Document:

Exhibit 4.1

 

EXECUTION COPY

 

AMENDMENT NO. 1

 

Dated as of February 24, 2017

to

AMENDMENT NO. 1 TO

POOLING AND SERVICING AGREEMENT

between

WELLS FARGO COMMERCIAL MORTGAGE SECURITIES,
INC.,

as Depositor,

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as General Master Servicer

RIALTO CAPITAL ADVISORS, LLC,

as General Special Servicer

NATIONAL COOPERATIVE BANK, N.A.,

as NCB Master Servicer

NATIONAL COOPERATIVE BANK, N.A.,

as NCB Special Servicer

PARK BRIDGE LENDER SERVICES LLC,

as Trust Advisor

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Certificate Administrator, as Tax Administrator and as Custodian

and

WILMINGTON TRUST, NATIONAL ASSOCIATION

as Trustee

 

 

WELLS FARGO COMMERCIAL MORTGAGE TRUST
2014-LC18,

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2014-LC18

     

     

    

 

AMENDMENT NO. 1, dated as of February
24, 2017 (this “Amendment”), between Wells Fargo Commercial Mortgage Securities, Inc., as depositor (the “Depositor”),
Wells Fargo Bank, National Association, as general master servicer (in such capacity, the “General Master Servicer”),
Rialto Capital Advisors, LLC, as general special servicer (the “General Special Servicer”), National Cooperative
Bank, N.A. (formerly NCB, FSB), as NCB master servicer (in such capacity, the “NCB Master Servicer), National Cooperative
Bank, N.A. (formerly NCB, FSB), as NCB special servicer (in such capacity, the “NCB Special Servicer), Park Bridge
Lender Services LLC, as trust advisor (the “Trust Advisor”), Wells Fargo Bank, National Association, as certificate
administrator, as tax administrator and as custodian (in such capacity, the “Certificate Administrator”) and
Wilmington Trust, National Association, as trustee (the “Trustee”), to the Pooling and Servicing Agreement,
dated as of December 1, 2014 (the “Agreement”), between the Depositor, the General Master Servicer, the General
Special Servicer, the NCB Master Servicer, the NCB Special Servicer, the Trustee, the Certificate Administrator and the Trust Advisor,
relating to Wells Fargo Commercial Mortgage Trust 2014-LC18, Commercial Mortgage Pass-Through Certificates, Series 2014-LC18.

RECITALS

A.       The
Depositor desires to attach the Schedule XI—entitled “Designated Escrow/Reserve Mortgage Loans”—referred
to in the definition of “Special Servicer Decision”, which such schedule was erroneously omitted from the Agreement.

B.       Section
12.01(a) of the Agreement provides that the Agreement may be amended from time to time by the agreement of the Depositor, the General
Master Servicer, the General Special Servicer, the NCB Master Servicer, the NCB Special Servicer, the Trust Advisor, the Certificate
Administrator and the Trustee, without the consent of any of the Certificateholders, among other things, to correct any error;
provided that no such amendment may adversely affect any Serviced Pari Passu Companion Loan Holder related to any Serviced
Loan Combination then serviced and administered under the Agreement without the written consent of such Serviced Pari Passu Companion
Loan Holder; and provided, further, that no such amendment may materially adversely affect the rights, or increase
the obligations, of any Mortgage Loan Seller under the Agreement or the related Mortgage Loan Purchase Agreement without the written
consent of such Mortgage Loan Seller.

C.        Section
12.01(c) of the Agreement provides that none of the Certificate Administrator, the Trustee, the General Master Servicer, the General
Special Servicer, the NCB Master Servicer, the NCB Special Servicer or the Trust Advisor shall consent to any amendment to the
Agreement unless it shall first have obtained or been furnished with an Opinion of Counsel to the effect that (i) neither such
amendment nor the exercise of any power granted to any party to the Agreement in accordance with such amendment will result in
an Adverse REMIC Event with respect to any REMIC Pool or an Adverse Grantor Trust Event with respect to the Grantor Trust Pool
and (ii) such amendment is authorized or permitted under the Agreement and all conditions precedent to such amendment have been
met.

D.       The
Opinion of Counsel required by the Agreement has been delivered to the Certificate Administrator, the Trustee, the General Master
Servicer, the General Special Servicer, the NCB Master Servicer, the NCB Special Servicer and the Trust Advisor.

    1 

     

    

 

NOW, THEREFORE, the parties hereto agree
as follows:

Section
1. Defined Terms.

For purposes of this Amendment, unless
the context clearly requires otherwise, all capitalized terms that are used but not otherwise defined herein shall have the respective
meanings assigned to such terms in the Agreement.

Section
2. Amendment.

Effective as of the date of this Amendment,
the following changes are made to the Agreement.

(a)       Schedule
XI attached hereto as Exhibit A (“Schedule XI”) is hereby added to the Schedules to the Agreement.

(b)       Any
and all references to “Schedule XI” in the Agreement shall refer to Schedule XI as attached hereby.

Section
3. Effect of Amendment.

Upon execution of this Amendment, the
Agreement shall be, and be deemed to be, amended in accordance herewith, and the respective rights, limitations, obligations, duties,
liabilities and immunities of the Certificate Administrator, the General Master Servicer, the General Special Servicer, the NCB
Master Servicer, the NCB Special Servicer, the Trustee and the Trust Advisor, shall hereafter be determined, exercised and enforced
subject in all respects to such amendments, and all the terms and conditions of this Amendment shall be, and be deemed to be, part
of the terms and conditions of the Agreement for any and all purposes. Except as modified and expressly amended by this Amendment,
the Agreement is in all respects ratified and confirmed, and all the terms, provisions and conditions thereof shall be and remain
in full force and effect.

Section
4. Binding Effect.

The provisions of this Amendment shall
be binding upon and inure to the benefit of the respective successors and assigns of the parties hereto, and all such provisions
shall be binding upon and inure to the benefit of the Certificateholders.

Section
5. Governing Law; Waiver of Trial by Jury.

THIS AMENDMENT AND
ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO OR IN CONNECTION WITH THIS AMENDMENT, THE RELATIONSHIP OF THE PARTIES,
AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES WILL BE GOVERNED BY THE LAWS OF THE STATE OF
NEW YORK WITHOUT REGARD TO ANY CONFLICTS OF LAW PRINCIPLES OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. TO
THE FULLEST EXTENT PERMITTED UNDER APPLICABLE LAW, EACH OF THE PARTIES HERETO HEREBY (I) WAIVES,

    2 

     

    

 

TO
THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN ANY ACTION, CLAIM, SUIT, PROCEEDING OR COUNTERCLAIM, WHETHER
IN CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO, OR ARISING DIRECTLY OR INDIRECTLY OUT OF, THIS AMENDMENT OR
THE TRANSACTIONS CONTEMPLATED HEREBY.AND (II) SUBMITS TO THE JURISDICTION OF ANY NEW YORK STATE AND FEDERAL COURTS SITTING IN
THE BOROUGH OF MANHATTAN IN NEW YORK CITY WITH RESPECT TO MATTERS ARISING OUT OF OR RELATING TO THIS AMENDMENT, THE RELATIONSHIP
OF THE PARTIES, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES.

 

Section
6. Severability of Provisions.

If any one or more of the agreements,
provisions or terms of this Amendment shall be for any reason whatsoever held invalid, then such provisions or terms shall be deemed
severable from the remaining provisions or terms of this Amendment and shall in no way affect the validity or enforceability of
the other provisions or terms of this Amendment.

Section
7. Section Headings.

The section headings herein are for convenience
of reference only, and shall not limit or otherwise affect the meaning hereof.

Section
8. Counterparts.

This Amendment may be executed in several
counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument.

    3 

     

    

 

IN WITNESS WHEREOF, the Depositor, the
Certificate Administrator, the General Master Servicer, the General Special Servicer, the NCB Master Servicer, the NCB Special
Servicer, the Trustee and the Trust Advisor have caused this Amendment to be duly executed by their respective officers thereunto
duly authorized, all as of the day and year first above written. 

	 	WELLS
FARGO COMMERCIAL MORTGAGE

SECURITIES, INC.,

Depositor

 

By:
 /s/ Anthony Sfarra                                                 

Name:
Anthony Sfarra

Title:
President

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION,

General
Master Servicer

 

By:
 /s/ Mary Kate Walker                                            

Name: Mary Kate Walker

Title:
Vice President

 

RIALTO
CAPITAL ADVISORS, LLC,

General
Special Servicer

 

By:
 /s/ Adam Singer                                                      

Name:
Adam Singer

Title:
Vice President

 

NATIONAL
COOPERATIVE BANK, N.A.,

NCB
Master Servicer

 

By:
/s/ Kathleen Luzik                                                   

Name:
Kathleen Luzik

Title:
COO

 

NATIONAL
COOPERATIVE BANK, N.A.,

NCB
Special Servicer

 

By:
 /s/ Munevver Yolas                                                 

Name:
Munevver Yolas

Title:
SVP

 

WFCM 2014-LC18
– Amendment No. 1 to Pooling and Servicing Agreement

     

     

    

	 	PARK
BRIDGE LENDER SERVICES LLC,

Trust
Advisor

 

By:
Park Bridge Advisors LLC, its sole member

By: Park Bridge Financial LLC, its sole member

 

By:
/s/ David M. Rodgers                                             

Name:
David M. Rodgers

Title:
Managing Member

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION,

Certificate
Administrator

 

By:
 /s/ Stephanie Atwell                                              

Name:
Stephanie Atwell

Title:
Vice President

 

WILMINGTON
TRUST, NATIONAL ASSOCIATION,

Trustee

 

By:
 /s/ Beverly D. Capers                                             

Name:
Beverly D. Capers

Title:
Assistant Vice President

 

 

WFCM 2014-LC18
– Amendment No. 1 to Pooling and Servicing Agreement

     

     

    

 

 

 

EXHIBIT A

 

     

     

    

 

SCHEDULE XI

 

Designated Escrow/Reserve Mortgage Loans

	Mortgage Loan Number	Mortgage Loan Name
	5	Marriott Kansas City Country Club Plaza
	8	Hilton Garden Inn Cupertino
	38	National Harbor Mixed Use Portfolio
	47	New Mexico Hotel Portfolio
	50	10100 North Central Expressway
	55	Hampton Inn - Tallahassee Central
	63	Planet Fitness Rockaway Avenue
	68	Holiday Inn Express PortalesNet 1 UEPS Technologies, Inc.: Exhibit 10.50- Filed by newsfilecorp.com

Exhibit 10.50 

 

FIRST ADDENDUM TO AMENDED AND RESTATED SUBSCRIPTION
  AGREEMENT 

between 

NET1 APPLIED TECHNOLOGIES SOUTH AFRICA PROPRIETARY
LIMITED 

and 

BLUE LABEL TELECOMS LIMITED 

 

 

1 

	1 	
      PARTIES

	1.1 	
      The Parties to this Agreement are
–

	1.1.1 	
      Net1 Applied Technologies South Africa Proprietary
      Limited; and

	 	 
	1.1.2 	
      Blue Label Telecoms Limited.

	1.2 	
      The Parties agree as set out
below.

	2 	
      INTERPRETATION

	 	 
		
      In this Addendum -

	2.1 	
      "Addendum" means this addendum
agreement;

	 	 
	2.2 	
      "Agreement" means the amended and restated
      subscription agreement entered into between the Parties on 16 November
      2016 relating to the Subscription by Net1 Applied Technologies South
      Africa Proprietary Limited for 117,924,528 (one hundred and seventeen
      million nine hundred twenty four thousand five hundred and twenty eight)
      ordinary shares in Blue Label Telecoms Limited for an aggregate
      subscription price of R2,000,000,000.00 (two billion rand);

	 	 
	2.3 	
      "Parties" means the parties to this Addendum;
      and

	 	 
	2.4 	
      words and phrases defined in the Agreement will bear the
      same meanings herein.

	3 	
      CONDITION PRECEDENT TO THIS ADDENDUM

	 	 
		
      The Parties agree that this Addendum shall be subject to
      the suspensive condition that the form of guarantee attached hereto as
      Annexure 1 shall be signed by the parties thereto on or before the date on
      which this Addendum is signed by the last Party signing, failing which
      this Addendum shall automatically terminate and cease to be of any further
      force or effect.

	 	 
	4 	
      VARIATION OF AGREEMENT

	4.1 	
      The Agreement is hereby varied as follows -

	 	 
	4.1.1 	
      clause 2.1.22 of the Agreement is hereby deleted in its
      entirety and replaced with the following new clause
–

	  

	  

2 

		"2.1.22 	
      "Subscription Date" means,
      subject to the fulfilment or waiver, as the case may be, of the
      last outstanding Condition Precedent, the date designated as the
      "Subscription Date" by way of written notice by the Company to the
      Subscriber, provided that – 

	 	2.1.22.1 	
      the Subscription Date shall occur between 23 January
      2017 and 12h00 on 31 May 2017 and the Company shall not be permitted to
      designate any date as the Subscription Date which does not fall within the
      aforementioned period; and

	 	 	
       

	 	2.1.22.2 	
      no such written notice by the Company shall be
      considered valid for purposes of this clause 2.1.22 unless the Company has
      given the Subscriber at least than 5 (five) business days' prior written
      notice of the Subscription Date;"; and

	4.1.2 	
      clause 7.2 of the Agreement is hereby deleted in its
      entirety and replaced with the following new clause
–

		"7.2 	either Party shall be entitled to terminate
      this Agreement summarily by way of written notice in the event that
      the Subscription Date has not occurred by 12h00 on 31 May
  2017;". 

	4.2 	
      The Parties agree that all references to the Guarantee
      which are contained in the Agreement shall be deemed to be references to
      the Guarantee attached as Annexure 1 to this
Addendum.

	5 	
      SAVINGS CLAUSE

	 	 
		
      Save to the extent specifically or by necessary
      implication modified in or inconsistent with the provisions of this
      Addendum, all of the remaining terms and conditions of the Agreement shall
      mutatis mutandis continue in full force and effect.

	 	 
	6 	
      COSTS

	 	 
		
      Each Party will bear and pay its own legal costs and
      expenses of and incidental to the negotiation, drafting, preparation and
      implementation of this Addendum.

	 	 
	7 	
      SIGNATURE

	7.1 	
      This Addendum is signed by the Parties on the dates and
      at the places indicated below.

	  

3 

	7.2 	
      This Addendum may be executed in counterparts, each of
      which shall be deemed an original, and all of which together shall
      constitute one and the same Addendum as at the date of signature of the
      Party last signing one of the counterparts.

	 	 
	7.3 	
      The persons signing this Addendum in a representative
      capacity warrant their authority to do so.

	 	 
	7.4 	
      The Parties record that it is not required for this
      Addendum to be valid and enforceable that a Party shall initial the pages
      of this Addendum and/or have its signature of this Addendum verified by a
      witness.

SIGNED at ROSEBANK on FEBRUARY 28, 2017 

	For and on behalf of 
	NET1 APPLIED TECHNOLOGIES 
	SOUTH AFRICA PROPRIETARY LIMITED 
	  
	  
	  
	/s/ Herman G.
      Kotzé 
	Signature 
	 
	Herman G. Kotzé  
	Name of Signatory 
	 
	Director 
	Designation of Signatory 

SIGNED at SANDTON on FEBRUARY 28, 2017 

	For and on behalf of 
	BLUE LABEL TELECOMS LIMITED 
	  
	  
	  
	/s/ Brett M. Levy    
	Signature 
	 
	Brett M. Levy  
	Name of Signatory 
	 
	Joint CEO 
	Designation of Signatory 

	  

ANNEXURE 1 

FORM OF GUARANTEE 

Blue Label Telecoms Limited 
75 Grayston Drive

Morningside 
Sandton 
Attention: The Chief Executive Officer 

28 February, 2017 

Dear Sirs, 

BANK GUARANTEE 

	1. 	
      We, FirstRand Bank Limited (acting through its Rand
      Merchant Bank division), with registration number 1929/001225/06 having
      our head office at 1st Floor, 4 Merchant Place, Cnr Fredman Drive and
      Rivonia Road, Sandton, 2196 (the Guarantor), provide this bank
      guarantee (this Bank Guarantee) in accordance with clause 5.1.1
      (Conditions Precedent) of an amended and restated subscription agreement
      (the Subscription Agreement) concluded on or about 15 November 2016
      and further amended on or about 28 February, 2017, between Blue Label
      Telecoms Limited, registration number 2006/022679/06, (the Company)
      and Net1 Applied Technologies South Africa Proprietary Limited,
      registration number 2002/031446/07, (the Subscriber) in connection
      with the proposed subscription by the Subscriber of 117,924,528 ordinary
      shares (the Shares) in the Company (Proposed Subscription).
      This Bank Guarantee replaces in its entirety the bank guarantee issued by
      the Guarantor to the Company dated 15 November 2016, which guarantee is
      automatically terminated on the issue of this Bank Guarantee.

	 	 
	2. 	
      We understand that:

	2.1 	
      the Proposed Subscription will be subject to the terms
      and conditions set out in the Subscription Agreement;

	 	 
	2.2 	
      the implementation of the Proposed Subscription will be
      subject to the fulfilment of the condition precedent set out in clause
      5.1.2 of the Subscription Agreement (the Subscription Condition
      Precedent) by not later than 16 November 2016; and

	 	 
	2.3 	
      should the Proposed Subscription be implemented in
      accordance with the terms and conditions of the Subscription Agreement,
      the aggregate subscription price for the Shares that will be payable by
      the Subscriber to the Company in accordance with the terms and conditions
      of the Subscription Agreement will be an amount of R2,000,000,000 (the
      Aggregate Subscription Price).

	3. 	
      The Guarantor, subject to the terms of this Bank
      Guarantee, hereby irrevocably guarantees the payment by the Subscriber to
      the Company of the Aggregate Subscription Price (the Guaranteed
      Amount).

	 	 
	4. 	
      Subject to compliance with the terms of this Bank
      Guarantee (including but not limited to the provisions of paragraphs 8.4
      and 8.5, and provided the Company has given the Guarantor at least 5
      business days' prior written (at its address set out in paragraph 5 below)
      of the Subscription Date as designated in accordance with the Subscription
      Agreement, the Company shall be entitled to demand payment from the
      Guarantor either on (and not before) 10 March, 2017 or before 12h00 on 31
      May, 2017 (the Expiry Date and Time), of the Aggregate Subscription
      Price.

	  

	5. 	
      The demand against the Guarantor under this Bank
      Guarantee shall be furnished in writing to the Guarantor at its address:
      14th Floor, 1 Merchant Place, 1 Fredman Drive, Sandton, 2196 and marked
      for the attention of Head of Transaction Management, Investment Banking
      Division, with a copy to Chris Welthagen and Ziyaad Manie, and shall state
      that the Company is demanding payment in discharge of the Subscriber's
      obligation to settle the Aggregate Subscription Price in terms of the
      Subscription Agreement.

	 	 
	6. 	
      This Bank Guarantee shall be irrevocable and shall remain
      in full force and effect until the Expiry Date and Time, by which time and
      date the demand by the Company should have been received at our address.
      Any demand received at the Guarantor's address after the Expiry Date and
      Time shall not be considered.

	 	 
	7. 	
      This Bank Guarantee shall be governed by, and construed
      in all respects in accordance with, the laws of the Republic of South
      Africa.

	 	 
	8. 	
      Notwithstanding anything contained herein
  above:

	8.1 	
      the Guarantor’s maximum liability under this Bank
      Guarantee shall not exceed the Guaranteed Amount;

	 	 
	8.2 	
      this Bank Guarantee shall be valid only until the earlier
      of the following times:

	8.2.1 	
      the time of day on the date on which the Aggregate
      Subscription Price is received by the Company (in the Designated Account
      under (and as defined in) the Subscription Agreement) (the Designated
      Account) from the Guarantor on behalf of the Subscriber;

	 	 
	8.2.2 	
      the delivery to the Company of two or more guarantees
      given by any of the Guarantor, Investec Bank Limited, Nedbank Limited or
      The Standard Bank of South Africa Limited, or (with the Company's prior
      written consent) any of their affiliates, on terms equivalent to those of
      this Bank Guarantee (save for such amendments necessary to take account of
      (i) the change in identity of the guarantor, (ii) the fact that the
      guarantor will only be guaranteeing a portion of the Aggregate
      Subscription Price, (iii) the change in address and contact details for
      any demand made by the Company under the guarantee, and (iv) the change in
      delivery address of a MAC Notice) and in an aggregate amount equal to the
      Guaranteed Amount;

	 	 
	8.2.3 	
      the delivery of any notice in terms of paragraph
    8.5;

	 	 
	8.2.4 	
      the date on which the shareholders of the Company, in
      general meeting, vote against placing the Shares under control of
      directors of the Company for purposes of issuing the Shares to the
      Subscriber; and

	 	 
	8.2.5 	
      the Expiry Date and Time,

at which time it shall automatically
expire and be of no further force or effect. Any demand received at the
Guarantor's address after such expiry shall not be considered; 

	8.3 	
      the Guarantor is liable to immediately (i.e. within 1
      business day) pay the Guaranteed Amount into the Designated Account but
      only if you serve upon it a demand as stated above before the Expiry Date and Time, where
after it ceases to be in effect and all the Company’s rights under this Bank
Guarantee shall be forfeited and the Guarantor shall be discharged from all
liability under this Bank Guarantee, whether or not the original guarantee is
returned to the Guarantor; 

	  

	8.4 	
      any demand for payment under this Bank Guarantee shall be
      accompanied by written confirmation from the Company to the Subscriber and
      the Guarantor confirming that, as at the day immediately prior to the date
      on which such demand is delivered to the Guarantor (the Confirmation
      Date), (i) no event contemplated in the Annex to this Bank Guarantee
      (other than clause 9.1.7 of such Annex) has occurred on or before the
      Confirmation Date; and (ii) in respect of clause 9.1.7 of the attached
      Annex, a positive statement that the relevant warranties in clause 8.1 of
      the Subscription Agreement are true and correct in all respects as at the
      Confirmation Date;

	 	 
	8.5 	
      the delivery by the Subscriber of a written notice in
      terms of the provisions of clause 8.2 of the Subscription Agreement
      (Conditions to Subscription and Subscriber's Right to Terminate) (the
      MAC Notice) at any time prior to 17h00 on the Confirmation Date
      (the MAC Cut Off Date and Time) in terms of which it summarily
      terminates the Subscription Agreement, to the Company (and with a copy to
      the Guarantor), shall cause this Bank Guarantee to immediately and
      automatically expire and cease to be of any further force or effect and
      any payment demand made by the Company under this Bank Guarantee after
      delivery of the MAC Notice shall therefore be a nullity and shall not be
      considered, provided that no MAC Notice delivered after the MAC Cut Off
      Date and Time shall be considered a nullity under this Bank Guarantee and
      shall not be considered. The MAC Notice shall be furnished in writing to
      the Guarantor at its address: 14th Floor, 1 Merchant Place, 1 Fredman
      Drive, Sandton, 2196 and marked for the attention of Head of Transaction
      Management, Investment Banking Division, with a copy to Chris Welthagen
      and Ziyaad Manie prior to the MAC Cut Off Date and Time;

	 	 
	8.6 	
      only the Company shall be entitled to demand payment of
      any sum from the Guarantor under this Bank Guarantee; and

	 	 
	8.7 	
      no payment of all or any part of the Guaranteed Amount
      shall be made if doing so would be illegal or contrary to applicable
      law.

	9. 	
      This Bank Guarantee is neither negotiable nor
      transferable.

	 	 
	10. 	
      Promptly on receipt by the Company of the Aggregate
      Subscription Price as contemplated in paragraph 8.2.1 and, in any event,
      by no later than 3 Business Days thereafter, the Company shall deliver to
      the Guarantor the original of the Bank Guarantee at the address set out in
      paragraph 5.

	  

	For and on behalf of: 	 	For and on behalf of: 
	FirstRand Bank Limited
      (acting through its Rand Merchant Bank
      division) 		FirstRand Bank Limited (acting
      through its Rand Merchant Bank division) 
	 	 	 	  	 
	Name: 	 	 	Name: 	 
	 	 	 	  	 
	Office: 	 	 	Office: 	 
	 	 	 	  	 
	 	 	 	  	 
	 	 	 	  	 
	 	 	 	  	 
	For and on behalf of: 	 	For and on behalf of: 
	Net1 Applied Technologies South
      Africa Proprietary Limited 	 	Blue Label Telecoms Limited  
		 	  	 
	 	 	 	  	 
	Name: 	 	 	Name: 	 
	 	 	 	  	 
	Office: 	 	 	Office: 	 

	  

Annex 

EXTRACT FROM CLAUSE 9.1 OF THE SUBSCRIPTION AGREEMENT

	9 	CONDITIONS TO
      SUBSCRIPTION AND SUBSCRIBER'S
      RIGHT TO TERMINATE
    

	9.1 	
      Notwithstanding anything to the contrary contained in
      this Agreement (including the fulfilment or waiver, as the case may be, of
      the Condition Precedent), the Subscriber will only be obliged to subscribe
      for the Subscription Shares if, as at 23h50 on the day immediately
      preceding the Subscription Date -

	9.1.1 	
      neither the Group nor any Group Company has disposed
      of any of its material assets outside of the ordinary or usual course of
      business;

	 	 
	9.1.2 	
      no Group Company has been liquidated or placed under
      judicial management, whether provisionally or finally (and no application
      has been launched in this regard);

	 	 
	9.1.3 	
      no Group Company has commenced business rescue
      proceedings under the Companies Act;

	 	 
	9.1.4 	
      no Group Company has, in respect of the 18 (eighteen)
      month period prior to the Signature Date, committed an act which, if it
      were a natural person would constitute an act of insolvency as defined in
      the Insolvency Act, No 24 of 1936, or any other applicable
  Act;

	 	 
	9.1.5 	
      no Group Company has, in respect of the 18 (eighteen)
      month period prior to the Signature Date, compromised with its creditors
      generally, or attempted to do so;

	 	 
	9.1.6 	
      in respect of the 18 (eighteen) month period prior to
      the Signature Date, no material creditor of any Group Company has given
      notice of its intention to take any action to enforce its rights and/or
      remedies in terms of any material debt owed to it;

	 	 
	9.1.7 	
      each of the warranties contained in clause 8.1 is true
      and correct in all respects; and

	 	 
	9.1.8 	
      no interdict, judgment or other order or action of any
      court or governmental authority restraining, prohibiting or rendering
      illegal the implementation of the transactions contemplated hereby shall
      be in effect, and no legal proceeding shall have been instituted by any
      person (including any governmental authority) seeking to prohibit,
      restrict or delay or declare illegal the implementation of the
      transactions contemplated in this
Agreement.

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