Exhibit 10.3




---



##### 



TABLE OF CONTENTS
 SECTION
    
    HEADING
    
    PAGESECTION 1 LETTERS OF CREDIT
    
    
    1Section 1.1
    
    Issuance of Letters of Credit
    
    
    1Section 1.2
    
    Conditions to Each Issuance after the Effective Date
    
    
    1Section 1.3
    
    Letters of Credit in Optional CurrencySECTION 2 [INTENTIONALLY OMITTED]
    
    
    3SECTION 3 PROVISIONS APPLICABLE TO ALL LETTERS OF CREDIT
    
    
    3Section 3.1
    
    Responsibility of Issuing Bank
    
    
    3Section 3.2
    
    Reimbursement by the Company of Amounts Drawn or Paid Under Letters of Credit
    
    
    4Section 3.3
    
    Obligations Absolute
    
    
    4Section 3.4
    
    Interest and Fees
    
    
    5Section 3.5
    
    Credit Support
    
    
    6Section 3.6
    
    Maturity
    
    
    7Section 3.7
    
    Evidence of Debt
    
    
    7Section 3.8
    
    Irish Insurance Acts
    
    
    7Section 3.9
    
    Increased Costs
    
    
    7SECTION 4 CONDITIONS TO EFFECTIVENESS.
    
    
    8Section 4.1
    
    Representations and Warranties
    
    
    9Section 4.2
    
    Performance; No Default
    
    
    9Section 4.3
    
    Closing Certificates
    
    
    9Section 4.4
    
    Opinions of Counsel
    
    
    9Section 4.5
    
    Issuance Permitted By Applicable Law, Etc
    
    
    9Section 4.6
    
    [Intentionally Omitted]
    
    
    10Section 4.7
    
    Payment of Fees
    
    
    10Section 4.8
    
    [Intentionally Omitted]
    
    
    10Section 4.9
    
    Changes in Corporate Structure
    
    
    10Section 4.10
    
    Acceptance of Appointment to Receive Service of Process
    
    
    10Section 4.11
    
    [Intentionally Omitted]
    
    
    10Section 4.12
    
    Proceedings and Documents
    
    
    10Section 4.13
    
    Subsidiary Guarantee Agreement
    
    
    10Section 4.14
    
    2006 Notes
    
    
    10Section 4.15
    
    New Global Credit Facilities
    
    
    10Section 4.16
    
    Approvals
    
    
    11Section 4.17
    
    No Material Adverse Effect
    
    
    11
  i




---



##### 



SECTION
    
    HEADING
    
    PAGESection 4.18
    
    Leverage Ratio
    
    
    11Section 4.19
    
    USA Patriot Act
    
    
    11Section 4.20
    
    Solvency Certificate
    
    
    11SECTION 5 REPRESENTATIONS AND WARRANTIES OF THE OBLIGORS
    
    
    11Section 5.1
    
    Organization; Power and Authority
    
    
    11Section 5.2
    
    Authorization, Etc
    
    
    11Section 5.3
    
    Disclosure
    
    
    12Section 5.4
    
    Organization and Ownership of Shares of Subsidiaries; Affiliates
    
    
    12Section 5.5
    
    Financial Statements; Material Liabilities
    
    
    13Section 5.6
    
    Compliance with Laws, Other Instruments, Etc
    
    
    13Section 5.7
    
    Governmental Authorizations, Etc.
    
    
    14Section 5.8
    
    Litigation; Observance of Agreements, Statutes and Orders
    
    
    14Section 5.9
    
    Taxes
    
    
    14Section 5.10
    
    Title to Property; Leases
    
    
    15Section 5.11
    
    Licenses, Permits, Etc
    
    
    15Section 5.12
    
    Compliance with ERISA; Non-U.S. Plans
    
    
    15Section 5.13
    
    [Intentionally Omitted]
    
    
    17Section 5.14
    
    Use of Proceeds; Margin Regulations
    
    
    17Section 5.15
    
    Existing Indebtedness; Future Liens
    
    
    17Section 5.16
    
    Foreign Assets Control Regulations, Etc
    
    
    18Section 5.17
    
    Status under Certain Statutes
    
    
    19Section 5.18
    
    Environmental Matters
    
    
    19Section 5.19
    
    Ranking of Obligations
    
    
    19Section 5.20
    
    Obligor Group
    
    
    19Section 5.21
    
    CASS Reserve
    
    
    19Section 5.22
    
    Labor Matters
    
    
    19Section 5.23
    
    Insolvency
    
    
    20SECTION 6 REPRESENTATION OF THE ISSUING BANK
    
    
    20SECTION 7 INFORMATION AS TO COMPANY
    
    
    20Section 7.1
    
    Financial and Business Information
    
    
    20Section 7.2
    
    Officers Certificate
    
    
    24Section 7.3
    
    Visitation.
    
    
    24Section 7.4
    
    Limitation on Disclosure Obligation
    
    
    25SECTION 8 [INTENTIONALLY OMITTED]
    
    
    25SECTION 9 AFFIRMATIVE COVENANTS
    
    
    25Section 9.1
    
    Compliance with Law
    
    
    25Section 9.2
    
    Insurance
    
    
    26Section 9.3
    
    Maintenance of Properties
    
    
    26
  ii




---



##### 



SECTION
    
    HEADING
    
    PAGESection 9.4
    
    Payment of Taxes and Claims
    
    
    26Section 9.5
    
    Corporate Existence, Etc
    
    
    26Section 9.6
    
    Books and Records
    
    
    27Section 9.7
    
    Priority of Obligations
    
    
    27Section 9.8
    
    [Intentionally Omitted]
    
    
    27Section 9.9
    
    Dividend Capture from South Africa
    
    
    27Section 9.10
    
    Additional Guarantors
    
    
    27Section 9.11
    
    Release of Subsidiary Guarantors; Substitution of Subsidiary Guarantors
    
    
    28Section 9.12
    
    Group Structure
    
    
    29Section 9.13
    
    CASS Agreement
    
    
    29Section 9.14
    
    Further Assurances
    
    
    29Section 9.15
    
    Additional Restrictions
    
    
    29Section 9.16
    
    2009 Notes Covenants
    
    
    31Section 9.17
    
    Know Your Customer checks
    
    
    31Section 9.18
    
    Post-Effective Date Obligations
    
    
    31SECTION 10 NEGATIVE COVENANTS
    
    
    31Section 10.1
    
    Transactions with Affiliates
    
    
    32Section 10.2
    
    Restricted Payments
    
    
    32Section 10.3
    
    Consolidated Total Debt Coverage
    
    
    32Section 10.4
    
    Priority Debt
    
    
    32Section 10.5
    
    Liens
    
    
    32Section 10.6
    
    Subsidiary Indebtedness
    
    
    34Section 10.7
    
    Merger, Consolidation, Etc
    
    
    35Section 10.8
    
    Sale of Assets
    
    
    36Section 10.9
    
    Line of Business
    
    
    37Section 10.10
    
    Terrorism Sanctions Regulations
    
    
    37Section 10.11
    
    Subsidiaries in South Africa
    
    
    38Section 10.12
    
    Minimum Debt Service Ratio
    
    
    38Section 10.13
    
    Capital Leases
    
    
    38Section 10.14
    
    No Further Negative Pledges
    
    
    38Section 10.15
    
    Fiscal Year
    
    
    38SECTION 11 EVENTS OF DEFAULT
    
    
    38SECTION 12 REMEDIES ON DEFAULT, ETC.
    
    
    41Section 12.1
    
    Acceleration
    
    
    41Section 12.2
    
    Other Remedies
    
    
    42Section 12.3
    
    [Intentionally Omitted]
    
    
    42Section 12.4
    
    No Waivers or Election of Remedies, Expenses, Etc
    
    
    42Section 12.5
    
    Executive Proceedings in Spain
    
    
    42
  iii




---



##### 



SECTION
    
    HEADING
    
    PAGESECTION 13 TAX INDEMNIFICATION
    
    
    43SECTION 14 ASSIGNMENT AND PARTICIPATION
    
    
    46Section 14.1
    
    [Intentionally Omitted]
    
    
    46Section 14.2
    
    Assignment and Participation
    
    
    46Section 14.3
    
    [Intentionally Omitted]
    
    
    47Section 14.4
    
    [Intentionally Omitted]
    
    
    47SECTION 15 PAYMENTS GENERALLY
    
    
    47Section 15.1
    
    Place of Payment
    
    
    47Section 15.2
    
    [Intentionally Omitted].
    
    
    47Section 15.5
    
    Set-off
    
    
    47SECTION 16 EXPENSES, ETC.
    
    
    47Section 16.1
    
    Transaction Expenses
    
    
    48Section 16.2
    
    Indemnification
    
    
    48Section 16.3
    
    Certain Taxes
    
    
    49Section 16.4
    
    Survival
    
    
    49SECTION 17 SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT
    
    
    49SECTION 18 AMENDMENT AND WAIVER
    
    
    49Section 18.1
    
    Requirements
    
    
    49Section 18.2
    
    Solicitation of Issuing Bank
    
    
    49Section 18.3
    
    Binding Effect, Etc.
    
    
    50SECTION 19 NOTICES; ENGLISH LANGUAGE
    
    
    50SECTION 20 REPRODUCTION OF DOCUMENTS
    
    
    50SECTION 21 CONFIDENTIAL INFORMATION
    
    
    51SECTION 22 [INTENTIONALLY OMITTED]
    
    
    52SECTION 23 SUBSIDIARY GUARANTEE AGREEMENT
    
    
    52Section 23.1
    
    Guarantee and Indemnity
    
    
    52Section 23.2
    
    Continuing Guarantee
    
    
    52Section 23.3
    
    Reinstatement
    
    
    53Section 23.4
    
    Waiver of Defenses
    
    
    53Section 23.5
    
    Immediate Recourse
    
    
    54
  iv




---



##### 



SECTION
    
    HEADING
    
    PAGESection 23.6
    
    Appropriations
    
    
    55Section 23.7
    
    Non-competition
    
    
    55Section 23.8
    
    Release of Subsidiary Guarantors Right of Contribution
    
    
    55Section 23.9
    
    Releases
    
    
    56Section 23.10
    
    Marshaling
    
    
    56Section 23.11
    
    Liability
    
    
    57Section 23.12
    
    Character of Obligation
    
    
    57Section 23.13
    
    Election to Perform Obligations
    
    
    58Section 23.14
    
    No Election
    
    
    58Section 23.15
    
    [Intentionally Omitted]
    
    
    59Section 23.16
    
    Other Enforcement Rights
    
    
    59Section 23.17
    
    Restoration of Rights and Remedies
    
    
    59Section 23.18
    
    Survival
    
    
    59Section 23.19
    
    Miscellaneous
    
    
    59Section 23.20
    
    Limitation
    
    
    60Section 23.21
    
    Written Notice.
    
    
    60Section 23.22
    
    Unenforceability of Obligations
    
    
    60Section 23.23
    
    Contribution
    
    
    61Section 23.24
    
    Additional Security
    
    
    61Section 23.25
    
    Limitations  UK
    
    
    61Section 23.26
    
    Limitations  Spain
    
    
    61Section 23.27
    
    Limitations  Hong Kong
    
    
    61Section 23.28
    
    Limitations  Germany
    
    
    61Section 23.29
    
    Limitations  the Netherlands.
    
    
    63Section 23.30
    
    U.S. Guarantors
    
    
    63Section 23.31
    
    Limitation on Pyramid Freight
    
    
    64Section 23.32
    
    Limitations  Belgium
    
    
    64Section 23.33
    
    Limitations  Singapore
    
    
    64Section 23.34
    
    Irish Obligors
    
    
    65Section 23.35
    
    Guarantor Intent
    
    
    65SECTION 24 MISCELLANEOUS
    
    
    65Section 24.1
    
    Successors and Assigns
    
    
    65Section 24.2
    
    Payments Due on Non-Business Days
    
    
    65Section 24.3
    
    Accounting Terms
    
    
    65Section 24.4
    
    Severability
    
    
    66Section 24.5
    
    Construction, Etc
    
    
    66Section 24.6
    
    Counterparts
    
    
    66Section 24.7
    
    Governing Law
    
    
    66Section 24.8
    
    Jurisdiction and Process; Waiver of Jury Trial
    
    
    66Section 24.9
    
    Obligation to Make Payment in Dollars
    
    
    67Section 24.10
    
    No Novation
    
    
    68
  v




---



##### 



SCHEDULE A
    
    
    
    Information Relating to Issuing BankSCHEDULE B
    
    
    
    Defined TermsEXHIBIT 1.1
    
    
    
    Form of Letter of CreditEXHIBIT 1.2
    
    
    
    Issuance NoticeEXHIBIT 2
    
    
    
    [Intentionally Omitted]EXHIBITS 4.4(a)(i),
(ii), (iii) and (iv)
    
    
    
    Form of Opinion of U.S. Counsel to the ObligorsEXHIBITS 4.4(a)(v),
and (vi)
    
    
    
    Form of Opinion of British Virgin Islands CounselEXHIBIT 4.4(a)(vii)
    
    
    
    Form of Opinion of Australian CounselEXHIBIT 4.4(a)(viii),
    
    
    
    Form of Opinion of Canadian CounselEXHIBIT 4.4(a)(ix)
    
    
    
    Form of Opinion of Belgian CounselEXHIBIT 4.4(a)(x)
    
    
    
    Form of Opinion of German CounselEXHIBIT 4.4(a)(xi)
    
    
    
    Form of Opinion of Hong Kong CounselEXHIBIT 4.4(a)(xii)
    
    
    
    Form of Opinion of Dutch CounselEXHIBIT 4.4(a)(xiii)
    
    
    
    Form of Opinion of Spanish CounselEXHIBIT 4.4(a)(xiv)
    
    
    
    Form of Opinion of English CounselEXHIBIT 4.4(a)(xv)
    
    
    
    Form of Opinion of Guernsey CounselEXHIBIT 4.4(a)(xvi)
    
    
    
    Form of Opinion of Singapore CounselEXHIBIT 4.4(a)(xvii)
    
    
    
    Form of Opinion of Arizona CounselEXHIBIT 4.4(b)
    
    
    
    [Intentionally Omitted]EXHIBIT 9.10
    
    
    
    Form of Joinder AgreementEXHIBIT 14.4
    
    
    
    [Intentionally Omitted]SCHEDULE 1.1
    
    
    
    Existing Letters of CreditSCHEDULE 4.9
    
    
    
    [Intentionally Omitted]SCHEDULE 5.3
    
    
    
    Disclosure Materials
  vi




---



##### 



SCHEDULE 5.4
    
    
    
    Subsidiaries of the Company and Ownership of Subsidiary StockSCHEDULE 5.5
    
    
    
    Financial StatementsSCHEDULE 5.7
    
    
    
    Governmental AuthorizationsSCHEDULE 5.9
    
    
    
    Liability for TaxesSCHEDULE 5.15
    
    
    
    Existing Indebtedness and LiensSCHEDULE 5.22
    
    
    
    Collective Bargaining Agreements
  vii




---



##### 



LETTER OF CREDIT FACILITY
     Company
  Section 1.1 Issuance of Letters of Credit Existing Letters of Credit provided, however provided
   1




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
 Section 1.2 Conditions to Each Issuance after the Effective Date
      Section 1.3 Letters of Credit in Optional Currency
    2




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
    [ ]
  Section 3.1 Responsibility of Issuing Bank
  3




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
 Section 3.2 Reimbursement by the Company of Amounts Drawn or Paid Under Letters of
Credit Reimbursement Date
 
 
 Section 3.3 Obligations Absolute
  4




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
 provided
 Section 3.4 Interest and Fees
       5




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
   Section 3.5 Credit Support
      Credit Support
    6




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
     Section 3.6 Maturity
 Section 3.7 Evidence of Debt provided
 Section 3.8 Irish Insurance Acts
 Section 3.9 Increased Costs
  7




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
 Increased Costs provided
    8




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
 Section 4.1 Representations and Warranties
 Section 4.2 Performance; No Default
 Section 4.3 Closing Certificates Officers Certificate
 Secretarys or Directors Certificate
 Section 4.4 Opinions of Counsel
  9




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
 Section 4.5 Issuance Permitted By Applicable Law, Etc
 Section 4.6 [ Intentionally Omitted ]
 Section 4.7 Payment of Fees
 Section 4.8 [ Intentionally Omitted ]
 Section 4.9 Changes in Corporate Structure
 Section 4.10 Acceptance of Appointment to Receive Service of Process
 Section 4.11 [ Intentionally Omitted ]
 Section 4.12 Proceedings and Documents
 Section 4.13 Subsidiary Guarantee Agreement
 Section 4.14 2006 Notes
 Section 4.15 New Global Credit Facilities
  10




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
 Section 4.16 Approvals
 Section 4.17 No Material Adverse Effect
 Section 4.18 Leverage Ratio
 Section 4.19 USA Patriot Act
 Section 4.20 Solvency Certificate
   Section 5.1 Organization; Power and Authority
 Section 5.2 Authorization, Etc
  11




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
 Section 5.3 Disclosure Disclosure Documents
 Section 5.4 Organization and Ownership of Shares of Subsidiaries; Affiliates
    12




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
     Section 5.5 Financial Statements; Material Liabilities
 Section 5.6 Compliance with Laws, Other Instruments, Etc
  13




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
 Section 5.7 Governmental Authorizations, Etc.
 Section 5.8 Litigation; Observance of Agreements, Statutes and Orders
  Section 5.9 Taxes
  14




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
  Section 5.10 Title to Property; Leases
 Section 5.11 Licenses, Permits, Etc
   Section 5.12 Compliance with ERISA; Non-U.S. Plans
  15




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
       16




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
 Section 5.13 [ Intentionally Omitted ]
 Section 5.14 Use of Proceeds; Margin Regulations provided
  Section 5.15 Existing Indebtedness; Future Liens
  17




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
   Section 5.16 Foreign Assets Control Regulations, Etc OFAC OFAC Listed Person Blocked
Person
  Anti-Money Laundering Laws
   18




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
 Section 5.17 Status under Certain Statutes
 Section 5.18 Environmental Matters
    Section 5.19 Ranking of Obligations pari passu
 Section 5.20 Obligor Group
 Section 5.21 CASS Reserve
  19




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
 Section 5.22 Labor Matters
   Section 5.23 Insolvency
        Section 7.1 Financial and Business Information
 Quarterly Statements Form 10-Q
   20




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
  provided provided further Electronic Delivery
 Annual Statements Form 10-K
      21




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
  providedthat the delivery within the time period specified above of the Companys Form 10-K for
such fiscal year (together with the Companys annual report to shareholders, if any, prepared
pursuant to Rule 14a-3 under the Exchange Act) prepared in accordance with the requirements
therefor and filed with the SEC, together with the accountants report described in clause (B)
above (the Accountants Certificate), shall be deemed to satisfy the requirements of this Section
7.1(b), provided furtherthat the Company shall be deemed to have made such delivery of such Form
10-K if it shall have timely made Electronic Delivery thereof, in which event the Company shall
separately deliver concurrently with such Electronic Delivery, the Accountants Certificate;
 SEC and Other Reports provided
 Notice of Default or Event of Default or Litigation or Arbitration
   22




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
 Employee Benefit Matters
     Notices from Governmental Authority
 Requested Information
 Quarterly Consolidating Working Papers
  23




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
 Certificate of Financial Undertaking
 Projections
 Section 7.2 Officers Certificate
 Covenant Compliance
 Event of Default
 Section 7.3 Visitation.
 No Default
  24




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
 Default
 Section 7.4 Limitation on Disclosure Obligation
  provided provided further
  [ ]
   Section 9.1 Compliance with Law
  25




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
 Section 9.2 Insurance
 Section 9.3 Maintenance of Properties provided
 Section 9.4 Payment of Taxes and Claims provided
 Section 9.5 Corporate Existence, Etc
  26




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
 Section 9.6 Books and Records
 Section 9.7 Priority of Obligations provided
 Section 9.8 [ Intentionally Omitted ]
 Section 9.9 Dividend Capture from South Africa
 Section 9.10 Additional Guarantors
 Additional Guarantor Joinder Agreement
     27




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
  UTi Israel
 Section 9.11 Release of Subsidiary Guarantors; Substitution of Subsidiary Guarantors
   28




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
   Section 9.12 Group Structure
 Section 9.13 CASS Agreement
 Section 9.14 Further Assurances
  29




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
 Section 9.15 Additional Restrictions Reference Agreement New Covenants Improved
Covenants Additional Covenants mutatis mutandis
 provided
 Memorialization mutatis mutandis
    30




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
  Section 9.16 2009 Notes Covenants mutatis mutandis
 Section 9.17 Know Your Customer checks
     Section 9.18 Post-Effective Date Obligations escritura pública Ley 1/2000 de 7 de enero,
Ley de Enjuiciamiento Civil Civil Procedural Law primera copia autorizada
  31




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
   Section 10.1 Transactions with Affiliates
 Section 10.2 Restricted Payments Limitation unless
 Time of Payment
 Section 10.3 Consolidated Total Debt Coverage
 Section 10.4 Priority Debt
 Section 10.5 Liens
   provided
  32




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
    provided
     provided
  33




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
     Section 10.6 Subsidiary Indebtedness
      34




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
         provided
   35




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
 Section 10.7 Merger, Consolidation, Etc
    Section 10.8 Sale of Assets Disposition
   provided
   36




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
      Section 10.9 Line of Business
 Section 10.10 Terrorism Sanctions Regulations
  37




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
 Section 10.11 Subsidiaries in South Africa
 Section 10.12 Minimum Debt Service Ratio
 Section 10.13 Capital Leases
 Section 10.14 No Further Negative Pledges provided
 Section 10.15 Fiscal Year
      38




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
      39




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
   failliet verklaard ontbonden redressement judiciaire, cession totale de lentreprise or liquidation
judiciaire et seq Insolvenzverfahren provided
    40




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
   provided
    Section 12.1 Acceleration
   41




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
 Section 12.2 Other Remedies
 Section 12.3 [ Intentionally Omitted ]
 Section 12.4 No Waivers or Election of Remedies, Expenses, Etc
 Section 12.5 Executive Proceedings in Spain escritura pública
 et seq
 et seq acta notarial acta notarial
  42




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
    Taxing Jurisdiction
 provided
   43




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
 provided
 provided provided further
  provided further Original Jurisdiction
 Forms
  44




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
 provided provided further
     45




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
     Section 14.1 [ Intentionally Omitted ]
 Section 14.2 Assignment and Participation provided
  46




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
 Participant provided provided provided
 Section 14.3 [ Intentionally Omitted ]
 Section 14.4 [ Intentionally Omitted ]
  Section 15.1 Place of Payment
 Section 15.2 [ Intentionally Omitted ].
 Section 15.3
 Section 15.4
 Section 15.5 Set-off
  47




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
  Section 16.1 Transaction Expenses
 Section 16.2 Indemnification Indemnitee provided
   48




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
 Section 16.3 Certain Taxes
 Section 16.4 Survival
    Section 18.1 Requirements
 Section 18.2 Solicitation of Issuing Bank
  49




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
 Section 18.3 Binding Effect, Etc.
    provided
     50




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
    Confidential Information provided provided
  51




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
 [ ]
  Section 23.1 Guarantee and Indemnity
  Guaranteed
Obligations
  Section 23.2 Continuing Guarantee
   52




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
 Section 23.3 Reinstatement
  Section 23.4 Waiver of Defenses
            53




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
     beneficios de
excusión, orden y división et seq
  droit de
discussion or droit de division
    Section 23.5 Immediate Recourse
  54




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
  Section 23.6 Appropriations
    Section 23.7 Non-competition
          55




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
 Section 23.8 Release of Subsidiary Guarantors Right of Contribution
   Section 23.9 Releases
          56




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
 Section 23.10 Marshaling
   Section 23.11 Liability
 Section 23.12 Character of Obligation
       57




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
  force majeure
    Section 23.13 Election to Perform Obligations
 Section 23.14 No Election
  58




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
  Section 23.15 [Intentionally Omitted]
 Section 23.16 Other Enforcement Rights
 Section 23.17 Restoration of Rights and Remedies
 Section 23.18 Survival
 Section 23.19 Miscellaneous
  59




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
  Section 23.20 Limitation
 Section 23.21 Written Notice.
 Section 23.22 Unenforceability of Obligations
      60




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
 Section 23.23 Contribution
 Section 23.24 Additional Security
 Section 23.25 Limitations  UK
 Section 23.26 Limitations  Spain Real Decreto Legislativo 1564/1989, de 22 de
Diciembre, por el que se aprueba el Texto Refundido de la Ley de Sociedades Anónimas Ley 2/1995, de 23 de marzo, de
Sociedades de Responsabilidad Limitada concurso
 Section 23.27 Limitations  Hong Kong
 Section 23.28 Limitations  Germany Kommanditgesellschaft Gesellschaft mit beschränkter
Haftung GmbH & Co. KG Gesellschaft mit
beschränkter Haftung  GmbH Relevant German Obligor verbundenes Unternehmen Aktiengesetz
  61




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
 Handelsgesetzbuch Net Asset Stammkapital Rücklage für eigene
Anteile Protected Capital Begüendung einer Unterbilanz Vertiefung einer Unterbilanz
  Kapitalerhöhug aus
Gesellschaftsmitteln
   Management Determination
 Handelsgesetzbuch
  62




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
     Section 23.29 Limitations  the Netherlands.
 Section 23.30 U.S. Guarantors
 fraudulent transfer law
          63




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
           Section 23.31 Limitation on Pyramid Freight
 Section 23.32 Limitations  Belgium Code des Sociétés
  64




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
 Section 23.33 Limitations  Singapore
 Section 23.34 Irish Obligors
 Section 23.35 Guarantor Intent
  Section 24.1 Successors and Assigns
 Section 24.2 Payments Due on Non-Business Days
 Section 24.3 Accounting Terms
  65




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
  Section 24.4 Severability
 Section 24.5 Construction, Etc
  Section 24.6 Counterparts
 Section 24.7 Governing Law
  66




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
 Section 24.8 Jurisdiction and Process; Waiver of Jury Trial
     (f) THE PARTIES HERETO HEREBY WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT ON OR
WITH RESPECT TO THIS AGREEMENT OR ANY OTHER DOCUMENT EXECUTED IN CONNECTION HEREWITH OR
THEREWITH.
  67




---



##### 



UTi Worldwide Inc.
    
    Letter of Credit Agreement
 Section 24.9 Obligation to Make Payment in Dollars
 Section 24.10 No Novation
 This Agreement has been entered into on the date stated at the beginning of this Agreement.
   68




---



##### 



Very truly yours,UTi WORLDWIDE INC.By
    
    /s/ Craig Braun

Duly Authorized Signatory (acting pursuant to,and in accordance with, an empoweringresolution of the Board of Directors of UTiWorldwide Inc.)




---



##### 



By
    
    /s/ Craig Braun

Authorized Signatory




---



##### 



THE ROYAL BANK OF SCOTLAND N.V., 
as Issuing BankBy:
    
    /s/ Bhavin ShahName:
    
    Bhavin ShahTitle:
    
    Managing Director




---



##### 



DEFINED TERMS
  2006 Notes
 2009 Covenants
 2009 Note Purchase Agreement
 2009 Notes
 2011 Agreements
 2011 Note Purchase Agreement
 2011 Notes
 action Invorderingswet 1990
 Additional Guarantor
 Affiliate Control




---



##### 



Agreement
 Applicable Jurisdiction
 Bank of the West Facility
 Base Rate 1 2
 BBBEE
 Belgium Facility
 Blocked Person
 Business Day
 Capital Lease
 CASS
 CASS Agreement
 Cession in Security Agreement
  B-2




---



##### 



Change of Control
   Civil Procedural Law
 Closing
 Code
 Company
 Confidential Information
 Consolidated EBITDA
       B-3




---



##### 



Consolidated Fixed Charges
 Consolidated Interest Payable
 Consolidated Net Worth
       Consolidated Tangible Assets
 Consolidated Total Assets
 Consolidated Total Debt
     B-4




---



##### 



Controlled Entity Control
 Credit Date
 Credit Support
 Debt Service Ratio
 Default
 Disclosure Documents
 disposal
 Auflassungsvormerkung
 Auflassung
 Grundstücksteilung
 Disposition
 Distribution
 Dollars $ U.S.$ means lawful money of the United States of America.
 duly authorized
 Wet
op de ondernemingsraden
 advies
  B-5




---



##### 



Dutch Civil Code Burgerlijk Wetboek
 Dutch Obligor
 Effective Date
 Electronic Delivery
 Environmental Laws
 ERISA
 ERISA Affiliate
 Event of Default
 Exchange Act
 Existing Facility
 Existing Letters of Credit
 Federal Funds Effective Rate provided
 Final Maturity Date
  B-6




---



##### 



financial assistance
 besloten vennootschap
 naamloze vennootschap
 Financing Agreements
 Form 10-K
 Form 10-Q
 French Commercial Code
 GAAP provided
 German Facility
 Global Credit Facilities
 Governmental Authority
     Group
  B-7




---



##### 



guarantee cautionnement, aval garantie
 Guaranty
      Guernsey Obligor
 Hazardous Material
 IFRS
 Impermissible Qualification
   B-8




---



##### 



inability to pay its debts cessation des paiements Zahlungsunfähigkeit) Überschuldung drohende Zahlungsunfähigkeit
 Indebtedness
        B-9




---



##### 



insolvent Zahlungsunfähigkeit) drohende Zahlungsunfähigkeit Überschuldung
 Issuance Notice
 Issuing Bank
 Joinder Agreement
 Joint Venture
 Letter of Credit
 Lien
 Lien hypotheek pandrecht eigendomsvoorbehoud voorrecht recht van retentie recht van reclame beperkte recht goederenrechtelijk
zekerheidsrecht
 Material
  B-10




---



##### 



Material Adverse Effect
 Maturity Date
 Maximum Draw Amount
 Material Indebtedness
 Measurement Period
 moratorium surséance van betaling granted
a moratorium surséance verleend
 Multiemployer Plan
 NAIC
 NedBank LC Agreement
 Non-U.S. Plan
 Notes Financing Agreements
 Obligations
  B-11




---



##### 



Obligors
 OFAC
 OFAC Listed Person
 OFAC Sanctions Program
 Officers Certificate
 Optional Currency
 Organizational Documents
 Original Financial Statements
 PBGC
 Permitted Jurisdiction
 Person
  B-12




---



##### 



Plan
 Preferred Stock
 Pre-taxation Profits
 Primary Credit Facility
 Prime Rate
 Priority Debt
 property properties
 Pyramid Freight
 Pyramid Freight BVI
 Pyramid Freight, South Africa
 RBS
 receiver administrator Insolvenzverwalter Sachwalter
  B-13




---



##### 



reconstruction apport partiel dactifs scission
 Reimbursement Date
 Release Date
 reorganization
 Responsible Officer
 Restricted Payment
    SEC
 SEC Report
 
    
    the Companys Annual Report on Form 10-K for the fiscal year ended
January 31, 2011, filed with the SEC on March 30, 2011;
 
    
    the Companys Quarterly Report on Form 10-Q for the quarter ended April
30, 2011, filed with the SEC on June 6, 2011; and
 
    
    the Companys Current Report on Form 8-K filed with the SEC on April
18, 2011,
  B-14




---



##### 



Securities Act
 Senior Financial Officer
 Senior Indebtedness
 Significant Subsidiary
 South African Facilities
 South African Group
 South African Rand
 South African Subsidiary
 Spanish Obligor
  B-15




---



##### 



Spot Exchange Rate provided
 Subordinated Indebtedness
 Subsidiary
 Subsidiary Guarantee Agreement
 Subsidiary Guarantor
     provided
   B-16




---



##### 



B-17




---



##### 



Summary of Terms
 Synthetic Lease
 Tax
 Taxing Jurisdiction
 trustee
 U.S. Dollar Amount
 U.S. Guarantor
 USA PATRIOT Act
 Wholly-Owned Subsidiary
 winding-up, administration or dissolution redressement judiciaire, cession totale de lenterprise or liquidation judiciaire or a procedure de
sauvegade unde Livre Sixiene
  B-18