Third Addendum to Facility Letter No. LM/CCMS/01/2021 between FirstRand Bank Ltd and Cash Connect Group Entities

Contract Categories: Business Finance › Facility Agreements
Summary

This addendum amends a previous credit facility agreement between FirstRand Bank Ltd and several Cash Connect group companies. It updates the list of borrowers, adjusts facility amounts, adds a new borrower, and modifies certain terms, including collateral requirements and facility expiration. The changes take effect upon the last signature date, while all other terms of the original agreement remain unchanged. The agreement is signed by authorized representatives of all parties on October 29, 2024.

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EX-10.41 11 ex1041.htm EX-10.41 ex1041
 
1
Exhibit 10.41
THIRD ADDENDUM
 
TO FACILITY
 
LETTER
 
NO.: LM/CCMS/01/2021
1.
PARTIES
1.1.
FIRSTRAND
 
BANK LTD
 
(Reg. No. 1929/001225/06)
 
(
“the Bank”
)
1.2.
CASH CONNECT
 
MANAGEMENT
 
SOLUTIONS
 
(PTY) LTD
 
(Reg. No. 2006/010530/07);
1.3.
MAIN STREET
 
1723 (PTY) LTD
 
(REG. NO. 2019/300711/07);
1.4.
CASH
 
CONNECT
 
RENTALS
 
(PTY)
 
LTD
 
(REG.
 
NO.
 
2009/007139/07);
 
(1.2
 
to
 
1.4
 
jointly
 
and
severally “
the Borrowers
”); and
1.5.
K2020 CONNECT
 
(PTY) LTD
 
(REG. NO. 2020/263969/07)
 
(“
New Borrower
”)
2.
RECORDAL
The
 
Borrowers
 
as
 
per
 
1.2
 
to
 
1.4
 
have
 
accepted
 
facility
 
letter
 
no.
 
LM/CCMS/01/2021(
“the
 
Facility
 
Letter”
)
dated 14
 
January 2022,
 
as amended
 
by the
 
First Addendum
 
to facility
 
letter no.
 
LM/CCMS/01/2021
 
signed on
or
 
about
 
the
 
28
 
February
 
2023,
 
and
 
as
 
amended
 
by
 
the
 
Second
 
Addendum
 
to
 
facility
 
letter
 
no.
LM/CCMS/01/2021
 
signed
 
on
 
or
 
about
 
31
 
May
 
2023,
 
subject
 
to
 
the
 
general
 
terms
 
and
 
conditions
 
relating
thereto
 
and
 
transaction
 
annexure(s)
 
(if
 
any)
 
(collectively
"the
 
Agreement"
),
 
in
 
terms
 
whereof
 
the
 
Bank
agreed
 
to
 
make
 
available
 
certain
 
credit
 
facilities
 
to
 
the
 
Borrowers
 
subject
 
to
 
the
 
terms
 
and
 
conditions
 
as
 
set
forth in
 
the Agreement,
 
which
 
the Borrowers,
 
the
 
New
 
Borrower,
 
and the
 
Bank
 
wish
 
to amend
 
as hereinafter
set forth.
3.
AMENDMENTS
The Facility
 
Letter is hereby
 
amended:
3.1.
By removing Cash Connect Capital
 
(Pty) Ltd (Reg. No. 2017/029430/07)
 
as Borrower.
3.2.
By
 
deleting
 
the
 
Facility
 
Amount
 
of
 
“
R170,000,000
 
(one
 
hundred
 
and
 
seventy
 
million
 
Rand)
” in
 
clause
1.1
 
and
 
replacing
 
same
 
with
 
a
 
new
 
Facility
 
Amount
 
of
 
“
R169,939,000
 
(one
 
hundred
 
and
 
sixty
 
nine
million nine
 
hundred
 
and thirty
 
nine thousand
 
Rand)
”.
3.3.
By deleting
 
the Facility
 
Amount
 
of “
R1,500,000
 
(one
 
million
 
five hundred
 
thousand
 
Rand)
” in
 
clause
 
1.2
and replacing
 
same
 
with
 
a new
 
Facility
 
Amount
 
of “
R1,561,000
 
(one
 
million,
 
five
 
hundred
 
and sixty
 
one
thousand Rand)
” and by adding the New
 
Borrower as Borrower
 
under the facility.
3.4.
By amending
 
clause 1.3 in its entirety
 
to now read as follows:
“
1.3 Short Term
 
Direct
Borrower:
 
Main
 
Street
 
1723
 
(Pty)
 
Ltd.
 
Facility
Amount:
R3,000,000 (three
 
million Rand)
2
Version
 
date: 24 June 2015
 
 
2
Utilisation:
 
Fleet
 
Cards.
 
Term
 
of
Facility:
Demand Facility.
Special Term:
The facility will
 
be unsecured.
”
3.5.
By deleting clause
 
1.5 in its entirety.
3.6.
By amending clause
 
1.7 in its entirety to now
 
read as follows:
“
1.7 Short Term
 
Direct
Facility Amount:
R100,000,000.
Utilisation:
 
Temporary
 
General
 
Banking
 
Facility.
 
Term
 
of
Facility:
Demand Facility.
Special Term:
The facility
 
will
 
be unsecured,
 
and
 
will amortise
 
equally
 
daily
 
and fully
 
expire
 
on
 
15
February 2025.”
3.7.
By deleting clause
 
1.7A in its entirety.
3.8.
By deleting clause
 
1.8 in its entirety.
3.9.
By deleting clause
 
3 in its entirety and replacing
 
same with a new clause
 
3 which reads as
 
follows:
“
3. COLLATERAL
 
AND OTHER AGREEMENTS
3.1.
Subject
 
to
 
the
 
Special
 
Term
 
in
 
clause
 
1.3
 
and
 
1.7,
 
the
 
granting
 
and
 
continued
 
use
 
of
 
the
Facilities
 
is
 
subject
 
to
 
the
 
Transaction
 
Security
 
Documents,
 
as
 
provided
 
for
 
in
 
the
 
Facility
Agreement.”
4.
COMMENCEMENT
 
& SAVING
4.1.
The amended
 
terms
 
and conditions
 
of the
 
Agreement
 
will be
 
applicable
 
as at
 
date of
 
last signature
 
of this
addendum
4.2.
Save for as set out above, all other terms
 
and conditions of the Agreement
 
remain valid and of full
 
force and
effect.
Signed at ……….....………………............
 
this …29th………..
 
day of
October
2024.
For and on behalf
 
of:
FirstRand Bank
 
Ltd (acting through
 
RMB Corporate
 
Banking)
/s/ W Laurens
 
/s/ G Jagga
W Laurens
G Jagga
Transactor
Sector Head: Banking
 
division
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3
Signed at ……….....………………............
 
this …29th………..
 
day of
October
2024.
For and on behalf
 
of:
Cash Connect
 
Management
 
Solutions (Pty)
 
Ltd
(Reg. No. 2006/010530/07)
Steven J. Heilbron
Full name of duly authorised
 
signatory
Full name of duly authorised
 
signatory
Capacity / Office
Capacity / Office
/s/ Steven J. Heilbron
Signature (who warrants his/her
 
authority)
Signature (who warrants
 
his/her authority)
Signed at ……….....………………............
 
this …29th………..
 
day of
October
2024.
For and on behalf
 
of:
Main Street
 
1723 (Pty) Ltd
 
(Reg. No. 2019/300711/07)
Julian van Reenen
Full name of duly authorised
 
signatory
Full name of duly authorised
 
signatory
 
Capacity
/
Office
Capacity / Office
/s/ Julian van Reenen
Signature (who warrants
 
his/her authority)
Signature (who warrants
 
his/her authority)
Signed at ……….....………………............
 
this …29th………..
 
day of
October
2024.
For and on behalf
 
of:
Cash Connect
 
Rentals (Pty)
 
Ltd (Reg. No.
 
2009/007139/07)
Steven J. Heilbron
Full name of duly authorised
 
signatory
Full name of duly authorised
 
signatory
 
Capacity
/
Office
Capacity / Office
/s/ Steven J. Heilbron
Signature (who warrants
 
his/her authority)
Signature (who warrants
 
his/her authority)
 
 
 
 
 
 
4
Signed at ……….....………………............
 
this …29th………..
 
day of
October
2024.
For and on behalf
 
of:
K2020 Connect
 
(Pty) Ltd (Reg.
 
No. 2020/263969/07)
Naeem E. Kola
Full name of duly authorised
 
signatory
Full name of duly authorised
 
signatory
Capacity / Office
Capacity / Office
/ Naeem E. Kola
Signature (who warrants
 
his/her authority)
Signature (who warrants
 
his/her authority