<p> ACKNOWLEDGEMENT OF DEBT BY EMPLOYEE</p><p>To of</p><p>(“the Company”)</p><p>I of</p><p>(“the Employee”) acknowledge that I am indebted to the Company in the sum of R______(“the Capital Sum”) being in respect of monies lent and advanced to me on ______(“Interest Date”).</p><p>I agree that the Capital Sum will bear interest at the prime rate quoted by ______Bank.</p><p>I irrevocably authorise the Company to deduct from my wages / salary every week / month an amount of R ______being the agreed repayment instalment by me in liquidation of the Capital Sum and Interest (“the Debt”), until the Debt is fully repaid. </p><p>If I should leave the Company for any reason whatsoever before the Debt is fully repaid: </p><p>(a) The balance of the Debt shall immediately become due and payable; and (b) The Company shall be entitled to apply any other amounts owing to me by the Company towards liquidation of the Debt; and (c) I shall keep the Company advised of my new address together with any details relating thereto.</p><p>SIGNED at ______on this ______day of ______year ______.</p><p>AS WITNESSES: 1. ______</p><p>2. ______EMPLOYEE</p>