Document:

EX-10.18

 Exhibit 10.18 

 
 

 
 Client No: 224342 
 Deal No: 009 
 Mix Telematics Africa (Pty) Ltd 

Registration no. 2004/019797/07 
 28 Howick Close

 Waterfall Park 
 Vorna Valley

 Johannesburg 
 1682 

30 November 2011 
 Dear Sirs, 

Amendment - Agreement of Loan 
  

	1.	We confirm that you previously concluded an Agreement of Loan with Investec Bank Limited, which was signed by you on 17 January 2011, as amended from time to time
(the “Existing Agreement of Loan”). 

  

	2.	In terms of the Existing Agreement of Loan you were obliged to repay the total amount outstanding under the Existing Agreement of Loan on or before 31 January 2012
(the “loan term”). 

  

	3.	At your specific instance and request, Investec has agreed to extend the loan term, commencing on 1 February 2012 and terminating on 31 January 2013, provided
that a raising fee of R100,000.00 (One Hundred Thousand Rand) excluding VAT is paid. 

  

	4.	Accordingly, the Existing Agreement of Loan will be amended as follows: 

  

	 	4.1	By the deletion of the Loan summary Quotation: cost of credit and the replacement thereof with the Loan summary Quotation: cost of credit attached hereto.

  

	 	4.2	By the deletion of clause 2.1.5.2 in its entirety. 

  

	 	4.3	By the deletion of clause 6 and the replacement thereof with the following clause 6: 

 

	 	6	Duration of loan 

  

	 	6.1	This loan will begin on the Commencement Date and will endure until 31 January 2013, subject to the provisions of 4 (Default), 11 (Increased costs) and 16 (Early
payment and early termination by the borrower) of the Standard Terms and Conditions. 

  

	 	4.4	By the deletion of clause 9.1 and the replacement thereof with the following clause 9.1: 

 

	 	9.1	The borrower shall pay to Investec the following fees: 

  

	 	9.1.1	a non-refundable raising fee for arranging the Capital in the amount of R114,000.00 (inclusive of VAT) payable on the date upon which the Existing Agreement of Loan
is restructured. For the avoidance of doubt it is recorded and agreed that the aforesaid raising fee is In addition to the raising fee which was included in the Principal Debt on the Commencement Date. 

 

	5.	The extension of the loan term and the amendments contained herein are made entirely without prejudice to or limitation of Investec’s rights under the Existing
Agreement of Loan. For the avoidance of doubt: 

  

	 	5.1	the Existing Agreement of Loan (amended as set out in clause 4 above) will continue in full force and effect; and 

An authorised financial services provider. A registered credit provider registration number NCRCP9 

 
 

 

	 	5.2	save as set out above, this extension and amendment will in no way affect the terms or the operation of the Existing Agreement of Loan or the continuing covering
security afforded by any mortgage bond registered at any time in favour of Investec or the security afforded by any suretyship, insurance policy or other collateral security furnished in terms of the Existing Agreement of Loan, or constitute a
novation of the debt or affect any of Investec’s rights under the Existing Agreement of Loan or otherwise. 

  

	6.	If the total amount outstanding under the Existing Agreement of Loan is not irrevocably discharged in full on or before the termination date specified in clause 3
above, you will be deemed to be in default of your obligations in terms of the Existing Agreement of Loan and Investec will have the right to exercise whatever rights it may have or acquire thereunder or in law. 

 

	7.	 The amendment will be effective on the 1st business day following the date of this letter. 

 

	8.	If you have any queries do not hesitate to Nicola Silcock on (011) 286 8797 

 

					
	Yours faithfully	  		 	
	Investec Bank Limited	  		 	
			
	

	  		 	

	External Consultant	  		 	Risk Officer

 I the undersigned, duly authorised and warranting such authority, hereby acknowledge, and to the extent necessary,
agree to the amendments to the Existing Agreement of Loan as provided for in this letter of amendment. 
 Signed at
MIDRAND on 16TH day of JANUARY 2012. 

 

	
	

	For and on behalf of:
	Mix Telematics Africa (Pty) Ltd
	Registration no. 2004/019797/07

 An authorised financial services provider. A registered credit provider registration number NCRCP9 

 
 

 

					
	

	  		  	
	  	Annexure B	  	
			
		  	Date	  	: 30/11/2011
			
	Loan summary	  	Contract no.	  	: 009
			
	Quotation : cost of credit	  	Client no.	  	: 224342

  

					
	(for the purposes of section 92 of the National Credit Act, 2005 if the Act is applicable)

  

					
	Name of Credit Provider:	  	Investec Bank Limited (Registration No. 1969/004763/06) its successors and assigns (“Investec”)
	Contact details of Credit Provider:	  	 100 Grayston Drive

Sandown
 Sandton

2196
 Tel number: (2711) 286-7000

Fax number (2711) 286-7777
	  	
	National Credit Registration Number:	  	NCRCP9	  	
	Name of Borrower:	  	Mix Telematics Africa (Pty) Ltd (Registration No/ID no 2004/019797/07)
	Contact details of Borrower:	  	 Tel: 0116548000

Email: paddy.fitzgerald@mixtelematics.com

	Physical Address of borrower:	  	 28 Howick Close
 Waterfall
Park
 Vorna Valley

Johannesburg
 1682
	  	
	Type of Agreement:	  	Secured loan and credit facility
	CAPITAL:	  	R50,000,000.00 (Fifty Million Rand)
	ADDITIONAL AMOUNTS AND CHARGES	  		  	
	Raising fee:	  	R114,000.00	  	
	Security preparation fee:	  	R0.00	  	
	Valuation fee:	  	R0.00	  	
		  	Charges are inclusive of VAT except if expressly stated to exclude VAT.
	 *TOTAL ADDITIONAL AMOUNTS AND CHARGES:
	  	R114,000.00	  	
	 *PRINCIPAL DEBT (Capital plus total additional charges):
	  	R50,114,000.00	  	
	INTEREST
	Applicable annual interest rate:	  	Base Rate minus 0.50%	  	
	Base rate:	  	Investec Prime Rate, being currently 9.00%
	Initial annual interest rate:	  	8.5%	  	
	Rand value of interest:	  	R4,255,316.64	  	
	 *TOTAL COST OF CREDIT (interest plus additional charges):
	  	R4,369,316.64	  	
	 *TOTAL AMOUNT REPAYABLE:
	  	R54,369,316.64	  	
	INSTALMENTS See clause 8 of the Loan Document	  		  	
	*Monthly Instalment in respect of the Principal Debt:	  	 Number of instalments:
	  	 Amount of each instalment:

		  	12	  	364,109.72
	Frequency of instalments:	  	Monthly	  	
	Residual/final instalment:	  	R50,000,000.00	  	
	Date of first Instalment and date of final instalment:	  	Unless otherwise agreed in writing, the monthly instalments will commence on the 1st day of the month following the month in which the Principal Debt or any
portion thereof is advanced to or on behalf of the borrower and will thereafter be payable on the 1st day of each succeeding month and shall continue to be so paid until all amounts owing to or claimable by Investec in terms of the Loan
Agreement have been paid in full. Where the 1st day of the month falls on a Saturday, Sunday or official public holiday in the Republic of South Africa, then Investec shall be entitled to obtain payment on the first business day
thereafter.
	Method of payment:	  	ACB	  	
	*Total all instalments:	  	R54,369,316.64	  	

  

													
	

	 		 	Witness Here	 	

	 	 

	Borrower initial here	 		 		 		 	Witness initial here
	An authorised financial services provider.	 		 		 		 	1 of 8

 SECURITY PROVIDED AND SPECIAL CONDITIONS: See clause 2 of the Loan Document 

OTHER ONGOING COSTS: See for example clauses 4 (Default), 13 (Change in market rates and increased costs) and 18 (Insurance) of the
Standard Terms and Conditions attached to the Loan Document as Annexure A. 
 INSURANCE CONDITIONS: Please see clause 18 of the Standard Terms
and Conditions. 

  

													
	

	 		 	Witness Here  	 		 	 

	Borrower initial here	 		 		 		 	Witness initial here
	An authorised financial services provider.	 		 		 		 	2 of 8EX-10.19

 Exhibit 10.19 

 

			
	  
 

	  	Johannesburg
	  	  
 Investec Specialist Bank

	  	100 Grayston Drive Sandown Sandton 2196
	  	PO Box 785700 Sandton 2146 South Africa
	  	T +27 (0) 11 286 7000 F +27 (0) 11 286 9555
	  	www.investecprivatebank.co.za
	  	  
 Client No: 224342

	  	Deal No: 009

 Mix Telematics Africa (Pty) Ltd 
 28 Howick Close 
 Waterfall Park 
 Vorna Valley 
 Johannesburg 
 1682 
 10 October 2012 
 Dear Sirs, 
 Amendment - Agreement of Loan 

 

	1.	We confirm that you previously concluded an Agreement of Loan with Investec Bank Limited on or about 20 January 2011 (“Agreement of Loan”), as
amended from time to time (the “Existing Agreement of Loan”). 

  

	2.	In terms of the Existing Agreement of Loan you were obliged to repay the total amount outstanding under the Existing Agreement of Loan on or before 31 January 2013 (the
“loan term”). 

  

	3.	At your specific Instance and request, Investec has agreed to extend the loan term, commencing on 1 February 2013 and terminating on 31 January 2015, provided that a
raising fee of R150,000.00 (One Hundred and Fifty Thousand Rand) excluding VAT is paid. 

  

	4.	Accordingly, the Existing Agreement of Loan will be amended as follows: 

  

	 	4.1	By the deletion of the Loan summary Quotation: cost of credit and the replacement thereof with the Loan summary Quotation : cost of credit attached hereto.

  

	 	4.3	By the deletion of clause 6 and the replacement thereof with the following clause 6: 

 

	 	6	Duration of loan 

  

	 	6.1	This loan will begin on the Commencement Date and will endure until 31 January 2015, subject to the provisions of 4 (Default), 11 (Increased costs) and 16 (Early
payment and early termination by the borrower) of the Standard Terms and Conditions. 

  

	 	4.4	By the deletion of clause 9.1 and the replacement thereof with the following clause 9.1: 

 

	 	9.1	The borrower shall pay to Investec the following fees: 

  

	 	9.1.1	a non-refundable raising fee for arranging the Capital In the amount of R171,000.00 (Inclusive of VAT) payable on the date upon which the Existing Agreement of Loan
is restructured. For the avoidance of doubt it is recorded and agreed that the aforesaid raising fee is in addition to the raising fee which was included in the Principal Debt on the Commencement Date and/or any date of amendment of the Agreement of
Loan. 

 Investec Private Bank, a division of Investec Bank Limited registration number 1969/004763/06. Investec Private Bank
is committed to the Code of Banking Practice as regulated by the Ombudsman for Banking Services. Copies of the Code and the Ombudsman’s details are available on request or visit www.investecprivatebank.co.za. A registered credit provider
registration number NCRCP9. 
 Australia  Botswana  Canada  Guernsey  Hong
Kong  Ireland  Jersey  Mauritius  Namibia  South Africa  Switzerland  Taiwan  United Kingdom  United States 

 
 

 

	5.	The extension of the loan term and the amendments contained herein are made entirely without prejudice to or limitation of Investec’s rights under the Existing
Agreement of Loan. For the avoidance of doubt: 

  

	 	5.1	the Existing Agreement of Loan (amended as set out in clause 4 above) will continue in full force and effect; and 

 

	 	5.2	save as set out above, this extension and amendment will in no way affect the terms or the operation of the Existing Agreement of Loan or the continuing covering
security afforded by any mortgage bond registered at any time in favour of Investec or the security afforded by any suretyship, insurance policy or other collateral security furnished in terms of the Existing Agreement of Loan, or constitute a
novation of the debt or affect any of Investec’s rights under the Existing Agreement of Loan or otherwise. 

  

	6.	If the total amount outstanding under the Existing Agreement of Loan is not Irrevocably discharged in full on or before the termination date specified in clause 3
above, you will be deemed to be In default of your obligations in terms of the Existing Agreement of Loan and Investec will have the right to exercise whatever rights it may have or acquire thereunder or in law. 

 

	7.	The amendment will be effective on the 1st business day following the date of this letter. 

 

	8.	If you have any queries do not hesitate to Jarred Roberts on (011) 286 7468. 

 

					
	Yours faithfully	  		  	
	Investec Bank Limited	  		  	
			
	

	  		  	

	Private Banker	  		  	Authorised signatory

 I the undersigned, duly authorised and warranting such authority, hereby acknowledge, and to the extent necessary, agree
to the amendments to the Existing Agreement of Loan as provided for in this letter of amendment. 
 Signed at MIDRAND on 15 day of NOVEMBER
2012. 
  

	
	SIGN HERE    

	For and on behalf of:
	Mix Telematics Africa (Pty) Ltd
	Registration no. 2004/019797/07

  
 

 

					
	 

	  		  	
	  	Annexure B	  	
			
		  	Date	  	: 09/10/2012
			
	Loan summary	  	Contract no.	  	: 009
			
	Quotation : cost of credit	  	Client no.	  	: 224342

 (for the purposes of section 92 of the National Credit Act, 2005 if the Act is applicable) 

 

					
	Name of Credit Provider:	  	Investec Bank Limited (Registration No. 1969/004763/06) Its successors and assigns (“Investec”)
	Contact details of Credit Provider:	  	 100 Grayston Drive

Sandown
 Sandton

2196
 Tel number: (2711) 286-7000

Fax number: (2711) 286-7777

	National Credit Registration Number:	  	NCRCP9	  	
	Name of Borrower:	  	 Mix Telematics Africa (Pty) Ltd (Registration No/ID no
 2004/019797/07)

	Contact details of Borrower:	  	 Tel: 0116548000

Email: paddy.fitzgerald@mixtelematics.com

	Physical Address of borrower:	  	 28 Howick Close

Waterfall Park
 Vorna Valley

Johannesburg
 1682

	Type of Agreement:	  	Secured loan and credit facility
	CAPITAL:	  	R50,000,000.00 (Fifty Million Rand)
	ADDITIONAL AMOUNTS AND CHARGES	  	
	Raising fee:	  	R171,000.00	  	
	Security preparation fee:	  	R0.00	  	
	Valuation fee:	  	R0.00	  	
		  	Charges are inclusive of VAT except if expressly stated to exclude VAT.
	*TOTAL ADDITIONAL AMOUNTS AND CHARGES:	  	R171,000.00	  	
	 *PRINCIPAL DEBT (Capital plus total additional charges):
	  	R50,171,000.00	  	
	INTEREST	  		  	
	Applicable annual interest rate:	  	Base Rate minus 0.50%
	 Base rate:
	  	Investec Prime Rate, being currently 8.50%
	 Initial annual interest rate:
	  	8%	  	
	Rand value of interest:	  	R8,014,612.80	  	
	 *TOTAL COST OF CREDIT (Interest plus additional charges):
	  	R8,185,812.80	  	
	 *TOTAL AMOUNT REPAYABLE:
	  	R58,185,612.80	  	
	INSTALMENTS See clause 8 of the Loan Document	  	
	*Monthly instalment in respect of the Principal Debt:	  	 Number of instalments:
	  	 Amount of each instalment:

		  	24	  	341,067.20
	Frequency of instalments:	  	Monthly	  	
	Residual/final instalment:	  	R50,000,000.00	  	
	Date of first instalment and date of final instalment:	  	Unless otherwise agreed in writing, the monthly instalments will commence on the 1st day of the month following the month in which the Principal Debt or any
portion thereof is advanced to or on behalf of the borrower and will thereafter be payable on the 1st day of each succeeding month and shall continue to be so paid until all amounts owing to or claimable by Investec in terms of the Loan
Agreement have been paid in full. Where the 1st day of the month falls on a Saturday, Sunday or official public holiday in the Republic of South Africa, then Investec shall be entitled to obtain payment on the first business day
thereafter.
	Method of payment:	  	ACB
	 *Total all Instalments:
	  	R58,185,612.80

  

															
	SIGN HERE    

	 		 	Witness Here	 		 	 

	 	

	 Borrower Initial here
 An authorised financial services provider.
	 		 		 		 	Witness initial here	 
		 		 		 		 		 
		 		 		 		 		 

 SECURITY PROVIDED AND SPECIAL CONDITIONS: See clause 2 of the Loan Document 

OTHER ONGOING COSTS: See for example clauses 4 (Default), 13 (Change in market rates and increased costs) and 18 (Insurance) of the
Standard Terms and Conditions attached to the Loan Document as Annexure A. 
 INSURANCE CONDITIONS: Please see clause 18 of the Standard Terms
and Conditions. 

  

															
	 SIGN HERE    

	 		 		 	Witness Here	 		 	

	 	
	 Borrower initial here
 An authorised financial services provider.
	 		 		 		 	Witness initial here

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