Document:

EX-10.5

 Exhibit 10.5 

Execution Version 
 SECOND
AMENDMENT 
 TO AMENDED AND RESTATED LETTER OF CREDIT AGREEMENT 

THIS SECOND AMENDMENT TO AMENDED AND RESTATED LETTER OF CREDIT AGREEMENT (this “Amendment”) is dated as of
September 5, 2013 and is entered into by and among UTi Worldwide Inc., a BVI Business Company incorporated under the laws of the British Virgin Islands with company number 141257 (the “Company”), each of the Subsidiary
Guarantors (as defined in the Amended and Restated Letter of Credit Agreement), The Royal Bank of Scotland N.V., in its capacity as Issuing Bank (the “Issuing Bank”) and is made with reference to that certain Amended and Restated
Letter of Credit Agreement, dated as of June 24, 2011 (as amended by the First Amendment to Amended and Restated Letter of Credit Agreement, dated June 5, 2013, by and among the Company, each of the Subsidiary Guarantors and the Issuing
Bank, and as further amended, supplemented or otherwise modified through the date hereof, the “Letter of Credit Agreement”) by and among the Company, the Subsidiary Guarantors and the Issuing Bank. Capitalized terms used herein
without definition shall have the same meanings herein as set forth in the Letter of Credit Agreement after giving effect to this Amendment. 

RECITALS 
 WHEREAS,
the Obligors have requested that the Issuing Bank agree to amend certain provisions of the Letter of Credit Agreement as provided for herein; and 

WHEREAS, subject to certain conditions, the Issuing Bank is willing to agree to such amendment relating to the Letter of Credit
Agreement. 
 NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained,
the parties hereto agree as follows: 
  

	SECTION I.	AMENDMENTS TO LETTER OF CREDIT AGREEMENT 

 Effective as of July 31, 2013, 

(a) Section 3.4(b)(i) of the Letter of Credit Agreement is hereby amended and restated by substituting the following therefor: 

“(i) with respect to each outstanding Letter of Credit, letter of credit fees equal to the greater of (A) (1) 3.00% per
annum, times (2) the daily maximum amount available to be drawn under such outstanding Letter of Credit (regardless of whether any conditions for drawing could then be met and determined as of the close of business on any date of determination)
and (B) $75.00, for each calendar quarter ended after the Effective Date; and” 
 (b) Section 7.1 of the Letter of Credit
Agreement is hereby amended by (1) deleting “and” at the end of clause (i), (2) replacing “.” at the end of clause (j) with “;” and (3) adding the following new clause: 

“(k) Monthly Statements – promptly after the same are available and in any event within 30 days after each
calendar month end, internally prepared on a non-GAAP basis: 
 (i) consolidated income statement of the Company and its
Subsidiaries, for such calendar month; 

 (ii) consolidated balance sheet of the Company and its Subsidiaries’ as of
the last Business Day of such calendar month; 
 (iii) schedule showing any outstanding revolving credit or letter of credit
commitments, and any outstanding amounts under any debt agreements of the Company and its Subsidiaries as of the last Business Day of such calendar month; and 

(iv) consolidated statements of the balances of all accounts receivable owed to the Company and its Subsidiaries (other than
intercompany receivables) and an accounts receivable aging schedule, 
 in each case, including a schedule comparing those items described
above with the same corresponding items shown in the Specified Projections, wherever applicable.” 
 (c) Section 10.2 of the
Letter of Credit Agreement is hereby amended by adding the following sentence as the last sentence of such Section 10.2(a): 

“Notwithstanding the foregoing, the Company shall not at any time (i) on or prior to April 30, 2014, increase
the aggregate amount of its annual dividend above U.S. $6,900,000 or (ii) declare or make any share repurchase at any time on or prior to the Compliance Date.” 

(d) The following definitions set forth in Schedule B to the Letter of Credit Agreement are hereby amended and restated by substituting the
following therefor: 
 “Consolidated EBITDA” means the consolidated net Pre taxation Profits of the Group
for a Measurement Period: 
  

	 	(a)	including the net Pre taxation Profits of a member of the Group or business or assets acquired by a member of the Group during that Measurement Period for the part of that Measurement Period when it was not a member of
the Group and/or the business or assets were not owned by a member of the Group; but 

  

	 	(b)	excluding the net Pre taxation Profits attributable to any member of the Group or to any business or assets sold during that Measurement Period, and 

 

	 	(c)	excluding any non-cash impairments or write-ups of intangible assets, and all as adjusted by: 

  

	 	(i)	adding back Consolidated Interest Payable; 

  

	 	(ii)	adding back depreciation and amortization; and 

  

	 	(iii)	adding back for (A) the Measurement Period ending July 31, 2013 up to U.S.$20,000,000 in severance charges incurred during such Measurement Period, (B) the Measurement Period ending October 31, 2013
up to U.S.$50,000,000 in severance charges incurred during such Measurement Period, (C) the Measurement Period ending January 31, 2014 up to U.S.$35,000,000 of severance charges incurred during such period and (D) the Measurement
Period ending April 30, 2014 up to U.S.$20,000,000 of severance charges incurred during such period. 

“Consolidated Total Debt” means, without duplication, 

 

	 	(a)	all Indebtedness of the Group on a consolidated basis plus 

  
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	 	(b)	any liability arising from any deferred payment agreements arranged primarily as a method of raising finance or financing the acquisition of an asset; and 

 

	 	(c)	any Guaranty of a member of the Group with respect to liabilities of the type referred to in clause (b) above; 

minus 
  

	 	(d)	solely for each Measurement Period beginning with the Measurement Period ending July 31, 2013 and ending with the Measurement Period ending April 30, 2014, to the extent otherwise included therein, the amount
of the Capital Lease related to the Pharma Facility in an amount not to exceed U.S.$60,000,000. 

“Debt Service Ratio” means, for any Measurement Period the ratio of (a) Consolidated EBITDA less
distributions, dividends and redemptions on account of or with respect to capital stock or other equity interests of the Company or any Subsidiary (other than those (i) required to be paid under agreements entered into with Persons in order to
obtain or maintain BBBEE status and (ii) received by the Company or a Subsidiary during such Measurement Period) to (b) Consolidated Fixed Charges. Notwithstanding the foregoing, for the purposes of the definition of “Debt Service
Ratio” only, there shall be excluded from the calculation of Consolidated Fixed Charges to the extent otherwise included therein, (i) up to U.S.$2,100,000 paid by the Company in January, 2013 to satisfy the requirement to pay a make-whole
amount in connection with the prepayment of the 2009 Notes and (ii) solely for each Measurement Period beginning with the Measurement Period ending April 30, 2013 and ending with the Measurement Period ending April 30, 2014, up to an
aggregate of U.S.$6,000,000 in interest and scheduled principal payments under that certain Capital Lease related to that certain warehouse facility in South Africa constructed for the Company to support the Company’s pharmaceutical business in
the region (the “Pharma Facility”). 
 (e) Schedule B to the Letter of Credit Agreement is hereby amended to include the
following definition: 
 “Compliance Date” means the date on which the Company has delivered financial statements and an
officers certificate pursuant to which it is demonstrated and certified that (i) the ratio of Consolidated Total Debt at any time to Consolidated EBITDA for the Measurement Period then or most recently ended has not exceeded 2.50 to 1.0 for two
(2) consecutive fiscal quarters and (ii) a Debt Service Ratio of at least 3.0 to 1.0 for two (2) consecutive fiscal quarters, in each of clauses (i) and (ii) above, excluding the effect of the amendments set forth in the
Second Amendment on such calculations. 
 “Specified Projections” means the consolidated financial forecast for the Company
and its Subsidiaries received by the Issuing Bank on August 28, 2013. 

  
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	SECTION II.	CONDITIONS TO EFFECTIVENESS 

 This Amendment shall become effective as of the date hereof
only upon the satisfaction of all of the following conditions precedent (the date of satisfaction of such conditions being referred to herein as the “Second Amendment Effective Date”): 

A. Execution. The Issuing Bank shall have received a counterpart signature page of this Amendment duly executed by each of the
Obligors. 
 B. Fees. The Issuing Bank shall have received (i) all fees and other amounts due and payable under the Letter of
Credit Agreement on or prior to the Second Amendment Effective Date, including, to the extent invoiced, reimbursement or other payment of all out-of-pocket expenses required to be reimbursed or paid by the Company hereunder or under any other
Financing Agreement and (ii) a non-refundable amendment fee of $10,000 which shall be fully earned when paid. 
 C. Other
Documents. The Issuing Bank shall have received such other documents, information or agreements regarding Obligors as the Issuing Bank may reasonably request. 
  

	SECTION III.	REPRESENTATIONS AND WARRANTIES 

 In order to induce the Issuing Bank to enter into this
Amendment and to amend the Letter of Credit Agreement in the manner provided herein, each Obligor which is a party hereto represents and warrants to the Issuing Bank that the following statements are true and correct in all material respects: 

A. Organization; Power and Authority. Each Obligor is a corporation or other legal entity duly incorporated or organized, validly
existing and, where legally applicable, in good standing under the laws of its jurisdiction of incorporation, and is duly qualified as a foreign corporation or other legal entity, where applicable, and, where legally applicable, is in good standing
in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect. Each Obligor has the corporate (or other organizational) power and authority to own or hold under lease the properties it purports to own or hold under lease, to transact the business it transacts and proposes to transact, to execute
and deliver the Letter of Credit Agreement as amended by this Amendment (the “Amended Agreement”) to which it is a party and to perform the provisions hereof. 

B. Authorization, Etc. The Amendment has been duly authorized by all necessary corporate or other entity action on the part of
each Obligor, and the Amendment constitutes a legal, valid and binding obligation of each Obligor party thereto enforceable against any such Obligor in accordance with its terms, except as such enforceability may be limited by (i) applicable
bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a
proceeding in equity or at law). 
 C. No Conflict. The execution, delivery and performance by each Obligor of the Amendment will not
(a) contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien in respect of any property of any Obligor or any Subsidiary under, any Material indenture, mortgage, deed of trust, loan, purchase or
credit agreement, lease, corporate charter, memorandum and articles of association, regulations or by-laws, or any other Material agreement or instrument to which any Obligor or any Subsidiary is bound or by which any Obligor or any Subsidiary or
any of their respective properties may be bound or affected, (b) conflict with or result in a breach of any of the terms, conditions or provisions of any Material order, judgment, decree, or ruling of any court,

  
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arbitrator or Governmental Authority applicable to any Obligor or any Subsidiary or (c) violate any provision of any Material statute or other Material rule or regulation of any Governmental
Authority applicable to any Obligor or any Subsidiary. 
 D. Governmental Authorizations, Etc. Except as disclosed on
Schedule 5.7 of the Amended Agreement, no consent, approval or authorization of, or registration, filing or declaration with, any Governmental Authority is required in connection with the execution, delivery or performance by any Obligor of the
Amendment, including, without limitation, any thereof required in connection with the obtaining of Dollars to make payments under the Amended Agreement or any other Financing Agreement and the payment of such Dollars to Persons resident in the
United States of America, except for the filing of Form 8-K with the SEC. Except as disclosed on Schedule 5.7 of the Amended Agreement, it is not necessary to ensure the legality, validity, enforceability or admissibility into evidence in the
Applicable Jurisdiction of the Amended Agreement or any other Financing Agreement that any thereof or any other document be filed, recorded or enrolled with any Governmental Authority, or that any such agreement or document be stamped with any
stamp, registration or similar transaction tax. 
 E. Insolvency. As of the Second Amendment Effective Date: 

(a) no Obligor, is unable, or is deemed to be unable for the purposes of any applicable law, or admits or has admitted its inability, to pay
its debts as and when they fall due or has suspended, or announced an intention to suspend, making payments on any of its debts; 
 (b) no
Obligor, by reason of actual or anticipated financial difficulties has begun negotiations with one or more of its creditors with a view to rescheduling or restructuring any of its Indebtedness; 

(c) the value of the assets of the Obligors on a combined basis exceeds the value of their liabilities on a combined basis (including
contingent liabilities); and 
 (d) no moratorium has been declared in respect of any Indebtedness of any Obligor. 

F. Incorporation of Representations and Warranties from Letter of Credit Agreement. The representations and warranties contained in
Section 5 of the Letter of Credit Agreement are and will be true and correct in all material respects on and as of the Second Amendment Effective Date to the same extent as though made on and as of that date, except to the extent such
representations and warranties specifically relate to an earlier date, in which case they were true and correct in all material respects on and as of such earlier date (other than any default or waiver of default (other than payment defaults) under
the Credit Contract dated December 19, 2011, as amended, among the Company, certain of its subsidiaries and KBC Bank, which would not, individually or in the aggregate, have a Material Adverse Effect). 

G. Absence of Default. After giving effect to this Amendment, no event has occurred and is continuing or will result from the
consummation of the transactions contemplated by this Amendment that would constitute an Event of Default or a Default. 
  

	SECTION IV.	ACKNOWLEDGMENT AND CONSENT 

 Each Subsidiary Guarantor hereby acknowledges that it has
reviewed the terms and provisions of the Letter of Credit Agreement and this Amendment and consents to the amendment of the Letter of Credit Agreement effected pursuant to this Amendment. Each Subsidiary Guarantor hereby confirms that each Financing
Agreement to which it is a party or otherwise bound will continue to guarantee to the 

  
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fullest extent possible in accordance with the Financing Agreements the payment and performance of all “Obligations” and “Guaranteed Obligations” under each of the Financing
Agreements to which is a party (in each case as such terms are defined in the Letter of Credit Agreement). 
 Each Subsidiary Guarantor
acknowledges and agrees that any of the Financing Agreements to which it is a party or otherwise bound shall continue in full force and effect and that all of its obligations thereunder shall be valid and enforceable and shall not be impaired or
limited by the execution or effectiveness of this Amendment. Each Subsidiary Guarantor represents and warrants that all representations and warranties contained in the Amended Agreement and the Financing Agreements to which it is a party or
otherwise bound are true and correct in all material respects on and as of the Second Amendment Effective Date to the same extent as though made on and as of that date, except to the extent such representations and warranties specifically relate to
an earlier date, in which case they were true and correct in all material respects on and as of such earlier date. 
  

	SECTION V.	MISCELLANEOUS 

 A. Reference to and Effect on the Letter of Credit Agreement and the
Other Financing Agreements. 
 (i) On and after the Second Amendment Effective Date, each reference in the Letter of
Credit Agreement to “this Agreement”, “hereunder”, “hereof, “herein” or words of like import referring to the Letter of Credit Agreement, and each reference in the other Financing Agreements to the
“Agreement”, “thereunder”, “thereof” or words of like import referring to the Letter of Credit Agreement shall mean and be a reference to the Letter of Credit Agreement as amended by this Amendment. 

(ii) Except as specifically amended by this Amendment, the Letter of Credit Agreement and the other Financing Agreements shall
remain in full force and effect and are hereby ratified and confirmed. 
 (iii) The execution, delivery and performance of
this Amendment shall not constitute a waiver of any provision of, or operate as a waiver of any right, power or remedy of the Issuing Bank under, the Letter of Credit Agreement or any of the other Financing Agreements. 

B. Headings. Section and Subsection headings in this Amendment are included herein for convenience of reference only and shall not
constitute a part of this Amendment for any other purpose or be given any substantive effect. 
 C. APPLICABLE LAW. THIS AMENDMENT SHALL
BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE LAW OF THE STATE OF NEW YORK EXCLUDING CHOICE-OF-LAW PRINCIPLES OF THE LAW OF SUCH STATE THAT WOULD PERMIT THE APPLICATION OF
THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE. 
 D. Jurisdiction. Each Obligor irrevocably submits to the non-exclusive
jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, The City of New York, over any suit, action or proceeding arising out of or relating to this Amendment or any other Financing Agreement. To the fullest extent
permitted by applicable law, each Obligor irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter
have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. 

  
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 E. Counterparts. This Amendment may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages may be detached from
multiple separate counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document. 

[Remainder of this page intentionally left blank.] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by
their respective officers thereunto duly authorized as of the date first written above. 
  

							
	COMPANY:	 		 	UTi WORLDWIDE INC.
				
		 		 	By:	 	 /s/ Lance E. D’Amico

		 		 		 	Authorized Signatory

  
 [Signature Page to
Second Amendment] 

 SUBSIDIARY GUARANTORS: 

 

					
		 	UTi (AUST) PTY LIMITED, CAN 006 734 747
		 	UTi LOGISTICS N.V.
		 	UTi BELGIUM N.V.
		 	GODDARD COMPANY LIMITED
		 	UTi INTERNATIONAL INC.
		 	PYRAMID FREIGHT (PROPRIETARY) LIMITED
		 	UTi CANADA CONTRACT LOGISTICS INC.
		 	UTi, CANADA, INC.
		 	UTi DEUTSCHLAND GMBH
		 	UTi (HK) LTD.
		 	UTi NEDERLAND B.V.
		 	UTi GLOBAL SERVICES B.V.
		 	UTi TECHNOLOGY SERVICES PTE LTD.
		 	UTi WORLDWIDE (SINGAPORE) PTE LTD
		 	SERVICIOS LOGISTICOS INTEGRADOS SLI, S.A.
		 	UTi IBERIA S.A.
		 	UTi WORLDWIDE (UK) LIMITED
		 	UTi, UNITED STATES, INC.
		 	UTi INTERGRATED LOGISTICS, INC.
		 	MARKET TRANSPORT, LTD
		 	INTRANSIT, INC.
		 	SAMMONS TRANSPORTATION, INC.
		 	UTi INVENTORY MANAGEMENT SOLUTIONS, INC.
		 	CONCENTREK, INC.
		
	By:	 	 /s/ Lance E. D’Amico

		 	Authorized Signatory

  
 [Signature Page to
Second Amendment] 

 
			
	THE ROYAL BANK OF SCOTLAND N.V.,
	as Issuing Bank
		
	By:	 	 /s/ Bhavin Shah

	Name:	 	Bhavin Shah
	Title:	 	Authorized Signatory

  
 [Signature Page to
Second Amendment]EX-10.6

 Exhibit 10.6 
  

 
 LOAN AGREEMENT 
(For loan only with market interest
rate) 
This is an English translation of the original Japanese text and is for the convenience purpose only, and, therefore, in case of any discrepancy or conflict
between the original Japanese text of this Agreement and this translation, the former shall always prevail. 
10 17, 2013 
To: Sumitomo Mitsui Banking Corporation 
Debtor: 
Address:             /s/ Masahiko Nagasawa 
Name: 
Unconditional Guarantor: 
Address:             Do Not Sign Here 
Name: 
Unconditional Guarantor: 
Address:             Do Not Sign Here 
Name: 
Article 1. Terms of Loan 
The debtor (the “Debtor”) hereby agrees to borrow money (the “Loan”) from Sumitomo Mitsui Banking Corporation (the “Bank”) in accordance with the
following terms, upon agreeing that the provisions of this Agreement and those of the Agreement on Bank Transactions between the Debtor and the Bank apply to the Loan. 
Terms of Loan 
¥ 4 0 0 0 0 0 0 0 0 0 
1. Loan Amount 
2. Purpose of Loan (Circle the applicable item. If the Debtor circles
“Other”, fill in the blank with details.): Operations; Facilities; Account Settlement and Bonus; Seasonal Demand; Other (            ) 
3. Loan Date: 10 21, 2013 
4. Final Repayment Date: 10 21, 2014 
5.(            ) The Debtor uses a guarantee by a credit guarantee association (Shinyo Hosho Kyokai). (Fill in the blank
with “O” if applicable) 

  
 

 
 Base Interest Rate, Loan Interest Rate, Interest Period, Repayments and Interest Payments 6. Base Interest Rate (Circle the applicable
interest rate with “O”. If the Debtor circles “Other”, fill in the blank with details.)  ̈ Interest rate that can be procured by the Bank in the short-term money markets for each
applicable interest period two (2) business days prior to the commencement of each such interest period x Other (Zengin kyo kokunai JPY 3 month tibor) 7. Loan Interest Rate Interest rate
equal to the Base Interest Rate plus an interest-rate spread of 1.50% which has been determined upon consultation between the Debtor and the Bank (calculated on the basis of a 365 day year for the actual number of days elapsed) 8. Interest Period
(If the Loan period is no more than one (1) year and the interest period is not subdivided, please cross out the boxes with a diagonal line.) An interest period shall be a period from the first day of such interest period to (and
including) the first day of the next succeeding interest period (except for the first interest period, the relevant Loan interest rate in respect of an interest period shall be applied from the day next following the first day of such interest
period). With the first day of the initial interest period being the Loan date and the first day of the second interest period being 1 21, 2014, and thereafter the 21 day of the month occurring in every 3 months shall be the first day of the each
subsequent interest period. If the first day of an interest period falls on a day which is not a business day, the applicable authorized withdrawal date set forth in paragraph 11 of this Article shall be treated as the first day of that interest
period. 9. Repayment and Interest Payments 
Repayment Dale and Repayment Interval Number of Times Amount of Each Repayment Principal Each Repayment First Repayment
_______________ ________, 20_____ yen Second and Subsequent Repayments From __________, 20_____ through _________, 20____; the____ day of each ___ months times yen From __________, 20_____ through _________, 20____; the____ day of each ___ months
times yen From __________,20_____ through _________, 20____; the____ day of each ___ months times yen From __________, 20_____ through_________, 20____; the____ day of each ___ months times yen Repayment of Increased Amount From __________, 20_____
through _________, 20____; the____ day of each ___ months times yen Final Repayment Final repayment date 40000.000 yen Interest Payment Advance Payment Deferred Payment (Circle the applicable payment.) Payment Interval for Second and
Subsequentpayment dates Every 3 months First Payment Date 1 21, 2014 Second Payment Date 4 21, 2014 Subsequent Payment Each on 21 day 

			
	(Seal impression)	 	f The Debtor hereby acknowledges the receipt of a document separately explaining the settlement money set forth in Articles 6 and 7.

 Authorized Withdrawal of Principal and Interest 

 

	 	10.	Loan-receiving Account and Settlement Account (in the Debtor’s name) 

  

			
	Branch Name (Name of the branch that holds such account):	  	
		  	  

		
	Type of Deposit (Circle the applicable item):	  	1. Current deposit
		
	Account Number:
                                        
	  	2. Ordinary deposit
		
	Account Holder’s Name: Debtor (            	  	                            )

  

	 	  	(If the account holder’s name is the trade name, etc., fill in the blank with the official name.) 

  

	 	11.	Authorized withdrawal date (Circle the applicable withdrawal date from amoung the following (1), (2) and (3) with “O”.): 

 

	 	  	The agreed date set forth in paragraph 9 above; provided, that if any such day falls on a day which is not a business day, the:  ̈ (1) immediately preceding business
day;  ̈ (2) immediately following business day; or  ̈ (3) immediately following business day (or immediately preceding business day if the
immediately following business day falls in the next following month). 

 Article 2. Interest and Damages 

 

	1.	The Debtor shall pay interest in the following manner: 

 (1) If the interest payment method is
advance payment: 
 On each interest payment date set forth in Article 1, subparagraph 9, the Debtor shall pay interest in advance for the
period from (and including) the day next following such interest payment date (or from (and including) the Loan date with respect to the initial interest payment date) to (and including) the next following interest payment date or, as applicable, to
(and including) the final repayment date. If an interest payment date falls on a day which is not a business day, the provisions of this subparagraph shall be applied mutatis mutandis by regarding the applicable authorized withdrawal date as set
forth in Article 1, subparagraph 11 as the interest payment date. The Loan interest rate shall be the rate set forth in Article 1, subparagraph 7, and shall be calculated on the basis of a 365 day year for the actual number of days elapsed. 

(2) If the interest payment method is deferred payment: 

On each interest payment date set forth in Article 1, subparagraph 9 and on the final repayment date, the Debtor shall pay interest in arrears
for the period from (and including) the day next following the preceding interest payment date (or from (and including) the next following day of the Loan date with respect to the initial interest payment date) to (and including) such date. If an
interest payment date falls on a day which is not a business day, the provisions of this subparagraph shall be applied mutatis mutandis by regarding the applicable authorized withdrawal date as set forth in Article 1 subparagraph 11 as the interest
payment date. The Loan interest rate shall be the rate set forth in Article 1, subparagraph 7, and shall be calculated on the basis of a 365 day year for the actual number of days elapsed. 

 

	2.	In the event that the payment of the Debtor’s debts hereunder is delayed, the Debtor shall pay default interest at the rate of fourteen percent (14%) per annum of the amount that should have been paid. In such
case, the calculation shall be made on the basis of a 365 day year for the actual number of days elapsed. 

 Article 3. Authorized Withdrawal for Repayment/Payment of Principal and Interest from Deposit 

 

	1.	On each agreed payment date set forth in Article 1, subparagraph 9 (an “Agreed Payment Date”), principal and interest without giving any notice, and apply it to the payment of the debt of the Debtor then due
hereunder. 

  

	2.	In the event that the amount standing to the credit in the Settlement Account is less than the amount of principal and interest to be paid on an Agreed Payment Date, the Debtor shall make no objection that the Bank
suspends the authorized withdrawal set forth in the preceding paragraph by treating that the full amount of debts has not been repaid or paid. Further, in the event that the Debtor can not perform the repayment/payment obligation on an Agreed
Payment Date and pays such debt on a later date, the Bank is hereby authorized to withdraw from the Settlement Account the aggregate amount of the amounts of principal and interest and the amount equivalent to the default interest set forth in
Article 2, paragraph 2. 

  

	3.	In relation to the procedures set forth in the preceding two (2) paragraphs, in the event that the Debtor requests the Bank to make authorized withdrawal from the Settlement Account with respect to any debt
other than the debt hereunder, or there is any other agreement on the payment by the Debtor to the Bank, the priority of the payment or repayment shall be determined at the Bank’s sole discretion, and the Debtor shall not make any objection to
such decision. 

 Article 4. Changes in Terms of Loan 
  

	1.	The Debtor may not change any subparagraph of Article 1 (the “Terms of Loan”) during the Loan period under this Agreement. 

 

	2.	In the event that where the Debtor changes the Terms of Loan with the Bank’s approval due to unavoidable circumstances, if the rate of return from reinvestment would fall short of the interest rate serving as the
basis of the Loan interest rate during the Loan period (meaning the interest rates determined from deals between the Bank and the markets) with respect to the amounts of the Loan for the time being outstanding, the Debtor shall pay a settlement
money equal to the amount calculated by multiplying the Loan for the time being outstanding by the difference between such interest rates and farther multiplying the remaining number of days of the Loan and divided by 365 and discounted to the
current value. However, if a change in the Terms of Loan is prepayment of a part of the outstanding balance of the Loan, the Debtor shall pay a settlement money equal to the amount resulting from the aforementioned calculation only with respect to
the amount that needs to be reinvested by the Bank in inter-bank markets. 

	3.	In the preceding paragraph, if the Loan hereunder is guaranteed by a credit guarantee association, the Debtor shall obtain approval of the credit guarantee association in addition to the Bank’s approval.

 Article 5. Review of the Terms and Conditions 

If the Debtor could not comply with the any cases of following, the Bank may request the Debtor to consult with the Bank, and the Debtor shall upon request of
the Bank consult with the Bank, to review the Base Interest Rate and the profit margin set forth hereunder, provided, 
 “Consolidated” means the
consolidated base of UTI worldwide and of its whole subsidiaries to be consolidated. 
 For calculating 1.DCR and 2.DSCR, “Severance cost” to be
deducted from cost, “Leasing obligation”, deducting capital lease relating warehouse in South Africa, is included in Debt, and additional interest cost relating South African warehouse leasing term extension to be deducted from “Fixed
Charge.” “Measurement Period” means a period of 12 months ending on the last day of a financial quarter years of the Company, at the same timing, the Debtor shall provide the Bank with the written report showing calculation basis.

  

	1.	Consolidated Total Debt Coverage Ratio being 3.25 or less. 

  

	  	The ratio of Consolidated Total Debt to Consolidated EBITDA is not, at the end of each Measurement Period greater than 3.25. 

  

	2.	Debt Service Ratio being 2.50 or more. 

  

	  	The ratio of Debt Service Ratio is not, at the end of each Measurement Period less than 2.50. The calculation of the above ratios shall be made in accordance with the provisions of NOTE PURCHASE AGREEMENT dated
January 25, 2013, issued by UTI Worldwide as amended on June 5, 2013 as FIRST AMENDMENT AGREEMENT, on September 5, 2013 as SECOND AMENDMENT AGREEMENT. 

 

	3.	Pari-Passu ranking 

  

	  	The Debtor and UTI worldwide must ensure that its payment obligations under the Finance Document at all times rank at least pari pass with all its other present and future unsecured and unsubordinated payment
obligations,except for obligations mandatorily preferred by law applying to companies generally. 

  

	4.	Negative pledge 

  

	  	The Debtor and UTI worldwide shall not, without the consent of the Bank, create or suffer to exist any Lien in favor of any creditor or class of creditors covering any present or future assets or revenues of the Debtor
and UTI worldwide, provided, however, that the foregoing shall not apply to Liens upon properties or assets of the Debtor and UTI worldwide that are: 

  

	 	(i)	for taxes, assessments or government charges on assets of the Debtor if the same shall not at the same time be delinquent or thereafter can be paid without penalty; or 

 

	 	(ii)	imposed or created by Law 

  

	 	(iii)	exceptional items described in clauses 10.5 of NOTE PURCHASE AGREEMENT dated January 25, 2013, issued by UTI Worldwide as amended prior to the date hereof. 

 

	  	“UTI worldwide” means UTI worldwide and of its whole subsidiaries to be consolidated. 

 Article 6. Prepayment 
  

	1.	The Debtor shall prepay the debt hereunder with 15 business days prior written notice to the Bank. 

  

	2.	In the event that the Debtor prepays the debt hereunder with 15 business days prior written notice to the Bank, if the rate of return for reinvestment on the prepayment date would fall short of the Loan interest rate
set forth in Article 1, subparagraph 7, the Debtor shall pay the Bank a settlement money calculated as prescribed by the Bank. In such case, the settlement money shall be the amount equal to the difference between the amount that would have been
derived if the Bank had invested the amount of prepayment at the Loan interest rate and the amount that would have been derived if the Bank had invested the amount of prepayment at the rate of return for reinvestment during the period from (and
including) the day next following the prepayment date to (and including) the last day of the interest period (the “remaining number of days”), calculated on the basis of a 365 day year for the actual number of days elapsed. Rate of return
for reinvestment herein shall refer to the interest rate at which the Bank can invest the amount of prepayment in the short-term money markets, etc. during the remaining number of days. 

 

	3.	Even in the event that the Debtor is required to pay the debt hereunder because such debt becomes immediately due and payable by acceleration under the Agreement on Bank Transactions between the Debtor and the Bank, the
Debtor shall pay the Bank a settlement money prescribed by calculation made in the same manner as in the preceding paragraph. However, in the event that such debt becomes immediately due and payable by acceleration in case where any of the Events of
Default set forth in Article 5, paragraph 1 of the Agreement on Bank Transactions occurs, The settlement money may be calculated on an assumption that the payment was made on the day on which the calculation was made by the Bank. 

Article 7. Cancellation, etc. of Loan on or Prior to Loan Date 
  

	1.	The Debtor hereby acknowledges that the Bank procures the interest rate in the short-term money markets, etc. two (2) business days prior to the first day of each interest period. The Debtor may neither cancel
the Loan nor change the Terms of Loan after the execution of this Agreement, even on or prior to the Loan date (including the first day of the second or any subsequent interest period in case where the interest period is subdivided; hereinafter the
same to apply). 

  

	2.	In the event that where the Debtor cancels the Loan or changes the Terms of Loan with the Bank’s approval due to unavoidable circumstances, if the rate of return for reinvestment would fall short of the Loan
interest rate on the day on which the Loan is cancelled (including the day on which the Terms of Loan are changed), the Debtor shall pay the Bank a settlement money calculated as prescribed by the Bank upon the Bank’s request. In such case, a
settlement money shall be calculated in accordance with Article 6, paragraph 2 by reference to the Terms of Loan. 

  

	3.	In the event that where any of the Events of Default prescribed in Article 5, paragraph 1 of the Agreement on Bank Transactions between the Debtor and the Bank occurs on or prior to the Loan date, the proposed Loan
shall be cancelled even if there is no notification given by the Bank, and in the event that where any of the Events of Default prescribed in Article 5, paragraph 2 thereof occurs, the Loan shall be cancelled upon notification given by the Bank. In
such case, the Debtor shall pay the Bank a settlement money calculated in the same manner as in the preceding paragraph if demanded to do so by the Bank. 

 Article 8. Change In Laws or Regulations 

 

	1.	In the event that the Bank considers it impossible to maintain the Loan hereunder after consultation between the Debtor and the Bank due to a change in laws or regulations or a change in their interpretation by the
relevant authorities, the Debtor shall upon request of the Bank immediately pay the Bank all the debt hereunder as well as a settlement money calculated in the same manner as in Article 6, paragraph 2. 

 

	2.	In the event that reserves are required to be made or other conditions are imposed on the Bank and as a result thereof new expenses are borne by the Bank in relation to the Loan hereunder due to a change in laws or
regulations or a change in their interpretation by the relevant authorities, the Debtor shall upon demand of the Bank reimburse and immediately pay such expenses. 

Article 9. Notarial Deed 
 The Debtor and
the Unconditional Guarantor shall take the necessary actions in order to cause a Notarial Deed to be prepared with authorization for enforcement by the Bank with respect to their obligations hereunder, immediately upon request of the Bank with a
justifiable reason. 
 Article 10. Payment of Expenses 

All expenses incurred hereunder including, without limitation, the guarantee fee payable to a credit guarantee association (including guarantee
fee for delinquent damages) and other guarantee fees, stamp duties, registration expenses, charges for notary’s affixing a fixed date, expenses for the preparation of a notarial deed, expenses, if any, paid by the Bank for the Debtor and all
the other expenses incurred in connection with the Loan hereunder, as well as the expenses incurred for the the exercise or preservation of the Bank’s rights hereunder against the Debtor, shall be borne by the Debtor. 

Article 11. Authorized Withdrawal of Expenses, etc. from Deposit Account 
  

	1.	In the event that the Debtor is required to make any payment to the Bank hereunder including, without limitation, the payment of principal, interest, difference of interest amount to be additionally paid pursuant to
Article 4 and the expenses set forth in the preceding Article, the Bank is hereby authorized to withdraw the amount of such payment from the Settlement Account. 

  

	2.	In the event that the Bank withdraws the amount to be paid to the Bank hereunder from the Settlement Account, the Debtor shall not issue a check or submit the ordinary deposit bankbook or a written request for
withdrawal of the ordinary deposit, notwithstanding the provisions of the current account agreement or the ordinary deposit agreement. 

Article 12. Assignment of Credits 
  

	1.	The Debtor hereby approves in advance that the Bank will assign all or part of its Loan receivable hereunder to other financial institution(s), etc. The Debtor acknowledges that the provisions of the Agreement on Bank
Transactions between the Debtor and the Bank and those of this Agreement shall remain applicable to the Loan even after such assignment. 

	2.	The Debtor agrees that the Bank takes the procedures for the management and collection of the Loan receivables assigned by the Bank pursuant to the preceding paragraph as an agent of the assignee, so long as the Bank
remains authorized by the assignee to so act. 

  

	3.	In the event that the Loan receivable hereunder is guaranteed by a credit guarantee association, the Bank shall obtain the approval of the relevant credit guarantee association prior to the assignment of Loan receivable
pursuant to paragraph 1 above. 

 Article 13. Special Provisions Concerning Unconditional Guarantor 

 

	1.	The Unconditional Guarantor shall be jointly and severally liable with the Debtor for any and all debts owed by the Debtor hereunder. In performing its obligations in respect of such debts, the Unconditional Guarantor
agrees that the provisions of this Agreement as well as the provisions of the Agreement on Bank Transactions between the Debtor and the Bank shall apply. 

  

	2.	The Unconditional Guarantor shall not set off any debts owed by the Debtor to the Bank against any of the Debtor’s deposits at the Bank or any other credits with the Bank. 

 

	3.	Even if the Bank changes or discharges a collateral or any other guarantee with the Bank’s convenience, the Unconditional Guarantor shall not claim to be released from its obligations. 

 

	4.	In the event that the Unconditional Guarantor performs its guarantee obligations, the Unconditional Guarantor shall not exercise any rights obtained from the Bank by subrogation without the prior approval of the Bank so
long as the transactions between the Debtor and the Bank continue. At the request of the Bank, the Unconditional Guarantor shall assign such rights or priority to the Bank free of charge. 

 

	5.	In the event that the Unconditional Guarantor has provided a separate guarantee with respect to the obligations arising from the transactions between the Debtor and the Bank, such guarantee is not deemed to have been
modified by this guarantee agreement. In addition, in the event that the Unconditional Guarantor has separately provided a guarantee with a maximum guarantee amount, the amount of the guarantee hereunder shall be added to such maximum amount.

  

	6.	The provisions of the preceding paragraph shall apply in the event that the Unconditional Guarantor provides an additional guarantee in the future with respect to the transactions between the Debtor and the Bank.

 Article 14. Jurisdiction 

If any dispute arises with respect to this Agreement, the competent district courts of the places in which the head office of the Bank or the
branch office of the Bank conducting this Agreement are located shall be the court of first instance. 
 END

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