Document:

LIMITED WAIVER AND AMENDMENT TO SENIOR SECURED CONVERTIBLE

NOTES  

     THIS LIMITED WAIVER AND AMEDMENT TO SENIOR SECURED CONVERTIBLE NOTES dated as of November __, 2007 (the “Waiver”), is entered into by and between Summit Global Logistics, Inc. (formerly know as Aerobic Creations, Inc.), a Delaware corporation (“ShellCo”), Maritime
Logistics US Holdings Inc., a Delaware corporation (“MLI”), Summit Logistics International Inc, a New Jersey corporation (“Summit”), SeaMaster Logistics Inc., a Delaware corporation (“SeaMaster”), AmeRussia Shipping Company Inc., a Delaware corporation (“AmeRussia Shipping”), FMI International LLC, a Delaware limited liability company (“FMI International”), Fashion Marketing, Inc., a
New Jersey corporation (“FM”), FMI International Corp. (West), a New Jersey corporation (“FMIW”), FMI
International Corp., a New Jersey corporation (“FMII”), Freight Management LLC, a Delaware limited liability company (“FMLLC”), FMI Trucking, Inc., a New Jersey corporation (“Trucking”), FMI Express Corp., a New Jersey corporation (“Express”), Clare Freight, Los Angeles, Inc., a California corporation (“Clare”), TUG New York, Inc., a New York corporation
(“TUG NY”), TUG USA, Inc., a New Jersey corporation, formerly known as Dolphin US Logistics Inc (“TUG USA”),
AMR Investments Inc, a New Jersey corporation (“AMRI”), FMI Holdco I, LLC, a Delaware limited liability company (“FMI Holdco”; together with MLI, Summit, SeaMaster, AmeRussia Shipping, FM, FMI International, FMIW, FMII, FMLLC, Trucking, Express, Clare, TUG NY, TUG USA, AMRI and FMI Holdco, each individually, a “Guarantor” and collectively, “Guarantors”) and each of the Holders (as defined below). Capitalized terms used but not defined herein
shall have the meanings ascribed to them in the Securities Purchase Agreement (as defined in the Notes).

RECITALS

      WHEREAS, ShellCo has requested that the Holders: (A) waive the Events of Default, (as defined in the Notes) if any, that occurred and are continuing (i) as a result of ShellCo's (a) failure to  comply with the financial covenants
set forth in Section 14(1) of the Notes (“Noteholder Financial Covenant Default”); (b)
termination of the employment of the consulting firm of RAS Management Advisors, Inc and Alvarez and Marsal, Inc.; (c) failure to file an S-1 and pay any fees and or penalties resulting there from (provided nothing
herein shall be deemed a waiver of the requirement to pay said fees and or penalties) or to accrue and not pay any penalty or fee; (ii)under Section 4(a)(xviii) of the Notes as a result of the occurrence of an Event of Default (as defined in the
Notes) under any Other Note (as defined in the Notes) which was triggered by the occurrence of the Noteholder Financial Covenant Default (collectively, the “Existing Events of Default”); and (B) amend the Notes in certain respects to clarify the intent of the parties thereto;

     WHEREAS, the consent of each of the holders of the Notes (each individually, a “Holder” and collectively, the “Holders”) is required to waive the Existing Events of Default;

     WHEREAS, the signatures of the Holders representing at least a majority of the aggregate principal amount of the Notes now outstanding (the
“Required Holders”) is required to amend the Notes as contemplated hereby; and

     WHEREAS, each of the Holders has agreed to waive the Existing Events of Default and to amend the Notes as provided herein, in each case, subject to the terms and conditions hereof.

     NOW, THEREFORE, in consideration of the premises and the other mutual covenants contained herein, the receipt and sufficiency are hereby acknowledged, the parties hereto agree as follows: 

     SECTION 1. Waiver of Existing Events of Default. The Holders hereby waive each Existing Event of
Default as of the date such Existing Event of Default occurred. This waiver is and shall be effective solely for the specific instance and purpose described herein and is not and shall not be applicable to any other Events of Default whether now
existing or hereafter occurring. The Holders acknowledge and agree that all rights and remedies of Collateral Agent and Holders that arose as a result of the occurrence of the Existing Events of Default shall have no force or effect until such
rights and remedies arise anew upon the occurrence of an Event of Default that does not constitute an Existing Event of Default. 

     SECTION 2. Further Provisions; Amendments to Noteholder Documents. The term sheet annexed
hereto as Exhibit A (the “Term Sheet”) sets forth additional terms of this Agreement, which terms are binding and effective as of the date hereof. The parties agree that the terms set forth in the Term Sheet will be reflected in amendments
to, and/or amendments and restatements of, the Noteholder Documents, in form and substance satisfactory to the Noteholders (collectively, the “Amendments”), which Amendments ShellCo shall cause to be duly executed and delivered on behalf
of itself and the Guarantors, as applicable, not later than 5:00 p.m., Eastern Daylight Time, Tuesday, December 4, 2007. In the event that ShellCo shall not have delivered such Amendments, so executed, to Angelo Gordon & Co., 245 Park Avenue,
New York, NY 10167, by such time, then such failure shall constitute an immediate Event of Default under the Noteholder Documents. 

     SECTION 3. Board of Directors Seats. Silver Oak Capital LLC shall have the right to nominate two (2) members of the
ShellCo’s board of directors as it determines and the Company shall use its best efforts to cause such nominees to be appointed to the Board of Directors as soon as possible following such nomination provided that (i) each such member is
independent in accordance with the NASDAQ rules regarding independence of directors (other than a result of his affiliation with any such Holder) and (ii) each such member and nomination is subject to the ShellCo’s corporate governance
documents and requirements.

     Until each such member is elected to the ShellCo’s board of directors, Silver Oak Capital LLC shall have the right to nominate an observer to the ShellCo’s board of directors in lieu of that
member, provided that each such observer is acceptable to the ShellCo. Notwithstanding the foregoing, Radcliffe SPC, Ltd., for and on behalf of the Class A Segregated Portfolio, shall not be entitled to participate under this Section in the
nomination of an observer to ShellCo’s board of directors or in the nomination of a member to ShellCo’s board of directors.

     SECTION 4. Miscellaneous.

     (a) The execution, delivery and effectiveness of this Agreement shall not, except as expressly provided herein, be deemed to be an amendment or
modification of, or operate as a waiver of, any provision of the Noteholder Documents or any right, power or remedy thereunder,

2

nor constitute a waiver of any provision of the Securities Purchase Agreement, the Notes or any other Noteholder Document.

     (b) This Agreement may be executed in any number of counterparts (including by facsimile), and by the different parties hereto or thereto on
the same or separate counterparts, each of which shall be deemed to be an original instrument but all of which together shall constitute one and the same agreement.  Each party agrees that it will be bound by its own facsimile signature and that it
accepts the facsimile signature of each other party. The descriptive headings of the various sections of this Agreement are inserted for convenience of reference only and shall not be deemed to affect the meaning or construction of any of the
provisions hereof or thereof. Whenever the context and construction so require, all words herein, in the Notes, in the Securities Purchase Agreement and in the other Noteholder Documents in the singular number shall be deemed to have been used in
the plural, and vice versa, and the masculine gender shall include the feminine and neuter and the neuter shall include the masculine and feminine. 

     (c) This Agreement, the Securities Purchase Agreement and the Notes may not be changed, amended, restated, waived, supplemented, discharged,
canceled, terminated or otherwise modified orally or by any course of dealing or in any manner other than as provided in the Securities Purchase Agreement and/or the Notes. This Agreement shall be considered part of the Securities Purchase
Agreement, Notes and other Noteholder Documents, as applicable. 

     (d) This Agreement and the Noteholder Documents constitute the final, entire agreement and understanding between the parties with respect to
the subject matter hereof and thereof, may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements between the parties, shall be binding upon and inure to the benefit of the successors and assigns of the parties
hereto and thereto and supersede all other prior agreements and understandings, if any, relating to the subject matter hereof.  There are no unwritten oral agreements between the parties with respect to the subject matter hereof or
thereof.

     (e) The validity of this Agreement, its construction, interpretation and enforcement, the rights of the parties hereunder, shall be determined
under, governed by, and construed in accordance with the choice of law provisions set forth in the Notes.

     (f) The Company shall reimburse the fees and expenses of Paul Weiss Rifkind Wharton & Garrison, LLP, counsel to Silver Oak Capital, L.L.C.
in connection with the transactions contemplated by this Waiver.

     (g) ShellCo, the Guarantors, and Holders are not aware of any Event of Default other than the Existing Events of Default.

REMAINDER OF PAGE INTENTIONALLY BLANK

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	 	Signature Page to Limited Waiver and
    Amendment
	 	 
	     IN
      WITNESS WHEREOF, the parties have caused this Limited Waiver and Amendment
      to be executed by their respective officers thereunto duly authorized,
    as of the date first written above. 
	 	 
	
SHELLCO:
  	
    SUMMIT GLOBAL LOGISTICS, INC. (formerly
  
	 

  	
    known as Aerobic Creations, Inc.)
  
	 

  
	 
  	By: 
	 
	 

  	 
  	 Name:
  
	 

  	 
  	 Title:
  
	 

  
	
GUARANTORS:
  	 
  	 

  
	 

  	
MARITIME LOGISTICS US HOLDINGS
 INC. 
	 
  
	 	By: 
	 
	 	 	Name: 
	 	 	Title: 
	 

  
	 

  
	 

  	
SUMMIT LOGISTICS INTERNATIONAL INC
  
	 

  
	 	By: 
	 
	 	 	Name: 
	 	 	Title: 
	 

  
	 

  
	 

  	
SEAMASTER LOGISTICS INC.
  
	 

  
	 	By: 
	 
	 	 	Name: 
	 	 	Title: 
	 

  

	 	
    Signature Page to Limited Waiver and Amendment  
	 	 	 

  
	 	 	AMERUSSIA SHIPPING COMPANY INC.
  

	 	 	 

  
	 	By: 
	 
	 	 	Name: 
	 	 	Title: 
	 	 	 

  
	 	 	 

  
	 	 	 FMI INTERNATIONAL LLC
  
	 	 	 

  
	 	By: 
	 
	 	 	Name: 
	 	 	Title: 
	 	 	 

  
	 	 	 

  
	 	 	 FASHION MARKETING, INC.
  
	 	 	 

  
	 	By: 
	 
	 	 	Name: 
	 	 	Title: 
	 	 	 

  
	 	 	 

  
	 	 	 FMI INTERNATIONAL CORP. (WEST)
  
	 	 	 

  
	 	By: 
	 
	 	 	Name: 
	 	 	Title: 
	 	 	 

  
	 	 	 

  
	 	 	 FMI INTERNATIONAL CORP.
  
	 	By: 
	 
	 	 	Name: 
	 	 	Title: 
	 	 	 

  

	 	
    Signature Page to Limited Waiver and Amendment 

	 	 	 

  
	 	 	 FREIGHT MANAGEMENT LLC
  
	 	 	 

  
	 	By: 
	 
	 	 	Name: 
	 	 	Title: 
	 	 	 

  
	 	 	 

  
	 	 	 FMI TRUCKING, INC.
  
	 	 	 

  
	 	By: 
	 
	 	 	Name: 
	 	 	Title: 
	 	 	 

  
	 	 	 

  
	 	 	 FMI EXPRESS CORP.
  
	 	 	 

  
	 	By: 
	 
	 	 	Name: 
	 	 	Title: 
	 	 	 

  
	 	 	 

  
	 	 	 CLARE FREIGHT, LOS ANGELES, INC.
  
	 	 	 

  
	 	By: 
	 
	 	 	Name: 
	 	 	Title: 
	 	 	 

  
	 	 	 

  
	 	 	 TUG NEW YORK, INC.
  
	 	 	 
	 	By: 
	 
	 	 	 
	 	 	Name: 
	 	 	Title: 
	 	 	 

  

	 	
    Signature Page to Limited Waiver and Amendment 

	 	 	 

  
	 	 	
    TUG USA, INC. (formerly known as
    

	 	 	
  Dolphin US Logistics Inc)
  
	 	 	 

  
	 	By: 
	 
	 	 	Name: 
	 	 	Title: 
	 	 	 

  
	 	 	 

  
	 	 	 AMR INVESTMENTS INC
  
	 	 	 

  
	 	By: 
	 
	 	 	Name: 
	 	 	Title: 
	 	 	 

  
	 	 	 

  
	 	 	 FMI HOLDCO I, LLC
  
	 	By: 
	 
	 	 	Name: 
	 	 	Title: 
	 	 	 

  

	 

  	
    Signature Page to Limited Waiver and Amendment
  
	 

  
	 

  
	 

  
	
HOLDER/BUYER:
  	 
  	 

  
	 

  	 
  	
SILVER OAK CAPITAL, L.L.C.
  
	 

  
	 

  
	 

  	By:
   
	  
	 

  	 
  	
Name:
  
	 

  	 
  	
Title:
  

	 

  	
    Signature Page to Limited Waiver and Amendment
  
	 

  
	 

  
	 

  
	
HOLDER/BUYER:
  	 
  	 

  
	 

  	 
  	
ALEXANDRA GLOBAL MASTER FUND
  
	 

  	 
  	
LTD
  
	 

  
	 

  
	

  	By:
   
	  
	 

  	 
  	
Name:
  
	 

  	 
  	
Title:
  

	 

  	
    Signature Page to Limited Waiver and Amendment
  
	 

  
	 

  
	 

  
	
HOLDER/BUYER:
  	 
  	 

  
	 

  	 
  	
BAY HARBOUR MASTER, LTD.
  
	 

  
	 

  
	

  	By:
   
	  
	 

  	 
  	
Name:
  
	 

  	 
  	
Title:
  

	 

  	
    Signature Page to Limited Waiver and Amendment
  
	 

  
	 

  
	 

  
	
HOLDER/BUYER:
  	 
  	 

  
	 

  	 
  	
BAY HARBOUR 90-1, LTD.
  
	 

  
	 

  
	

  	By:
   
	  
	 

  	 
  	
Name:
  
	 

  	 
  	
Title:
  

	 

  	
    Signature Page to Limited Waiver and Amendment
  
	 

  
	 

  
	 

  
	
HOLDER/BUYER:
  	 
  	 

  
	 

  	 
  	
BHCO MASTER, LTD.
  
	 

  
	 

  
	

  	By:
   
	  
	 

  	 
  	
Name:
  
	 

  	 
  	
Title:
  

	 

  	
    Signature Page to Limited Waiver and Amendment
  
	 

  
	 

  
	 

  
	
HOLDER/BUYER:
  	 
  	 

  
	 

  	 
  	
INSTITUTIONAL BENCHMARK
  
	 

  
	 

  
	

  	By:
   
	  
	 

  	 
  	
Name:
  
	 

  	 
  	
Title:
  

	 

  	
    Signature Page to Limited Waiver and Amendment
  
	 

  
	 

  
	 

  
	
HOLDER/BUYER:
  	 
  	 

  
	 

  	 
  	
MSS DISTRESSED & OPP. 2
  
	 

  
	 

  
	
  	By:
   
	  
	 

  	 
  	
Name:
  
	 

  	 
  	
Title:
  

	 

  	
    Signature Page to Limited Waiver and Amendment
  
	 

  
	 

  
	 

  
	
HOLDER/BUYER:
  	 
  	 

  
	 

  	 
  	
CAMOFI MASTER LDC
  
	 

  
	 

  
	

  	By:
   
	  
	 

  	 
  	
Name:
  
	 

  	 
  	
Title:
  

	 

  	
    Signature Page to Limited Waiver and Amendment
  
	 

  
	 

  
	 

  
	
HOLDER/BUYER:
  	 
  	 

  
	 

  	 
  	
CREDIT SUISSE SECURITIES (USA) LLC
  
	 

  
	 

  
	

  	By:
   
	  
	 

  	 
  	
Name:
  
	 

  	 
  	
Title:
  

	 

  	
    Signature Page to Limited Waiver and Amendment
  
	 

  
	 

  
	 

  
	
HOLDER/BUYER:
  	 
  	 

  
	 

  	 
  	
DIAMOND OPPORTUNITY FUND, LLC
  
	 

  
	 

  
	

  	By:
   
	  
	 

  	 
  	
Name:
  
	 

  	 
  	
Title:
  

	 

  	
    Signature Page to Limited Waiver and Amendment
  
	 

  
	 

  
	 

  
	
HOLDER/BUYER:
  	 
  	 

  
	 

  	 
  	
EVOLUTION MASTER FUND LTD SPC,
  
	 

  	 
  	
SEGREGATED PORTFOLIO M
  
	 

  
	 

  
	

  	By:
   
	  
	 

  	 
  	
Name:
  
	 

  	 
  	
Title:
  

	 

  	
    Signature Page to Limited Waiver and Amendment
  
	 

  
	 

  
	 

  
	
HOLDER/BUYER:
  	 
  	 

  
	 

  	 
  	
GOTTBETTER CAPITAL MASTER, LTD.
  
	 

  
	 

  
	

  	By:
   
	  
	 

  	 
  	
Name:
  
	 

  	 
  	
Title:
  

	 

  	
    Signature Page to Limited Waiver and Amendment
  
	 

  
	 

  
	 

  
	
HOLDER/BUYER:
  	 
  	 

  
	 

  	 
  	
HARVEST CAPITAL, LP
  
	 

  
	 

  
	

  	By:
   
	  
	 

  	 
  	
Name:
  
	 

  	 
  	
Title:
  

	 

  	
    Signature Page to Limited Waiver and Amendment
  
	 

  
	 

  
	 

  
	
HOLDER/BUYER:
  	 
  	 

  
	 

  	 
  	
HARVEST OFFSHORE INVESTORS,
  
	 

  	 
  	
LTD.
  
	 

  
	 

  
	

  	By:
   
	  
	 

  	 
  	
Name:
  
	 

  	 
  	
Title:
  

	 

  	
    Signature Page to Limited Waiver and Amendment
  
	 

  
	 

  
	 

  
	
HOLDER/BUYER:
  	 
  	 

  
	 

  	 
  	
TE HARVEST PORTFOLIO, LTD.
  
	 

  
	 

  
	

  	By:
   
	  
	 

  	 
  	
Name:
  
	 

  	 
  	
Title:
  

	 

  	
    Signature Page to Limited Waiver and Amendment
  
	 

  
	 

  
	 

  
	
HOLDER/BUYER:
  	 
  	 

  
	 

  	 
  	
JMG CAPITAL PARTNERS, LP
  
	 

  
	 

  
	

  	By:
   
	  
	 

  	 
  	
Name:
  
	 

  	 
  	
Title:
  

	 

  	
    Signature Page to Limited Waiver and Amendment
  
	 

  
	 

  
	 

  
	
HOLDER/BUYER:
  	 
  	 

  
	 

  	 
  	
JMG TRITON OFFSHORE FUND, LTD
  
	 

  
	 

  
	

  	By:
   
	  
	 

  	 
  	
Name:
  
	 

  	 
  	
Title:
  

	 

  	
    Signature Page to Limited Waiver and Amendment
  
	 

  
	 

  
	 

  
	
HOLDER/BUYER:
  	 
  	 

  
	 

  	 
  	
SHOSHONE PARTNERS, L.P.
  
	 

  
	 

  
	

  	By:
   
	  
	 

  	 
  	
Name:
  
	 

  	 
  	
Title:
  

	 

  	
    Signature Page to Limited Waiver and Amendment
  
	 

  
	 

  
	 

  
	
HOLDER/BUYER:
  	 
  	 

  
	 

  	 
  	
KNOTT PARTNERS, L.P.
  
	 

  
	 

  
	

  	By:
   
	  
	 

  	 
  	
Name:
  
	 

  	 
  	
Title:
  

	 

  	
    Signature Page to Limited Waiver and Amendment
  
	 

  
	 

  
	 

  
	
HOLDER/BUYER:
  	 
  	 

  
	 

  	 
  	
FINDERNE LLC
  
	 

  
	 

  
	

  	By:
   
	  
	 

  	 
  	
Name:
  
	 

  	 
  	
Title:
  

	 

  	
    Signature Page to Limited Waiver and Amendment
  
	 

  
	 

  
	 

  
	
HOLDER/BUYER:
  	 
  	 

  
	 

  	 
  	
MULSANNE PARTNERS, L.P.
  
	 

  
	 

  
	

  	By:
   
	  
	 

  	 
  	
Name:
  
	 

  	 
  	
Title:
  

	 

  	
    Signature Page to Limited Waiver and Amendment
  
	 

  
	 

  
	 

  
	
HOLDER/BUYER:
  	 
  	 

  
	 

  	 
  	
MATTERHORN OFFSHORE FUND LTD.
  
	 

  
	 

  
	

  	By:
   
	  
	 

  	 
  	
Name:
  
	 

  	 
  	
Title:
  

	 

  	
    Signature Page to Limited Waiver and Amendment
  
	 

  
	 

  
	 

  
	
HOLDER/BUYER:
  	 
  	 

  
	 

  	 
  	
COMMONFUND HEDGED EQUITY
  
	 

  	 
  	
COMPANY
  
	 

  
	 

  
	

  	By:
   
	  
	 

  	 
  	
Name:
  
	 

  	 
  	
Title:
  

	 

  	
    Signature Page to Limited Waiver and Amendment
  
	 

  
	 

  
	 

  
	
HOLDER/BUYER:
  	 
  	 

  
	 

  	 
  	
GOOD STEWARD TRADING CO. S.P.C.
  
	 

  
	 

  
	

  	By:
   
	  
	 

  	 
  	
Name:
  
	 

  	 
  	
Title:
  

	 

  	
    Signature Page to Limited Waiver and Amendment
  
	 

  
	 

  
	
HOLDER/BUYER:
  	 
  	 

  
	 

  	 
  	
RADCLIFFE SPC, LTD. FOR AND ON
  
	 

  	 
  	
BEHALF OF THE CLASS A
  
	 

  	 
  	
SEGREGATED PORTFOLIO
  
	 

  
	 

  
	

  	By:
   
	  
	 

  	 
  	
Name:
  
	 

  	 
  	
Title:
  

	 

  	
    Signature Page to Limited Waiver and Amendment
  
	 

  
	 

  
	 

  
	
HOLDER/BUYER:
  	 
  	 

  
	 

  	 
  	
WOLVERINE CONVERTIBLE
  
	 

  	 
  	
ARBITRAGE FUND TRADING LIMITED
  
	 

  
	 

  
	

  	By:
   
	  
	 

  	 
  	
Name:
  
	 

  	 
  	
Title:
  

	 

  	
    Signature Page to Limited Waiver and Amendment
  
	
HOLDER/BUYER:
  	 
  	 

  
	
  	By:  
	 
	 

  	 
  	
    Anthony Marcello, Sr., individually
    

	 

  	 
  	
Signature Page to Limited Waiver and Amendment
  
	
HOLDER/BUYER:
  	 
  	 

  
	

  	By:
   
	  
	 

  	 
  	 Christopher Dombalis, individually
  

	 

  	
    Signature Page to Limited Waiver and Amendment
  
	
HOLDER/BUYER:
  	 
  	 

  
	

  	By:
   
	  
	 

  	 
  	
    Darren Young, individually
    

	 

  	
    Signature Page to Limited Waiver and Amendment
  
	
HOLDER/BUYER:
  	 
  	 

  
	

  	By:
   
	  
	 

  	 
  	 Gregory DeSaye, individually
  

	 

  	
    Signature Page to Limited Waiver and Amendment
  
	
HOLDER/BUYER:
  	 
  	 

  
	

  	By:
   
	  
	 

  	 
  	
    James O'Neill, individually
    

	 

  	 
  	
Signature Page to Limited Waiver and Amendment
  
	
HOLDER/BUYER:
  	 
  	 

  
	

  	By:
   
	  
	 

  	 
  	 Jerry Huang, individually
  

	 

  	
    Signature Page to Limited Waiver and Amendment
  
	
HOLDER/BUYER:
  	 
  	 

  
	

  	By:
   
	  
	 

  	 
  	
    Josephine Viera, individually
    

	 

  	 
  	
Signature Page to Limited Waiver and Amendment
  
	
HOLDER/BUYER:
  	 
  	 

  
	

  	By:
   
	  
	 

  	 
  	 Joseph D'Agostino, individually
  

	 

  	
    Signature Page to Limited Waiver and Amendment
  
	
HOLDER/BUYER:
  	 
  	 

  
	

  	By:
   
	  
	 

  	 
  	
    John Kurowski, individually
    

	 

  	
    Signature Page to Limited Waiver and Amendment
  
	
HOLDER/BUYER:
  	 
  	 

  
	

  	By:
   
	  
	 

  	 
  	
    Joseph DeSaye, individually
    

	 

  	 
  	
Signature Page to Limited Waiver and Amendment
  
	
HOLDER/BUYER:
  	 
  	 

  
	

  	By:
   
	  
	 

  	 
  	 Juan Rocio, individually
  

	 

  	 
  	
Signature Page to Limited Waiver and Amendment
  
	
HOLDER/BUYER:
  	 
  	 

  
	

  	By:
   
	  
	 

  	 
  	 Kenneth Kausner, individually
  

	 

  	
    Signature Page to Limited Waiver and Amendment
  
	
HOLDER/BUYER:
  	 
  	 

  
	

  	By:
   
	  
	 

  	 
  	
    Lucille Waldrip, individually
    

	 

  	 
  	
Signature Page to Limited Waiver and Amendment
  
	
HOLDER/BUYER:
  	 
  	 

  
	

  	By:
   
	  
	 

  	 
  	 Michael DeSaye, individually
  

	 

  	 
  	
Signature Page to Limited Waiver and Amendment
  
	
HOLDER/BUYER:
  	 
  	 

  
	

  	By:
   
	  
	 

  	 
  	 Michael Johnson, individually
  

	 

  	 
  	
Signature Page to Limited Waiver and Amendment
  
	
HOLDER/BUYER:
  	 
  	 

  
	

  	By:
   
	  
	 

  	 
  	 Paul Gaidis, individually
  

	 

  	 
  	
Signature Page to Limited Waiver and Amendment
  
	
HOLDER/BUYER:
  	 
  	 

  
	

  	By:
   
	  
	 

  	 
  	 Raymer McQuiston, individually
  

	 

  	
    Signature Page to Limited Waiver and Amendment
  
	
HOLDER/BUYER:
  	 
  	 

  
	

  	By:
   
	  
	 

  	 
  	
    Robert Agresti, individually
    

	 

  	
    Signature Page to Limited Waiver and Amendment
  
	
HOLDER/BUYER:
  	 
  	 

  
	

  	By:
   
	  
	 

  	 
  	 Robert Wu, individually
  

	 

  	
    Signature Page to Limited Waiver and Amendment
  
	
HOLDER/BUYER:
  	 
  	 

  
	

  	By:
   
	  
	 

  	 
  	
    Robert O'Neill, individually
    

	 

  	
    Signature Page to Limited Waiver and Amendment
  
	
HOLDER/BUYER:
  	 
  	 

  
	

  	By:
   
	  
	 

  	 
  	 Robert Lee, individually
  

	 

  	
    Signature Page to Limited Waiver and Amendment
  
	 

  
	 

  
	 

  
	
HOLDER/BUYER:
  	 
  	 

  
	 

  	 
  	 RAYMOND JAMES & ASSOCIATES, INC.
  
	 

  
	 

  
	
  	By:  
	 
	 

  	 
  	
Name:
  
	 

  	 
  	
Title:
  

EXHIBIT A – FURTHER TERMS TO BE INCORPORATED IN AMENDMENTS

	
1.     	
Reset of the Reissue Dates associated with the Change of Control Premium and the Adjustment of Conversion Price Upon Issuance of Common Stock provisions so that they each commence as of November 23, 2007.

  
	 	 
	
2.     	
$250k amendment fee (to be paid in kind through the issuance to each of the Holders of additional Secured Convertible Notes) and reimbursement of Paul Weiss’ legal fees and expenses.

  
	 	 
	
3.     	
Increase in the Secured Convertible Notes interest rate effective November 23, 2007 by 1.5%.

  
	 	 
	
4.     	
Reduction of the conversion price and warrant strike price associated with all the Secured Convertible Notes to $3/share, effective November 23, 2007. Company shall have the right, without the consent of the
Holders, to reduce the warrant strike price for the “pipe-holders” to $5.50.

  
	 	 
	
5.     	
Holders consent to the filing of the Company’s 10 Q not later than the close of business on Tuesday, November 20, 2007.

  
	 	 
	
6.     	
Financial Covenants to be reset effective November 23, 2007 per Exhibit B attached.

  

Exhibit B 

Total Leverage Ratio 

Intentionally Omitted. 

Consolidated Last Twelve Months EBITDA 

	
Applicable Period -- July 1, 2007 to period ending
  	
Minimum EBITDA
  
	
on:
  	 

  	 

  
	
December 31, 2007
  	 

  	
$6,525,000
  
	
March 31, 2008
  	 

  	
$7,605,000
  
	
June 30, 2008
  	 

  	
$10,170,000
  
	 

  
	
Applicable Period  -- Last twelve (12) consecutive months ending:
  

	
September 30, 2008
  	 

  	
$12,330,000
  
	
December 31, 2008
  	 

  	
$12,600,000
  
	
March 31, 2009
  	 

  	
$13,050,000
  
	
June 30, 2009
  	 

  	
$13,275,000
  
	
September 30, 2009
  	 

  	
$13,725,000
  
	
December 31, 2009
  	 

  	
$14,175,000
  
	
March 31, 2010
  	 

  	
$14,400,000
  
	
June 30, 2010
  	 

  	
$14,400,000
  
	
September 30, 2010
  	 

  	
$14,400,000
  
	
December 31, 2010
  	 

  	
$14,400,000
  
	
March 31, 2011
  	 

  	
$14,400,000
  
	
June 30, 2011
  	 

  	
$14,400,000
  
	 September
    30, 2011 
	 

  	 $14,400,000 

Fixed Charge Coverage Ratio 

	
Applicable Period -- July 1, 2007 to period
  	
Fixed Charge Coverage Ratio
  
	
ending on:
  	 

  	 

  
	
December 31, 2007
  	 

  	
0.6525 : 1.00
  
	
January 31, 2008
  	 

  	
0.5625 : 1.00
  
	
February 29, 2008
  	 

  	
0.5625 : 1.00
  
	
March 31, 2008
  	 

  	
0.5400 : 1.00
  
	
April 30, 2008
  	 

  	
0.4500 : 1.00
  
	
May 31, 2008
  	 

  	
0.4500 : 1.00
  
	
June 30, 2008
  	 

  	
0.5400 : 1.00
  
	 

  
	
Applicable Period -- Last twelve (12) consecutive months ending on:
  
	
July 31, 2008
  	 

  	
0.4500 : 1.00
  
	
August 31, 2008
  	 

  	
0.4500 : 1.00
  
	
September 30, 2008
  	 

  	
0.6300 : 1.00
  
	
October 31, 2008
  	 

  	
0.5400 : 1.00
  
	
November 30, 2008
  	 

  	
0.5400 : 1.00
  
	
December 31, 2008
  	 

  	
0.6300 : 1.00
  
	
March 31, 2009
  	 

  	
0.6300 : 1.00
  
	
June 30, 2009
  	 

  	
0.5850 : 1.00
  
	
September 30, 2009
  	 

  	
0.5850 : 1.00
  
	
December 31, 2009
  	 

  	
0.6300 : 1.00
  
	
March 31, 2010
  	 

  	
0.6750 : 1.00
  
	
June 30, 2010
  	 

  	
0.7200 : 1.00
  
	
September 30, 2010
  	 

  	
0.7650 : 1.00
  
	
December 31, 2010
  	 

  	
0.8100 : 1.00
  
	
March 31, 2011
  	 

  	
0.8550 : 1.00
  
	
June 30, 2011
  	 

  	
0.9000 : 1.00
  
	
September 30, 2011
  	 

  	
0.9000 : 1.00c51330_ex10-51.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

[11/19/07]

AMENDMENT NO. 5 TO LOAN AGREEMENT

     THIS AMENDMENT NO. 5 TO LOAN AGREEMENT (this “Amendment No. 5”), dated as of November __, 2007, is entered into by and among Fortress Credit Corp., a Delaware corporation, in its capacity as
administrative and collateral agent acting for and on behalf of the parties to the Loan Agreement (as hereinafter defined) as lenders (in such capacity, “Agent”), the parties to the Loan Agreement as lenders (each individually a
“Lender” and collectively, “Lenders”), Maritime Logistics US Holdings Inc., a Delaware corporation (“MLI”), Summit Logistics International Inc, a New Jersey corporation (“Summit”), SeaMaster Logistics Inc., a
Delaware corporation (“SeaMaster”), AmeRussia Shipping Company Inc., a Delaware corporation (“AmeRussia Shipping”), FMI International LLC, a Delaware limited liability company (“FMI International”), Fashion Marketing,
Inc., a New Jersey corporation (“FM”), FMI International Corp. (West), a New Jersey corporation (“FMIW”), FMI International Corp., a New Jersey corporation (“FMII”), Freight Management LLC, a Delaware limited liability
company (“FMLLC”), FMI Trucking, Inc., a New Jersey corporation (“Trucking”), FMI Express Corp., a New Jersey corporation (“Express”), Clare Freight, Los Angeles, Inc., a California corporation (“Clare”), TUG
New York, Inc., a New York corporation (“TUG NY”), Summit Global Logistics, Inc. (formerly known as Aerobic Creations, Inc.), a Delaware corporation (“Parent”), TUG USA, Inc., a New Jersey corporation, formerly known as Dolphin
US Logistics Inc (“TUG USA”), AMR Investments Inc, a New Jersey corporation (“AMRI”) and FMI Holdco I, LLC, a Delaware limited liability company (“FMI Holdco”, and together with MLI, Summit, SeaMaster, AmeRussia
Shipping, FM, FMI International, FMIW, FMII, FMLLC, Trucking, Express, Clare, TUG NY, Parent, TUG USA, AMRI and FMI Holdco, each individually, a “Borrower” and collectively, “Borrowers”), the parties to the Loan Agreement as
guarantors (each individually, a “Guarantor” and collectively, “Guarantors”). 

W I T N
E S S E
T H:

     WHEREAS, Agent, Lenders, Borrowers and Guarantors have entered into financing arrangements pursuant to which Lenders (or Agent on behalf of Lenders) have made and may make loans and advances and
provide other financial accommodations to Borrowers as set forth in the Loan Agreement, dated as of November 8, 2006, by and among Agent, Lenders, Borrowers and Guarantors, as amended by Amendment No. 1, dated May 21, 2007, by and among Agent,
Lenders, Borrowers and Guarantors, Amendment No. 2, dated July 31, 2007, by and among Agent, Lenders, Borrowers and Guarantors, Amendment No. 3, dated August 9, 2007, by and among Agent, Lenders, Borrowers and Guarantors, and Amendment No. 4, dated
September 11, 2007, by and among Agent, Lenders, Borrowers and Guarantors (as the same may hereafter be amended, modified, supplemented, extended, renewed, restated or replaced, the “Loan Agreement”, and together with this Amendment No. 5,
and all other agreements, documents and instruments at any time executed and/or delivered in connection therewith or related thereto, as from time to time amended, modified, supplemented, extended, renewed, restated, or replaced, collectively, the
“Loan Documents”); 

     
WHEREAS, Borrowers and Guarantors have requested that Agent and Lenders agree to

certain amendments to the Loan Agreement, and Agent and Lenders are willing hereby to make such amendments, subject to and in accordance with the terms and conditions set forth herein; 

     WHEREAS, the parties hereto desire to enter into this Amendment No. 5 to evidence and effectuate such amendments to the Loan Agreement relating thereto, in each case subject to the terms and
conditions and to the extent set forth herein;

     NOW, THEREFORE, in consideration of the premises and covenants set forth herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties
hereto agree as follows: 

     
Section 1. Definitions and Interpretation.

          1.1 Additional Definitions. As used herein, the following terms shall have the meanings given to them below,
and the Loan Agreement and the other Loan Documents are hereby amended to include, in addition and not in limitation, the following definitions: 

          (a) “Amendment No. 5” shall mean this Amendment No. 5 to Loan Agreement by and among Agent, Lenders, Borrowers and Guarantors.

          (b) “Existing Defaults” shall mean, collectively, the Events of Default arising under the Loan Agreement that have occurred as a
result of (i) the failure of Borrowers and Guarantors to comply with certain financial covenants set forth in Section 6.03 of the Loan Agreement (Consolidated Last Twelve Months EBITDA; Fixed Charge Coverage Ratio), in each case for the respective
periods ending on June 30, 2007 and, with respect to Consolidated Last Twelve Months EBITDA, July 31, 2007, August 31, 2007 and September 30, 2007, (ii) (A) the defaults that occurred under the Senior Convertible Notes pursuant to the failure to
comply with the financial covenants set forth in Section 14(l) of the Senior Convertible Notes, in each case for the respective periods ending on June 30, 2007 (the “Noteholder Financial Covenant Default”), (B) the defaults that occurred
under Section 4(a)(xviii) of the Senior Convertible Notes as a result of the occurrence of an Event of Default (as defined in the Senior Convertible Notes) under any Other Note (as defined in the Senior Convertible Notes) which were triggered by the
occurrence of the Noteholder Financial Covenant Default, and (C) the defaults that occurred under the Senior Convertible Notes pursuant to the failure to file a registration statement on Form S-1 within the time required therefor in the Noteholder
Documents and to pay any fees or penalties resulting there from or to accrue and not pay any such penalty or fee, (iii) the failure of Borrowers and Guarantors to comply with Section 6.01(t)(iv) of the Loan Agreement, within the time period
required, with respect to the deposit accounts and investment accounts of Clare, and (iv) the termination of the employment of the consulting firms of RAS Management Advisors, Inc and Alvarez and Marsal, Inc. 

          
1.2 Amendment to Definitions.

          (a) The definition of the term “Applicable Margin” set forth in the Loan Agreement is hereby deleted in its entirety and the
following substituted therefor: 

2

	
“Applicable Margin” means: 
		 
		 

		 

		 
		 

		 

	
	 

	
	 

		 
		 

		 

		 
		
Applicable Margin
		 

	
	
Consolidated Last Twelve Months 
		 
		
Applicable Margin
		 

		 
		
(Reference Rate
		 

	
	
EBITDA 
		 
		
(LIBOR Rate Loans)
		 

		 
		
Loans)
		 

	
	 

	
	
Equal to or less than $15,000,000 
		 
		 

		 

		 
		 

		 

	
	 

		 
		
6.75
		
% 
		 
		
5.75
		
% 
	
	 

	
	
Greater than $15,000,000 
		 
		 

		 

		 
		 

		 

	
	 

		 
		
5.75
		
% 
		 
		
4.75
		
% 
	

 provided, that,
    (a) the Applicable Margin shall be calculated and established once each fiscal
    quarter based on the Consolidated EBITDA of Parent and its Subsidiaries for
    the immediately preceding twelve (12) month period ending as of the last
    day of the immediately preceding fiscal quarter and shall remain in effect
    until adjusted thereafter after the end of the next fiscal quarter, (b) each
    adjustment to the Applicable Margin shall be effective on the date that Agent
    receives the financial statements of Parent and its Subsidiaries for the
    immediately preceding fiscal quarter in accordance with Section 6.01(a)(i)
    and shall remain in effect until adjusted thereafter during the next fiscal
    quarter, (c) the failure to deliver the financial statements pursuant to
    Section 6.01(a)(i) hereof on the required date shall automatically cause
    the Applicable Margin for each LIBOR Rate Loan and Reference Rate Loan to
    be the highest applicable rate set forth above, effective as of the date
    on which the delivery of the financial statements was otherwise required
    until the date on which such financial statements are so delivered to Agent
    at which time the Applicable Margin shall be adjusted in accordance with
    clause (a) above, (d) in the event that any of the information provided to
    Agent which is used in the calculation of the Applicable Margin for any period
    is subsequently restated or is otherwise changed thereafter, then if the
    Applicable Margin for the applicable period would have resulted in a higher
    rate, Borrowers shall promptly upon demand pay to Agent any additional amount
    in respect of interest that would have been required based on the higher
    Applicable Margin.” 

          1.3 Interpretation. All capitalized terms used herein shall have the meanings assigned to them in the Loan
Agreement, unless otherwise defined herein. 

     
Section 2. Waivers.

          2.1 Subject to the terms and conditions contained herein, Agent and Lenders hereby waive each of the Existing Defaults as of the date such
Existing Default occurred.

          2.2 Agent and Lenders have not waived and are not by this agreement waiving, and have no present intention of waiving, any Events of Default
(other than the Existing Defaults) which may have occurred prior to the date hereof, or may be continuing on the date hereof or any Event of Default which may occur or may be anticipated to occur after the date hereof, whether based on the failure
to comply with Section 6.03 or Section 6.01(t)(iv) of the Loan Agreement at 

3

any time hereafter or otherwise and whether Agent or any Lender may have any notice or information with respect thereto as of the date hereof. Agent and Lenders reserve the right, in their discretion, to exercise any or all of its
or their rights and remedies arising under the Loan Documents as a result of any Events of Default (other than the Existing Defaults) which may have occurred prior to the date hereof, or are continuing on the date hereof (after giving effect to this
Amendment No. 5), or any Event of Default which may occur after the date hereof, whether based on the failure to comply with Section 6.03 or Section 6.01(t)(iv) of the Loan Agreement at any time hereafter or otherwise. 

     Section 3. Consent to Extension of Time to File Form 10-Q. Notwithstanding anything to the contrary contained
in the Loan Agreement or the other Loan Documents, Agent and Lenders consent to the filing of Borrowers’ and Guarantors’ quarterly report on Form 10-Q for the fiscal quarter ended September 30, 2007 no later than November 20, 2007.

     Section 4. Interest Rate. Notwithstanding anything to the contrary set forth in the Loan Agreement or
otherwise, for the period from June 30, 2007 through and including the effective date of this Amendment No. 5, the principal of, and all accrued and unpaid interest on, all Loans, fees, indemnities, or any other outstanding Obligations of Borrowers
and Guarantors under the Loan Agreement and the other Loan Documents, shall bear interest, for such period at a rate per annum equal to the LIBOR Rate plus six and three-quarters (6.75%) percent, and Borrowers shall make such payments to Agent in an
amount equal to the difference between the interest previously paid by Borrowers for such period and the amount required to be paid as a result of the application of the such rate as provided herein. 

     
Section 5. Financial Covenants.

          
5.1 Leverage Ratio.

          (a) Section 6.03(a) of the Loan Agreement is hereby deleted in its entirety and the following substituted therefor: “Intentionally
omitted”. 

          (b) Schedule 6.03(a) to the Loan Agreement is hereby deleted in its entirety and replaced with the corresponding numbered schedule constituting
Amended and Restated Schedule 6.03(a) included in Exhibit A to this Amendment No. 5. 

          
5.2 Consolidated EBITDA.

          (a) Section 6.03(b) of the Loan Agreement is hereby deleted in its entirety and the following is substituted therefor: 

               “(b) Consolidated EBITDA. Permit Consolidated EBITDA of the Parent and its Subsidiaries for the period ending on the last day of the
month set forth on Schedule 6.03(b) hereto to be less than the applicable amount for such period set forth on such Schedule.” 

          (b) Schedule 6.03(b) to the Loan Agreement is hereby deleted in its entirety and replaced with the corresponding numbered schedule constituting
Amended and Restated 

4 

Schedule 6.03(b) included in Exhibit A to this Amendment No. 5.

          
5.3 Fixed Charge Coverage Ratio.

          (a) Section 6.03(c) of the Loan Agreement is hereby deleted in its entirety and the following is substituted therefor 

               “(c) Fixed Charge Coverage Ratio. Permit the Fixed Charge Coverage Ratio of the Parent and its Subsidiaries for the period ending on the
last day of the month set forth on Schedule 6.03(c) hereto to be less than the applicable amount for such period set forth on such Schedule.” 

          (b) Schedule 6.03(c) to the Loan Agreement is hereby deleted in its entirety and replaced with the corresponding numbered schedule constituting
Amended and Restated Schedule 6.03(c) included in Exhibit A to this Amendment No. 5. 

     Section 6. Amendment Fee. In addition to all other fees, charges, interest and expenses payable by Borrowers
to Agent and Lenders under the Loan Agreement and the other Loan Documents, Borrowers shall pay to Agent a fee for entering into this Amendment No. 5 and the transactions referred to herein in the amount of $250,000, which amount is fully earned
and due and payable as of the date hereof, and which amount shall be added on the date hereof to the outstanding principal balance of the Term Loan. 

     Section 7. Additional Representations, Warranties and Covenants. In addition to the continuing
representations, warranties and covenants heretofore or hereafter made by Borrowers and Guarantors to Agent and Lenders pursuant to the other Loan Documents, each of Borrowers and Guarantors, jointly and severally, hereby represents, warrants and
covenants with and to Agent and Lenders as follows (which representations, warranties and covenants are continuing and shall survive the execution and delivery hereof and shall be incorporated into and made a part of the Loan Documents): 

     7.1 On or before December 20, 2007, Borrowers and Guarantors shall enter into an amendment or amendments to the Loan Agreement and the other
Loan Documents, in form and substance satisfactory to Agent in its sole discretion, pursuant to which, among other things as determined by Agent, the aggregate principal amount of the Term Loans outstanding as of such date, together with accrued and
unpaid interest thereon, shall from and after such date for all purposes and in all respects be deemed to be, and restated as, Revolving Loans, subject to the terms and conditions in the Loan Agreement and the other Loan Documents applicable to
Revolving Loans and repaid in accordance with such terms. Such amendment or amendments shall provide, among other things, that such restatement shall not, in any manner, be construed to constitute payment of, or impair, limit, cancel or extinguish,
or constitute a novation in respect of, the Indebtedness and other obligations and liabilities of Borrowers evidenced by or arising under the Loan Agreement, and the liens and security interests of Agent securing such Indebtedness and other
obligations and liabilities shall not in any manner be impaired, limited, terminated, waived or released, but shall continue in full force and effect in favor of Agent. In the event that Borrowers and Guarantors have not entered into such amendment
or amendments 

5

on or before December 20, 2007, this Amendment No. 5 shall be of no further force or effect. 

     7.2 This Amendment No. 5 has been duly authorized, executed and delivered by all necessary corporate action on the part of each Borrower and
Guarantor which is a party hereto, and is in full force and effect as of the date hereof, and the agreements and obligations of Borrowers and Guarantors contained herein constitute legal, valid and binding obligations of Borrowers and Guarantors
enforceable against them in accordance with their terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or other similar laws affecting creditors’ rights
generally.

     7.3 All of the representations and warranties set forth in the Loan Agreement and the other Loan Documents, each as amended hereby, are true
and correct in all material respects on and as of the date hereof as if made on the date hereof, except to the extent any such representation or warranty is made as of a specified date, in which case such representation or warranty shall have been
true and correct in all material respects as of such date. 

     7.4 All necessary actions and proceedings required by the Loan Documents in connection with this Amendment No. 5, applicable law or regulation
and the transactions contemplated thereby have been duly and validly taken in accordance with the terms thereof, and all required consents thereto under any agreement, document or instrument to which Borrowers and Guarantors are a party, and all
applicable consents or approvals of governmental authorities, have been obtained. 

     7.5 The parties hereto acknowledge, confirm and agree that the failure of any Borrower or Guarantor to comply with the covenants, conditions
and agreements contained herein, or in any other agreement, document or instrument at any time executed and/or delivered by any Borrower or Guarantor with, to or in favor of Agent and Lenders shall constitute an Event of Default under the Loan
Agreement and the other Loan Documents. 

     7.6 Borrowers and Guarantors acknowledge, confirm and agree that they are not aware of any Event of Default other than the Existing
Defaults.

     Section 8. Release. In consideration of Agent and Lenders entering into this Amendment No. 5, and other
consideration provided for in this Amendment No. 5, each Borrower and Guarantor hereby fully releases, remises, acquits, irrevocably waives and forever discharges Agent and each Lender under the Loan Agreement, together with their respective
predecessors, successors, assigns, subsidiaries, affiliates and agents and all of their respective past, present and future officers, directors, shareholders, employees, contractors and attorneys and their respective predecessors, successors, heirs,
and assigns, from and with respect to any and all past, present or future actions and causes of action, suits, disputes, controversies, claims, liabilities, obligations, debts, sums of money, offset rights and set-offs, defenses to payment, losses,
damages, judgments, executions and demands of whatever nature (whether known or unknown, liquidated or unliquidated, fixed or contingent, matured or unmatured, asserted or unasserted, foreseen or unforeseen, in contract, in tort or otherwise, or at
law or in equity), arising on or prior to the date hereof, for money damages or dues, recovery of property, or specific performance, in respect of the Loan Agreement and the other Loan Documents and the 

6

transactions contemplated hereby and thereby, all the foregoing being with full knowledge and understanding of the circumstances and effect thereof and after having consulted legal counsel with respect thereto. 

     
Section 9. Conditions Precedent.

          9.1 The effectiveness of the waiver set forth in Section 2 of this Amendment No. is subject to the receipt by Agent, on or before November 21,
2007, in form and substance satisfactory to Agent in its sole discretion, true, correct and complete copies of unconditional waivers (which shall be in full force and effect) of all defaults and events of default arising under the Noteholder
Documents, including, without limitation, the defaults and events of default arising under the Noteholder Documents as a result of the failure to comply with the financial covenants set forth in Section 14(l) of the Senior Convertible Notes, in each
case for the respective periods ending on June 30, 2007, July 31, 2007, August 31, 2007 and September 30, 2007, and pursuant to which Borrowers and Guarantors shall agree, among other things, that they will not pay in cash any fees or penalties
arising from Borrowers’ and Guarantors’ failure to file a registration statement on Form S-1 within the time required therefor in the Noteholder Documents, in each case as duly authorized, executed and delivered by the parties thereto.

          9.2 The effectiveness of the other terms and conditions of this Amendment No. 5 shall be subject to the receipt by Agent, on or before November
21, 2007, in form and substance satisfactory to Agent in its sole discretion, executed original counterparts of this Amendment No 5, duly authorized, executed and delivered by each Borrower and Guarantor and such Lenders may be required under the
Loan Agreement. 

     Section 10. Effect of this Amendment. This Amendment No. 5 and the instruments and agreements delivered pursuant hereto constitute the entire
agreement of the parties with respect to the subject matter hereof and thereof, and supersede all prior oral or written communications, memoranda, proposals, negotiations, discussions, term sheets and commitments with respect to the subject matter
hereof and thereof. Except as expressly amended pursuant hereto and except for the amendments and waivers expressly contained herein, no other changes or modifications or waivers to the Loan Documents are intended or implied, and in all other
respects the Loan Documents are hereby specifically ratified, restated and confirmed by all parties hereto as of the effective date hereof. To the extent that any provision of the Loan Agreement or any of the other Loan Documents are inconsistent
with the provisions of this Amendment No. 5, the provisions this Amendment No. 5 shall control. 

     Section 11. Further Assurances. Borrowers and Guarantors shall execute and deliver such additional documents and take such additional action
as may be reasonably requested by Agent to effectuate the provisions and purposes of this Amendment No. 5.

     Section 12. Costs, Fees and Expenses. Without limiting any of the obligations of Borrowers and Guarantors under the Loan Agreement or any of
the other Loan Documents, Borrowers agree to reimburse Agent and each Lender upon demand by Agent for all costs, fees and expenses (including the reasonable fees and expenses of counsels to Agent and each Lender) incurred in connection with the
preparation, execution and delivery of this Amendment No. 5. 

7

     Section 13. Governing Law. The validity, interpretation and enforcement of this Amendment No. 5 in any dispute arising out of the
relationship between the parties hereto, whether in contract, tort, equity or otherwise shall be governed by the internal laws of the State of New York, without regard to any principle of conflict of laws or other rule of law that would result in
the application of the law of any jurisdiction other than the State of New York.

     Section 14. Binding Effect. This Amendment No. 5 shall be binding upon and inure to the benefit of each of the parties hereto and their
respective successors and assigns.

     Section 15. Counterparts. This Amendment No. 5 may be executed in one or more counterparts, each of which when so executed shall be deemed to
be an original but all of which when taken together shall constitute one and the same instrument. In making proof of this Amendment No. 5, it shall not be necessary to produce or account for more than one counterpart hereof signed by each of the
parties hereto. This Amendment No. 5 may be executed and delivered by telecopier (or other electronic transmission of a manually executed counterpart) with the same force and effect as if it were a manually executed and delivered counterpart. Any
party delivering an executed counterpart of this Amendment No. 5 by telecopier (or other electronic transmission of a manually executed counterpart) shall also deliver an original executed counterpart of this Amendment No. 5, but the failure to
deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Amendment No. 5 as to such party or any other party. 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 

8

     IN WITNESS WHEREOF, the parties hereto have executed and delivered this Amendment No. 5 as of the date first written above. 

BORROWERS: 

MARITIME LOGISTICS US HOLDINGS INC. 

By:
________________________________
 Name:

Title:

SUMMIT LOGISTICS INTERNATIONAL INC 

By:
_________________________________
 Name:

Title:

SEAMASTER LOGISTICS INC. 

By:
_________________________________
 Name:

Title:

AMERUSSIA SHIPPING COMPANY INC. 

By:
_________________________________
 Name:

Title:

FASHION MARKETING, INC. 

By:
_________________________________
 Name:

Title:

FMI INTERNATIONAL LLC 

By:
_________________________________
 Name:

Title:

FMI INTERNATIONAL CORP. (WEST) 

By:
_________________________________
 Name:

Title:

[SIGNATURES CONTINUE ON NEXT PAGE]

signature page for Amendment No. 5

[SIGNATURES CONTINUED FROM PREVIOUS PAGE]

FMI INTERNATIONAL CORP. 

By:
_________________________________
 

Name:

Title:

FREIGHT MANAGEMENT LLC 

By:
_________________________________
 

Name:

Title:

FMI TRUCKING, INC. 

By:
_________________________________
 

Name:

Title:

FMI EXPRESS CORP. 

By:
_________________________________
 

Name:

Title:

CLARE FREIGHT, LOS ANGELES, INC. 

By:
________________________________
 

Name:

Title:

TUG NEW YORK, INC. 

By:
_________________________________
 

Name:

Title:

[SIGNATURES CONTINUE ON NEXT PAGE] 

signature page for Amendment No. 5 

[SIGNATURES CONTINUED FROM PREVIOUS PAGE]

SUMMIT GLOBAL LOGISTICS, INC. (formerly

known as Aerobic Creations, Inc.) 

By:
________________________________
 Name:

Title:

TUG USA, INC. (formerly known as Dolphin US

Logistics Inc.) 

By:
_________________________________
 Name:

Title:

AMR INVESTMENTS INC 

By:
_________________________________
 Name:

Title:

FMI HOLDCO I, LLC 

By:
_________________________________
 Name:

Title:

[SIGNATURES CONTINUE ON NEXT PAGE]

signature page for Amendment No. 5 

[SIGNATURES CONTINUED FROM PREVIOUS PAGE]

FORTRESS CREDIT CORP., as Agent 

By:
_________________________________
 Name:

Title:

LENDERS: 

FORTRESS CREDIT OPPORTUNITIES I LP 

By: FORTRESS CREDIT OPPORTUNITIES I GP LLC, its General Partner 

By:
_________________________________
 Name:

Title:

FORTRESS CREDIT OPPORTUNITIES II LP 

By: FORTRESS CREDIT OPPORTUNITIES II GP LLC, its General Partner 

By:
_________________________________
 Name:

Title:

FORTRESS PARTNERS FUND LP 

By: FORTRESS PARTNERS GP LLC, its General Partner 

By:
_________________________________
 Name:

Title:

[SIGNATURES CONTINUE ON NEXT PAGE] 

signature page for Amendment No. 5 

[SIGNATURES CONTINUED FROM PREVIOUS PAGE]

FORTRESS PARTNERS CLO LP 

By: FORTRESS PARTNERS CLO GP LLC, its General Partner 

By:
_________________________________
 Name:

Title:

FORTRESS CREDIT FUNDING III LP 

By: FORTRESS CREDIT FUNDING III GP LLC, its General Partner 

By:
_________________________________
 Name:

Title:

FORTRESS CREDIT FUNDING IV LP 

By: FORTRESS CREDIT FUNDING IV GP LLC, its General Partner 

By:
_________________________________
 Name:

Title:

[SIGNATURES CONTINUE ON NEXT PAGE] 

signature page for Amendment No. 5 

[SIGNATURES CONTINUED FROM PREVIOUS PAGE]

ABLECO FINANCE LLC 

By:
_________________________________
 Name: 

Title:

[SIGNATURES CONTINUE ON NEXT PAGE]

signature page for Amendment No. 5 

[SIGNATURES CONTINUED FROM PREVIOUS PAGE]

PLAINFIELD DIRECT LLC 

By:
_________________________________
 Name: 

Title:

signature page for Amendment No. 5 

     EXHIBIT A

to

AMENDMENT NO. 5

SCHEDULE 6.03(a) 

Total Leverage Ratio 

Intentionally Omitted. 

SCHEDULE 6.03(b) 

Consolidated EBITDA 

	
Applicable Period-- July 1, 2007 to period ending on: 
		
Minimum EBITDA 
	
	
December 31, 2007 
		
$
		
7,250,000 
	
	
March 31, 2008 
		
$
		
8,450,000 
	
	
June 30, 2008 
		
$
		
11,300,000 
	
	
Applicable Period-- Last twelve (12) consecutive months ending: 
	
	
September 30, 2008 
		
$
		
13,700,000 
	
	
December 31, 2008 
		
$
		
14,000,000 
	
	
March 31, 2009 
		
$
		
14,500,000 
	
	
June 30, 2009 
		
$
		
14,750,000 
	
	
September 30, 2009 
		
$
		
15,250,000 
	
	
December 31, 2009 
		
$
		
15,750,000 
	
	
March 31, 2010 
		
$
		
16,000,000 
	
	
June 30, 2010 
		
$
		
16,000,000 
	
	
September 30, 2010 
		
$
		
16,000,000 
	
	
December 31, 2010 
		
$
		
16,000,000 
	
	
March 31, 2011 
		
$
		
16,000,000 
	
	
June 30, 2011 
		
$
		
16,000,000 
	
	
September 30, 2011 
		
$
		
16,000,000 
	

Note: For purposes of determining compliance with Section 6.03(b), accruals arising from volume discounts given by the A.P. Moller - Maersk Group to the Parent and its Subsidiaries will not be considered.

SCHEDULE 6.03(c) 

Fixed Charge Coverage Ratio 

	
Applicable Period-- July 1, 2007 to period 
		 
		
Fixed Charge Coverage Ratio 
	
	
ending on: 
		 

	
	
December 31, 2007 
		
0.72 : 1.00 
	
	
January 31, 2008 
		
0.65 : 1.00 
	
	
February 29, 2008 
		
0.65 : 1.00 
	
	
March 31, 2008 
		
0.60 : 1.00 
	
	
April 30, 2008 
		
0.50 : 1.00 
	
	
May 31, 2008 
		
0.50 : 1.00 
	
	
June 30, 2008 
		
0.60 : 1.00 
	
	
Applicable Period-- Last twelve (12) consecutive months ending on: 
	
	
July 31, 2008 
		
0.50:1.00 
	
	
August 31, 2008 
		
0.50:1.00 
	
	
September 30, 2008 
		
0.70 : 1.00 
	
	
October 31, 2008 
		
0.60 : 1.00 
	
	
November 30, 2008 
		
0.60 : 1.00 
	
	
December 31, 2008 
		
0.70 : 1.00 
	
	
March 31, 2009 
		
0.70 : 1.00 
	
	
June 30, 2009 
		
0.65 : 1.00 
	
	
September 30, 2009 
		
0.65 : 1.00 
	
	
December 31, 2009 
		
0.70 : 1.00 
	
	
March 31, 2010 
		
.75 : 1.00 
	
	
June 30, 2010 
		
.80 : 1.00 
	
	
September 30, 2010 
		
.85 : 1.00 
	

	
December 31, 2010 
		
.90 : 1.00 
	
	
March 31, 2011 
		
.95 : 1.00 
	
	
June 30, 2011 
		
1.00 : 1.00 
	
	
September 30, 2011 
		
1.00 : 1.00 
	

Note: For purposes of determining compliance with Section 6.03(c), accruals arising from volume discounts given by the A.P. Moller - Maersk Group to the Parent and its Subsidiaries will not be considered.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00133-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00133-of-00352.parquet"}]]