Document:

Exhibit 10.3

                                                                  EXECUTION COPY

                                    GUARANTY

            GUARANTY,  dated  as  of  November  8,  2006  made  by  each  of the
undersigned (each a "GUARANTOR", and collectively,  the "GUARANTORS"),  in favor
of Law  Debenture  Trust  Company of New York, a limited  purpose  trust company
chartered  by  the  New  York  State  Banking  Department,  in its  capacity  as
collateral agent (in such capacity,  the "COLLATERAL  AGENT") for the benefit of
the Noteholders (as defined below).

                              W I T N E S S E T H :

            WHEREAS, Maritime Logistics US Holdings Inc., a Delaware corporation
(the  "COMPANY")  and each party  listed as a "Buyer" on the  Schedule of Buyers
attached thereto (each a "BUYER", and collectively,  the "BUYERS" and, together,
with their successors and permitted  assigns,  the "NOTEHOLDERS") are parties to
the  Securities   Purchase  Agreement  dated  November  8,  2006  (as   amended,
supplemented or otherwise  modified from time to time, the "SECURITIES  PURCHASE
AGREEMENT");  pursuant  to which the  Company  will  cause its  parent,  Aerobic
Creations,  Inc.,  a  corporation  organized  under  the  laws of the  state  of
Delaware, to be known as Summit Global Logistics, Inc. ("PUBCO"), to authorize a
new  series  of its  senior  secured  convertible  notes  (as such  Notes may be
amended,  restated,  replaced  or  otherwise  modified  from  time  to  time  in
accordance with the terms thereof, collectively, the "NOTES"), which Notes shall
be convertible into PubCo's common stock in accordance with the terms thereof;

            WHEREAS,  pursuant  to a joinder  agreement  dated the date  hereof,
PubCo shall become a party to the Securities Purchase Agreement;

            WHEREAS,  it is a condition  precedent to the Buyers  purchasing the
Notes that the Guarantors execute and deliver to the Collateral Agent a guaranty
guaranteeing  all of the  obligations  of PubCo  under the  Securities  Purchase
Agreement, the Notes and the Transaction Documents (as defined in the Securities
Purchase Agreement, the "TRANSACTION DOCUMENTS"); and

            WHEREAS, each Guarantor has determined that the execution,  delivery
and performance of this Guaranty directly benefits,  and is in the best interest
of, such Guarantor;

            NOW, THEREFORE,  in consideration of the premises and the agreements
herein  and in order to induce  the  Buyers  to  perform  under  the  Securities
Purchase Agreement, each Guarantor hereby agrees as follows:

            SECTION 1.  DEFINITIONS.  Reference is hereby made to the Securities
Purchase  Agreement and the Notes issued pursuant thereto for a statement of the
terms  thereof.  All  terms  used in this  Guaranty,  which are  defined  in the
Securities  Purchase  Agreement or the Notes and not otherwise  defined  herein,
shall have the same meanings herein as set forth therein.

            SECTION 2. GUARANTY. The Guarantors,  jointly and severally,  hereby
unconditionally and irrevocably,  guaranty, as primary obligor and not merely as
surety,  the full and punctual payment,  as and when due and payable,  by stated
maturity or otherwise, of all

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Obligations  (as defined in the Security  Agreement)  of PubCo from time to time
owing by it in respect of the Securities Purchase  Agreement,  the Notes and the
other Transaction Documents,  including,  without limitation,  all interest that
accrues after the  commencement of any Insolvency  Proceeding (as defined in the
Security  Agreement)  of PubCo or any  Guarantor,  whether or not the payment of
such interest is  unenforceable or is not allowable due to the existence of such
Insolvency  Proceeding,  and  all  fees,  commissions,  expense  reimbursements,
indemnifications  and all other  amounts  due or to become  due under any of the
Transaction Documents (such obligations,  to the extent not paid by PubCo, being
the "Guaranteed Obligations"), and agrees to pay any and all expenses (including
reasonable  counsel fees and  expenses)  reasonably  incurred by the  Collateral
Agent in  enforcing  any  rights  under  this  Guaranty.  Without  limiting  the
generality of the foregoing,  each Guarantor's  liability hereunder shall extend
to all amounts that constitute  part of the Guaranteed  Obligations and would be
owed by PubCo to the Collateral  Agent under the Securities  Purchase  Agreement
and the Notes but for the fact that they are  unenforceable or not allowable due
to the  existence of an Insolvency  Proceeding  involving any Guarantor or PubCo
(each,  a  "Transaction  Party").   Notwithstanding  anything  to  the  contrary
contained  herein,  the  liability  of  Guarantors  for  the  entire  Guaranteed
Obligations  shall  mature  and  become  immediately  due and  payable  upon the
occurrence of any act,  condition or event which constitutes an Event of Default
as such term is defined in the Notes.  This  Guaranty  constitutes a guaranty of
payment and not of collection.

            SECTION 3. GUARANTY ABSOLUTE; CONTINUING GUARANTY; ASSIGNMENTS.

            (a)  The  Guarantors,  jointly  and  severally,  guaranty  that  the
Guaranteed Obligations will be paid strictly in accordance with the terms of the
Transaction  Documents,  regardless  of any  law,  regulation  or  order  now or
hereafter  in  effect in any  jurisdiction  affecting  any of such  terms or the
rights of the Collateral  Agent with respect  thereto.  The  obligations of each
Guarantor under this Guaranty are independent of the Guaranteed Obligations, and
a separate action or actions may be brought and prosecuted against any Guarantor
to enforce  such  obligations,  irrespective  of  whether  any action is brought
against any other  Transaction  Party or whether any other  Transaction Party is
joined in any such action or actions.  The liability of any Guarantor under this
Guaranty shall be irrevocable,  absolute and unconditional  irrespective of, and
each Guarantor hereby  irrevocably  waives,  to the extent permitted by law, any
defenses it may now or hereafter  have in any way relating to, any or all of the
following:

                  (i) any lack of validity or  enforceability of any Transaction
Document or any agreement or instrument relating thereto;

                  (ii) any change in the time, manner or place of payment of, or
in any other term of,  all or any of the  Guaranteed  Obligations,  or any other
amendment  or  waiver  of or any  consent  to  departure  from  any  Transaction
Document,   including,  without  limitation,  any  increase  in  the  Guaranteed
Obligations resulting from the extension of additional credit to any Transaction
Party or otherwise;

                  (iii) any taking,  exchange,  release or non-perfection of any
Collateral  (as defined in the Security  Documents),  or any taking,  release or
amendment or waiver of or consent to departure from any other guaranty,  for all
or any of the Guaranteed Obligations;

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                  (iv)  any  change,   restructuring   or   termination  of  the
corporate,  limited liability  company or partnership  structure or existence of
any Transaction Party; or

                  (v)  any  other   circumstance   (including   any  statute  of
limitations)  or any  existence  of or  reliance  on any  representation  by the
Collateral  Agent that might otherwise  constitute a defense  available to, or a
discharge of, any Transaction Party or any other guarantor or surety.

This Guaranty shall  continue to be effective or be reinstated,  as the case may
be, if at any time any payment of any of the Guaranteed Obligations is rescinded
or must otherwise be returned by the  Collateral  Agent or any other Person upon
the  insolvency,  bankruptcy  or  reorganization  of any  Transaction  Party  or
otherwise, all as though such payment had not been made.

            (b) This  Guaranty is a continuing  guaranty and shall (i) remain in
full  force  and  effect  until the  indefeasible  cash  payment  in full of the
Guaranteed  Obligations  (other  than  inchoate  indemnity  obligations)  and/or
complete  conversion  of all of  PubCo's  obligations  under the Notes to equity
securities of PubCo and payment of all other amounts payable under this Guaranty
(other than  inchoate  indemnity  obligations)  and shall not  terminate for any
reason prior to the respective Maturity Date of each Note (other than payment in
full of the Notes and/or complete conversion of all of PubCo's obligations under
the Notes to equity securities of PubCo) and (ii) be binding upon each Guarantor
and its  respective  successors  and assigns.  This Guaranty  shall inure to the
benefit of and be enforceable by the Collateral  Agent and its  successors,  and
permitted pledgees,  transferees and assigns. Without limiting the generality of
the foregoing  sentence,  the  Collateral  Agent or any  Noteholder  may pledge,
assign or otherwise  transfer  all or any portion of its rights and  obligations
under and subject to the terms of any Transaction  Document to any other Person,
and such other Person  shall  thereupon  become  vested with all the benefits in
respect thereof granted to such Noteholder herein or otherwise,  in each case as
provided in the Securities Purchase Agreement or such Transaction Document.

            SECTION 4. WAIVERS.  To the extent permitted by applicable law, each
Guarantor  hereby waives  promptness,  diligence,  notice of acceptance  and any
other notice with respect to any of the Guaranteed Obligations and this Guaranty
and any  requirement  that the  Collateral  Agent  exhaust any right or take any
action against any Transaction Party or any other Person or any Collateral.  The
Guarantor  acknowledges  that it will receive direct and indirect  benefits from
the financing arrangements  contemplated herein and that the waiver set forth in
this  Section  4 is  knowingly  made  in  contemplation  of such  benefits.  The
Guarantors hereby waive any right to revoke this Guaranty, and acknowledges that
this Guaranty is continuing in nature and applies to all Guaranteed Obligations,
whether existing now or in the future.

            SECTION 5. SUBROGATION. No Guarantor may exercise any rights that it
may  now or  hereafter  acquire  against  any  Transaction  Party  or any  other
guarantor that arise from the existence,  payment, performance or enforcement of
any Guarantor's obligations under this Guaranty,  including, without limitation,
any  right  of   subrogation,   reimbursement,   exoneration,   contribution  or
indemnification  and any  right to  participate  in any  claim or  remedy of the
Collateral  Agent against any  Transaction  Party or any other  guarantor or any
Collateral, whether or not such claim, remedy or right arises in equity or under
contract,  statute or common law, including,  without  limitation,  the right to
take or receive from any Transaction Party or any other

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guarantor, directly or indirectly, in cash or other property or by set-off or in
any other manner, payment or security solely on account of such claim, remedy or
right,  unless and until all of the Guaranteed  Obligations (other than inchoate
indemnity  obligations) and all other amounts payable under this Guaranty (other
than inchoate  indemnity  obligations) shall have indefeasibly been paid in full
in cash or all of PubCo's  obligations  under the Notes have been  converted  to
equity securities.  If any amount shall be paid to the Guarantor in violation of
the immediately  preceding sentence at any time prior to the earlier to occur of
the payment in full in cash of the Guaranteed  Obligations and all other amounts
payable  under this Guaranty and the  conversion  of all of PubCo's  obligations
under the Notes to equity  securities such amount shall be held in trust for the
benefit of the  Collateral  Agent and shall  forthwith be paid to the Collateral
Agent to be credited  and applied to the  Guaranteed  Obligations  and all other
amounts payable under this Guaranty, whether matured or unmatured, in accordance
with the terms of the Transaction  Document, or to be held as Collateral for any
Guaranteed  Obligations or other amounts payable under this Guaranty  thereafter
arising.  If (a) any Guarantor shall make payment to the Collateral Agent of all
or any  part  of the  Guaranteed  Obligations,  and  (b)  all of the  Guaranteed
Obligations  (other than inchoate  indemnity  obligations) and all other amounts
payable under this Guaranty (other than inchoate  indemnity  obligations)  shall
indefeasibly  be paid in full in cash or all of  PubCo's  obligations  under the
Notes have been converted to equity  securities  the  Collateral  Agent will, at
such  Guarantor's  request and  expense,  execute and deliver to such  Guarantor
appropriate documents,  without recourse and without representation or warranty,
necessary  to evidence  the  transfer by  subrogation  to such  Guarantor  of an
interest  in the  Guaranteed  Obligations  resulting  from such  payment by such
Guarantor.

            SECTION 6.  LIMITATION  OF  GUARANTY.  Any term or provision of this
Guaranty or any other Transaction Document to the contrary notwithstanding,  the
maximum  aggregate amount of the Guaranteed  Obligations for which any Guarantor
shall be liable shall not exceed the maximum amount for which such Guarantor can
be liable without rendering this Guaranty or any other Transaction  Document, as
it relates to such Guarantor, subject to avoidance under applicable law relating
to fraudulent  conveyance or fraudulent  transfer  (including Section 548 of the
Bankruptcy  Code  or  any  applicable   provisions  of  comparable   state  law)
(collectively, "Fraudulent Transfer Laws"), in each case after giving effect (a)
to all other  liabilities of such Guarantor,  contingent or otherwise,  that are
relevant under such Fraudulent Transfer Laws (specifically  excluding,  however,
any liabilities of such Guarantor in respect of intercompany Indebtedness to any
Transaction Party to the extent that such Indebtedness would be discharged in an
amount  equal to the amount  paid by such  Guarantor  hereunder)  and (b) to the
value as assets of such Guarantor (as determined under the applicable provisions
of such Fraudulent  Transfer Laws) of any rights to  subrogation,  contribution,
reimbursement,  indemnity or similar rights held by such  Guarantor  pursuant to
(i) applicable Requirements of Law, (ii) Section 5 of this Guaranty or (iii) any
other contractual  obligations  providing for an equitable allocation among such
Guarantor and other  Subsidiaries  or  Affiliates of the Company of  obligations
arising under this Guaranty or other guaranties of the Guaranteed Obligations by
such parties.

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            SECTION 7. REPRESENTATIONS, WARRANTIES AND COVENANTS.

            (a) Each  Guarantor  hereby  represents  and warrants as of the date
first written above as follows:

                  (i) The  Guarantor  (A) is a  corporation,  limited  liability
company or limited  partnership  duly  organized,  validly  existing and, to the
extent legally applicable in good standing under the laws of the jurisdiction of
its  organization  as set  forth  on the  signature  pages  hereto,  (B) has all
requisite corporate,  limited liability company or limited partnership power and
authority to conduct its business as now conducted and as presently contemplated
and to execute and deliver this Guaranty and each other Transaction  Document to
which the Guarantor is a party, and to consummate the transactions  contemplated
hereby and thereby and (C) is duly  qualified to do business  and, to the extent
legally  applicable,  is in good  standing  in each  jurisdiction  in which  the
character of the properties owned or leased by it or in which the transaction of
its business makes such  qualification  necessary except where the failure to be
so qualified or in good standing would not result in a Material Adverse Effect.

                  (ii) The execution,  delivery and performance by the Guarantor
of this Guaranty and each other Transaction Document to which the Guarantor is a
party  (A)  have  been  duly  authorized  by all  necessary  corporate,  limited
liability  company  or  limited  partnership  action,  (B) do not and  will  not
contravene its charter or by-laws,  its limited  liability  company or operating
agreement  or its  certificate  of  partnership  or  partnership  agreement,  as
applicable,  or any  applicable law in any material  respect or any  contractual
restriction  binding  on the  Guarantor  or its  properties  (except  where  the
contravention  of such  contractual  restriction  would not result in a Material
Adverse  Effect),  (C) do not and will not result in or require the  creation of
any lien (other than Permitted  Liens or pursuant to any  Transaction  Document)
upon or with  respect  to any of its  properties,  and (D) do not and  will  not
result  in  any  default,  noncompliance,  suspension,  revocation,  impairment,
forfeiture or  nonrenewal  of any material  permit,  license,  authorization  or
approval applicable to it or its operations or any of its properties unless such
default,  noncompliance,   suspension,  revocation,  impairment,  forfeiture  or
nonrenewal would not have a Material Adverse Effect.

                  (iii) No  authorization or approval or other action by, and no
notice to or filing with, any  governmental  authority is required in connection
with the due  execution,  delivery  and  performance  by the  Guarantor  of this
Guaranty or any of the other  Transaction  Documents to which the Guarantor is a
party (other than expressly provided for in any of the Transaction Documents).

                  (iv) Each of this Guaranty and the other Transaction Documents
to which the Guarantor is or will be a party, when delivered,  will be, a legal,
valid and binding obligation of the Guarantor, enforceable against the Guarantor
in accordance with its terms, except as may be limited by applicable bankruptcy,
insolvency,  reorganization,  moratorium,  fraudulent conveyance,  suretyship or
other similar laws and equitable  principles  (regardless of whether enforcement
is sought in equity or at law).

                  (v) There is no pending or, to the knowledge of the Guarantor,
threatened  action,  suit or proceeding against the Guarantor or to which any of
the properties of

                                      -5-
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the Guarantor is subject,  before any court or other  governmental  authority or
any arbitrator  that if adversely  determined,  could  reasonably be expected to
have a Material Adverse Effect.

                  (vi) The Guarantor (A) has read and  understands the terms and
conditions  of the  Securities  Purchase  Agreement  and the  other  Transaction
Documents,  and (B) now has and  will  continue  to have  independent  means  of
obtaining information  concerning the affairs,  financial condition and business
of PubCo  and the  other  Transaction  Parties,  and has no need of, or right to
obtain  from any  Noteholder,  any credit or other  information  concerning  the
affairs,  financial  condition  or  business  of PubCo or the other  Transaction
Parties.

            (b) The Guarantor  covenants and agrees that until indefeasible full
and  final  payment  of  the  Guaranteed   Obligations  (other  than  contingent
indemnification  obligations  in  respect  of which no claim has been  asserted)
and/or complete  conversion of all of the PubCo's obligations under the Notes to
equity securities of PubCo, it will comply with each of the covenants (except to
the extent applicable only to a public company) which are set forth in Section 4
of the Securities Purchase Agreement as if the Guarantor were a party thereto.

            SECTION  8. RIGHT OF  SET-OFF.  Upon the  occurrence  and during the
continuance  of any  Event  of  Default,  any  Noteholder  may,  and  is  hereby
authorized  to,  at any time  and  from  time to  time,  without  notice  to the
Guarantors (any such notice being expressly waived by each Guarantor) and to the
fullest extent permitted by law, set-off and apply any and all deposits (general
or  special,  time or demand,  provisional  or final) at any time held and other
indebtedness  at any time  owing by any  Noteholder  to or for the credit or the
account of any Guarantor  against any and all  obligations of the Guarantors now
or hereafter  existing  under this Guaranty or any other  Transaction  Document,
irrespective  of whether or not any Noteholder  shall have made any demand under
this  Guaranty or any other  Transaction  Document.  Each  Noteholder  agrees to
notify the relevant  Guarantor  promptly after any such set-off and  application
made by such Noteholder, provided that the failure to give such notice shall not
affect  the  validity  of  such  set-off  and  application.  The  rights  of any
Noteholder  under this  Section 8 are in addition to other  rights and  remedies
(including,  without limitation,  other rights of set-off) which such Noteholder
may have  under  this  Guaranty  or any  other  Transaction  Document  in law or
otherwise.

            SECTION  9.  NOTICES,  ETC.  All  notices  and other  communications
provided for  hereunder  shall be in writing and shall be mailed,  telecopied or
delivered,  if to any Guarantor, to it at its address set forth on the signature
page  hereto,  or if to the  Collateral  Agent or any  Noteholder,  to it at its
respective  address set forth in the  Securities  Purchase  Agreement;  or as to
either such Person at such other  address as shall be  designated by such Person
in a written notice to such other Person complying as to delivery with the terms
of this Section 9. All such notices and other  communications shall be effective
(i) if mailed (by certified mail, postage prepaid and return receipt requested),
when  received or three  Business Days after  deposited in the mails,  whichever
occurs first; (ii) if telecopied, when transmitted and confirmation is received,
provided same is on a Business Day and, if not, on the next Business Day;  (iii)
if delivered by hand, upon delivery,  provided same is on a Business Day and, if
not, on the next Business Day or (iv) one (1) Business Day after deposit with an
overnight  courier  service  in each  case  properly  addressed  to the party to
receive the same.

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            SECTION 10. CONSENT TO  JURISDICTION;  SERVICE OF PROCESS AND VENUE.
ANY LEGAL  ACTION OR  PROCEEDING  WITH  RESPECT  TO THIS  GUARANTY  OR ANY OTHER
TRANSACTION  DOCUMENT  MAY BE  BROUGHT IN THE COURTS OF THE STATE OF NEW YORK IN
THE COUNTY OF NEW YORK OR OF THE UNITED STATES  DISTRICT  COURT FOR THE SOUTHERN
DISTRICT OF NEW YORK,  AND, BY EXECUTION  AND DELIVERY OF THIS  AGREEMENT,  EACH
GUARANTOR HEREBY IRREVOCABLY  ACCEPTS IN RESPECT OF ITS PROPERTY,  GENERALLY AND
UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS. EACH GUARANTOR HEREBY
IRREVOCABLY  APPOINTS  THE  SECRETARY  OF STATE OF THE  STATE OF NEW YORK AS ITS
AGENT FOR  SERVICE OF PROCESS IN RESPECT OF ANY SUCH  ACTION OR  PROCEEDING  AND
FURTHER  IRREVOCABLY  CONSENTS  TO  THE  SERVICE  OF  PROCESS  OUT OF ANY OF THE
AFOREMENTIONED  COURTS AND IN ANY SUCH  ACTION OR  PROCEEDING  BY THE MAILING OF
COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID,  AT ITS ADDRESS
FOR NOTICES AS SET FORTH ON THE  SIGNATURE  PAGE HERETO AND TO THE  SECRETARY OF
STATE OF THE STATE OF NEW YORK,  SUCH SERVICE TO BECOME  EFFECTIVE TEN (10) DAYS
AFTER SUCH  MAILING.  NOTHING  HEREIN SHALL  AFFECT THE RIGHT OF THE  COLLATERAL
AGENT TO SERVICE OF PROCESS IN ANY OTHER MANNER  PERMITTED BY LAW OR TO COMMENCE
LEGAL  PROCEEDINGS  OR OTHERWISE  PROCEED  AGAINST  EACH  GUARANTOR IN ANY OTHER
JURISDICTION.  ANY GUARANTOR  HEREBY  EXPRESSLY AND IRREVOCABLY  WAIVES,  TO THE
FULLEST  EXTENT  PERMITTED BY LAW, ANY  OBJECTION  WHICH IT MAY NOW OR HEREAFTER
HAVE TO THE  JURISDICTION OR LAYING OF VENUE OF ANY SUCH  LITIGATION  BROUGHT IN
ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN
BROUGHT IN AN  INCONVENIENT  FORUM.  TO THE  EXTENT  THAT ANY  GUARANTOR  HAS OR
HEREAFTER  MAY ACQUIRE ANY IMMUNITY FROM  JURISDICTION  OF ANY COURT OR FROM ANY
LEGAL PROCESS (WHETHER THROUGH SERVICE OR NOTICE,  ATTACHMENT PRIOR TO JUDGMENT,
ATTACHMENT  IN AID OF  EXECUTION  OR  OTHERWISE)  WITH  RESPECT TO ITSELF OR ITS
PROPERTY,  EACH GUARANTOR HEREBY  IRREVOCABLY WAIVES SUCH IMMUNITY IN RESPECT OF
ITS OBLIGATIONS UNDER THIS GUARANTY AND THE OTHER TRANSACTION DOCUMENTS.

            SECTION 11. WAIVER OF JURY TRIAL,  ETC. EACH GUARANTOR HEREBY WAIVES
ANY  RIGHT  TO A  TRIAL  BY  JURY  IN ANY  ACTION,  PROCEEDING  OR  COUNTERCLAIM
CONCERNING ANY RIGHTS UNDER THIS GUARANTY OR THE OTHER TRANSACTION DOCUMENTS, OR
UNDER ANY AMENDMENT,  WAIVER, CONSENT,  INSTRUMENT,  DOCUMENT OR OTHER AGREEMENT
DELIVERED  OR WHICH IN THE FUTURE MAY BE  DELIVERED  IN  CONNECTION  HEREWITH OR
THEREWITH,  OR ARISING FROM ANY  FINANCING  RELATIONSHIP  EXISTING IN CONNECTION
WITH THIS GUARANTY OR THE OTHER TRANSACTION DOCUMENTS,  AND AGREES THAT ANY SUCH
ACTION,  PROCEEDING OR COUNTERCLAIM SHALL BE TRIED BEFORE A COURT AND NOT BEFORE
A JURY.  EACH  GUARANTOR  CERTIFIES  THAT NO OFFICER,  REPRESENTATIVE,  AGENT OR
ATTORNEY OF THE COLLATERAL AGENT OR ANY NOTEHOLDER HAS REPRESENTED, EXPRESSLY OR
OTHERWISE, THAT ANY NOTEHOLDER WOULD

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NOT, IN THE EVENT OF ANY ACTION, PROCEEDING OR COUNTERCLAIM, SEEK TO ENFORCE THE
FOREGOING WAIVERS.  EACH GUARANTOR HEREBY  ACKNOWLEDGES THAT THIS PROVISION IS A
MATERIAL INDUCEMENT FOR THE COLLATERAL AGENT ENTERING INTO THIS AGREEMENT.

            SECTION 12. TAXES.

            (a) All payments made by any Guarantor  hereunder or under any other
Transaction  Document  shall  be  made  in  accordance  with  the  terms  of the
respective Transaction Document and shall be made without set-off, counterclaim,
deduction or other  defense.  All such payments  shall be made free and clear of
and  without  deduction  for any  present  or  future  taxes,  levies,  imposts,
deductions,  charges or withholdings,  and all liabilities with respect thereto,
EXCLUDING taxes imposed on the net income of any Noteholder by the  jurisdiction
in which such  Noteholder  is  organized or where it has its  principal  lending
office  (all such  nonexcluded  taxes,  levies,  imposts,  deductions,  charges,
withholdings and liabilities,  collectively or  individually,  "TAXES").  If any
Guarantor  shall be  required  to deduct  or to  withhold  any Taxes  from or in
respect of any amount payable hereunder or under any other Transaction Document;

                  (i) the amount so  payable  shall be  increased  to the extent
      necessary so that after making all required  deductions  and  withholdings
      (including  Taxes on amounts  payable to any  Noteholder  pursuant to this
      sentence)  each  Noteholder  receives an amount  equal to the sum it would
      have received had no such deduction or withholding been made,

                  (ii) such Guarantor shall make such deduction or withholding,

                  (iii) such  Guarantor  shall pay the full  amount  deducted or
      withheld to the relevant taxation  authority in accordance with applicable
      law, and

                  (iv) as promptly as possible thereafter,  such Guarantor shall
      send the  Noteholders an official  receipt (or, if an official  receipt is
      not available,  such other  documentation  as shall be satisfactory to the
      Collateral Agent, as the case may be) showing payment.  In addition,  each
      Guarantor  agrees to pay any present or future stamp or documentary  taxes
      or any other  excise or  property  taxes,  charges or similar  levies that
      arise from any payment  made  hereunder or from the  execution,  delivery,
      registration  or  enforcement  of, or  otherwise  with  respect  to,  this
      Agreement or any other Transaction Document (collectively, "OTHER TAXES").

            (b)  Each  Guarantor  hereby  indemnifies  and  agrees  to hold  the
Collateral Agent and each Noteholder (each an "INDEMNIFIED PARTY") harmless from
and against Taxes or Other Taxes (including,  without  limitation,  any Taxes or
Other Taxes imposed by any  jurisdiction  on amounts  payable under this Section
12) paid by any  Indemnified  Party as a result of any payment made hereunder or
from the execution, delivery,  registration or enforcement of, or otherwise with
respect to, this Agreement or any other Transaction Document,  and any liability
(including  penalties,  interest and expenses  for  nonpayment,  late payment or
otherwise) arising therefrom or with respect thereto,  whether or not such Taxes
or Other Taxes were correctly or legally asserted. This indemnification shall be
paid within 30 days from the date on

                                      -8-
<PAGE>

which the Collateral  Agent or such  Noteholder  makes written demand  therefor,
which demand shall identify the nature and amount of such Taxes or Other Taxes.

            (c) If any Guarantor fails to perform any of its  obligations  under
this Section 12, such Guarantor  shall  indemnify the Collateral  Agent and each
Noteholder  for any taxes,  interest or penalties  that may become  payable as a
result of any such failure. The obligations of the Guarantors under this Section
12 shall  survive  the  termination  of this  Guaranty  and the  payment  of the
Obligations and all other amounts payable hereunder.

            SECTION 13. MISCELLANEOUS.

            (a) Each Guarantor will make each payment  hereunder in lawful money
of the  United  States of America  and in  immediately  available  funds to each
Noteholder,  at such address  specified by such  Noteholder from time to time by
notice to the Guarantors.

            (b) No amendment or waiver of any  provision of this Guaranty and no
consent  to any  departure  by any  Guarantor  therefrom  shall in any  event be
effective  unless the same shall be in writing and signed by each  Guarantor and
Collateral  Agent and then such waiver or consent shall be effective only in the
specific instance and for the specific purpose for which given.

            (c) No failure on the part of Collateral  Agent to exercise,  and no
delay in exercising, any right hereunder or under any other Transaction Document
shall operate as a waiver thereof,  nor shall any single or partial  exercise of
any right  hereunder  or under any  Transaction  Document  preclude any other or
further  exercise  thereof or the  exercise of any other  right.  The rights and
remedies of the Collateral Agent and the Noteholders  provided herein and in the
other  Transaction  Documents  are  cumulative  and are in addition  to, and not
exclusive  of,  any  rights  or  remedies  provided  by law.  The  rights of the
Collateral Agent and the Noteholders under any Transaction  Document against any
party thereto are not conditional or contingent on any attempt by the Collateral
Agent or any  Noteholder  to exercise any of their  respective  rights under any
other Transaction Document against such party or against any other Person.

            (d)  Any   provision  of  this   Guaranty   that  is  prohibited  or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability  without  invalidating the
remaining  portions hereof or affecting the validity or  enforceability  of such
provision in any other jurisdiction.

            (e) This  Guaranty  shall (i) be binding on each  Guarantor  and its
respective  successors and assigns, and (ii) inure, together with all rights and
remedies of the  Collateral  Agent  hereunder,  to the benefit of the Collateral
Agent, the Noteholders and their respective successors, transferees and assigns.
Without  limiting the  generality  of clause (ii) of the  immediately  preceding
sentence,  the  Collateral  Agent and any  Noteholder  may  assign or  otherwise
transfer its rights and obligations under the Securities  Purchase Agreement and
such assignee shall thereupon  become vested with all of the benefits in respect
thereof  granted to the  Collateral  Agent or  Noteholder  (and the  obligations
related thereto), as the case may be, herein or otherwise. Each Guarantor agrees
that each  participant  shall be  entitled  to the  benefits  of Section 12 with
respect  to  its  participation  in any  portion  of  the  Notes  as if it was a
Noteholder.

                                      -9-
<PAGE>

None of the rights or obligations of any Guarantor  hereunder may be assigned or
otherwise transferred without the prior written consent of each Noteholder.

            (f)  This  Guaranty   reflects  the  entire   understanding  of  the
transaction  contemplated  hereby and shall not be  contradicted or qualified by
any other agreement, oral or written, entered into before the date hereof.

            (g)  Section   headings  herein  are  included  for  convenience  of
reference  only and shall not  constitute a part of this Agreement for any other
purpose.

            SECTION 14. This Guaranty and each of the provisions hereof shall be
subject to the Intercreditor Agreement.

            SECTION 15. This  Guaranty  shall be  governed by and  construed  in
accordance  with the law of the State of New York  applicable to contracts  made
and to be performed therein without regard to conflict of law principles.

                                      -10-
<PAGE>

            IN WITNESS  WHEREOF,  each  Guarantor has caused this Guaranty to be
executed by its respective duly authorized  officer,  as of the date first above
written.

                                          MARITIME LOGISTICS US HOLDINGS INC.

                                          By:___________________________________
                                             Name:
                                             Title:
                                             Address:

                                             Jurisdiction:

                                          SUMMIT LOGISTICS INTERNATIONAL INC

                                          By:___________________________________
                                             Name:
                                             Title:
                                             Address:

                                             Jurisdiction:

                                          SEAMASTER LOGISTICS INC.

                                          By:___________________________________
                                             Name:
                                             Title:
                                             Address:

                                             Jurisdiction:

                          [Signature Page to Guaranty]

<PAGE>

                                          AMERUSSIA SHIPPING COMPANY INC.

                                          By:___________________________________
                                             Name:
                                             Title:
                                             Address:

                                             Jurisdiction:

                                          FMI INTERNATIONAL LLC

                                          By:___________________________________
                                             Name:
                                             Title:

                                          FASHION MARKETING, INC.

                                          By:___________________________________
                                             Name:
                                             Title:
                                             Address:

                                             Jurisdiction:

                                          FMI INTERNATIONAL CORP. (WEST)

                                          By:___________________________________
                                             Name:
                                             Title:
                                             Address:

                                             Jurisdiction:

                                          FMI INTERNATIONAL CORP.

                                          By:___________________________________
                                             Name:
                                             Title:

                          [Signature Page to Guaranty]

<PAGE>

                                          FREIGHT MANAGEMENT LLC

                                          By:___________________________________
                                             Name:
                                             Title:
                                             Address:

                                             Jurisdiction:

                                          FMI TRUCKING, INC.

                                          By:___________________________________
                                             Name:
                                             Title:
                                             Address:

                                             Jurisdiction:

                                          FMI EXPRESS CORP.

                                          By:___________________________________
                                             Name:
                                             Title:
                                             Address:

                                             Jurisdiction:

                                          CLARE FREIGHT, LOS ANGELES, INC.

                                          By:___________________________________
                                             Name:
                                             Title:
                                             Address:

                                             Jurisdiction:

                          [Signature Page to Guaranty]

<PAGE>

                                          TUG NEW YORK, INC.

                                          By:___________________________________
                                             Name:
                                             Title:
                                             Address:

                                             Jurisdiction:

                                          TUG USA, INC. (formerly known as
                                          Dolphin US Logistics Inc)

                                          By:___________________________________
                                             Name:
                                             Title:
                                             Address:

                                             Jurisdiction:

                                          AMR INVESTMENTS INC

                                          By:___________________________________
                                             Name:
                                             Title:
                                             Address:

                                             Jurisdiction:

                                          FMI HOLDCO I, LLC

                                          By:___________________________________
                                             Name:
                                             Title:
                                             Address:

                                             Jurisdiction:

                          [Signature Page to Guaranty]EXHIBIT 10.4

                                                                     [Execution]

                    INTERCREDITOR AND SUBORDINATION AGREEMENT

         This Intercreditor and Subordination Agreement ("Intercreditor
Agreement") dated as of November 8, 2006 is by and between Fortress Credit
Corp., a Delaware corporation, in its capacity as agent pursuant to the Senior
Creditor Agreements (as hereinafter defined) acting for and on behalf of the
parties thereto as lenders (in such capacity, the "Senior Creditor Agent" as
hereinafter further defined), the parties to the Senior Creditor Agreements as
lenders (collectively, together with Senior Creditor Agent, the "Senior
Creditors" as hereinafter further defined), and The Law Debenture Trust Company
of New York, a limited purpose trust company chartered by the New York State
Banking Department, in its capacity as agent pursuant to the Noteholder
Agreements (as hereinafter defined) acting for and on behalf of the holders of
the Convertible Notes as defined below (in such capacity, the "Noteholder Agent"
as hereinafter further defined), and the holders of the Convertible Notes (the
"Noteholders" as hereinafter further defined). Senior Creditors, Noteholder
Agent and the Noteholders are sometimes individually referred to herein as
"Creditor" and collectively as "Creditors."

                              W I T N E S S E T H:
                              - - - - - - - - - -

         WHEREAS, Aerobic Creations, Inc., to be known as Summit Global
Logistics, Inc., a Delaware corporation ("Summit") and certain of its
subsidiaries as set forth on Exhibit A hereto (Summit, together with such
subsidiaries being, collectively, "Borrowers" as hereinafter further defined)
have entered or are about to enter into financing arrangements with Senior
Creditors, pursuant to which Senior Creditors have made term loans and may, upon
certain terms and conditions, make revolving loans and provide other financial
accommodations to Borrowers secured by substantially all of the assets and
properties of Borrowers, and the obligations of Borrowers to Senior Creditors
are guaranteed by the subsidiaries of Summit set forth on Exhibit B hereto
(collectively, "Guarantors" as hereinafter further defined, and together with
Borrowers, collectively, "Debtors" as hereinafter further defined) which
guarantees are secured by substantially all of the assets and properties of
Guarantors;

         WHEREAS, Summit has issued or is about to issue its Senior Secured
Convertible Notes in the original aggregate principal amount of $65,000,000
(collectively, the "Convertible Notes" as hereinafter further defined) pursuant
to the Securities Purchase Agreement (Notes and Warrants), dated on or about the
date hereof, by and among Summit, Maritime Logistics U.S. Holdings Inc. and the
holders of the Convertible Notes (the "Securities Purchase Agreement" as
hereinafter further defined);

         WHEREAS, Creditors desire to enter into this Intercreditor Agreement to
(i) confirm the relative priority of the security interests of each Creditor in
the assets and properties of Debtors, (ii) provide for the orderly sharing among
Creditors, in accordance with such priorities, of proceeds of such assets and
properties upon any foreclosure thereon or other disposition thereof, and (iii)
agree upon the terms of the subordination in right of payment of the obligations
of Debtors to the Noteholder Agent and the Noteholders to the obligations of
Debtors to Senior Creditors and related matters;

<PAGE>

         NOW THEREFORE, in consideration of the mutual benefits accruing to
Creditors hereunder and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto do hereby agree
as follows:

         1. DEFINITIONS

         As used above and in this Intercreditor Agreement, the following terms
shall have the meanings ascribed to them below:

         1.1 "Agents" shall mean collectively Senior Creditor Agent and
Noteholder Agent, each sometimes being referred to herein individually as an
"Agent".

         1.2 "Agreements" shall mean, collectively, the Senior Creditor
Agreements and the Noteholder Creditor Agreements.

         1.3 "Borrowers" shall mean, collectively, the companies listed on
Exhibit A hereto, together with their respective successors and assigns,
including, without limitation, a receiver, trustee or debtor in possession on
behalf of any of such persons or on behalf of any such successor or assign; each
sometimes being referred to herein individually as a "Borrower".

         1.4 "Collateral" shall mean all of the property and interests in
property, real or personal, tangible or intangible, now owned or hereafter
acquired by any Debtor in or upon which any of Creditors at any time has a Lien,
and including, without limitation, all proceeds of such property and interests
in property.

         1.5 "Convertible Notes" shall mean, collectively, the Senior Secured
Convertible Notes issued by MLI pursuant to the Securities Purchase Agreement
payable to the Noteholders in the original aggregate principal amount of
$65,000,000, as the same now exist or may hereafter be amended, modified,
supplemented, renewed, restated or replaced.

         1.6 "Creditors" shall mean, collectively, Senior Creditors and
Noteholder Creditors and their respective successors and assigns.

         1.7 "Debtors" shall mean, collectively, Borrowers and Guarantors; each
sometimes being referred to herein individually as a "Debtor".

         1.8 "Default Notice" shall mean any written notice from Senior Creditor
Agent to Noteholder Agent of a Senior Creditor Default sent pursuant to and in
accordance with Section 3.3 hereof.

         1.9 "Enforcement Action" shall mean the exercise by any Senior
Creditor, or by any Debtor on behalf of and at the request of a Senior Creditor,
of any of the enforcement rights and remedies with respect to the Collateral
under the Senior Creditor Agreements of such Senior Creditor, applicable law or
otherwise at any time on or after an event of default under the Senior Creditor
Agreements, including, without limitation, any or all of the following: any sale
or any appointment of a receiver in respect of any Collateral, the making of any
petition or application to or vote in favor of any resolution for the winding
up, dissolution, administration or implementation of a voluntary arrangement in
relation to any Debtor, any motion to vacate any

                                       2
<PAGE>

stay on enforcement of its Liens on the Collateral, solicitation of bids from
third parties to conduct the liquidation of Collateral, the engagement or
retention of third parties for the purposes of valuing, marketing, promoting or
selling all or any material portion of the Collateral, the commencement of any
action to foreclose on its Lien on all or any material portion of the
Collateral, notification of account debtors to make payments to such Senior
Creditor or its agents, any action to take possession of any Collateral or
commencement of any legal proceedings or actions seeking payment of any
indebtedness owing to such Senior Creditor or otherwise in connection with the
preservation or protection of any of the Collateral, its value or any rights or
remedies of such Senior Creditor therein.

         1.10 "Guarantors" shall mean collectively, the companies listed on
Exhibit B hereto and any other person that at any time after the date hereof
becomes a party to a guarantee in favor of any Senior Creditor in respect of any
of the Senior Debt or any Noteholder Creditor in respect of any of the
Noteholder Debt, together with their respective successors and assigns,
including, without limitation, a receiver, trustee or debtor in possession on
behalf of any of such persons or on behalf of any such successor or assign; each
sometimes being referred to herein individually as a "Guarantor".

         1.11 "Insolvency Proceeding" shall mean, as to any Person, any of the
following: (a) any case or proceeding with respect to such Person under the U.S.
Bankruptcy Code or any other Federal, State or foreign bankruptcy, insolvency,
reorganization or other law affecting creditors' rights generally or any other
or similar proceedings seeking any stay, reorganization, arrangement,
composition or readjustment of the obligations and indebtedness of such Person
or (b) any proceeding seeking the appointment of any trustee, receiver,
administrator, manager, liquidator, custodian or other insolvency official with
similar powers with respect to such Person or any or all of its assets or
properties or (c) any proceedings for liquidation, dissolution or other winding
up of the business of such Person or (d) any assignment for the benefit of
creditors or any marshaling of assets of such Person.

         1.12 "Lien" shall mean any mortgage, deed of trust, pledge,
hypothecation, assignment, deposit arrangement, security interest, encumbrance
(including, but not limited to, easements, rights of way and the like), lien
(statutory or other), security agreement or transfer intended as security,
including without limitation, any conditional sale or other title retention
agreement, the interest of a lessor under a capital lease or any financing lease
having substantially the same economic effect as any of the foregoing.

         1.13 "Maximum Senior Debt" shall mean the amount equal to the sum of:
(a) $65,000,000, plus (b) Senior Creditor Agent Advances of up to the greater of
(i) $10,000,000 at any time outstanding or (ii) ten (10%) percent of the Total
Commitments (as such term is defined in the Senior Creditor Loan Agreement),
plus (c) such other indebtedness that may be permitted to be incurred from time
to time on or after the date hereof under the terms of the Convertible Notes as
Permitted Senior Indebtedness as such term is defined in the Convertible Notes.

         1.14 "Noteholder Agent" shall mean The Law Debenture Trust Company of
New York, a limited purpose trust company chartered by the New York State
Banking Department, in its capacity as collateral agent pursuant to the
Securities Purchase Agreement and the other

                                       3
<PAGE>

applicable Noteholder Agreements, and its successors and assigns, including any
replacement or successor trustee or agent or any additional trustee or agent.

         1.15 "Noteholder Agreements" shall mean, collectively, the following
(as the same now exist or may hereafter be amended, modified, supplemented,
extended, renewed, restated or replaced): (a) the Convertible Notes; (b) the
Securities Purchase Agreement; and (c) all agreements, documents and instruments
at any time executed and/or delivered by any Debtor or any other person to, with
or in favor of Noteholder Agent or any Noteholder in connection therewith or
related thereto.

         1.16 "Noteholder Creditors" shall mean, collectively, the Noteholder
Agent and the Noteholders; sometimes being referred to herein individually as a
"Noteholder Creditor".

         1.17 "Noteholder Debt" shall mean all present and future indebtedness,
obligations, and liabilities of each Debtor to any Noteholder Creditor under any
of the Noteholder Agreements, whether or not the right of payment in respect of
such claim is reduced to judgment, liquidated, unliquidated, fixed, contingent,
matured, disputed, undisputed, legal, equitable, secured, unsecured, and whether
or not such claim is discharged, stayed or otherwise affected by any Insolvency
Proceeding or other similar proceeding. Without limiting the generality of the
foregoing, the Noteholder Debt includes (a) the obligation to pay principal,
interest, charges, expenses, fees, attorneys' fees and disbursements,
indemnities and other amounts payable by any such Person under any of the
Noteholder Agreements, whether now existing or hereafter arising, whether
arising before, during or after the initial or any renewal term of the
Convertible Notes or after the commencement of any Insolvency Proceeding with
respect to such Debtor (including the payment of interest and other amounts
which would accrue and become due but for the commencement of such case, whether
or not such amounts are allowed or allowable in whole or in part in such case),
and (b) the obligation of such Person to reimburse any amount in respect of any
of the foregoing that any Noteholder Creditor (in its discretion) may elect to
pay or advance on behalf of such Person.

         1.18 "Noteholders" shall mean, collectively, the persons listed on
Exhibit C hereto and their respective successors and assigns, and any other
person that at any time is the owner or holder, directly or indirectly, of
record or beneficially, of any of the Convertible Notes; sometimes being
referred to herein individually as a "Noteholder".

         1.19 "Payment Default" shall have the meaning set forth in Section 3.3
hereof.

         1.20 "Payment in full" or "payment in full" shall mean (a) as to any
Senior Debt, (i) the final payment and satisfaction in full in immediately
available funds of all of such Senior Debt (other than the Senior Debt described
in clause (b) of this definition), (ii) payment in full in immediately available
funds of cash collateral (or at the option of Senior Creditor Agent, instead of
such cash collateral, the delivery to Senior Creditor Agent of a letter of
credit issued for the account of Borrowers, in form and substance reasonably
satisfactory to Senior Creditor Agent, by an issuer acceptable to Senior
Creditor Agent and payable to Senior Creditor Agent as beneficiary) for (A)
letters of credit issued under or pursuant to the Senior Creditor Loan Agreement
in an amount equal to one hundred five (105%) percent of the amount of such
letters of credit, (B) any payments that have been provisionally credited to the
Senior Debt and for

                                       4
<PAGE>

which Senior Creditor Agent or other Senior Creditors have not received final
payment, (C) any continuing obligations (contingent or otherwise) that Senior
Creditor Agent or any Senior Creditor has pursuant to any Control Agreement (as
such term is defined in the Senior Creditor Loan Agreement), and (D) liabilities
of Senior Creditors in respect of matters or circumstances known to a Senior
Creditor at the time which are reasonably expected to result in any loss, cost,
damage or expense (including attorneys' fees and legal expenses) to any Senior
Creditor for which Senior Creditors are entitled to indemnification by Debtors
and (iii) the termination of the commitments of the Senior Creditors (but not
including for this purpose the refinancing or replacement of the Senior
Creditors) and (b) as to the Noteholder Debt, the final payment and satisfaction
in full in immediately available funds of all of such Noteholder Debt. If after
receipt of any payment of, or proceeds of collateral applied to the payment of,
either any Senior Debt or Noteholder Debt, as the case may be, any Senior
Creditor or Noteholder Creditor is required to surrender or return such payment
or proceeds to any person for any reason, then the Senior Debt or Noteholder
Debt, as applicable, intended to be satisfied by such payment or proceeds shall
be reinstated and continue as if such payment or proceeds had not been received
by such Senior Creditor or Noteholder Creditor, as the case may be. The term
"paid in full" as used herein shall have the same meaning as the term "payment
in full". Notwithstanding anything to the contrary contained herein, for
purposes of this definition, the Senior Debt shall not include the principal
amount of the Senior Debt (but not interest, costs, expenses or other charges at
any time payable by Debtor to Senior Creditor or charged by Senior Creditor to
the loan account of Debtor maintained by Senior Creditor) in excess of the
Maximum Senior Debt and the Noteholder Debt shall not include the principal
amount of the Noteholder Debt in excess of $65,000,000 as reduced by all
payments, whether mandatory or optional, in respect thereof.

         1.21 "Person" or "person" shall mean any individual, sole
proprietorship, partnership, corporation (including, without limitation, any
corporation which elects subchapter S status under the Internal Revenue Code of
1986, as amended), limited liability company, limited liability partnership,
business trust, unincorporated association, joint stock company, trust, joint
venture, or other entity or any government or any agency or instrumentality or
political subdivision thereof.

         1.22 "Securities Purchase Agreement" shall mean the Securities Purchase
Agreement (Notes and Warrants), dated on or about the date hereof, by and among
Summit, Maritime Logistics U. S. Holdings, Inc. and the Noteholder Creditors in
connection with the Convertible Notes and warrants, as the same now exists or
may hereafter be amended, modified, supplemented, extended, renewed, restated or
replaced.

         1.23 "Senior Creditor Agent" shall mean Fortress Credit Corp., a
Delaware corporation, and its successors and assigns in its capacity as agent
pursuant to the Senior Creditor Agreements acting for and on behalf of the other
Senior Creditors and any successor or replacement agent.

         1.24 "Senior Creditor Agent Advances" shall mean loans or advances by
Senior Creditor Agent, which Senior Credit Agent, in its sole discretion, deems
necessary or desirable either to preserve or protect the Collateral or to
prepare for sale or lease or other disposition of the Collateral (or any portion
thereof) or to enhance the likelihood or maximize the amount of repayment by
Debtors of the Senior Debt.

                                       5
<PAGE>

         1.25 "Senior Creditor Agreements" shall mean, collectively, the Senior
Creditor Loan Agreement and all agreements, documents and instruments at any
time executed and/or delivered by any Debtor or any other person to, with or in
favor of any Senior Creditor in connection therewith or related thereto, as all
of the foregoing now exist or may hereafter be amended, modified, supplemented,
extended, renewed, restated, refinanced, replaced or restructured (in whole or
in part and including any agreements with, to or in favor of any other lender or
group of lenders that at any time refinances, replaces or succeeds to all or any
portion of the Senior Debt).

         1.26 "Senior Creditor Loan Agreement" shall mean the Loan Agreement,
dated on or about the date hereof, by and among Debtors and Senior Creditors, as
the same now exists or may hereafter be amended, modified, supplemented,
extended, renewed, restated or replaced.

         1.27 "Senior Creditor Default" shall mean a Default or Event of Default
as such terms are defined in the Senior Creditor Agreements and for purposes of
Section 3.3(b) hereof shall include the failure of Summit or any other Debtor to
cause a registration statement with respect to the Convertible Notes to be
registered with, or declared effective by, the Securities Exchange Commission in
accordance with the requirements of any of the Noteholder Agreements.

         1.28 "Senior Creditors" shall mean, collectively, Senior Creditor Agent
and any other person party to the Senior Creditor Agreements as lender (and
including any other lender or group of lenders that at any time refinances,
replaces or succeeds to all or any portion of the Senior Debt or is otherwise
party to the Senior Creditor Agreements as a lender).

         1.29 "Senior Debt" shall mean all present and future indebtedness,
obligations, and liabilities of each Debtor to any Senior Creditor under any of
the Senior Creditor Agreements, whether or not the right of payment in respect
of such claim is reduced to judgment, liquidated, unliquidated, fixed,
contingent, matured, disputed, undisputed, legal, equitable, secured, unsecured,
and whether or not such claim is discharged, stayed or otherwise affected by any
Insolvency Proceeding or other similar proceeding. Without limiting the
generality of the foregoing, the Senior Debt includes (a) the obligation to pay
principal, interest, charges, expenses, fees, attorneys' fees and disbursements,
indemnities and other amounts payable by any such Person under any of the Senior
Creditor Agreements, whether now existing or hereafter arising, whether arising
before, during or after the initial or any renewal term of the Senior Creditor
Loan Agreement or after the commencement of any Insolvency Proceeding with
respect to such Debtor (including the payment of interest and other amounts
which would accrue and become due but for the commencement of such case, whether
or not such amounts are allowed or allowable in whole or in part in such case),
and (b) the obligation of such Person to reimburse any amount in respect of any
of the foregoing that any Senior Creditor (in its discretion) may elect to pay
or advance on behalf of such Person.

         1.30 "Summit" shall mean Aerobic Creations, Inc., to be known as Summit
Global Logistics, Inc., a Delaware corporation, together with its successors and
assigns including, without limitation, a receiver, trustee or debtor in
possession on behalf of such person or on behalf of any such successor or
assigns.

         1.31 Terms Generally. The definitions of terms herein shall apply
equally to the singular and plural forms of the terms defined. Whenever the
context may require, any pronoun shall

                                       6
<PAGE>

include the corresponding masculine, feminine and neuter forms. The words
"include", "includes" and "including" shall be deemed to be followed by the
phrase "without limitation". The word "will" shall be construed to have the same
meaning and effect as the word "shall". Unless the context requires otherwise
(a) any definition of or reference to any agreement, instrument or other
document herein shall be construed as referring to such agreement, instrument or
other document as from time to time amended, supplemented or otherwise modified,
(b) any reference herein to any Person shall be construed to include such
Person's successors and assigns, and as to any Debtor shall be deemed to include
a receiver, trustee or debtor-in-possession on behalf of any of such person or
on behalf of any such successor or assign, (c) the words "herein", "hereof" and
"hereunder", and words of similar import, shall be construed to refer to this
Agreement in its entirety and not to any particular provision hereof, (d) all
references herein to Sections shall be construed to refer to Sections of this
Agreement and (e) the words "asset" and "property" shall be construed to have
the same meaning and effect and to refer to any and all tangible and intangible
assets and properties, including cash, securities, accounts and contract rights.

         2. SECURITY INTERESTS; PRIORITIES; REMEDIES

         2.1 ACKNOWLEDGEMENT OF LIENS. Each Creditor hereby acknowledges that
the Noteholder Agent, for the benefit of itself and the Noteholders, has been
granted a Lien upon the Collateral to secure the Noteholder Debt and Senior
Creditor Agent, for the benefit of itself and the other Senior Creditors, has
been granted a Lien upon the Collateral to secure the Senior Debt.

         2.2 PRIORITY OF LIENS. Notwithstanding the order or time of attachment,
or the order, time or manner of perfection, or the order or time of filing or
recordation of any document or instrument, or other method of perfecting a
security interest in favor of any Creditor in any Collateral, and
notwithstanding any conflicting terms or conditions which may be contained in
any of the Agreements, the Liens upon the Collateral of Senior Creditor Agent
have and shall have priority over the Liens upon the Collateral of the
Noteholder Agent and such Liens of Noteholder Agent are and shall be, in all
respects, junior and subordinate to the Liens of Senior Creditor Agent therein
to the full extent of the Senior Debt; PROVIDED, THAT, the principal amount of
the Senior Debt (but not interest, costs, expenses or other charges at any time
payable by any Debtor to any Senior Creditor or charged by Senior Creditor Agent
to the loan account of any Debtor maintained by Senior Creditor Agent except as
provided below) in excess of the Maximum Senior Debt at any time outstanding
(together with the interest on such excess) shall not be entitled to the benefit
of the priority of the security interest of Senior Creditor Agent provided for
herein.

         2.3 RIGHTS OF THIRD PARTIES; NO CONTEST OF LIEN. Except as otherwise
expressly provided in Section 2.8, each Creditor shall be solely responsible for
perfecting and maintaining the perfection of its Lien in and to each item
constituting the Collateral in which such Creditor has been granted a Lien. The
foregoing provisions of this Agreement are intended solely to govern the
respective lien priorities as between the Creditors and shall not impose on any
Senior Creditor any obligations in respect of the disposition of proceeds of
foreclosure on any Collateral which would conflict with prior perfected claims
therein in favor of any other person or any order or decree of any court or
other governmental authority or any applicable law. Each Creditor agrees that it
will not contest the validity, perfection, priority or enforceability of the

                                       7
<PAGE>

Liens upon the Collateral of the other Creditor and that as between Senior
Creditors and Noteholder Creditors, the terms of this Intercreditor Agreement
shall govern even if part or all of the Senior Debt or the Liens securing
payment and performance thereof are not perfected or are avoided, disallowed,
set aside or otherwise invalidated in any judicial proceeding or otherwise.

         2.4 RIGHT TO ENFORCE AGREEMENT. Until the payment in full of the Senior
Debt, Senior Creditors shall have the exclusive right to manage, perform and
enforce the terms of the Senior Creditor Agreements with respect to the
Collateral, to exercise and enforce all privileges and rights thereunder
according to their discretion and the exercise of their business judgment,
including, without limitation, the exclusive right to take or retake control or
possession of such Collateral and to hold, prepare for sale, process, sell,
lease, dispose of, or liquidate such Collateral in accordance with the rights of
Senior Creditors. Noteholder Creditors shall not have any right to direct Senior
Creditor Agent to exercise any right, remedy or power with respect to the
Collateral and each Noteholder Creditor consents to the exercise by Senior
Creditor Agent of any such right, remedy or power. Noteholder Creditors shall
not institute any suit or assert in any suit, bankruptcy, insolvency or other
proceeding any claim against any Senior Creditor seeking damages from or other
relief by way of specific performance, instructions or otherwise, with respect
to, and Senior Creditors shall not be liable for, any action take or omitted to
be taken by Senior Creditors with respect to the Collateral. On and after the
payment in full of the Senior Debt and until the payment in full of the
Noteholder Debt, the Noteholder Agent shall have the exclusive right to manage,
perform and enforce the terms of the Noteholder Documents in respect of the
Collateral, to exercise and enforce all privileges and rights thereunder
according to its discretion and the exercise of its business judgment,
including, without limitation, the exclusive right to take or retake control or
possession of the Collateral and to hold, prepare for sale, process, sell,
lease, dispose of, or liquidate the Collateral.

         2.5 SALE AND RELEASE OF COLLATERAL.

            (a) Notwithstanding anything to the contrary contained in any of the
Agreements, until the payment in full of the Senior Debt, only Senior Creditor
Agent shall have the right to restrict or permit, or approve or disapprove, the
sale, transfer, lease, license or other disposition of Collateral, provided that
(i) any sale, transfer, lease, license or other disposition of Collateral shall
be conducted in a commercially reasonable manner and (ii) in no event shall
Noteholder Agent or any Noteholder take any action to hinder, delay or prevent
any sale, transfer, lease, license or other disposition of Collateral, or the
terms hereof allowing such sale, transfer, lease, license or other disposition
of Collateral, not be deemed fulfilled as a result of any claim by Noteholder
Agent or any Noteholder that any such sale, transfer, lease, license or other
disposition of Collateral has not been conducted in a commercially reasonable
manner and (iii) the failure of Noteholder Agent or any Noteholder to take such
action shall not be deemed to waive or release any claims of Noteholder Agent or
such Noteholder as a result of any such sale, transfer, lease, license or other
disposition of Collateral not being conducted in a commercially reasonable
manner. After payment in full of the Senior Debt and until the payment in full
of the Noteholder Debt, only Noteholder Agent shall have the right to restrict
or permit, or approve or disapprove, the sale, transfer, lease, license or other
disposition of Collateral. Any sale, transfer, lease, license or other
disposition of Collateral by Noteholder Agent shall be conducted in a
commercially reasonable manner.

                                       8
<PAGE>

            (b) As to any sale, transfer, lease, license or other disposition of
any Collateral, Noteholder Agent shall (i) be deemed to have automatically and
without further action released and terminated any Liens it may have on the
Collateral to the extent such Collateral is sold, transferred, leased, licensed
or otherwise disposed of either by Senior Creditor Agent, any agent of Senior
Creditor Agent, or any Debtor with the consent of Senior Creditor Agent, (ii) be
deemed to have authorized Senior Creditor Agent to file UCC amendments and
terminations covering the Collateral so sold, transferred, leased, licensed or
otherwise disposed of as to UCC financing statements between any Debtor and
Noteholder Creditor to evidence such release and termination, (iii) promptly
upon the request of Senior Creditor Agent execute and deliver such other release
documents and confirmations of the authorization to file UCC amendments and
terminations provided for herein, in each case as Senior Creditor Agent may
require in connection with such sale, transfer, lease, license or other
disposition by Senior Creditor Agent, Senior Creditor Agent's agents or any
Debtor with the consent of Senior Creditor Agent to evidence and effectuate such
termination and release, and (iv) be deemed to have consented under the
Noteholder Agreements to such sale or other disposition; PROVIDED, THAT, (A) any
such release or UCC amendment or termination by Noteholder Agent shall not
extend to or otherwise affect any of the rights, if any, of Noteholder Agent to
the proceeds from any such sale, transfer, lease, license or other disposition
of Collateral and (B) the proceeds of such sale, transfer, lease, license or
other disposition shall be applied to the Senior Debt to the extent required
under the terms of the Senior Creditor Loan Agreement as in effect on the date
hereof, except that, in addition to any other right of a Debtor to reinvest such
proceeds provided for in the Senior Creditor Loan Agreement as in effect on the
date hereof, Senior Creditor Agent may, at its option, agree to allow up to
$1,000,000 of the proceeds from any such sale, transfer, lease, license or other
disposition of Collateral (or related series of such transactions) to be used
within one hundred eighty (180) days of the receipt of such proceeds to reinvest
in the operations and business of a Debtor and (C) notwithstanding anything to
the contrary in this Agreement, as to any sale, transfer, lease, license or
other disposition of any Collateral in an Insolvency Proceeding, a Noteholder
may exercise such rights and remedies as it may have as an unsecured creditor in
such Insolvency Proceeding with respect to such sale, transfer, lease, license
or other disposition of any Collateral.

            (c) Noteholder Agent, for itself and on behalf of the Noteholders,
hereby irrevocably constitutes and appoints the Senior Creditor Agent and any
officer or agent of the Senior Creditor Agent, with full power of substitution,
as its true and lawful attorney-in-fact with full irrevocable power and
authority in the place and stead of the Noteholder Agent or such holder or in
the Senior Creditor Agent's own name, from time to time in the Senior Creditor
Agent's discretion, for the purpose of carrying out the terms of this Section
2.5, to take any and all appropriate action and to execute any and all documents
and instruments which may be necessary or desirable to accomplish the purposes
of this Section 2.5, including any termination statements, endorsements or other
instruments of transfer or release. Nothing contained in this Agreement shall be
construed to modify the obligation of Senior Creditor Agent to act in a
commercially reasonable manner in the exercise of its rights to sell, lease,
license, exchange, transfer or otherwise dispose of any Collateral.

         2.6 LIMITATION ON REMEDIES.

                                       9
<PAGE>

            (a) Except as specifically provided in Section 2.6(b),
notwithstanding any rights or remedies available to the Noteholder Agent or any
Noteholder under any of the Noteholder Agreements, applicable law or otherwise,
prior to the payment in full of the Senior Debt, the Noteholder Agent and the
Noteholders shall not, directly or indirectly, (i) seek to collect from any
Debtor (including, without limitation, from or by way of any Collateral) any of
the Noteholder Debt or exercise any of its rights or remedies upon a default or
event of default by any Debtor under the Noteholder Agreements or otherwise,
(ii) seek to foreclose, enforce or realize upon (judicially or non judicially)
their Liens on any Collateral or assert any claims or interests therein
(including, without limitation, by setoff, compensation or notification of
account debtors), (iii) commence any action or proceeding against any Debtor or
its properties under the U.S. Bankruptcy Code or any other Insolvency
Proceeding, or (iv) take any other action against any of the Collateral.

            (b) Notwithstanding anything to the contrary contained in Section
2.6(a) above, Noteholder Agent shall have the right to take action to enforce
its Liens on any of the Collateral or assert any claims or interests therein, or
exercise any other similar remedies with respect thereto or commence any action
or proceeding against any Debtor under the U.S. Bankruptcy Code or any other
Insolvency Proceeding, subject at all times to the provisions of Section 2.2,
Section 3 and the other provisions of this Intercreditor Agreement, commencing
one hundred eighty (180) days after the date of the receipt by Senior Creditor
Agent of written notice from Noteholder Agent that either Debtors have failed to
make a regularly scheduled payment of interest when due, or redeem the principal
amount of the Convertible Notes at the final maturity date thereunder, in each
case under the terms of the Convertible Notes as in effect on the date hereof,
or the Noteholders owed more than fifty (50%) percent of the principal amount of
the Convertible Notes have exercised their option to require Summit to redeem
the Convertible Notes in accordance with their terms as in effect on the date
hereof as a result of an event of default under the Convertible Notes and
Debtors have failed to pay to such Noteholders that have exercised such option
the amount required as a result thereof when due, PROVIDED, THAT in either case
(i) in such event of default is continuing and has not been waived or cured and
(ii) Senior Creditor Agent or any other Senior Creditor is not diligently
pursuing in good faith the exercise of an Enforcement Action and(iii) such one
hundred eighty (180) day period shall be tolled for any period during which both
the Senior Creditor Agent and the other Senior Creditors, on the one hand, and
the Noteholder Agent and the Noteholders, on the other hand, are stayed by an
order issued in any Insolvency Proceeding or by any other court of competent
jurisdiction from exercising any Enforcement Action.

            (c) Section 2.6(a) shall not be construed to in any way limit or
impair the right of: (a) a Creditor to bid for or purchase Collateral at any
private or judicial foreclosure upon such Collateral initiated by Senior
Creditor Agent or any Senior Creditor, or (b) the Noteholder Agent and the
Noteholders to join (but not control) any judicial foreclosure proceeding or
other judicial lien enforcement proceeding with respect to the Collateral
initiated by the Senior Creditor Agent or any other Senior Creditor, so long as
it does not delay or interfere in any material respect with the exercise by the
Senior Creditor Agent or such Senior Creditor of its rights as provided in this
Intercreditor Agreement.

         2.7 DELIVERY OF COLLATERAL. Until the payment in full of the Senior
Debt, in the event that any Noteholder Creditor shall obtain possession, custody
or control of any of the Collateral,

                                       10
<PAGE>

such Noteholder Creditor shall receive and hold the same in trust, as trustee,
for the benefit of Senior Creditors, and shall immediately transfer and deliver
such Collateral to Senior Creditor Agent (together with any endorsement or
assignment of such Noteholder Creditor where necessary or desirable). In the
event of the failure of any Noteholder Creditor to make any such endorsement or
assignment to Senior Creditor Agent, Senior Creditor Agent, or any of its
officers or employees, are hereby irrevocably authorized on behalf of such
Noteholder Creditor to make the same. In the event that at any time all or part
of any payment with respect to the Senior Debt previously made is rescinded or
required to be returned for any reason, such Noteholder Creditor shall promptly
deliver to Senior Creditor Agent any Collateral then held by it and the
provisions of this Intercreditor Agreement shall be reinstated as if such
payment had not been made.

         2.8 BAILEE FOR PERFECTION. Each Creditor hereby appoints the other
Creditors, and each hereby agrees to serve, as agent and bailee for the other
Creditors for the purpose of perfecting their respective Liens on any of the
Collateral and any Creditor that at any time has any Collateral in its
possession or control (as such term is defined in the UCC) acknowledges that it
holds and will hold possession or control of such Collateral for the benefit of
Senior Creditor Agent and the Noteholder Agent. Each Creditor shall not have any
duty to protect or preserve any rights pertaining to any of such Collateral held
or controlled by it and each Creditor hereby waives and releases the other
Creditors from all claims and liabilities at any time arising pursuant to the
role of agent and bailee with respect to the Collateral held or controlled by
it, so long as the bailee Creditor shall use the same degree of care with
respect thereto as it uses for similar property pledged to it as collateral for
indebtedness of others to it. Subject to Section 2.7 above, Senior Creditor
Agent shall, after the payment in full of the Senior Debt, deliver the remainder
of any Collateral, if any, then in its possession to the Noteholder Agent or
terminate its control of any Collateral subject to such control (or at Senior
Creditor's option, take such other reasonable actions so as to transfer its
rights with respect thereto to Noteholder Agent), except in the event and to the
extent (a) any Senior Creditor has retained or otherwise acquired such
Collateral in full or partial satisfaction of any of the Senior Debt, (b) such
Collateral is sold or otherwise disposed of by any Senior Creditor or by a
Debtor as provided herein or (c) it is otherwise required by any order of any
court or other governmental authority or applicable law or would result in the
risk of liability of any Senior Creditor to any third party.

         2.9 OPPORTUNITY TO CURE. Senior Creditor Agent, on behalf of the other
Senior Creditors shall have the right, but not any obligation, to cure for the
account of Debtors any default by any Debtor under the Noteholder Agreements at
any time within thirty (30) days after the date of the receipt by Senior
Creditor Agent of written notice from the Noteholder Agent of an event of
default under the Noteholder Agreements or the applicable cure period provided
for in the Noteholder Agreements if longer (and if a payment default on an
unaccelerated basis). In no event shall Senior Creditor Agent or any other
Senior Creditor by virtue of the payment of amounts, or performance of any
obligation required to be paid or performed by any Debtor, be deemed to have
assumed any obligation of any Debtor to any Noteholder Creditor or any other
person.

         2.10 NEW LIENS. Until the payment in full of the Senior Debt, each
Debtor agrees not to grant any Lien on any of its assets in favor of either
Senior Creditor Agent or Noteholder Agent

                                       11
<PAGE>

in respect of the Senior Debt or Noteholder Debt, respectively, unless such
Debtor has granted a similar Lien on such assets in favor of the other Agent.

         2.11 NOTICES. Each Agent shall give to the other Agent concurrently
with the giving thereof to any Debtor, (a) a copy of any written notice by such
Agent or any Creditor for which it is an agent of either an event of default
under its Agreements with any Debtor, or written notice of demand of payment
from any Debtor, and (b) a copy of any written notice sent by such Agent or such
Creditor to any Debtor at any time an event of default under its Agreements with
any Debtor exists stating such Agent's or Creditor's intention to exercise any
of its enforcement rights or remedies, including written notice pertaining to
any foreclosure on any of the Collateral or other judicial or non-judicial
remedy in respect thereof, and any legal process served or filed in connection
therewith; PROVIDED, THAT, the failure of any party to give notice as required
hereby shall not affect the relative priorities of the respective Liens of
Agents and Creditors as provided herein or the validity or effectiveness of any
such notice as against any Debtor. Any such notice shall not be deemed a Default
Notice for purposes hereof unless such notice expressly so states. Debtors
hereby authorize and consent to each Agent and other Creditor sending any such
notices or providing any other information to the other Agent or Creditors and
hereby waive and release any claim or cause of action against any Agent or
Creditor as a result of such notice or providing such information.

         2.12 INSURANCE. Subject to the priorities and respective rights of
Creditors and Agents contained in this Intercreditor Agreement, each Agent shall
be entitled to be designated secured party and to obtain loss payee endorsements
and additional insured status with respect to any and all policies of insurance
now or hereafter obtained by any Debtor with respect to the Collateral.

         3. SUBORDINATION OF NOTEHOLDER DEBT

         3.1 SUBORDINATION. Each Noteholder Creditor hereby subordinates its
right to payment and satisfaction of the Noteholder Debt and the payment
thereof, directly or indirectly, by any means whatsoever, is deferred, to the
indefeasible payment and satisfaction in full of all Senior Debt.

         3.2 PERMITTED PAYMENTS. Notwithstanding anything to the contrary
contained in Section 3.1, Senior Creditors hereby agree that, except as
otherwise provided in Section 3.3 hereof, Debtors may make and Noteholders
Creditors may receive and retain regularly scheduled payments of principal and
interest, on an unaccelerated basis, in respect of the Noteholder Debt in
accordance with the terms of the Noteholder Agreements as in effect on the date
hereof.

         3.3 RESTRICTIONS ON PAYMENTS ON NOTEHOLDER DEBT.

            (a) No payment will be made or required to be made on account or in
respect of any Noteholder Debt at any time on or after the receipt by the
Noteholder Agent of a Default Notice with respect to the occurrence of a Senior
Creditor Default as the result of the failure of any Debtor to make any payment
under the Senior Creditor Agreements when due (whether at the maturity thereof,
or upon demand therefor or upon acceleration of maturity or otherwise) of all or
any portion of the Senior Debt, whether principal or interest or any other
amounts constituting Senior Debt (a "Payment Default"), which notice shall
specify that it is a Default Notice

                                       12
<PAGE>

delivered pursuant to this Section 3.3(a), unless and until the payment in full
of the Senior Debt or Senior Creditor Agent has been instructed by the Required
Lenders (as such term is defined in the Senior Credit Agreement) that such
default has been cured or waived in writing in accordance with the terms of the
Senior Creditor Agreements.

            (b) No payment will be made or required to be made on account or in
respect of the Noteholder Debt at any time on or after the receipt by Noteholder
Agent of a Default Notice with respect to any Senior Creditor Default other than
a Payment Default, which notice shall specify that it is a Default Notice
delivered pursuant to this Section 3.3(b), provided, that, (i) this Section
3.3(b) shall not prevent the making of any such payment after the date which is
one hundred eighty (180) days after the date of the Default Notice (or if
earlier, at any time after the date such Default Notice is terminated (A) by
written notice from Senior Creditor Agent to Noteholder Agent, (B) by payment in
full of the Senior Debt, or (C) the Senior Creditor Default specified in the
Default Notice has been cured or waived in writing by Senior Creditor Agent),
unless a Payment Default exists or any Insolvency Proceeding occurs, (ii) no
Default Notice under this Section 3.3(b) may be sent as a result of any Senior
Creditor Default which was existing at the time of any prior Default Notice of
which Senior Creditor Agent had actual knowledge at the time of sending such
prior Default Notice unless such Senior Creditor Default shall have been cured
for not less than ninety (90) days and is subsequently determined by Senior
Creditor Agent to be a new Senior Creditor Default and (iii) in no event may the
number of days during which any Default Notice under this Section 3.3(b) be in
effect be more than one hundred eighty (180) days in any three hundred
sixty-five (365) day period.

            (c) Upon the termination of any period as provided in this Section
during which payments on account or in respect of the Noteholder Debt are not
permitted, Debtors shall make all payments permitted pursuant to Section 3.2
whether current or past due to Noteholders and shall resume all other required
payments under the terms of the Noteholder Agreements (as in effect on the date
hereof), subject to the terms hereof, provided that as to any past due payments
in no event shall such payments be made if after giving effect thereto, there is
or would be a Senior Creditor Default (and including any failure to comply with
any financial covenant on a pro forma basis based on the most recent financial
information received by Senior Creditor Agent).

         3.4 DISTRIBUTIONS.

            (a) In the event of any distribution, division, or application,
partial or complete, voluntary or involuntary, by operation of law or otherwise,
of all or any part of the assets of any Debtor or the proceeds thereof to the
creditors of any Debtor or readjustment of the obligations and indebtedness of
any Debtor, whether by reason of liquidation, bankruptcy, arrangement,
receivership, assignment for the benefit of creditors, marshalling of assets of
any Debtor or any other Insolvency Proceeding, or upon the sale of all or
substantially all of any Debtor's assets, then, and in any such event, (i)
Senior Creditors shall first receive payment in full of all of the Senior Debt
prior to the payment of all or any part of the Noteholder Debt, and (ii) Senior
Creditors shall be entitled to receive any payment or distribution of any kind
or character, whether in cash, securities or other property, which is payable or
deliverable in respect of any or all of the Noteholder Debt, except that a
Noteholder Creditor may receive any securities of any Debtor issued pursuant to
a plan of reorganization in any case under the U.S. Bankruptcy Code

                                       13
<PAGE>

or by the corporation succeeding to such Debtor pursuant to such plan of
reorganization, if such securities are subordinate and junior at least to the
extent of the Noteholder Debt as provided herein to the payment in full of all
of the Senior Debt and to the payment of any Senior Debt issued in exchange or
substitution for any Senior Debt then outstanding.

            (b) Each Noteholder Creditor hereby authorizes and empowers the
Senior Creditor Agent, for the benefit of itself and the other Senior Creditors,
in any Insolvency Proceeding to file a proof of claim on behalf of such
Noteholder Creditor with respect to the Noteholder Debt owing to such Noteholder
Creditor (i) if such Noteholder Creditor fails to file such proof of claim prior
to thirty (30) days before the expiration of the time period during which such
claims must be submitted, or (ii) if the Senior Creditor Agent, in good faith,
determines that any statements or assertions in a proof of claim filed by such
Noteholder Creditor are not consistent with the terms and conditions hereof;
provided, that, any failure of the Senior Creditor Agent to file such proof of
claim shall not be deemed to be a waiver by any Senior Creditor of any of the
rights and benefits granted herein by any Noteholder Creditor. Each Noteholder
Creditor shall provide Senior Creditor Agent with a copy of any proof of claim
filed by such Noteholder Creditor in any Insolvency Proceeding.

            (c) Each Noteholder Creditor hereby irrevocably grants the Senior
Creditor Agent authority and power in any Insolvency Proceeding, unless and
until this Intercreditor Agreement is terminated in accordance with its terms:
(i) to accept and receive any payment or distribution which may be payable or
deliverable at any time upon or in respect of the Noteholder Debt; and (ii) to
take such other action as may be necessary or advisable to effectuate the
foregoing. Each Noteholder Creditor shall provide to the Senior Creditor Agent
all information and documents necessary to present claims or seek enforcement as
described in the immediately preceding sentence. To the extent necessary for
Senior Creditor Agent to realize the benefits of the subordination of the
Noteholder Debt provided for herein (including the right to receive any payment
and distributions which might otherwise be payable or deliverable in respect of
the Noteholder Debt in any proceeding described in Section 3.4(a) or otherwise),
each Noteholder Creditor shall execute and deliver to Senior Creditor Agent such
instruments or documents (together with such assignments or endorsements as
Senior Creditor Agent shall deem necessary), as may be requested by Senior
Creditor Agent.

            (d) Each Noteholder Creditor hereby agrees that, while it shall
retain the right to vote its claims and, except as otherwise provided in this
Intercreditor Agreement, otherwise act in any Insolvency Proceeding relative to
the applicable Debtor (including, without limitation, the right to vote to
accept or reject any plan of partial or complete liquidation, reorganization,
arrangement, composition, or extension), such Noteholder Creditor shall not: (i)
take any action or vote in any way so as to directly or indirectly challenge or
contest (A) the validity or the enforceability of any of the Senior Creditor
Agreements or the liens and security interests granted to any Senior Creditor
with respect to the Senior Debt, (B) the rights and duties of the Senior
Creditors established in the Senior Creditor Agreements, or (C) the validity or
enforceability of this Intercreditor Agreement; (ii) seek, or acquiesce in any
request, to dismiss any Insolvency Proceeding or to convert an Insolvency
Proceeding under Chapter 11 of the U.S. Bankruptcy Code to a case under Chapter
7 of the U.S. Bankruptcy Code; (iii) seek, or acquiesce in any request for, the
appointment of a trustee or examiner with expanded powers for the applicable
Debtor; (iv) propose, vote in favor of or otherwise approve a plan of
reorganization,

                                       14
<PAGE>

arrangement or liquidation, or file any motion or pleading in support of any
plan of reorganization, arrangement or liquidation, unless it provides that for
the payment in full of the Senior Debt or unless the Senior Creditors have
approved of the treatment of their claims with respect to the Senior Debt under
such plan; (v) object to the treatment under a plan of reorganization or
arrangement of the claims with respect to the Senior Debt; (vi) seek relief from
the automatic stay of Section 362 of the U.S. Bankruptcy Code or any other stay
in any Insolvency Proceeding in respect of any portion of the Collateral; or
(vii) directly or indirectly oppose any relief requested or supported by the
Senior Creditors in connection with the exercise by any Senior Creditor of its
rights or remedies, including any sale or other disposition of property free and
clear of the Liens of Noteholder Agent or any Noteholder Creditor under Section
363(f) of the U.S. Bankruptcy Code or any other similar provision of applicable
law.

            (e) Neither the Senior Creditor Agent nor any of the other Senior
Creditors shall in any event be liable for: (i) any failure to prove the
Noteholder Debt; (ii) any failure to exercise any rights with respect thereto;
(iii) any failure to collect any sums payable thereon; or (iv) any impairment or
nonpayment of the Noteholder Debt that results, directly or indirectly, from the
exercise by the Senior Creditor Agent or the other Senior Creditors of any of
their rights or remedies under this Intercreditor Agreement, the Senior Creditor
Agreements or under applicable law.

         3.5 PAYMENTS RECEIVED BY ANY NOTEHOLDER CREDITOR. Until the payment in
full of the Senior Debt, should any payment or distribution or security or
instrument or proceeds thereof be received by any Noteholder Creditor in respect
of the Noteholder Debt other than as permitted under Section 3.2 hereof, such
Noteholder Creditor shall receive and hold the same in trust, as trustee, for
the benefit of Senior Creditors, segregated from other funds and property of
such Noteholder Creditor and shall forthwith deliver the same to Senior Creditor
Agent (together with any endorsement or assignment of such Noteholder Creditor
where necessary), for application to any of the Senior Debt. In the event of the
failure of such Noteholder Creditor to make any such endorsement or assignment
to Senior Creditor Agent, Senior Creditor Agent, or any of its officers or
employees, are hereby irrevocably authorized on behalf of such Noteholder
Creditor to make the same.

         3.6 INSTRUMENT LEGEND AND NOTATION. Any instrument at any time
evidencing the Noteholder Debt, or any portion thereof, shall be permanently
marked on its face with a legend conspicuously indicating that payment thereof
is subordinate in right of payment to the Senior Debt in accordance with and
otherwise subject to the terms and conditions of this Intercreditor Agreement,
and (a) after being so marked, upon the request of Senior Creditor Agent, copies
thereof shall be delivered to Senior Creditor Agent and (b) the original of any
such instrument shall be immediately delivered to Senior Creditor Agent upon
Senior Creditor Agent's request, at any time on or after the occurrence of an
event of default under the Senior Creditor Agreements. In the event any legend
or endorsement is omitted, Senior Creditor Agent or any of its officers or
employees, are hereby irrevocably authorized on behalf of each Noteholder
Creditor to make the same. No specific legend, further assignment or endorsement
or delivery of notes, guarantees or instruments shall be necessary to subject
any Noteholder Debt to the subordination thereof contained in this Intercreditor
Agreement.

         4. REPRESENTATIONS AND WARRANTIES

                                       15
<PAGE>

         4.1 ADDITIONAL REPRESENTATIONS AND WARRANTIES.

            (a) The Noteholder Agent and each Noteholder represents and warrants
(in each case severally only for itself and not jointly) to Senior Creditors
that:

               (i) the execution, delivery and performance of this Intercreditor
Agreement by Noteholder Agent is within its powers in its capacity as agent for
the Noteholders, has been duly authorized by the Noteholders Creditors (in
accordance with the requirements of the Securities Purchase Agreement), and does
not contravene any law, any provision of any of the Noteholder Agreements or any
agreement to which Noteholder Agent or any Noteholder Creditor is a party or by
which it is bound;

               (ii) the Noteholder Agent has been duly appointed and constituted
as agent to act for and on behalf of each Noteholder and has been irrevocably
authorized to execute and deliver this Intercreditor Agreement for itself and on
behalf of each Noteholder and to perform all of its obligations hereunder, and
to take such actions on behalf of each Noteholder as may be required of it under
the terms hereof, without any further consent or approval of any Noteholder;

               (iii) the Noteholder Agent and such Noteholder have not been
granted and do not have any Liens upon the assets and properties of any Debtor
pursuant to the Noteholder Agreements, except to the extent of the Liens granted
by Debtors to the Noteholder Agent in its capacity as agent on behalf and for
the benefit of such Noteholder pursuant to the Noteholder Agreements;

               (iv) this Intercreditor Agreement constitutes the legal, valid
and binding agreement of Noteholder Agent and such Noteholder and is enforceable
in accordance with its terms and by holding any Convertible Note, shall be
binding on such Noteholder acting by and through the Noteholder Agent as its
agent, notwithstanding that such Noteholder is not a signatory hereto.

            (b) The Senior Creditor Agent and each Senior Creditor represents
and warrants (in each case severally only for itself and not jointly) to
Noteholder Creditors that:

               (i) the execution, delivery and performance of this Intercreditor
Agreement by Senior Creditor Agent is within its powers in its capacity as agent
for the other Senior Creditors, has been duly authorized by the other Senior
Creditors, and does not contravene any law, any provision of any of the Senior
Creditor Agreements or any agreement to which Senior Creditor Agent or any
Senior Creditor is a party or by which it is bound;

               (ii) this Intercreditor Agreement constitutes the legal, valid
and binding agreement of Senior Creditor Agent and such Senior Creditor and is
enforceable in accordance with its terms and shall be binding on such Senior
Creditor acting by and through the Senior Creditor Agent as its agent,
notwithstanding that such Senior Creditor is not a signatory hereto.

         4.2 WAIVERS; CONSENT TO AMENDMENTS. Notice of acceptance hereof, the
making of loans, advances and extensions of credit or other financial
accommodations to, and the incurring of any expenses by or in respect of, any
Debtor by any Senior Creditor, and presentment, demand, protest, notice of
protest, notice of nonpayment or default and all other notices to which

                                       16
<PAGE>

any Noteholder Creditor and any Debtor are or may be entitled are hereby waived
(except as expressly provided for herein or as to Debtors, in the Agreements).
Each Noteholder Creditor also waives notice of, and hereby consents to, (a) any
amendment, modification, supplement, extension, renewal, or restatement of any
of the Senior Debt or the Senior Creditor Agreements, including, without
limitation, extensions of time of payment of or increase or decrease in the
amount of any of the Senior Debt (subject to Section 2.2 hereof), the interest
rate, fees, other charges, or any collateral, except that the Noteholder
Creditors do not consent to (i) to increase the applicable margin for Reference
Rate Loans or LIBOR Rate Loans (as each of such terms is defined in the Senior
Creditor Loan Agreement) by more than four (4%) percent above the highest margin
provided for therein as of the date hereof (provided, that, the foregoing shall
not be construed to apply to or limit increases as a result of (A) changes in
the Reference Rate or LIBOR Rate, as such terms are defined in the Senior
Creditor Loan Agreement or (B) a Senior Creditor Default) or (ii) to extend the
maturity date of the Senior Debt to a date after the date of any extension of
the maturity of any Convertible Note or if later, November 6, 2012, (b) the
taking, exchange, surrender and releasing of Collateral or guarantees now or at
any time held by or available to any Senior Creditor for the Senior Debt, (c)
the exercise of, or refraining from the exercise of any rights against Debtor or
any other obligor or any Collateral, (d) the settlement, compromise or release
of, or the waiver of any default with respect to, any of the Senior Debt, and/or
(e) the election by any Senior Creditor in any proceeding instituted under the
U.S. Bankruptcy Code, of the application of Section 1111(b)(2) of the U.S.
Bankruptcy Code. Any of the foregoing shall not, in any manner, affect the terms
hereof or impair the obligations of any Noteholder Creditor hereunder. All of
the Senior Debt shall be deemed to have been made or incurred in reliance upon
this Intercreditor Agreement.

         4.3 SUBROGATION; MARSHALLING. Noteholder Creditors shall not be
subrogated to, or be entitled to any assignment of any Senior Debt or Noteholder
Debt or of any Collateral or guarantees or evidence of any thereof until payment
in full of the Senior Debt. Each Noteholder Creditor hereby waives any and all
rights to have any Collateral or any part thereof granted to any Senior Creditor
marshalled upon any foreclosure or other disposition of such collateral by any
Senior Creditor or Debtor.

         4.4 NO OFFSET. In the event any Noteholder Creditor at any time incurs
any obligation to pay money to a Debtor, such Noteholder Creditor hereby
irrevocably agrees that it shall pay such obligation in cash or cash equivalents
in accordance with the terms of the contract governing such obligation and shall
not deduct from or setoff against any amounts owed by such Noteholder Creditor
to any Debtor in connection with any such transaction any amounts such
Noteholder Creditor claims are due to it with respect to the Noteholder Debt,
until the payment in full of the Senior Debt.

         5. NOTEHOLDER PURCHASE OPTION

         5.1 EXERCISE OF OPTION. On and after a Senior Creditor Default and
written demand by Senior Creditors for payment of all of the Senior Debt
pursuant to such Senior Creditor Default, Noteholder Agent shall have the
option, for itself and any Noteholder, to purchase all (but not less than all)
of the Senior Debt from the Senior Creditors. Noteholder Agent shall notify
Senior Creditor Agent of its election to exercise such option within thirty (30)
days of the receipt by

                                       17
<PAGE>

Noteholder Agent of notice of such written demand for payment on Debtors by
Senior Creditors. Such notice from Noteholder Agent to Senior Creditor Agent
shall be irrevocable.

         5.2 PURCHASE AND SALE. On the date specified by Noteholder Agent in
such notice (which shall not be less than five (5) Business Days, nor more than
twenty (20) days, after the receipt by Senior Creditor Agent of the notice from
Noteholder Agent of its election to exercise such option), Senior Creditors
shall, subject to any required approval of any court or other regulatory or
governmental authority then in effect, if any, sell to Noteholder Agent, acting
for itself and any Noteholder, and Noteholder Agent shall purchase from Senior
Creditors, all of the Senior Debt. Notwithstanding anything to the contrary
contained herein, in connection with any such purchase and sale, Senior
Creditors shall retain all rights under the Senior Creditor Agreements to be
indemnified or held harmless by Debtors in accordance with the terms thereof.

         5.3 PAYMENT OF PURCHASE PRICE.

            (a) Upon the date of such purchase and sale, Noteholder Agent shall
(i) pay to Senior Creditor Agent for the account of the Senior Creditors as the
purchase price therefor the full amount of all of the Senior Debt then
outstanding and unpaid (including principal, interest, fees and expenses,
including reasonable attorneys' fees and legal expenses) and including the early
termination fee provided for in the Senior Creditor Loan Agreement, but not the
Senior Debt described in clause (ii) of this section, (ii) payment in full in
immediately available funds of cash collateral (or at the option of Senior
Creditor Agent, instead of such cash collateral, the delivery to Senior Creditor
Agent of a letter of credit, in form and substance reasonably satisfactory to
Senior Creditor Agent, by an issuer acceptable to Senior Creditor Agent and
payable to Senior Creditor Agent as beneficiary) for (A) letters of credit
issued under or pursuant to the Senior Creditor Loan Agreement in an amount
equal to one hundred five (105%) percent of the amount of such letters of
credit, (B) any payments that have been provisionally credited to the Senior
Debt and for which Senior Creditor Agent or other Senior Creditors have not
received final payment, (C) any continuing obligations (contingent or otherwise)
that Senior Creditor Agent or any Senior Creditor has pursuant to any Control
Agreement (as such term is defined in the Senior Creditor Loan Agreement), and
(D) liabilities of Senior Creditors in respect of matters or circumstances known
to a Senior Creditor at the time which are reasonably expected to result in any
loss, cost, damage or expense (including attorneys' fees and legal expenses) to
any Senior Creditor for which Senior Creditors are entitled to indemnification
by Debtors, (iii) agree to reimburse Senior Creditors for any loss, cost, damage
or expense (including reasonable attorneys' fees and legal expenses) in
connection with any commissions, fees, costs or expenses related to any issued
and outstanding letters of credit as described above and any checks or other
payments provisionally credited to the Senior Debt, and/or as to which Senior
Creditors have not yet received final payment.

            (b) Such purchase price and cash collateral shall be remitted by
wire transfer in federal funds to such bank account of Senior Creditor Agent as
Senior Creditor Agent may designate in writing to Noteholder Agent for such
purpose. Interest shall be calculated to but excluding the Business Day on which
such purchase and sale shall occur if the amounts so paid by Noteholder Agent to
the bank account designated by Senior Creditor Agent are received in such bank
account prior to 12:00 noon, New York City time and interest shall be calculated
to and including such Business Day if the amounts so paid by Noteholder Agent to
the bank

                                       18
<PAGE>

account designated by Senior Creditor Agent are received in such bank account
later than 12:00 noon, New York City time.

         5.4 REPRESENTATIONS UPON PURCHASE AND SALE. Such purchase shall be
expressly made without representation or warranty of any kind by Senior
Creditors as to the Senior Debt, the Collateral or otherwise and without
recourse to Senior Creditors, except that each Senior Creditor shall represent
and warrant, severally, as to it: (a) the amount of the Senior Debt being
purchased from it are as reflected in the books and records of such Senior
Creditor (but without representation or warranty as to the collectibility,
validity or enforceability thereof), (b) that such Senior Creditor owns the
Senior Debt being sold by it free and clear of any liens or encumbrances and (c)
such Senior Creditor has the right to assign the Senior Debt being sold by it
and the assignment is duly authorized. Upon the purchase by Noteholder Agent or
any Noteholder Creditor of the Senior Debt, Noteholder Agent and such Noteholder
Creditors agree to indemnify and hold Senior Creditors harmless from and against
all loss, cost, damage or expense (including reasonable attorneys' fees and
legal expenses) suffered or incurred by Senior Creditors arising from or in any
way relating to acts or omissions of Noteholder Agent or any of the other
Noteholder Creditors after the purchase.

         6. MISCELLANEOUS

         6.1 AMENDMENTS. Any waiver, permit, consent or approval by any Creditor
of or under any provision, condition or covenant to this Intercreditor Agreement
must be in writing and shall be effective only to the extent it is set forth in
writing and as to the specific facts or circumstances covered thereby. Any
amendment of this Intercreditor Agreement must be in writing and signed by each
of the parties to be bound thereby.

         6.2 SUCCESSORS AND ASSIGNS.

            (a) This Intercreditor Agreement shall be binding upon the parties
hereto and their respective successors and assigns and shall inure to the
benefit of each Creditor and its respective successors, participants and
assigns.

            (b) Senior Creditors reserve the right to grant participations in,
or otherwise sell, assign, transfer or negotiate all or any part of, or any
interest in, the Senior Debt and the Collateral securing same; provided, that,
Noteholder Creditors shall not be obligated to give any notices to or otherwise
in any manner deal directly with any participant in the Senior Debt and no
participant shall be entitled to any rights or benefits under this Intercreditor
Agreement except through a Senior Creditor. In connection with any participation
or other transfer or assignment, a Senior Creditor (i) may disclose to such
assignee, participant or other transferee or assignee all documents and
information which such Senior Creditor now or hereafter may have relating to the
Senior Debt or the Collateral and (ii) shall disclose to such participant or
other transferee or assignee the existence and terms and conditions of this
Intercreditor Agreement.

            (c) Noteholder Agent agrees to execute and deliver an agreement for
itself and the Noteholders containing terms substantially identical to those
contained herein in favor of any assignee or transferee of any or all of the
Senior Debt, or any or all rights of Senior Creditors in the property of Debtor
(other than pursuant to a participation) or any third person who otherwise

                                       19
<PAGE>

refinances, succeeds to or replaces any or all of the Senior Creditors'
financing of Debtors pursuant to the Senior Creditor Agreements.

         6.3 INSOLVENCY. This Intercreditor Agreement shall be applicable both
before and after the filing of any petition by or against any Debtor under the
U.S. Bankruptcy Code and all converted or succeeding cases in respect thereof
and any other Insolvency Proceedings, and all references herein to any Debtor
shall be deemed to apply to a trustee for such Debtor and such Debtor as debtor
in possession. The relative rights of Senior Creditors and Noteholder Creditors
to repayment of the Senior Debt and the Noteholder Debt, respectively, and in or
to any distributions from or in respect of any Debtor or any Collateral or
proceeds of Collateral, shall continue after the filing thereof on the same
basis as prior to the date of the petition, subject to any court order approving
the financing of, or use of cash collateral by, such Debtor as debtor in
possession. This Intercreditor agreement shall constitute a subordination
agreement for the purposes of Section 510(a) of the U.S. Bankruptcy Code and
shall be enforceable in any Insolvency Proceeding in accordance with its terms.
In the event that an Insolvency Proceeding is filed in a jurisdiction other than
the United States or is governed by any law of another jurisdiction other than
the United States, each reference in this Agreement to a section of the U.S.
Bankruptcy Code shall be deemed to refer to the substantially similar or
corresponding provision of the law applicable to such Insolvency Proceeding, or
in the absence of any specific similar or corresponding provision of the law,
such other general law as may be applied in order to achieve substantially the
same result as would be achieved under each applicable section of the U.S.
Bankruptcy Code.

         6.4 BANKRUPTCY FINANCING. If any Debtor shall become subject to a
proceeding under the U.S. Bankruptcy Code and if a Senior Creditor desires to
permit the use of cash collateral or to provide financing to such Debtor under
either Section 363 or Section 364 of the U.S. Bankruptcy Code, each Noteholder
Creditor agrees as follows: (a) adequate notice to such Noteholder shall have
been provided for such financing or use of cash collateral if Noteholder Agent
receives notice two (2) business days prior to the entry of the order approving
such financing or use of cash collateral and (b) no objection will be raised by
such Noteholder Creditor, nor will such Noteholder Creditor support any other
person objecting to, any such financing or use of cash collateral on the ground
of a failure to provide "adequate protection" for the junior Liens of Noteholder
Agent on the Collateral or any other grounds, so long as (i) the interest rate
and other terms are commercially reasonable under the circumstances, (ii) to the
extent of the secured claim of Noteholder Agent against such Debtor, Noteholder
Agent receives a replacement Lien on the same post-petition assets of such
Debtor as are subject to the Lien of Noteholder Agent, and with the same
priority relative to the Lien of Senior Creditor Agent as existed with respect
to such types of assets, immediately prior to the commencement of such
Insolvency Proceeding, (iii) such financing or use of cash collateral is subject
to the terms of this Intercreditor Agreement, (iv) the aggregate principal
amount of the Senior Debt arising before and after the commencement of the
Insolvency Proceeding shall not exceed the Maximum Senior Debt and (v) the terms
of the order of the Bankruptcy Court approving such financing or use of cash
collateral does not compel the applicable Debtor to seek confirmation of a
specific plan of reorganization for which the material terms are set forth in
the terms of such order or related agreement. Without limiting the generality of
the foregoing, no Noteholder Creditor shall seek to obtain, or obtain, a priming
or pari passu Lien on any Collateral in any Insolvency Proceeding or object to
the treatment under a plan of reorganization or arrangement of the claims with

                                       20
<PAGE>

respect to the Senior Debt to the extent that such treatment provides for
payments or distributions in respect of the Collateral in accordance with the
priorities of the right to payment and Liens set forth in this Intercreditor
Agreement. For purposes of this Section, notice of a proposed financing or use
of cash collateral shall be deemed given when given, in the manner prescribed by
Section 6.6 hereof, to Noteholder Agent.

         6.5 PRIORITIES UNAFFECTED BY ACTION OR INACTION. The lien priorities
and priorities in right of payment provided for herein shall not be altered or
otherwise affected by any amendment, modification, supplement, extension,
renewal, restatement or refinancing of either the Senior Debt or the Noteholder
Debt, nor by any action or inaction which any Creditor may take or fail to take
in respect of the Collateral or the Senior Debt or Noteholder Debt, as the case
may be.

         6.6 NOTICES. All notices, requests and demands to or upon the
respective parties hereto shall be in writing and shall be deemed duly given,
made or received: if delivered in person, immediately upon delivery; if by
telex, telegram or facsimile transmission, immediately upon sending and upon
confirmation of receipt; if by nationally recognized overnight courier service
with instructions to deliver the next business day, one (1) business day after
sending; and if mailed by certified mail, return receipt requested, five (5)
days after mailing to the parties at their addresses set forth below (or to such
other addresses as the parties may designate in accordance with the provisions
of this Section):

          To Senior Creditors           Fortress Credit Corp., as Agent
                                        1345 Avenue of the Americas
                                        New York, New York 10105
                                        Attention: Glenn Cummings
                                        Telephone:  212-798-6100
                                        Facsimile: 212-202-3685

          To Noteholder Creditors:      Law Debenture Trust Company of New York,
                                        as Agent
                                        767 Third Avenue, 31st Floor
                                        New York, NY 10017
                                        Attention: Boris Treyger
                                        Telephone: 212-750-6474
                                        Facsimile:  212-750-1361

Either Creditor may change the address(es) to which all notices, requests and
other communications are to be sent by giving written notice of such address
change to the other Creditor in conformity with this Section 6.6, but such
change shall not be effective until notice of such change has been received by
the other Creditors.

         6.7 COUNTERPARTS. This Intercreditor Agreement may be executed in any
number of counterparts, each of which shall be an original with the same force
and effect as if the signatures thereto and hereto were upon the same
instrument.

                                       21
<PAGE>

         6.8 GOVERNING LAW. The validity, construction and effect of this
Intercreditor Agreement shall be governed by the internal laws of the State of
New York but excluding any principles of conflicts of law or other rule of law
that would result in the application of the law of any jurisdiction other than
the laws of the State of New York.

         6.9 CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL. Each of the parties
hereto hereby irrevocably consents to the non exclusive jurisdiction of the
courts of the State of New York in New York County and the United States
District Court for the Southern District of New York and waives trial by jury in
any action or proceeding with respect to this Intercreditor Agreement.

         6.10 COMPLETE AGREEMENT. This written Intercreditor Agreement is
intended by the parties as a final expression of their agreement and is intended
as a complete statement of the terms and conditions of their agreement.

         6.11 NO THIRD PARTIES BENEFITTED. Except as expressly provided in
Section 5.2, this Intercreditor Agreement is solely for the benefit of the
Creditors and their respective successors, participants and assigns, and no
other person shall have any right, benefit, priority or interest under, or
because of the existence of, this Intercreditor Agreement.

         6.12 DISCLOSURES; NON RELIANCE. Each Creditor has the means to, and
shall in the future remain, fully informed as to the financial condition and
other affairs of any Debtor and no Creditor shall have any obligation or duty to
disclose any such information to any other Creditor. Except as expressly set
forth in this Intercreditor Agreement, the parties hereto have not otherwise
made to each other nor do they hereby make to each other any warranties, express
or implied, nor do they assume any liability to each other with respect to: (a)
the enforceability, validity, value or collectability of any of the Noteholder
Debt or Senior Debt or any guarantee or security which may have been granted to
any of them in connection therewith, (b) any Debtor's title to or right to
transfer any of the Collateral, or (c) any other matter except as expressly set
forth in this Intercreditor Agreement.

         6.13 TERM. This Intercreditor Agreement is a continuing agreement and
shall remain in full force and effect until the earlier of payment in full of
all Noteholder Debt or payment in full of all Senior Debt (provided that for
purposes of this Section 6.13, the term "payment in full" as to the Senior Debt
shall include all amounts owing to Senior Creditors up to and including, and in
excess of, the Maximum Senior Debt).

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       22
<PAGE>

         IN WITNESS WHEREOF, the parties have caused this Intercreditor
Agreement to be duly executed as of the day and year first above written.

                                  FORTRESS CREDIT CORP., as Senior Creditor
                                  Agent

                                  By:
                                     -----------------------------------------

                                  Title:
                                        --------------------------------------

                                  LAW DEBENTURE TRUST COMPANY OF NEW YORK,
                                  as Noteholder Agent

                                  By:
                                     -----------------------------------------

                                  Title:
                                        --------------------------------------

         Each of the undersigned hereby acknowledges and agrees to the foregoing
terms and provisions. By its signature below, the undersigned agrees that it
will, together with its successors and assigns, be bound by the provisions
hereof.

         Each of the undersigned agrees that any Creditor holding Collateral
does so as bailee (under the UCC) for the other and is hereby authorized to and
may turn over to such other Creditor upon request therefor any such Collateral,
after all obligations and indebtedness of the undersigned to the bailee Creditor
have been fully paid and performed.

         Each of the undersigned acknowledges and agrees that: (i) although it
may sign this Intercreditor Agreement it is not a party hereto and does not and
will not receive any right, benefit, priority or interest under or because of
the existence of the foregoing Intercreditor Agreement, (ii) in the event of a
breach by the undersigned or any Noteholder Creditor of any of the terms and
provisions contained in the foregoing Intercreditor Agreement, such a breach
shall constitute an "Event of Default" as defined in and under the Senior
Creditor Agreements, (iii) it will execute and deliver such additional documents
and take such additional action as may be necessary or desirable in the opinion
of any Creditor to effectuate the provisions and purposes of the foregoing
Intercreditor Agreement and (iv) the Intercreditor Agreement may be amended or
supplemented from time to time without notice to, or the consent of, any of the
undersigned.

                                  MARITIME LOGISTICS US HOLDINGS INC.

                                  By:
                                     -----------------------------------------

                                  Title:
                                        --------------------------------------

                                  OTHER BORROWERS AND
                                  GUARANTORS TO BE INSERTED

<PAGE>

                                    EXHIBIT A
                                       to
                             INTERCREDITOR AGREEMENT

                                    BORROWERS

                       Maritime Logistics Us Holdings Inc.
                       Summit Logistics International Inc
                            Sea Master Logistics Inc.
                         Amerussia Shipping Company Inc.
                             Fashion Marketing, Inc.
                              FMI International Llc
                         FMI International Corp. (West)
                             FMI International Corp.
                             Freight Management Llc
                               FMI Trucking, Inc.
                                FMI Express Corp.
                        Clare Freight, Los Angeles, Inc.
                               TUG New York, Inc.
                             Aerobic Creations, Inc.
                                  TUG USA, Inc.
                               AMR Investments Inc
                                FMI Holdco I, LLC

<PAGE>

                                    EXHIBIT B
                                       to
                             INTERCREDITOR AGREEMENT

                                   GUARANTORS

                                      None

<PAGE>

                                    EXHIBIT C
                                       to
                             INTERCREDITOR AGREEMENT

                                  NOTEHOLDERS

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