Document:

Net 1 UEPS Technologies, Inc.: Exhibit 10.51 - Filed by newsfilecorp.com

Exhibit 10.51 

[INCLUDE ON RMB LETTERHEAD] 

	To: 	NET1 APPLIED TECHNOLOGIES SOUTH
      AFRICA PROPRIETARY LIMITED 
	  	Sixth Floor 	  
	  	President Place 
	  	Corner of Jan Smuts Avenue and Bolton
      Road 
	  	Rosebank, 2196 
	  	  	  
	  	Email: 	hermank@net1.com 
	  	Attention: 	Herman Kotze 
	  	  	  
	From: 	FIRSTRAND BANK LIMITED (ACTING
      THROUGH ITS RAND MERCHANT 
	  	BANK DIVISION) (in its
      capacity as Facility Agent under the CTA (defined below))

28 February, 2017 

Dear Sirs, 

NET1 APPLIED TECHNOLOGIES SOUTH AFRICA PROPRIETARY LIMITED

SENIOR TERM LOAN FACILITIES 

	1. 	
      BACKGROUND

	1.1 	
      We refer to:

	1.1.1 	
      the common terms agreement dated on or about 20 October,
      2016 between, amongst others, Net1 Applied Technologies South Africa
      Proprietary Limited (the Company) and FirstRand Bank Limited
      (acting through its Rand Merchant Bank division) (as original senior
      lender, mandated lead arranger and the facility agent) as amended by an
      amendment letter dated 15 November, 2016 (the CTA); and

	 	 
	1.1.2 	
      the Senior Facility Agreements (together with the CTA,
      the Relevant Finance Documents).

	1.2 	
      This letter is supplemental to and amends the Relevant
      Finance Documents pursuant to clause 37 (Amendments and waivers) of the
      CTA.

	 	 
	1.3 	
      Pursuant to the Intercreditor Agreement, the Majority
      Lenders have consented to the amendments to the Relevant Finance Documents
      contemplated by this letter. Accordingly, we are authorised to execute
      this letter on behalf of the Finance Parties.

	2. 	
      INTERPRETATION

	2.1 	
      Capitalised terms defined in the CTA have the same
      meaning when used in this letter unless expressly defined in this
      letter.

	 	 
	2.2 	
      The provisions of clause 1.3 (Construction) of the CTA
      apply to this letter as though they were set out in full in this letter
      except that references to the CTA are to be construed as references to
      this letter.

	 	 
	2.3 	
      In this letter, Effective Date means the date on
      which the Facility Agent notifies the Company that it has received a copy
      of this letter countersigned by each Obligor.

1 

	3. 	
      AMENDMENTS

	3.1 	
      Each Relevant Finance Document will be amended on and
      with effect from the Effective Date in accordance with paragraph 3.2
      below.

	 	 
	3.2 	
      The CTA will be amended as
follows:

	3.2.1 	
      clause 1.1.14 (Definitions) of the CTA will be deleted in
      its entirety and replaced with the following new clause
  1.1.14:

	 	"1.1.14 	Bank Guarantee Expiry Date
      means 31 May, 2017;" 

	3.2.2 	
      clause 1.1.67 (Definitions) of the CTA will be deleted in
      its entirety and replaced with the following new clause
  1.1.67:

	 	"1.1.67 	Longstop Date means 31 May,
      2017;" 

	3.2.3 	
      the date in clause 1.2.7(a) (Financial definitions) of
      the CTA will be deleted in its entirety and replaced with the date: "30
      June, 2017";

	 	 
	3.2.4 	
      Schedule 6 (Form of Bank Guarantee) of the CTA will be
      deleted in its entirety and replaced with the new Schedule 6 (Form of Bank
      Guarantee) set out in Appendix 1 to this
letter.

	3.3 	
      The Senior Facility A Agreement will be amended as
      follows:

	3.3.1 	
      clause 1.1.7 (Definitions) of the Senior Facility A
      Agreement will be deleted in its entirety and replaced with the following
      new clause 1.1.7:

		"1.1.7 	Final Maturity Date means the
      date falling on the second anniversary of the Loan Disbursement
      Date;" 

	3.3.2 	
      the following new clause 1.1.9A is to be
  inserted:

		
      "1.1.9A 
	
      Loan Disbursement Date
      means the date on which a Senior Facility A Loan is
      disbursed by the Senior Facility A Lenders following a claim under
      a Bank Guarantee;" 

	3.3.3 	
      clause 1.1.13 (Definitions) of the Senior Facility A
      Agreement will be deleted in its entirety and replaced with the following
      new clause 1.1.13:

		
      "1.1.13 
	
      Repayment Schedule means the schedule of
      Repayment Instalments set out in Schedule 1 (Repayment Schedule),
      as initially inserted into this Agreement in accordance with Clause
      6.1 and thereafter as replaced from time to time pursuant to Clause
      6.2; 

	3.3.4 	
      clause 6.1 (Repayment) will be deleted in its entirety
      and replaced with the following new clause
6.1:

		
      "6.1 
	
      The Borrower shall repay the Senior Facility A Loan in
      full in eight consecutive equal instalments (each a
      Repayment Instalment) commencing on the date
      falling three Months after the Loan Disbursement Date and
      thereafter at the end of each subsequent three Month period up to
      and including the Final Maturity Date (each a Repayment
      Date). The Facility Agent shall, as soon as reasonably
      possible following the Loan Disbursement Date, calculate the amount
      of the Repayment Instalments and
include the Repayment Dates and corresponding Repayment Instalments in a
Repayment Schedule to be inserted, by notice to the Borrower, into this
Agreement as Schedule 1 (Repayment Schedule)."

2 

	3.3.5 	
      the table in Schedule 1 (Repayment Schedule) will be
      deleted and replaced with the following wording:

	 	 
		
      "[To be included at the appropriate time pursuant to
      Clause 6.1 (Repayment)]"

	3.4 	
      The Senior Facility B Agreement will be amended as
      follows:

	3.4.1 	
      clause 1.1.7 (Definitions) of the Senior Facility B
      Agreement will be deleted in its entirety and replaced with the following
      new clause 1.1.7:

		"1.1.7 	Final Maturity Date means the
      date falling on the second anniversary of the Loan Disbursement
      Date;" 

	3.4.2 	
      the following new clause 1.1.10A is to be
  inserted:

		
      "1.1.10A 
	
      Loan Disbursement Date
      means the date on which a Senior Facility B Loan is
      disbursed by the Senior Facility B Lenders following a claim under
      a Bank Guarantee;" 

	3.4.3 	
      clause 1.1.13 (Definitions) of the Senior Facility B
      Agreement will be deleted in its entirety and replaced with the following
      new clause 1.1.13:

		
      "1.1.13 
	
      Repayment Schedule means the schedule of
      Repayment Instalments set out in Schedule 1 (Repayment Schedule),
      as initially inserted into this Agreement in accordance with Clause
      6.1 and thereafter as replaced from time to time pursuant to Clause
      6.2; 

	3.4.4 	
      clause 6.1 (Repayment) will be deleted in its entirety
      and replaced with the following new clause
6.1:

		
      "6.1 
	
      The Borrower shall repay the Senior Facility B Loan in
      full in eight consecutive equal instalments (each a
      Repayment Instalment) commencing on the date
      falling three Months after the Loan Disbursement Date and
      thereafter at the end of each subsequent three Month period up to
      and including the Final Maturity Date (each a Repayment
      Date). The Facility Agent shall, as soon as reasonably
      possible following the Loan Disbursement Date, calculate the amount
      of the Repayment Instalments and include the Repayment Dates and
      corresponding Repayment Instalments in a Repayment Schedule to
      be inserted, by notice to the Borrower, into this Agreement as
      Schedule 1 (Repayment Schedule)." 

	3.4.5 	
      the table in Schedule 1 (Repayment Schedule) will be
      deleted and replaced with the following wording:

	 	 
		
      "[To be included at the appropriate time pursuant to
      Clause 6.1 (Repayment)]"

	3.5 	
      The Senior Facility C Agreement will be amended as
      follows:

	3.5.1 	
      clause 1.1.7 (Definitions) of the Senior Facility C
      Agreement will be deleted in its entirety and replaced with the following
      new clause 1.1.7:

3 

		
      "1.1.7 
	
      Final Maturity Date means the same date
      that is determined as the Final Maturity Date under (and as defined
      in) Senior Facility A Agreement;" 

	4. 	
      REPRESENTATIONS

	 	 
		
      Each Obligor confirms to each Finance Party that on the
      date of this letter and on the Effective Date, all the representations and
      warranties set out in clause 22 of the CTA:

	4.1 	
      are true; and

	 	 
	4.2 	
      would also be true if references to the CTA were
      construed as references to the CTA as amended by this
  letter.

		
      Each representation and warranty is applied to the
      circumstances existing at the time the representation and warranty is
      made.

	 	 
	5. 	
      GUARANTEE AND SECURITY
  CONFIRMATION

	5.1 	
      Each Guarantor confirms that, notwithstanding the
      amendments to the Relevant Finance Documents effected by this letter, the
      guarantee and indemnity given under the CTA continues in full force and
      effect and extends to, and operates as an effective unconditional
      guarantee of all present and future obligations and liabilities of each
      Obligor under the Finance Documents.

	 	 
	5.2 	
      Each Obligor confirms that, notwithstanding the
      amendments to the Relevant Finance Documents effected by this letter, the
      liabilities and obligations arising under the CTA, as amended, shall form
      part of (but not be limited to) the Security created under the Security
      Agreements to which that Obligor is party to secure any obligation of any
      Obligor to a Finance Party under the Finance
Documents.

	6. 	
      MISCELLANEOUS

	6.1 	
      This letter is a Finance Document.

	 	 
	6.2 	
      From the Effective Date, each Relevant Finance Document
      and this letter will be read and construed as one document.

	 	 
	6.3 	
      Except as expressly otherwise provided in this letter, no
      amendment, variation or change is made to any Finance Document and all the
      Finance Documents remain in full force and effect in accordance with their
      terms.

	 	 
	6.4 	
      Except to the extent expressly waived in this letter, no
      waiver of any provision of any Finance Document is given by the terms of
      this letter and the Finance Parties expressly reserve all their rights and
      remedies in respect of any breach of, or other Default under, the Finance
      Documents.

	7. 	
      COUNTERPARTS

	 	 
		
      This letter may be executed in any number of
      counterparts, each of which when executed shall constitute a duplicate
      original, but all the counterparts together shall constitute one letter.
      Delivery of an executed scanned counterpart of a signature page of this
      letter by e-mail shall be effective as delivery of an original executed
      counterpart hereof.

4 

	8. 	
      GOVERNING LAW

	 	 
		
      This letter is governed by the laws of South
    Africa.

If you agree to the above, please sign where indicated below.

Yours sincerely, 

FIRSTRAND BANK LIMITED (ACTING THROUGH ITS RAND MERCHANT
BANK DIVISION) 
(in its capacity as Facility Agent) 

By: 

	/s/ Niel van Zyl 
  	/s/ Ziyaad Manie 
	Name: Niel van Zyl 
  	Name: Ziyaad Manie 
	Date: February 28, 2017 	Date: February 28, 2017

5 

We agree to the above. 

NET1 APPLIED TECHNOLOGIES SOUTH AFRICA PROPRIETARY LIMITED

By: 

/s/ Herman G. Kotzé 

(who warrants his authority) 

Name: Herman G. Kotzé 

Date: February 28, 2017 

 

NET1 UEPS TECHNOLOGIES, INC
By: 

/s/ Herman G. Kotzé 

(who warrants his authority) 

Name: Herman G. Kotzé 

Date: February 28, 2017 

 

CASH PAYMASTER SERVICES PROPRIETARY LIMITED 
By: 

/s/ Herman G. Kotzé 

(who warrants his authority) 

Name: Herman G. Kotzé 

Date: February 28, 2017 

6 

EASYPAY PROPRIETARY LIMITED 
By: 

/s/ Herman G. Kotzé 

(who warrants his authority) 

Name: Herman G. Kotzé 

Date: February 28, 2017 

 

MANJE MOBILE ELECTRONIC PAYMENT SERVICES PROPRIETARY LIMITED

By: 

/s/ Herman G. Kotzé 

(who warrants his authority) 

Name: Herman G. Kotzé 

Date: February 28, 2017 

 

MONEYLINE FINANCIAL SERVICES PROPRIETARY LIMITED 
By:

/s/ Herman G. Kotzé 

(who warrants his authority) 

Name: Herman G. Kotzé 

Date: February 28, 2017 

7 

NET1 FIHRST HOLDINGS PROPRIETARY LIMITED 
By: 

/s/ Herman G. Kotzé 

(who warrants his authority) 

Name: Herman G. Kotzé 

Date: February 28, 2017 

 

NET1 FINANCE HOLDINGS PROPRIETARY LIMITED 
By: 

/s/ Herman G. Kotzé 

(who warrants his authority) 

Name: Herman G. Kotzé 

Date: February 28, 2017 

 

NET1 MOBILE SOLUTIONS PROPRIETARY LIMITED 
By: 

/s/ Herman G. Kotzé 

(who warrants his authority) 

Name: Herman G. Kotzé 

Date: February 28, 2017 

8 

NET1 UNIVERSAL ELECTRONIC TECHNOLOGICAL SOLUTIONS
PROPRIETARY 
LIMITED 
By: 

/s/ Herman G. Kotzé 

(who warrants his authority) 

Name: Herman G. Kotzé 

Date: February 28, 2017 

 

PRISM HOLDINGS PROPRIETARY LIMITED 
By: 

/s/ Herman G. Kotzé 

(who warrants his authority) 

Name: Herman G. Kotzé 

Date: February 28, 2017 

 

PRISM PAYMENT TECHNOLOGIES PROPRIETARY LIMITED 
By:

/s/ Herman G. Kotzé 

(who warrants his authority) 

Name: Herman G. Kotzé 

Date: February 28, 2017 

9 

RMT SYSTEMS PROPRIETARY LIMITED 
By: 

/s/ Herman G. Kotzé 

(who warrants his authority) 

Name: Herman G. Kotzé 

Date: February 28, 2017 

10 

APPENDIX 1 

FORM OF GUARANTEE 

11Net 1 UEPS Technologies, Inc.: Exhibit 10.52 - Filed by newsfilecorp.com

Exhibit 10.52 

	To: 	NET1 APPLIED TECHNOLOGIES SOUTH
      AFRICA PROPRIETARY LIMITED 
	  	6th Floor, President Place 
	  	Corner of Jan Smuts Avenue and Bolton
      Road 
	  	Rosebank, 2196 
	  	  	  
	  	Email address: hermank@net1.com

	  	Fax number: 	+27 (11) 880 7080 
	  	Attention: 	Herman Kotze 
	  	  	  
	  	(the Borrower) 	  
	  	  	  
	From: 	FIRSTRAND BANK LIMITED (ACTING
      THROUGH ITS RAND MERCHANT BANK 
	  	DIVISION) (the Original
      Senior Lender) 

28 February, 2017 

Dear Sirs, 

NET1 APPLIED TECHNOLOGIES SOUTH AFRICA PROPRIETARY LIMITED

COMMON TERMS AGREEMENT 
SIDE LETTER 

	1. 	
      INTRODUCTION

	1.1 	
      In this side letter, we refer to the common terms
      agreement (the Common Terms Agreement) dated on or about 20
      October, 2016 between, amongst others, Net1 Applied Technologies South
      Africa Proprietary Limited (the Borrower), FirstRand Bank Limited
      (acting through its Rand Merchant Bank division) (as mandated lead
      arranger), FirstRand Bank Limited (acting through its Rand Merchant Bank
      division) (as original senior lender) and FirstRand Bank Limited (acting
      through its Rand Merchant Bank division) (as facility agent) as amended
      from time to time.

	 	 
	1.2 	
      In this letter:

	1.2.1 	
      Longstop Date means 15 March, 2017 (or such later
      date as agreed by the Facility Agent); and

	 	 
	1.2.2 	
      terms defined in the Common Terms Agreement have the same
      meaning in this letter, unless given a different meaning in this
      letter.

	1.3 	
      The provisions of clause 1.3 (Construction) and 1.4
      (Third party rights) of the Common Terms Agreement apply to this letter as
      though they were set out in full in this letter, except that references to
      the Common Terms Agreement are to be construed as references to this
      letter.

	2. 	
      AMENDMENTS TO FINANCE
DOCUMENTS

	2.1 	
      The Borrower and the Original Senior Lender agree, in
      respect of the Common Terms Agreement and each other relevant Finance
      Document, to negotiate and amend the terms of the relevant Finance
      Documents on the basis required to contemplate and permit multiple
      guarantors to provide Bank Guarantees thereunder and to ensure that only
      the Original Senior Lender retains the benefit of all amounts credited to
      the Escrow Account and Security in respect thereof.

	 	 
	2.2 	
      If the Parties fail to reach agreement and amend the
      relevant Finance Documents as set out in Clause 2.1, by the Longstop Date,
      the Borrower must credit the Escrow Account in cleared funds in an amount
      not less than R1,400,000,000 within 3 Business Days of the Longstop Date
      (bringing the balance of the account to not less than R2,000,000,000).
      The Borrower shall comply with its obligations under this
      Clause 2.2, by procuring payment of the applicable amount, in Rand, by way
  of electronic funds transfer directly into the Escrow Account.

	2.3 	
      Failure by the Borrower and the Original Senior Lender to
      reach agreement and amend the relevant Finance Documents on the basis
      contemplated in Clause 2.1 or failure by the Borrower to comply with its
      obligations under Clause 2.2 will constitute an Event of Default under the
      Common Terms Agreement.

	3. 	
      GENERAL

	3.1 	
      This letter:

	3.1.1 	
      is a Finance Document;

	 	 
	3.1.2 	
      is governed by the laws of South Africa;

	 	 
	3.1.3 	
      constitutes the whole agreement between the parties
      hereto relating to the subject matter hereof;

	 	 
	3.1.4 	
      may not be amended, varied or cancelled, save by written
      agreement between the parties hereto; and

	 	 
	3.1.5 	
      may be executed in any number of counterparts, each of
      which shall be an original and all of which, when taken together, shall
      constitute one agreement. Delivery of an executed counterpart of a
      signature page of this letter by facsimile transmission shall be effective
      as delivery of an original executed counterpart
hereof.

	3.2 	
      The parties to this letter 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 this
      letter (including a dispute relating to the existence, validity or
      termination of this letter or any non-contractual obligation arising out
      of or in connection with this letter) (a dispute). The parties
      agree that the courts of South Africa are the most appropriate and
      convenient courts to settle disputes. The parties agree not to argue to
      the contrary and waive objection to this court on the grounds of
      inconvenient forum or otherwise in relation to proceedings in connection
      with this letter.

If you agree to the above, please sign where indicated below.

Yours sincerely, 

FirstRand Bank Limited (acting through its Rand Merchant
Bank division) in its capacity as Facility Agent, Arranger and Original Senior
Lender By: 

	/s/ Niel
      van Zyl 
  	 	/s/ Ziyaad Manie 
	 Name: 	Niel van Zyl 
  	 	 Name: 	Ziyaad Manie 
	 Office: 	
      Authorised 
  
	 	 Office: 	Authorised 
	  	(who warrants his authority) 	 	  	(who warrants his authority)

We agree to the above. 

Net1 Applied Technologies South Africa Proprietary Limited

By: 

	/s/
      Herman G. Kotzé 
  	 	 
    
	 Name: 	Herman G. Kotzé 
  	 	Name: 
	 Office: 	Director 
  	 	Office: 
	  	(who warrants his authority) 	 	                   (who
      warrants his authority)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00267-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00267-of-00352.parquet"}]]