.

 

		21.4.2	Clause 21.4.1 above does not apply to any sale, lease, transfer or
other disposal –

 

		21.4.2.1	made in the ordinary course of trading of the disposing entity;

 

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		21.4.2.2	of assets in exchange for other assets comparable or superior as
to type, value and quality and for a similar purpose.

 

		21.5	Arm’s length basis

 

		21.5.1	No Obligor shall (and the Borrower shall ensure that no member of the Group will) enter into any
transaction with any person except on arm’s length terms and for full market value, other than in the ordinary course of
business of the Obligor.

 

		21.5.2	Each Obligor shall inform the Lender promptly of any transactions concluded by it with any related
person during any Financial Year, and in addition, the Borrower shall inform the Lender promptly of any transactions concluded
by any Obligor with any related person during any Financial Year, other than those concluded in the ordinary course of business
of that Obligor, in keeping with normal business practices in the Group and disclosed in the annul financial statements of such
Obligor.

 

		21.6	Loans or credit

 

No Obligor shall (and the Borrower
shall ensure that no member of the Group will) be a creditor in respect of any Financial Indebtedness other than in respect of
the Permitted Loans.

 

		21.7	No guarantees or indemnities

 

No Obligor shall (and the Borrower
shall ensure that no member of the Group will) incur or allow to remain outstanding any guarantee in respect of any obligation
of any person.

 

		21.8	Dividends and share redemption

 

Other than a Permitted Distribution,
the Borrower shall not (and the Borrower shall ensure that no member of the Group will), –

 

		21.8.1	declare, make or pay any dividend, charge, fee or other distribution (or interest on any unpaid
dividend, charge, fee or other distribution) (whether in cash or in kind) on or in respect of its share capital (or any class of
its share capital);

 

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		21.8.2	repay or distribute any dividend or share premium reserve;

 

		21.8.3	pay or allow any member of the Group to pay any management, advisory or other fee to or to the
order of any of the shareholders of the Borrower; or

 

		21.8.4	redeem, repurchase, retire or repay any of its share capital or resolve
to do so.

 

		21.9	Share capital

 

No Obligor shall (and the Borrower
shall ensure that no member of the Group will) issue any shares or enter into or grant any equity warrant or similar instrument
in relation to any shares of any Obligor except with the prior written consent of the Lender.

 

		21.10	Financial Indebtedness

 

No Obligor shall (and the Borrower
shall ensure that no member of the Group will) incur or allow to remain outstanding any Financial Indebtedness, other than the
Permitted Loans, without the prior written consent of the Lender.

 

		21.11	Merger

 

The Borrower shall not (and
the Borrower shall ensure that no member of the Group will) enter into any amalgamation, demerger, merger or corporate reconstruction,
without the prior written consent of the Lender (which consent shall not be unreasonably withheld).

 

		21.12	Change of business

 

The Borrower shall procure that
no substantial change is made to the general nature of the business of the Borrower or any Obligor or the Group taken as a whole
from that carried on at the Signature Date.

 

		21.13	Acquisitions

 

No Obligor shall (and the Borrower
shall ensure that no member of the Group will), without the prior written consent of the Lender –

 

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		21.13.1	acquire a company or any shares or securities or a business or undertaking
(or, in each case, any interest in any of them); or

 

		21.13.2	incorporate a company.

 

		21.14	Constitutional documents

 

Each Obligor shall ensure that
no change is made to its respective constitutional documents which would adversely affect the rights of the Lender, or the ability
of the Borrower to meet its payment and/or other obligations, under the Finance Documents.

 

		21.15	Environmental compliance

 

		21.15.1	Each Obligor shall (and the Borrower shall ensure that each member
of the Group will) –

 

		21.15.1.1	comply with all Environmental Law;

 

		21.15.1.2	obtain, maintain and ensure compliance with all requisite Environmental
Permits;

 

		21.15.1.3	implement procedures to monitor compliance with and to prevent liability
under any Environmental Law,

 

where failure to do so has or is
reasonably likely to have a Material Adverse Effect.

 

		21.16	Environmental claims

 

Each Obligor shall (through
the Borrower), promptly upon becoming aware of the same, inform the Lender in writing of –

 

		21.16.1	any Environmental Claim against any member of the Group which is
current, pending or threatened; and

 

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		21.16.2	any facts or circumstances which are reasonably likely to result
in any Environmental Claim being commenced or threatened against any member of the Group,

 

where the claim, if determined
against that member of the Group, has or is reasonably likely to have a Material Adverse Effect.

 

		21.17	Anti-corruption law

 

		21.17.1	No Obligor shall (and the Borrower shall ensure that no member of the Group will) directly or indirectly
use the proceeds of the Facility for any purpose which would breach the Prevention and Combatting of Corrupt Activities Act 2004,
Bribery Act 2010, the United States Foreign Corrupt Practices Act of 1977 or other similar legislation in other jurisdictions.

 

		21.17.2	Each Obligor shall (and the Borrower shall ensure that each member
of the Group will) -

 

		21.17.2.1	conduct its businesses in compliance with applicable anti-corruption
laws; and

 

		21.17.2.2	maintain policies and procedures designed to promote and achieve
compliance with such laws.

 

		21.18	Sanctions

 

		21.18.1	The Obligors shall not –

 

		21.18.1.1	use the proceeds of the Loans or facilities under any other Finance Document (or any of them) for
the purpose of financing directly or indirectly (or otherwise make available) the activities of any person or entity which is listed
on any Sanctions List or located in a country which is subject to any Sanctions;

 

		21.18.1.2	contribute or otherwise make available the proceeds of the Loans or facilities under any other
Finance Document to any other person or entity if that member of the Group has actual knowledge that such party intends to use
such proceeds for the purpose of financing the activities of any person or entity as contemplated in 21.18.1.1.

 

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		21.18.2	Each Obligor shall –

 

		21.18.2.1	take all reasonable steps to ensure that appropriate controls and safeguards are in place, designed
to prevent it from being or becoming involved in a Sanctioned Transaction; and

 

		21.18.2.2	immediately notify the Lender upon it or any other Obligor becoming the subject of Sanctions investigations.

 

		21.19	Taxation

 

		21.19.1	Each Obligor shall (and the Borrower shall ensure that each member of the Group will) pay and discharge
all Taxes imposed upon it or its assets within the time period allowed without incurring penalties unless and only to the extent
that –

 

		21.19.1.1	such payment is being contested in good faith;

 

		21.19.1.2	adequate reserves are being maintained for those Taxes and the costs required to contest them which
have been disclosed in its latest financial statements delivered to the Lender under 19.1; and

 

		21.19.1.3	such payment can be lawfully withheld.

 

		21.19.2	No member of the Group may change its residence for Tax purposes.

 

		21.20	Auditors

 

No Obligor shall change its
auditor, other than to an Auditor, without the prior written consent of the Lender.

 

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		21.21	Insurance

 

		21.21.1	Each Obligor shall (and the Borrower shall ensure that each member of the Group will) maintain
insurances on and in relation to its business and assets against those risks and to the extent as is usual for companies incorporated
in its jurisdiction of incorporation carrying on the same or substantially similar business.

 

		21.21.2	All insurances must be with reputable independent insurance companies or underwriters.

 

		21.21.3	Each Obligor shall use all reasonable endeavours to ensure that (i) the Lender receives copies
of the Insurance Policies, receipts for the payment of premiums for insurance and any information in connection with the Insurance
policies and claims under them which the Lender may reasonably require.

 

		21.21.4	Each Obligor shall ensure that the Lender’s interests in the Insurance Policies in terms
of the Finance Documents are noted thereon.

 

		21.21.5	Each Obligor shall ensure that -

 

		21.21.5.1	each premium for the Insurance Policies is paid within the period permitted for payment of that
premium; and

 

		21.21.5.2	all other things necessary are done so as to keep each of the Insurance
Policies in force.

 

		21.21.6	If any Obligor fails to comply with any term of this clause, the
Lender may, at the expense of the Borrower, effect any insurance and generally do such things and take such other action
as the Lender may reasonably consider necessary or desirable to prevent or remedy any breach of this clause.

 

		21.22	Accounting policies

 

No
Obligor shall adopt any accounting policy which does not conform to IFRS or make any change to its accounting policy from those
used during the immediately preceding Financial Year, without the prior written consent of the Lender.

 

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		21.23	Pari passu ranking

 

Each Obligor shall ensure that
at all times any unsecured and unsubordinated claims of the Lender against it under the Finance Documents rank at least pari
passu with the claims of all its other unsecured and unsubordinated creditors except those creditors whose claims are mandatorily
preferred by laws of general application to companies.

 

		21.24	Access

 

Each Obligor shall, and the
Borrower shall ensure that each member of the Group will, (not more than once in every Financial Year unless an Event of Default
is continuing or the Lender reasonably suspects an Event of Default is continuing or may occur) permit the Lender and/or accountants
or other professional advisers and contractors of the Lender free access at all reasonable times and on reasonable notice at the
risk and cost of the Obligor or the Borrower to (a) the premises, assets, books, accounts, records and financial information
of each member of the Group and (b) meet and discuss matters with management of the Group.

 

		21.25	Treasury Transactions

 

No Obligor shall (and the Borrower
shall ensure that no member of the Group shall) enter into any Treasury Transaction except with the prior written consent of the
Lender.

 

		21.26	Preservation of assets

 

Each
Obligor shall maintain in good working order and condition (ordinary wear and tear excepted) all of its assets necessary
in the conduct of its business.

 

		21.27	Further assurance

 

		21.27.1	Each Obligor shall (and the Borrower shall procure that each member
of the Group will) promptly do all such acts or execute all such documents (including assignments, transfers, mortgages,
charges, notices and instructions) as the Lender may reasonably specify (and in such form as the Lender may reasonably require
in favour of the Lender and its respective nominee(s)) –

 

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		21.27.1.1	to perfect the Security
created or intended to be created under or evidenced by the Transaction Security Documents or for the exercise of any rights,
powers and remedies of the Lender provided by or pursuant to the Finance Documents or by law; and/or

 

		21.27.1.2	to facilitate the realisation of the assets which are, or are intended
to be, the subject of the Transaction Security.

 

		21.27.2	Each Obligor shall (and the Borrower shall procure that each member of the Group will) take all
such action as is available to it (including making all filings and registrations) as may be necessary for the purpose of the creation,
perfection, protection or maintenance of any Security conferred or intended to be conferred on the Lender by or pursuant to the
Finance Documents.

 

		21.28	Material Subsidiaries

 

Each Obligor undertakes that,
should any member of the Group become a Material Subsidiary at any time after the Effective Date, it shall procure that such Material
Subsidiary accedes to the Finance Documents as a Guarantor.

 

		21.29	Obligor Coverage Test

 

		21.29.1	Subject to clause 21.29.2 and 21.30, each Obligor shall procure that, at all times, the Group,
on a consolidated basis, shall achieve and maintain an Obligor Earnings Ratio of more than or equal to 80% (the “Obligor
Coverage Test”).

 

		21.29.2	Compliance by the Obligors with the Obligor Coverage Test shall be tested by the Lender at any
time the Lender may require, including, without limitation, by reference to each Compliance Certificate.

 

		21.30	Obligor Coverage Test Cure

 

		21.30.1	If, on any date, the Obligors do not meet the requirements of the Obligor Coverage Test, the Borrower
shall promptly notify the Lender accordingly and shall remedy such breach within 15 days of such notice (“Remedy Period”)
by –

 

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		21.30.1.1	causing one or more of the other Subsidiaries of the
Obligors (or other company or entity whose financial results are consolidated with the financial results of the Borrower in accordance
with IFRS) (as necessary to restore the Obligor Coverage Test to the required level) to accede to the Finance Documents as a Guarantor
in order to restore compliance with 21.29; or

 

		21.30.1.2	implementing such other remedy proposed by the Borrower and approved
by the Lender in writing (on the basis that following such implementation the requirements of the Obligor Coverage Test shall be
deemed to have been met).

 

		21.30.2	The Obligor Coverage Test shall be retested at the termination of the Remedy Period with reference
to the same consolidated management accounts or audited consolidated financial statements and to the extent that the relevant breach
has been remedied in accordance with 21.30.1, a new Compliance Certificate shall be provided by the Borrower to the Lender.

 

		22	EVENTS OF DEFAULT

 

Each of the events or circumstances
set out in this 22 is an Event of Default (save for 22.17).

 

		22.1	Non-payment

 

An Obligor does not pay on the
due date any amount payable pursuant to a Finance Document at the place and in the currency in which it is expressed to be payable
unless –

 

		22.1.1	its failure to pay is caused by –

 

		22.1.1.1	administrative or technical error; or

 

		22.1.1.2	a Disruption Event; and

 

		22.1.2	payment is made within three Business Days of its due date.

 

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		22.2	Financial covenants and other obligations

 

		22.2.1	Any requirement of 20 (Financial Covenants) is
not satisfied at any time.

 

		22.2.2	An Obligor does not comply with any provision of any Transaction Security Document.

 

		22.3	Other obligations

 

An Obligor does not comply with
any provision of the Finance Documents (other than those referred to in 22.1 and 22.2) and such Obligor fails to remedy such default
within five Business Days of the earlier of (i) such Obligor becoming aware thereof and (ii) the date of receipt by such
Obligor of written demand.

 

		22.4	Misrepresentation

 

Any warranty, representation
or statement made or deemed to be made by an Obligor in the Finance Documents or any other document delivered by or on behalf of
any Obligor under or in connection with any Finance Document is or proves to have been incorrect or misleading in any material
respect when made or deemed to be made.

 

		22.5	Undertakings

 

An Obligor fails to comply with
any undertaking given by it to the Lender in terms of any Finance Document and, if such default is capable of remedy, such Obligor
fails to remedy such default within five Business Days of the earlier of (i) such Obligor becoming aware thereof and (ii) the
date of receipt by such Obligor of written demand.

 

		22.6	Cross default

 

		22.6.1	Any Financial Indebtedness of any member of the Group is not paid when due nor within any originally
applicable grace period.

 

		22.6.2	Any Financial Indebtedness of any member of the Group is declared to be or otherwise becomes due
and payable prior to its specified maturity as a result of an event of default (however described).

 

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		22.6.3	Any commitment for any Financial Indebtedness of any
member of the Group is cancelled or suspended by a creditor of any member of the Group as a result of an event of default (however
described).

 

		22.6.4	Any creditor of any member of the Group becomes entitled to declare any Financial Indebtedness
of any member of the Group due and payable prior to its specified maturity as a result of an event of default (however described).

 

		22.6.5	No Event of Default will occur under this 22.6 if the aggregate amount of Financial Indebtedness
or commitment for Financial Indebtedness falling within 22.6.1 to 22.6.4 is less than ZAR20,000,000 (or its equivalent in any other
currency or currencies).

 

		22.7	Insolvency

 

		22.7.1	An Insolvency Event occurs in respect of any member of the Group.

 

		22.7.2	Any member of the Group is or is deemed by any authority or legislation to be Financially Distressed
(as defined in the Companies Act, 2008).

 

		22.7.3	A moratorium is declared in respect of any indebtedness of any member of the Group.

 

		22.8	Creditors’ process

 

Any expropriation, attachment,
sequestration, implementation of any business rescue plan, distress or execution affects any asset or assets of a member of the
Group having an aggregate value of ZAR10,000,000 and is not discharged within 14 days.

 

		22.9	Failure to comply with court judgment or arbitral award

 

Any member of the Group fails
to comply with or pay by the required time any sum due from it under any final judgment or any final order made or given by a court
or arbitral tribunal or other arbitral body, in each case of competent jurisdiction.

 

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		22.10	Unlawfulness and invalidity

 

		22.10.1	It is or becomes unlawful for an Obligor to perform any of its obligations under the Finance Documents
or any Transaction Security created or expressed to be created or evidenced by the Transaction Security Documents ceases to be
effective.

 

		22.10.2	Any obligation or obligations of any Obligor under any Finance Documents are not or cease to be
legal, valid, binding or enforceable and the cessation individually or cumulatively materially and adversely affects the interests
of the Lender under the Finance Documents.

 

		22.10.3	Any Finance Document ceases to be in full force and effect or any Transaction Security ceases to
be legal, valid, binding, enforceable or effective or is alleged by a party to it (other than the Lender) to be ineffective.

 

		22.11	Repudiation of agreements

 

An Obligor (or any other relevant
party) repudiates or purports to repudiate a Finance Document or any of the Transaction Security or evidences an intention to repudiate
a Finance Document or any Transaction Security.

 

		22.12	Cessation of business

 

Any member of the Group suspends
or ceases to carry on (or threatens to suspend or cease to carry on) all or a material part of its business.

 

		22.13	Audit qualification

 

The Auditors of the Group qualify
the audited annual consolidated financial statements of the Borrower.

 

		22.14	Litigation

 

Any litigation, arbitration,
administrative, governmental, regulatory or other investigations, proceedings or disputes are commenced or threatened in relation
to the Finance Documents or the transactions contemplated in the Finance Documents or against any member of the Group or its assets
which have or are reasonably likely to have a Material Adverse Effect.

 

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		22.15	Expropriation

 

		22.15.1	The authority or ability of any member of the Group to conduct its business is limited or wholly
or substantially curtailed by any seizure, expropriation, nationalisation, compulsory acquisition, intervention, restriction or
other action by or on behalf of any governmental, regulatory or other authority or other person in relation to any member of the
Group or any of its assets or the shares in that member of the Group (including without limitation the displacement of all or part
of the management of any member of the Group).

 

		22.15.2	By the authority of any governmental, regulatory or other authority or other person –

 

		22.15.2.1	the management of any member of the Group is wholly or substantially replaced; or

 

		22.15.2.2	all or a majority of the shares of a member of the Group or the whole or any part of its assets
or revenues is seized, expropriated or compulsorily acquired.

 

		22.16	Material Adverse Effect

 

Any event or circumstance occurs
which the Lender reasonably believes has or is reasonably likely to have a Material Adverse Effect.

 

		22.17	Acceleration

 

On and at any time after the
occurrence of an Event of Default the Lender may, by notice to the Borrower –

 

		22.17.1	cancel all or any part of the Total Commitments whereupon they shall
immediately be cancelled;

 

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		22.17.2	declare that all or part
of the Loans, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents
be immediately due and payable, whereupon they shall become immediately due and payable;

 

		22.17.3	declare that all or part of the Loans be payable on demand, whereupon they shall immediately become
payable on demand by the Lender; and/or

 

		22.17.4	exercise any or all of the rights, remedies, powers or discretions arising under the Finance Documents.

 

		23	CHANGES TO THE LENDER

 

		23.1	Cessions and delegations by the Lender

 

Subject to this 23, the Lender
(the “Existing Lender”) may cede and/or delegate (a “Transfer”) any or all of its rights
and/or obligations under this Agreement and/or under any other Finance Document to another bank or financial institution or to
a trust, fund or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in
loans, securities or other financial assets (a “New Lender”). The Borrower and each other Obligor consents to
any splitting of claims which may arise as a result of a Transfer permitted by this Agreement.

 

		23.2	Conditions of Transfer

 

		23.2.1	The consent of the Borrower and each other Obligor is not required
for a Transfer by the Existing Lender to any New Lender which is its Affiliate or any other person, identified in Annexure J hereto
(collectively “Permitted Transferees”). The consent of the Borrower is required for a Transfer to any
prospective transferee other than a Permitted Transferee, provided that, at any time on or subsequent to the occurrence of an Event
of Default which is continuing, the consent of the Borrower is not required for a Transfer by the Existing Lender to any one or
more persons nominated by the Existing Lender, whether or not such person or persons are Permitted Transferees.

 

		23.2.2	Where the consent of the Borrower to a Transfer is required in terms
of 23.2.1 of this clause, that consent must not be unreasonably withheld or delayed. The Borrower will be deemed to have
given its consent five Business Days after the Existing Lender has requested it unless consent is expressly refused by the Borrower
within that time.

 

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		23.2.3	A Transfer will only be effective if the procedure set out in 23.3 is complied with.

 

		23.2.4	If –

 

		23.2.4.1	the Lender Transfers any of its rights or obligations under the Finance Documents; and

 

		23.2.4.2	as a result of circumstances existing at the date the Transfer or change occurs, an Obligor would
be obliged to make a payment to the New Lender under 12 or 13,

 

then the New Lender is only entitled
to receive payment under those clauses to the same extent as the Existing Lender would have been if the Transfer or change had
not occurred. This 23.2.4 shall not apply in respect of a Transfer made in the ordinary course of the primary syndication of the
Facility.

 

		23.3	Procedure for transfer

 

		23.3.1	On the Transfer Date –

 

		23.3.1.1	the New Lender and the Existing Lender shall execute
a Transfer Certificate;

 

		23.3.1.2	the Transfer shall take effect under the Finance Documents so that
the rights and/or obligations which are the subject of the Transfer shall be ceded and delegated by the Existing Lender to the
New Lender (being the “Transferred Rights and Obligations”);

 

		23.3.1.3	each of the Obligors shall perform their obligations and exercise their rights in relation to the
Transferred Rights and Obligations in favour of or against the New Lender, as the case may be;

 

		23.3.1.4	the Existing Lender shall each be released from further obligations to each other under the Finance
Documents to the extent of the Transferred Rights and Obligations; and

 

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		23.3.1.5	the New Lender shall become
a Party as the “Lender.”

 

		24	CHANGES TO THE OBLIGORS

 

		24.1	Cessions and delegations by Obligors

 

No Obligor may cede any of its
rights or delegate any of its obligations under the Finance Documents.

 

		24.2	Additional Guarantors

 

		24.2.1	Subject to compliance with the provisions of 19.9.2 and 19.9.3, a Company may become an Additional
Guarantor pursuant to 21.28, 21.30, any other provision of the Finance Documents or a request from the Borrower that any of its
Subsidiaries become an Additional Guarantor. That member of the Group shall become an Additional Guarantor if –

 

		24.2.1.1	the Borrower delivers to the Lender a duly completed and executed Accession Letter; and

 

		24.2.1.2	the Lender has received all of the documents and other evidence listed
in Part II of Annexure B (Conditions precedent) in relation to that Additional Guarantor, each in form and substance
satisfactory to the Lender.

 

		24.2.2	The Lender shall notify the Borrower promptly upon being satisfied
that it has received (in form and substance satisfactory to it) all the documents and other evidence listed in Part II
of Annexure B (Conditions precedent).

 

		24.3	Repetition of Representations

 

Delivery of an Accession Letter
constitutes confirmation by the relevant member of the Group that the Repeating Representations are true and correct in relation
to it as at the date of delivery as if made by reference to the facts and circumstances then existing.

 

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		24.4	Resignation of a Guarantor

 

		24.4.1	The Borrower may request that a Guarantor ceases to be a Guarantor by delivering to the Lender
a Resignation Letter.

 

		24.4.2	The Lender shall be entitled to consent to and accept a Resignation Letter and notify the Borrower
of its acceptance if -

 

		24.4.2.1	no Default is continuing or would result from the acceptance of the Resignation Letter (and the
Borrower has confirmed this is the case); and

 

		24.4.2.2	the requirements of 21.29 will be complied with immediately after such Guarantor ceases to be a
Guarantor.

 

		25	CONDUCT OF BUSINESS BY THE LENDER

 

No provision of this Agreement
will –

 

		25.1	interfere with the right of the Lender to arrange its affairs (tax or otherwise) in whatever manner
it thinks fit;

 

		25.2	oblige the Lender to investigate or claim any credit, relief, remission or repayment available
to it or the extent, order and manner of any claim; or

 

		25.3	oblige the Lender to disclose any information relating to its affairs (tax or otherwise) or any
computations in respect of Tax.

 

		26	PAYMENT MECHANICS

 

		26.1	Distributions to an Obligor

 

The Lender may (with the consent
of the Borrower or in accordance with 27) apply any amount received by it from or on behalf of an Obligor in or towards payment
(on the date and in the currency and funds of receipt) of any amount due from that Obligor under the Finance Documents or in or
towards purchase of any amount of any currency to be so applied.

 

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		26.2	Partial payments

 

		26.2.1	If the Lender receives a payment that is insufficient to discharge
all the amounts then due and payable by an Obligor under the Finance Documents, the Lender shall apply that payment towards
the obligations of that Obligor under the Finance Documents in the following order –

 

		26.2.1.1	firstly, in or towards payment of any accrued interest, fees, Break
Costs or commission due but unpaid under this Agreement;

 

		26.2.1.2	secondly, in or towards payment of any principal due but unpaid under
this Agreement; and

 

		26.2.1.3	thirdly, in or towards payment pro rata of any other sum due but
unpaid under the Finance Documents.

 

		26.2.2	The Lender shall be entitled to vary the order set out in 26.2.1.1 to 26.2.1.3.

 

		26.2.3	Clauses 26.2.1 and 26.2.2 will override any appropriation made by an Obligor.

 

		26.3	No set-off by Obligors

 

All payments to be made by an
Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or
counterclaim.

 

		26.4	Business Days

 

		26.4.1	In the event that the day for performance of any obligation to be performed in terms of any Finance
Document should fall on a day which is not a Business Day, the relevant day for performance shall be the succeeding Business Day.

 

		26.4.2	During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement
interest is payable on the principal or Unpaid Sum at the rate payable on the original due date.

 

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		26.5	Currency of account

 

		26.5.1	Subject to 26.1, ZAR is the currency of account and payment for any sum due from an Obligor under
any Finance Document.

 

		26.5.2	Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the
costs, expenses or Taxes are incurred.

 

		26.5.3	Any amount expressed to be payable in a currency other than ZAR shall be paid in that other currency.

 

		26.6	Disruption to Payment Systems etc.

 

If the Lender determines (in
its discretion) that a Disruption Event has occurred or the Lender is notified by the Borrower that a Disruption Event has occurred
 –

 

		26.6.1	the Lender may, and shall if requested to do so by the Borrower, consult with the Borrower with
a view to agreeing with the Borrower such changes to the operation or administration of the Facility as the Lender may deem necessary
in the circumstances;

 

		26.6.2	the Lender shall not be obliged to consult with the Borrower in relation to any changes mentioned
in 26.6.1 if, in its opinion, it is not practicable to do so in the circumstances and, in any event, shall have no obligation to
agree to such changes;

 

		26.6.3	the Lender shall not be liable for any damages, costs or losses whatsoever (including, without
limitation for negligence, gross negligence or any other category of liability whatsoever but not including any claim based on
the fraud of the Lender) arising as a result of its taking, or failing to take, any actions pursuant to or in connection with this
26.6.

 

		27	SET-OFF

 

The Lender may set off any matured
obligation due from an Obligor under the Finance Documents (to the extent beneficially owned by the Lender) against any matured
obligation owed by the Lender to that Obligor, regardless of the place of payment, booking branch or currency of either obligation.
If the obligations are in different currencies, the Lender may convert either obligation at a market rate of exchange in its usual
course of business for the purpose of the set-off.

 

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		28	NOTICES

 

		28.1	Communications in writing

 

Any communication to be made
under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may be made by fax or
letter.

 

		28.2	Addresses

 

The address and fax number (and
the department or officer, if any, for whose attention the communication is to be made) of each Party for any communication or
document to be made or delivered under or in connection with the Finance Documents is –

 

		28.2.1	in the case of the Borrower–

 

		physical:	11 Keyes Avenue

Rosebank

2196

 

		attention:	Anname de Villiers

		email:	anname.devilliers@cartrack.com

fatima.hassim@cartrack.com

 

		28.2.2	in the case of the Guarantors –

 

		physical:	11 Keyes Avenue

Rosebank

2196

 

		attention:	Anname de Villiers

		email:	anname.devilliers@cartrack.com

fatima.hassim@cartrack.com

 

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		28.2.3	in the case of the Lender –

 

		physical:	3rd Floor
 East Wing
 30 Baker Street
 Rosebank

Johannesburg
 2196

 

 

		attention:	Head: Leveraged Finance

		email:	CFSTransactionManagement@standardbank.co.za

                                                                                Nishela.Ramgoolam@standardbank.co.za Thabang.Letheo@standardbank.co.za

 

		28.2.4	in the case of any Additional Guarantor that notified in writing
to the Lender in the relevant Accession Letter;

 

or any substitute address or
fax number or department or officer as the Party may notify to the other Parties, by not less than five Business Days’ notice.

 

		28.3	Domicilia

 

		28.3.1	Each of the Parties chooses its physical address provided under or in connection with 28.2 as its
domicilium citandi et executandi at which documents in legal proceedings in connection with this Agreement or any other Finance
Document may be served.

 

		28.3.2	Any Party may by written notice to the other Parties change its domicilium from time to time to
another address, not being a post office box or a poste restante, in South Africa, provided that any such change shall only be
effective on the fourteenth day after deemed receipt of the notice by the other Parties pursuant to 28.4.

 

		28.4	Delivery

 

		28.4.1	Any communication or document made or delivered by one person to
another under or in connection with the Finance Documents will only be effective when received by the recipient and, unless
the contrary is proved, shall be deemed to be received –

 

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		28.4.1.1	if by way of fax, be deemed to have been received on
the first Business Day following the date of transmission provided that the fax is received in legible form;

 

		28.4.1.2	if delivered by hand, be deemed to have been received at the time of delivery and

 

		28.4.1.3	if by way of courier service, be deemed to have been received on the seventh Business Day following
the date of such sending,

 

and if a particular department
or officer is specified as part of its address details provided under 28.2, if addressed to that department or officer.

 

		28.4.2	Any communication or document to be made or delivered to the Lender will be effective only when
actually received by the Lender and then only if it is expressly marked for the attention of the department or officer identified
with the Lender’s signature below (or any substitute department or officer as the Lender shall specify for this purpose).

 

		28.4.3	Any communication or document made or delivered to the Borrower in accordance with this clause
will be deemed to have been made or delivered to each of the Obligors.

 

		28.4.4	Any communication or document which becomes effective, in accordance
with 28.4.1 to 28.4.3, after 17h00 in the place of receipt shall be deemed only to become effective on the following day.

 

		28.5	Notification of address and fax number

 

Promptly upon receipt of notification
of an address or fax number or change of address or fax number pursuant to 28.2 or changing its own address or fax number, the
Lender shall notify the other Parties.

 

		28.6	Electronic communication

 

		28.6.1	Any communication to be made between any two Parties under or in
connection with the Finance Documents may be made by electronic mail or other electronic means (including, without limitation,
by way of posting to a secure website) if those two Parties –

 

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		28.6.1.1	notify each other in writing of their electronic mail address and/or any other information required
to enable the transmission of information by that means; and

 

		28.6.1.2	notify each other of any change to their address or any other such information supplied by them
by not less than five Business Days’ notice.

 

		28.6.2	Any electronic communication as specified in 28.6.1 to be made between
an Obligor and the Lender may only be made in that way to the extent that those two Parties agree that, unless and until
notified to the contrary, this is to be an accepted form of communication.

 

		28.6.3	Any electronic communication as specified in 28.6.1 made between
any two Parties will be effective only when actually received (or made available) in readable form.

 

		28.6.4	Any electronic communication which becomes effective, in accordance
with 28.6.3, after 17h00 in the place in which the Party to whom the relevant communication is sent or made available has
its address for the purpose of this Agreement shall be deemed only to become effective on the following day.

 

		28.6.5	Any reference in a Finance Document to a communication being sent
or received shall be construed to include that communication being made available in accordance with this 28.6.

 

		28.7	English language

 

		28.7.1	Any notice or other document given under or in connection with any Finance Document must be in
English.

 

		28.7.2	All other documents provided under or in connection with any Finance Document must be –

 

		28.7.2.1	in English; or

 

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		28.7.2.2	if not in English, and if so required by the Lender, accompanied
by a certified English translation and, in this case, the English translation will prevail unless the document is a constitutional,
statutory or other official document.

 

		29	CALCULATIONS AND CERTIFICATES

 

		29.1	Accounts

 

In any litigation or arbitration
proceedings arising out of or in connection with a Finance Document, the entries made in the accounts maintained by the Lender
are prima facie evidence of the matters to which they relate.

 

		29.2	Certificates and Determinations

 

Any certification or determination
by the Lender of a rate or amount under any Finance Document is, in the absence of manifest error, prima facie evidence of the
matters to which it relates.

 

		29.3	Day count convention

 

Any interest, commission or
fee accruing under a Finance Document will accrue from day to day and is calculated on the basis of the actual number of days elapsed
and a year of 365 days (irrespective of whether the year in question is a leap year).

 

		30	PARTIAL INVALIDITY

 

If, at any time, any provision
of a Finance Document is or becomes illegal, invalid, unenforceable or inoperable in any respect under any law of any jurisdiction,
neither the legality, validity, enforceability or operation of the remaining provisions nor the legality, validity, enforceability
or operation of such provision under the law of any other jurisdiction will in any way be affected or impaired. The term “inoperable”
in this 30 shall include, without limitation, inoperable by way of suspension or cancellation.

 

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		31	REMEDIES AND WAIVERS

 

No failure to exercise, nor
any delay in exercising, on the part of the Lender, any right or remedy under a Finance Documents or other Document or other indulgence
shall operate as a waiver, nor shall any single or partial exercise of any such right or remedy otherwise affect any of that Party’s
rights in terms of or arising from any Finance Document or estop such Party from enforcing, at any time and without notice, strict
and punctual compliance with each and every provision or term of any Finance Document. No consent to any waiver or novation of
a Party’s rights in terms of or arising from any Finance Document shall be effective unless it is in writing. No single
or partial exercise of any right or remedy shall prevent any further or other exercise or the exercise of any other right or remedy.
The rights and remedies provided in each Finance Document are cumulative and not exclusive of any rights or remedies provided
by law.

 

		32	CONFIDENTIAL INFORMATION

 

		32.1	Confidential Information

 

The Lender agrees to keep all
Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by 32.2, and to ensure that
all Confidential Information is protected with security measures and a degree of care that would apply to its own confidential
information.

 

		32.2	Disclosure of Confidential Information

 

The Lender may disclose –

 

		32.2.1	to any of its Affiliates and Related Funds and any of its or their officers, directors, employees,
professional advisers, auditors, partners and other Representatives such Confidential Information as the Lender shall consider
appropriate if any person to whom the Confidential Information is to be given pursuant to this 32.2.1 is informed in writing of
its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there
shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality
of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential Information;

 

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		32.2.2	to any other person –

 

		32.2.2.1	to (or through) whom it Transfers (or may potentially Transfer) all or any of its rights and obligations
under one or more Finance Documents and, in each case, to any of that person’s Affiliates, Related Funds, Representatives
and professional advisers;

 

		32.2.2.2	appointed by the Lender or by a person to whom 32.2.2.1 applies to receive communications, notices,
information or documents delivered pursuant to the Finance Documents on its behalf;

 

		32.2.2.3	who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly
or indirectly, any transaction referred to in 32.2.2.1;

 

		32.2.2.4	to whom information is required or requested to be disclosed by any
court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the
rules of any relevant stock exchange or pursuant to any applicable law or regulation;

 

		32.2.2.5	to whom information is required to be disclosed in connection with,
and for the purposes of, any litigation, arbitration, administrative or other investigations, proceedings or disputes;

 

		32.2.2.6	who is a Party; or

 

		32.2.2.7	with the consent of the Borrower;

 

in each case, such Confidential
Information as the Lender shall consider appropriate if –

 

		32.2.2.7.1	in relation to 32.2.2.1 and 32.2.2.2, the person to whom the Confidential Information is to be
given has entered into a Confidentiality Undertaking except that there shall be no requirement for a Confidentiality Undertaking
if the recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality of the Confidential
Information;

 

		32.2.2.7.2	in relation to 32.2.2.3, the person to whom the Confidential Information is to be given has entered
into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in relation to the Confidential Information
they receive and is informed that some or all of such Confidential Information may be price-sensitive information; and

 

    100

     

    

 

 

		32.2.2.7.3	in relation to 32.2.2.4 and 32.2.2.5, the person to whom the Confidential Information is to be
given is informed of its confidential nature and that some or all of such Confidential Information may be price-sensitive information
except that there shall be no requirement to so inform if, in the opinion of the Lender, it is not practicable so to do in the
circumstances; and

 

		32.2.3	to any person appointed by the Lender or by a person to whom 32.2.2.1 applies to provide administration
or settlement services in respect of one or more of the Finance Documents including without limitation, in relation to the trading
of participations in respect of the Finance Documents, such Confidential Information as may be required to be disclosed to enable
such service provider to provide any of the services referred to in this 32.2.3 if the service provider to whom the Confidential
Information is to be given has entered into a confidentiality agreement substantially in the form agreed between the Borrower and
the Lender.

 

		32.3	Entire agreement

 

This 32 constitutes the entire
agreement between the Parties in relation to the obligations of the Lender under the Finance Documents regarding Confidential Information
and supersedes any previous agreement, whether express or implied, regarding Confidential Information.

 

		32.4	Inside information

 

The Lender acknowledges that
some or all of the Confidential Information is or may be price-sensitive information and that the use of such information may be
regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and the
Lender undertakes not to use any Confidential Information for any unlawful purpose.

 

    101

     

    

 

 

		32.5	Notification of disclosure

 

The Lender agrees (to the extent
permitted by law and regulation) to inform the Borrower –

 

		32.5.1	of the circumstances of any disclosure of Confidential Information made pursuant to 32.2.2.4 except
where such disclosure is made to any of the persons referred to in that clause during the ordinary course of its supervisory or
regulatory function; and

 

		32.5.2	upon becoming aware that Confidential Information has been disclosed in breach of this 32.

 

		32.6	Continuing obligations

 

The obligations in this 32 are
continuing and, in particular, shall survive and remain binding on the Lender for a period of 12 months from the earlier of –

 

		32.6.1	the date on which all amounts payable by the Obligors under or in connection with the Finance Documents
have been paid in full and all Commitments have been cancelled or otherwise cease to be available; and

 

		32.6.2	the date on which the Lender otherwise ceases to be the Lender.

 

		33	CONFIDENTIALITY OF FUNDING RATES

 

		33.1	Confidentiality and disclosure

 

		33.1.1	Each Obligor agrees to keep each Funding Rate confidential and not to disclose it to anyone, save
to the extent permitted by 33.1.2.

 

		33.1.2	Each Obligor may disclose any Funding Rate, to –

 

		33.1.2.1	any of its Affiliates and any of its or their officers, directors, employees, professional advisers,
auditors, partners and Representatives if any person to whom that Funding Rate is to be given pursuant to this 33.1.2.1 is informed
in writing of its confidential nature and that it may be price-sensitive information except that there shall be no such requirement
to so inform if the recipient is subject to professional obligations to maintain the confidentiality of that Funding Rate or is
otherwise bound by requirements of confidentiality in relation to it;

 

    102

     

    

 

 

		33.1.2.2	any person to whom information is required or requested to be disclosed
by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the
rules of any relevant stock exchange or pursuant to any applicable law or regulation if the person to whom that Funding Rate
is to be given is informed in writing of its confidential nature and that it may be price-sensitive information expect that there
shall be no requirement to so inform if, in the opinion of the relevant Obligor, as the case may be, it is not practicable
to do so in the circumstances;

 

		33.1.2.3	any person to whom information is required to be disclosed in connection with, and for the purposes
of, any litigation, arbitration, administrative or other investigation, proceedings or disputes if the person to whom that Funding
Rate is to be given is informed in writing of its confidential nature and that it may be price-sensitive information except that
there shall be no requirement to so inform if, in the opinion of the relevant Obligor, as the case may be, it is not practicable
to do so in the circumstances; and

 

		33.1.2.4	any person with the consent of the Lender.

 

		33.2	Related obligations

 

		33.2.1	Each Obligor acknowledges that each Funding Rate is or may be price-sensitive
information and that its use may be regulated or prohibited by applicable legislation including, securities law relating to insider
dealing and market abuse and each Obligor undertakes not to use any Funding Rate for any unlawful purpose.

 

		33.2.2	Each Obligor agrees (to the extent permitted by law and regulation)
to inform the Lender –

 

		33.2.2.1	of the circumstances of any disclosure made pursuant to 33.1.2.2
except where such disclosure is made to any of the persons referred to in that clause during the ordinary course of its
supervisory or regulatory function; and

 

    103

     

    

 

 

		33.2.2.2	upon becoming aware that any information has been disclosed in breach
of this 33.

 

		33.3	No Event of Default

 

No Event of Default will occur
under 22.3 by reason only of an Obligor’s failure to comply with this 33.

 

		34	RENUNCIATION OF BENEFITS

 

Each Obligor renounces, to the
extent permitted under applicable law, the benefits of each of the legal exceptions of excussion, division, revision of accounts,
no value received, errore calculi, non causa debiti, non numeratae pecuniae and cession of actions, and declares that it
understands the meaning of each such legal exception and the effect of such renunciation.

 

		35	COUNTERPARTS

 

Each Finance Document may be
executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single
copy of the Finance Document.

 

		36	WAIVER OF IMMUNITY

 

Each Obligor waives generally
all immunity it or its assets or revenues may otherwise have in any jurisdiction, including immunity in respect of –

 

		36.1	the giving of any relief by way of injunction or order for specific performance or for the recovery
of assets or revenues; and

 

		36.2	the issue of any process against its assets or revenues for the enforcement of a judgment or, in
an action in rem, for the arrest, detention or sale of any of its assets and revenues.

 

    104

     

    

 

 

		37	SOLE AGREEMENT

 

The Finance Documents constitute
the sole record of the agreement between the Parties in regard to the subject matter thereof.

 

		38	NO IMPLIED TERMS

 

No Party shall be bound by any
express or implied term, representation, warranty, promise or the like, not recorded in any Finance Document in regard to the subject
matter thereof.

 

		39	GOVERNING LAW

 

This Agreement and any non-contractual
obligations arising out of or in connection with it are governed by South African law.

 

		40	ENFORCEMENT

 

		40.1	Jurisdiction of South African Courts

 

		40.1.1	The Parties hereby irrevocably and unconditionally consent to the
non-exclusive jurisdiction of the High Court of South Africa, Gauteng Local Division, Johannesburg (or any successor to that division)
in regard to all matters arising from the Finance Documents (including a dispute relating to the existence, validity or termination
of this Agreement or any non-contractual obligation arising out of or in connection with this Agreement) (a “Dispute”).

 

		40.1.2	The Parties agree that the courts of South Africa are the most appropriate and convenient courts
to settle Disputes and accordingly no Party will argue to the contrary.

 

		40.1.3	This 40.1 is for the benefit of the Lender only. As a result, the Lender shall not be prevented
from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, the Lender may
take concurrent proceedings in any number of jurisdictions.

 

    105

     

    

 

 

	Signed at	on	2021
	 	 	 
		for	CARTRACK PROPRIETARY LIMITED (in its capacity as Borrower)
	 	 	 
	 	 	/s/ Harry Louw
	 	 	who warrants that he is duly authorised hereto

 

	Signed at Kyalami Estates	on 10 February 2021
	 	 
		for 	CARTRACK HOLDINGS LIMITED (in its capacity as Original Guarantor)
	 	 	 
	 	 	/s/ Sharoda Rapeti
	 	 	who warrants that he is duly authorised hereto

 

	Signed at Rosebank	on 10 February 2021
	 	 
		for	CARTRACK MANUFACTURING PROPRIETARY LIMITED (in its capacity as Original Guarantor)
	 	 	 
	 	 	/s/ Harry Louw
	 	 	who warrants that he is duly authorised hereto

 

	Signed at Sandton	on 18 February 2021
	 	 
		for 	THE STANDARD BANK OF SOUTH AFRICA LIMITED (acting through its Corporate and Investment Banking Division) (in its capacity as Original Lender)
	 	 	 
	 	 	/s/ Andrew Pearce
	 	 	who warrants that he is duly authorised hereto

 

    106

     

    

 

 

ANNEXURE A –
THE ORIGINAL GUARANTORS

 

	Name of Original Guarantor	Registration number (or
    equivalent, if any) Original Jurisdiction
	 	 
	Cartrack Holdings Limited	2005/036316/06

South Africa
	 	 
	Cartrack
    Manufacturing Proprietary Limited	2009/001000/07

South Africa

 

    1

     

    

 

 

ANNEXURE B – CONDITIONS PRECEDENT

 

Part 1

 

Conditions Precedent to initial Utilisation

 

		1	Original Obligors

 

		1.1	A copy of the constitutional documents of each Original Obligor.

 

		1.2	A copy of a resolution of the board of directors of each Original Obligor –

 

		1.2.1	approving the terms of, and the transactions contemplated by, the Finance Documents to which
                                                           it is a party and resolving that it execute the Finance Documents to which it is a party;

 

		1.2.2	authorising a specified person or persons to execute the Finance Documents to which it is a
                                                           party on its behalf; and

 

		1.2.3	authorising a specified person or persons, on its behalf, to sign and/or despatch all documents
and notices (including, if relevant, any Utilisation Request) to be signed and/or despatched by it under or in connection with
the Finance Documents to which it is a party.

 

		1.3	A specimen of the signature of each person authorised by the resolution referred to in 1.2 above.

 

		1.4	To the extent required by the Companies Act 2008 or other applicable law, and with reference to
the constitutional documents of an Original Obligor, a copy of a resolution duly passed by all the holders of the issued shares
of that Original Obligor, approving the terms of, and the transactions contemplated by, the Finance Documents to which that Original
Obligor is a party.

 

    2

     

    

 

 

		2	Finance Documents and Delierables

 

The Lender shall have received,
in a form and substance satisfactory to the Lender -

 

		2.1	the original executed versions of each Finance Document, and each
such Finance Document having become unconditional in accordance with its terms (save in relation to any condition requiring
this Agreement to have become unconditional);

 

		2.2	a copy of all share certificates, transfers and stock transfer forms
or equivalent duly executed by the relevant Obligor in blank in relation to the assets subject to or expressed to be subject
to the Transaction Security and other documents of title to be provided under the Transaction Security Documents;

 

		2.3	a copy of all other documents required to be delivered to the Lender pursuant to the Obligor Pledge
and Cession.

 

		3	Legal opinions

 

A legal opinion of Werksmans
Inc., legal advisers to the Lender in South Africa, relating to (i) the legality, validity and enforceability of the Finance
Documents and (ii) the legal and valid incorporation of the Borrower and the authority, capacity and power of the Borrower
to enter into the Finance Documents to which it is a party.

 

		4	Other documents and evidence

 

		4.1	A copy of any other Authorisation or other document, opinion or assurance
which the Lender considers to be necessary or desirable (if it has notified the Borrower accordingly) in connection with
the entry into and performance of the transactions contemplated by any Finance Document or for the validity and enforceability
of any Finance Document.

 

		4.2	The Original Financial Statements of each Original Obligor.

 

    3

     

    

 

 

		4.3	The Lender having received from each Original Obligor, in a form and substance satisfactory to
the Lender, a certificate dated no earlier than five Business Days prior to the Effective Date and signed by a director of such
Original Obligor stating and/or confirming that –

 

		4.3.1	all of the warranties and representations given by it in the Finance Documents to which it is a
party are true and correct in all material respects;

 

		4.3.2	no material pending (which has a reasonable prospect of occurring) industrial action, litigation,
investigation is proceeding and/or threatened against it;

 

		4.3.3	it is not in breach of the terms of any material contract to which it is a party and which is extant
as at the date of issue of such certificate;

 

		4.3.4	no circumstances have occurred since the Signature Date, which to the best of its knowledge and
belief, constitute or are reasonably likely to constitute, a Material Adverse Effect and furthermore, that no material deterioration
in the financial position of it and/or of the Group on a consolidated basis, has occurred during the period between the Signature
Date and the date of issue of such certificate;

 

		4.3.5	no Default has occurred which is continuing;

 

		4.3.6	that borrowing or guaranteeing or securing, as appropriate, the Total Commitments would not cause
any borrowing, guaranteeing or similar limit binding on it to be exceeded;

 

		4.3.7	each copy of each document relating to it specified in this Annexure is correct, complete and in
full force and effect as at the Signature Date and the date of the certificate, and have not been amended or changed in any way
between those dates;

 

		4.3.8	all third party consents required in relation to each Finance Document to which it is a party or
may be subject have been obtained or are not required to implement the Finance Documents.

 

		4.4	The Lender obtaining final approval from its internal credit committees.

 

		4.5	No Default or Event of Default has occurred.

 

		4.6	The Lender has received copies of the Insurance Policies and is satisfied that the insurance of
the group assets in terms thereof is sufficient.

 

    4

     

    

 

 

		4.7	No Economic Failure having occurred, as confirmed by the Lender.

 

		4.8	The Lender has received proof to its satisfaction that the RMB Loan Agreement (as defined in the
Release Agreement) has been irrevocably cancelled and the security provided in terms thereof has been finally cancelled and released
in full.

 

		4.9	Such documentation and other evidence as is reasonably requested by the Lender in order for the
Lender to carry out and be satisfied it has complied with all necessary “know your customer” or similar identification
procedures under applicable laws and regulations (including the Financial Intelligence Centre Act, 2001) pursuant to the transactions
contemplated in the Finance Documents.

 

    5

     

    

 

 

Part II

 

Conditions Precedent Required to be delivered
by an Additional Guarantor

 

		1	An Accession Letter, duly executed by the Additional Guarantor and the Borrower.

 

		2	A copy of the constitutional documents of the Additional Guarantor.

 

		3	A copy of a resolution of the board of directors of the Additional Guarantor –

 

		3.1	approving the terms of, and the transactions contemplated by, the Accession Letter and the Finance
Documents and resolving that it execute the Accession Letter and any other Finance Document to which it is a party;

 

		3.2	authorising a specified person or persons to execute the Accession Letter and other Finance Documents
to which it is a party on its behalf; and

 

		3.3	authorising a specified person or persons, on its behalf, to sign and/or despatch all other documents
and notices to be signed and/or despatched by it under or in connection with the Finance Documents to which it is party.

 

		4	A specimen of the signature of each person authorised by the resolution referred to in 3 above.

 

		5	To the extent required by the Companies Act 2008 or other applicable law, with reference to the
constitutional documents of an Additional Guarantor, a copy of a resolution duly passed by the holders of the issued shares of
that Additional Guarantor, approving the terms of, and the transactions contemplated by, the Finance Documents to which that Additional
Guarantor is a party.

 

		6	A certificate of the Additional Guarantor (signed by a director) confirming that borrowing or guaranteeing
or securing, as appropriate, the Total Commitments would not cause any borrowing, guaranteeing or similar limit binding on it to
be exceeded.

 

		7	A certified copy of the register of members/shareholders of the Additional Guarantor.

 

    6

     

    

 

 

		8.	A certificate of an authorised signatory of the Additional Guarantor certifying that each copy
document listed in this Part II of Annexure B is correct, complete and in full force and effect as at a date no earlier than
the date of the Accession Letter.

 

		9	A copy of any other Authorisation or other document, opinion or assurance which the Lender considers
to be necessary or desirable in connection with the entry into and performance of the transactions contemplated by the Accession
Letter or for the validity and enforceability of any Finance Document.

 

		10	If available, the latest audited financial statements of the Additional Guarantor.

 

		11	A legal opinion of the legal advisers to the Lender in South Africa.

 

		12	A legal opinion of the legal advisers to the Obligors in South Africa.

 

		13	If the Additional Guarantor is incorporated in a jurisdiction other than South Africa, a legal
opinion of the legal advisers to the Lender in the jurisdiction in which the Additional Guarantor is incorporated.

 

		14	Any Transaction Security Documents which are required by the Lender to be executed by the proposed
Additional Guarantor.

 

		15	Any notices or other documents required to be given or executed or made under the terms of those
Transaction Security Documents, including evidence that all registrations and other perfection steps as the Lender may reasonably
specify have been made or completed.

 

    7

     

    

 

 

ANNEXURE C – UTILISATION REQUEST

 

	From:	[Borrower]
	 
	To:	[Lender]
	 
	Dated:

 

Dear Sirs

 

[Borrower]
 – [·]
Facility Agreement

 

dated
[·] (the
 “Agreement”)

 

		1	We refer to the Agreement. This is a Utilisation Request. Terms defined in the Agreement have the
same meaning in this Utilisation Request unless given a different meaning in this Utilisation Request.

 

		2	We wish to borrow a Loan in respect of [Tranche A ]OR[Tranche B] on the following terms –

 

	Proposed Utilisation Date:	[·] (or, if that is not a Business Day, the next Business Day)
	 	 
	Amount:	ZAR[·]
    or, if less, the Available Commitment in respect of [Tranche A ]OR[Tranche B]
	 	 
	Interest Period:	[·]

 

		3	We confirm that each condition specified in 4.2 is satisfied on the date of this Utilisation Request.

 

		4	The proceeds of this Loan should be credited to [account].

 

		5	This Utilisation Request is irrevocable.

 

	Yours faithfully	 
	 	 
	authorised signatory for [Borrower]	 

 

    8

     

    

 

 

ANNEXURE D – FORM OF TRANSFER CERTIFICATE

 

	To:	[the New Lender] (the “New Lender”)
	 
	From:	[The Existing Lender] (the “Existing Lender”)
	 
	Dated:	[•]

 

[Borrower]
 – [·]
Facility Agreement dated [·]
(the “Agreement”)

 

		1	We refer to the Agreement. This is a Transfer Certificate. Terms defined in the Agreement have
the same meaning in this Transfer Certificate unless given a different meaning in this Transfer Certificate.

 

		2	We refer to 23.3 –

 

		2.1	The Existing Lender and the New Lender agree to the Existing Lender transferring to the New Lender
by cession and delegation all or part of the Existing Lender’s Commitment, rights and obligations referred to in the annexure
in accordance with 23.3.

 

		2.2	The proposed Transfer
Date is [·].

 

		2.3	The address through which the New Lender will perform its obligations, fax number and attention
details for notices of the New Lender for the purposes of 28.2 are set out in the Schedule.

 

		3	This Transfer Certificate may be executed in any number of counterparts and this has the same effect
as if the signatures on the counterparts were on a single copy of this Transfer Certificate.

 

		4	This Transfer Certificate and any non-contractual obligations arising out of or in connection with
it are governed by South African law.

 

		5	This Transfer Certificate has been entered into on the date stated at the beginning of this Transfer
Certificate.

 

    9

     

    

 

 

Note:     The
execution of this Transfer Certificate may not transfer a proportionate share of the Existing Lender's interest in the Transaction
Security in all jurisdictions. It is the responsibility of the New Lender to ascertain whether any other documents or other formalities
are required to perfect a transfer of such a share in the Existing Lender’s Transaction Security in any jurisdiction and,
if so, to arrange for execution of those documents and completion of those formalities.

 

THE SCHEDULE

 

Commitment/rights and obligations to
be transferred

 

[insert relevant details]

 

[address, fax number and attention details
for notices and account details for payments]

 

	[Existing Lender]	[New Lender]
	 
	By:	By:

 

The
Transfer Date is confirmed as [·].

 

    10

     

    

 

 

ANNEXURE E – FORM OF ACCESSION LETTER

 

	To:	[●] as Lender
	 
	From:	[member of the Group] and [Borrower]
	 
	Dated:	[●]

 

Dear Sirs

 

[Borrower]
 – [·]
Facility Agreement dated [·]
(the “Agreement”)

 

		1	We refer to the Agreement. This is an Accession Letter. Terms defined in the Agreement have the
same meaning in this Accession Letter unless given a different meaning in this Accession Letter.

 

		2	[Subsidiary] agrees to become an Additional Guarantor and to be bound by the terms of the Agreement
and the Transaction Security Documents as an Additional Guarantor pursuant to 24.2 of the Agreement.

 

		3	[Subsidiary] is a company duly incorporated under the laws of [name of relevant jurisdiction].

 

		4	[Subsidiary’s] administrative and domicilium details for the purposes of 28 are as

follows –

 

Address:

Email:

Attention:

 

		5	This Accession Letter and any non-contractual obligations
arising out of or in connection with it are governed by South African law.

 

	[Borrower]	[Subsidiary]

 

    11

     

    

 

 

ANNEXURE F – FORM OF ACCESSION LETTER

 

		To:	            [·]
as Lender

 

		From:	          [Borrower]

 

		Dated:	         [·]

 

Dear Sirs

 

[Borrower]
 – [•] Facility Agreement dated [·]
(the “Agreement”)

 

		1	We refer to the Agreement. This is a Compliance Certificate.
Terms defined in the Agreement have the same meaning when used in this Compliance Certificate unless given a different meaning
in this Compliance Certificate.

 

		2	We
confirm that, in respect of the Measurement Period ending on [·]:

 

		2.1	the Debt Service Cover
Ratio is [·] times;
and

 

		2.2	the Debt to EBITDA Ratio
is [·] times.

 

		3	[·][To
set out (in reasonable detail) computations as to compliance with clause 20]

 

		4	[We confirm that no Default is continuing.] *

 

	Signed:	 	 	 
	 	Director

of

[Borrower]	 	Director

of

[Borrower]

 

[insert applicable certification language]

 

for and on behalf of

[name of auditors of the Borrower] ***

 

 

* If this statement cannot be made, the certificate should identify
any Default that is continuing and the steps, if any, being taken to remedy it.

 

***
Only applicable if the Compliance Certificate accompanies the audited financial statements and is to be signed by the Auditors.
To be agreed with the Borrower’s Auditors prior to signing the Agreement.

 

    1

     

    

 

 

ANNEXURE G – FORM OF RESIGNATION LETTER

 

		To:	[·] as Lender

 

		From:	[resigning Guarantor] and [Borrower]

 

		Dated:	[·]

 

Dear Sirs

 

[Borrower] – Facility Agreement

 

dated [•] (the “Agreement”)

 

		1	We refer to the Agreement. This is a Resignation Letter. Terms defined in the Agreement have the
same meaning in this Resignation Letter unless given a different meaning in this Resignation Letter.

 

		2	Pursuant to 24.4, we request that [resigning Guarantor] be released from its obligations as a Guarantor
under the Agreement.

 

		3	We confirm that –

 

		3.1	no Default is continuing or would result from the acceptance of this request; and

 

		3.2	the requirements of 21.29 will be complied with immediately after such Guarantor ceases to be a
Guarantor.

 

		4	This Resignation Letter and any non-contractual obligations arising out of or in connection with
it are governed by South African law.

 

	[Borrower]	[Subsidiary]
	By:	By:

 

    2

     

    

 

 

ANNEXURE H – TIMETABLES

 

	Delivery of a duly completed Utilisation Request (clause 5.1 (Delivery of a Utilisation Request))	 	No later than 11h00 a.m. 
	JIBAR is fixed	 	Quotation Day as of 11h00 a.m.

Johannesburg time
	Reference Bank Rate calculated by reference to available quotations in accordance with 10.2 (Calculation of Reference Bank Rate)	 	Noon on the Quotation Day

 

 

    3

     

    

 

 

ANNEXURE I – SHAREHOLDERS OF THE BORROWER

 

	SHAREHOLDER	PERCENTAGE HELD
	Cartrack Holdings	100% of the total issued share 

capital of the Borrower

 

    4

     

    

 

 

ANNEXURE J – PERMITTED TRANSFEREES

 

Local banks

 

Absa Bank Ltd

 

FirstRand Bank Ltd

 

Investec Bank Ltd

 

Nedbank Group Ltd

 

Foreign banks

 

Barclays Bank PLC

 

China Construction Bank

 

Citibank, N.A

 

HSBC Bank PLC

 

ICBC (Industrial & Commercial Bank of China)

 

JPMorgan Chase Bank, N.A

 

Standard Chartered Bank

 

Financial institutions

 

Ashburton Fund Managers (Pty) Ltd

 

Coronation Fund Managers Ltd

 

Futuregrowth Asset Management (Pty) Ltd

 

Liberty Group Ltd

 

MMI Holdings Ltd

 

Momentum Asset Management (Pty) Ltd

 

Ninety One

 

Old Mutual Investment Group (South Africa) (Pty) Ltd

 

Old Mutual Life Assurance Company (South Africa) Ltd

 

Old Mutual Specialised Finance (Pty) Ltd

 

Prescient Investment Managers

 

    5

     

    

 

 

Sanlam Capital Markets Ltd

 

Sanlam Credit Conduit (Pty) Ltd

 

Sanlam Investment Management (Pty) Ltd

 

Sanlam Life Insurance Ltd

 

Stanlib Asset Management Ltd

 

Stanlib Ltd

 

Taquanta Asset Management

 

Affiliates

 

Any affiliates, subsidiaries or holding
companies of the aforesaid banks or financial institutions listed in this appendix, and any fund or entity managed and/or controlled
by any of them or any of their affiliates.

 

    6

     

    

 

 

ANNEXURE K – EXISTING FINANCIAL INDEBTEDNESS

 

		1	A finance lease concluded between the Borrower and Mercantile Bank
containing the following terms-

 

		1.1	Lessor: Mercantile Bank

 

		1.2	Amount: R20,000,000

 

		1.3	Term: 3 years

 

		1.4	Final repayment date: The final repayment date is contained in each instalment sale agreement in
respect of the relevant vehicles. As at the Signature Date, the last payment date based on the latest instalment sale agreement
is March 2024.

 

		2	A finance lease concluded between the Borrower and Investec Bank
containing the following terms-

 

		2.1	Lessor: Investec

 

		2.2	Amount: R12,000,000

 

		2.3	Term: 5 years

 

		2.4	Final repayment date: April 2023

 

		3	A working capital overdraft facility made available by Mercantile Bank to the Borrower of up to
R75,000,000.

 

    7

     

    

 

 

ANNEXURE L – DORMANT ENTITIES

 

		1	Combined Telematics Services Proprietary Limited (Registration number 2005/016773/07);

 

		2	Cartrack North East Proprietary Limited (Registration number 2009/000972/07);

 

		3	Karu Holdings Proprietary Limited (Registration number 2005/036165/07);

 

		4	Zonke Bonke Telecoms Proprietary Limited (Registration number 2011/007985/07);

 

		5	Veraspan Proprietary Limited (Registration number 2018/496240/07).

 

    8Proof - tm215468d8_sc13ga [split 0002].htm

 

Exhibit 10.2 

 

Agreement

 

 

Parties

 

		1.	Isaias Jose Calisto. NRIC S2771508G, (“I J Calisto”) the sole shareholder of Karoo
Pte Ltd with residential address 3 Ardmore Park #28-02 Ardmore 3 Singapore 259950.

 

		2.	Karoo Pte. Ltd. Registration 201817157Z, (“Karoo”) a company registered in Singapore
with registered office at 10 Anson Road #12-14 International Plaza Singapore 079903 (Borrower).

  

 

		1.	Background

 

		1.1	As a restructuring plan of I J Calisto and his family to bring their interest’s to Singapore
from South Africa, Karoo will purchase 204,500,000 ordinary shares of Cartrack Holding Limited (“CTK”), a public company
duly registered and incorporated in South Africa from I J Calisto’s family structure in South Africa at the price of ZAR13.44
per share. The share purchase price was calculated based on 30-day average trading price on the Johannesburg Stock Exchange. The
total purchase consideration is ZAR2,748,480,000. The restructuring was approved by the South African Reserve Bank.

 

		1.2	On exiting I J Calisto’s interest from South Africa to Singapore, a special application was
made to the South African Reverse Bank whereby Karoo would have a share capital to the amount equivalent to the purchase consideration
of CTK shares. Karoo’s share capital will increase to SGD266,416,930 based on the exchange rate of SGD1=ZAR10.3165. The spot
exchange rate is obtained from XE.com on 4th July 2019.

 

		1.3	Karoo will apply for share capital reduction after the completion of the purchase of CTK shares.
The increase in the share capital of Karoo was merely to honour what was stated on the application to the South African Reserve
Bank. An amendment to the application to the Reserve Bank would cause delays to the implementation of the new structure.

 

		1.4	The purchase of the CTK shares by Karoo was funded in totality by I J Calisto. Karoo and its investment
in CTK shares are free from any encumbrance or pledge of caveat.

 

		1.5	I J Calisto will additionally provide ZAR144,900,000 as a loan to Karoo. This loan is for Karoo
to offer and purchase CTK shares from the minority shareholders. I J Calisto can opt for any purchase of these shares to be registered
in his name as appose to Karoo. Such amounts will be reduced from the Loan amount.

 

 

		2.	Share capital reduction

 

		2.1	It is a mutual agreement between I J Calisto and Karoo to agree on apply for share capital reduction
in Karoo after the completion of the purchase of CTK shares.

 

		2.2	The excess capital after the completion of share capital reduction will be treated as shareholder
loan given by I J Calisto to Karoo.

 

     

     

    

 

Agreement

 

 

		3.	Return of shareholder loans

 

		3.1	Karoo requires to repay any loan to the shareholder on demand upon a written request by the shareholder.
The shareholder has the option to the following repayment methods and Karoo will pay accordingly-

 

		-	Repayment in Cash;

		-	Repayment in CTK shares at the price of ZAR13.44 per share (same purchase price).

 

		3.2	No interest on shareholder loans will be charged.

 

 

Execution

 

	Executed as an agreement on 4th
    July 2019 

    Signed for	 	Signed for and on behalf of 

    Karoo Pte. Ltd
	 	 	 
	/s/ Isaias Jose Calisto	 	/s/ Isaias Jose Calisto
	Isaias
                                         Jose Calisto

                                                            Sole
                                         shareholder
	 	Director
	 	 	 
	In
    the presence of:	 	In
    the presence of:
	 	 	 
	/s/ Mome Grundlingh	 	/s/ Lau Hong Yap
	Name of Witness: Mome Grundlingh	 	Name
    of Witness: Lau Hong Yap
	Designation: Group Chief
                                         Finance Officer of Cartrack Holding
	 	Designation: Senior Accountant

 

    2

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