APPLICATION FOR CREDIT FACILITIES

APPLICANTS LEGAL ENTITY NAME (IN FULL):_______________________________________________________________________ TRADE NAME/S OF BUSINESS:___________________________________________________________________________________ TYPE OF BUSINESS: SOLE PROPRIETOR PARTNERSHIP (PTY) LTD CLOSE CORPORATION LTD TRUST

VAT NO: _______________________________________COMPANY/CC/TRUST No: _________________________________________ NATURE OF BUSINESS: ___________________________DATE BUSINES COMMENCED: ______________________________________ REGISTERED ADDRESS: __________________________________________________________________________________________ PHYSICAL ADDRESS: ____________________________________________________________________________________________ POSTAL ADDRESS: ______________________________________________________________________________________________ TELEPHONE No: ___________________________ FAX No: ____________________________ CELL No: ___________________________ ACCOUNTS CONTACT: ______________________TEL No: ____________________________ E-MAIL:____________________________ OPERATIONS CONTACT: _____________________TEL No: ____________________________E-MAIL:___________________________ NAMES & ADDRESSES OF DIRECTORS / MEMBERS / TRUSTEES / PARTNERS / PROPRIETORS

FULL NAMES

ID No.

RESIDENTIAL ADDRESS

TEL No

1.______________________________________________________________________________________________________________ 2.______________________________________________________________________________________________________________ 3.______________________________________________________________________________________________________________ 4.______________________________________________________________________________________________________________

BANK

BRANCH

ACCOUNT NUMBER

FREILOG (Pty) Ltd Reg No: 2012/033124/07 Directors: Exec: D. Smith, J.A. van Tonder Non-Exec: C.H. Schoeman Physical Address: 2nd Floor Mazars House, 5 St Davids Place, Parktown, Johannesburg 2193, South Africa T| +27 11 083 8189 F| +27 086 774 1017 E| info@freilog.co.za

TRADE REFERENCES NAME OF COMPANY CONTACT PERSON CONTACT DETAILS

_________________________________________________________________________________________________________________ 1. _________________________________________________________________________________________________________________ 2. _________________________________________________________________________________________________________________ 3. _________________________________________________________________________________________________________________

NAME AND ADDRESS OF AUDITORS: ___________________________________________________ 1. I certify that the asset value or annual turnover as referred to in Section 4 of the National Credit Act 34 of 2005 at the time of entering of the agreement and as per Section 5 (2) (b) of the Consumer Protection Act 68 of 2008 at the time of signature is in excess of: (tick applicable blocks) Asset Value R1 million Yes No R2 million Yes No Annual turnover R1 million Yes No R2 million Yes No

2. 3.

CREDIT LIMIT REQUIRD: _______________________PAYMENT TERMS: 30 DAYS FROM INVOICE. ORDER NUMBER REQUIRED: Yes No

The undersigned accept the Standard Conditions of Contract on Page 3 to 6

SIGNATURE 1 _____________________________

FULL NAME: __________________________________________

SIGNATURE 2 _____________________________

FULL NAME: __________________________________________

CAPACITY IN WHICH SIGNED __________________________________

DATED AT ______________________ON THIS _________ DAY OF ______________________________________20 ____

DETAILS TAKEN BY _________________________

WITNESS ______________________________________________

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1.

Facility 1.1 FREILOG shall grant the CLIENT credit facilities in respect of the payment due to FREILOG for the services rendered by FREILOG and/or FREILOG authorized agents. 1.2 The CLIENT agrees that: 1.2.1 The credit facility granted by FREILOG to the CLIENT shall be at the sole discretion of FREILOG 1.2.2 FREILOG has granted this credit facility based on the information provided by the CLIENT and current business circumstances that FREILOG operates in. In the event that circumstances arise that would have the effect of materially altering the basis upon which said facilities were given and/or should any event or series of events occur which, in the reasonable opinion of FREILOG, has or may be expected to have any adverse effect on the ability or the security of the CLIENT to comply with its obligation under these facilities, FREILOG has the right to undertake a review of the credit granter. FREILOG shall inform the CLIENT of any changes effected to the terms of the facilities granted and should the new terms where upon FREILOG is prepared to continue to make the facilities available not be acceptable to the CLIENT within 7 (Seven) days, all outstanding amounts including interest will, without further notice immediately become due, owing and payable. 1.2.3 FREILOG will review this credit facility on an annual basis or from time to time depending on the CLIENTS needs and the CLIENT hereby undertakes to provide any additional information as is required by FREILOG to enable FRELOG to re-assess the credit facility. 1.2.4 FREILOG reserves the right to revoke the credit facility if any of the terms hereof are not adhered to by the CLIENT. If FREILOG revoke the credit facility, FREILOG shall give the CLIENT 7(seven) days notice of the revocation of the credit facility.

2.

Payment 2.1 Any utilization of the credit facility will be payable by the CLIENT to FREILOG strictly within 30 days after statement date. (i.e. payment for February 2010 services will be the 31st of March 2010) 2.2 Interest will be levied and capitalized monthly in arrears on all overdue amounts, from the first day the amount becomes overdue, at the maximum rate prescribed from time to time by the National Credit Act, No 34 of 2005. 2.3 All payments shall be made without deduction or set-off and free of exchange into the account nominated by FREILOG from time to time, unless otherwise agreed in writing and signed by both parties. 2.4 All payments shall be allocated by FREILOGs sole and absolute discretion. Notwithstanding this clause, all payments shall first be allocated to costs, thereafter interest, and finally capital outstanding.

3.

Cession in securitatem debiti 3.1 The CLIENT hereby irrevocably cedes all right, title and interest to the proceeds of the goods transported or the services rendered to the CLIENT, for as long as the CLIENT is indebted to FREILOG in terms of the credit facility 3.2 The CLIENT hereby irrevocably authorizes FREILOG to receive the proceeds and/or payment in respect of the goods delivered or the services due to the CLIENT, and to credit such payment received by FREILOG to such account of the CLIENT with FREILOG which FREILOG may in its sole discretion select. 3.3 The CLIENT herby warrants that the right, title and interest to the proceeds have not been ceded, pledged or encumbered in any way whatsoever. 3.4 The CLIENT hereby undertakes to notify all interested parties of this session.

4.

Prohibition on disposal of Assets 4.1 For the duration of the facilities, the CLIENT shall not, without notifying FREILOG in writing, otherwise than in the ordinary course of business, either in a single transaction or in a series of transactions, whether related or not and whether voluntarily or involuntarily, sell, transfer or otherwise dispose of the whole or a substantial part of its assets.

5.

Breach 5.1 A breach shall occur should: 5.1.1 The CLIENT, fail to pay any amount to FREILOG on due date, or fail to comply with any term or condition of this credit facility agreement and fail to remedy that breach within 7 (seven) days after dispatch of written notice calling upon it to do so;

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5.1.2 The CLIENT perform any act of insolvency specified in the Insolvency Act or an act defined in section 344 of Act 69 of 1973 as amended (the Companies Act) 5.1.3 Any asset of the CLIENT, be attached with a writ of execution and the CLIENT, (as the case may be) fails within 7 (seven) business days of such attachment to take the necessary steps to have such attachment set aside and Thereafter to pursue such steps with due diligence to a successful conclusion; 5.1.4 Any judgment be granted against the CLIENT remain unsatisfied for a period of 7 (seven) business days after date of judgment or should the CLIENT fail within 7 (seven) business days of such judgment to take the necessary steps to appeal and/or set aside the judgment; 5.1.5 Any Order of Court be granted, whether provisional or final, for the winding up of judicial management of the CLIENT; 5.1.6 The CLIENT give notice to take steps to convene a meeting of its shareholders/members to adopt a resolution placing it in liquidation or under judicial management in either case, whether provisionally or finally; 5.1.7 The CLIENT, enter into a compromise, composition or arrangement with its creditors generally, or any class thereof; 5.1.8 Any warranty or representation made by the CLIENT, which was taken into consideration, and was materially relied upon by FREILOG in offering the facilities or accepting the relevant guarantee or suretyship as collateral, be found to be untrue or incorrect in any material respect; 5.1.9 The CLIENT utilizes the facilities beyond the amount approved by FREILOG without obtaining prior written approval from FREILOG, which approval will be in the discretion of FREILOG to allow or withhold; 5.2 In the event of a breach, FREILOG shall give 7 (seven) days notice to the CLIENT of its intention to take action in terms of this clause and without prejudice to any other tights it may have in Law, to: 5.2.1 Demand specific performance; and/or 5.2.2 Cancel the facility, and claim immediate repayment of all amounts outstanding under the facilities, together with any damages FREILOG may suffer; 6 Costs 6.1 The CLIENT agrees to pay costs on the attorney and own client scale, including collection commission and tracing agents fees, should it be necessary for FREILOG to take any action to protect or enforce any of FREILOGs rights in terms hereof, including any proceedings to foreclose on any security held by FREILOG in respect of the CLIENTs in debtness in terms of the credit facility. 7 Statement of Account and Certificate of Balance 7.1 Debits for Services rendered by FREILOG, or its duly authorized agent, to the CLIENT, and any credits due to the CLIENT, will be detailed in a statement of account which FREILOG will forward monthly to the CLIENTs postal address. 7.2 In the event of the CLIENT not receiving such statement of account by the 15th calendar day of any month, the CLIENT shall be obliged to notify FREILOG in writing, failing which it will be deemed that the CLIENT has indeed received such monthly statement. 7.3 Unless FREILOG receives written objection from the CLIENT within 1 (one) calendar month from the last date of the month applicable to any statement of account, such statement of account shall be deemed to be correct and it shall be deemed that: 7.3.1 The services referred to in the statement were respectively indeed rendered; and 7.3.2 The services rendered to the CLIENT by FREILOG and/or FREILOGs authorized agent, as reflected in the invoices referred to in the statement of account, were received by the CLIENT in a good, proper and satisfactory condition; and 7.3.3 The services rendered to the CLIENT by FREILOG and/or its authorized agent, as reflected in the invoices referred to in the statement of account, was delivered in a proper manner and was acceptable to the CLIENT. 7.4 In the event of the CLIENT raising a written objection to FREILOG, to any entry on the statement of account, the provisions of clause 7.3 will not apply to such entry, but clause 7.3 will still be applicable to the remainder of the entries on the statement of account. 7.5 The CLIENT agrees that the nature and extent of the CLIENTs indebtedness to FREILOG shall be evidenced by a certificate of balance, signed be a manager of FREILOG, whose status and appointment need not be proved, which shall be prima facie proof of the nature and extent of the CLIENTs indebtedness to FREILOG. Such certificate of balance may be used for obtaining judgment by default, summary judgment or provisional sentence in any proceedings instituted by FREILOG.

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8. Domicilium citandi et executandi 8.1 The CLIENT selects its domicilium citandi et executandi for all purposes herein, and the service of all notices and process, at the physical address set out above 8.2 FREILOG selects its domicilium citandi et executandi for all purposes herein, at FREILOG registered head office as reflected on the first page of this Agreement. 9. Jurisdiction 9.1 The CLIENT agrees that FREILOG may, in its sole discretion, but it shall not obliged to, institute action against the CLIENT in the Pretoria Magistrates Court in respect of any proceedings that may arise from the credit facility, notwithstanding that the amount may exceed the Magistrates Court jurisdiction. 10. General 10.1 The CLIENT irrevocably grants FREILOG permission to share any credit information in respect of the CLIENT and any entities in which the CLIENT may have an interest, or which may have an interest in the CLIENT. This is the entire agreement entered into between the parties, and no undertaking, guarantee, representation, Postponement, relaxation, waiver, compromise or admission, of whatever nature, nor any cancellation, amendment, recall or waiver of any provision or condition of this Agreement, by any person in the employ of FREILOG, or a person purporting to represent, or act for, or on behalf of FREILOG, will have any legal effect, or in any way influence FREILOGs rights in terms of this Agreement, unless it has been reduced to writing and signed by both parties.

10.2

11. The Applicant acknowledges and agrees that: 11.1 The creditor may; 11.1.1 Perform a credit search on the Applicants record with one or more of the registered Credit bureau when assessing the Applicants application for credit. 11.1.2 Monitor the Applicants payment behaviour by researching their record at one or more of the Credit Bureaux. 11.1.3 Use new information and add data obtained from Credit Bureau in respect of the Applicants future credit applications. 11.1.4 Record the existence of the Applicants account with the Credit Bureau. 11.1.5 Record and transmit details of how the Applicant has performed and how the account is conducted by the Applicant in meeting their obligations on the account. 12. Acceptance This Credit Facility agreement will be deemed to have been accepted as forming part of the signed Application for Credit Facilities, unless otherwise advised in writing by the CLIENT.

DOCUMENTS REQUIRED: Company / CC / Trust Documents

IDS of Directors/ Members / Trustees / Partners / Proprietors

Proof of Banking Details

Proof of Business Address

Vat Certificate (If Applicable)

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FOR OFFICE USE ONLY Credit Report

__________________________________________ SIGNATURE ACCOUNT APPROVAL DATE

____________________________________ SIGNATURE ACCOUNT APPROVAL DATE

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