Item 1.01. Entry into a Material Definitive Agreement
OnNovember 15, 2022 ,Standard Bank of South Africa Limited (the "Bank") and MiX Telematics Limited (the "Company") concluded the second amendment (the "Second Amendment") to the facility letter, datedFebruary 21, 2018 (the "Facility Letter"), as amended onJanuary 24, 2020 (the "First Amendment"). The Second Amendment entitles the Company to utilize a maximum amount of R70 000 000.00 (seventy million Rand ) of the Maximum Aggregate Limit of the Working Capital Facility in the form of a customer foreign currency account overdraft facility (the "CFC Overdraft Facility"). All other facilities under the Facility Letter were replaced by the CFC Overdraft Facility. The CFC Overdraft Facility has no fixed renewal date and is repayable on demand. The CFC Overdraft Facility bears interest at the Bank's Prime rate less 1.2% per annum. OnNovember 19, 2022 , in connection with the Second Amendment, the Bank issued a security release letter (the "Security Release Letter") which terminated the suretyship and cession of claims agreement, dated on or aboutMarch 7, 2013 (the "Original Suretyship Agreement"), which secured the Company's indebtedness to the Bank and provided for the cession of certain claims to the Bank. The Security Release Letter provides that the Original Suretyship Agreement, signed by the Company and its subsidiaries,MiX Telematics Africa and MiX Telematics International Proprietary Limited ("MiX Telematics International "), is to be replaced by a new suretyship agreement (in a form and substance acceptable to the Bank), to be signed by the Company andMiX Telematics International (collectively, the "MiX Telematics Parties"). The Security Release Letter also provides that the Bank's claims to any security furnished by theMiX Telematics Parties under the Original Suretyship Agreement would be released once the new suretyship agreement was entered into. OnNovember 15, 2022 , in connection with the Security Release Letter, the Bank and the MiX Telematics Parties concluded the new suretyship agreement (the "Replacement Suretyship Agreement") which, among other things, binds the MiX Telematics Parties as sureties and co-principal debtors for the payment, when due, of all the present and future debts of any kind of theMiX Telematics Parties to the Bank. The foregoing summaries of the Second Amendment, the Security Release Letter, and the Replacement Suretyship Agreement are qualified in their entirety by reference to the documents attached hereto as Exhibits 10.1, 10.2, and 10.3, respectively, and incorporated by reference herein. Capitalized terms not otherwise defined in this section shall have the meaning given to them in the Facility Letter, the First Amendment, the Second Amendment, the Security Release Letter and the Replacement Suretyship Agreement, as applicable.
Item 1.02. Termination of a Material Definitive Agreement
The information set forth under Item 1.01 of this Current Report on Form 8-K with respect to the termination of the Original Suretyship Agreement is incorporated herein by reference.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description of Exhibit 10.1 Second Amendment to the Facility Letter
between the Company and the
Bank, as lender. 10.2 Security Release Letter relating to the
Facility Letter by and
be tween the Company, MiX Telematics
International, and the Bank. 10.3 Suretyship Agreement relating to the Facility Letter by and among the MiX Telematics Parties and the Bank. 2
--------------------------------------------------------------------------------
© Edgar Online, source