Document:

Net 1 UEPS Technologies, Inc.: Exhibit 10.97 - Filed by newsfilecorp.com

Exhibit 10.97 

EXECUTION

SECURITY CESSION 

DATED 26 SEPTEMBER, 2018 

given by 

NET1 APPLIED TECHNOLOGIES SOUTH AFRICA PROPRIETARY LIMITED

(as cedent) 

in favour of 

FIRSTRAND BANK LIMITED 
(ACTING THROUGH ITS RAND
MERCHANT BANK DIVISION) 

EACH OF THE OTHER SECURED CREDITORS 
(as cessionaries)

	in respect of certain bank accounts,
      insurances and relevant documents 
	 	 
	 	 
	 	 
	 	 
	 	
	 
	 
	 

CONTENTS 

	Clause
    	Page
  
	  	  	  	  
	1.
      	Interpretation
      	3
      
	2.
      	Cession
      in Security 	5
      
	3.
      	Duration
      	5
      
	4.
      	Representations
      and Warranties by the Cedent 	6
      
	5.
      	Undertakings
      by the Cedent 	7
      
	6.
      	Delivery
      of Documents 	8
      
	7.
      	Rights
      of the Cedent before Default 	9
      
	8.
      	Enforcement
      	10
      
	9.
      	Appropriation
      of Proceeds 	12
      
	10.
      	Payments
      	12
      
	11.
      	Power
      of Attorney 	12
      
	12.
      	Further
      Assurances 	12
      
	13.
      	Additional
      Rights 	13
      
	14.
      	Cedent
      bound notwithstanding certain circumstances 	13
      
	15.
      	Keeping,
      inspection and delivery of records 	13
      
	16.
      	Exemption
      from Liability 	13
      
	17.
      	Changes
      to the Parties 	14
      
	18.
      	Severability
      	14
      
	19.
      	Governing
      Law 	15
      
	20.
      	Jurisdiction
      	15
      
	21.
      	Miscellaneous
      Matters 	15
      
	  	  	  	  
	Schedule
      1 	Secured
      Property 	16
      
	Schedule
      2 	Notice
      to Banks 	21
      
	Schedule
      3 	Notices
      in Respect of Insurances 	24
      
	  	  	  	  
	  	  	  	  
	Signature
      Page 	  	32
      

2

THIS AGREEMENT is made between: 

	(1) 	
      NET1 APPLIED TECHNOLOGIES SOUTH AFRICA PROPRIETARY
      LIMITED, registration number 2002/031446/07, as cedent (the
      Cedent);

	 	 
	(2) 	
      FIRSTRAND BANK LIMITED (ACTING THROUGH ITS RAND
      MERCHANT BANK DIVISION) as secured creditor (the Secured
      Creditor); and

	 	 
	(3) 	
      EACH OF THE OTHER SECURED CREDITORS (as defined in
      this Agreement below).

BACKGROUND: 

As security for the due and punctual performance of the Secured
Obligations, the Cedent has agreed to cede in securitatem debiti all its
Secured Property to the Secured Creditors, on the terms set out in this
Agreement. 

	1. 	
      INTERPRETATION

	1.1 	
      Definitions

	 	 
		
      In this Agreement:

	1.1.1 	
      Bank Accounts means, in relation to the Cedent,
      the bank accounts listed in Part A of Schedule 1 (Secured Property), and
      all amounts standing to the credit of those accounts from time to
    time.

	 	 
	1.1.2 	
      Common Terms Agreement means the common terms
      agreement, dated on or about 20 July, 2017, between, among others, the
      Cedent (as borrower), FirstRand Bank Limited (acting through its Rand
      Merchant Bank division) and Nedbank Limited (acting through its Corporate
      and Investment Banking division) (as original lenders) and FirstRand Bank
      Limited (acting through its Rand Merchant Bank division) (as facility
      agent) as amended from time to time.

	1.1.3 	
      Grindrod Rights means:

	 	(a) 	
      the rights of the Cedent to receive payments from the
      account of Grindrod Bank Limited with the South African Reserve Bank as a
      settlement system participant of the South African Reserve Bank settlement
      system; and

	 	 	 
	 	(b) 	
      all other rights and claims the Cedent has against
      Grindrod Bank Limited in respect of amounts outstanding under the South
      African Reserve Bank settlement system.

	1.1.4 	
      Insurances means the policy of insurance taken out
      by the Cedent with Senate Transit Underwriters Managers Proprietary
      Limited on or about the date of this Agreement.

	 	 
	1.1.5 	
      Party means a party to this Agreement.

	 	 
	1.1.6 	
      Related Rights means, in relation to the Bank
      Accounts, Insurances and Relevant Documents:

	 	(a) 	
      any monies, distributions and proceeds (including the
      proceeds of a disposal or other realisation) accrued or receivable in
      respect of all or part thereof;

	 	 	 
	 	(b) 	
      all rights and benefits in respect of any agreement for
      the disposal or other realisation thereof;

3 

	 	(c) 	
      all contracts, warranties, remedies, Security,
      indemnities and other undertakings in respect thereof; and

	 	 	 
	 	(d) 	
      any of the reversionary interests referred to in Clause
      4.7.4 (Secured Property).

	1.1.7 	
      Relevant Documents means, in relation to the
      Cedent, each of the documents identified as such in Part B of Schedule 1
      (Secured Property).

	 	 
	1.1.8 	
      South African Reserve Bank means the South African
      Reserve Bank as defined in section 2 of the South African Reserve Bank
      Act, 1989.

	 	 
	1.1.9 	
      Secured Creditor means the Facility Agent and each
      person who is or becomes a Senior Facility E Lender under (and as defined
      in) the Common Terms Agreement, from time to time.

	 	 
	1.1.10 	
      Secured Obligations means all present and future
      obligations and indebtedness of whatsoever nature (whether actual or
      contingent and whether owed jointly or severally or in any other capacity
      whatsoever, including any liability to pay damages or pursuant to
      enrichment) which an Obligor may now or at any time hereafter owe or have
      towards any Secured Creditor under or in connection with the Finance
      Documents.

	 	 
	1.1.11 	
      Secured Property means,
  collectively:

	 	(a) 	
      the Bank Accounts;

	 	 	 
	 	(b) 	
      the Insurances;

	 	 	 
	 	(c) 	
      the Grindrod Rights;

	 	 	 
	 	(d) 	
      the Relevant Documents; and

	 	 	 
	 	(e) 	
      the Related Rights,

and all of the Cedent's rights, title
and interests therein and thereto and claims against any person in respect
thereof, of whatsoever nature and howsoever arising (whether actual, prospective
or contingent, direct or indirect, arising under common law or statute, whether
a claim for the payment of money or the performance of another obligation and
whether or not those rights and interests were within the contemplation of the
Parties at the Signature Date) and, in each case, any property forming part
thereof. 

	1.1.12 	
      Senior Facility E Discharge Date means the "Senior
      Facility E Discharge Date" as defined in the Senior Facility E
      Agreement.

	 	 
	1.1.13 	
      Signature Date means the date on which, once this
      Agreement has been signed by all the Parties, it is signed by the last
      Party to do so.

	1.2 	
      Construction

	1.2.1 	
      Terms and expressions defined in the Common Terms
      Agreement, unless expressly defined in this Agreement, have the same
      meaning in this Agreement.

	 	 
	1.2.2 	
      The provisions of Clauses 1.3 (Construction) and 1.4
      (Third Party Rights) of the Common Terms Agreement apply to this Agreement
      as though they were set out in full in this Agreement, except that any
      reference in that clause to the Common Terms Agreement is to be construed
      as references to this Agreement.

4 

	1.2.3 	
      Any undertaking of the Cedent under this Agreement
      remains in force until the Senior Facility E Discharge Date.

	 	 
	1.2.4 	
      If any Secured Creditor considers that an amount paid to
      it under a Finance Document is capable of being avoided or otherwise set
      aside on the sequestration, liquidation, business rescue or administration
      of the payer or otherwise, then that amount will not be considered to have
      been irrevocably discharged for the purposes of this
  Agreement.

	2. 	
      CESSION IN SECURITY

	2.1 	
      Cession

	 	 
		
      The Cedent hereby cedes in securitatem debiti to
      the Secured Creditors, jointly and severally, all its Secured Property, in
      each case individually and collectively with all other Secured Property,
      as continuing general covering collateral security for the due, proper and
      punctual payment and performance in full of all the Secured Obligations,
      on the terms set out in this Agreement, which cession the Secured
      Creditors accept.

	 	 
	2.2 	
      Nature of cession

	2.2.1 	
      The cession contemplated by this Agreement is intended to
      operate as a cession of each part and all of the Secured Property,
      individually and collectively.

	 	 
	2.2.2 	
      If, for any reason, any Security intended to be created
      under this Agreement is or becomes illegal, invalid or unenforceable in
      respect of some of the Secured Property, the cession of that Secured
      Property shall be severed from this Agreement, and this Agreement and all
      the Security created over the remainder of the Secured Property shall
      continue in full force and effect.

	 	 
	2.2.3 	
      The cession contemplated by this Agreement operates as a
      security cession and not as an outright cession, and the Cedent retains
      bare ownership of all the Secured Property, subject to the rights of the
      Secured Creditors as secured creditors under this
  Agreement.

	2.3 	
      Cedent remains liable to perform
  obligations

	 	 
		
      Notwithstanding any other provision of a Finance
      Document, the Cedent shall remain liable to perform all its duties and
      obligations, whether contractual or otherwise, in respect of the Secured
      Property and nothing in this Agreement or the exercise by a Finance Party
      of any right under a Finance Document shall constitute or be deemed to
      constitute a delegation to or acceptance by a Finance Party of any
      obligation of the Cedent or any other person.

	3. 	
      DURATION

	 	 
		
      This Agreement and the Security created pursuant to this
      Agreement:

	3.1 	
      comes into full force and effect on the Signature Date
      without any further action, consent or authority required from any
      person;

	 	 
	3.2 	
      unless otherwise agreed by the Secured Creditors, shall
      not terminate before the Senior Facility E Discharge Date; and

	 	 
	3.3 	
      shall remain of full force and effect, notwithstanding
      any intermediate discharge or settlement of, or temporary fluctuation in,
      the Secured Obligations.

5 

	4. 	
      REPRESENTATIONS AND WARRANTIES BY THE
  CEDENT

	4.1 	
      General

	4.1.1 	
      The Cedent makes the representations and warranties set
      out in this Clause 4 to each Finance Party on each day that this Agreement
      is in force. References in this Clause to "it" or "its",
      unless the context otherwise requires, is a reference to the
  Cedent.

	 	 
	4.1.2 	
      The Finance Parties enter into the Finance Documents on
      the strength of and relying on the representations and warranties set out
      in this Clause 4, each of which is a separate representation and warranty,
      given without prejudice to any other representation or warranty and is
      deemed to be a material representation or warranty (as applicable)
      inducing the Finance Parties to enter into the Finance
  Documents.

	4.2 	
      Status

	4.2.1 	
      It is a limited liability company, duly incorporated and
      validly existing under the laws of South Africa.

	 	 
	4.2.2 	
      It has the power to own its assets (including all the
      Secured Property) and carry on its business as it is being
    conducted.

	4.3 	
      Powers and authority

	 	 
		
      It has the power to enter into and perform, and has taken
      all necessary action to authorise the entry into and performance of, this
      Agreement and the transactions contemplated by this Agreement.

	 	 
	4.4 	
      Legal validity

	 	 
		
      This Agreement:

	4.4.1 	
      creates the Security it purports to create and is not
      liable to be avoided or otherwise set aside on its liquidation or business
      rescue or otherwise; and

	 	 
	4.4.2 	
      constitutes its legally valid and binding obligation,
      enforceable against it in accordance with its
terms.

	4.5 	
      Non-conflict

	 	 
		
      Its entry into and the performance of its obligations
      under this Agreement, the transactions contemplated by and the Security
      created under this Agreement, do not and will not conflict
  with:

	4.5.1 	
      any law or regulation applicable to it;

	 	 
	4.5.2 	
      its constitutional documents; or

	 	 
	4.5.3 	
      any material agreement or instrument binding upon it or
      any of its assets, or constitute a default or termination event (however
      described) under any such document.

	4.6 	
      Authorisations

	4.6.1 	
      All authorisations required by it in connection with the
      entry into, performance, validity and enforceability of, the transactions
      contemplated by and the Security established under, this Agreement have
      been obtained or effected (as appropriate) and are in full force and
      effect.

6 

	4.6.2 	
      If it is required to give notice to or obtain consents or
      waivers from any person to cede the Secured Property under this Agreement,
      all such notices have been given and consents or waivers obtained before
      the Signature Date.

	4.7 	
      Secured Property

	4.7.1 	
      The Secured Property is and will be valid and all rights
      evidenced thereby or which exists in respect thereof are and will be
      legally valid, binding and fully enforceable in accordance with their
      terms in all respects.

	 	 
	4.7.2 	
      It is and will remain the sole legal and beneficial owner
      of all of the Secured Property over which it purports to grant the
      Security under this Agreement, to the exclusion of all others.

	 	 
	4.7.3 	
      No person has an option or right of refusal over the
      Secured Property or any part thereof which would apply on an enforcement
      by a Secured Creditor of its rights under this Agreement.

	 	 
	4.7.4 	
      No part of the Secured Property has been ceded (either
      outright or as security), discounted, factored, mortgaged under notarial
      bond or otherwise, or otherwise disposed of or hypothecated, nor is it
      subject to any other right or claim in favour of any person (including any
      rights of pre-emption) which would apply on enforcement by a Secured
      Creditor of its rights under this Agreement. If any Secured Property is
      subject to Security in breach of this representation and warranty then,
      without prejudice to any other rights that the Secured Creditors may have,
      any reversionary or other interests the Cedent may have in the said
      Secured Property are also ceded to the Secured
Creditors.

	5. 	
      UNDERTAKINGS BY THE CEDENT

	 	 
		
      The Cedent is bound by the undertakings set out in this
      Clause 5. The undertakings in this Clause 5 remain in force from the
      Signature Date until the Senior Facility E Discharge
  Date.

	5.1 	
      Negative pledge

	 	 
		
      The Cedent:

	5.1.1 	
      shall not grant or permit to exist any further Security
      over any Secured Property or dispose of the Secured Property in any manner
      without the express prior consent of the Secured Creditors; and

	 	 
	5.1.2 	
      must at all times keep the Secured Property free of
      judicial attachments and other Security.

	5.2 	
      Preservation of Secured
Property

	5.2.1 	
      The Cedent undertakes:

	 	(a) 	
      to the extent reasonably possible, that it shall not
      permit any material depreciation of the value of, or a variation of rights
      relating to, the Secured Property or any of them to occur without the
      express prior consent of the Secured Creditors;

	 	 	 
	 	(b) 	
      not to take or omit to take any action which could
      reasonably be expected to adversely affect the rights of the Secured
      Creditors under this Agreement or the effectiveness of the Security
      created by this Agreement;

	 	 	 
	 	(c) 	
      to take all appropriate steps required from time to time
      for the care, preservation and protection of the Secured Property and the
      rights of the Secured Creditors under this Agreement;
and

7 

	 	(d) 	
      to timeously comply in full with all its obligations in
      respect of the Secured Property, from time to
time.

	5.2.2 	
      The Cedent waives for the benefit of the Secured
      Creditors any and all rights it may have in respect of the Secured
      Property which conflict with or may restrict the rights of the Secured
      Creditors under this Agreement.

	5.3 	
      Amounts received on account of Secured
    Property

	 	 
		
      If an Event of Default occurs and is continuing, the
      Cedent shall forthwith pay and transfer to the Secured Creditors or to
      their order, and place them in possession of, all cash and other assets
      received in respect of the Secured Property.

	5.4 	
      Insurances

	5.4.1 	
      Without limiting its other obligations under the Finance
      Documents, the Cedent must:

	 	(a) 	
      pay all premiums in respect of all its Insurances in full
      on the due date and, on request by the Secured Creditors, provide proof to
      the Secured Creditors of such payments; and

	 	 	 
	 	(b) 	
      procure that all the proceeds of claims made under its
      Insurances are applied in accordance with the provisions of the this
      Agreement.

	5.4.2 	
      The Cedent confirms, in respect of all Insurances
      required to be maintained by it under the Finance Documents, that it is
      aware and fully appraised of the following choices it has under section 43
      of the Short-Term Insurance Act, 1998 (the
STIA):

	 	(a) 	
      a choice of entering into a new policy contract, making
      available an existing policy contract or using a combination of those
      options;

	 	 	 
	 	(b) 	
      a choice as to the identity of the insurer (if a new
      policy contract is to be entered into) and the person (if any) who is to
      render services as intermediary in connection with the transaction;
    and

	 	 	 
	 	(c) 	
      subject to the provisions of the Facility Agreement, a
      choice as to whether or not the value of the relevant policy will exceed
      the value of the interests of the Finance
Parties.

	5.4.3 	
      This Clause 5.4 constitutes written notification to the
      Cedents of their rights under section 43 of the STIA. Regardless of the
      sequence in which the Finance Documents are executed, no benefits under
      any policy contract made available to the Finance Parties under a Finance
      Document shall accrue to the Finance Parties before the date of this
      Agreement.

	 	 
	5.4.4 	
      The Cedent confirms that it exercised its freedom of
      choice under section 43 of the STIA and that it was not subject to any
      coercion or inducement as to the manner in which that freedom of choice
      was exercised.

	6. 	
      DELIVERY OF DOCUMENTS

	 	 
		
      The Cedent must deliver the documents set out this Clause
      6 to the Secured Creditors by no later than the Signature Date (or in
      respect of Secured Property acquired by the Cedent or otherwise arising
      thereafter, as soon as reasonably possible after that property becomes
      Secured Property, but in any event within 5 Business
  Days).

8 

	6.1 	
      Bank Accounts

	 	 
		
      The Cedent must deliver to the Secured Creditors, in
      respect of each of the Bank Accounts it maintains, a copy of a notice to
      the relevant account bank of the cession of its Bank Accounts and related
      Secured Property under this Agreement, together with an acknowledgement of
      that notice signed by each of those banks, in each case substantially in
      the form of Schedule 2 (Notice to Banks).

	 	 
	6.2 	
      Insurances

	 	 
		
      The Cedent must deliver to the Secured Creditors in
      respect of all its Insurances:

	6.2.1 	
      a copy of the relevant contract or policy of
      insurance;

	 	 
	6.2.2 	
      a duly executed copy of a letter of undertakings by its
      insurance broker addressed to the Secured Creditors, substantially in the
      form of Schedule 3; and

	 	 
	6.2.3 	
      a duly executed copy of a notice to the applicable
      insurers and an acknowledgement thereto by such insurers, substantially in
      the form of Schedule 3.

	6.3 	
      Other requirements

	 	 
	6.4 	
      If any Secured Property, or part thereof, is evidenced by
      a document, or when the Cedent holds Security for any obligation owed to
      it in respect of Secured Property and that Security is evidenced by a
      document, the Cedent shall, at the request of the Secured Creditors,
      promptly deliver a certified copy of that document to the Secured
      Creditors.

	 	 
	6.5 	
      In addition to the documents referred to above, the
      Cedent shall deliver to the Secured Creditors any other documents relating
      to the Secured Property for which the Secured Creditors may at any time
      reasonably call, which documents must be delivered to the Secured
      Creditors within a reasonable period, as agreed between the Secured
      Creditors and the Cedent and, failing such agreement, within 5 Business
      Days.

	 	 
	6.6 	
      The Secured Creditors may retain possession of all
      documents delivered to them under this Clause 6 and deal with them in
      accordance with the Finance Documents until the Senior Facility E
      Discharge Date, after which date they shall be returned to the Cedent as
      soon as reasonably possible.

	 	 
	6.7 	
      If any third party consents are required by the Cedent to
      cede any of its Secured Property under this Agreement, it must obtain
      those third party consents before or on the Signature
  Date.

	7. 	
      RIGHTS OF THE CEDENT BEFORE
  DEFAULT

	7.1 	
      Unless the Facility Agent has given the Cedent written
      notice of a Default which is continuing (a Default Notice) or an
      Event of Default occurs and is continuing, the Cedent is entitled, at its
      own cost, to enforce and receive payment for, delivery of or performance
      in respect of all amounts or obligations owing in respect of the Secured
      Property in the ordinary course of business and, subject to the Finance
      Documents, to appropriate amounts so recovered to its own use.

	 	 
	7.2 	
      If the Facility Agent has given the written notice of a
      Default which is continuing as contemplated in Clause 7.1 or an Event of
      Default is continuing, all rights, powers and privileges attaching to the
      Secured Property, including, but not limited to those set out in Clause
      7.1, shall vest in the Secured Creditors, jointly or severally, with the
      power to exercise them either in any of their own name or in the name of
      the Cedent. If any Secured Creditor so directs when a Default is
      continuing, the Cedent shall exercise the Secured Creditors' rights, powers and privileges in its own
name and to the greatest extent permitted by applicable law. 

9 

	8. 	
      ENFORCEMENT

	8.1 	
      Rights of the Secured Creditors

	 	 
		
      If an Event of Default is continuing, the Secured
      Creditors (or any of them) may, without prejudice to any other rights they
      may have against the Cedent, exercise their rights under this Clause 8,
      and otherwise put into force and effect all rights, powers and remedies
      available to them in relation to the Secured Property, in such manner and
      on such terms and conditions as they in their sole discretion consider
      most expedient. Without limiting the foregoing, if an Event of Default is
      continuing, the Secured Creditors (or any of them) may, and the Cedent
      hereby irrevocably and unconditionally authorises and empowers each of
      them or their nominee, and appoints each of them in rem suam,
      without any further authority or consent of any nature whatsoever required
      from any person, in the name of any or all of the Secured Creditors or
      their nominee or in the name of the Cedent to:

	8.1.1 	
      exercise all or any of the rights, powers and privileges
      and enforce all or any obligations attaching to the Secured Property, in
      such manner and on such terms as the Secured Creditors in their sole
      discretion deem fit;

	 	 
	8.1.2 	
      receive payment for, delivery of, and/or performance in
      respect of, the Secured Property in their own name or that of their
      nominee;

	 	 
	8.1.3 	
      authorise any officer of any Secured Creditor (whose
      appointment need not be proved) to sign, on behalf of and in the name of
      the Cedent, any document that may be necessary to give effect to any
      disposal or realisation of Secured Property by the Secured Creditors under
      this Clause;

	 	 
	8.1.4 	
      at the election of the Secured
  Creditors:

	 	(a) 	
      sell or otherwise realise all or some of the Secured
      Property by public auction;

	 	 	 
	 	(b) 	
      sell or otherwise realise at a Fair Value all or some of
      the Secured Property by private treaty; or

	 	 	 
	 	(c) 	
      take over all or some of the Secured Property at a Fair
      Value,

and, subject to the provisions of
Clause 9 (Appropriation of Proceeds), apply the proceeds of such sale, purchase
or other realisation or transfer (including the purchase price payable for any
Secured Property taken over by the Secured Creditors) against the Secured
Obligations on the basis that any excess upon realisation or balance owing to
the Cedent (as the case may be) will be paid to the Cedent and any shortfall on
realisation will remain a debt due by the Cedent to the Secured Creditors. 

For the purposes of paragraph (c)
above, the Fair Value of any Secured Property will be the value agreed in
writing between the Secured Creditors and the Cedent or, failing agreement
within ten Business Days after delivery of a notice to the Cedent stating that
the Secured Creditors exercise their rights under this Clause 8.1, the value
determined by an independent chartered accountant employed by either PwC, EY,
Deloitte or KPMG agreed to by the Secured Creditors and the Cedent (or, failing
agreement within 5 Business Days, appointed, at the request of either Party, by
the President of the South African Institute of Chartered Accountants, or the
successor body thereto), which independent accountant shall act as an expert and
not as an arbitrator, shall be instructed to make his determination within ten Business Days and shall
      determine the liability for his charges (which shall be paid accordingly),
      provided that if a determination is manifestly unjust and a court
      exercises its general power, if any, to correct such determination, the
Parties shall be bound thereby;

10 

	8.1.5 	
      institute any legal proceedings which the Secured
      Creditors may deem necessary in connection with any sale, purchase or
      other realisation or transfer of any of the Secured Property and to
      prosecute such proceedings to their final end and conclusion, including
      the prosecution of such appeals and reviews as the Secured Creditors in
      their discretion may determine;

	 	 
	8.1.6 	
      compromise any of the Secured Property, grant any
      extension or other indulgence in respect of the Secured Property, agree to
      amend the terms of the Secured Property, and/or release any security,
      guarantee or suretyship held for the Secured Property or waive any right
      which relates to or constitutes part of the Secured Property;

	 	 
	8.1.7 	
      give transfer of and convey valid title in any Secured
      Property to any person (including a Secured Creditor); and/or

	 	 
	8.1.8 	
      take all such further or other steps as the Secured
      Creditors may consider necessary to deal with the Secured Property in
      order to give effect to this Agreement.

	8.2 	
      Undertakings by the Cedent in respect of
      realisation

	 	 
		
      On the Secured Creditors taking any action under Clause
      8.1, or otherwise as required by the Secured Creditors if an Event of
      Default is continuing, the Cedent shall on demand by the Secured
      Creditors:

	8.2.1 	
      give written notice to all persons required by the
      Secured Creditors that payment for, delivery of or performance in respect
      of the relevant Secured Property must be made to the Secured Creditors or
      their nominee and that payment, delivery or performance to the Cedent or
      to anyone else will not constitute valid payment, delivery or performance,
      and the Secured Creditors shall be entitled to do likewise. The Cedent
      shall on demand by the Secured Creditors provide proof that such
      notification has been duly given;

	 	 
	8.2.2 	
      refuse to accept any payment, delivery, or performance
      tendered in respect of any of the Secured Property and order that such
      payment, delivery or performance be tendered to the Secured
    Creditors;

	 	 
	8.2.3 	
      forthwith pay over or deliver to the Secured Creditors
      any interest, dividend, negotiable instruments or other monetary benefits
      of any nature accrued or received in respect of the Secured Property after
      the date of an Event of Default, by depositing the same into any bank
      account in South Africa nominated by the Secured Creditors;

	 	 
	8.2.4 	
      deliver to the Secured Creditors any property which the
      Cedent acquires or which accrues to it in connection with the Secured
      Property;

	 	 
	8.2.5 	
      at its own cost, carry out any lawful directions the
      Secured Creditors may give in regard to the realisation of Secured
      Property, and sign any document or do any other lawful act necessary
      to:

	 	(a) 	
      vest the Secured Property in the Secured
  Creditors;

	 	 	 
	 	(b) 	
      enable any sale, purchase or other realisation or
      transfer of Secured Property; or

11 

	 	(c) 	
      perfect and complete (to the extent necessary) the
      cession of any Secured Property under this
Agreement.

	8.3 	
      No obligation on the Secured Creditors

	 	 
		
      Notwithstanding anything to the contrary contained in
      this Agreement, no Secured Creditor shall be obliged to take any steps to
      preserve, protect, collect, recover or otherwise enforce its rights under
      or in respect of the Secured Property.

	9. 	
      APPROPRIATION OF PROCEEDS

	 	 
		
      The Secured Creditors shall apply the net proceeds of all
      amounts received pursuant to the sale or other realisation of Secured
      Property, or from the appropriation of cash amounts which constitute
      Secured Property, under this Agreement (after deducting all properly
      evidenced costs and expenses incurred by the Secured Creditors) in
      reduction or discharge of the Secured Obligations, in such order and in
      such manner as the Secured Creditors deem fit.

	 	 
	10. 	
      PAYMENTS

	 	 
		
      Unless otherwise agreed or specified by the Secured
      Creditors by notice in writing, all payments due by the Cedent under this
      Agreement or in respect of the Secured Property shall be made free of any
      bank or other charges in the currency of the Secured Obligation into a
      bank account, or at such other address in South Africa, nominated by the
      Secured Creditors.

	 	 
	11. 	
      POWER OF ATTORNEY

	 	 
		
      The Cedent irrevocably and severally appoints the Secured
      Creditors, jointly and severally, and any of their delegates or
      sub-delegates to be its attorney to take any action which the Cedent is
      obliged to take under this Agreement but has failed to take. The Cedent
      ratifies and confirms whatever any attorney does or purports to do
      pursuant to its appointment under this Clause.

	 	 
	12. 	
      FURTHER ASSURANCES

	 	 
		
      The Cedent shall generally promptly do everything that
      may be required in order to comply with its obligations under this
      Agreement, and as may otherwise be required by the Secured Creditors for
      the purposes of, and to give effect to, this Agreement, failing which the
      Secured Creditors may, to the extent possible, attend thereto on behalf of
      the Cedent and recover on demand from the Cedent any reasonable expenses
      incurred in relation thereto. In particular the Cedent shall execute and
      do all such acts and things as the Secured Creditors, in their reasonable
      discretion, may require:

	12.1 	
      to perfect or protect the Security created (or intended
      to be created) by this Agreement;

	 	 
	12.2 	
      to preserve or protect any of the rights of the Secured
      Creditors under this Agreement;

	 	 
	12.3 	
      to enforce any Security created under this Agreement on
      or at any time after it becomes enforceable;

	 	 
	12.4 	
      for the exercise of any power, authority or discretion
      vested in a Secured Creditor under this Agreement;

	 	 
	12.5 	
      to carry out the effect, intent and purpose of this
      Agreement,

in any such case, forthwith upon demand
by the Secured Creditors, to the maximum extent permitted by law and at the
expense of the Cedent. 

12 

	13. 	
      ADDITIONAL RIGHTS

	 	 
		
      The rights conferred on the Secured Creditors by this
      Agreement are additional to and not in substitution
for:

	13.1 	
      any other rights a Secured Creditor has, or may at any
      time in the future have, against the Cedent or any other person;

	 	 
	13.2 	
      any other Security held or hereafter to be held by a
      Secured Creditor from the Cedent or any other person, in connection with
      the Secured Obligations. A Secured Creditor may release any Security held
      by it without prejudice to its rights under this
  Agreement.

	14. 	
      CEDENT BOUND NOTWITHSTANDING CERTAIN
      CIRCUMSTANCES

	 	 
		
      The Cedent agrees that on signature of this Agreement, it
      will be bound under this Agreement to the full extent hereof, despite the
      fact that:

	14.1 	
      any additional Security from the Cedent or any other
      person for the Secured Obligations may not be obtained or may be released
      or may cease to be held for any other reason;

	 	 
	14.2 	
      the Finance Parties may agree any variation or novation
      of the Finance Documents (including any amendment providing for the
      increase in the amount of the Facility or an additional
  facility);

	 	 
	14.3 	
      any Finance Party may receive a dividend or benefit in
      any insolvency, liquidation or business rescue or any compromise or
      composition, whether in terms of any statutory enforcement or the common
      law;

	 	 
	14.4 	
      the Secured Creditors may grant any indulgences to the
      Cedent or may not exercise any one or more of its rights under the Finance
      Documents, either timeously or at all; or

	 	 
	14.5 	
      any other fact or circumstance may arise on which the
      Cedent might otherwise be able to rely on a defence based on prejudice,
      waiver or estoppel.

If the Cedent suffers any loss arising
from any of the facts, circumstances, acts or omissions referred to above, it
will have no claim against any Secured Creditor in respect thereof. 

	15. 	
      KEEPING, INSPECTION AND DELIVERY OF
  RECORDS

	15.1 	
      The Cedent shall at all times keep up-to-date records of
      the Secured Property and shall comply with any reasonable directions the
      Secured Creditors may give in regard to the keeping of such
  records.

	 	 
	15.2 	
      The Secured Creditors or anyone authorised by the Secured
      Creditors may at any time and on reasonable notice inspect any of the
      Cedent's books of account and other records, including books of account
      and records in the possession of a third party.

	 	 
	15.3 	
      If the Secured Creditors at any time so request, the
      Cedent shall at its own cost deliver to the Secured Creditors or their
      order certified copies of any of the books and records referred to in
      Clauses 15.1 and 15.2.

	16. 	
      EXEMPTION FROM
LIABILITY

	16.1 	
      A Secured Creditor, their officers, trustees, agents,
      beneficiaries, employees and advisors (each an Exempt Party) shall
      not be liable for any loss or damage, whether direct, indirect,
      consequential or otherwise, suffered by the Cedent howsoever arising in
      connection with this Agreement, whether that loss or damage arises as a
      result of a breach of contract (whether total, fundamental or otherwise),
      delict or any other cause, and whether this Agreement has been terminated or not,
      other than as a result of the gross negligence or wilful misconduct of
  that Exempt Party.

13 

	16.2 	
      The Cedent hereby indemnifies (and agrees to keep
      indemnified) and holds harmless the Secured Creditors and their respective
      officers, trustees, agents, beneficiaries, employees and advisors against
      any and all losses, claims, damages or liabilities (excluding any
      consequential damages, loss or liability (including opportunity cost)) to
      which they may become subject under or in connection with this Agreement,
      and agrees to reimburse the Secured Creditors for any legal or other
      expenses reasonably incurred by them in connection with investigating or
      defending any such loss, claim, damage, liability or action; provided that
      the Cedent will not be liable to any particular Secured Creditor in any
      such case to the extent that any such loss, claim, damage or liability of
      that Secured Creditor arises out of the gross negligence or wilful
      misconduct of that Secured Creditor or any of its officers, trustees,
      agents, beneficiaries, employees and advisors, as the case may
  be.

	17. 	
      CHANGES TO THE PARTIES

	17.1 	
      Transfers by a Secured
Creditor

	17.1.1 	
      A Secured Creditor may cede any of its rights and/or
      delegate any of its obligations under this Agreement to any person to whom
      it cedes any of its rights and/or delegates any of its obligations under
      the Finance Documents. The Cedent agrees to co-operate and take all such
      steps as a Secured Creditor may reasonably request to give any such
      transferee the benefit of this Agreement.

	 	 
	17.1.2 	
      To the extent that a splitting of claims arises as a
      result of any actions taken under Clause 17.1.1, the Cedent hereby
      consents to such splitting of claims.

	17.2 	
      Stipulation for the benefit of future Secured
      Creditors

	 	 
		
      The provisions of this Agreement which confer benefits on
      the Secured Creditors constitute stipulations for the benefit of any
      person who becomes a Finance Party and a Secured Creditor after the
      Signature Date, and shall be capable of acceptance by that person at any
      time. To the extent that a splitting of claims arises as a result of the
      provisions of this Clause, the Cedent hereby consents to such splitting of
      claims.

	 	 
	17.3 	
      Transfers by the Cedent

	 	 
		
      The Cedent may not cede any of its rights nor delegate
      any of its obligations under this Agreement.

	18. 	
      SEVERABILITY

	 	 
		
      Each term of this Agreement, whether forming an entire
      clause or only part of a clause, is divisible and severable from all the
      other terms (regardless of the manner in which they may be linked together
      or grouped grammatically). If a term or provision of this Agreement is or
      becomes illegal, invalid or unenforceable in any respect in any
      jurisdiction, that will not affect:

	18.1 	
      the legality, validity or enforceability in that
      jurisdiction of any other term or provision of this Agreement which shall
      remain in full force and effect, and such illegal, invalid or
      unenforceable term or provision shall be severed from this Agreement;
      or

	 	 
	18.2 	
      the legality, validity or enforceability in other
      jurisdictions of that or any other term of this
  Agreement,

and in particular, a Secured Creditor
shall be entitled to deal with its rights in respect of the Secured Property in
such manner as is sanctioned or approved in terms of a court order or as is
otherwise legally permissible. 

14 

	19. 	
      GOVERNING LAW

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

	 	 
	20. 	
      JURISDICTION

	20.1 	
      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 this Agreement (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).

	 	 
	20.2 	
      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 Agreement.

	 	 
	20.3 	
      This Clause 20 is for the benefit of the Secured
      Creditors only. As a result, the Secured Creditors shall not be prevented
      from taking proceedings relating to a dispute in any other court with
      jurisdiction. To the extent allowed by law, the Secured Creditors may take
      concurrent proceedings in any number of
jurisdictions.

	21. 	
      MISCELLANEOUS MATTERS

	21.1 	
      Amendments, waivers and
  cancellation

	21.1.1 	
      No contract varying, adding to, deleting from or
      cancelling this Agreement will be effective unless reduced to writing and
      signed by or on behalf of the Parties.

	 	 
	21.1.2 	
      The expiry or termination of this Agreement will not
      prejudice the rights of the Secured Creditors in respect of any antecedent
      breach by the Cedent of, or non- performance under, this
  Agreement.

	21.2 	
      Certificates and Determinations

	 	 
		
      Any certification or determination by a manager of a
      Secured Creditor (whose appointment need not be proved) as to the
      existence of and the amount of indebtedness by the Cedent to the Secured
      Creditors, that such amount is due and payable, the amount of interest
      accrued thereon and as to any other fact, matter or thing related to the
      Cedent's indebtedness under the Finance Documents shall be, in the absence
      of manifest error, prima facie evidence of contents and correctness
      of the matters to which it relates for the purposes of provisional
      sentence, summary judgement or any other proceedings, shall be valid as a
      liquid document for such purposes and shall, in addition, be prima
      facie proof for purposes of pleading or trial in any action instituted
      against the Cedent arising herefrom.

THIS AGREEMENT has been entered into on the date stated
at the beginning of this Agreement. 

15 

SCHEDULE 1 

SECURED PROPERTY 

PART A: BANK ACCOUNTS 

	  	BANK ACCOUNTS 	  
	1. 	Bank: 	FirstRand Bank Limited (acting through its 
	 
    	  	Rand
      Merchant Bank division) 
	 
    	Branch: 	RMB JHB
      Corporate Banking 
	 
    	Branch number: 	XXX
  
	 
    	Account number: 	XXX
  
	  	Named
      account beneficiary: 	XXX 
	2 	Bank: 	FirstRand Bank Limited (acting through its 
	 
    	  	Rand
      Merchant Bank division) 
	 
    	Branch: 	RMB JHB
      Corporate Banking 
	 
    	Branch number: 	XXX
  
	 
    	Account number: 	XXX
  
	  	Named
      account beneficiary: 	XXX 
	3 	Bank: 	FirstRand Bank Limited (acting through its 
	 
    	  	Rand
      Merchant Bank division) 
	 
    	Branch: 	RMB JHB
      Corporate Banking 
	 
    	Branch number: 	XXX
  
	 
    	Account number: 	XXX
  
	  	Named
      account beneficiary: 	XXX 
	4 	Bank: 	FirstRand Bank Limited (acting through its 
	 
    	  	Rand
      Merchant Bank division) 
	 
    	Branch: 	RMB JHB
      Corporate Banking 
	 
    	Branch number: 	XXX
  
	 
    	Account number: 	XXX
  
	  	Named
      account beneficiary: 	XXX 
	5 	Bank: 	FirstRand Bank Limited (acting through its 
	 
    	  	Rand
      Merchant Bank division) 
	 
    	Branch: 	RMB JHB
      Corporate Banking 
	 
    	Branch number: 	XXX
  
	 
    	Account number: 	XXX
  
	  	Named
      account beneficiary: 	XXX 

16 

	6 	Bank: 	FirstRand Bank Limited (acting through its 
	 
    	  	Rand
      Merchant Bank division) 
	 
    	Branch: 	RMB JHB
      Corporate Banking 
	 
    	Branch number: 	XXX
  
	 
    	Account number: 	XXX
  
	  	Named
      account beneficiary: 	XXX 
	7 	Bank: 	FirstRand Bank Limited (acting through its 
	 
    	  	Rand
      Merchant Bank division) 
	 
    	Branch: 	RMB JHB
      Corporate Banking 
	 
    	Branch number: 	XXX
  
	 
    	Account number: 	XXX
  
	  	Named
      account beneficiary: 	XXX 
	8 	Bank: 	FirstRand Bank Limited (acting through its 
	 
    	  	Rand
      Merchant Bank division) 
	 
    	Branch: 	RMB JHB
      Corporate Banking 
	 
    	Branch number: 	XXX
  
	 
    	Account number: 	XXX
  
	  	Named
      account beneficiary: 	XXX 
	9 	Bank: 	FirstRand Bank Limited (acting through its 
	 
    	  	Rand
      Merchant Bank division) 
	 
    	Branch: 	RMB JHB
      Corporate Banking 
	 
    	Branch number: 	XXX
  
	 
    	Account number: 	XXX
  
	  	Named
      account beneficiary: 	XXX 
	10 	Bank: 	FirstRand Bank Limited (acting through its 
	 
    	  	Rand
      Merchant Bank division) 
	 
    	Branch: 	RMB JHB
      Corporate Banking 
	 
    	Branch number: 	XXX
  
	 
    	Account number: 	XXX
  
	  	Named
      account beneficiary: 	XXX 
	11 	Bank: 	FirstRand Bank Limited (acting through its 
	 
    	  	Rand
      Merchant Bank division) 
	 
    	Branch: 	RMB JHB
      Corporate Banking 
	 
    	Branch number: 	XXX
  
	 
    	Account number: 	XXX
  
	  	Named
      account beneficiary: 	XXX 
	12 	Bank: 	FirstRand Bank Limited (acting through its 
	 
    	  	Rand
      Merchant Bank division) 
	 
    	Branch: 	RMB JHB
      Corporate Banking 
	 
    	Branch number: 	XXX
  
	 
    	Account number: 	XXX
  
	  	Named
      account beneficiary: 	XXX 

17 

	13 	Bank: 	FirstRand Bank Limited (acting through its
    
	 
    	  	Rand
      Merchant Bank division) 
	 
    	Branch: 	RMB JHB
      Corporate Banking 
	 
    	Branch number: 	XXX
  
	 
    	Account number: 	XXX
  
	  	Named
      account beneficiary: 	XXX 
	14 	Bank: 	FirstRand Bank Limited (acting through its 
	 
    	  	Rand
      Merchant Bank division) 
	 
    	Branch: 	RMB JHB
      Corporate Banking 
	 
    	Branch number: 	XXX
  
	 
    	Account number: 	XXX
  
	  	Named
      account beneficiary: 	XXX 
	15 	Bank: 	FirstRand Bank Limited (acting through its 
	 
    	  	Rand
      Merchant Bank division) 
	 
    	Branch: 	RMB JHB
      Corporate Banking 
	 
    	Branch number: 	XXX
  
	 
    	Account number: 	XXX
  
	  	Named
      account beneficiary: 	XXX 
	16 	Bank: 	FirstRand Bank Limited (acting through its 
	 
    	  	Rand
      Merchant Bank division) 
	 
    	Branch: 	RMB JHB
      Corporate Banking 
	 
    	Branch number: 	XXX
  
	 
    	Account number: 	XXX
  
	  	Named
      account beneficiary: 	XXX 
	17 	Bank: 	FirstRand Bank Limited (acting through its 
	 
    	  	Rand
      Merchant Bank division) 
	 
    	Branch: 	RMB JHB
      Corporate Banking 
	 
    	Branch number: 	XXX
  
	 
    	Account number: 	XXX
  
	  	Named
      account beneficiary: 	XXX 
	18 	Bank: 	FirstRand Bank Limited (acting through its 
	 
    	  	Rand
      Merchant Bank division) 
	 
    	Branch: 	RMB JHB
      Corporate Banking 
	 
    	Branch number: 	XXX
  
	 
    	Account number: 	XXX
  
	  	Named
      account beneficiary: 	XXX 
	19 	Bank: 	FirstRand Bank Limited (acting through its 
	 
    	  	Rand
      Merchant Bank division) 
	 
    	Branch: 	RMB JHB
      Corporate Banking 
	 
    	Branch number: 	XXX
  
	 
    	Account number: 	XXX
  
	  	Named
      account beneficiary: 	XXX 

18 

	20 	Bank: 	FirstRand Bank Limited (acting through its
    
	 
    	  	Rand
      Merchant Bank division) 
	 
    	Branch: 	RMB JHB
      Corporate Banking 
	 
    	Branch number: 	XXX
  
	 
    	Account number: 	XXX
  
	  	Named
      account beneficiary: 	XXX 

19 

PART B: RELEVANT DOCUMENTS 

	1. 	
      A written agreement dated on or about the date of this
      Agreement, entered into between Net1 Applied Technologies South Africa
      Proprietary Limited and Fidelity Cash Solutions Proprietary
  Limited.

20 

SCHEDULE 2 

NOTICE TO BANKS 

	To: 	[•] (the Bank) 
	 	 
	Copy: 	FIRSTRAND BANK LIMITED (ACTING THROUGH ITS
      RAND MERCHANT BANK DIVISION), as the Facility Agent
    
	  	
	From: 	NET1 APPLIED TECHNOLOGIES SOUTH AFRICA
      PROPRIETARY LIMITED 
	  	[Date] 

Dear Sirs, 

CESSION IN SECURITY DATED [•], 2018 BY NET1
APPLIED TECHNOLOGIES SOUTH 
AFRICA PROPRIETARY LIMITED (THE CEDENT) IN
FAVOUR OF FIRSTRAND BANK LIMITED 
(ACTING THROUGH ITS RAND MERCHANT
BANK DIVISION) (THE SECURED CREDITOR) 
(THE SECURITY CESSION) 

	1. 	
      We refer to the Security Cession (a copy of which is
      attached for your records). Unless otherwise defined herein, terms and
      expressions defined in the Security Cession have the same meaning where
      used in this letter.

	 	 
	2. 	
      This letter constitutes notice to you that under the
      Security Cession the Cedent has ceded or will cede in securitatem
      debiti in favour of the Secured Creditor, inter alia, all of
      their rights and interests in and to the following bank
  accounts:

[insert details] 

and any other bank accounts that they
maintain with you at any of your branches from time to time (including all their
claims in respect of amounts standing to the credit of those bank accounts from
time to time) (the Applicable Bank Accounts). 

	3. 	
      We irrevocably instruct and authorise you to disclose to
      the Secured Creditors any information relating to any Applicable Bank
      Account requested from you by the Secured Creditors.

	 	 
	4. 	
      We irrevocably instruct and authorise you, with effect
      from the date on which the Secured Creditors notify you in writing that an
      Event of Default has occurred and is continuing, and thereafter until
      otherwise notified by the Secured Creditors,
to:

	4.1 	
      comply with the terms of any written notice or
      instruction relating to any Applicable Bank Account received by you from
      the Secured Creditors;

	 	 
	4.2 	
      hold all sums standing to the credit of any Applicable
      Bank Account to the order of the Secured Creditors;

	 	 
	4.3 	
      pay all sums received by you for the account of the
      Cedent to the credit of an Applicable Bank Account held by the Cedent;
      and

	 	 
	4.4 	
      pay or release any sum standing to the credit of any
      Applicable Bank Account in accordance with the written instructions of the
      Secured Creditors.

	5. 	
      We acknowledge that you may comply with the instructions
      in this letter without any further permission from us and without any
      enquiry by you as to the justification for or validity of any request,
      notice or instruction.

21 

	6. 	
      The instructions in this letter may not be revoked or
      amended without the prior written consent of the Secured
  Creditors.

	 	 
	7. 	
      This letter and any non-contractual obligations arising
      out of or in connection with this letter are governed by the laws of South
      Africa.

Please send the attached acknowledgement confirming your
agreement to the above to the Secured Creditors, with a copy to ourselves. 

	For and on
      behalf of: 	 
	NET1 APPLIED TECHNOLOGIES 	 
	SOUTH AFRICA PROPRIETARY 	 
	LIMITED 	 

	Name: 	 	 
	 	 	 
	Date: 	 	 

22 

FORM OF ACKNOWLEDGEMENT 

	To: 	FIRSTRAND BANK LIMITED (ACTING
      THROUGH ITS RAND MERCHANT BANK DIVISION), as the
      Facility Agent 
	  	
	Copy: 	NET1 APPLIED TECHNOLOGIES SOUTH AFRICA
      PROPRIETARY LIMITED 
	 	 
	From: 	[BANK] 
	 	 
	  	[Date] 

Dear Sirs, 

NOTICE OF CESSION 

We acknowledge receipt of the notice of cession dated [•], 2018
by Net1 Applied Technologies South Africa Proprietary Limited and acknowledge
and agree to the terms and conditions thereof. 

We confirm that we have not received notification from any
other person of a cession over the Applicable Bank Accounts referred to in the
abovementioned notice of cession. 

Nothing contained in the above notice or this acknowledgement
shall commit us to providing any facilities or making advances available to the
Secured Creditors. 

	For and on
      behalf of: 	 
	[BANK] 	 

	Name: 	 	 
	 	 	 
	Date: 	 	 

23 

SCHEDULE 3 

NOTICES IN RESPECT OF INSURANCES 

BROKER’S LETTER OF UNDERTAKING 

	To: 	FIRSTRAND BANK LIMITED (ACTING THROUGH ITS
      RAND MERCHANT BANK DIVISION) , as the Facility Agent 
	  	  
	And to: 	FIRSTRAND BANK LIMITED (ACTING THROUGH ITS
      RAND MERCHANT BANK DIVISION) as the Senior Facility E Lender
      (under and as defined in the Senior Facility E Agreement) 
	  	  
	  	[Date] 

Dear Sirs, 

UNDERTAKINGS IN RELATION TO INSURANCE ARRANGEMENTS

FOR NET1 APPLIED TECHNOLOGIES SOUTH AFRICA PROPRIETARY LIMITED (THE
CEDENT) 

	1. 	
      We have acted as insurance broker to the Cedent and its
      subsidiaries, associates, affiliates and joint venture companies in
      respect of the insurances referred to in this letter.

	 	 
	2. 	
      We refer to:

	2.1 	
      the written R1,500,000,000 credit facility agreement (the
      Senior Facility E Agreement), dated [•], 2018, between, amongst
      others, FirstRand Bank Limited (acting through its Rand Merchant Bank
      division) (as Original Senior Facility E Lender), and the Cedent (as
      Borrower) and FirstRand Bank Limited (acting through its Rand Merchant
      Bank division) (as the Facility Agent); and

	 	 
	2.2 	
      the written cession in security (the Security
      Cession) dated [•], 2018 given by the Cedent in favour of the Facility
      Agent and the Senior Facility E Lender and each person who is or becomes a
      Senior Facility E Lender, from time to time (the Secured
      Creditors).

	3. 	
      Unless expressly defined in this letter, terms and
      expressions defined in the Senior Facility E Agreement have the same
      meaning where used in this letter.

	 	 
	4. 	
      We confirm that:

	4.1 	
      the insurances listed in Annex A to this letter (the
      Insurances) are in full force and effect at the date of this
      letter;

	 	 
	4.2 	
      the existing contracts and policies of insurance entered
      into in respect of the Insurances include the loss payee endorsements set
      out in Annex A to this letter;

	 	 
	4.3 	
      the interests of the Secured Creditors under the Security
      Cession have been noted on each policy in respect of the Insurances as set
      out in Annex A to this letter; and

	 	 
	4.4 	
      we have delivered to each relevant insurer a copy of all
      duly signed notices of cession in respect of the Insurances substantially
      in the form set out in Annex B;

	 	 
	4.5 	
      all premiums due in respect of the Insurances at the date
      of this letter have been paid in full in accordance with the requirements
      of the applicable policies;

24 

	4.6 	
      we have not received notice of the interest of any third
      party in the Insurances or the proceeds of such
  Insurances.

	5. 	
      To the best of our knowledge and belief, the Insurances
      are placed with reputable and financially sound insurers and provide
      adequate cover against risk which an operator of any business and of
      assets of a type and size, similar in all cases to those owned and
      operated by the Cedent would insure against, to an extent which is usual
      for such insurance.

	 	 
	6. 	
      We undertake, in respect of the interests in the
      Insurances of the Secured Creditors and the Facility Agent,
  to:

	6.1 	
      in respect of policies issued after the date of this
      notice (including any renewals of policies or any substitute policies), to
      ensure that (a) an endorsement substantially in the form set out in Annex
      A is noted on each such policy as and when it is issued, and (b) that a
      notice substantially in the form set out in Annex B is delivered to the
      applicable insurer promptly upon such signed notice being delivered to us
      by the Cedent or the Secured Creditors (as the case may be);

	 	 
	6.2 	
      hold the policies and all insurance slips or contracts
      (with any renewals thereof or any new or substitute policies), any cover
      notes, certificates, endorsements, renewal receipts and confirmation of
      renewal and the benefit of those Insurances to the order of the Secured
      Creditors;

	 	 
	6.3 	
      notify the Secured Creditors and the Facility
    Agent:

	6.3.1 	
      promptly upon becoming aware of any material change
      proposed to be made to the terms of the Insurances or to any policy which,
      if effected, would result in a material reduction in any limits or
      coverage (including those resulting from extensions) or in an increase in
      any deductibles, exclusions or exceptions or in the termination,
      suspension, cancellation or expiry (in the latter case, which is not
      immediately followed by a renewal on the same terms with the same
      insurers) of any Insurances;

	 	 
	6.3.2 	
      of any breach by any Cedent of the terms and conditions
      of the Insurances (including any non payment of premiums), which notice
      shall be provided promptly upon us becoming aware thereof, and in any
      event, before we notify the relevant insurers of such breach;

	 	 
	6.3.3 	
      at least 60 days prior to our ceasing to act as insurance
      brokers to the Group, unless owing to circumstances beyond our control we
      are unable to provide such notice, in which case we shall notify you
      promptly upon becoming aware that we have ceased or will cease so to
      act;

	 	 
	6.3.4 	
      promptly if, by a date falling one month before expiry of
      any Insurances, we have not received renewal instructions from the Cedent
      in relation to the relevant policy;

	 	 
	6.3.5 	
      promptly upon becoming aware thereof advise the Secured
      Creditors and the Facility Agent if any insurer cancels or gives notice of
      the cancellation or suspension of any
Insurance;

	6.4 	
      supply to the Secured Creditors and the Facility Agent,
      on its written request, and without reference to or further authority from
      the Cedent, any documents and/or information relating to the Insurances,
      which are in our possession and to make available to the Secured Creditors
      and the Facility Agent, promptly on request, all the originals of any of
      those documents which are in our possession, if required by the Secured
      Creditors or the Facility Agent, as the case may be, in connection with
      the making of an insurance claim.

25 

	7. 	
      Our above undertakings do not derogate from or limit any
      other functions or duties we may have as insurance broker to a person
      which is an insured under any of the Insurances and are given subject to
      the following:

	7.1 	
      our continued appointment as insurance brokers to the
      Cedent in relation to the Insurances;

	 	 
	7.2 	
      an insurer’s right of cancellation (if any) following a
      failure to pay any premiums due in respect of the
  Insurances.

	8. 	
      This letter and attachments may be relied on only by the
      Cedent, the Secured Creditors and the Facility
Agent.

This letter and any non contractual obligations arising out of
or in connection with this letter are governed by the laws of South Africa. 

Yours faithfully, 

	For and on
      behalf of: 	 
	[INSURANCE BROKER] 	 

	Name: 	 	 
	 	 	 
	Date: 	 	 

26 

ANNEX A 

LIST OF INSURANCES AND FORM OF ENDORSEMENTS 

INSURANCES 

	  	Insurer 	Policy Number
    	Cover 	Insured 
	1. 	[•] 	[•] 	[•] 	[•] 
	2. 	[•] 	[•] 	[•] 	[•] 
	3. 	[•] 	[•] 	[•] 	[•] 

FORM OF POLICY ENDORSEMENT 

ENDORSEMENT # [•] ATTACHING TO AND FORMING
PART OF POLICY # [•] (THE POLICY) IN THE NAME OF NET1
APPLIED TECHNOLOGIES SOUTH AFRICA PROPRIETARY LIMITED (THE COMPANY) 

It is agreed and noted that, with effect from the date of the
Senior Facility E Agreement and until expiry of the current insurance period on
[•], 201[•], the following is noted in respect of policy # [•]: 

	A. 	
      Loss Payee Clause in respect of FirstRand Bank Limited
      (acting through its Rand Merchant Bank division)

	 	 
		
      The insurer hereby agrees, in respect of any individual
      claim, that payment thereof shall be made directly into a bank account in
      South Africa nominated in writing by the Facility Agent, but subject to
      the insurers option to reinstate any loss or damage.

	 	 
	B. 	
      Notice of Cession

	 	 
		
      Noted that, under a written cession in security dated
      [•], 2018, given by the Company and others in favour of FirstRand Bank
      Limited (acting through its Rand Merchant Bank division), the Company has
      ceded to the Secured Creditors all its existing and future claims and
      rights and interests in and to the insurance to which the abovementioned
      policy relates.

SUBJECT OTHERWISE TO THE TERMS, EXCEPTIONS AND CONDITIONS OF
THE POLICY 

27 

ANNEX B 

NOTICE TO INSURERS

	To: 	[INSURER] 
	 	 
	Copy: 	FIRSTRAND BANK LIMITED (ACTING THROUGH ITS
      RAND MERCHANT BANK DIVISION) 
	  	
	From: 	NET1 APPLIED TECHNOLOGIES SOUTH AFRICA
      PROPRIETARY LIMITED 
	  	[Date] 

Dear Sirs, 

CESSION IN SECURITY DATED [•], 2018 BY NET1
APPLIED TECHNOLOGIES SOUTH 
AFRICA PROPRIETARY LIMITED (THE
CEDENT) IN FAVOUR OF FIRSTRAND BANK LIMITED 
(ACTING THROUGH ITS
RAND MERCHANT BANK DIVISION) (THE SECURED CREDITORS), 
(THE
SECURITY CESSION) 

	1. 	
      We refer to the Security Cession (a copy of which is
      attached for your records).

	 	 
	2. 	
      In this letter:

	 	 
	2.1 		
      Insurances means any of the following policies of
      insurances:

	  	Policy Number 	Cover 	Insured 
	1. 	[•] 	[•] 	[•] 
	2. 	[•] 	[•] 	[•] 
	3. 	[•] 	[•] 	[•] 

	2.2 	
      Insurance Proceeds means all proceeds of insurance
      payable to or received by us in respect of the Insurances, whether in
      respect of claims, by way of return of premium or
  otherwise,

	3. 	
      Unless expressly defined in this letter, terms and
      expressions defined in the Security Cession have the same meaning where
      used in this letter.

	 	 
	4. 	
      This letter constitutes notice to you that under the
      Security Cession, each of the companies listed at the end of this notice
      as Cedent has ceded in securitatem debiti in favour of the Secured
      Creditors, inter alia, all of its rights and interests in and to
      the Insurances and the Insurance Proceeds.

	 	 
	5. 	
      We request that an endorsement substantially in the form
      set out in Annex B1 to this letter is noted on each such policy in respect
      of the Insurances.

	 	 
	6. 	
      On behalf of the Cedent, we confirm
  that:

	6.1 	
      the Cedent will remain liable under such Insurance to
      perform all the obligations assumed by it under that Insurance;
  and

	 	 
	6.2 	
      none of the Secured Creditors, its agents or any Finance
      Party will at any time be under any obligation or liability to you under
      or in respect of such Insurance.

28 

	7. 	
      The Cedent will also remain entitled to exercise all of
      its rights under such Insurance and you should continue to give notices
      under such Insurance to the Cedent, unless and until you receive notice
      from the Secured Creditor to the contrary. Unless the Secured Creditors
      otherwise agrees in writing:

	7.1 	
      all amounts payable to the Cedent under such Insurance
      must be paid to the Secured Creditors; and

	 	 
	7.2 	
      any rights of the Cedent in connection with those amounts
      will be exercisable by, and notices must be given to, the Secured Creditor
      or as it directs.

	8. 	
      Please note that the Cedent has agreed that it will not
      amend or waive any term of or terminate Insurance without the prior
      consent of the Secured Creditors.

	 	 
	9. 	
      The instructions in this letter may not be revoked or
      amended without the prior written consent of the Secured
  Creditors.

	 	 
	10. 	
      We acknowledge that you may comply with the instructions
      in this letter without any further permission from us or the Cedent and
      without any enquiry by you as to the justification for or validity of any
      request, notice or instruction.

	 	 
	11. 	
      This letter is governed by the laws of South
    Africa.

	 	 
	12. 	
      We request that you sign the acknowledgement set out as
      Annex B2 to this letter and return it to the Secured Creditors,
      with a copy to us.

	For and on
      behalf of: 	 
	NET1 APPLIED TECHNOLOGIES 	 
	SOUTH AFRICA PROPRIETARY 	 
	LIMITED 	 

	Name: 	 	 
	 	 	 
	Date: 	 	 

29 

ANNEX B1 
FORM OF POLICY ENDORSEMENT 

ENDORSEMENT # [•] ATTACHING TO AND FORMING
PART OF POLICY # [•] (THE POLICY) IN THE NAME OF NET1
APPLIED TECHNOLOGIES SOUTH AFRICA PROPRIETARY LIMITED (THE COMPANY) 

It is agreed and noted that, with effect from the date of
Senior Facility E Agreement and until expiry of the current insurance period on
[•], 201[•], the following is noted in respect of policy # [•]: 

	A. 	
      Loss Payee Clause in respect of FIRSTRAND BANK LIMITED
      (ACTING THROUGH ITS RAND MERCHANT BANK DIVISION)

	 	 	 
		
      The insurer hereby agrees, in respect of any individual
      claim, that payment thereof shall be made directly into a bank account in
      South Africa nominated in writing by the Facility Agent, but subject to
      the insurers option to reinstate any loss or damage.

	 	 	 
	B. 	
      Notice of Cession

	 	 	 
		
      Noted that, under a written cession in security dated
      [•], 2018, given by the Company and others in favour of FirstRand Bank
      Limited (acting through its Rand Merchant Bank division), the Company has
      ceded to the Secured Creditors all its existing and future claims and
      rights and interests in and to the insurance to which the abovementioned
      policy relates.

SUBJECT OTHERWISE TO THE TERMS, EXCEPTIONS AND CONDITIONS OF
THE POLICY 

30 

ANNEX B2 
FORM OF ACKNOWLEDGEMENT BY INSURER

	To: 	FIRSTRAND BANK LIMITED (ACTING THROUGH ITS
      RAND MERCHANT BANK DIVISION) 
	  	
	Copy: 	NET1 APPLIED TECHNOLOGIES SOUTH AFRICA
      PROPRIETARY LIMITED 
	 	 
	From: 	[INSURER] 
	 	 
	  	[Date] 

Dear Sirs, 

NOTICE OF CESSION IN SECURITY 

	1. 	
      We refer to the written notice of cession in security
      dated [•], 2018 (the Security Notice), attaching a copy of a
      written cession in security given by Net1 Applied Technologies South
      Africa Proprietary Limited (the Cedent) in favour of FirstRand Bank
      Limited (acting through its Rand Merchant Bank division) (the Secured
      Creditor).

	 	 
	2. 	
      Terms and expressions defined in the Security Notice have
      the same meaning where used in this letter.

	 	 
	3. 	
      We acknowledge receipt of the Security Notice and
    we:

	3.1 	
      accept the instructions contained in the notice and agree
      to comply with the notice;

	 	 
	3.2 	
      confirm that we have not received notice of the interest
      of any third party in the Insurances or the Insurance Proceeds;

	 	 
	3.3 	
      undertake to note on the relevant contracts your
      interests as Secured Creditors and those of the Facility Agent as loss
      payee of the Insurances and the Insurance Proceeds as required in the
      Security Notice;

	 	 
	3.4 	
      undertake to disclose to you without any reference to or
      further authority from the Cedent any information relating to those
      contracts which you may at any time request;

	 	 
	3.5 	
      undertake to promptly notify you of any breach by the
      Cedent of the terms and conditions of the Insurances (including any non
      payment of premiums) and to allow you to remedy that breach; and

	 	 
	3.6 	
      undertake not to amend or waive any term of or terminate
      any of those contracts on request by any Cedent without your prior written
      consent.

Yours faithfully, 

	For and on
      behalf of: 	 
	 	 
	[INSURER] 	 

	Name: 	 	 
	 	 	 
	Date: 	 	 

31 

SIGNATURE PAGE 

THE CEDENT 

	/s/Nunthakumarin Pillay 	 
	 For and on behalf of: 	 
	 Net1 Applied Technologies South 	 
	 Africa Proprietary Limited 	 

	 	Nunthakumarin Pillay 	 
	Name: 		 
	 	Director 	 
	Office: 		 
	 	  	 
	 	(who warrants his authority) 	 

32 

SIGNATURE PAGE 

THE SECURED CREDITOR 

	/s/ Adriaan
      Els 	 	/s/ Debbie Law 
	 For and on behalf of: 	 	For and on behalf of: 
	 FirstRand Bank Limited (acting through 	 	FirstRand Bank Limited (acting through
    
	 its Rand Merchant Bank division) 	 	its Rand Merchant Bank division)
  

	Name: 	Adriaan Els 	 	Name: 	Debbie
      Law 
	 	 	 	 	 
	Office: 	“A” Signatory 	 	Office: 	Sector
      Director 
	  	(who warrants his authority) 	 	  	(who warrants his authority)

33Net 1 UEPS Technologies, Inc.: Exhibit 10.98 - Filed by newsfilecorp.com

Exhibit 10.98 

EXECUTION

PLEDGE 

DATED 26 SEPTEMBER, 2018 

given by 

NET1 APPLIED TECHNOLOGIES SOUTH AFRICA PROPRIETARY LIMITED

(as pledgor) 

in favour of 

FIRSTRAND BANK LIMITED 
(ACTING THROUGH ITS RAND
MERCHANT BANK DIVISION) 

and 

EACH OF THE OTHER SECURED CREDITORS 
(as pledgees)

	in respect of certain Cash and Related
      Rights 
	 	 
	 	 
	 	 
	 	
	 
	 
	 

CONTENTS 

	Clause 	Page 
	  	  	  
	1. 	Interpretation 	3 
	2. 	Pledge and Cession
      in Security 	4 
	3. 	Duration 	5 
	4. 	Representations and
      Warranties by the Pledgor 	5 
	5. 	Undertakings by the Pledgor 	7 
	6. 	Delivery of
      Documents 	8 
	7. 	Enforcement 	8 
	8. 	Appropriation of
      Proceeds 	10 
	9. 	Payments 	11 
	10. 	Power of Attorney
      	11 
	11. 	Further Assurances 	11 
	12. 	Additional Rights
      	11 
	13. 	Pledgor bound notwithstanding certain circumstances
	12 
	14. 	Keeping,
      inspection and delivery of records 	12 
	15. 	Exemption from Liability 	12 
	16. 	Changes to the
      Parties 	13 
	17. 	Severability 	13 
	18. 	Governing Law
    	13 
	19. 	Jurisdiction 	13 
	20. 	Miscellaneous
      Matters 	14 
	  	  	  
	Schedule 1 		Cash 	15 
	  	  	  
	  	  	  
	Signature Page
      	19
  

2

THIS AGREEMENT is made between: 

	(1) 	
      NET1 APPLIED TECHNOLOGIES SOUTH AFRICA PROPRIETARY
      LIMITED, registration number 2002/031446/07, as pledgor and cedent
      (the Pledgor);

	 	 
	(2) 	
      FIRSTRAND BANK LIMITED (ACTING THROUGH ITS RAND
      MERCHANT BANK DIVISION) as Secured Creditors; and

	 	 
	(3) 	
      EACH OF THE OTHER SECURED CREDITORS (as defined in
      this Agreement below).

BACKGROUND: 

As security for the due and punctual performance of the Secured
Obligations, the Pledgor has agreed to pledge its Cash and to cede in
securitatem debiti all its Secured Property to the Secured Creditors, on the
terms set out in this Agreement. 

	1. 	
      INTERPRETATION

	1.1 	
      Definitions

	 	 
		
      In this Agreement:

	1.1.1 	
      Cash means South African banknotes and coins held
      by Fidelity pursuant to the Cash-in-Transit Agreement.

	 	 
	1.1.2 	
      Cash-in-Transit Agreement means the written
      agreement dated on or about the date of this Agreement, entered into
      between Net 1 Applied Technologies South Africa Proprietary Limited and
      Fidelity Cash Solutions Proprietary Limited.

	 	 
	1.1.3 	
      Common Terms Agreement means the common terms
      agreement, dated on or about 20 July, 2017, between, among others, the
      Pledgor (as borrower), FirstRand Bank Limited (acting through its Rand
      Merchant Bank division) and Nedbank Limited (acting through its Corporate
      and Investment Banking division) (as original lenders) and FirstRand Bank
      Limited (acting through its Rand Merchant Bank division) (as facility
      agent), as amended from time to time.

	 	 
	1.1.4 	
      Fidelity means Fidelity Cash Solutions Proprietary
      Limited (registration number 2000/025082/07), a company registered under
      the laws of South Africa.

	 	 
	1.1.5 	
      Party means a party to this Agreement.

	 	 
	1.1.6 	
      Related Rights means, in relation to any
    Cash:

	 	(a) 	
      all contracts, warranties, remedies, security,
      indemnities and other undertakings in respect thereof; and

	 	 	 
	 	(b) 	
      any of the reversionary interests referred to in Clause
      4.7.4 (Secured Property).

	1.1.7 	
      Secured Creditor means the Facility Agent and each
      person who is or becomes a Senior Facility E Lender under (and as defined
      in) the Common Terms Agreement, from time to time.

	 	 
	1.1.8 	
      Secured Obligations means all present and future
      obligations and indebtedness of whatsoever nature (whether actual or
      contingent and whether owed jointly or severally or in any other capacity
      whatsoever, including any liability to pay damages or pursuant to
      enrichment) which an Obligor may now or at any time hereafter owe or have
      towards any Secured Creditor under or in connection with the Finance
      Documents.

3

	1.1.9 	
      Secured Property means,
  collectively:

	 	(a) 	
      the Cash; and

	 	 	 
	 	(b) 	
      the Related Rights,

and all of the Pledgor's rights, title
and interests therein and thereto and claims against any person in respect
thereof, of whatsoever nature and howsoever arising (whether actual, prospective
or contingent, direct or indirect, arising under common law or statute, whether
a claim for the payment of money or the performance of another obligation and
whether or not those rights and interests were within the contemplation of the
Parties at the Signature Date) and, in each case, any property forming part
thereof. 

	1.1.10 	
      Senior Facility E Discharge Date means the "Senior
      Facility E Discharge Date" as defined in the Senior Facility E
      Agreement.

	 	 
	1.1.11 	
      Signature Date means the date on which, once this
      Agreement has been signed by all the Parties, it is signed by the last
      Party to do so.

	1.2 	
      Construction

	1.2.1 	
      Terms and expressions defined in the Common Terms
      Agreement, unless expressly defined in this Agreement, have the same
      meaning in this Agreement.

	 	 
	1.2.2 	
      The provisions of Clauses 1.3 (Construction) and 1.4
      (Third Party Rights) of the Common Terms Agreement apply to this Agreement
      as though they were set out in full in this Agreement, except that any
      reference in that clause to the Common Terms Agreement is to be construed
      as references to this Agreement.

	 	 
	1.2.3 	
      Any undertaking of the Pledgor under this Agreement
      remains in force until the Senior Facility E Discharge Date.

	 	 
	1.2.4 	
      If any Secured Creditor considers that an amount paid to
      it under a Finance Document is capable of being avoided or otherwise set
      aside on the sequestration, liquidation, business rescue or administration
      of the payer or otherwise, then that amount will not be considered to have
      been irrevocably discharged for the purposes of this
  Agreement.

	2. 	
      PLEDGE AND CESSION IN
SECURITY

	2.1 	
      Pledge and cession

	 	 
		
      The Pledgor hereby pledges to the Secured Creditors all
      its Cash and cedes in securitatem debiti to the Secured Creditors,
      jointly and severally, all its Secured Property, in each case individually
      and collectively with all other Secured Property, as continuing general
      covering collateral security for the due, proper and punctual payment and
      performance in full of all the Secured Obligations, on the terms set out
      in this Agreement, which pledge and cession the Secured Creditors
      accept.

	 	 
	2.2 	
      Nature of pledge and
cession

	2.2.1 	
      The pledge and cession contemplated by this Agreement are
      intended to operate as a pledge and a cession of each part and all of the
      Cash and the Secured Property, individually and collectively.

	 	 
	2.2.2 	
      If, for any reason, any Security intended to be created
      under this Agreement is or becomes illegal, invalid or unenforceable in
      respect of some of the Cash or the Secured Property, the pledge of those
      Cash and the cession of that Secured Property shall be severed from this Agreement, and this
      Agreement and all the Security created over the remainder of the Secured
  Property shall continue in full force and effect.

4

	2.2.3 	
      The cession contemplated by this Agreement operates as a
      security cession and not as an outright cession, and the Pledgor retains
      bare ownership of all the Secured Property, subject to the rights of the
      Secured Creditors as secured creditors under this
  Agreement.

	2.3 	
      Pledgor remains liable to perform
    obligations

	 	 
		
      Notwithstanding any other provision of a Finance
      Document, the Pledgor shall remain liable to perform all its duties and
      obligations, whether contractual or otherwise, in respect of the Secured
      Property and nothing in this Agreement or the exercise by a Finance Party
      of any right under a Finance Document shall constitute or be deemed to
      constitute a delegation to or acceptance by a Finance Party of any
      obligation of the Pledgor or any other person.

	3. 	
      DURATION

	 	 
		
      This Agreement and the Security created pursuant to this
      Agreement:

	3.1 	
      comes into full force and effect on the Signature Date
      without any further action, consent or authority required from any
      person;

	 	 
	3.2 	
      unless otherwise agreed by the Secured Creditors, shall
      not terminate before the Senior Facility E Discharge Date; and

	 	 
	3.3 	
      shall remain of full force and effect, notwithstanding
      any intermediate discharge or settlement of, or temporary fluctuation in,
      the Secured Obligations.

	4. 	
      REPRESENTATIONS AND WARRANTIES BY THE
    PLEDGOR

	4.1 	
      General

	4.1.1 	
      The Pledgor makes the representations and warranties set
      out in this Clause 4 to each Finance Party on each day that this Agreement
      is in force. References in this Clause to "it" or "its",
      unless the context otherwise requires, is a reference to the
    Pledgor.

	 	 
	4.1.2 	
      The Finance Parties enter into the Finance Documents on
      the strength of and relying on the representations and warranties set out
      in this Clause 4, each of which is a separate representation and warranty,
      given without prejudice to any other representation or warranty and is
      deemed to be a material representation or warranty (as applicable)
      inducing the Finance Parties to enter into the Finance
  Documents.

	4.2 	
      Status

	4.2.1 	
      It is a limited liability company, duly incorporated and
      validly existing under the laws of South Africa.

	 	 
	4.2.2 	
      It has the power to own its assets (including all the
      Secured Property) and carry on its business as it is being
    conducted.

5

	4.3 	
      Powers and authority

	 	 
		
      It has the power to enter into and perform, and has taken
      all necessary action to authorise the entry into and performance of, this
      Agreement and the transactions contemplated by this Agreement.

	 	 
	4.4 	
      Legal validity

	 	 
		
      This Agreement:

	4.4.1 	
      creates the Security it purports to create and is not
      liable to be avoided or otherwise set aside on its liquidation or business
      rescue or otherwise; and

	 	 
	4.4.2 	
      constitutes its legally valid and binding obligation,
      enforceable against it in accordance with its
terms.

	4.5 	
      Non-conflict

	 	 
		
      Its entry into and the performance of its obligations
      under this Agreement, the transactions contemplated by and the Security
      created under this Agreement, do not and will not conflict
  with:

	4.5.1 	
      any law or regulation applicable to it;

	 	 
	4.5.2 	
      its constitutional documents; or

	 	 
	4.5.3 	
      any material agreement or instrument binding upon it or
      any of its assets, or constitute a default or termination event (however
      described) under any such document.

	4.6 	
      Authorisations

	4.6.1 	
      All authorisations required by it in connection with the
      entry into, performance, validity and enforceability of, the transactions
      contemplated by and the Security established under, this Agreement have
      been obtained or effected (as appropriate) and are in full force and
      effect.

	 	 
	4.6.2 	
      If it is required to give notice to or obtain consents or
      waivers from any person to pledge the Cash and cede the Secured Property
      under this Agreement, all such notices have been given and consents or
      waivers obtained before the Signature Date.

	4.7 	
      Secured Property

	4.7.1 	
      The Secured Property is and will be valid and all rights
      evidenced thereby or which exists in respect thereof are and will be
      legally valid, binding and fully enforceable in accordance with their
      terms in all respects.

	 	 
	4.7.2 	
      It is and will remain the sole legal and beneficial owner
      of all of the Secured Property over which it purports to grant the
      Security under this Agreement, to the exclusion of all others.

	 	 
	4.7.3 	
      No person has an option or right of refusal over the
      Secured Property or any part thereof which would apply on an enforcement
      by a Secured Creditor of its rights under this Agreement.

	 	 
	4.7.4 	
      No part of the Secured Property has been pledged, ceded
      (either outright or as security), discounted, factored, mortgaged under
      notarial bond or otherwise, or otherwise disposed of or hypothecated, nor
      is it subject to any other right or claim in favour of any person (including any rights of pre-emption)
which would apply on enforcement by a Secured Creditor of its rights under this
Agreement. If any Secured Property is subject to Security in breach of this
representation and warranty then, without prejudice to any other rights that the
Secured Creditors may have, any reversionary or other interests the Pledgor may
have in the said Secured Property are also ceded to the Secured Creditors. 

6

	5. 	
      UNDERTAKINGS BY THE PLEDGOR

	 	 
		
      The Pledgor is bound by the undertakings set out in this
      Clause 5. The undertakings in this Clause 5 remain in force from the
      Signature Date until the Senior Facility E Discharge
  Date.

	5.1 	
      Negative pledge

	 	 
		
      The Pledgor:

	5.1.1 	
      shall not grant or permit to exist any further Security
      over any Secured Property or dispose of the Secured Property in any manner
      without the express prior consent of the Secured Creditors; and

	 	 
	5.1.2 	
      must at all times keep the Secured Property free of
      judicial attachments and other Security.

	5.2 	
      Preservation of Secured
Property

	5.2.1 	
      The Pledgor undertakes:

	 	(a) 	
      to the extent reasonably possible, that it shall not
      permit any material depreciation of the value of, or a variation of rights
      relating to, the Secured Property or any of them to occur without the
      express prior consent of the Secured Creditors;

	 	 	 
	 	(b) 	
      not to take or omit to take any action which could
      reasonably be expected to adversely affect the rights of the Secured
      Creditors under this Agreement or the effectiveness of the Security
      created by this Agreement;

	 	 	 
	 	(c) 	
      to take all appropriate steps required from time to time
      for the care, preservation and protection of the Secured Property and the
      rights of the Secured Creditors under this Agreement; and

	 	 	 
	 	(d) 	
      to timeously comply in full with all its obligations in
      respect of the Secured Property, from time to
time.

	5.2.2 	
      The Pledgor waives for the benefit of the Secured
      Creditors any and all rights it may have in respect of the Secured
      Property which conflict with or may restrict the rights of the Secured
      Creditors under this Agreement.

	 	 
	5.2.3 	
      The Pledgor undertakes not to cancel or amend the
      Cash-in-Transit Agreement without the express prior consent of the Secured
      Creditors.

	5.3 	
      Amounts received on account of Secured
    Property

	 	 
		
      If an Event of Default occurs and is continuing, the
      Pledgor shall forthwith pay and transfer to the Secured Creditors or to
      their order, and place them in possession of, all cash and other assets
      received in respect of the Secured Property.

7

	6. 	
      DELIVERY OF DOCUMENTS

	 	 
		
      The Pledgor must deliver the documents set out this
      Clause 6 to the Secured Creditors by no later than the Signature Date (or
      in respect of Secured Property acquired by the Pledgor or otherwise
      arising thereafter, as soon as reasonably possible after that property
      becomes Secured Property, but in any event within 5 Business
  Days).

	6.1 	
      Cash

	 	 
		
      The Pledgor must deliver to the Facility Agent in respect
      of all its Cash a copy of a notice by the Pledgor and the Secured Creditor
      to Fidelity of the pledge and cession of Cash under this Agreement,
      together with an acknowledgement of that notice signed by Fidelity,
      substantially in the form of Schedule 1 (Cash).

	 	 
	6.2 	
      Other requirements

	6.2.1 	
      If any Secured Property, or part thereof, is evidenced by
      a document, or when the Pledgor holds Security for any obligation owed to
      it in respect of Secured Property and that Security is evidenced by a
      document, the Pledgor shall, at the request of the Secured Creditors,
      promptly deliver a certified copy of that document to the Secured
      Creditors.

	 	 
	6.2.2 	
      In addition to the documents referred to above, the
      Pledgor shall deliver to the Secured
Creditors:

	 	(a) 	
      in respect of all Secured Property acquired by the
      Pledgor or otherwise arising after the Signature Date, all information and
      applicable items of documentation referred to in Clause 6.1;

	 	 	 
	 	(b) 	
      any other documents relating to the Secured Property for
      which the Secured Creditors may at any time reasonably
  call,

which documents must be delivered to
the Secured Creditors within a reasonable period, as agreed between the Secured
Creditors and the Pledgor and, failing such agreement, within 5 Business Days.

	6.2.3 	
      The Secured Creditors may retain possession of all
      documents delivered to them under this Clause 6 and deal with them in
      accordance with the Finance Documents until the Senior Facility E
      Discharge Date, after which date they shall be returned to the Pledgor as
      soon as reasonably possible.

	 	 
	6.2.4 	
      If any third party consents are required by the Pledgor
      to cede any of its Secured Property under this Agreement, it must obtain
      those third party consents before or on the Signature
  Date.

	7. 	
      ENFORCEMENT

	7.1 	
      Rights of the Secured Creditors

	 	 
		
      If an Event of Default is continuing, the Secured
      Creditors (or any of them) may, without prejudice to any other rights they
      may have against the Pledgor, exercise their rights under this Clause 7,
      and otherwise put into force and effect all rights, powers and remedies
      available to them in relation to the Secured Property, in such manner and
      on such terms and conditions as they in their sole discretion consider
      most expedient. Without limiting the foregoing, if an Event of Default is
      continuing, the Secured Creditors (or any of them) may, and the Pledgor
      hereby irrevocably and unconditionally authorises and empowers each of
      them or their nominee, and appoints each of them in rem suam,
      without any further authority or consent of any nature whatsoever
      required from any person, in the name of any or all of the Secured
Creditors or their nominee or in the name of the Pledgor to: 

8

	7.1.1 	
      exercise all or any of the rights, powers and privileges
      and enforce all or any obligations attaching to the Secured Property, in
      such manner and on such terms as the Secured Creditors in their sole
      discretion deem fit;

	 	 
	7.1.2 	
      receive payment for, delivery of, and/or performance in
      respect of, the Secured Property in their own name or that of their
      nominee;

	 	 
	7.1.3 	
      authorise any officer of any Secured Creditor (whose
      appointment need not be proved) to sign, on behalf of and in the name of
      the Pledgor, any document that may be necessary to give effect to any
      disposal or realisation of Secured Property by the Secured Creditors under
      this Clause;

	 	 
	7.1.4 	
      at the election of the Secured
  Creditors:

	 	(a) 	
      sell or otherwise realise all or some of the Secured
      Property by public auction;

	 	 	 
	 	(b) 	
      sell or otherwise realise at a Fair Value all or some of
      the Secured Property by private treaty; or

	 	 	 
	 	(c) 	
      take over all or some of the Secured Property at a Fair
      Value,

and, subject to the provisions of
Clause 8 (Appropriation of Proceeds), apply the proceeds of such sale, purchase
or other realisation or transfer (including the purchase price payable for any
Secured Property taken over by the Secured Creditors) against the Secured
Obligations on the basis that any excess upon realisation or balance owing to
the Pledgor (as the case may be) will be paid to the Pledgor and any shortfall
on realisation will remain a debt due by the Pledgor to the Secured Creditors.

For the purposes of paragraph (c)
above, the Fair Value of any Secured Property will be (a) in the case of
Cash, the face value of such Cash and (b) in all other instances, the value
agreed in writing between the Secured Creditors and the Pledgor or, failing
agreement within ten Business Days after delivery of a notice to the Pledgor
stating that the Secured Creditors exercise their rights under this Clause 7.1,
the value determined by an independent chartered accountant employed by either
PwC, EY, Deloitte or KPMG agreed to by the Secured Creditors and the Pledgor
(or, failing agreement within 5 Business Days, appointed, at the request of
either Party, by the President of the South African Institute of Chartered
Accountants, or the successor body thereto), which independent accountant shall
act as an expert and not as an arbitrator, shall be instructed to make his
determination within ten Business Days and shall determine the liability for his
charges (which shall be paid accordingly), provided that if a determination is
manifestly unjust and a court exercises its general power, if any, to correct
such determination, the Parties shall be bound thereby; 

	7.1.5 	
      institute any legal proceedings which the Secured
      Creditors may deem necessary in connection with any sale, purchase or
      other realisation or transfer of any of the Secured Property and to
      prosecute such proceedings to their final end and conclusion, including
      the prosecution of such appeals and reviews as the Secured Creditors in
      their discretion may determine;

	 	 
	7.1.6 	
      compromise any of the Secured Property, grant any
      extension or other indulgence in respect of the Secured Property, agree to
      amend the terms of the Secured Property, and/or release any security,
      guarantee or suretyship held for the Secured Property or waive any right which relates to
  or constitutes part of the Secured Property;

9

	7.1.7 	
      give transfer of and convey valid title in any Secured
      Property to any person (including a Secured Creditor); and/or

	 	 
	7.1.8 	
      take all such further or other steps as the Secured
      Creditors may consider necessary to deal with the Secured Property in
      order to give effect to this Agreement.

	7.2 	
      Undertakings by the Pledgor in respect of
      realisation

	 	 
		
      On the Secured Creditors taking any action under Clause
      7.1, or otherwise as required by the Secured Creditors if an Event of
      Default is continuing, the Pledgor shall on demand by the Secured
      Creditors:

	7.2.1 	
      give written notice to all persons required by the
      Secured Creditors that payment for, delivery of or performance in respect
      of the relevant Secured Property must be made to the Secured Creditors or
      their nominee and that payment, delivery or performance to the Pledgor or
      to anyone else will not constitute valid payment, delivery or performance,
      and the Secured Creditors shall be entitled to do likewise. The Pledgor
      shall on demand by the Secured Creditors provide proof that such
      notification has been duly given;

	 	 
	7.2.2 	
      refuse to accept any payment, delivery, or performance
      tendered in respect of any of the Secured Property and order that such
      payment, delivery or performance be tendered to the Secured
    Creditors;

	 	 
	7.2.3 	
      forthwith pay over or deliver to the Secured Creditors
      any interest, dividend, negotiable instruments or other monetary benefits
      of any nature accrued or received in respect of the Secured Property after
      the date of an Event of Default, by depositing the same into any bank
      account in South Africa nominated by the Secured Creditors;

	 	 
	7.2.4 	
      deliver to the Secured Creditors any property which the
      Pledgor acquires or which accrues to it in connection with the Secured
      Property;

	 	 
	7.2.5 	
      at its own cost, carry out any lawful directions the
      Secured Creditors may give in regard to the realisation of Secured
      Property, and sign any document or do any other lawful act necessary
      to:

	 	(a) 	
      vest the Secured Property in the Secured
  Creditors;

	 	 	 
	 	(b) 	
      enable any sale, purchase or other realisation or
      transfer of Secured Property; or

	 	 	 
	 	(c) 	
      perfect and complete (to the extent necessary) the
      cession of any Secured Property under this
Agreement.

	7.3 	
      No obligation on the Secured Creditors

	 	 
		
      Notwithstanding anything to the contrary contained in
      this Agreement, no Secured Creditor shall be obliged to take any steps to
      preserve, protect, collect, recover or otherwise enforce its rights under
      or in respect of the Secured Property.

	8. 	
      APPROPRIATION OF PROCEEDS

	 	 
		
      The Secured Creditors shall apply the net proceeds of all
      amounts received pursuant to the sale or other realisation of Secured
      Property, or from the appropriation of cash
amounts which constitute Secured Property, under this Agreement
      (after deducting all properly evidenced costs and expenses incurred by the
      Secured Creditors) in reduction or discharge of the Secured Obligations,
      in such order and in such manner as the Secured Creditors deem
  fit.

10

	9. 	
      PAYMENTS

	 	 
		
      Subject to the Common Terms Agreement, and unless
      otherwise agreed or specified by the Secured Creditors by notice in
      writing, all payments due by the Pledgor under this Agreement or in
      respect of the Secured Property shall be made free of any bank or other
      charges in the currency of the Secured Obligation into a bank account, or
      at such other address in South Africa, nominated by the Secured
      Creditors.

	 	 
	10. 	
      POWER OF ATTORNEY

	 	 
		
      The Pledgor irrevocably and severally appoints the
      Secured Creditors, jointly and severally, and any of their delegates or
      sub-delegates to be its attorney to take any action which the Pledgor is
      obliged to take under this Agreement but has failed to take. The Pledgor
      ratifies and confirms whatever any attorney does or purports to do
      pursuant to its appointment under this Clause.

	 	 
	11. 	
      FURTHER ASSURANCES

	 	 
		
      The Pledgor shall generally promptly do everything that
      may be required in order to comply with its obligations under this
      Agreement, and as may otherwise be required by the Secured Creditors for
      the purposes of, and to give effect to, this Agreement, failing which the
      Secured Creditors may, to the extent possible, attend thereto on behalf of
      the Pledgor and recover on demand from the Pledgor any reasonable expenses
      incurred in relation thereto. In particular the Pledgor shall execute and
      do all such acts and things as the Secured Creditors, in their reasonable
      discretion, may require:

	11.1 	
      to perfect or protect the Security created (or intended
      to be created) by this Agreement;

	 	 
	11.2 	
      to preserve or protect any of the rights of the Secured
      Creditors under this Agreement;

	 	 
	11.3 	
      to enforce any Security created under this Agreement on
      or at any time after it becomes enforceable;

	 	 
	11.4 	
      for the exercise of any power, authority or discretion
      vested in a Secured Creditor under this Agreement;

	 	 
	11.5 	
      to carry out the effect, intent and purpose of this
      Agreement,

in any such case, forthwith upon demand
by the Secured Creditors, to the maximum extent permitted by law and at the
expense of the Pledgor. 

	12. 	
      ADDITIONAL RIGHTS

	 	 
		
      The rights conferred on the Secured Creditors by this
      Agreement are additional to and not in substitution
for:

	12.1 	
      any other rights a Secured Creditor has, or may at any
      time in the future have, against the Pledgor or any other
person;

	 	 
	12.2 	
      any other Security held or hereafter to be held by a
      Secured Creditor from the Pledgor or any other person, in connection with
      the Secured Obligations. A Secured Creditor may release any Security held
      by it without prejudice to its rights under this
  Agreement.

11

	13. 	
      PLEDGOR BOUND NOTWITHSTANDING CERTAIN
      CIRCUMSTANCES

	 	 
		
      The Pledgor agrees that on signature of this Agreement,
      it will be bound under this Agreement to the full extent hereof, despite
      the fact that:

	13.1 	
      any additional Security from the Pledgor or any other
      person for the Secured Obligations may not be obtained or may be released
      or may cease to be held for any other reason;

	 	 
	13.2 	
      the Finance Parties may agree any variation or novation
      of the Finance Documents (including any amendment providing for the
      increase in the amount of the Facility or an additional
  facility);

	 	 
	13.3 	
      any Finance Party may receive a dividend or benefit in
      any insolvency, liquidation or business rescue or any compromise or
      composition, whether in terms of any statutory enforcement or the common
      law;

	 	 
	13.4 	
      the Secured Creditors may grant any indulgences to the
      Pledgor or may not exercise any one or more of its rights under the
      Finance Documents, either timeously or at all; or

	 	 
	13.5 	
      any other fact or circumstance may arise on which the
      Pledgor might otherwise be able to rely on a defence based on prejudice,
      waiver or estoppel.

If the Pledgor suffers any loss arising
from any of the facts, circumstances, acts or omissions referred to above, it
will have no claim against any Secured Creditor in respect thereof. 

	14. 	
      KEEPING, INSPECTION AND DELIVERY OF
  RECORDS

	14.1 	
      The Pledgor shall at all times keep up-to-date records of
      the Secured Property and shall comply with any reasonable directions the
      Secured Creditors may give in regard to the keeping of such
  records.

	 	 
	14.2 	
      The Secured Creditors or anyone authorised by the Secured
      Creditors may at any time and on reasonable notice inspect any of the
      Pledgor's books of account and other records, including books of account
      and records in the possession of a third party.

	 	 
	14.3 	
      If the Secured Creditors at any time so request, the
      Pledgor shall at its own cost deliver to the Secured Creditors or their
      order certified copies of any of the books and records referred to in
      Clauses 14.1 and 14.2.

	15. 	
      EXEMPTION FROM
LIABILITY

	15.1 	
      A Secured Creditor, their officers, trustees, agents,
      beneficiaries, employees and advisors (each an Exempt Party) shall
      not be liable for any loss or damage, whether direct, indirect,
      consequential or otherwise, suffered by the Pledgor howsoever arising in
      connection with this Agreement, whether that loss or damage arises as a
      result of a breach of contract (whether total, fundamental or otherwise),
      delict or any other cause, and whether this Agreement has been terminated
      or not, other than as a result of the gross negligence or wilful
      misconduct of that Exempt Party.

	 	 
	15.2 	
      The Pledgor hereby indemnifies (and agrees to keep
      indemnified) and holds harmless the Secured Creditors and their respective
      officers, trustees, agents, beneficiaries, employees and advisors against
      any and all losses, claims, damages or liabilities (excluding any
      consequential damages, loss or liability (including opportunity cost)) to
      which they may become subject under or in connection with this Agreement,
      and agrees to reimburse the Secured Creditors for any legal or other
      expenses reasonably incurred by them in connection with investigating or
      defending any such loss, claim, damage, liability or action; provided that
      the Pledgor will not be liable to any particular Secured Creditor in any such case to the extent that any such
loss, claim, damage or liability of that Secured Creditor arises out of the
gross negligence or wilful misconduct of that Secured Creditor or any of its
officers, trustees, agents, beneficiaries, employees and advisors, as the case
may be. 

12

	16. 	
      CHANGES TO THE PARTIES

	16.1 	
      Transfers by a Secured
Creditor

	16.1.1 	
      A Secured Creditor may cede any of its rights and/or
      delegate any of its obligations under this Agreement to any person to whom
      it cedes any of its rights and/or delegates any of its obligations under
      the Finance Documents. The Pledgor agrees to co-operate and take all such
      steps as a Secured Creditor may reasonably request to give any such
      transferee the benefit of this Agreement.

	 	 
	16.1.2 	
      To the extent that a splitting of claims arises as a
      result of any actions taken under Clause 16.1.1, the Pledgor hereby
      consents to such splitting of claims.

	16.2 	
      Stipulation for the benefit of future Secured
      Creditors

	 	 
		
      The provisions of this Agreement which confer benefits on
      the Secured Creditors constitute stipulations for the benefit of any
      person who becomes a Finance Party and a Secured Creditor after the
      Signature Date, and shall be capable of acceptance by that person at any
      time. To the extent that a splitting of claims arises as a result of the
      provisions of this Clause, the Pledgor hereby consents to such splitting
      of claims.

	 	 
	16.3 	
      Transfers by the Pledgor

	 	 
		
      The Pledgor may not cede any of its rights nor delegate
      any of its obligations under this Agreement.

	17. 	
      SEVERABILITY

	 	 
		
      Each term of this Agreement, whether forming an entire
      clause or only part of a clause, is divisible and severable from all the
      other terms (regardless of the manner in which they may be linked together
      or grouped grammatically). If a term or provision of this Agreement is or
      becomes illegal, invalid or unenforceable in any respect in any
      jurisdiction, that will not affect:

	17.1 	
      the legality, validity or enforceability in that
      jurisdiction of any other term or provision of this Agreement which shall
      remain in full force and effect, and such illegal, invalid or
      unenforceable term or provision shall be severed from this Agreement;
      or

	 	 
	17.2 	
      the legality, validity or enforceability in other
      jurisdictions of that or any other term of this
  Agreement,

and in particular, a Secured Creditor
shall be entitled to deal with its rights in respect of the Secured Property in
such manner as is sanctioned or approved in terms of a court order or as is
otherwise legally permissible. 

	18. 	
      GOVERNING LAW

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

	 	 
	19. 	
      JURISDICTION

	19.1 	
      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 this
  Agreement(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). 

13

	19.2 	
      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 Agreement.

	 	 
	19.3 	
      This Clause 19 is for the benefit of the Secured
      Creditors only. As a result, the Secured Creditors shall not be prevented
      from taking proceedings relating to a dispute in any other court with
      jurisdiction. To the extent allowed by law, the Secured Creditors may take
      concurrent proceedings in any number of
jurisdictions.

	20. 	
      MISCELLANEOUS MATTERS

	20.1 	
      Amendments, waivers and
  cancellation

	20.1.1 	
      No contract varying, adding to, deleting from or
      cancelling this Agreement will be effective unless reduced to writing and
      signed by or on behalf of the Parties.

	 	 
	20.1.2 	
      The expiry or termination of this Agreement will not
      prejudice the rights of the Secured Creditors in respect of any antecedent
      breach by the Pledgor of, or non- performance under, this
  Agreement.

	20.2 	
      Certificates and Determinations

	 	 
		
      Any certification or determination by a manager of a
      Secured Creditor (whose appointment need not be proved) as to the
      existence of and the amount of indebtedness by the Pledgor to the Secured
      Creditors, that such amount is due and payable, the amount of interest
      accrued thereon and as to any other fact, matter or thing related to the
      Pledgor's indebtedness under the Finance Documents shall be, in the
      absence of manifest error, prima facie evidence of contents and
      correctness of the matters to which it relates for the purposes of
      provisional sentence, summary judgement or any other proceedings, shall be
      valid as a liquid document for such purposes and shall, in addition, be
      prima facie proof for purposes of pleading or trial in any action
      instituted against the Pledgor arising herefrom.

THIS AGREEMENT has been entered into on the date stated
at the beginning of this Agreement. 

14

SCHEDULE 1 

CASH 

NOTICE AND ACKNOWLEDGMENT 

	To: 	FIDELITY CASH SOLUTIONS PROPRIETARY LIMITED
      (the Company) 
	  	[•] 
	  	[•] 
	  	[•]

	From: 	NET1 APPLIED TECHNOLOGIES SOUTH
      AFRICA PROPRIETARY LIMITED (the Pledgor) 
	  	  
		FIRSTRAND BANK LIMITED (ACTING THROUGH ITS
      RAND MERCHANT BANK DIVISION) (a Secured Creditor) 
	  	  
	  	[Date] 

Dear Sirs, 

Pledge dated [•], 20[•] by Net1
Applied Technologies South Africa Proprietary Limited (the 
Pledgor)
in favour of the Secured Creditors 
(the Pledge) 

	1. 	
      We refer to the Pledge (a copy of which is attached for
      your records).

	 	 
	2. 	
      Terms and expressions defined in the Pledge have the same
      meaning where used in this letter.

	 	 
	3. 	
      The Secured Creditors hereby appoint the Company and, by
      signing the acknowledgement, the Company hereby agrees to act as agent of
      the Secured Creditors upon the terms and subject to the conditions set out
      below, for the purposes of, performing all the functions and duties
      imposed on the Company in respect of holding Cash as agent of the Secured
      Creditors.

	 	 
	4. 	
      The Pledgor and the Secured Creditors give the Company
      notice that pursuant to the Pledge, the Pledgor has, inter alia,
      pledged all its Cash and ceded in securitatem debiti to the Secured
      Creditors all its Cash and any Related Rights.

	 	 
	5. 	
      The Secured Creditors, the Pledgor and the Company agree
      that:

	5.1 	
      the Pledgor is and remains the owner of the Cash and the
      Cash is and remains the property of the Pledgor, at all times, subject to
      the terms of the Pledge and the Cash-in- Transit Agreement;

	 	 
	5.2 	
      the Company is in physical possession of the Cash at all
      times and until the Signature Date holds the cash for and on behalf of the
      Pledgor, subject to the terms of the Cash- in-Transit Agreement;

	 	 
	5.3 	
      on and with effect from the Signature
  Date:

	5.3.1 	
      all the Cash remains the property of the Pledgor subject
      to the terms of the Pledge and the Cash-in-Transit
  Agreement;

15

	5.3.2 	
      all the Cash are pledged to the Secured Creditors on the
      terms of the Pledge;

	 	 
	5.3.3 	
      physical possession of the Cash is delivered to the
      Secured Creditors by way of attornment so that the Company immediately
      ceases to hold the Cash as the property of, for and on behalf of, the
      Pledgor as owner and with immediate effect holds all the Cash for and on
      behalf of the Secured Creditors as pledgees;

	 	 
	5.3.4 	
      subject to the terms of the Pledge and the
      Cash-in-Transit Agreement all Cash is considered to have been delivered by
      the Pledgor to the Secured Creditors by way of attornment, and held by the
      Company in its physical possession of the Secured Creditors as
      pledgees;

	5.4 	
      the Company will retain possession and direct management
      of the Cash at all times;

	 	 
	5.5 	
      the Cash will be handled and controlled by the Company at
      all times and packaged in clearly identifiable bags that are marked in the
      name of the Pledgor;

	 	 
	5.6 	
      at no point will the Cash be co-mingled with or in any
      other way mixed with any cash not owned by the Pledgor; and

	 	 
	5.7 	
      the Cash in the possession of and under the direct
      management of the Company as agent of the Secured Creditors will
  be:

	5.7.1 	
      held in separate, clearly designated sections of the cash
      centres of the Company and segregated from any other cash which the
      Company may hold from time to time;

	 	 
	5.7.2 	
      transported by the Company separately at all times with
      no other cash not owned by the Pledgor.

	6. 	
      In the event that the Company receives conflicting
      instructions from the Secured Creditors and the Pledgor, the instructions
      of the Secured Creditors will prevail.

	 	 
	7. 	
      The instructions in this letter may not be revoked or
      amended without the prior written consent of the Secured
  Creditors.

	 	 
	8. 	
      This letter is governed by the laws of South
    Africa.

Please send to each Secured Creditor, with a copy to ourselves,
the attached acknowledgement confirming your agreement to the above. 

	For and on
      behalf of: 	 
	  	 
	Net1 Applied Technologies South 	 
	Africa Proprietary Limited 	 

	Name: 	 	 
	 	 	 
	Date: 	 	 

16

	For and on
      behalf of: 	 
	  	 
	FirstRand Bank Limited (acting 	 
	through its Rand Merchant Bank 	 
	division) 	 

	Name: 	 	 
	 	 	 
	Date: 	 	 

17

FORM OF ACKNOWLEDGEMENT 

	To: 	FIRSTRAND BANK LIMITED (ACTING THROUGH ITS
      RAND MERCHANT BANK DIVISION) 
	  	
	Copy: 	NET1 APPLIED TECHNOLOGIES SOUTH AFRICA
      PROPRIETARY LIMITED 
	 	 
	From: 	FIDELITY CASH SOLUTIONS PROPRIETARY LIMITED
      (the Company) 
	 	 
	  	[Date] 

Dear Sirs, 

NOTICE OF PLEDGE 

	1. 	
      We refer to the notice of pledge dated
      [•], 2018 (the Security Notice), attaching a
      copy of a written cession and pledge in security given by Net1 Applied
      Technologies South Africa Proprietary Limited in favour of the Secured
      Creditors.

	 	 
	2. 	
      Terms and expressions defined in the Security Notice have
      the same meaning where used in this letter.

	 	 
	3. 	
      The Company acknowledges receipt of the Security Notice
      and hereby irrevocably and unconditionally confirms its consent to, and
      acknowledges and agrees to the terms and conditions thereof.

	 	 
	4. 	
      In the event of you exercising your rights under the
      Pledge, the Company irrevocably and unconditionally undertakes
  to:

	4.1 	
      give effect thereto and to perform our obligations in
      relation to the Secured Property to and in favour of the Secured
      Creditors; and

	 	 
	4.2 	
      recognise any person to whom the Cash is to be
      transferred and approve the transfer to that
person.

	For and on
      behalf of: 	 
	  	 
	Fidelity Cash Solutions Proprietary 	 
	Limited 	 

	Name: 	 	 
	 	 	 
	Office: 	 	 

18

SIGNATURE PAGE 

THE PLEDGOR 

	/s/ Nunthakumarin
      Pillay 	 
	 For and on behalf of: 	 
	 Net1 Applied Technologies South 	 
	 Africa Proprietary Limited 	 
	               
               Nunthakumarin Pillay 	 
	 Name: 	 
	               
               Director 	 
	 Office: 	 
	               
               (who warrants his authority) 	 

SIGNATURE PAGE 

THE SECURED CREDITOR 

	/s/ Adriaan
      Els 	 	/s/ Debbie Law 
	 For and on behalf of: 	 	For and on behalf of: 
	 FirstRand Bank Limited (acting through 	 	FirstRand Bank Limited (acting through
    
	 its Rand Merchant Bank division) 	 	its Rand Merchant Bank division)
  

	Name: 	Adriaan Els 	 	Name: 	/s/ Debbie Law 
	 	 	 	 	 
	Office: 	“A”
      Signatory 	 	Office: 	Sector
      Director 
	  	(who warrants his authority) 	 	  	(who warrants his authority)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00288-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00288-of-00352.parquet"}]]