Document:

<PAGE>

                                                                    EXHIBIT 10.1

                                                                  EXECUTION COPY

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                               UTi WORLDWIDE INC.

            U.S.$200,000,000 6.31% SENIOR UNSECURED GUARANTEED NOTES
                                DUE JULY 13, 2011

                                   ----------

                             NOTE PURCHASE AGREEMENT

                                   ----------

                               Dated July 13, 2006

================================================================================

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
SECTION                                   HEADING                           PAGE
-------                                   -------                           ----
<S>               <C>                                                       <C>
SECTION 1. AUTHORIZATION OF NOTES........................................     1
   Section 1.1.   Authorization of Notes.................................     1
   Section 1.2.   Guarantee Agreement....................................     1

SECTION 2. SALE AND PURCHASE OF NOTES....................................     1

SECTION 3. CLOSING.......................................................     2

SECTION 4. CONDITIONS TO CLOSING.........................................     2
   Section 4.1.   Representations and Warranties.........................     2
   Section 4.2.   Performance; No Default................................     2
   Section 4.3.   Compliance Certificates................................     2
   Section 4.4.   Opinions of Counsel....................................     3
   Section 4.5.   Purchase Permitted By Applicable Law, Etc..............     3
   Section 4.6.   Sale of Other Notes....................................     4
   Section 4.7.   Payment of Special Counsel Fees........................     4
   Section 4.8.   Private Placement Number...............................     4
   Section 4.9.   Changes in Corporate Structure.........................     4
   Section 4.10.  Acceptance of Appointment to Receive Service of
                  Process................................................     4
   Section 4.11.  Funding Instructions...................................     4
   Section 4.12.  Proceedings and Documents..............................     4
   Section 4.13.  Subsidiary Guarantee Agreement.........................     4
   Section 4.14.  Miscellaneous Conditions...............................     4

SECTION 5. REPRESENTATIONS AND WARRANTIES OF THE OBLIGORS................     5
   Section 5.1.   Organization; Power and Authority......................     5
   Section 5.2.   Authorization, Etc.....................................     5
   Section 5.3.   Disclosure.............................................     5
   Section 5.4.   Organization and Ownership of Shares of Subsidiaries;
                  Affiliates.............................................     6
   Section 5.5.   Financial Statements; Material Liabilities.............     7
   Section 5.6.   Compliance with Laws, Other Instruments, Etc...........     7
   Section 5.7.   Governmental Authorizations, Etc.......................     7
   Section 5.8.   Litigation; Observance of Agreements, Statutes and
                  Orders.................................................     8
   Section 5.9.   Taxes..................................................     8
   Section 5.10.  Title to Property; Leases..............................     9
   Section 5.11.  Licenses, Permits, Etc.................................     9
   Section 5.12.  Compliance with ERISA; Non-U.S. Plans..................     9
</TABLE>

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<TABLE>
<S>               <C>                                                       <C>
   Section 5.13.  Private Offering by the Company........................    10
   Section 5.14.  Use of Proceeds; Margin Regulations....................    10
   Section 5.15.  Existing Indebtedness; Future Liens....................    11
   Section 5.16.  Foreign Assets Control Regulations, Etc................    12
   Section 5.17.  Status under Certain Statutes..........................    12
   Section 5.18.  Environmental Matters..................................    12
   Section 5.19.  Ranking of Obligations.................................    13
   Section 5.20.  Obligor Group..........................................    13
   Section 5.21.  CASS Reserve...........................................    13
   Section 5.22.  Labor Matters..........................................    13
   Section 5.23.  Insolvency.............................................    13
   Section 5.24.  Taiwan Guarantor.......................................    13
   Section 5.25.  Lake States Trucking...................................    14

SECTION 6. REPRESENTATIONS OF THE PURCHASER..............................    14
   Section 6.1.   Purchase for Investment................................    14
   Section 6.2.   Source of Funds........................................    14
   Section 6.3.   Accredited Investor....................................    15

SECTION 7. INFORMATION AS TO COMPANY.....................................    16
   Section 7.1.   Financial and Business Information.....................    16
   Section 7.2.   Officer's Certificate..................................    19
   Section 7.3.   Visitation.............................................    20
   Section 7.4.   Limitation on Disclosure Obligation....................    20

SECTION 8. PAYMENT AND PREPAYMENT OF THE NOTES...........................    21
   Section 8.1.   Required Prepayments...................................    21
   Section 8.2.   Optional Prepayments with Make-Whole Amount............    21
   Section 8.3.   Prepayment for Tax Reasons.............................    21
   Section 8.4.   Prepayment of Notes upon Change of Control.............    23
   Section 8.5.   Allocation of Partial Prepayments......................    24
   Section 8.6.   Maturity; Surrender, Etc...............................    24
   Section 8.7.   Purchase of Notes......................................    24
   Section 8.8.   Make-Whole Amount and Modified Make-Whole Amount.......    24
   Section 8.9.   Prepayment in Connection with Sales of Assets..........    26

SECTION 9. AFFIRMATIVE COVENANTS.........................................    26
   Section 9.1.   Compliance with Law....................................    26
   Section 9.2.   Insurance..............................................    27
   Section 9.3.   Maintenance of Properties..............................    27
   Section 9.4.   Payment of Taxes and Claims............................    27
   Section 9.5.   Corporate Existence, Etc...............................    27
   Section 9.6.   Books and Records......................................    28
</TABLE>

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<TABLE>
<S>               <C>                                                       <C>
   Section 9.7.   Priority of Obligations................................    28
   Section 9.8.   Minimum Interest Charge Coverage.......................    28
   Section 9.9.   Dividend Capture from South Africa.....................    28
   Section 9.10.  Additional Obligors and Collateral.....................    28
   Section 9.11.  Release of Subsidiary Guarantors.......................    29
   Section 9.12.  Guarantor Cover Ratio..................................    29
   Section 9.13.  Group Structure........................................    30
   Section 9.14.  CASS Agreement.........................................    30

SECTION 10. NEGATIVE COVENANTS...........................................    30
   Section 10.1.  Transactions with Affiliates...........................    30
   Section 10.2.  Consolidated Net Worth.................................    31
   Section 10.3.  Consolidated Total Debt Coverage.......................    31
   Section 10.4.  Priority Debt..........................................    31
   Section 10.5.  Liens..................................................    31
   Section 10.6.  Subsidiary Indebtedness................................    33
   Section 10.7.  Merger, Consolidation, Etc.............................    34
   Section 10.8.  Sale of Assets.........................................    35
   Section 10.9.  Line of Business.......................................    36
   Section 10.10. Terrorism Sanctions Regulations........................    36
   Section 10.11. Subsidiaries in South Africa...........................    36
   Section 10.12. South African Subordination Agreement and Cession in
                  Security Agreement.....................................    36
   Section 10.13. Capital Leases.........................................    36
   Section 10.14. Lake States Trucking...................................    37
   Section 10.15. UTi Spain S.L..........................................    37
   Section 10.16. Discharge of Pledge....................................    37
   Section 10.17. Hong Kong opinion......................................    37

SECTION 11. EVENTS OF DEFAULT............................................    37

SECTION 12. REMEDIES ON DEFAULT, ETC.....................................    40
   Section 12.1.  Acceleration...........................................    40
   Section 12.2.  Other Remedies.........................................    41
   Section 12.3.  Rescission.............................................    41
   Section 12.4.  No Waivers or Election of Remedies, Expenses, Etc......    41

SECTION 13. TAX INDEMNIFICATION..........................................    42

SECTION 14. REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES................    45
   Section 14.1.  Registration of Notes..................................    45
   Section 14.2.  Transfer and Exchange of Notes.........................    45
   Section 14.3.  Replacement of Notes...................................    45
   Section 14.4.  Representations of Transferee..........................    46
</TABLE>

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<TABLE>
<S>               <C>                                                       <C>
SECTION 15. PAYMENTS ON NOTES............................................    46
   Section 15.1.  Place of Payment.......................................    46
   Section 15.2.  Home Office Payment....................................    46

SECTION 16. EXPENSES, ETC................................................    47
   Section 16.1.  Transaction Expenses...................................    47
   Section 16.2.  Certain Taxes..........................................    47
   Section 16.3.  Survival...............................................    47

SECTION 17.SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT..    48

SECTION 18. AMENDMENT AND WAIVER.........................................    48
   Section 18.1.  Requirements...........................................    48
   Section 18.2.  Solicitation of Holders of Notes.......................    48
   Section 18.3.  Binding Effect, Etc....................................    49
   Section 18.4.  Notes Held by Obligors, Etc............................    49

SECTION 19. NOTICES; ENGLISH LANGUAGE....................................    49

SECTION 20. REPRODUCTION OF DOCUMENTS....................................    50

SECTION 21. CONFIDENTIAL INFORMATION.....................................    50

SECTION 22. SUBSTITUTION OF PURCHASER....................................    51

SECTION 23. SUBSIDIARY GUARANTEE AGREEMENT...............................    52
   Section 23.1.  Guarantee and Indemnity................................    52
   Section 23.2.  Continuing Guarantee...................................    52
   Section 23.3.  Reinstatement..........................................    52
   Section 23.4.  Waiver of Defenses.....................................    53
   Section 23.5.  Immediate Recourse.....................................    54
   Section 23.6.  Appropriations.........................................    54
   Section 23.7.  Non-competition........................................    54
   Section 23.8.  Release of Subsidiary Guarantors' Right of
                  Contribution...........................................    55
   Section 23.9.  Releases...............................................    55
   Section 23.10. Marshaling.............................................    56
   Section 23.11. Liability..............................................    57
   Section 23.12. Character of Obligation................................    57
   Section 23.13. Election to Perform Obligations........................    58
   Section 23.14. No Election............................................    58
   Section 23.15. Severability...........................................    58
</TABLE>

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<TABLE>
<S>               <C>                                                       <C>
   Section 23.16. Other Enforcement Rights...............................    59
   Section 23.17. Restoration of Rights and Remedies.....................    59
   Section 23.18. Survival...............................................    59
   Section 23.19. Miscellaneous..........................................    59
   Section 23.20. Limitation.............................................    60
   Section 23.21. Written Notice.........................................    60
   Section 23.22. Unenforceability of Obligations........................    60
   Section 23.23. Contribution...........................................    60
   Section 23.24. Additional Security....................................    61
   Section 23.25. Limitations - England..................................    61
   Section 23.26. Limitations - Spain....................................    61
   Section 23.27. Limitations - Hong Kong................................    61
   Section 23.28. Limitations - Germany..................................    61
   Section 23.29. Limitations - the Netherlands..........................    63
   Section 23.30. Limitations - France...................................    63
   Section 23.31. U.S. Guarantors........................................    63
   Section 23.32. Limitation on Pyramid Freight..........................    64

SECTION 24. MISCELLANEOUS................................................    65
   Section 24.1.  Successors and Assigns.................................    65
   Section 24.2.  Payments Due on Non-Business Days......................    65
   Section 24.3.  Accounting Terms.......................................    65
   Section 24.4.  Severability...........................................    65
   Section 24.5.  Construction, Etc......................................    65
   Section 24.6.  Counterparts...........................................    65
   Section 24.7.  Governing Law..........................................    66
   Section 24.8.  Jurisdiction and Process; Waiver of Jury Trial.........    66
   Section 24.9.  Obligation to Make Payment in Dollars..................    67
</TABLE>

                                       -v-

<PAGE>

SCHEDULE A              -- Information Relating to Purchasers

SCHEDULE B              -- Defined Terms

EXHIBIT 1               -- Form of 6.31% Senior Unsecured Guaranteed Note due
                              July 13, 2011

EXHIBIT 4.4(a)(i),
   (ii), (iii) and (iv) -- Form of Opinion of U.S. Special Counsel to the
                              Obligors

EXHIBIT 4.4(a)(v),
   and (vi)             -- Form of Opinion of British Virgin Islands Special
                              Counsel

EXHIBIT 4.4(a)(vii)     -- Form of Opinion of Australian Special Counsel

EXHIBIT 4.4(a)(viii),
   and (ix)             -- Form of Opinion of Canadian Special Counsel

EXHIBIT 4.4(a)(x)       -- Form of Opinion of French Special Counsel

EXHIBIT 4.4(a)(xi)      -- Form of Opinion of German Special Counsel

EXHIBIT 4.4(a)(xii)     -- Form of Opinion of Hong Kong Special Counsel

EXHIBIT 4.4(a)(xiii)    -- Form of Opinion of Dutch Special Counsel

EXHIBIT 4.4(a)(xiv)     -- Form of Opinion of Netherlands Antilles Special
                              Counsel

EXHIBIT 4.4(a)(xv)      -- Form of Opinion of Spanish Special Counsel

EXHIBIT 4.4(a)(xvi)     -- Form of Opinion of Taiwan Special Counsel

EXHIBIT 4.4(a)(xvii)    -- Form of Opinion of English Special Counsel

EXHIBIT 4.4(b)          -- Form of Opinion of Special Counsel to the Purchasers

EXHIBIT 9.10            -- Form of Joinder Agreement

EXHIBIT 14.4            -- Certificate of Transferee

SCHEDULE 5.3            -- Disclosure Materials

SCHEDULE 5.4            -- Subsidiaries of the Company and Ownership of
                              Subsidiary Stock

SCHEDULE 5.5            -- Financial Statements

                                      -vi-

<PAGE>

SCHEDULE 5.7            -- Governmental Authorizations

SCHEDULE 5.8            -- Litigation

SCHEDULE 5.9            -- Liability for Taxes

SCHEDULE 5.15           -- Existing Indebtedness and Liens

SCHEDULE 5.22           -- Collective Bargaining Agreements

                                      -vii-
<PAGE>

                               UTi WORLDWIDE INC.
                             C/O UTi, SERVICES, INC.
                           19500 RANCHO WAY, SUITE 116
                         RANCHO DOMINGUEZ, CA 90220 USA
                                  310.604.3311

            U.S.$200,000,000 6.31% SENIOR UNSECURED GUARANTEED NOTES
                                DUE JULY 13, 2011

                                                                   July 13, 2006

To Each of the Purchasers Listed in Schedule A Hereto:

Ladies and Gentlemen:

     UTi Worldwide Inc., an international business company incorporated under
the laws of the British Virgin Islands with IBC No. 141257 (the "Company") and
each of the Subsidiary Guarantors jointly and severally agree with each of the
purchasers whose names appear at the end hereof (each a "Purchaser" and
collectively the "Purchasers") as follows:

SECTION 1. AUTHORIZATION OF NOTES.

     Section 1.1. Authorization of Notes. The Company will authorize the issue
and sale of U.S.$200,000,000 aggregate principal amount of its 6.31% Senior
Unsecured Guaranteed Notes due July 13, 2011 (the "Notes," such term to include
any such notes issued in substitution therefor pursuant to Section 14). The
Notes shall be substantially in the form set out in Exhibit 1. Certain
capitalized and other terms used in this Agreement are defined in Schedule B;
and references to a "Schedule" or an "Exhibit" are, unless otherwise specified,
to a Schedule or an Exhibit attached to this Agreement.

     Section 1.2. Subsidiary Guarantee Agreement. The payment and performance of
all obligations of the Company hereunder and under the other Financing
Agreements, including, without limitation, the payment of the principal of,
interest on, and Make-Whole Amount and Modified Make-Whole Amount, if any, with
respect to the Notes and all other amounts owing hereunder are fully and
unconditionally guaranteed by the Subsidiary Guarantors as provided in the
Subsidiary Guarantee Agreement set forth in Section 23.

SECTION 2. SALE AND PURCHASE OF NOTES.

     Subject to the terms and conditions of this Agreement, the Company will
issue and sell to each Purchaser and each Purchaser will purchase from the
Company, at the Closing provided for in Section 3, Notes in the principal amount
specified opposite such Purchaser's name in Schedule A at the purchase price of
100% of the principal amount thereof. The Purchasers' obligations hereunder are
several and not joint obligations and no Purchaser shall have any
<PAGE>

liability to any Person for the performance or non-performance of any obligation
by any other Purchaser hereunder.

SECTION 3. CLOSING.

     The sale and purchase of the Notes to be purchased by each Purchaser shall
occur at the offices of Chapman and Cutler LLP, 111 West Monroe Street, Chicago,
Illinois 60603, at 10:00 a.m., Chicago time, at a closing (the "Closing") on
July 13, 2006 or on such other Business Day thereafter on or prior to July 14,
2006 as may be agreed upon by the Company and the Purchasers. At the Closing the
Company will deliver to each Purchaser the Notes to be purchased by such
Purchaser in the form of a single Note (or such greater number of Notes in
denominations of at least U.S.$100,000 as such Purchaser may request) dated the
date of the Closing and registered in such Purchaser's name (or in the name of
its nominee), against delivery by such Purchaser to the Company or its order of
immediately available funds in the amount of the purchase price therefor by wire
transfer of immediately available funds for the account of the Company to
account number 5801004309 at LaSalle Bank, NA, 540 W. Madison, Chicago, IL
60661, ABA # 071000505, Credit Account Name: UTi (US) Logistics Holdings Inc
Credit Account. If at the Closing the Company shall fail to tender such Notes to
any Purchaser as provided above in this Section 3, or any of the conditions
specified in Section 4 shall not have been fulfilled to such Purchaser's
satisfaction, such Purchaser shall, at its election, be relieved of all further
obligations under this Agreement, without thereby waiving any rights such
Purchaser may have by reason of such failure or such nonfulfillment.

SECTION 4. CONDITIONS TO CLOSING.

     Each Purchaser's obligation to purchase and pay for the Notes to be sold to
such Purchaser at the Closing is subject to the fulfillment to such Purchaser's
satisfaction, prior to or at the Closing, of the following conditions:

     Section 4.1. Representations and Warranties. The representations and
warranties of the Obligors in the Financing Agreements to which they are a party
shall be correct in all material respects when made and at the time of the
Closing.

     Section 4.2. Performance; No Default. The Obligors shall have performed and
complied in all material respects with all agreements and conditions contained
in this Agreement and the other Financing Agreements to which they are a party
required to be performed or complied with by each of them prior to or at the
Closing and after giving effect to the issue and sale of the Notes (and the
application of the proceeds thereof as contemplated by Section 5.14) no Default
or Event of Default shall have occurred and be continuing. No Obligor nor any
Subsidiary shall have entered into any transaction since the date of the
Memorandum that would have been prohibited by Section 10 had such Section
applied since such date.

     Section 4.3. Compliance Certificates.

     (a) Officer's Certificate. Each Obligor shall have delivered to such
Purchaser an Officer's Certificate (or a certificate from a person authorized by
the board of directors (or

                                       -2-

<PAGE>

equivalent governing body) of the Obligor to sign documents on behalf of the
Obligor in connection with this Agreement), dated the date of the Closing,
certifying that the conditions specified in Sections 4.1, 4.2 and 4.9 have been
fulfilled.

     (b) Secretary's or Director's Certificate. Each Obligor shall have
delivered to such Purchaser a certificate of its Secretary or an Assistant
Secretary or a Director (or another appropriate person authorized by the board
of directors (or equivalent governing body) of the Obligor to sign documents on
behalf of the Obligor in connection with this Agreement), dated the date of the
Closing, certifying as to the resolutions attached thereto and other corporate
proceedings relating to the authorization, execution and delivery of the
Financing Agreements to which it is a party.

     Section 4.4. Opinions of Counsel. Such Purchaser shall have received
opinions in form and substance reasonably satisfactory to such Purchaser, dated
the date of the Closing (a) from (i) Paul, Hastings, Janofsky & Walker LLP, U.S.
counsel for the Obligors, (ii) Tonkon Torp LLP, Oregon, counsel for the
Obligors, (iii) Dibble Law Offices, South Carolina counsel for the Obligors,
(iv) Poore, Roth & Robinson, P.C., Montana counsel for the Obligors, (v) Harney
Westwood & Riegels, British Virgin Islands counsel for the Obligors, (vi)
Walkers, British Virgin Islands counsel, (vii) Allens Arthur Robinson,
Australian counsel, (viii) Torys LLP, Ontario, Canadian counsel, (ix) Patterson
Palmer, New Brunswick, Canadian counsel, (x) Allen & Overy LLP, French counsel,
(xi) Allen & Overy LLP, German counsel, (xii) Allen & Overy, Hong Kong counsel,
(xiii) Allen & Overy LLP, Dutch counsel, (xiv) Allen & Overy LLP, Netherlands
Antilles counsel, (xv) Allen & Overy, Spanish counsel, (xvi) Russin & Vecchi
L.L.P., Taiwan counsel, (xvii) Allen & Overy LLP, English counsel, substantially
in the respective forms set forth in Exhibits 4.4(a)(i) through 4.4(a)(xvii) and
covering such other matters incident to the transactions contemplated hereby as
such Purchaser or its counsel may reasonably request (and the Obligors hereby
instruct their counsel to deliver such opinions to the Purchasers) and (b) from
(i) Chapman and Cutler LLP, the Purchasers' special counsel in connection with
such transactions, substantially in the form set forth in Exhibit 4.4(b) and
covering such other matters incident to such transactions as such Purchaser may
reasonably request.

     Section 4.5. Purchase Permitted By Applicable Law, Etc. On the date of the
Closing such Purchaser's purchase of Notes shall (a) be permitted by the laws
and regulations of each jurisdiction to which such Purchaser is subject, without
recourse to provisions (such as section 1405(a)(8) of the New York Insurance
Law) permitting limited investments by insurance companies without restriction
as to the character of the particular investment, (b) not violate any applicable
law or regulation (including, without limitation, Regulation T, U or X of the
Board of Governors of the Federal Reserve System) and (c) not subject such
Purchaser to any tax, penalty or liability under or pursuant to any applicable
law or regulation, which law or regulation was not in effect on the date hereof.
If requested by such Purchaser, such Purchaser shall have received an Officer's
Certificate certifying as to such matters of fact as such Purchaser may
reasonably specify to enable such Purchaser to determine whether such purchase
is so permitted.

                                       -3-

<PAGE>

     Section 4.6. Sale of Other Notes. Contemporaneously with the Closing the
Company shall sell to each other Purchaser and each other Purchaser shall
purchase the Notes to be purchased by it at the Closing as specified in Schedule
A.

     Section 4.7. Payment of Special Counsel Fees. Without limiting the
provisions of Section 16.1, the Company shall have paid on or before the Closing
the fees, charges and disbursements of the Purchasers' special counsel referred
to in Section 4.4 to the extent reflected in a statement of such counsel
rendered to the Company at least one Business Day prior to the Closing.

     Section 4.8. Private Placement Number. A Private Placement Number issued by
Standard & Poor's CUSIP Service Bureau (in cooperation with the Securities
Valuation Office of the National Association of Insurance Commissioners) shall
have been obtained for the Notes.

     Section 4.9. Changes in Corporate Structure. No Obligor shall have changed
its jurisdiction of incorporation or organization, as applicable, or been a
party to any merger or consolidation or succeeded to all or any substantial part
of the liabilities of any other entity, at any time following the date of the
most recent financial statements referred to in Schedule 5.5.

     Section 4.10. Acceptance of Appointment to Receive Service of Process. Such
Purchaser shall have received evidence of the acceptance by Corporation Service
Company of the appointment and designation provided for by Section 24.8(e) for
the period from the date of the Closing to July 13, 2012 (and the payment in
full of all fees in respect thereof).

     Section 4.11. Funding Instructions. At least three Business Days prior to
the date of the Closing, each Purchaser shall have received written instructions
signed by a Responsible Officer on letterhead of the Company confirming the
information specified in Section 3 including (a) the name and address of the
transferee bank, (b) such transferee bank's ABA number and (c) the account name
and number into which the purchase price for the Notes is to be deposited.

     Section 4.12. Proceedings and Documents. All corporate and other
proceedings in connection with the transactions contemplated by the Financing
Agreements and all documents and instruments incident to such transactions shall
be reasonably satisfactory to such Purchaser and its special counsel, and such
Purchaser and its special counsel in their reasonable discretion shall have
received all such counterpart originals or certified or other copies of such
documents as such Purchaser or such special counsel may reasonably request.

     Section 4.13. Subsidiary Guarantee Agreement. Each Subsidiary Guarantor
shall have executed and delivered (and each Purchaser shall have received an
original copy thereof) the Subsidiary Guarantee Agreement, and the Subsidiary
Guarantee Agreement shall be in full force and effect.

     Section 4.14. Miscellaneous Conditions. (a) The Company shall provide
evidence to the Purchasers that any Lien other than those permitted under
Section 10.5 have been released.

                                       -4-

<PAGE>

     (b) The Company shall provide evidence that the existing subordination
agreements between Nedbank Limited and Pyramid Freight BVI have been terminated.

     (c) The Company shall provide evidence that the Cession in Security
Agreement is duly entered into by the parties to it and shall provide a copy of
the notices and acknowledgements required to be sent under the Cession in
Security Agreement.

SECTION 5. REPRESENTATIONS AND WARRANTIES OF THE OBLIGORS.

     Each Obligor, jointly and severally, represents and warrants to each
Purchaser that:

     Section 5.1. 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 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 Financing Agreements to which it is a
party and to perform the provisions hereof and thereof.

     Section 5.2. Authorization, Etc. The Financing Agreements to which each
Obligor is a party have been duly authorized by all necessary corporate or other
entity action on the part of each Obligor, and each Financing Agreement
constitutes, and upon execution and delivery thereof each Note will constitute,
a legal, valid and binding obligation of each Obligor party thereto enforceable
against 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).

     Section 5.3. Disclosure. The Obligors, through their agent, LaSalle Debt
Capital Markets, have delivered to each Purchaser a copy of a Private Placement
Memorandum, dated May, 2006 (the "Memorandum"), relating to the transactions
contemplated hereby. The Memorandum fairly describes, in all material respects,
the general nature of the business and principal properties of the Obligors and
their Subsidiaries. This Agreement, the Memorandum and the documents,
certificates or other writings delivered to the Purchasers by or on behalf of
the Obligors in connection with the transactions contemplated hereby and
identified in Schedule 5.3, and the financial statements listed in Schedule 5.5
(this Agreement, the Memorandum and such documents, certificates or other
writings and financial statements delivered to each Purchaser prior to May 23,
2006 being referred to, collectively, as the "Disclosure Documents"), taken as a
whole, do not contain any untrue statement of a material fact or omit to state
any material fact necessary to make the statements therein not misleading in
light of the circumstances under which they were made. Except as disclosed in
the Disclosure

                                       -5-

<PAGE>

Documents, since January 31, 2006 there has been no change in the financial
condition, operations, business or properties of any Obligor, or any Subsidiary
except changes that individually or in the aggregate would not reasonably be
expected to have a Material Adverse Effect. There is no fact known to any
Obligor that would reasonably be expected to have a Material Adverse Effect that
has not been set forth herein or in the Disclosure Documents.

     Section 5.4. Organization and Ownership of Shares of Subsidiaries;
Affiliates. (a) Schedule 5.4 contains (except as noted therein) complete and
correct lists (i) of each Obligor's Subsidiaries, showing, as to each
Subsidiary, the correct name thereof, the jurisdiction of its organization, and
the percentage of shares of each class of its capital stock or similar equity
interests outstanding owned by each Obligor and each other Subsidiary and
whether such Subsidiary will on the date of the Closing be a Subsidiary
Guarantor, (ii) of each Obligor's Affiliates, other than Subsidiaries, and (iii)
of each Obligor's directors and senior officers.

     (b) All of the outstanding or issued shares of capital stock, shares or
similar equity interests of each Subsidiary shown in Schedule 5.4 as being owned
by each Obligor and its Subsidiaries have been validly issued, are fully paid
and nonassessable and are owned by each Obligor or another Subsidiary free and
clear of any Lien (except as otherwise disclosed in Schedule 5.4).

     (c) Each Subsidiary identified in Schedule 5.4 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
or organization, and is duly qualified as a foreign corporation, where
applicable, or other legal entity 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 such Subsidiary has the
corporate or other power and authority to own or hold under lease the properties
it purports to own or hold under lease and to transact the business it transacts
and proposes to transact.

     (d) No Subsidiary is a party to, or otherwise subject to any legal,
regulatory, contractual or other restriction (other than the Financing
Agreements, the agreements listed on Schedule 5.4 and customary limitations
imposed by corporate law or similar statutes) restricting the ability of such
Subsidiary to pay dividends out of profits or make any other similar
distributions of profits to any Obligor or any of its Subsidiaries that owns
outstanding or issued shares of capital stock, shares or similar equity
interests of such Subsidiary.

     (e) A group structure chart included in Schedule 5.4 shows all members of
the Group (and all Joint Ventures and minority interests held by any member of
the Group).

     (f) 100% of the issued share capital of each Obligor is directly or
indirectly wholly owned by the Company (other than Ambassador Brokerage
Limited).

     (g) 60% or more of the issued share capital of Ambassador Brokerage Limited
is directly or indirectly owned by the Company.

                                       -6-

<PAGE>

     (h) In the case of the Company and each borrower or guarantor under the
South African Facility, the group structure chart in Schedule 5.4 shows the
shareholders of and their percentage shareholdings in each obligor under the
South African Facility and the shareholders of or partners in such entities.

     Section 5.5. Financial Statements; Material Liabilities. (a) The Obligors
have delivered to each Purchaser copies of the consolidated financial statements
of the Company and, where available, the unconsolidated financial statements of
each of the Subsidiary Guarantors, each as listed on Schedule 5.5. Subject to
Section 5.5(b), all of said financial statements (including in each case the
related schedules and notes) fairly present in all material respects the
consolidated financial position of the Obligors and their Subsidiaries as of the
respective dates specified in such Schedule and the consolidated results of
their operations and cash flows for the respective periods so specified and have
been prepared in accordance with applicable generally accepted accounting
principles (which shall be GAAP in the case of the Company) consistently applied
throughout the periods involved except as set forth in the notes thereto
(subject, in the case of any interim financial statements, to normal year-end
adjustments). The Obligors and their Subsidiaries do not have any Material
liabilities that are not disclosed on such financial statements or otherwise
disclosed in the Disclosure Documents.

          (b) In respect of the financial statements listed in Schedule 5.5, it
is possible that the Company will be required to revise its accounting treatment
in the manner and to the extent set out in Schedule 5.5.

     Section 5.6. Compliance with Laws, Other Instruments, Etc. The execution,
delivery and performance by each Obligor of the Financing Agreements to which it
is a party 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 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 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 order, judgment, decree, or ruling of any court,
arbitrator or Governmental Authority applicable to any Obligor or any
Subsidiary, except for such conflicts or breaches that would not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect or
(c) violate any provision of any statute or other rule or regulation of any
Governmental Authority applicable to any Obligor or any Subsidiary, in each
case, except for such contraventions, breaches, defaults, Liens, conflicts and
violations that would not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect.

     Section 5.7. Governmental Authorizations, Etc. Except as disclosed in
Schedule 5.7, 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 Financing
Agreements to which it is a party, including, without limitation, any thereof
required in connection with the obtaining of Dollars to make payments under any
Financing Agreement and the payment of such Dollars to Persons resident in the
United States of

                                       -7-

<PAGE>

America, except for the filing a notice on Form D with the SEC. Except as
disclosed in Schedule 5.7, it is not necessary to ensure the legality, validity,
enforceability or admissibility into evidence in the Applicable Jurisdiction of
any 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.

     Section 5.8. Litigation; Observance of Agreements, Statutes and Orders. (a)
Except as set forth in Schedule 5.8, there are no actions, suits, investigations
or proceedings pending or, to the knowledge of any Obligor, threatened against
or affecting any Obligor or any Subsidiary or any property of any Obligor or any
Subsidiary in any court or before any arbitrator of any kind or before or by any
Governmental Authority that, individually or in the aggregate, would reasonably
be expected to have a Material Adverse Effect.

     (b) No Obligor nor any Subsidiary is in default under any term of any
agreement or instrument to which it is a party or by which it is bound, or any
order, judgment, decree or ruling of any court, arbitrator or Governmental
Authority or is in violation of any applicable law, ordinance, rule or
regulation (including, without limitation, Environmental Laws or the USA Patriot
Act) of any Governmental Authority, which default or violation, individually or
in the aggregate, would reasonably be expected to have a Material Adverse
Effect.

     Section 5.9. Taxes. The Obligor and their Subsidiaries have filed all tax
returns that are required to have been filed in any jurisdiction, and have paid
all taxes shown to be due and payable on such returns and all other taxes and
assessments levied upon them or their properties, assets, income or franchises,
to the extent such taxes and assessments have become due and payable and before
they have become delinquent, except for any taxes and assessments (i) the amount
of which is not individually or in the aggregate Material or (ii) the amount,
applicability or validity of which is currently being contested in good faith by
appropriate proceedings and with respect to which such Obligor or a Subsidiary,
as the case may be, has established adequate reserves in accordance with
applicable generally accepted accounting principles (which shall be GAAP in the
case of the Company). No Obligor knows of any basis for any other tax or
assessment that would reasonably be expected to have a Material Adverse Effect.
The charges, accruals and reserves on the books of each Obligor and its
Subsidiaries in respect of Federal, state or other taxes for all fiscal periods
are adequate.

     No liability for any Tax, directly or indirectly, imposed, assessed, levied
or collected by or for the account of any Governmental Authority of any
Applicable Jurisdiction or any political subdivision thereof will be incurred by
any Obligor or any holder of a Note as a result of the execution or delivery of
the Financing Agreements and, except as specified in Schedule 5.9, no deduction
or withholding in respect of Taxes imposed by or for the account of any
Applicable Jurisdiction or, to the knowledge of any Obligor, any other Taxing
Jurisdiction, is required to be made from any payment by any Obligor under the
Financing Agreements except for any such liability, withholding or deduction
imposed, assessed, levied or collected by or for the account of any such
Governmental Authority of any Applicable Jurisdiction arising out of
circumstances described in clause (a), (b) or (c) of Section 13.

                                       -8-

<PAGE>

     Section 5.10. Title to Property; Leases. Each Obligor and its Subsidiaries
have good and sufficient title to their respective properties that individually
or in the aggregate are Material, including all such properties reflected in the
most recent audited balance sheet referred to in Section 5.5 or purported to
have been acquired by any Obligor or any Subsidiary after said date (except as
sold or otherwise disposed of in the ordinary course of business), in each case
free and clear of Liens prohibited by this Agreement. All leases that
individually or in the aggregate are Material are valid and subsisting and are
in full force and effect in all material respects.

     Section 5.11. Licenses, Permits, Etc. (a) Each Obligor and its Subsidiaries
own or possess all licenses, permits, franchises, authorizations, patents,
copyrights, proprietary software, service marks, trademarks and trade names, or
rights thereto, that individually or in the aggregate are Material, without
known conflict with the rights of others.

     (b) To the knowledge of each Obligor, no product of such Obligor or any of
its Subsidiaries infringes in any material respect any license, permit,
franchise, authorization, patent, copyright, proprietary software, service mark,
trademark, trade name or other right owned by any other Person.

     (c) To the knowledge of each Obligor, there is no Material violation by any
Person of any right of such Obligor or any of its Subsidiaries with respect to
any patent, copyright, proprietary software, service mark, trademark, trade name
or other right owned or used by such Obligor or any of its Subsidiaries.

     Section 5.12. Compliance with ERISA; Non-U.S. Plans. (a) Each Obligor and
each ERISA Affiliate have operated and administered each Plan in compliance with
all applicable laws except for such instances of noncompliance as have not
resulted in and would not reasonably be expected to result in a Material Adverse
Effect. No Obligor nor any ERISA Affiliate has incurred any liability pursuant
to Title I or IV of ERISA or the penalty or excise tax provisions of the Code
relating to employee benefit plans (as defined in section 3 of ERISA), and no
event, transaction or condition has occurred or exists that, in either case,
would reasonably be expected to result in the incurrence of any such liability
by any Obligor or any ERISA Affiliate, or in the imposition of any Lien on any
of the rights, properties or assets of any Obligor or any ERISA Affiliate, in
either case pursuant to Title I or IV of ERISA or to such penalty or excise tax
provisions or to section 401(a)(29) or 412 of the Code, other than such
liabilities or Liens as would not be individually or in the aggregate Material.

     (b) The present value of the aggregate benefit liabilities under each of
the Plans (other than Multiemployer Plans), determined as of the end of such
Plan's most recently ended plan year on the basis of the actuarial assumptions
specified for funding purposes in such Plan's most recent actuarial valuation
report, did not exceed the aggregate current value of the assets of such Plan
allocable to such benefit liabilities. The present value of the accrued benefit
liabilities (whether or not vested) under each Non-U.S. Plan that is funded,
determined as of the end of each Obligor's most recently ended fiscal year on
the basis of reasonable actuarial assumptions, did not exceed the current value
of the assets of such Non-U.S. Plan allocable to such benefit liabilities by
more than U.S.$10,000,000 (or its equivalent in any other currency) and the
aggregate amount of such excess benefit liabilities for all such Non-U.S. Plans
did not exceed

                                       -9-

<PAGE>

U.S.$10,000,000 (or its equivalent in any other currency). The term "benefit
liabilities" has the meaning specified in section 4001 of ERISA and the terms
"current value" and "present value" have the meaning specified in section 3 of
ERISA.

     (c) Each Obligor and its ERISA Affiliates have not incurred (i) withdrawal
liabilities (and are not subject to contingent withdrawal liabilities) under
section 4201 or 4204 of ERISA in respect of Multiemployer Plans that
individually or in the aggregate are Material or (ii) any obligation in
connection with the termination of or withdrawal from any Non-U.S. Plan.

     (d) The expected postretirement benefit obligation (determined as of the
last day of each Obligor's most recently ended fiscal year in accordance with
Financial Accounting Standards Board Statement No. 106, without regard to
liabilities attributable to continuation coverage mandated by section 4980B of
the Code) of each Obligor and its Subsidiaries is not Material.

     (e) The execution and delivery of the Financing Agreements and the issuance
and sale of the Notes hereunder will not involve any non-exempt transaction that
is subject to the prohibitions of section 406 of ERISA or in connection with
which a tax could be imposed pursuant to section 4975(c)(1)(A)-(D) of the Code.
The representation by each Obligor to each Purchaser in the first sentence of
this Section 5.12(e) is made in reliance upon and subject to the accuracy of
such Purchaser's representation in Section 6.2 as to the sources of the funds
used to pay the purchase price of the Notes to be purchased by such Purchaser.

     (f) All Non-U.S. Plans have been established, operated, administered and
maintained in compliance with all laws, regulations and orders applicable
thereto, except where failure so to comply would not be reasonably expected to
have a Material Adverse Effect. All premiums, contributions and any other
amounts required by applicable Non-U.S. Plan documents or applicable laws to be
paid or accrued by each Obligor and its Subsidiaries have been paid or accrued
as required, except where failure so to pay or accrue would not be reasonably
expected to have a Material Adverse Effect.

     Section 5.13. Private Offering by the Company. No Obligor nor anyone acting
on its behalf has offered the Notes, the Subsidiary Guarantee Agreement or any
similar securities for sale to, or solicited any offer to buy any of the same
from, or otherwise approached or negotiated in respect thereof with, any person
other than the Purchasers and not more than thirty-seven (37) other
Institutional Investors, each of which has been offered the Notes at a private
sale for investment. No Obligor nor anyone acting on its behalf has taken, or
will take, any action that would subject the issuance or sale of the Notes or
the Subsidiary Guarantee Agreement to the registration requirements of Section 5
of the Securities Act or to the registration requirements of any securities or
blue sky laws of any applicable jurisdiction.

     Section 5.14. Use of Proceeds; Margin Regulations. The Company will apply
the proceeds of the sale of the Notes as set forth in "The Offering--Use of
Proceeds" section of the Memorandum. The application of such proceeds will not
result in a violation of any financial assistance laws under any Applicable
Jurisdiction. No part of the proceeds from the sale of the Notes hereunder will
be used, directly or indirectly, for the purpose of buying or carrying any

                                      -10-

<PAGE>

margin stock within the meaning of Regulation U of the Board of Governors of the
Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or
trading in any securities under such circumstances as to involve any Obligor in
a violation of Regulation X of said Board (12 CFR 224) or to involve any broker
or dealer in a violation of Regulation T of said Board (12 CFR 220). Margin
stock does not constitute more than 1.0% of the value of the consolidated assets
of any Obligor and its Subsidiaries and no Obligor has any present intention
that margin stock will constitute more than 1.0% of the value of such assets. As
used in this Section, the terms "margin stock" and "purpose of buying or
carrying" shall have the meanings assigned to them in said Regulation U.

     Section 5.15. Existing Indebtedness; Future Liens. (a) Schedule 5.15 sets
forth a complete and correct list of all outstanding Indebtedness of the
Obligors and their Subsidiaries other than certain items of Indebtedness which
individually are not in excess of U.S.$5,000,000 (or its equivalent in any other
currency) and in the aggregate are not in excess of U.S.$20,000,000 (or its
equivalent in any other currency), each as of April 30, 2006 (including a
description of the obligors and obligees, principal amount outstanding and
collateral therefor, if any, and the Guaranty thereof, if any) since which date
there has been no Material change in the amounts, interest rates, sinking funds,
installment payments or maturities of the Indebtedness of such Obligors or their
Subsidiaries, other than a U.S.$150,000,000 senior secured six-month term credit
facility and additional Indebtedness outstanding as a result of the Company's
acquisition of Market Industries, Ltd and its subsidiaries which is to be repaid
concurrently with the Closing and amounts related to permitted earnout
arrangements specified in Schedule 5.15 ("Permitted Earnout Arrangements"). No
Obligor nor any Subsidiary is in default and no waiver of default is currently
in effect, in the payment of any principal or interest on any Indebtedness of
any Obligor or such Subsidiary and no event or condition exists with respect to
any Indebtedness of any Obligor or any Subsidiary that would permit (or that
with notice or the lapse of time, or both, would permit) one or more Persons to
cause such Indebtedness to become due and payable before its stated maturity or
before its regularly scheduled dates of payment, except for such defaults (other
than payment defaults), events or conditions in a single credit facility in an
amount less than U.S.$5,000,000 (or its equivalent in any other currency) or
under multiple credit facilities which in the aggregate are less than
U.S.$20,000,000 (or its equivalent in any other currency) that would not,
individually or in the aggregate, have a Material Adverse Effect.

     (b) No Obligor nor any Subsidiary has agreed or consented to cause or
permit in the future (upon the happening of a contingency or otherwise) any of
its property, whether now owned or hereafter acquired, to be subject to a Lien
not permitted by Section 10.5.

     (c) No Obligor nor any Subsidiary is a party to, or otherwise subject to
any provision contained in, any instrument evidencing Indebtedness of such
Obligor or such Subsidiary, any agreement relating thereto or any other
agreement (including, but not limited to, its charter, memorandum and articles
of association or other organizational document) other than the Credit Agreement
which limits the amount of, or otherwise imposes restrictions on the incurring
of, Indebtedness of such Obligor.

                                      -11-

<PAGE>

     Section 5.16. Foreign Assets Control Regulations, Etc. (a) Neither the sale
of the Notes by the Company hereunder nor the guarantee hereof by the Subsidiary
Guarantors hereunder nor their use of the proceeds thereof will violate the
Trading with the Enemy Act, as amended, or any of the foreign assets control
regulations of the United States Treasury Department (31 CFR, Subtitle B,
Chapter V, as amended) or any enabling legislation or executive order relating
thereto.

     (b) No Obligor nor any Subsidiary (i) is a Person described or designated
in the Specially Designated Nationals and Blocked Persons List of the Office of
Foreign Assets Control or in Section 1 of the Anti-Terrorism Order or (ii)
engages in any dealings or transactions with any such Person. Each Obligor and
its Subsidiaries are in compliance, in all material respects, with the USA
Patriot Act.

     (c) No part of the proceeds from the sale of the Notes hereunder will be
used, directly or indirectly, for any payments to any governmental official or
employee, political party, official of a political party, candidate for
political office, or anyone else acting in an official capacity, in order to
obtain, retain or direct business or obtain any improper advantage, in violation
of the United States Foreign Corrupt Practices Act of 1977, as amended, assuming
in all cases that such Act applies to the Obligors.

     Section 5.17. Status under Certain Statutes. No Obligor nor any Subsidiary
is subject to regulation under the Investment Company Act of 1940, as amended,
the Public Utility Holding Company Act of 2005, as amended, the ICC Termination
Act of 1995, as amended, or the Federal Power Act, as amended.

     Section 5.18. Environmental Matters. (a) No Obligor nor any Subsidiary has
knowledge of any claim or has received any notice of any claim, and no
proceeding has been instituted raising any claim against any Obligor or any of
its Subsidiaries or any of their respective real properties now or formerly
owned, leased or operated by any of them or other assets, alleging any damage to
the environment or violation of any Environmental Laws, except, in each case,
such as would not reasonably be expected to result in a Material Adverse Effect.

     (b) No Obligor nor any Subsidiary has knowledge of any facts which would
give rise to any claim, public or private, of violation of Environmental Laws or
damage to the environment emanating from, occurring on or in any way related to
real properties now or formerly owned, leased or operated by any of them or to
other assets or their use, except, in each case, such as would not reasonably be
expected to result in a Material Adverse Effect.

     (c) No Obligor nor any Subsidiary has stored any Hazardous Materials on
real properties now or formerly owned, leased or operated by any of them and has
not disposed of any Hazardous Materials in a manner contrary to any
Environmental Laws in each case in any manner that would reasonably be expected
to result in a Material Adverse Effect; and

     (d) All buildings on all real properties now owned, leased or operated by
any Obligor or any Subsidiary are in compliance with applicable Environmental
Laws, except where failure to comply would not reasonably be expected to result
in a Material Adverse Effect.

                                      -12-

<PAGE>

     Section 5.19. Ranking of Obligations. The Company's payment obligations
under the Notes when issued and the payment obligations of the Subsidiary
Guarantors under the Subsidiary Guarantee Agreement rank at least pari passu,
without preference or priority, with all other unsecured and unsubordinated
Indebtedness of such Obligor, as the case may be, except for obligations
mandatorily preferred by law applying to companies generally.

     Section 5.20. Obligor Group. Each Subsidiary of the Company which is a
borrower or guarantor under the Credit Agreement as of the date hereof is a
Subsidiary Guarantor hereunder.

     Section 5.21. CASS Reserve. Each member of the Group, that is a party to
the CASS Agreement, has timely paid all accounts payable due and owing to CASS
in accordance with the terms and provisions of the CASS Agreement, except any
such accounts payable which are being diligently contested in good faith by
appropriate proceedings and for which adequate reserves in accordance with
generally accepted accounting principles in the jurisdiction of incorporation of
that member of the Group shall have been set aside on its books and records.

     Section 5.22. Labor Matters. (a) No member of the Group is subject to any
collective bargaining or similar agreement, other than those companies set out
in Schedule 5.22 (Collective Bargaining Agreements).

     (b) There are no existing or threatened strikes, slowdowns, lockouts or
other similar labor disputes involving any member of the Group that singly or in
the aggregate have or are reasonably likely to have a Material Adverse Effect.

     (c) Hours worked by and payment made to employees of each member of the
Group are not in violation of the United States Fair Labor Standards Act of 1938
(if applicable) or any other applicable law, rule or regulation dealing with
such matters, except to the extent such violations would not, individually or in
the aggregate, reasonably be expected to have a Material Adverse Effect.

     Section 5.23. Insolvency. As at the date of this Agreement:

          (a) no member of the Group 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 member of the Group, 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; and

          (c) no moratorium has been declared in respect of any Indebtedness of
     any member of the Group.

     Section 5.24. Taiwan Guarantor. The shares of the Taiwan Guarantor have not
been publicly issued and the Taiwan Guarantor has not adopted internal guarantee
rules.

                                      -13-

<PAGE>

     Section 5.25. Lake States Trucking. Lake State Trucking, Inc. is a holding
company and it does not carry out any business or hold any assets other than (i)
the ownership of the shares in Sammons Transportation, Inc., (ii) no more than
90 tractors and 150 trailers and incurring obligations under lease purchase
agreements in respect of those tractors and trailers, and (iii) incurring
Indebtedness under the Financing Agreements and Credit Agreement.

SECTION 6. REPRESENTATIONS OF THE PURCHASER.

     Section 6.1. Purchase for Investment. Each Purchaser severally represents
that it is purchasing the Notes for its own account or for one or more separate
accounts maintained by such Purchaser or for the account of one or more pension
or trust funds and not with a view to the distribution thereof, provided that
the disposition of such Purchaser's or their property shall at all times be
within such Purchaser's or their control. Each Purchaser understands that the
Notes and the Subsidiary Guarantee Agreement have not been registered under the
Securities Act and may be resold only if registered pursuant to the provisions
of the Securities Act or if an exemption from registration is available, except
under circumstances where neither such registration nor such an exemption is
required by law, and that the Obligors are not required to register the Notes or
the Subsidiary Guarantee Agreement.

     Section 6.2. Source of Funds. Each Purchaser severally represents that at
least one of the following statements is an accurate representation as to each
source of funds (a "Source") to be used by such Purchaser to pay the purchase
price of the Notes to be purchased by it hereunder:

          (a) the Source is an "insurance company general account" (as the term
     is defined in the United States Department of Labor's Prohibited
     Transaction Exemption ("PTE") 95-60) in respect of which the reserves and
     liabilities (as defined by the annual statement for life insurance
     companies approved by the National Association of Insurance Commissioners
     (the "NAIC Annual Statement")) for the general account contract(s) held by
     or on behalf of any employee benefit plan together with the amount of the
     reserves and liabilities for the general account contract(s) held by or on
     behalf of any other employee benefit plans maintained by the same employer
     (or affiliate thereof as defined in PTE 95-60) or by the same employee
     organization in the general account do not exceed 10% of the total reserves
     and liabilities of the general account (exclusive of separate account
     liabilities) plus surplus as set forth in the NAIC Annual Statement filed
     with such Purchaser's state of domicile; or

          (b) the Source is an insurance company separate account that is
     maintained solely in connection with such Purchaser's fixed contractual
     obligations under which the amounts payable, or credited, to any employee
     benefit plan (or its related trust) that has any interest in such separate
     account (or to any participant or beneficiary of such plan (including any
     annuitant)) are not affected in any manner by the investment performance of
     the separate account; or

          (c) the Source is either (i) an insurance company pooled separate
     account, within the meaning of PTE 90-1 or (ii) a bank collective
     investment fund, within the

                                      -14-

<PAGE>

     meaning of the PTE 91-38 and no employee benefit plan or group of plans
     maintained by the same employer or employee organization beneficially owns
     more than 10% of all assets allocated to such pooled separate account or
     collective investment fund; or

          (d) the Source constitutes assets of an "investment fund" (within the
     meaning of Part V of PTE 84-14 (the "QPAM Exemption")) managed by a
     "qualified professional asset manager" or "QPAM" (within the meaning of
     Part V of the QPAM Exemption), no employee benefit plan's assets that are
     included in such investment fund, when combined with the assets of all
     other employee benefit plans established or maintained by the same employer
     or by an affiliate (within the meaning of Section V(c)(1) of the QPAM
     Exemption) of such employer or by the same employee organization and
     managed by such QPAM, exceed 20% of the total client assets managed by such
     QPAM, the conditions of Part I(c) and (g) of the QPAM Exemption are
     satisfied, as of the last day of its most recent calendar quarter the QPAM
     does not own a 10% or more interest in the Company and no person
     controlling or controlled by the QPAM (applying the definition of "control"
     in Section V(e) of the QPAM Exemption) owns a 20% or more interest in the
     Company and (i) the identity of such QPAM and (ii) the names of all
     employee benefit plans whose assets are included in such investment fund
     have been disclosed to the Company in writing pursuant to this clause (d);
     or

          (e) the Source constitutes assets of a "plan(s)" (within the meaning
     of Section IV of PTE 96-23 (the "INHAM Exemption")) managed by an "in-house
     asset manager" or "INHAM" (within the meaning of Part IV of the INHAM
     exemption), the conditions of Part I(a), (g) and (h) of the INHAM Exemption
     are satisfied, neither the INHAM nor a person controlling or controlled by
     the INHAM (applying the definition of "control" in Section IV(d) of the
     INHAM Exemption) owns a 5% or more interest in the Company and (i) the
     identity of such INHAM and (ii) the name(s) of the employee benefit plan(s)
     whose assets constitute the Source have been disclosed to the Company in
     writing pursuant to this clause (e); or

          (f) the Source is a governmental plan; or

          (g) the Source does not include assets of any employee benefit plan,
     other than a plan exempt from the coverage of Title 1 of ERISA.

As used in this Section 6.2, the terms "employee benefit plan," "governmental
plan," and "separate account" shall have the respective meanings assigned to
such terms in section 3 of ERISA.

     Section 6.3. Accredited Investor. Each Purchaser severally represents that
it is and at all times relevant to the offer to sell the Notes was an
"accredited investor" as defined in Rule 501 promulgated under the Securities
Act.

                                      -15-

<PAGE>

SECTION 7. INFORMATION AS TO COMPANY.

     Section 7.1. Financial and Business Information. The Company shall deliver
to each holder of Notes that is an Institutional Investor (and for purposes of
this Agreement the information required by this Section 7.1 shall be deemed
delivered on the date of delivery of such information in the English language or
the date of delivery of an English translation thereof):

          (a) Quarterly Statements -- promptly after the same are available and
     in any event within 45 days (or such shorter period as is 15 days greater
     than the period applicable to the filing of the Company's Quarterly Report
     on Form 10-Q (the "Form 10-Q") with the SEC regardless of whether the
     Company is subject to the filing requirements thereof) after the end of
     each quarterly fiscal period in each fiscal year of the Company (other than
     the last quarterly fiscal period of each such fiscal year), duplicate
     copies of

               (i) consolidated balance sheets of the Company and its
          Subsidiaries as at the end of such quarter, and

               (ii) consolidated statements of income, changes in shareholders'
          equity and cash flows of the Company and its Subsidiaries, for such
          quarter and (in the case of the second and third quarters) for the
          portion of the fiscal year ending with such quarter,

     setting forth in each case in comparative form the figures for the
     corresponding period in the previous fiscal year, all in reasonable detail,
     prepared in accordance with GAAP applicable to quarterly financial
     statements generally, and certified by a Senior Financial Officer as fairly
     presenting, in all material respects, the financial position of the
     companies being reported on and their results of operations and cash flows,
     subject to changes resulting from year-end adjustments; provided that
     delivery within the time period specified above of copies of the Company's
     Form 10-Q prepared in compliance with the requirements therefor and filed
     with the SEC shall be deemed to satisfy the requirements of this Section
     7.1(a) as they pertain to consolidated statements;

          (b) Annual Statements -- promptly after the same are available and in
     any event within 90 days (or such shorter period as is 15 days greater than
     the period applicable to the filing of the Company's Annual Report on Form
     10-K (the "Form 10-K") with the SEC regardless of whether the Company is
     subject to the filing requirements thereof) after the end of each fiscal
     year of the Company, duplicate copies of

               (i) consolidated balance sheets of the Company and its
          Subsidiaries as at the end of such year, and

               (ii) consolidated statements of income, changes in shareholders'
          equity and cash flows of the Company and its Subsidiaries for such
          year,

                                      -16-

<PAGE>

     setting forth in each case in comparative form the figures for the previous
     fiscal year, all in reasonable detail, prepared in accordance with GAAP and
     accompanied

               (A) by an opinion thereon of an independent registered public
          accounting firm of recognized international standing, which opinion
          shall state that such financial statements present fairly, in all
          material respects, the financial position of the Company and its
          results of operations and cash flows in conformity with GAAP, and that
          the audit of such registered public accounting firm was performed in
          accordance with the standards of the Public Accounting Oversight Board
          (United States), and that such audit provides a reasonable basis for
          such opinion in the circumstances, and

               (B) a report of such registered public accounting firm
          accountants stating that they have reviewed this Agreement and stating
          further whether, in connection with their audit, they have become
          aware of any condition or event that then constitutes a Default or
          Event of Default or that caused them to believe the Company failed to
          comply with the terms, conditions, provisions or conditions of
          Sections 9.8, 9.12. 10.2 through and including 10.4 and 10.13 in as
          far as they related to financial and accounting matters, and if they
          are aware that any such condition or event then exists, specifying the
          nature and period of the existence thereof (it being understood that
          such accountants shall not be liable to any Purchaser, directly or
          indirectly, for any failure to obtain knowledge of any Default or
          Event of Default); and

     provided that the delivery within the time period specified above of the
     Company's Form 10-K for such fiscal year (together with the Company's
     annual report to shareholders, if any, prepared pursuant to Rule 14a-3
     under the Exchange Act) prepared in accordance with the requirements
     therefor and filed with the SEC, together with the accountants' report
     described in clause (B) above, shall be deemed to satisfy the requirements
     of this Section 7.1(b);

          (c) SEC and Other Reports -- promptly upon their becoming available,
     one copy of (i) each financial statement, report, circular, notice or proxy
     statement or similar document (including any form of compliance certificate
     related to the Credit Agreement and any consolidation working papers) sent
     by any Obligor or any Subsidiary to its principal lending banks as a whole
     (excluding information sent to such banks in the ordinary course of
     administration of a bank facility, such as information relating to pricing
     and borrowing availability) or to its public securities holders generally,
     and (ii) each regular or periodic report, each registration statement
     (without exhibits except as expressly requested by such holder), and each
     prospectus and all amendments thereto filed by any Obligor or any
     Subsidiary with the SEC or any similar Governmental Authority or securities
     exchange and of all press releases and other statements made available
     generally by any Obligor or any Subsidiary to the public concerning
     developments that are Material; provided that the Company shall be deemed
     to have made deliveries required under this Section 7.1(c)(ii) if it shall
     have timely made such documents available on "EDGAR" and on its home page
     on the worldwide web (at the

                                      -17-

<PAGE>

     date of this Agreement located at http//www.go2uti.com) and shall have
     given each holder of Notes notice of its availability on EDGAR and on its
     home page in connection with each delivery promptly after such documents
     become available on EDGAR;

          (d) Notice of Default or Event of Default or Litigation or Arbitration
     -- (i) promptly and in any event within five Business Days after a
     Responsible Officer becomes aware of the existence of any Default or Event
     of Default or that any Person has given any notice or taken any action with
     respect to a claimed default hereunder or that any Person has given any
     notice or taken any action with respect to a claimed default of the type
     referred to in Section 11(f), a written notice specifying the nature and
     period of existence thereof and what action the Obligors are taking or
     propose to take with respect thereto; and,

          (ii) promptly and in any event within five Business Days after a
     Responsible Officer becomes aware of any current, threatened or pending
     litigation, arbitration or administrative proceedings which has or would,
     if adversely determined, have a Material Adverse Effect, provided written
     notice specifying the details of such litigation, arbitration or
     administrative proceeding.

          (e) Employee Benefit Matters -- promptly and in any event within five
     Business Days after a Responsible Officer becoming aware of any of the
     following, a written notice setting forth the nature thereof and the
     action, if any, that any Obligor or an ERISA Affiliate proposes to take
     with respect thereto:

               (i) with respect to any Plan, any reportable event, as defined in
          section 4043(b) of ERISA and the regulations thereunder, for which
          notice thereof has not been waived pursuant to such regulations as in
          effect on the date hereof; or

               (ii) the taking by the PBGC of steps to institute, or the
          threatening by the PBGC of the institution of, proceedings under
          section 4042 of ERISA for the termination of, or the appointment of a
          trustee to administer, any Plan, or the receipt by any Obligor or any
          ERISA Affiliate of a notice from a Multiemployer Plan that such action
          has been taken by the PBGC with respect to such Multiemployer Plan; or

               (iii) any event, transaction or condition that could result in
          the incurrence of any liability by any Obligor or any ERISA Affiliate
          pursuant to Title I or IV of ERISA or the penalty or excise tax
          provisions of the Code relating to employee benefit plans, or in the
          imposition of any Lien on any of the rights, properties or assets of
          any Obligor or any ERISA Affiliate pursuant to Title I or IV of ERISA
          or such penalty or excise tax provisions, if such liability or Lien,
          taken together with any other such liabilities or Liens then existing,
          would reasonably be expected to have a Material Adverse Effect; or

                                      -18-

<PAGE>

               (iv) receipt of notice of the imposition of a Material financial
          penalty (which for this purpose shall mean any tax, penalty or other
          liability, whether by way of indemnity or otherwise) with respect to
          one or more Non-U.S. Plans;

          (f) Notices from Governmental Authority -- promptly, and in any event
     within 30 days of receipt thereof, copies of any notice to any Obligor or
     any Subsidiary from any Governmental Authority relating to any order,
     ruling, statute or other law or regulation that would reasonably be
     expected to have a Material Adverse Effect;

          (g) Requested Information -- with reasonable promptness, such other
     data and information relating to the business, operations, affairs,
     financial condition, assets or properties of any Obligor or any of its
     Subsidiaries (including, but without limitation, actual copies of the
     Company's Form 10-Q and Form 10-K) or relating to the ability of any
     Obligor to perform its obligations hereunder and under the Notes as from
     time to time may be reasonably requested by any such holder of Notes,
     including information readily available to any Obligor explaining such
     Obligor's financial statements if such information has been requested by
     the SVO in order to assign or maintain a designation of the Notes;

          (h) Quarterly Consolidating Working Papers -- Within 45 days after the
     end of each quarterly fiscal period in each fiscal year of the Company
     (other than the last quarterly fiscal period of each such fiscal year which
     shall be within 90 days after the end of such fiscal year), copies of
     unaudited consolidating working papers for each Subsidiary Guarantor
     providing the information necessary to determine the Obligors' ability to
     comply with Section 9.12 hereof.

     Section 7.2. Officer's Certificate. Each set of financial statements
delivered to a holder of Notes pursuant to Section 7.1(a) or Section 7.1(b)
shall be accompanied by a certificate of a Senior Financial Officer setting
forth:

          (a) Covenant Compliance -- the information (including detailed
     calculations) required in order to establish whether the Company was in
     compliance with the requirements of Section 9.8, Section 9.10, Section 9.12
     and Sections 10.2 through 10.9, inclusive, during the quarterly or annual
     period covered by the statements then being furnished (including with
     respect to each such Section, where applicable, the calculations of the
     maximum or minimum amount, ratio or percentage, as the case may be,
     permissible under the terms of such Sections, and the calculation of the
     amount, ratio or percentage then in existence); and

          (b) Event of Default -- a statement that such Senior Financial Officer
     has reviewed the relevant terms hereof and has made, or caused to be made,
     under his or her supervision, a review of the transactions and conditions
     of any Obligor and its Subsidiaries from the beginning of the quarterly or
     annual period covered by the statements then being furnished to the date of
     the certificate and that such review shall not have disclosed the existence
     during such period of any condition or event that constitutes a Default or
     an Event of Default or, if any such condition or event existed or

                                      -19-

<PAGE>

     exists (including, without limitation, any such event or condition
     resulting from the failure of any Obligor or any Subsidiary to comply with
     any Environmental Law), specifying the nature and period of existence
     thereof and what action the Obligors shall have taken or proposes to take
     with respect thereto.

     Section 7.3. Visitation. The Obligors shall permit the representatives of
each holder of Notes that is an Institutional Investor:

          (a) No Default -- if no Default or Event of Default then exists, at
     the expense of such holder and upon reasonable prior notice to the
     Obligors, to visit the principal executive office of the Obligors, to
     discuss the affairs, finances and accounts of the Obligors and their
     Subsidiaries with any Obligor's officers, and (with the consent of the
     Obligors, which consent will not be unreasonably withheld) their
     independent public accountants, and (with the consent of the Obligors,
     which consent will not be unreasonably withheld) to visit the other offices
     and properties of any Obligor and each Subsidiary, all at such reasonable
     times and as often as may be reasonably requested in writing; and

          (b) Default -- if a Default or Event of Default then exists, at the
     expense of the Obligors to visit and inspect any of the offices or
     properties of any Obligor or any Subsidiary, to examine all their
     respective books of account, records, reports and other papers, to make
     copies and extracts therefrom, and to discuss their respective affairs,
     finances and accounts with their respective officers and independent public
     accountants (and by this provision the Obligors authorize said accountants
     to discuss the affairs, finances and accounts of the Obligors and their
     Subsidiaries), all at such times and as often as may be requested.

     Section 7.4. Limitation on Disclosure Obligation. The Obligors shall not be
required to disclose the following information pursuant to Section 7.1(g) or
7.3:

          (a) information that the Obligors determine after consultation with
     counsel qualified to advise on such matters that, notwithstanding the
     confidentiality requirements of Section 21, it would be prohibited from
     disclosing by applicable law or regulations without making public
     disclosure thereof; or

          (b) information that, notwithstanding the confidentiality requirements
     of Section 21, the Obligors are prohibited from disclosing by the terms of
     an obligation of confidentiality contained in any agreement with any
     non-Affiliate binding upon the Obligors and not entered into in
     contemplation of this clause (b), provided that the Obligors shall use
     commercially reasonable efforts to obtain consent from the party in whose
     favor the obligation of confidentiality was made to permit the disclosure
     of the relevant information and provided further that the Obligors have
     received a written opinion of counsel confirming that disclosure of such
     information without consent from such other contractual party would
     constitute a breach of such agreement.

                                      -20-
<PAGE>

Promptly after a request therefor from any holder of Notes that is an
Institutional Investor, the Obligors will provide such holder with a written
opinion of counsel (which may be addressed to the Obligors) relied upon as to
any requested information that the Obligors are prohibited from disclosing to
such holder under circumstances described in this Section 7.4.

SECTION 8. PAYMENT AND PREPAYMENT OF THE NOTES.

     Section 8.1. Required Prepayments. On January 13, 2009 and on each January
13th and each July 13th thereafter to and including January 13, 2011, the
Company will prepay U.S.$33,333,000 principal amount (or such lesser principal
amount as shall then be outstanding) of the Notes at par and without payment of
the Make-Whole Amount or any premium, provided that upon any partial prepayment
of the Notes pursuant to Sections 8.2, 8.3, 8.4 or 8.9, the principal amount of
each required prepayment of the Notes becoming due under this Section 8.1 on and
after the date of such prepayment shall be reduced in the same proportion as the
aggregate unpaid principal amount of the Notes is reduced as a result of such
prepayment.

     Section 8.2. Optional Prepayments with Make-Whole Amount. The Company may,
at its option, upon notice as provided below, prepay at any time all, or from
time to time any part of, the Notes, in an amount not less than 5% of the
aggregate principal amount of the Notes then outstanding in the case of a
partial prepayment, at 100% of the principal amount so prepaid, and the
Make-Whole Amount determined for the prepayment date with respect to such
principal amount. The Company will give each holder of Notes written notice of
each optional prepayment under this Section 8.2 not less than 30 days and not
more than 60 days prior to the date fixed for such prepayment. Each such notice
shall specify such date (which shall be a Business Day), the aggregate principal
amount of the Notes to be prepaid on such date, the principal amount of each
Note held by such holder to be prepaid (determined in accordance with Section
8.5), and the interest to be paid on the prepayment date with respect to such
principal amount being prepaid, and shall be accompanied by a certificate of a
Senior Financial Officer as to the estimated Make-Whole Amount due in connection
with such prepayment (calculated as if the date of such notice were the date of
the prepayment), setting forth the details of such computation. Two Business
Days prior to such prepayment, the Company shall deliver to each holder of Notes
a certificate of a Senior Financial Officer specifying the calculation of such
Make-Whole Amount as of the specified prepayment date. In the event the Company
shall incorrectly compute the Make-Whole Amount payable in connection with any
Note to be prepaid pursuant to this Section 8.2, the holder of such Note shall
not be bound by such incorrect computation, but instead, shall be entitled to
receive an amount equal to the correct Make-Whole Amount, if any, computed in
compliance with the terms of this Agreement.

     Section 8.3. Prepayment for Tax Reasons. If at any time as a result of a
Change in Tax Law (as defined below) the Company is or becomes obligated to make
any Additional Payments (as defined below) in respect of any payment of interest
on account of any of the Notes in an aggregate amount for all affected Notes
equal to 5% or more of the aggregate amount of such interest payment on account
of all of the Notes, the Company may give the holders of all affected Notes
irrevocable written notice (each, a "Tax Prepayment Notice") of the prepayment
of such affected Notes on a specified prepayment date (which shall be a Business
Day not less than 30 days nor more than 60 days after the date of such notice)
and the circumstances giving rise to the

                                      -21-

<PAGE>

obligation of the Company to make any Additional Payments and the amount thereof
and stating that all of the affected Notes shall be prepaid on the date of such
prepayment at 100% of the principal amount so prepaid together with interest
accrued thereon to the date of such prepayment plus an amount equal to the
Modified Make-Whole Amount for each such Note, except in the case of an affected
Note if the holder of such Note shall, by written notice given to the Company no
more than 20 days after receipt of the Tax Prepayment Notice, reject such
prepayment of such Note (each, a "Rejection Notice"). Such Tax Prepayment Notice
shall be accompanied by a certificate of a Senior Financial Officer as to the
estimated Modified Make-Whole Amount due in connection with such prepayment
(calculated as if the date of such notice were the date of the prepayment),
setting forth the details of such computation. The form of Rejection Notice
shall also accompany the Tax Prepayment Notice and shall state with respect to
each Note covered thereby that execution and delivery thereof by the holder of
such Note shall operate as a permanent waiver of such holder's right to receive
the Additional Payments arising as a result of the circumstances described in
the Tax Prepayment Notice in respect of all future payments of interest on such
Note (but not of such holder's right to receive any Additional Payments that
arise out of circumstances not described in the Tax Prepayment Notice or which
exceed the amount of the Additional Payment described in the Tax Prepayment
Notice), which waiver shall be binding upon all subsequent transferees of such
Note. The Tax Prepayment Notice having been given as aforesaid to each holder of
the affected Notes, the principal amount of such Notes together with interest
accrued thereon to the date of such prepayment plus the Modified Make-Whole
Amount shall become due and payable on such prepayment date, except in the case
of Notes the holders of which shall timely give a Rejection Notice as aforesaid.
Two Business Days prior to such prepayment, the Company shall deliver to each
holder of a Note being so prepaid a certificate of a Senior Financial Officer
specifying the calculation of such Modified Make-Whole Amount as of such
prepayment date. In the event the Company shall incorrectly compute the Modified
Make-Whole Amount payable in connection with any Note to be prepaid pursuant to
this Section 8.3, the holder of such Note shall not be bound by such incorrect
computation, but instead, shall be entitled to receive an amount equal to the
correct Modified Make-Whole Amount, if any, computed in compliance with the
terms of this Agreement.

     No prepayment of the Notes pursuant to this Section 8.3 shall affect the
obligation of the Company to pay Additional Payments in respect of any payment
made on or prior to the date of such prepayment. For purposes of this Section
8.3, any holder of more than one affected Note may act separately with respect
to each affected Note so held (with the effect that a holder of more than one
affected Note may accept such offer with respect to one or more affected Notes
so held and reject such offer with respect to one or more other affected Notes
so held).

     The Company may not offer to prepay or prepay Notes pursuant to this
Section 8.3 (a) if a Default or Event of Default then exists, (b) until the
Company shall have taken commercially reasonable steps to mitigate the
requirement to make the related Additional Payments or (c) if the obligation to
make such Additional Payments directly results or resulted from actions taken by
the Company or any Subsidiary (other than actions required to be taken under
applicable law), and any Tax Prepayment Notice given pursuant to this Section
8.3 shall certify to the foregoing and describe such mitigation steps, if any.

                                      -22-

<PAGE>

     For purposes of this Section 8.3: "Additional Payments" means additional
amounts required to be paid to a holder of any Note pursuant to Section 13 by
reason of a Change in Tax Law; and a "Change in Tax Law" means (individually or
collectively with one or more prior changes) (i) an amendment to, or change in,
any law, treaty, rule or regulation of any Applicable Jurisdiction after the
date of the Closing, or an amendment to, or change in, an official
interpretation or application of such law, treaty, rule or regulation after the
date of the Closing, which amendment or change is in force and continuing and
meets the opinion and certification requirements described below or (ii) in the
case of any other jurisdiction that becomes a Taxing Jurisdiction after the date
of the Closing, an amendment to, or change in, any law, treaty, rule or
regulation of such jurisdiction, or an amendment to, or change in, an official
interpretation or application of such law, treaty, rule or regulation, in any
case after such jurisdiction shall have become a Taxing Jurisdiction, which
amendment or change is in force and continuing and meets such opinion and
certification requirements. No such amendment or change shall constitute a
Change in Tax Law unless the same would in the opinion of the Company (which
shall be evidenced by an Officer's Certificate of the Company and supported by a
written opinion of counsel having recognized expertise in the field of taxation
in the Taxing Jurisdiction, both of which shall be delivered to all holders of
the Notes prior to or concurrently with the Tax Prepayment Notice in respect of
such Change in Tax Law) affect the deduction or require the withholding of any
Tax imposed by such Taxing Jurisdiction on any payment payable on the Notes.

     Section 8.4. Prepayment of Notes upon Change of Control.

     (a) Condition to Company Action. Within fifteen (15) Business Days after a
Responsible Officer has knowledge of a Change of Control, the Company shall have
given to each holder of Notes written notice containing and constituting an
offer to prepay Notes as described in subparagraph (b) of this Section 8.4,
accompanied by the certificate described in subparagraph (e) of this Section
8.4.

     (b) Offer to Prepay Notes. The offer to prepay Notes contemplated by
subparagraph (a) of this Section 8.4 shall be an offer to prepay, in accordance
with and subject to this Section 8.4, all, but not less than all, the Notes held
by each holder (in this case only, "holder" in respect of any Note registered in
the name of a nominee for a disclosed beneficial owner shall mean such
beneficial owner) on the date specified in such offer (the "Proposed Prepayment
Date") that is not less than 30 days and not more than 60 days after the date of
such offer (if the Proposed Prepayment Date shall not be specified in such
offer, the Proposed Prepayment Date shall be the first Business Day which is at
least 45 days after the date of such offer).

     (c) Acceptance; Rejection. A holder of Notes may accept the offer to prepay
made pursuant to this Section 8.4 by causing a notice of such acceptance to be
delivered to the Company at least 15 days prior to the Proposed Prepayment Date.
A failure by a holder of Notes to respond to an offer to prepay made pursuant to
this Section 8.4 shall be deemed to constitute a rejection of such offer by such
holder.

     (d) Prepayment. Prepayment of the Notes to be prepaid pursuant to this
Section 8.4 shall be at 100% of the principal amount of such Notes, together
with interest on such Notes

                                      -23-

<PAGE>

accrued to the date of prepayment, but without Make-Whole Amount. The prepayment
shall be made on the Proposed Prepayment Date.

     (e) Officer's Certificate. Each offer to prepay the Notes pursuant to this
Section 8.4 shall be accompanied by a certificate, executed by a Senior
Financial Officer of the Company and dated the date of such offer, specifying:
(i) the Proposed Prepayment Date; (ii) that such offer is made pursuant to this
Section 8.4; (iii) the principal amount of each Note offered to be prepaid; (iv)
the interest that would be due on each Note offered to be prepaid, accrued to
the Proposed Prepayment Date; (v) that the conditions of this Section 8.4 have
been fulfilled; and (vi) in reasonable detail, the nature and date or proposed
date of the Change of Control.

     Section 8.5. Allocation of Partial Prepayments. In the case of each partial
prepayment of the Notes pursuant to Sections 8.1 and 8.2, the principal amount
of the Notes to be prepaid shall be allocated among all of the Notes at the time
outstanding in proportion, as nearly as practicable, to the respective unpaid
principal amounts thereof not theretofore called for prepayment.

     Section 8.6. Maturity; Surrender, Etc. In the case of each prepayment of
Notes pursuant to this Section 8, the principal amount of each Note to be
prepaid shall mature and become due and payable on the date fixed for such
prepayment (which shall be a Business Day), together with interest on such
principal amount accrued to such date and the applicable Make-Whole Amount or
Modified Make-Whole Amount, if any. From and after such date, unless the Company
shall fail to pay such principal amount when so due and payable, together with
the interest and Make-Whole Amount or Modified Make-Whole Amount, if any, as
aforesaid, interest on such principal amount shall cease to accrue. Any Note
paid or prepaid in full shall be surrendered to the Company and cancelled and
shall not be reissued, and no Note shall be issued in lieu of any prepaid
principal amount of any Note.

     Section 8.7. Purchase of Notes. The Company will not and will not permit
any Affiliate to purchase, redeem, prepay or otherwise acquire, directly or
indirectly, any of the outstanding Notes except upon the payment or prepayment
of the Notes in accordance with the terms of this Agreement and the Notes. The
Company will promptly cancel all Notes acquired by it or any Affiliate pursuant
to any payment or prepayment of Notes pursuant to any provision of this
Agreement and no Notes may be issued in substitution or exchange for any such
Notes.

     Section 8.8. Make-Whole Amount and Modified Make-Whole Amount. The terms
"Make-Whole Amount" and "Modified Make-Whole Amount" means, with respect to any
Note, an amount equal to the excess, if any, of the Discounted Value of the
Remaining Scheduled Payments with respect to the Called Principal of such Note
over the amount of such Called Principal, provided that neither the Make-Whole
Amount nor the Modified Make-Whole Amount may in any event be less than zero.
For the purposes of determining the Make-Whole Amount, the following terms have
the following meanings:

          "Applicable Percentage" In the case of a computation of the Modified
     Make-Whole Amount for purposes of Section 8.3 means 1.00% (100 basis
     points), and in

                                      -24-

<PAGE>

     the case of a computation of the Make-Whole Amount for any other purpose
     means .50% (50 basis points).

          "Called Principal" means, with respect to any Note, the principal of
     such Note that is to be prepaid pursuant to Section 8.2 or 8.3 or has
     become or is declared to be immediately due and payable pursuant to Section
     12.1, as the context requires.

          "Discounted Value" means, with respect to the Called Principal of any
     Note, the amount obtained by discounting all Remaining Scheduled Payments
     with respect to such Called Principal from their respective scheduled due
     dates to the Settlement Date with respect to such Called Principal, in
     accordance with accepted financial practice and at a discount factor
     (applied on the same periodic basis as that on which interest on the Notes
     is payable) equal to the Reinvestment Yield with respect to such Called
     Principal.

          "Reinvestment Yield" means, with respect to the Called Principal of
     any Note, the sum of the (x) Applicable Percentage plus (y) the yield to
     maturity implied by (i) the yields reported as of 10:00 A.M. (New York City
     time) on the second Business Day preceding the Settlement Date with respect
     to such Called Principal, on the display designated as "Page PX1" (or such
     other display as may replace Page PX1 on Bloomberg Financial Markets for
     the most recently issued actively traded on the run U.S. Treasury
     securities having a maturity equal to the Remaining Average Life of such
     Called Principal as of such Settlement Date, or (ii) if such yields are not
     reported as of such time or the yields reported as of such time are not
     ascertainable (including by way of interpolation), the Treasury Constant
     Maturity Series Yields reported, for the latest day for which such yields
     have been so reported as of the second Business Day preceding the
     Settlement Date with respect to such Called Principal, in Federal Reserve
     Statistical Release H.15 (519) (or any comparable successor publication)
     for U.S. Treasury securities having a constant maturity equal to the
     Remaining Average Life of such Called Principal as of such Settlement Date.
     In the case of each determination under clause (i) or clause (ii), as the
     case may be, of the preceding paragraph, such implied yield will be
     determined, if necessary, by (a) converting U.S. Treasury bill quotations
     to bond equivalent yields in accordance with accepted financial practice
     and (b) interpolating linearly between (1) the applicable U.S. Treasury
     security with the maturity closest to and greater than such Remaining
     Average Life and (2) the applicable U.S. Treasury security with the
     maturity closest to and less than such Remaining Average Life. The
     Reinvestment Yield shall be rounded to the number of decimal places as
     appears in the interest rate of the applicable Note.

          "Remaining Average Life" means, with respect to any Called Principal,
     the number of years (calculated to the nearest one-twelfth year) obtained
     by dividing (i) such Called Principal into (ii) the sum of the products
     obtained by multiplying (a) the principal component of each Remaining
     Scheduled Payment with respect to such Called Principal by (b) the number
     of years (calculated to the nearest one-twelfth year) that will elapse
     between the Settlement Date with respect to such Called Principal and the
     scheduled due date of such Remaining Scheduled Payment.

                                      -25-

<PAGE>

          "Remaining Scheduled Payments" means, with respect to the Called
     Principal of any Note, all payments of such Called Principal and interest
     thereon that would be due after the Settlement Date with respect to such
     Called Principal if no payment of such Called Principal were made prior to
     its scheduled due date, provided that if such Settlement Date is not a date
     on which interest payments are due to be made under the terms of the Notes,
     then the amount of the next succeeding scheduled interest payment will be
     reduced by the amount of interest accrued to such Settlement Date and
     required to be paid on such Settlement Date pursuant to Section 8.2, 8.3 or
     12.1.

          "Settlement Date" means, with respect to the Called Principal of any
     Note, the date on which such Called Principal is to be prepaid pursuant to
     Section 8.2 or 8.3 or has become or is declared to be immediately due and
     payable pursuant to Section 12.1, as the context requires.

     Section 8.9. Prepayment in Connection with Sales of Assets. If the Company
makes an offer to prepay the Notes pursuant to Section 10.8, the Company will
give written notice thereof to the holders of all outstanding Notes, which
notice shall (i) refer specifically to this Section 8.9 and describe in
reasonable detail the Disposition giving rise to such offer to prepay the Notes,
(ii) specify the principal amount of each Note being offered to be prepaid which
amount shall be allocated among all of the Notes at the time outstanding in
proportion, as nearly as practicable, to the respective unpaid principal amounts
not theretofore called for prepayment, (iii) specify a date not less than 30
days and not more than 60 days after the date of such notice (the "Disposition
Prepayment Date") and specify the Disposition Response Date (as defined below),
and (iv) offer to prepay on the Disposition Prepayment Date the amount specified
in (ii) above with respect to each Note together with interest accrued thereon
to the Disposition Prepayment Date. Each holder of a Note shall notify the
Company of such holder's acceptance or rejection of such offer by giving written
notice of such acceptance or rejection to the Company (provided, however, that
any holder who fails to so notify the Company shall be deemed to have rejected
such offer) on a date at least 5 days prior to the Disposition Prepayment Date
(such date 5 days prior to the Disposition Prepayment Date being the
"Disposition Response Date"), and the Company shall prepay on the Disposition
Prepayment Date the amount specified in (ii) above with respect to each Note
held by the holders who have accepted such offer in accordance with this Section
8.9.

SECTION 9. AFFIRMATIVE COVENANTS.

     Each Obligor, jointly and severally, covenants that so long as any of the
Notes are outstanding:

     Section 9.1. Compliance with Law. Without limiting Section 10.10, the
Obligors will, and will cause each of their Subsidiaries to, comply with all
laws, ordinances or governmental rules or regulations to which each of them is
subject, including, without limitation, ERISA, the USA Patriot Act and
Environmental Laws, and will obtain and maintain in effect all licenses,
certificates, permits, franchises and other governmental authorizations
necessary to the ownership of their respective properties or to the conduct of
their respective businesses, in each case to the extent necessary to ensure that
non-compliance with such laws, ordinances or governmental rules or regulations
or failures to obtain or maintain in effect such licenses,

                                      -26-

<PAGE>

certificates, permits, franchises and other governmental authorizations would
not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect.

     Section 9.2. Insurance. The Obligors will, and will cause each of their
Subsidiaries to, maintain, with financially sound and reputable insurers,
insurance with respect to their respective properties and businesses against
such casualties and contingencies, of such types, on such terms and in such
amounts (including deductibles, co-insurance and self-insurance, if adequate
reserves are maintained with respect thereto) as is customary in the case of
entities of established reputations engaged in the same or a similar business
and similarly situated.

     Section 9.3. Maintenance of Properties. The Obligors will, and will cause
each of their Subsidiaries to, maintain and keep, or cause to be maintained and
kept, their respective properties in good repair, working order and condition
(other than ordinary wear and tear), so that the business carried on in
connection therewith may be properly conducted at all times, provided that this
Section shall not prevent the Obligors or any Subsidiary from discontinuing the
operation and the maintenance of any of its properties if such discontinuance is
desirable in the conduct of its business and the Obligors have concluded that
such discontinuance would not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect.

     Section 9.4. Payment of Taxes and Claims. The Obligors will, and will cause
each of their Subsidiaries to, file all tax returns required to be filed in any
jurisdiction and to pay and discharge all taxes shown to be due and payable on
such returns and all other taxes, assessments, governmental charges, or levies
imposed on them or any of their properties, assets, income or franchises, to the
extent such taxes and assessments have become due and payable and before they
have become delinquent and all claims for which sums have become due and payable
that have or might become a Lien on properties or assets of any Obligor or any
Subsidiary, provided that no Obligor nor any Subsidiary need pay any such tax or
assessment or claims if (i) the amount, applicability or validity thereof is
contested by such Obligor or such Subsidiary on a timely basis in good faith and
in appropriate proceedings, and the Obligors or a Subsidiary has established
adequate reserves therefor in accordance with applicable generally accepted
accounting principles (which shall be GAAP in the case of the Company) on the
books of such Obligor or such Subsidiary or (ii) the non-filing and nonpayment
of all such taxes, assessments and claims in the aggregate would not reasonably
be expected to have a Material Adverse Effect.

     Section 9.5. Corporate Existence, Etc. Subject to Section 10.7, the
Obligors will at all times preserve and keep in full force and effect their
corporate existence. Subject to Sections 10.7 and 10.8, the Obligors will at all
times preserve and keep in full force and effect the corporate existence of each
of their Subsidiaries (except that (i) Subsidiaries which are not members of the
South African Group may merge into an Obligor and (ii) Subsidiaries which are
members of the South African Group may merge with other members of the South
African Group) and all rights and franchises of the Obligors and their
Subsidiaries unless, in the good faith judgment of the Obligors, the termination
of or failure to preserve and keep in full force and effect such corporate
existence, right or franchise would not, individually or in the aggregate, have
a Material Adverse Effect.

                                      -27-

<PAGE>

     Section 9.6. Books and Records. The Obligors will, and will cause each of
their Subsidiaries to, maintain proper books of record and account in conformity
with applicable generally accepted accounting principles and all applicable
requirements of any Governmental Authority having legal or regulatory
jurisdiction over such Obligor or such Subsidiary, as the case may be.

     Section 9.7. Priority of Obligations. The Obligors will ensure that their
payment obligations under the Financing Agreements will at all times rank at
least pari passu, without preference or priority, with all other unsecured and
unsubordinated Indebtedness of the Obligors except for obligations mandatorily
preferred by law applying to companies generally. Notwithstanding the foregoing,
at all times, the Company's payment obligations under the Notes and the payment
obligations of the Subsidiary Guarantors under the Subsidiary Guarantee
Agreement will rank at least pari passu, without preference or priority, with
the respective obligations of the Company and the Subsidiary Guarantors under
the Credit Agreement.

     Section 9.8. Minimum Interest Charge Coverage. The Company will ensure that
the ratio of Consolidated EBITDA to Consolidated Interest Payable is not, at the
end of each Measurement Period, less than 3.75 to 1.00.

     Section 9.9. Dividend Capture from South Africa. The Obligors will ensure
that cash Distributions are made to Pyramid Freight BVI in accordance with the
general distribution principles applied by the Company in respect of cash
Distributions made out of South Africa taking into account at any time the
requirements of any applicable South African exchange control regulations, the
local financial needs of the South African Group and any projected financial
requirements of the South African Group.

     Section 9.10. Additional Obligors. (a) The Company will cause any
Subsidiary of the Company, whether now owned or hereafter formed or acquired,
that becomes a borrower, guarantor or other obligor under the Credit Agreement,
substantially concurrently, to become a Subsidiary Guarantor (an "Additional
Guarantor") under the Subsidiary Guarantee Agreement by executing a joinder
agreement to this Agreement in the form set out in Part 1 of Exhibit 9.10 (the
"Joinder Agreement") and in any such event the Company will cause such
Subsidiary to deliver the relevant documents and evidence listed in Part 2 of
Exhibit 9.10.

     (b) As from the date of the Joinder Agreement, the relevant Subsidiary
shall become an Obligor and Subsidiary Guarantor under this Agreement.

     (c) The Company agrees that:

          (i) within 10 days following execution of a Joinder Agreement it will
     provide to each holder an original of that Joinder Agreement (with evidence
     as to payment of any applicable stamp duty or similar tax); and

          (ii) immediately on execution of any such Joinder Agreement it will
     provide to each holder a legal opinion (from legal counsel approved by the
     Required Holders acting reasonably) confirming (1) the due execution and
     delivery of such Joinder

                                      -28-

<PAGE>

     Agreement, and the validity and enforceability of the obligations of the
     relevant Subsidiary Guarantor under such Joinder Agreement and this
     Agreement subject to such exceptions, assumptions and qualifications as are
     substantially similar to those delivered with respect to the obligations of
     the Subsidiary Guarantors as of the date of Closing and (2) such other
     matters as the Required Holders may reasonably request so long as such
     opinions are substantially similar in scope to the opinions delivered in
     connection with the Closing of this Agreement. The Company shall cause such
     additional Subsidiary Guarantor to deliver such other closing showings as
     may be reasonably requested by the Required Holders substantially similar
     in scope to the closing showings delivered by the original Subsidiary
     Guarantors at the Closing.

     Section 9.11. Release of Subsidiary Guarantors. Upon notice by the Company
to each holder of a Note (which notice shall contain a certification by the
Company as to the applicable matters specified below), a Subsidiary shall cease
to be an Obligor under this Agreement if such Subsidiary has been released as a
borrower, guarantor or other obligor under the Credit Agreement (and such
Subsidiary is not then designated as a borrower, guarantor or other obligor
under any other credit facility of the Company or any Subsidiary that provides
for credit in excess of U.S.$5,000,000 (or its equivalent in any other currency)
in the aggregate), provided, that, both immediately before and after giving
effect to any such release (x) no Default or Event of Default shall have
occurred and be continuing and (y) other than the payment of reasonable legal
fees, no consideration was granted to any agent or lender under the Credit
Agreement, directly or indirectly in connection with such release including, but
not limited to, any payment of any fees, any increase in pricing, any additional
Guaranty, any participation in other transactions or any other credit
enhancement or other benefit.

     Section 9.12. Guarantor Cover Ratio. (a) The Company will ensure that:

          (i) the Gross Assets of the Subsidiary Guarantors shall at all times
     constitute 50% or more of the Gross Assets of the Group at that time; and

          (ii) the aggregate contribution of the Subsidiary Guarantors to
     Consolidated EBITDA, shall at all times be at least 45% of Consolidated
     EBITDA.

     (b) For the purpose of paragraph (a) above:

          (i) subject to sub-paragraph (ii) below:

               (A) the contribution of each Subsidiary Guarantor will be
          determined from its financial statements which were delivered to each
          holder pursuant to Section 7.1(h); and

               (B) the financial condition of the Group will be determined from
          the latest consolidated financial statements of the Company;

                                      -29-

<PAGE>

          (ii) if a person becomes a member of the Group after the date on which
     the latest consolidated financial statements of the Company were prepared:

               (A) the contribution of that person will be determined from its
          latest quarterly or annual (as the case may be) financial statements;
          and

               (B) the financial condition of the Group will still be determined
          from the latest consolidated financial statements of the Company but
          will be adjusted by reference to the financial statements referred to
          in paragraph (ii) (A) above to take into account that person becoming
          a member of the Group; and

     (iii) the contribution of a Subsidiary Guarantor will:

               (A) if it has Subsidiaries, be determined from its unconsolidated
          financial statements; and

               (B) exclude intra-group items which would be eliminated in the
          consolidated financial statements of the Company; and

               (C) in the case of Pyramid Freight BVI, Pyramid Freight BVI will
          exclude any amount of Pyramid Freight Debt owing to it and any other
          assets located in South Africa.

     Section 9.13. Group Structure. The Company will maintain its group
structure in accordance with the group structure chart set forth in Schedule
5.4, except for changes which, individually or in the aggregate could not
reasonably be expected to have a Material Adverse Effect. In no event shall any
Subsidiary incorporated in any country other than South Africa be owned directly
or indirectly by any member of the South African Group.

     Section 9.14. CASS Agreement. (a) The Company will ensure that all amounts
payable under the CASS Agreement are promptly paid when due unless such payment
is being diligently contested in good faith by a member of the Group by
appropriate proceedings and for which adequate reserves in accordance with
generally accepted accounting principles of the relevant member of the Group
have been set aside on its books.

     (b) No member of the Group may amend, modify or waive any of its rights
under the CASS Agreement, except as may be required by CASS.

SECTION 10. NEGATIVE COVENANTS.

     Each Obligor, jointly and severally, covenants that so long as any of the
Notes are outstanding:

     Section 10.1. Transactions with Affiliates. The Obligors will not and will
not permit any Subsidiary to enter into directly or indirectly any transaction
or group of related transactions (including, without limitation, the purchase,
lease, sale or exchange of properties of any kind or

                                      -30-

<PAGE>

the rendering of any service) with any Affiliate (other than the Obligors or
another Subsidiary which is not a member of the South African Group), except in
the ordinary course and pursuant to the reasonable requirements of such
Obligor's or such Subsidiary's business and upon fair and reasonable terms no
less favorable to the Obligors or such Subsidiary than would be obtainable in a
comparable arm's-length transaction with a Person not an Affiliate.

     Section 10.2. Consolidated Net Worth. The Company will ensure that
Consolidated Net Worth is not, as of the end of any fiscal quarter in each
fiscal year beginning with the fiscal quarter ended July 31, 2006, less than
U.S.$586,500,000 (the "Threshold CNW Amount") plus:

          (a) (from and including the last day of the fiscal year of the Company
     ending January 31, 2007) an amount equal to 25% of the annual net earnings
     of the Company in respect of each fiscal year (but, in each case, only if a
     positive number); and

          (b) the aggregate of any amounts by which the Threshold CNW Amount has
     been increased by any additions under paragraph (a) above in previous
     years.

     Section 10.3. Consolidated Total Debt Coverage. The Company will ensure
that the ratio of Consolidated Total Borrowings to Consolidated EBITDA is not,
at the end of each Measurement Period, greater than 3.25 to 1.00.

     Section 10.4. Priority Debt. The Obligors will not, at any time, permit
Priority Debt to exceed 15% of Consolidated Total Capitalization determined as
of the end of the most recently ended fiscal quarter.

     Section 10.5. Liens. The Obligors will not, and will not permit any of
their Subsidiaries to, directly or indirectly create, incur, assume or permit to
exist (upon the happening of a contingency or otherwise) any Lien on or with
respect to any property or asset (including, without limitation, any document or
instrument in respect of goods or accounts receivable) of the Company or any
such Subsidiary, whether now owned or held or hereafter acquired, or any income
or profits therefrom or assign or otherwise convey any right to receive income
or profits, except:

          (a) any Lien comprising a netting or set-off arrangement entered into
     by a member of the Group in the ordinary course of its banking arrangements
     for the purpose of netting debit and credit balances;

          (b) any Lien arising by operation of law and in the ordinary course of
     business;

          (c) Liens for taxes, assessments or other governmental charges or
     levies which are not yet due and payable or the payment of which is not at
     the time required by Section 9.4;

                                      -31-

<PAGE>

          (d) any Lien listed in column 7 (Security) of Schedule 5.15 provided
     that all Liens listed in Part 2 of Schedule 5.15 are released by no later
     than the date falling 3 months from the date of this Agreement;

          (e) attachments, appeal bonds, judgments and other similar Liens for
     sums not exceeding in aggregate U.S.$5,000,000 (or its equivalent in any
     other currency) arising in connection with any court proceedings, provided
     the execution or other enforcement of such Liens is effectively stayed and
     the claims secured thereby are being actively contested in good faith and
     by appropriate proceedings;

          (f) easements, rights of way, restrictions, minor defects or
     irregularities in title and other similar Liens not interfering in any
     material respect with the ordinary conduct of the business of any member of
     the Group;

          (g) any Lien entered into pursuant to the Financing Agreements;

          (h) any Lien constituted by the Cession in Security Agreement;

          (i) any Lien in favor of CASS arising under the CASS Agreement;

          (j) any Lien under the escrow agreement dated 7 March 2006 by and
     between the Company, Endeavour Capital Fund III, L.P., as representative of
     the shareholders and option holders of Market Industries, Ltd., and U.S.
     Bank National Association, a national banking association;

          (k) any Lien arising as a result of a Capital Lease permitted to exist
     under Section 10.13;

          (l) Liens that constitute purchase money security interests on any
     property securing debt incurred for the purpose of financing all or any
     part of the cost of acquiring such property, provided that any such Lien
     attaches to such property within 60 days of the acquisition thereof and
     attaches solely to the property so acquired;

          (m) Liens securing obligations of a Subsidiary (other than a member of
     the South African Group or Pyramid Freight BVI) to the Company or to
     another Subsidiary (other than a member of the South African Group or
     Pyramid Freight BVI) and Liens securing obligations of a member of the
     South African Group or Pyramid Freight BVI (to the extent that such Liens
     attach only to assets located in South Africa) to another member of the
     South African Group or Pyramid Freight BVI;

          (n) any Lien on an asset, or an asset of any person, acquired by a
     member of the Group after the date of this Agreement but only provided that
     (i) the aggregate amount covered by any such Lien does not exceed
     U.S.$10,000,000 (or its equivalent in any other currency) at any time, (ii)
     such Lien is only in place for the period of six (6) months from the date
     of acquisition and (iii) the principal amount secured by that Lien has not
     been incurred or increased in contemplation of, or since, the acquisition;

                                      -32-

<PAGE>

          (o) if and so long as no Default or Event of Default exists hereunder
     or would result hereunder, including, without limitation, under Section
     10.4, Liens securing Indebtedness of the Company or any Subsidiary in
     addition to those described in clauses (a) through (n) above.

     For the purposes of this Section 10.5, any Person becoming a Subsidiary
after the date of this Agreement shall be deemed to have incurred all of its
then outstanding Liens at the time it becomes a Subsidiary, and any Person
extending, renewing or refunding any Indebtedness secured by any Lien shall be
deemed to have incurred such Lien at the time of such extension, renewal or
refunding.

     Section 10.6. Subsidiary Indebtedness. In addition to and not in limitation
of any other applicable restrictions herein, including Sections 10.3 and 10.4,
the Company will not, at any time, permit any Subsidiary to, directly or
indirectly, create, incur, assume, guarantee, have outstanding, or otherwise
become or remain directly or indirectly liable with respect to, any Indebtedness
other than:

          (a) Indebtedness consisting of direct obligations or Guaranties of the
     Credit Agreement by Subsidiaries of the Company which Subsidiaries also
     guarantee the obligations of the Company under the Financing Agreements;

          (b) any Indebtedness incurred under the Financing Agreements;

          (c) Indebtedness of a Subsidiary outstanding on the date of Closing
     and identified in Section 5.15 provided that such Indebtedness shall not be
     extended, renewed, refinanced or refunded except as otherwise provided in
     subsection (f) below;

          (d) Indebtedness of a Subsidiary (other than a member of the South
     African Group or Pyramid Freight BVI) owed to the Company or a Wholly-Owned
     Subsidiary (other than a member of the South African Group or Pyramid
     Freight BVI);

          (e) Indebtedness incurred under any Capital Lease permitted to exist
     under Section 10.13;

          (f) Refinancing Indebtedness;

          (g) Indebtedness of a Subsidiary outstanding at the time such
     Subsidiary becomes a Subsidiary, provided that (i) such Indebtedness shall
     not have been incurred in contemplation of such Subsidiary becoming a
     Subsidiary and (ii) immediately after such Subsidiary becomes a Subsidiary,
     no Default or Event of Default shall exist, and provided, further, that
     such Indebtedness shall not be extended, renewed, refinanced or refunded
     except as otherwise provided herein;

          (h) Indebtedness of members of the South African Group owed under the
     South African Facility in an amount not to exceed U.S.$100,000,000 (or its
     equivalent in any other currency) at any time;

                                      -33-

<PAGE>

          (i) Indebtedness under the (i) Permitted Earnout Arrangements and (ii)
     any similar earnout arrangements entered into in the future in an aggregate
     amount of up to U.S.$100,000,000 (or its equivalent in any other currency)
     to the extent such indebtedness remains contingent in accordance with the
     terms of the earnout arrangements;

          (j) any Indebtedness owed by a member of the South African Group to
     another member of the South African Group; and

          (k) Indebtedness of a Subsidiary in addition to that otherwise
     permitted by the foregoing provisions, provided that on the date such
     Subsidiary incurs or otherwise becomes liable with respect to any such
     Indebtedness, and immediately after giving effect to the incurrence
     thereof, no Default or Event of Default exists hereunder, including,
     without limitation, under Section 10.4.

For the purpose of this Section 10.6, any Person becoming a Subsidiary after the
date of the Closing shall be deemed, at the time it becomes such a Subsidiary,
to have incurred all of its then outstanding Indebtedness.

     Notwithstanding the foregoing, (x) the aggregate amount of Indebtedness
incurred or owed by members of the South African Group (and by Pyramid Freight
BVI to the extent that such amount is owed to an entity located in South Africa)
under paragraphs (c), (e), (g), (h) and (i), above (excluding, for the avoidance
of doubt the Pyramid Freight Debt or any amounts owing under the Pyramid Freight
Loan Agreements) shall not at any time exceed South African Rand 1,000,000,000
(or its equivalent) and (y) the aggregate amount of Indebtedness in respect of
which interest or equivalent payments are payable and incurred or owed by
members of the South African Group under paragraphs (c), (e), (g) and (i) above
(excluding, for the avoidance of doubt the Pyramid Freight Debt or any amounts
owing under the Pyramid Freight Loan Agreements ) shall not at any time exceed
South African Rand 650,000,000 (or its equivalent).

     Section 10.7. Merger, Consolidation, Etc. The Company will not consolidate
with or merge with any other Person or convey, transfer or lease all or
substantially all of its assets in a single transaction or series of
transactions to any Person unless:

          (a) the successor formed by such consolidation or the survivor of such
     merger or the Person that acquires by conveyance, transfer or lease all or
     substantially all of the assets of the Company as an entirety, as the case
     may be, shall be a solvent corporation organized and existing under the
     laws of the United States or any State thereof (including the District of
     Columbia) or any other Permitted Jurisdiction, and, if the Company is not
     such corporation, (i) such corporation shall have executed and delivered to
     each holder of any Notes its assumption of the due and punctual performance
     and observance of each covenant and condition of this Agreement and the
     Notes and (ii) such corporation shall have caused to be delivered to each
     holder of any Notes an opinion of internationally recognized independent
     counsel, or other independent counsel reasonably satisfactory to the
     Required Holders, to the effect that all agreements or instruments
     effecting such

                                      -34-

<PAGE>

     assumption are enforceable in accordance with their terms and comply with
     the terms hereof; and

          (b) immediately before and immediately after giving effect to such
     transaction, no Default or Event of Default shall have occurred and be
     continuing.

No such conveyance, transfer or lease of substantially all of the assets of the
Company shall have the effect of releasing the Company or any successor
corporation or limited liability company that shall theretofore have become such
in the manner prescribed in this Section 10.7 from its liability under this
Agreement or the Notes.

     Section 10.8. Sale of Assets. Except as permitted by Section 10.7, the
Obligors will not, and will not permit any Subsidiary to, sell, lease, transfer
or otherwise dispose of, including by way of merger (collectively, a
"Disposition"), any assets, including capital stock of Subsidiaries, in one or a
series of transactions, to any Person, other than:

          (a) Dispositions in the ordinary course of business;

          (b) Dispositions by a Subsidiary to the Company or a Wholly-Owned
     Subsidiary which is not a member of the South African Group or Pyramid
     Freight BVI; or

          (c) Dispositions not otherwise permitted by clause (a) or (b) of this
     Section 10.8, provided that (i) the aggregate net book value of all assets
     so disposed of in any twelve-month period pursuant to this Section 10.8(c)
     does not exceed 10% of Consolidated Total Assets as of the last day of the
     most recently ended fiscal year and (ii) after giving effect to such
     transaction, no Default or Event of Default shall exist.

The Obligors may, or may permit a Subsidiary to, make a Disposition and the
assets subject to such Disposition shall not be subject to or included in the
foregoing limitation and computation contained in clause (c)(i) of the preceding
sentence if:

          (A) (x) in the case of a Disposition by a Person who is not a member
     of the South African Group, the net proceeds from such Disposition are
     reinvested in productive assets to be used in the existing business of the
     Company or a Subsidiary which is not (i) a member of the South African
     Group or (ii) Pyramid Freight BVI (to the extent such assets are in South
     Africa) and (y) in the case of a Disposition by a Person who is a member of
     the South African Group, the net proceeds from such Disposition are
     reinvested in productive assets to be used in the existing business of the
     Company or a Subsidiary; or

          (B) (x) in the case of a Disposition by a Person who is not a member
     of the South African Group, the net proceeds from such Disposition are
     applied to the payment or prepayment of Senior Indebtedness, including an
     offer to prepay the Notes on a pro rata basis with other Senior
     Indebtedness of the Company or any Subsidiary which is not a member of the
     South African Group or Pyramid Freight BVI (other than Senior

                                      -35-

<PAGE>

     Indebtedness in respect of any revolving credit or similar credit facility
     providing the Company or any Subsidiary with the right to obtain loans or
     other extensions of credit from time to time, except to the extent that in
     connection with such payment of Senior Indebtedness the available credit
     under such credit facility is permanently reduced by an amount not less
     than the amount of such proceeds applied to the payment of Senior
     Indebtedness) and (y) in the case of a Disposition by a Person who is a
     member of the South African Group, the net proceeds from such Disposition
     are applied to the payment or prepayment of Indebtedness of the Company or
     any Subsidiary owing to any Person that is not a Subsidiary or Affiliate
     and which is not expressed to be junior or subordinate to any other
     Indebtedness of the Company or Subsidiary (other than Indebtedness in
     respect of any revolving credit or similar facility except to the extent
     that such facility is permanently reduced).

For purposes of foregoing clause (B)(x), the Company shall offer to prepay the
Notes in accordance with Section 8.9 hereof. For purposes of the foregoing
clauses (A) and (B), to the extent that the assets that are disposed of are
assets owned by a Person other than a member of the South African Group or
Pyramid Freight BVI, the proceeds of such Disposition shall only be applied to
acquire assets, or prepay debt of, an Obligor or a Subsidiary which is not a
member of the South African Group or Pyramid Freight BVI.

     Section 10.9. Line of Business. The Obligors will not and will not permit
any Subsidiary to engage in any business if, as a result, the general nature of
the business in which the Obligors and their Subsidiaries, taken as a whole,
would then be engaged would be substantially changed from the general nature of
the business in which the Obligors and their Subsidiaries, taken as a whole, are
engaged on the date of this Agreement as described in the Memorandum.

     Section 10.10. Terrorism Sanctions Regulations. The Obligors will not and
will not permit any Subsidiary to (a) become a Person described or designated in
the Specially Designated Nationals and Blocked Persons List of the Office of
Foreign Assets Control or in Section 1 of the Anti-Terrorism Order or (b) engage
in any dealings or transactions with any such Person.

     Section 10.11. Subsidiaries in South Africa. No Subsidiary of the Company
incorporated in South Africa may become an obligor or guarantor under the Credit
Agreement. Neither the Company nor any Subsidiary of the Company incorporated in
any jurisdiction other than South Africa may become an obligor or guarantor
under the South African Facility. The Company will not at any time have any
Indebtedness outstanding under which the creditor with respect to such
Indebtedness is a member of the South African Group or Pyramid Freight BVI.

     Section 10.12. South African Subordination Agreement and Cession in
Security Agreement. The Obligors will not and will not permit any Subsidiary to
amend, modify or waive any provision in the South African Subordination
Agreement or the Cession in Security Agreement without prior written consent of
the Required Holders.

     Section 10.13. Capital Leases. Capital Leases of the Company and its
Subsidiaries will not, at any time, exceed in the aggregate (x) U.S.$40,000,000
(or its equivalent in any other currency) for the period commencing at Closing
and ending on December 31, 2009,

                                      -36-

<PAGE>

(y) U.S.$50,000,000 (or its equivalent in any other currency) for the period
commencing on January 1, 2010 and ending on December 31, 2010 and (z)
U.S.$60,000,000 (or its equivalent in any other currency) for the period
commencing on January 1, 2011 and ending on July 13, 2011.

     Section 10.14. Lake States Trucking. Lake State Trucking, Inc. will not
carry out any business or hold any assets other than (i) the ownership of the
shares in Sammons Transportation, Inc., (ii) no more than 90 tractors and 150
trailers and incurring obligations under lease purchase agreements in respect of
those tractors and trailers, and (iii) incurring Indebtedness under the
Financing Agreements and Credit Agreement.

     Section 10.15. UTi Spain S.L. The Company and the direct holding company of
UTi Spain S.L. will use its best endeavors to procure that UTi Spain S.L. is
converted into a sociedad anonima and becomes a Subsidiary Guarantor under the
Subsidiary Guarantee Agreement on or before December 31, 2006.

     Section 10.16. Discharge of Pledge.

          (a) The Company:

               (i) confirms that the obligations secured by the pledge dated May
          25, 1994 between Union Transport Inc and Dresdner Bank (Luxembourg) SA
          (for the purposes of this paragraph (a), the "Relevant Pledge")) have
          been irrevocably and unconditionally discharged; and

               (ii) undertakes to provide evidence to the holders and in form
          and substance satisfactory to the Required Holders that the Relevant
          Pledge has been irrevocably and unconditionally discharged no later
          than the day falling 10 Business Days after the date of this
          Agreement.

          (b) The Company undertakes to provide the holders with copies of the
     certificate of tax compliance, in form and substance satisfactory to the
     Required Holders in relation to UTi Integrated Logistics, Inc by no later
     than the day falling 10 Business Days after the date of this Agreement.

     Section 10.17. Hong Kong opinion. The Company and UTi (HK) Ltd. will
deliver a legal opinion of Allen & Overy related to UTi (HK) Ltd. in a form that
is satisfactory to the Required Holders on or before July 18, 2006.

SECTION 11. EVENTS OF DEFAULT.

     An "Event of Default" shall exist if any of the following conditions or
events shall occur and be continuing:

          (a) any Obligor defaults in the payment of any principal or Make-Whole
     Amount or Modified Make-Whole Amount, if any, on any Note when the same
     becomes

                                      -37-

<PAGE>

     due and payable, whether at maturity or at a date fixed for prepayment or
     by declaration or otherwise; or

          (b) any Obligor defaults in the payment of any interest on any Note or
     any amount payable pursuant to Section 13 for more than five Business Days
     after the same becomes due and payable; or

          (c) (i) any Subsidiary Guarantor defaults in the performance of or
     compliance with any term contained in Section 23, or (ii) any Obligor
     defaults in the performance of or compliance with any term contained in
     Section 7.1(d) or Sections 9.8, 9.12, 10.1 through 10.10, inclusive; or

          (d) any Obligor defaults in the performance of or compliance with any
     term contained herein (other than those referred to in Sections 11(a), (b)
     and (c)) and such default is not remedied within 30 days after the earlier
     of (i) a Responsible Officer obtaining actual knowledge of such default and
     (ii) any Obligor receiving written notice of such default from any holder
     of a Note (any such written notice to be identified as a "notice of
     default" and to refer specifically to this Section 11(d)); or

          (e) any representation or warranty made in writing by or on behalf of
     any Obligor or by any officer of any Obligor in any Financing Agreement or
     in any writing furnished in connection with the transactions contemplated
     hereby proves to have been false or incorrect in any material respect on
     the date as of which made; or

          (f) (i) any Obligor or any Subsidiary is in default (as principal or
     as guarantor or other surety) in the payment of any principal of or premium
     or make-whole amount or interest on any Indebtedness that is outstanding in
     an aggregate principal amount of at least U.S.$10,000,000 (or its
     equivalent in the relevant currency of payment) beyond any period of grace
     provided with respect thereto, or (ii) any Obligor or any Subsidiary is in
     default in the performance of or compliance with any term of any evidence
     of any Indebtedness in an aggregate outstanding principal amount of at
     least U.S.$10,000,000 (or its equivalent in the relevant currency of
     payment) or of any mortgage, indenture or other agreement relating thereto
     or any other condition exists, and as a consequence of such default or
     condition such Indebtedness has become, or has been declared (or one or
     more Persons are entitled to declare such Indebtedness to be), due and
     payable before its stated maturity or before its regularly scheduled dates
     of payment, or (iii) as a consequence of the occurrence or continuation of
     any event or condition (other than the passage of time or the right of the
     holder of Indebtedness to convert such Indebtedness into equity interests),
     (x) any Obligor or any Subsidiary has become obligated to purchase or repay
     Indebtedness before its regular maturity or before its regularly scheduled
     dates of payment in an aggregate outstanding principal amount of at least
     U.S.$10,000,000 (or its equivalent in the relevant currency of payment), or
     (y) one or more Persons have the right to require any Obligor or any
     Subsidiary so to purchase or repay such Indebtedness other than (in the
     case of each of clauses (i) through (iii) immediately above), Indebtedness
     consisting of Capital Leases if the non-payment of such Indebtedness has

                                      -38-

<PAGE>

     resulted from the loss of the asset which is subject to the Capital Lease
     to the extent the obligations under that Capital Lease are covered by
     insurance); or

          (g) any Obligor or any Significant Subsidiary (i) is generally not
     paying, or admits in writing its inability to pay, its debts as they become
     due, (ii) files, or consents by answer or otherwise to the filing against
     it of, a petition for relief or reorganization or arrangement or any other
     petition in bankruptcy, for liquidation or to take advantage of any
     bankruptcy, insolvency, reorganization, moratorium or other similar law of
     any jurisdiction, (iii) makes an assignment for the benefit of its
     creditors, (iv) consents to the appointment of a custodian, receiver,
     trustee or other officer with similar powers with respect to it or with
     respect to any substantial part of its property, (v) is adjudicated as
     insolvent or to be liquidated, or (vi) takes corporate action for the
     purpose of any of the foregoing; or

          (h) a court or Governmental Authority of competent jurisdiction enters
     an order appointing, without consent by any Obligor or any of its
     Significant Subsidiaries, a custodian, receiver, trustee or other officer
     with similar powers with respect to it or with respect to any substantial
     part of its property, or constituting an order for relief or approving a
     petition for relief or reorganization or any other petition in bankruptcy
     or for liquidation or to take advantage of any bankruptcy or insolvency law
     of any jurisdiction, or ordering the dissolution, winding-up or liquidation
     of any Obligor or any of its Significant Subsidiaries, or any such petition
     shall be filed against any Obligor or any of its Significant Subsidiaries
     and such petition shall not be dismissed within 60 days; or

          (i) any event occurs with respect to any Obligor or any Significant
     Subsidiary which under the laws of any jurisdiction is analogous to any of
     the events described in Section 11(g) or (h), including but not limited to,
     (x) a Dutch Obligor being declared bankrupt (failliet verklaard) or
     dissolved (ontbonden), (y) a redressement judiciaire, cession totale de
     l'entreprise or liquidation judiciaire under Articles L.620-1 et seq. of
     the French Commercial Code and (z) a winding-up, administration or
     dissolution (and each of those terms) and including insolvency proceedings
     (Insolvenzverfahren) in Germany, provided that the applicable grace period,
     if any, which shall apply shall be the one applicable to the relevant
     proceeding which most closely corresponds to the proceeding described in
     Section 11(g) or (h); or

          (j) a final judgment or judgments for the payment of money aggregating
     in excess of 5% of Consolidated Net Worth (or its equivalent in the
     relevant currency of payment) are rendered against one or more of any
     Obligor and its Subsidiaries and which judgments are not, within 60 days
     after entry thereof, bonded, discharged or stayed pending appeal, or are
     not discharged within 60 days after the expiration of such stay; or

          (k) if (i) any Plan shall fail to satisfy the minimum funding
     standards of ERISA or the Code for any plan year or part thereof or a
     waiver of such standards or extension of any amortization period is sought
     or granted under section 412 of the Code, (ii) a notice of intent to
     terminate any Plan shall have been or is reasonably expected to be filed
     with the PBGC or the PBGC shall have instituted proceedings under ERISA

                                      -39-

<PAGE>

     section 4042 to terminate or appoint a trustee to administer any Plan or
     the PBGC shall have notified any Obligor or any ERISA Affiliate that a Plan
     may become a subject of any such proceedings, (iii) the sum of (x) the
     aggregate "amount of unfunded benefit liabilities" (within the meaning of
     section 4001(a)(18) of ERISA) under all Plans, determined in accordance
     with Title IV of ERISA, plus (y) the amount (if any) by which the aggregate
     present value of accrued benefit liabilities under all funded Non-U.S.
     Plans exceeds the aggregate current value of the assets of such Non-U.S.
     Plans allocable to such liabilities, shall exceed 5% of Consolidated Net
     Worth, (iv) any Obligor or any ERISA Affiliate shall have incurred or is
     reasonably expected to incur any liability pursuant to Title I or IV of
     ERISA or the penalty or excise tax provisions of the Code relating to
     employee benefit plans, (v) any Obligor or any ERISA Affiliate withdraws
     from any Multiemployer Plan, (vi) any Obligor or any Subsidiary establishes
     or amends any employee welfare benefit plan that provides post-employment
     welfare benefits in a manner that would increase the liability of any
     Obligor or any Subsidiary thereunder, (vii) any Obligor or any Subsidiary
     fails to administer or maintain a Non-U.S. Plan in compliance with the
     requirements of any and all applicable laws, statutes, rules, regulations
     or court orders or any Non-U.S. Plan is involuntarily terminated or wound
     up or (viii) any Obligor or any Subsidiary becomes subject to the
     imposition of a financial penalty (which for this purpose shall mean any
     tax, penalty or other liability, whether by way of indemnity or otherwise)
     with respect to one or more Non-U.S. Plans; and any such event or events
     described in clauses (i) through (viii) above, either individually or
     together with any other such event or events, would reasonably be expected
     to have a Material Adverse Effect; or

          (l) an Obligor (other than the Company) is not or ceases to be a
     Subsidiary of the Company.

As used in Section 11(l), the terms "employee benefit plan" and "employee
welfare benefit plan" shall have the respective meanings assigned to such terms
in section 3 of ERISA.

SECTION 12. REMEDIES ON DEFAULT, ETC.

     Section 12.1. Acceleration. (a) If an Event of Default with respect to any
Obligor described in Section 11(g), (h), (i) or (j) (other than an Event of
Default described in clause (i) of Section 11(g) or described in clause (vi) of
Section 11(g) by virtue of the fact that such clause encompasses clause (i) of
Section 11(g)) has occurred, all the Notes then outstanding shall automatically
become immediately due and payable.

     (b) If any other Event of Default has occurred and is continuing, any
holder or holders of more than 50% in principal amount of the Notes at the time
outstanding may at any time at its or their option, by notice or notices to the
Company, declare all the Notes then outstanding to be immediately due and
payable.

     (c) If any Event of Default described in Section 11(a) or (b) has occurred
and is continuing, any holder or holders of Notes at the time outstanding
affected by such Event of

                                      -40-
<PAGE>

Default may at any time, at its or their option, by notice or notices to any
Obligor, declare all the Notes held by it or them to be immediately due and
payable.

     Upon any Notes becoming due and payable under this Section 12.1, whether
automatically or by declaration, such Notes will forthwith mature and the entire
unpaid principal amount of such Notes, plus (x) all accrued and unpaid interest
thereon (including, without limitation, interest accrued thereon at the Default
Rate) and (y) the Make-Whole Amount determined in respect of such principal
amount (to the full extent permitted by applicable law), shall all be
immediately due and payable, in each and every case without presentment, demand,
protest or further notice, all of which are hereby waived. The Obligors
acknowledge, and the parties hereto agree, that each holder of a Note has the
right to maintain its investment in the Notes free from repayment by the
Obligors (except as herein specifically provided for) and that the provision for
payment of a Make-Whole Amount by the Obligors in the event that the Notes are
prepaid or are accelerated as a result of an Event of Default, is intended to
provide compensation for the deprivation of such right under such circumstances.

     Section 12.2. Other Remedies. If any Default or Event of Default has
occurred and is continuing, and irrespective of whether any Notes have become or
have been declared immediately due and payable under Section 12.1, the holder of
any Note at the time outstanding may proceed to protect and enforce the rights
of such holder by an action at law, suit in equity or other appropriate
proceeding, whether for the specific performance of any agreement contained
herein or in any Note or in any other Financing Agreement, or for an injunction
against a violation of any of the terms hereof or thereof, or in aid of the
exercise of any power granted hereby or thereby or by law or otherwise.

     Section 12.3. Rescission. At any time after any Notes have been declared
due and payable pursuant to Section 12.1(b) or (c), the holders of not less than
51% in principal amount of the Notes then outstanding, by written notice to the
Company, may rescind and annul any such declaration and its consequences if (a)
the Company has paid all overdue interest on the Notes, all principal of and
Make-Whole Amount or Modified Make-Whole Amount, if any, on any Notes that are
due and payable and are unpaid other than by reason of such declaration, and all
interest on such overdue principal and Make-Whole Amount or Modified Make-Whole
Amount, if any, and (to the extent permitted by applicable law) any overdue
interest in respect of the Notes, at the Default Rate, (b) neither the Company
nor any other Person shall have paid any amounts that have become due solely by
reason of such declaration, (c) all Events of Default and Defaults, other than
non-payment of amounts that have become due solely by reason of such
declaration, have been cured or have been waived pursuant to Section 18, and (d)
no judgment or decree has been entered for the payment of any monies due
pursuant hereto or to the Notes. No rescission and annulment under this Section
12.3 will extend to or affect any subsequent Event of Default or Default or
impair any right consequent thereon.

     Section 12.4. No Waivers or Election of Remedies, Expenses, Etc. No course
of dealing and no delay on the part of any holder of any Note in exercising any
right, power or remedy shall operate as a waiver thereof or otherwise prejudice
such holder's rights, powers or remedies. No right, power or remedy conferred by
this Agreement, any Note or any other Financing Agreement upon any holder
thereof shall be exclusive of any other right, power or remedy

                                      -41-

<PAGE>

referred to herein or therein or now or hereafter available at law, in equity,
by statute or otherwise. Without limiting the obligations of the Company under
Section 16, the Company will pay to the holder of each Note on demand such
further amount as shall be sufficient to cover all costs and expenses of such
holder incurred in any enforcement or collection under this Section 12,
including, without limitation, reasonable attorneys' fees, expenses and
disbursements and any Registration Duty.

SECTION 13. TAX INDEMNIFICATION.

     All payments whatsoever under the Financing Agreements will be made by the
Obligors in lawful currency of the United States of America free and clear of,
and without liability for withholding or deduction for or on account of, any
present or future Taxes of whatever nature imposed or levied by or on behalf of
any jurisdiction other than the United States (or any political subdivision or
taxing authority of or in such jurisdiction) (hereinafter a "Taxing
Jurisdiction"), unless the withholding or deduction of such Tax is compelled by
law.

     If any deduction or withholding for any Tax of a Taxing Jurisdiction shall
at any time be required in respect of any amounts to be paid by any Obligor
under the Financing Agreements, the Obligors will pay to the relevant Taxing
Jurisdiction the full amount required to be withheld, deducted or otherwise paid
before penalties attach thereto or interest accrues thereon and pay to each
holder of a Note such additional amounts as may be necessary in order that the
net amounts paid to such holder pursuant to the terms of the Financing
Agreements after such deduction, withholding or payment (including, without
limitation, any required deduction or withholding of Tax on or with respect to
such additional amount), shall be not less than the amounts then due and payable
to such holder under the terms of the Financing Agreements before the assessment
of such Tax, provided that no payment of any additional amounts shall be
required to be made for or on account of:

          (a) any Tax that would not have been imposed but for the existence of
     any present or former connection between such holder (or a fiduciary,
     settlor, beneficiary, member of, shareholder of, or possessor of a power
     over, such holder, if such holder is an estate, trust, partnership or
     corporation or any Person other than the holder to whom the Notes or any
     amount payable thereon is attributable for the purposes of such Tax) and
     the Taxing Jurisdiction, other than the mere holding of the relevant Note
     or the receipt of payments thereunder or in respect thereof, including,
     without limitation, such holder (or such other Person described in the
     above parenthetical) being or having been a citizen or resident thereof, or
     being or having been present or engaged in trade or business therein or
     having or having had an establishment, office, fixed base or branch
     therein, provided that this exclusion shall not apply with respect to a Tax
     that would not have been imposed but for an Obligor, after the date of the
     Closing, opening an office in, moving an office to, reincorporating in, or
     changing the Taxing Jurisdiction from or through which payments on account
     of this Agreement or the Notes are made to, the Taxing Jurisdiction
     imposing the relevant Tax;

          (b) any Tax that would not have been imposed but for the delay or
     failure by such holder (following a written request by an Obligor) in the
     filing with the relevant

                                      -42-

<PAGE>

     Taxing Jurisdiction of Forms (as defined below) that are required to be
     filed by such holder to avoid or reduce such Taxes (including for such
     purpose any refilings or renewals of filings that may from time to time be
     required by the relevant Taxing Jurisdiction), provided that the filing of
     such Forms would not (in such holder's reasonable judgment) impose any
     unreasonable burden (in time, resources or otherwise) on such holder or
     result in any confidential or proprietary income tax return information
     being revealed, either directly or indirectly, to any Person and such delay
     or failure could have been lawfully avoided by such holder, and provided
     further that such holder shall be deemed to have satisfied the requirements
     of this clause (b) upon the good faith completion and submission of such
     Forms (including refilings or renewals of filings) as may be specified in a
     written request of an Obligor no later than 60 days after receipt by such
     holder of such written request (accompanied by copies of such Forms and
     related instructions, if any, all in the English language or with an
     English translation thereof); or

          (c) any combination of clauses (a) and (b) above;

and provided further that in no event shall the Obligors be obligated to pay
such additional amounts (i) to any holder of a Note not resident in the United
States of America or any other jurisdiction in which an original Purchaser is
resident for tax purposes on the date of the Closing (the "Original
Jurisdiction") in excess of the amounts that the Obligors would be obligated to
pay if such holder had been a resident of the United States of America or the
Original Jurisdiction, as applicable, for purposes of, and eligible for the
benefits of, any double taxation treaty from time to time in effect between the
United States of America or the Original Jurisdiction, as applicable, and the
relevant Taxing Jurisdiction, or (ii) to any holder of a Note registered in the
name of a nominee if under the law of the relevant Taxing Jurisdiction (or the
current regulatory interpretation of such law) securities held in the name of a
nominee do not qualify for an exemption from the relevant Tax and the Obligors
shall have given timely notice of such law or interpretation to such holder.

     By acceptance of any Note, the holder of such Note agrees, subject to the
limitations of clause (b) above, that it will from time to time with reasonable
promptness (x) duly complete and deliver to or as reasonably directed by an
Obligor all such forms, certificates, documents and returns provided to such
holder by such Obligor (collectively, together with instructions for completing
the same, "Forms") required to be filed by or on behalf of such holder in order
to avoid or reduce any such Tax pursuant to the provisions of an applicable
statute, regulation or administrative practice of the relevant Taxing
Jurisdiction or of a tax treaty between the United States and such Taxing
Jurisdiction and (y) provide an Obligor with such information with respect to
such holder as such Obligor may reasonably request in order to complete any such
Forms, provided that nothing in this Section 13 shall require any holder to
provide information with respect to any such Form or otherwise if in the opinion
of such holder such Form or disclosure of information would involve the
disclosure of tax return or other information that is confidential or
proprietary to such holder, and provided further that each such holder shall be
deemed to have complied with its obligation under this paragraph with respect to
any Form if such Form shall have been duly completed and delivered by such
holder to an Obligor or mailed to the appropriate taxing authority (which shall
be deemed to occur when such Form is submitted to the United States Internal
Revenue Service in accordance with instructions contained in such

                                      -43-

<PAGE>

Form), whichever is applicable, within 60 days following a written request of an
Obligor (which request shall be accompanied by copies of such Form and English
translations of any such Form not in the English language) and, in the case of a
transfer of any Note, at least 90 days prior to the relevant interest payment
date.

     On or before the date of the Closing the Company will furnish each
Purchaser with copies of the appropriate Form (and English translation if
required as aforesaid) currently required to be filed in the British Virgin
Islands pursuant to clause (b) of the first paragraph of this Section 13, if
any, and in connection with the transfer of any Note the Company will furnish
the transferee of such Note with copies of any Form and English translation then
required.

     If any payment is made by an Obligor to or for the account of the holder of
any Note after deduction for or on account of any Taxes, and increased payments
are made by such Obligor pursuant to this Section 13, then, if such holder at
its sole discretion determines that it has received or been granted a refund of
such Taxes, such holder shall, to the extent that it can do so without prejudice
to the retention of the amount of such refund, reimburse to such Obligor such
amount as such holder shall, in its sole discretion, determine to be
attributable to the relevant Taxes or deduction or withholding. Nothing herein
contained shall interfere with the right of the holder of any Note to arrange
its tax affairs in whatever manner it thinks fit and, in particular, no holder
of any Note shall be under any obligation to claim relief from its corporate
profits or similar tax liability in respect of such Tax in priority to any other
claims, reliefs, credits or deductions available to it or (other than as set
forth in clause (b) above) oblige any holder of any Note to disclose any
information relating to its tax affairs or any computations in respect thereof.

     The Obligors will furnish the holders of Notes, promptly and in any event
within 60 days after the date of any payment by an Obligor of any Tax in respect
of any amounts paid under the Financing Agreements, the original tax receipt
issued by the relevant taxation or other authorities involved for all amounts
paid as aforesaid (or if such original tax receipt is not available or must
legally be kept in the possession of an Obligor, a duly certified copy of the
original tax receipt or any other reasonably satisfactory evidence of payment),
together with such other documentary evidence with respect to such payments as
may be reasonably requested from time to time by any holder of a Note.

     If an Obligor is required by any applicable law, as modified by the
practice of the taxation or other authority of any relevant Taxing Jurisdiction,
to make any deduction or withholding of any Tax in respect of which such Obligor
would be required to pay any additional amount under this Section 13, but for
any reason does not make such deduction or withholding with the result that a
liability in respect of such Tax is assessed directly against the holder of any
Note, and such holder pays such liability, then such Obligor will promptly
reimburse such holder for such payment (including any related interest or
penalties to the extent such interest or penalties arise by virtue of a default
or delay by such Obligor) upon demand by such holder accompanied by an official
receipt (or a duly certified copy thereof) issued by the taxation or other
authority of the relevant Taxing Jurisdiction.

     If an Obligor makes payment to or for the account of any holder of a Note
and such holder is entitled to a refund of the Tax to which such payment is
attributable upon the making of

                                      -44-

<PAGE>

a filing (other than a Form described above), then such holder shall, as soon as
practicable after receiving written request from such Obligor (which shall
specify in reasonable detail and supply the refund forms to be filed) use
reasonable efforts to complete and deliver such refund forms to or as directed
by the Obligors, subject, however, to the same limitations with respect to Forms
as are set forth above.

     The obligations of the Obligors under this Section 13 shall survive the
payment or transfer of any Note and the provisions of this Section 13 shall also
apply to successive transferees of the Notes.

SECTION 14. REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES.

     Section 14.1. Registration of Notes. The Company shall keep at its
principal executive office a register for the registration and registration of
transfers of Notes. The name and address of each holder of one or more Notes,
each transfer thereof and the name and address of each transferee of one or more
Notes shall be registered in such register. Prior to due presentment for
registration of transfer, the Person in whose name any Note shall be registered
shall be deemed and treated as the owner and holder thereof for all purposes
hereof, and the Company shall not be affected by any notice or knowledge to the
contrary. The Company shall give to any holder of a Note that is an
Institutional Investor promptly upon request therefor, a complete and correct
copy of the names and addresses of all registered holders of Notes.

     Section 14.2. Transfer and Exchange of Notes. Upon surrender of any Note to
the Company at the address and to the attention of the designated officer (all
as specified in Section 19) for registration of transfer or exchange (and in the
case of a surrender for registration of transfer accompanied by a written
instrument of transfer duly executed by the registered holder of such Note or
such holder's attorney duly authorized in writing and accompanied by the
relevant name, address and other details for notices of each transferee of such
Note or part thereof) within ten Business Days thereafter the Company shall
execute and deliver, at the Company's expense (except as provided below), one or
more new Notes (as requested by the holder thereof) in exchange therefor, in an
aggregate principal amount equal to the unpaid principal amount of the
surrendered Note. Each such new Note shall be payable to such Person as such
holder may request and shall be substantially in the form of Exhibit 1. Each
such new Note shall be dated and bear interest from the date to which interest
shall have been paid on the surrendered Note or dated the date of the
surrendered Note if no interest shall have been paid thereon. The Company may
require payment of a sum sufficient to cover any stamp tax or governmental
charge imposed in respect of any such transfer of Notes. Notes shall not be
transferred in denominations of less than U.S.$100,000, provided that if
necessary to enable the registration of transfer by a holder of its entire
holding of Notes, one Note may be in a denomination of less than U.S.$100,000.
Any transferee, by its acceptance of a Note registered in its name (or the name
of its nominee), shall be deemed to have made the representation set forth in
Section 6.2.

     Section 14.3. Replacement of Notes. Upon receipt by the Company of evidence
reasonably satisfactory to it of the ownership of and the loss, theft,
destruction or mutilation of

                                      -45-

<PAGE>

any Note (which evidence shall be, in the case of an Institutional Investor,
notice from such Institutional Investor of such ownership and such loss, theft,
destruction or mutilation), and

          (a) in the case of loss, theft or destruction, of indemnity reasonably
     satisfactory to it (provided that if the holder of such Note is, or is a
     nominee for, an original Purchaser or another holder of a Note with a
     minimum net worth of at least U.S.$50,000,000 (or its equivalent in any
     other applicable currency) or a Qualified Institutional Buyer, such
     Person's own unsecured agreement of indemnity shall be deemed to be
     satisfactory), or

          (b) in the case of mutilation, upon surrender and cancellation
     thereof,

within ten Business Days thereafter the Company at its own expense shall execute
and deliver, in lieu thereof, a new Note, dated and bearing interest from the
date to which interest shall have been paid on such lost, stolen, destroyed or
mutilated Note or dated the date of such lost, stolen, destroyed or mutilated
Note if no interest shall have been paid thereon.

     Section 14.4. Representations of Transferee. Upon the transfer of any note,
each transferee must provide an executed representation letter substantially in
the form set forth in Exhibit 14.4.

SECTION 15. PAYMENTS ON NOTES.

     Section 15.1. Place of Payment. Subject to Section 15.2, payments of
principal, Make-Whole Amount or Modified Make-Whole Amount, if any, and interest
becoming due and payable on the Notes shall be made in New York, New York at the
principal office of ABN Amro NA in such jurisdiction. The Company may at any
time, by notice to each holder of a Note, change the place of payment of the
Notes so long as such place of payment shall be either the principal office of
the Company in such jurisdiction or the principal office of a bank or trust
company in such jurisdiction.

     Section 15.2. Home Office Payment. So long as any Purchaser or its nominee
shall be the holder of any Note, and notwithstanding anything contained in
Section 15.1 or in such Note to the contrary, the Company will pay all sums
becoming due on such Note for principal, Make-Whole Amount or Modified
Make-Whole Amount, if any, and interest by the method and at the address
specified for such purpose below such Purchaser's name in Schedule A, or by such
other method or at such other address as such Purchaser shall have from time to
time specified to the Company in writing for such purpose, without the
presentation or surrender of such Note or the making of any notation thereon,
except that upon written request of the Company made concurrently with or
reasonably promptly after payment or prepayment in full of any Note, such
Purchaser shall surrender such Note for cancellation, reasonably promptly after
any such request, to the Company at its principal executive office or at the
place of payment most recently designated by the Company pursuant to Section
15.1. Prior to any sale or other disposition of any Note held by a Purchaser or
its nominee, such Purchaser will, at its election, either endorse thereon the
amount of principal paid thereon and the last date to which interest has been
paid thereon or surrender such Note to the Company in exchange for a new Note or
Notes pursuant to

                                      -46-

<PAGE>

Section 14.2. The Company will afford the benefits of this Section 15.2 to any
Institutional Investor that is the direct or indirect transferee of any Note
purchased by a Purchaser under this Agreement and that has made the same
agreement relating to such Note as the Purchasers have made in this Section
15.2.

SECTION 16. EXPENSES, ETC.

     Section 16.1. Transaction Expenses. Whether or not the transactions
contemplated hereby are consummated, the Obligors will pay all costs and
expenses (including reasonable attorneys' fees of one special counsel and, if
reasonably required by the Required Holders, local or other counsel) incurred by
the Purchasers and each other holder of a Note in connection with such
transactions and in connection with any amendments, waivers or consents under or
in respect of any Financing Agreement (whether or not such amendment, waiver or
consent becomes effective), including, without limitation: (a) the costs and
expenses incurred in enforcing or defending (or determining whether or how to
enforce or defend) any rights under any Financing Agreement or in responding to
any subpoena or other legal process or informal investigative demand issued in
connection with any Financing Agreement, or by reason of being a holder of any
Note, (b) the costs and expenses, including financial advisors' fees, incurred
in connection with the insolvency or bankruptcy of any Obligor or any Subsidiary
or in connection with any work-out or restructuring of the transactions
contemplated by any Financing Agreement and (c) the costs and expenses incurred
in connection with the initial filing of this Agreement and all related
documents and financial information with the SVO, provided that such costs and
expenses under this clause (c) shall not exceed U.S.$3,000 per series of Notes.
The Company will pay, and will save each Purchaser and each other holder of a
Note harmless from, all claims in respect of any fees, costs or expenses, if
any, of brokers and finders (other than those, if any, retained by a Purchaser
or other holder in connection with its purchase of the Notes).

     Section 16.2. Certain Taxes. Each Obligor agrees to pay all stamp,
documentary or similar taxes or fees which may be payable in respect of the
execution and delivery or the enforcement of this Agreement, the Subsidiary
Guarantee Agreement or the execution and delivery (but not the transfer) or the
enforcement of any of the Notes in the United States or any Applicable
Jurisdiction or in any jurisdiction where an Obligor is organized or where an
Obligor has assets or of any amendment of, or waiver or consent under or with
respect to, any Financing Agreement, and to pay any value added tax due and
payable in respect of reimbursement of costs and expenses by the Obligors
pursuant to this Section 16 or any other tax of a similar nature which might be
chargeable, and will save each holder of a Note to the extent permitted by
applicable law harmless against any loss or liability resulting from nonpayment
or delay in payment of any such tax or fee required to be paid by the Obligors
hereunder.

     Section 16.3. Survival. The obligations of the Obligors under this Section
16 will survive the payment or transfer of any Note, the enforcement, amendment
or waiver of any provision of any Financing Agreement, and the termination of
any Financing Agreement.

                                      -47-

<PAGE>

SECTION 17. SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT.

     All representations and warranties contained herein shall survive the
execution and delivery of the Financing Agreements, the purchase or transfer by
any Purchaser of any Note or portion thereof or interest therein and the payment
of any Note, and may be relied upon by any subsequent holder of a Note,
regardless of any investigation made at any time by or on behalf of such
Purchaser or any other holder of a Note. All statements contained in any
certificate or other instrument delivered by or on behalf of any Obligor
pursuant to any Financing Agreement shall be deemed representations and
warranties of such Obligor under such Financing Agreement. Subject to the
preceding sentence, the Financing Agreements embody the entire agreement and
understanding between each Purchaser and the Obligors and supersede all prior
agreements and understandings relating to the subject matter hereof.

SECTION 18. AMENDMENT AND WAIVER.

     Section 18.1. Requirements. This Agreement, the Notes and the other
Financing Agreements may be amended, and the observance of any term hereof, of
the Notes or of any other Financing Agreement may be waived (either
retroactively or prospectively), with (and only with) the written consent of the
Obligors and the Required Holders, except that (a) no amendment or waiver of any
of the provisions of Section 1, 2, 3, 4, 5, 6 or 22, or any defined term (as it
is used therein), will be effective as to any Purchaser unless consented to by
such Purchaser in writing, and (b) no such amendment or waiver may, without the
written consent of the holder of each Note at the time outstanding affected
thereby, (i) subject to the provisions of Section 12 relating to acceleration or
rescission, change the amount or time of any prepayment or payment of principal
of, or reduce the rate or change the time of payment or method of computation of
interest or of the Make-Whole Amount or Modified Make-Whole Amount on, the
Notes, (ii) change the percentage of the principal amount of the Notes the
holders of which are required to consent to any such amendment or waiver, or
(iii) amend Section 8, 11(a), 11(b), 12, 13, 18, 21, 23 or 24.9.

     Section 18.2. Solicitation of Holders of Notes.

     (a) Solicitation. The Company will provide each holder of the Notes
(irrespective of the amount of Notes then owned by it) with sufficient
information, sufficiently far in advance of the date a decision is required, to
enable such holder to make an informed and considered decision with respect to
any proposed amendment, waiver or consent in respect of any of the provisions
hereof, of the Notes or of any other Financing Agreement. The Company will
deliver executed or true and correct copies of each amendment, waiver or consent
effected pursuant to the provisions of this Section 18 to each holder of
outstanding Notes promptly following the date on which it is executed and
delivered by, or receives the consent or approval of, the requisite holders of
Notes.

     (b) Payment. No Obligor will directly or indirectly pay or cause to be paid
any remuneration, whether by way of supplemental or additional interest, fee or
otherwise, or grant any security or provide other credit support, to any holder
of Notes as consideration for or as an inducement to the entering into by any
holder of Notes of any waiver or amendment of any of the

                                      -48-

<PAGE>

terms and provisions hereof unless such remuneration is concurrently paid, or
security is concurrently granted or other credit support concurrently provided,
on the same terms, ratably to each holder of Notes then outstanding even if such
holder did not consent to such waiver or amendment.

     Section 18.3. Binding Effect, Etc. Any amendment or waiver consented to as
provided in this Section 18 applies equally to all holders of Notes and is
binding upon them and upon each future holder of any Note and upon the Obligors
without regard to whether such Note has been marked to indicate such amendment
or waiver. No such amendment or waiver will extend to or affect any obligation,
covenant, agreement, Default or Event of Default not expressly amended or waived
or impair any right consequent thereon. No course of dealing between the
Obligors and the holder of any Note nor any delay in exercising any rights
hereunder or under any Note shall operate as a waiver of any rights of any
holder of such Note. As used herein, the term "this Agreement" and references
thereto shall mean this Agreement as it may from time to time be amended or
supplemented.

     Section 18.4. Notes Held by Obligors, Etc. Solely for the purpose of
determining whether the holders of the requisite percentage of the aggregate
principal amount of Notes then outstanding approved or consented to any
amendment, waiver or consent to be given under this Agreement, the Notes or any
other Financing Agreement or have directed the taking of any action provided
herein or in the Notes or in any other Financing Agreement to be taken upon the
direction of the holders of a specified percentage of the aggregate principal
amount of Notes then outstanding, Notes directly or indirectly owned by any
Obligor or any of its Affiliates shall be deemed not to be outstanding.

SECTION 19. NOTICES; ENGLISH LANGUAGE.

     All notices and communications provided for hereunder shall be in writing
and sent (a) by telecopy if the sender on the same day sends a confirming copy
of such notice by a recognized international commercial delivery service
(charges prepaid), or (b) by a recognized international commercial delivery
service (with charges prepaid). Any such notice must be sent:

          (i) if to a Purchaser or its nominee, to such Purchaser or nominee at
     the address specified for such communications in Schedule A, or at such
     other address as such Purchaser or nominee shall have specified to the
     Company in writing,

          (ii) if to any other holder of any Note, to such holder at such
     address as such other holder shall have specified to the Company in
     writing, or

          (iii) if to any Obligor, to the Company at its address set forth at
     the beginning hereof to the attention of Lawrence R. Samuels, Chief
     Financial Officer, or at such other address as the Company shall have
     specified to the holder of each Note in writing.

Notices under this Section 19 will be deemed given only when actually received.

                                      -49-

<PAGE>

     Each document, instrument, financial statement, report, notice or other
communication delivered in connection with this Agreement shall be in English or
accompanied by an English translation thereof.

     This Agreement and the other Financing Agreements have been prepared and
signed in English and the parties hereto agree that the English version hereof
and thereof (to the maximum extent permitted by applicable law) shall be the
only version valid for the purpose of the interpretation and construction hereof
and thereof notwithstanding the preparation of any translation into another
language hereof or thereof, whether official or otherwise or whether prepared in
relation to any proceedings which may be brought in an Applicable Jurisdiction
or in any jurisdiction where an Obligor is organized or where an Obligor has
assets or any other jurisdiction in respect hereof or thereof.

SECTION 20. REPRODUCTION OF DOCUMENTS.

     This Agreement and all documents relating thereto, including, without
limitation, (a) consents, waivers and modifications that may hereafter be
executed, (b) documents received by any Purchaser at the Closing (except the
Notes themselves), and (c) financial statements, certificates and other
information previously or hereafter furnished to any Purchaser, may be
reproduced by such Purchaser by any photographic, photostatic, electronic,
digital or other similar process and such Purchaser may destroy any original
document so reproduced. The Obligors agree and stipulate that, to the extent
permitted by applicable law, any such reproduction shall be admissible in
evidence as the original itself in any judicial or administrative proceeding
(whether or not the original is in existence and whether or not such
reproduction was made by such Purchaser in the regular course of business) and
any enlargement, facsimile or further reproduction of such reproduction shall
likewise be admissible in evidence. This Section 20 shall not prohibit the
Obligors or any other holder of Notes from contesting any such reproduction to
the same extent that it could contest the original, or from introducing evidence
to demonstrate the inaccuracy of any such reproduction.

SECTION 21. CONFIDENTIAL INFORMATION.

     For the purposes of this Section 21, "Confidential Information" means
information delivered to any Purchaser by or on behalf of any Obligor or any
Subsidiary in connection with the transactions contemplated by or otherwise
pursuant to this Agreement that is proprietary in nature and that was clearly
marked or labeled or otherwise adequately identified when received by such
Purchaser as being confidential information of such Obligor or such Subsidiary,
provided that such term does not include information that (a) was publicly known
or otherwise known to such Purchaser prior to the time of such disclosure, (b)
subsequently becomes publicly known through no act or omission by such Purchaser
or any person acting on such Purchaser's behalf, (c) otherwise becomes known to
such Purchaser other than through disclosure by such Obligor or such Subsidiary
or (d) constitutes financial statements delivered to such Purchaser under
Section 7.1 that are otherwise publicly available. Each Purchaser will maintain
the confidentiality of such Confidential Information in accordance with
procedures adopted by such Purchaser in good faith to protect confidential
information of third parties delivered to such Purchaser, provided that such
Purchaser may deliver or disclose Confidential Information to

                                      -50-

<PAGE>

(i) its directors, trustees, officers, employees and attorneys (to the extent
such disclosure reasonably relates to the administration of the investment
represented by its Notes), and provided such Purchasers advise such Person of
the confidential nature of such information, (ii) its financial advisors, other
professional advisors, agents and affiliates who agree to hold confidential the
Confidential Information substantially in accordance with the terms of this
Section 21, (iii) any other holder of any Note, (iv) any Institutional Investor
to which it sells or offers to sell such Note or any part thereof or any
participation therein (if such Person has agreed in writing prior to its receipt
of such Confidential Information to be bound by the provisions of this Section
21), (v) any Person from which it offers to purchase any security of an Obligor
(if such Person has agreed in writing prior to its receipt of such Confidential
Information to be bound by the provisions of this Section 21), (vi) any federal
or state regulatory authority having jurisdiction over such Purchaser, (vii) the
NAIC or the SVO or, in each case, any similar organization, or any nationally
recognized rating agency that requires access to information about such
Purchaser's investment portfolio, or (viii) any other Person to which such
delivery or disclosure may be necessary or appropriate (w) to effect compliance
with any law, rule, regulation or order applicable to such Purchaser, (x) in
response to any subpoena or other legal process, (y) in connection with any
litigation to which such Purchaser is a party or (z) if an Event of Default has
occurred and is continuing, to the extent such Purchaser may reasonably
determine such delivery and disclosure to be necessary or appropriate in the
enforcement or for the protection of the rights and remedies under such
Purchaser's Notes, this Agreement and the other Financing Agreements. Each
holder of a Note, by its acceptance of a Note, will be deemed to have agreed to
be bound by and to be entitled to the benefits of this Section 21 as though it
were a party to this Agreement. On reasonable request by the Company in
connection with the delivery to any holder of a Note of information required to
be delivered to such holder under this Agreement or requested by such holder
(other than a holder that is a party to this Agreement or its nominee), such
holder will enter into an agreement with the Company embodying the provisions of
this Section 21.

SECTION 22. SUBSTITUTION OF PURCHASER.

     Each Purchaser shall have the right to substitute any one of its Affiliates
as the purchaser of the Notes that it has agreed to purchase hereunder, by
written notice to the Company, which notice shall be signed by both such
Purchaser and such Affiliate, shall contain such Affiliate's agreement to be
bound by this Agreement and shall contain a confirmation by such Affiliate of
the accuracy with respect to it of the representations set forth in Section 6.
Upon receipt of such notice, any reference to such Purchaser in this Agreement
(other than in this Section 22), shall be deemed to refer to such Affiliate in
lieu of such original Purchaser. In the event that such Affiliate is so
substituted as a Purchaser hereunder and such Affiliate thereafter transfers to
such original Purchaser all of the Notes then held by such Affiliate, upon
receipt by the Company of notice of such transfer, any reference to such
Affiliate as a "Purchaser" in this Agreement (other than in this Section 22),
shall no longer be deemed to refer to such Affiliate, but shall refer to such
original Purchaser, and such original Purchaser shall again have all the rights
of an original holder of the Notes under this Agreement.

                                      -51-

<PAGE>

SECTION 23. SUBSIDIARY GUARANTEE AGREEMENT.

     Section 23.1. Guarantee and Indemnity. Each Subsidiary Guarantor jointly
and severally and irrevocably and unconditionally:

          (a) guarantees to each holder of Notes punctual performance by each
     Obligor of all its obligations under the Financing Agreements;

          (b) undertakes with each holder of Notes to pay as primary obligor and
     not as surety, principal, Make-Whole Amount, Modified Make-Whole Amount,
     interest and all other amounts due under or in connection with any
     Financing Agreement including but not limited to the payment of principal,
     interest (including default interest and post-petition interest) and the
     make-whole amount or swap breakage amounts or libor breakage amounts, if
     any, and the due and punctual payment of all other amounts payable (all
     such obligations so guaranteed are herein collectively referred to as the
     "Guaranteed Obligations"), it must immediately on demand by the Required
     Holders pay that amount as if it were the principal obligor in respect of
     that amount; and

          (c) indemnifies each holder of Notes immediately on demand against any
     loss or liability suffered by that holder of Notes if any obligation
     guaranteed by it is or becomes unenforceable, invalid or illegal; the
     amount of the loss or liability under this indemnity will be equal to the
     amount the holder of Notes would otherwise have been entitled to recover.

     Section 23.2. Continuing Guarantee. (a) This guarantee is a continuing
guarantee and will extend to the ultimate balance of all sums payable by any
Obligor under the Financing Agreements, regardless of any intermediate payment
or discharge in whole or in part.

     (b) The obligations guaranteed by each Subsidiary Guarantor under this
Section 23 and the losses and liabilities against which each Subsidiary
Guarantor indemnifies the holders of Notes include, in each case, all amounts
which arise under the Financing Agreements after a petition is filed by, or
against, any Obligor under the US Bankruptcy Code of 1978 (or in analogous
circumstances under any applicable law in any other applicable jurisdiction)
even if the liabilities or obligations do not accrue against such Obligor
because of the automatic stay under section 362 of the US Bankruptcy Code of
1978 (or because of any analogous provision under any applicable law in any
other jurisdiction) or because any such obligation is not an allowed claim
against such Obligor in any such bankruptcy proceedings or otherwise.

     Section 23.3. Reinstatement. (a) If any discharge (whether in respect of
the obligations of any Obligor or any security for those obligations or
otherwise) or arrangement is made in whole or in part on the faith of any
payment, security or other disposition which is avoided or must be restored on
insolvency, liquidation, administration or otherwise without limitation, the
liability of each Subsidiary Guarantor under this Section 23 will continue or be
reinstated as if the discharge or arrangement had not occurred.

                                      -52-

<PAGE>

     (b) Each holder of Notes may concede or compromise any claim that any
payment, security or other disposition is liable to avoidance or restoration.

     Section 23.4. Waiver of Defenses. (a) The obligations of each Subsidiary
Guarantor under this Section 23 will not be affected by any act, omission or
thing which, but for this provision, would reduce, release or prejudice any of
its obligations under this Section 23 (whether or not known to it or any holder
of Notes). This includes:

          (i) any time or waiver granted to, or composition with, any person;

          (ii) any release of any person under the terms of any composition or
     arrangement;

          (iii) the taking, variation, compromise, exchange, renewal or release
     of, or refusal or neglect to perfect, take up or enforce, any rights
     against, or security over assets of, any person;

          (iv) any non-presentation or non-observance of any formality or other
     requirement in respect of any instrument or any failure to realize the full
     value of any security;

          (v) any incapacity or lack of power, authority or legal personality of
     or dissolution or change in the members or status of any person and
     including notice of an adverse change in the financial condition of any
     Obligor or any other fact that might increase or expand any Subsidiary
     Guarantor's risk hereunder;

          (vi) any amendment (however fundamental) of a Financing Agreement or
     any other document or security;

          (vii) any unenforceability, illegality, invalidity or non-provability
     of any obligation of any person under any Financing Agreement or any other
     document or security;

          (viii) any insolvency or similar proceedings;

          (ix) notice of acceptance of this Subsidiary Guarantee Agreement;

          (x) notice of any purchase of the Notes under this Agreement, or the
     creation, existence or acquisition of any of the Guaranteed Obligations,
     subject to such Subsidiary Guarantor's right to make inquiry of each holder
     of Notes to ascertain the amount of the Guaranteed Obligations at any
     reasonable time;

          (xi) notice of the amount of the Guaranteed Obligations, subject to
     such Subsidiary Guarantor's right to make inquiry of each holder of Notes
     to ascertain the amount of the Guaranteed Obligations at any reasonable
     time;

                                      -53-

<PAGE>

          (xii) all other notices and demands to which such Subsidiary Guarantor
     might otherwise be entitled;

          (xiii) the defense of the "single action" rule or any similar right or
     protection, and the right by statute or otherwise to require any holder of
     Notes to institute suit against the Company or to exhaust its rights and
     remedies against the Company, the Subsidiary Guarantor being bound to the
     payment of each and all Guaranteed Obligations, whether now existing or
     hereafter accruing, as fully as if such Guaranteed Obligations were
     directly owing to the holders of Notes by such Subsidiary Guarantor; and

          (xiv) any other defense which the Subsidiary Guarantor may have to the
     full and complete performance of its obligations hereunder.

     (b) Each Spanish Obligor waives any right of exclusion, order or division
(beneficios de excusion, orden y division) under Article 1830 et seq. of the
Spanish Civil Code.

     Section 23.5. Immediate Recourse. (a) Each Subsidiary Guarantor waives any
right it may have of first requiring any holder of Notes (or any trustee or
agent on its behalf) to proceed against or enforce any other right or security
or claim payment from any person before claiming from that Subsidiary Guarantor
under this Section 23.

     (b) This waiver applies irrespective of any law or any provision of a
Financing Agreement to the contrary.

     Section 23.6. Appropriations. Until all amounts which may be or become
payable by the Obligors under or in connection with the Financing Agreements
have been irrevocably paid in full, each holder of Notes (or any trustee or
agent on its behalf) may without affecting the liability of any Subsidiary
Guarantor under this Section 23:

          (a) (i) refrain from applying or enforcing any other moneys, security
     or rights held or received by that holder of Notes (or any trustee or agent
     on its behalf) against those amounts; or

               (ii) apply and enforce them in such manner and order as it sees
          fit (whether against those amounts or otherwise); and

          (b) hold in an interest-bearing suspense account any moneys received
     from any Subsidiary Guarantor or on account of that Subsidiary Guarantor's
     liability under this Section 23.

Section 23.7. Non-competition. Unless:

          (a) all amounts which may be or become payable by the Obligors under
     or in connection with the Financing Agreements have been irrevocably paid
     in full; or

          (b) the Required Holders, acting reasonably, otherwise direct,

                                      -54-

<PAGE>

     no Subsidiary Guarantor will, after a claim has been made or by virtue of
     any payment or performance by it under this Section 23:

               (i) be subrogated to any rights, security or moneys held,
          received or receivable by any holder of Notes (or any trustee or agent
          on its behalf);

               (ii) be entitled to any right of contribution or indemnity in
          respect of any payment made or moneys received on account of that
          Subsidiary Guarantor's liability under this Section 23;

               (iii) claim, rank, prove or vote as a creditor of any Obligor or
          its estate in competition with any holder of Notes (or any trustee or
          agent on its behalf); or

               (iv) receive, claim or have the benefit of any payment,
          distribution or security from or on account of any Obligor, or
          exercise any right of set-off as against any Obligor.

Each Subsidiary Guarantor must hold in trust for and immediately pay or transfer
to the holders on a pro rata basis any payment or distribution or benefit of
security received by it contrary to this Section 23 or in accordance with any
directions given by the Required Holders under this Section 23.

     Section 23.8. Release of Subsidiary Guarantors' Right of Contribution. If
any Subsidiary Guarantor ceases to be a Subsidiary Guarantor in accordance with
the terms of the Financing Agreements for the purposes of any sale or other
disposal of that Subsidiary Guarantor:

          (a) that Subsidiary Guarantor will be released by each other
     Subsidiary Guarantor from any liability whatsoever to make a contribution
     to any other Subsidiary Guarantor arising by reason of the performance by
     any other Subsidiary Guarantor of its obligations under the Financing
     Agreements; and

          (b) each other Subsidiary Guarantor will waive any rights it may have
     by reason of the performance of its obligations under the Financing
     Agreements to take the benefit (in whole or in part and whether by way of
     subrogation or otherwise) of any right of any holder of Notes under any
     Financing Agreement or of any other security taken under, or in connection
     with, any Financing Agreement where the rights or security are granted by
     or in relation to the assets of the retiring Subsidiary Guarantor.

     Section 23.9. Releases. Each Subsidiary Guarantor consents and agrees that,
without notice to or by such Subsidiary Guarantor and without impairing,
releasing, abating, deferring, suspending, reducing, terminating or otherwise
affecting the obligations of such Subsidiary Guarantor hereunder, each holder of
Notes, in the manner provided herein, by action or inaction, may:

          (a) compromise or settle, renew or extend the period of duration or
     the time for the payment, or discharge the performance of, or may refuse
     to, or otherwise not,

                                      -55-

<PAGE>

     enforce, or may, by action or inaction, release all or any one or more
     parties to, this Agreement;

          (b) assign, sell or transfer, or otherwise dispose of, any one or more
     of the Notes;

          (c) grant waivers, extensions, consents and other indulgences to the
     Company in respect of this Agreement or the Notes;

          (d) amend, modify or supplement in any manner and at any time (or from
     time to time) this Agreement or the Notes including, without limitation, by
     any increase in the principal amount of any Notes or any change in interest
     rates or make-whole or swap breakage determinations;

          (e) release or substitute any one or more of the endorsers or
     guarantors of the Guaranteed Obligations whether parties hereto or not;

          (f) sell, exchange, release or surrender any property at any time
     pledged or granted by the Company or any Subsidiary Guarantor as security
     in respect of the Guaranteed Obligations in accordance with the agreement
     or instrument granting any such security;

          (g) exchange, enforce, waive, or release, by action or inaction, any
     security for the Guaranteed Obligations or any other guarantee of any of
     the Notes; and

          (h) do any other act or event which could have the effect of releasing
     the Subsidiary Guarantor from the full and complete performance of its
     obligations hereunder.

     Section 23.10. Marshaling. Each Subsidiary Guarantor consents and agrees
that:

          (a) each holder of Notes shall be under no obligation to marshal any
     assets in favor of any Subsidiary Guarantor or against or in payment of any
     or all of the Guaranteed Obligations; and

          (b) to the extent the Company makes a payment or payments to any
     holder of Notes, which payment or payments or any part thereof are
     subsequently invalidated, declared to be fraudulent or preferential, set
     aside, or required, for any of the foregoing reasons or for any other
     reason, to be repaid or paid over to a custodian, trustee, receiver, or any
     other party under any bankruptcy law, common law, or equitable cause, then
     to the extent of such payment or repayment, the obligation or part thereof
     intended to be satisfied thereby shall be revived and continued in full
     force and effect as if said payment or payments had not been made and each
     Subsidiary Guarantor shall be primarily liable for such obligation.

                                      -56-

<PAGE>

     Section 23.11. Liability. Each Subsidiary Guarantor agrees that the
liability of each Subsidiary Guarantor in respect of this Section 23 shall be
immediate, and shall not be contingent upon the exercise or enforcement by any
holder of Notes of whatever remedies such holder may have against the Company or
the enforcement of any Lien or realization upon any security such holder may at
any time possess.

     Section 23.12. Character of Obligation. The Guaranty set forth in this
Section 23 is a primary and original obligation of each Subsidiary Guarantor and
is an absolute, unconditional, continuing and irrevocable guarantee of payment
and performance (and not of collectibility) and shall remain in full force and
effect until the full, final and indefeasible payment in cash of the Guaranteed
Obligations without respect to future changes in conditions.

     The obligations of each Subsidiary Guarantor under this Subsidiary
Guarantee Agreement and the rights of the holders of Notes to enforce such
obligations by any proceedings, whether by action at law, suit in equity or
otherwise, shall not be subject to any reduction, limitation, impairment or
termination, whether by reason of any claim of any character whatsoever or
otherwise, including, without limitation, claims of waiver, release, surrender,
alteration or compromise, and shall not be subject to any defense, set-off,
counterclaim, recoupment or termination whatsoever.

     Without limiting the generality of the foregoing, the obligations of each
Subsidiary Guarantor hereunder shall not be discharged or impaired or otherwise
affected by:

          (a) any default, failure or delay, willful or otherwise, in the
     performance by any Obligor of any obligations of any kind or character
     whatsoever of such Obligor;

          (b) any creditors' rights, bankruptcy, receivership or other
     insolvency proceeding of any Obligor or any other Person or in respect of
     the property of any Obligor or any other Person or any merger,
     consolidation, reorganization, dissolution, liquidation or winding up of
     any Obligor or any other Person;

          (c) impossibility or illegality of performance on the part of any
     Obligor of its obligations under any Financing Agreement or any other
     instruments or agreements;

          (d) the validity or enforceability of any Financing Agreement or any
     other instruments or agreements;

          (e) in respect of any Obligor or any other Person, any change of
     circumstances, whether or not foreseen or foreseeable, whether or not
     imputable to any Obligor or any other Person, or other impossibility of
     performance through fire, explosion, accident, labor disturbance, floods,
     droughts, embargoes, wars (whether or not declared), civil commotions, acts
     of terrorism, acts of God or the public enemy, delays or failure of
     suppliers or carriers, inability to obtain materials, action of any federal
     or state regulatory body or agency, change of law or any other causes
     affecting performance, or any other force majeure, whether or not beyond
     the control of any Obligor or any other Person and whether or not of the
     kind hereinbefore specified;

                                      -57-

<PAGE>

          (f) any attachment, claim, demand, charge, lien, order, process,
     encumbrance or any other happening or event or reason, similar or
     dissimilar to the foregoing, or any withholding or diminution at the
     source, by reason of any taxes, assessments, expenses, debt, obligations or
     liabilities of any charter, foreseen or unforeseen, and whether or not
     valid, incurred by or against any Person, or any claims, demands, charges
     or Liens of any nature, foreseen or unforeseen, incurred by any Person, or
     against any sums payable under any Financing Agreement, so that such sums
     would be rendered inadequate or would be unavailable to make the payments
     herein provided;

          (g) any order, judgment, decree, law, ruling or regulation (whether or
     not valid) of any court of any nation or of any political subdivision
     thereof or any body, agency, department, official or administrative or
     regulatory agency of any thereof or any other action, happening, event or
     reason whatsoever which shall delay, interfere with, hinder or prevent, or
     in any way adversely affect, the performance by any party of its respective
     obligations under any instruments; or

          (h) any other circumstance which might otherwise constitute a defense
     available to, or a discharge of, any Subsidiary Guarantor in respect of the
     obligations of any Subsidiary Guarantor under this Subsidiary Guarantee
     Agreement.

     Section 23.13. Election to Perform Obligations. Any election by any
Subsidiary Guarantor to pay or otherwise perform any of the obligations of any
Obligor under any Financing Agreement, whether pursuant to this Section 23 or
otherwise, shall not release such Obligor from such obligations (except to the
extent such obligation is indefeasibly paid or performed) or any of such
Obligor's other obligations under this Agreement.

     Section 23.14. No Election. Each holder of Notes shall have the right to
seek recourse against each Subsidiary Guarantor to the fullest extent provided
for in this Section 23 and elsewhere as provided in this Agreement, and against
the Company, to the full extent provided for in this Agreement. Each Subsidiary
Guarantor hereby acknowledges that it has other undertakings in this Agreement
and running in favor of each of the holders of Notes that are separate and apart
from its obligations under this Section 23. No election to proceed in one form
of action or proceeding, or against any party, or on any obligation, shall
constitute a waiver of the right of such holder of Notes to proceed in any other
form of action or proceeding or against other parties unless such holder of
Notes has expressly waived such right in writing. Specifically, but without
limiting the generality of the foregoing, no action or proceeding by any holder
of Notes against the Company or any Subsidiary Guarantor under any document or
instrument evidencing obligations of the Company or such Subsidiary Guarantor to
such holder of Notes shall serve to diminish the liability of such Subsidiary
Guarantor under this Agreement (including, without limitation, this Section 23)
except to the extent that such holder of Notes finally and unconditionally shall
have realized payment of the Guaranteed Obligations by such action or
proceeding, notwithstanding the effect of any such action or proceeding upon
such Subsidiary Guarantor's right of subrogation against the Company.

     Section 23.15. Severability. Each of the rights and remedies granted under
this Section 23 to the holder of Notes in respect of the Notes held by such
holder may be exercised by such

                                      -58-

<PAGE>

holder without notice by such holder to, or the consent of or any other action
by, any other holder of Notes.

     Section 23.16. Other Enforcement Rights. Each holder of Notes may proceed
to protect and enforce the Subsidiary Guarantee Agreement under this Section 23
by suit or suits or proceedings in equity, at law or in bankruptcy, and whether
for the specific performance of any covenant or agreement contained in this
Section 23 or in execution or aid of any power herein granted or for the
recovery of judgment for or in respect of the Guaranteed Obligations or for the
enforcement of any other proper, legal or equitable remedy available under
applicable law.

     Section 23.17. Restoration of Rights and Remedies. If any holder of Notes
shall have instituted any proceeding to enforce any right or remedy in this
Section 23 and such proceeding shall have been discontinued or abandoned for any
reason, or shall have been determined adversely to such holder, then and in
every such case each such holder, the Company and each Subsidiary Guarantor
shall, except as may be limited or affected by any determination in such
proceeding, be restored severally and respectively to their respective former
positions hereunder and thereunder, and thereafter the rights and remedies of
such holder shall continue as though no such proceeding had been instituted.

     Section 23.18. Survival. So long as the Guaranteed Obligations shall not
have been fully and finally performed and indefeasibly paid, the obligations of
each Subsidiary Guarantor under this Section 23 shall survive the transfer and
payment of any Note and the payment in full of all the Notes.

     Section 23.19. Miscellaneous. So long as the Guaranteed Obligations owed by
the Company shall not have been fully and finally performed and indefeasibly
paid, each Subsidiary Guarantor (to the fullest extent that it may lawfully do
so) expressly waives any claim of any nature arising out of any right of
indemnity, contribution, reimbursement or any similar right in respect of any
payment made by such Subsidiary Guarantor on or with respect to such Guaranteed
Obligations under this Section 23 or in connection with this Section 23 or
otherwise, or any claim of subrogation arising with respect to any such payment
made under this Section 23 or otherwise, against any Obligor or the estate of
such Obligor (including Liens on the property of such Obligor or the estate of
such Obligor), in each case if, and for so long as, such Obligor is the subject
of any proceeding brought under any bankruptcy, reorganization, arrangement,
insolvency, administration, readjustment of debt, dissolution or liquidation law
of any jurisdiction, whether now or hereafter in effect, and further agrees that
it will not file any claims against such Obligor or the estate of such Obligor
in the course of such proceeding in respect of the rights referred to in this
Section 23, and further agrees that each holder of Notes may specifically
enforce the provisions of this Section 23. This clause creates a promise which
is intended to create obligations enforceable at the suit of each holder of
Notes.

     If an Event of Default exists, then the holders of Notes shall have the
right to declare all of the Guaranteed Obligations to be, and such Guaranteed
Obligations shall thereupon become, forthwith due and payable, without any
presentment, demand, protest or other notice of any kind, all of which have been
expressly waived by the Company and the Subsidiary Guarantors, and
notwithstanding any stay, injunction or other prohibition preventing such
declaration (or such

                                      -59-

<PAGE>

Guaranteed Obligations from becoming automatically due and payable) as against
the Company. In any such event, the holders of Notes shall have immediate
recourse to such Subsidiary Guarantor to the fullest extent set forth herein.

     Section 23.20. Limitation. Anything herein or in the Notes to the contrary
notwithstanding, the liability of each Subsidiary Guarantor under this Agreement
shall in no event exceed an amount equal to the maximum amount which can be
legally guaranteed by such Subsidiary Guarantor under applicable laws relating
to the insolvency of debtors and fraudulent conveyance.

     Section 23.21. Written Notice. Notwithstanding any other provision of this
Section 23, in the event of any acceleration of the Notes in accordance with the
provisions of Section 12 hereof, any requirement of written notice to, or demand
of, the Subsidiary Guarantors pursuant to this Section 23 shall be deemed
automatically satisfied upon such acceleration without further action on the
part of any holder (notwithstanding any stay, injunction or other prohibition
preventing any notice, demand or acceleration).

     Section 23.22. Unenforceability of Obligations. As a separate and
continuing undertaking, each Subsidiary Guarantor unconditionally and
irrevocably undertakes to each holder of Notes that, should any Guaranteed
Obligations not be recoverable against such Subsidiary Guarantor under this
Subsidiary Guarantee Agreement on the footing of a guarantee for any reason,
including, without limitation, a provision of this Subsidiary Guarantee
Agreement or an obligation (or purported obligation) of any Obligor to pay any
Guaranteed Obligation being or becoming void, voidable, unenforceable or
otherwise invalid, and whether or not that reason is or was known to any holder
of Notes, and whether or not that reason is:

          (a) a defect in or lack of powers affecting any Obligor, or the
     irregular exercise of those powers; or

          (b) a defect in or lack of authority by a Person purporting to act on
     behalf of any Obligor; or

          (c) a dissolution, change in status, constitution or control,
     reconstruction or reorganization of any Obligor (or the commencement of
     steps to effect the same),

then such Subsidiary Guarantor will, as a separate and additional obligation
under this Subsidiary Guarantee Agreement, indemnify the holder of Notes
concerned immediately on demand against the amount which such holder would
otherwise have been able to recover (on a full indemnity basis). In this
subsection 23.22 the expression "Guaranteed Obligations" includes any
Indebtedness which would have been included in that expression but for anything
referred to in this clause.

     Section 23.23. Contribution. To the extent of any payments made under this
Subsidiary Guarantee Agreement, each Subsidiary Guarantor making such payment
shall have a right of contribution from the other Subsidiary Guarantors, but
such Subsidiary Guarantor covenants and agrees that such right of contribution
shall be subordinate in right of payment to the rights of the

                                      -60-
<PAGE>

holders of the Notes for which full payment has not been made or provided for
and, to that end, such Subsidiary Guarantor agrees not to claim or enforce any
such right of contribution unless and until all of the Notes and all other sums
due and payable under the Note Purchase Agreement have been fully and
irrevocably paid and discharged.

     Section 23.24. Additional Security. This guarantee is in addition to and is
not in any way prejudiced by any other security now or subsequently held by any
holder of Notes.

     Section 23.25. Limitations - England. This guarantee does not apply to any
liability to the extent it would result in this guarantee constituting unlawful
financial assistance within the meaning of Section 151 of the Companies Act
1985.

     Section 23.26. Limitations - Spain. This guarantee does not apply to any
liability to the extent it would result in this guarantee constituting unlawful
financial assistance under Article 81 of the Spanish Joint Stock Company Law
(Ley de Sociedades Anonimas)and/or under Article 40.5 of the Spanish Private
Limited Companies Law (Sociedad de Responsabilidad Limitada).

     Section 23.27. Limitations - Hong Kong. This guarantee does not apply to
any liability to the extent it would result in this guarantee constituting
unlawful financial assistance within the meaning of Section 47A of the Companies
Ordinance (Cap.32) of the Laws of Hong Kong.

     Section 23.28. Limitations - Germany. (a) Each holder of Notes agrees that
its right to enforce any guarantee or indemnity granted by a Subsidiary
Guarantor incorporated in Germany which is constituted in the form of a limited
partnership (Kommanditgesellschaft) with a limited liability company
(Gesellschaft mit beschrankter Haftung) as general partner (GmbH & Co. KG) or a
limited liability company (Gesellschaft mit beschrankter Haftung GmbH) (each a
"Relevant German Obligor") shall, if and to the extent that such guarantee or
indemnity is an up-stream or cross-stream security which secures liabilities of
the Relevant German Obligor's shareholders or of an affiliated company
(verbundenes Unternehmen) of any such shareholder within the meaning of Section
15 of the German Stock Corporation Act (Aktiengesetz) of such Relevant German
Obligor (other than such Relevant German Obligor's Subsidiaries) which are not,
without accounting for the direct and indirect interest of the Relevant German
Obligor in such subsidiary, directly or indirectly, more than 50% owned by any
of the Relevant German Obligor's shareholders), at all times be limited if and
to the extent that (i) the enforcement of the guarantee granted by the Relevant
German Obligor would cause the Relevant German Obligor's, and, in the case of a
GmbH & Co. KG, also such Relevant German Obligor's general partner's, assets
(the calculation of which shall include all items set forth in Section 266(2) A,
B, and C of the German Commercial Code (Handelsgesetbuch) less the Relevant
German Obligor's or in the case of a GmbH & Co. KG, such Relevant German
Obligor's general partner's, liabilities (the calculation of which shall take
into account the captions reflected in Section 266(3) B, C (but disregarding,
for the avoidance of doubt, the Relevant German Obligor's liabilities under this
Agreement and D of the German Commercial Code) (the "Net Asset"), being less
than its respective registered share capital (Stammkapital) plus reserves for
its own shares (Rucklage fur eigene Anteile) (the aggregate of the registered
share capital and the shares for its own shares, the "Protected Capital")
(Begruendung einer Unterbilanz) or (ii) where the amount of the Relevant German
Obligor's Net Assets (or the Net Assets of its general partner if the Relevant
German Obligor is a

                                      -61-

<PAGE>

GmbH & Co. KG) are already less than its Protected Capital causing such amount
to be further reduced (Vertiefung einer Unterbilanz).

     (b) For the purposes of:

          (i) the amount of any increase after the date of this Agreement of the
     Relevant German Obligor's, or, in the case of a German GmbH & Co. KG, its
     general partner's, registered share capital (1) which has been effected
     without the prior written consent of the Required Holders and which is made
     out of retained earnings (Kapitalerhohug aus Gesellschaftsmitteln) or (2)
     to the extent that it is not fully paid up shall be deducted from the share
     capital; and

          (ii) loans and other contractual liabilities incurred in violation of
     any Financing Agreement shall be disregarded.

     (c) The limitations set out in paragraphs (a) and (b) above shall only
apply if:

          (i) within five (5) Business Days following the receipt of notice of
     enforcement of the guarantee the managing directors of the Relevant German
     Obligor have confirmed in writing to the holders of Notes(A) to what extent
     the guarantee is an up-stream or cross-stream security and (B) the amount
     which cannot be enforced due to it causing the Net Assets of the Relevant
     German Obligor to fall below its stated share capital and such confirmation
     is supported by interim financial statements up to the end of the last
     completed calendar month (the "Management Determination"); or

          (ii) within ten (10) Business Days from the date the Required Holders
     have contested the Management Determination the holders of Notes receive an
     up to date balance sheet drawn-up by a firm of auditors of international
     standard and repute together with a determination of the Net Assets. Such
     balance sheet and determination of Net Assets shall be prepared in
     accordance with accounting principles pursuant to the German Commercial
     Code (Handelsgesetzbuch) and be based on the same principles that were
     applied when establishing the previous year's balance sheet.

     (d) Should the Relevant German Obligor fail to deliver such balance sheets
and/or determinations of the Net Assets within the time periods referred to
above the holders of Notes shall be entitled to enforce the security granted
under this Agreement subject only to paragraphs (a) and (b) above.

     (e) For the avoidance of doubt, nothing in this Agreement shall be
interpreted as a restriction or limitation of:

          (i) the enforcement of the guarantee to the extent such guarantee
     guarantees obligations of a Subsidiary Guarantor incorporated in Germany
     itself or obligations of any of its direct or indirect subsidiaries or

                                      -62-

<PAGE>

          (ii) the enforcement of any claim of any holder of Notes against the
     Company (in such capacity) under this Agreement.

     Section 23.29. Limitations - the Netherlands. The guarantee and indemnities
contained in this Section 23 do not apply to any liability to the extent that
that liability would result in any Subsidiary Guarantor violating any applicable
financial assistance laws.

     Section 23.30. Limitations - France. (a) The obligations and liabilities of
each Subsidiary Guarantor incorporated in France under its guarantee hereunder
shall not include any obligation which if incurred would constitute the
provisions of financial assistance as defined by article L.225-216 of the French
Commercial Code for the subscription, or the acquisition or the refinancing of
the acquisition of its own shares and shall be limited, at any time, to an
amount equal to the aggregate amount of all amounts borrowed directly by that
Subsidiary Guarantor under this Agreement or made available to another Obligor
and on-lent directly or indirectly to that Subsidiary Guarantor.

     (b) Notwithstanding any of the provisions of this Subclause the liability
of each Subsidiary Guarantor incorporated in France for the obligations of the
Obligors which are its direct or indirect subsidiaries shall not be limited and
shall cover all amounts due by such Obligors under the Finance Documents.

     Section 23.31. U.S. Guarantors. (a) In this Subsection:

     "fraudulent transfer law" means any applicable bankruptcy and fraudulent
     transfer and conveyance statute and any related case law of the United
     States of America or any State thereof (including the District of
     Columbia); and

     terms used in this Subsection are to be construed in accordance with the
     fraudulent transfer laws.

     (b) Each U.S. Guarantor acknowledges that:

          (i) it will receive valuable direct or indirect benefits as a result
     of the transactions financed by the Financing Agreements;

          (ii) those benefits will constitute reasonably equivalent value and
     fair consideration for the purpose of any fraudulent transfer law; and

          (iii) each holder of Notes has acted in good faith in connection with
     the guarantee given by that U.S. Guarantor and the transactions
     contemplated by the Financing Agreements.

     (c) Each holder of Notes agrees that each U.S. Guarantor's liability under
this Section 23 is limited so that no obligation of, or transfer by, any U.S.
Guarantor under this Section 23 is subject to avoidance and turnover under any
fraudulent transfer law.

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<PAGE>

     (d) Each U.S. Guarantor represents and warrants to each holder of Notes
that:

          (i) the fair value of its consolidated assets is greater than the
     amount of its liabilities (including disputed, contingent and unliquidated
     liabilities) as such value is established and liabilities evaluated in
     accordance with GAAP;

          (ii) the present fair saleable value of its assets is not less than
     the amount that will be required to pay the probable liability on its or
     their debts as they become absolute and matured;

          (iii) it is able to realize upon its or their assets and pay its or
     their debts and other liabilities (including disputed, contingent and
     unliquidated liabilities) as they mature in the normal course of business;

          (iv) it has not incurred and does not intend to, and does not believe
     that it will, incur debts or liabilities beyond its ability to pay as such
     debts and liabilities mature;

          (v) it is not engaged in business or a transaction, and is not about
     to engage in business or a transaction, for which its property would
     constitute unreasonably small capital; and

          (vi) it has not made a transfer or incurred an obligation under this
     Agreement or any other Financing Agreement with the intent to hinder, delay
     or defraud any of its present or future creditors.

     (e) Each acknowledgement, representation and warranty:

          (i) in Section 23.31(b) is made by each U.S. Guarantor on the date of
     this Agreement;

          (ii) in Section 23.31(d) is made on the date of this Agreement by each
     U.S. Guarantor on an individual basis or in the case of a U.S. Guarantor
     that has Subsidiaries that are also Subsidiary Guarantors, on the basis of
     the consolidated assets and liabilities of that U.S. Guarantor and its
     Subsidiaries that are Subsidiary Guarantors.

          (iii) in this Section 23.31 is deemed to be repeated whenever a
     representation is deemed to by repeated under any Financing Agreement; and

          (iv) in this Section 23.31 is, when repeated, applied to the
     circumstances existing at the time of repetition.

     Section 23.32. Limitation on Pyramid Freight. Under this Section 23.32 the
liability of Pyramid Freight BVI is limited to the aggregate amount generated
from any of its assets not located in South Africa. Notwithstanding any term of
this Section 23.32, nothing in this Section will result in Pyramid Freight,
South Africa being liable to apply assets located in South Africa in respect of
this Agreement.

                                      -64-

<PAGE>

SECTION 24. MISCELLANEOUS.

     Section 24.1. Successors and Assigns. All covenants and other agreements
contained in this Agreement and the other Financing Agreements by or on behalf
of any of the parties hereto bind and inure to the benefit of their respective
successors and assigns (including, without limitation, any subsequent holder of
a Note) whether so expressed or not.

     Section 24.2. Payments Due on Non-Business Days. Anything in this
Agreement, the Notes or in any other Financing Agreement to the contrary
notwithstanding (but without limiting the requirement in Section 8.6 that notice
of any optional prepayment specify a Business Day as the date fixed for such
prepayment), any payment of principal of or Make-Whole Amount or interest on any
Note that is due on a date other than a Business Day shall be made on the next
succeeding Business Day without including the additional days elapsed in the
computation of the interest payable on such next succeeding Business Day;
provided that if the maturity date of any Note is a date other than a Business
Day, the payment otherwise due on such maturity date shall be made on the next
succeeding Business Day and shall include the additional days elapsed in the
computation of interest payable on such next succeeding Business Day.

     Section 24.3. Accounting Terms. All accounting terms used herein or in any
other Financing Agreement which are not expressly defined in this Agreement or
such other Financing Agreement have the meanings respectively given to them in
accordance with GAAP. Except as otherwise specifically provided herein, all
computations made pursuant to this Agreement shall be made in accordance with
GAAP, and all financial statements shall be prepared in accordance with GAAP.

     Section 24.4. Severability. Any provision of this Agreement 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 provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall (to the full extent permitted by law)
not invalidate or render unenforceable such provision in any other jurisdiction.

     Section 24.5. Construction, Etc. Each covenant contained herein and in any
other Financing Agreement shall be construed (absent express provision to the
contrary) as being independent of each other covenant contained herein and in
such other Financing Agreement, so that compliance with any one covenant shall
not (absent such an express contrary provision) be deemed to excuse compliance
with any other covenant. Where any provision herein refers to action to be taken
by any Person, or which such Person is prohibited from taking, such provision
shall be applicable whether such action is taken directly or indirectly by such
Person.

     For the avoidance of doubt, all Schedules and Exhibits attached to this
Agreement and the other Financing Agreements shall be deemed to be a part hereof
and thereof, as the case may be.

     Section 24.6. Counterparts. This Agreement and the other Financing
Agreements may be executed in any number of counterparts, each of which shall be
an original but all of which

                                      -65-

<PAGE>

together shall constitute one instrument. Each counterpart may consist of a
number of copies hereof, each signed by less than all, but together signed by
all, of the parties hereto.

     Section 24.7. Governing Law. This Agreement and (except as otherwise
expressly stated therein) the other Financing Agreements 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.

     Section 24.8. Jurisdiction and Process; Waiver of Jury Trial. (a) 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
Agreement, the Notes 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.

     (b) Each Obligor agrees, to the fullest extent permitted by applicable law,
that a final judgment in any suit, action or proceeding of the nature referred
to in Section 24.8(a) brought in any such court shall be conclusive and binding
upon it subject to rights of appeal, as the case may be, and may be enforced in
the courts of the United States of America or the State of New York (or any
other courts to the jurisdiction of which it or any of its assets is or may be
subject) by a suit upon such judgment.

     (c) Each Obligor consents to process being served by or on behalf of any
holder of a Note in any suit, action or proceeding of the nature referred to in
Section 24.8(a) by mailing a copy thereof by registered or certified or priority
mail, postage prepaid, return receipt requested, or delivering a copy thereof in
the manner for delivery of notices specified in Section 19, to Corporation
Service Company, as its agent for the purpose of accepting service of any
process in the United States. Each Obligor agrees that such service upon receipt
(i) shall be deemed in every respect effective service of process upon it in any
such suit, action or proceeding and (ii) shall, to the fullest extent permitted
by applicable law, be taken and held to be valid personal service upon and
personal delivery to it. Notices under this Section 24.8 shall be conclusively
presumed received as evidenced by a delivery receipt furnished by the United
States Postal Service or any reputable commercial delivery service.

     (d) Nothing in this Section 24.8 shall affect the right of any holder of a
Note to serve process in any manner permitted by law, or limit any right that
the holders of any of the Notes may have to bring proceedings against an Obligor
in the courts of any appropriate jurisdiction or to enforce in any lawful manner
a judgment obtained in one jurisdiction in any other jurisdiction.

     (e) Each Obligor hereby irrevocably appoints Corporation Service Company to
receive for it, and on its behalf, service of process in the United States.

                                      -66-

<PAGE>

     (f) THE PARTIES HERETO HEREBY WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT ON
OR WITH RESPECT TO THIS AGREEMENT, THE NOTES OR ANY OTHER DOCUMENT EXECUTED IN
CONNECTION HEREWITH OR THEREWITH.

     Section 24.9. Obligation to Make Payment in Dollars. Any payment on account
of an amount that is payable hereunder or under the Notes or under any other
Financing Agreement in Dollars which is made to or for the account of any holder
of Notes in any other currency, whether as a result of any judgment or order or
the enforcement thereof or the realization of any security or the liquidation of
any Obligor, shall constitute a discharge of the obligation of the Obligors
under this Agreement, the Notes or such other Financing Agreements only to the
extent of the amount of Dollars which such holder could purchase in the foreign
exchange markets in London, England, with the amount of such other currency in
accordance with normal banking procedures at the rate of exchange prevailing on
the London Banking Day following receipt of the payment first referred to above.
If the amount of Dollars that could be so purchased is less than the amount of
Dollars originally due to such holder, each Obligor agrees, jointly and
severally, to the fullest extent permitted by law, to indemnify and save
harmless such holder from and against all loss or damage arising out of or as a
result of such deficiency. This indemnity shall, to the fullest extent permitted
by law, constitute an obligation separate and independent from the other
obligations contained in this Agreement, the Notes and the other Financing
Agreements, shall give rise to a separate and independent cause of action, shall
apply irrespective of any indulgence granted by such holder from time to time
and shall continue in full force and effect notwithstanding any judgment or
order for a liquidated sum in respect of an amount due hereunder, under the
Notes or under the other Financing Agreements or under any judgment or order. As
used herein the term "London Banking Day" shall mean any day other than Saturday
or Sunday or a day on which commercial banks are required or authorized by law
to be closed in London, England.

                                    * * * * *

                                      -67-

<PAGE>

     If you are in agreement with the foregoing, please sign the form of
agreement on a counterpart of this Agreement and return it to the Company,
whereupon this Agreement shall become a binding agreement between you and the
Obligors.

                                        Very truly yours,

                                        UTi WORLDWIDE INC.

                                        By /s/ Gerhard Bosua
                                        ----------------------------------------
                                        Authorized Signatory

<PAGE>

                                        UTI (U.S.) LOGISTICS HOLDINGS INC.

                                        By /s/ Gerhard Bosua
                                        ----------------------------------------
                                        Authorized Signatory

                                        UTI (AUST) PTY LIMITED

                                        By /s/ Gerhard Bosua
                                        ----------------------------------------
                                        Authorized Signatory

                                        UTI AFRICA SERVICES LIMITED

                                        By /s/ Gerhard Bosua
                                        ----------------------------------------
                                        Authorized Signatory

                                        UNIGISTIX INC

                                        By /s/ Gerhard Bosua
                                        ----------------------------------------
                                        Authorized Signatory

                                        UTI, CANADA, INC.

                                        By /s/ Gerhard Bosua
                                        ----------------------------------------
                                        Authorized Signatory

                                        COMMERCE CUSTOMS BROKERS AND FREIGHT
                                        FORWARDERS LTD.

                                        By /s/ Gerhard Bosua
                                        ----------------------------------------
                                        Authorized Signatory

<PAGE>

                                        W. J. BONDY CUSTOMS BROKERS LIMITED

                                        By /s/ Gerhard Bosua
                                        ----------------------------------------
                                        Authorized Signatory

                                        AMBASSADOR BROKERAGE LIMITED

                                        By /s/ Gerhard Bosua
                                        ----------------------------------------
                                        Authorized Signatory

                                        UTI FRANCE S.A.R.L.

                                        By /s/ Gerhard Bosua
                                        ----------------------------------------
                                        Authorized Signatory

                                        UTI DEUTSCHLAND GMBH

                                        By /s/ Gerhard Bosua
                                        ----------------------------------------
                                        Authorized Signatory

                                        UTI (HK) LTD.

                                        By /s/ Gerhard Bosua
                                        ----------------------------------------
                                        Authorized Signatory

                                        UTI NEDERLAND B.V.

                                        By /s/ Gerhard Bosua
                                        ----------------------------------------
                                        Authorized Signatory

<PAGE>

                                        SERVICIOS LOGISTICOS INTEGRADOS SLI,
                                        S.A.

                                        By /s/ Gerhard Bosua
                                        ----------------------------------------
                                        Authorized Signatory

                                        UNION DE SERVICIOS LOGISTICOS
                                        INTEGRADOS, S.A.

                                        By /s/ Gerhard Bosua
                                        ----------------------------------------
                                        Authorized Signatory

                                        UTI (TAIWAN) LIMITED

                                        By /s/ Gerhard Bosua
                                        ----------------------------------------
                                        Authorized Signatory

                                        UTI WORLDWIDE (UK) LIMITED

                                        By /s/ Gerhard Bosua
                                        ----------------------------------------
                                        Authorized Signatory

                                        UTI, (U.S.) HOLDINGS, INC

                                        By /s/ Gerhard Bosua
                                        ----------------------------------------
                                        Authorized Signatory

                                        UTI, UNITED STATES, INC.

                                        By /s/ Gerhard Bosua
                                        ----------------------------------------
                                        Authorized Signatory

<PAGE>

                                        UTI, SERVICES, INC.

                                        By /s/ Gerhard Bosua
                                        ----------------------------------------
                                        Authorized Signatory

                                        UTI BROKERAGE, INC.

                                        By /s/ Gerhard Bosua
                                        ----------------------------------------
                                        Authorized Signatory

                                        UTI LOGISTICS, INC.

                                        By /s/ Gerhard Bosua
                                        ----------------------------------------
                                        Authorized Signatory

                                        VANGUARD CARGO SYSTEMS, INC.

                                        By /s/ Gerhard Bosua
                                        ----------------------------------------
                                        Authorized Signatory

                                        UTI, INTEGRATED LOGISTICS, INC.,

                                        By /s/ Gerhard Bosua
                                        ----------------------------------------
                                        Authorized Signatory

                                        MARKET INDUSTRIES, LTD.

                                        By /s/ Gerhard Bosua
                                        ----------------------------------------
                                        Authorized Signatory

<PAGE>

                                        MARKET TRANSPORT, LTD.

                                        By /s/ Gerhard Bosua
                                        ----------------------------------------
                                        Authorized Signatory

                                        TRIPLE EXPRESS, INC.

                                        By /s/ Gerhard Bosua
                                        ----------------------------------------
                                        Authorized Signatory

                                        IN TRANSIT, INC.

                                        By /s/ Gerhard Bosua
                                        ----------------------------------------
                                        Authorized Signatory

                                        MARKET LOGISTICS SERVICES, LTD.

                                        By /s/ Gerhard Bosua
                                        ----------------------------------------
                                        Authorized Signatory

                                        MARKET LOGISTICS BROKERAGE, LTD.

                                        By /s/ Gerhard Bosua
                                        ----------------------------------------
                                        Authorized Signatory

                                        SAMMONS TRANSPORTATION, INC.

                                        By /s/ Gerhard Bosua
                                        ----------------------------------------
                                        Authorized Signatory

<PAGE>

                                        LAKE STATES TRUCKING, INC.

                                        By /s/ Gerhard Bosua
                                        ----------------------------------------
                                        Authorized Signatory

                                        UNITED EXPRESS, LTD.

                                        By /s/ Gerhard Bosua
                                        ----------------------------------------
                                        Authorized Signatory

                                        AFRICAN INVESTMENTS B.V.

                                        By /s/ Gerhard Bosua
                                        ----------------------------------------
                                        Authorized Signatory

                                        UTI ASIA PACIFIC LIMITED

                                        By /s/ Gerhard Bosua
                                        ----------------------------------------
                                        Authorized Signatory

                                        GODDARD COMPANY LIMITED

                                        By /s/ Gerhard Bosua
                                        ----------------------------------------
                                        Authorized Signatory

                                        UTI INTERNATIONAL INC.

                                        By /s/ Gerhard Bosua
                                        ----------------------------------------
                                        Authorized Signatory

<PAGE>

                                        UTI (N.A.) HOLDINGS N.V.

                                        By /s/ Gerhard Bosua
                                        ----------------------------------------
                                        Authorized Signatory

                                        UTI (NETHERLANDS) HOLDINGS B.V.

                                        By /s/ Gerhard Bosua
                                        ----------------------------------------
                                        Authorized Signatory

                                        PYRAMID FREIGHT (PROPRIETARY) LIMITED

                                        By /s/ Gerhard Bosua
                                        ----------------------------------------
                                        Authorized Signatory

<PAGE>

     This Agreement is hereby accepted and agreed to as of the date thereof.

                                        PRINCIPAL LIFE INSURANCE COMPANY,
                                        ON BEHALF OF ONE OR MORE SEPARATE
                                        ACCOUNTS

                                        By: Principal Global Investors, LLC, a
                                            Delaware limited liability company,
                                            its authorized signatory

                                        By /s/ Debra Svoboda EPP
                                           -------------------------------------
                                        Name: Debra Svoboda EPP
                                        Title: Counsel

                                        By /s/ Christopher J. Henderson
                                           -------------------------------------
                                        Name: Christopher J. Henderson
                                        Title: Vice President & Senior
                                               Investment Counsel

<PAGE>

     This Agreement is hereby accepted and agreed to as of the date thereof.

                                        PRINCIPAL LIFE INSURANCE COMPANY

                                        By: Principal Global Investors, LLC, a
                                            Delaware limited liability company,
                                            its authorized signatory

                                        By /s/ Debra Svoboda EPP
                                           -------------------------------------
                                        Name: Debra Svoboda EPP
                                        Title: Counsel

                                        By /s/ Christopher J. Henderson
                                           -------------------------------------
                                        Name: Christopher J. Henderson
                                        Title: Vice President & Senior
                                               Investment Counsel

<PAGE>

     This Agreement is hereby accepted and agreed to as of the date thereof.

                                        RGA REINSURANCE COMPANY, a Missouri
                                        corporation

                                        By: Principal Global Investors, LLC, a
                                            Delaware limited liability company,
                                            its authorized signatory

                                        By /s/ Colin Pennycooke
                                           -------------------------------------
                                        Name: Colin Pennycooke
                                        Title: Counsel

                                        By /s/ Christopher J. Henderson
                                           -------------------------------------
                                        Name: Christopher J. Henderson
                                        Title: Vice President & Senior
                                               Investment Counsel

<PAGE>

     This Agreement is hereby accepted and agreed to as of the date thereof.

                                        AVIVA LIFE INSURANCE COMPANY

                                        By: Principal Global Investors, LLC, a
                                            Delaware limited liability company,
                                            its authorized signatory

                                        By /s/ Joellen J. Watts
                                           -------------------------------------
                                        Name: Joellen J. Watts
                                        Title: Counsel

                                        By /s/ James C. Fifield
                                           -------------------------------------
                                        Name: James C. Fifield
                                        Title: Counsel

<PAGE>

     This Agreement is hereby accepted and agreed to as of the date thereof.

                                        THE BANK OF NEW YORK, as trustee for the
                                        Scottish Re (U.S.), Inc. and Security
                                        Life of Denver Insurance Company
                                        Security Trust by agreement dated
                                        December 31, 2004

                                        By: Principal Global Investors, LLC, a
                                            Delaware limited liability company,
                                            its authorized signatory

                                        By /s/ Colin Pennycooke
                                           -------------------------------------
                                        Name: Colin Pennycooke
                                        Title: Counsel

                                        By /s/ Debra Svoboda EPP
                                           -------------------------------------
                                        Name: Debra Svoboda EPP
                                        Title: Counsel

<PAGE>

     This Agreement is hereby accepted and agreed to as of the date thereof.

                                        VANTISLIFE INSURANCE COMPANY, a
                                        Connecticut company

                                        By: Principal Global Investors, LLC a
                                            Delaware limited liability company,
                                            its authorized signatory

                                        By /s/ L.M. Valentine
                                           -------------------------------------
                                        Name: L. M. Valentine
                                        Title: Vice President & Senior
                                               Investment Counsel

                                        By /s/ Karen A. Pearston
                                           -------------------------------------
                                        Name: Karen A. Pearston
                                        Title: Second Vice President & Counsel

<PAGE>

     This Agreement is hereby accepted and agreed to as of the date thereof.

                                        METROPOLITAN LIFE INSURANCE COMPANY

                                        By /s/ Judith A. Gulotta
                                           -------------------------------------
                                        Name: Judith A. Gulotta
                                        Title: Director

<PAGE>

     This Agreement is hereby accepted and agreed to as of the date thereof.

                                        GATEWAY RECOVERY TRUST

                                        By: Prudential Investment Management,
                                            Inc., as Asset Manager

                                        By /s/ Mathew Douglass
                                           -------------------------------------
                                        Name: Mathew Douglass
                                        Title: Vice President

<PAGE>

     This Agreement is hereby accepted and agreed to as of the date thereof.

                                        PRUDENTIAL RETIREMENT INSURANCE AND
                                        ANNUITY COMPANY

                                        By: Prudential Investment Management,
                                            Inc., as investment manager

                                        By /s/ Mathew Douglass
                                           -------------------------------------
                                        Name: Mathew Douglass
                                        Title: Vice President

<PAGE>

     This Agreement is hereby accepted and agreed to as of the date thereof.

                                        THE PRUDENTIAL INSURANCE COMPANY OF
                                        AMERICA

                                        By /s/ Mathew Douglass
                                           -------------------------------------
                                        Name: Mathew Douglass
                                        Title: Vice President

<PAGE>

     This Agreement is hereby accepted and agreed to as of the date thereof.

                                        THE NORTHWESTERN MUTUAL LIFE INSURANCE
                                        COMPANY

                                        By /s/ Howard Stern
                                           -------------------------------------
                                        Name: Howard Stern
                                        Its Authorized Representative

<PAGE>

     This Agreement is hereby accepted and agreed to as of the date thereof.

                                        CONNECTICUT GENERAL LIFE INSURANCE
                                        COMPANY

                                        By: CIGNA Investments, Inc. (authorized
                                            agent)

                                        By /s/ Leonard Mazlish
                                           -------------------------------------
                                        Name: Leonard Mazlish
                                        Title: Managing Director

<PAGE>

     This Agreement is hereby accepted and agreed to as of the date thereof.

                                        LIFE INSURANCE COMPANY OF NORTH AMERICA

                                        By: CIGNA Investments, Inc. (authorized
                                            agent)

                                        By /s/ Leonard Mazlish
                                           -------------------------------------
                                        Name: Leonard Mazlish
                                        Title: Vice President

<PAGE>

     This Agreement is hereby accepted and agreed to as of the date thereof.

                                        GENWORTH LIFE INSURANCE COMPANY

                                        By /s/ Stephen DeMotto
                                           -------------------------------------
                                        Name: Stephen DeMotto
                                        Title: Investment Officer
<PAGE>

This Agreement is hereby accepted and agreed to as of the date thereof.

                                        MASSACHUSETTS MUTUAL LIFE INSURANCE
                                        COMPANY

                                        By: Babson Capital Management LLC as
                                            Investment Adviser

                                        By /s/ Mark A. Ahmed
                                           -------------------------------------
                                        Name: Mark A. Ahmed
                                        Title: Managing Director

<PAGE>

This Agreement is hereby accepted and agreed to as of the date thereof.

                                        IDS LIFE INSURANCE COMPANY

                                        By /s/ Thomas W. Murphy
                                           -------------------------------------
                                        Name: Thomas. W. Murphy
                                        Title: Vice President - Investments

<PAGE>

                                  DEFINED TERMS

     As used herein, the following terms have the respective meanings set forth
below or set forth in the Section hereof following such term:

     "action" taken in connection with insolvency proceedings includes a Dutch
entity having filed a notice under Section 36 of the Tax Collection Act of the
Netherlands (Invorderingswet 1990) or Section 16d of the Social Insurance
Co-ordination Act of the Netherlands (Coordinatiewet Sociale Verzekeringen);

     "Additional Guarantor" is defined in Section 9.10.

     "Affiliate" means, at any time, and with respect to any Person, any other
Person that at such time directly or indirectly through one or more
intermediaries Controls, or is Controlled by, or is under common Control with,
such first Person, and, with respect to any Obligor, shall include any Person
beneficially owning or holding, directly or indirectly, 10% or more of any class
of voting or equity interests of such Obligor or any Subsidiary or any
corporation of which such Obligor and its Subsidiaries beneficially own or hold,
in the aggregate, directly or indirectly, 10% or more of any class of voting or
equity interests. As used in this definition, "Control" means the possession,
directly or indirectly, of the power to direct or cause the direction of the
management and policies of a Person, whether through the ownership of voting
securities, by contract or otherwise. Unless the context otherwise clearly
requires, any reference to an "Affiliate" is a reference to an Affiliate of the
Company.

     "Anti-Terrorism Order" means Executive Order No. 13,224 of September 24,
2001, Blocking Property and Prohibiting Transactions with Persons Who Commit,
Threaten to Commit or Support Terrorism, 66 U.S. Fed. Reg. 49, 079 (2001), as
amended.

     "Applicable Jurisdiction" means the British Virgin Islands, Australia,
Canada, France, Germany, Hong Kong, the Netherlands, the Netherlands Antilles,
Spain, Taiwan and the United Kingdom.

     "Business Day" means (a) for the purposes of Section 8.8 only, any day
other than a Saturday, a Sunday or a day on which commercial banks in New York
City are required or authorized to be closed, and (b) for the purposes of any
other provision of this Agreement, any day other than a Saturday, a Sunday or a
day on which commercial banks in New York, New York or British Virgin Islands
are required or authorized to be closed.

     "Capital Lease" means, at any time, a lease with respect to which the
lessee is required concurrently to recognize the acquisition of an asset and the
incurrence of a liability in accordance with GAAP.

     "CASS" means the Cargo Air Settlement System of Cargo Network Services
Corp., a Subsidiary of the International Air Transport Association.

<PAGE>

     "CASS Agreement" means that certain Cargo Agency and Authorized
Intermediary Agreement, dated 31st December, 2001 between The Cargo Network
Services Corporation and UTi, United States, Inc.

     "Cession in Security Agreement" means the cession in security agreement
between Pyramid Freight, South Africa and Nedbank Limited to secure the
obligations of members of the South African Group under the South African
Facility.

     "Change of Control" means any of the following events or circumstances:

          (i) if any person (as such term is used in section 13(d) and section
     14(d)(2) of the Exchange Act as in effect on the date of the Closing) or
     related persons constituting a group (as such term is used in Rule 13d-5
     under the Exchange Act), become the "beneficial owners" (as such term is
     used in Rule 13d-3 under the Exchange Act as in effect on the date of the
     Closing), directly or indirectly, of more than 50% of the total voting
     power of all classes then outstanding of the Company's voting stock, or

          (ii) the acquisition after the date of the Closing by any person (as
     such term is used in section 13(d) and section 14(d)(2) of the Exchange Act
     as in effect on the date of the Closing) or related persons constituting a
     group (as such term is used in Rule 13d-5 under the Exchange Act as in
     effect on the date of the Closing) of (i) the power to elect, appoint or
     cause the election or appointment of at least a majority of the members of
     the board of directors of the Company, through beneficial ownership of the
     capital stock of the Company or otherwise, or (ii) all or substantially all
     of the properties and assets of the Company, or

          (iii) a disposal of a material part of the Group.

     "Closing" is defined in Section 3.

     "Code" means the Internal Revenue Code of 1986, as amended from time to
time, and the rules and regulations promulgated thereunder from time to time.

     "Company" means UTi Worldwide Inc., an international business company
incorporated under the laws of the British Virgin Islands with IBC No. 141257 or
any successor that becomes such in the manner prescribed in Section 10.7.

     "composition, assignment or similar arrangement with any creditor" where it
relates to a French Obligor includes a redressement judiciaire, cession totale
de l'enterprise or liquidation judiciaire or a procedure de sauvegade unde Livre
Sixiene of the French Commercial Code.

     "Confidential Information" is defined in Section 21.

     "Consolidated EBITDA" means the consolidated net Pre-taxation Profits of
the Group for a Measurement Period:

<PAGE>

          (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 all as adjusted by:

               (i) adding back Consolidated Interest Payable;

               (ii) taking no account of any extraordinary item (or any
          exceptional items); and

               (iii) adding back depreciation and amortization.

     "Consolidated Interest Payable" means all interest and other financing
charges (whether, in each case, paid, payable or capitalized) incurred by the
Group during a Measurement Period.

     "Consolidated Net Worth" means at any time the aggregate of:

          (a) the amount paid up or credited as paid up on the issued share
     capital of the Company; and

          (b) the net amount standing to the credit (or debit) of the
     consolidated reserves of the Group,

based on the latest published consolidated balance sheet of the Company (the
"latest balance sheet") but adjusted by:

          (i) deducting any amount attributable to any mandatorily redeemable
     preference shares redeemable before the Final Maturity Date;

          (ii) deducting any dividend or other distribution proposed, declared
     or made by the Company (except to the extent it has been taken into account
     in the latest balance sheet); and

          (iii) deducting any amount attributable to an upward revaluation of
     assets after the date of the Original Financial Statements or, in the case
     of assets of a company which becomes a member of the Group after that date,
     the date on which that company becomes a member of the Group.

     "Consolidated Total Assets" means, at any time, the total assets of the
Group as of such time determined in accordance with GAAP, after eliminating all
amounts properly attributable to minority interests, if any, in the stock and
surplus of Subsidiaries.

<PAGE>

     "Consolidated Total Borrowings" means, in respect of the Group, at any time
the aggregate of the following liabilities:

          (a) any moneys borrowed;

          (b) any acceptance under any acceptance credit (including any
     dematerialised equivalent);

          (c) any bond, note, debenture, loan stock or other similar instrument;

          (d) any Indebtedness under a finance lease or Capital Lease;

          (e) any moneys owing in connection with the sale or discounting of
     receivables (except to the extent that there is no recourse);

          (f) any amounts attributable to any redeemable preference shares which
     are redeemable before the Final Maturity Date;

          (g) any obligation arising from any deferred payment agreements
     arranged primarily as a method of raising finance or financing the
     acquisition of an asset (excluding the U.S.$70,000,000 (or its equivalent)
     earn out arrangement in connection with the acquisition of Grupo SLi and
     Union S.L.).

          (h) any Indebtedness arising in connection with any other transaction
     (including any forward sale or purchase agreement) which has the commercial
     effect of a borrowing;

          (i) any counter-indemnity obligation in respect of any guarantee,
     indemnity, bond, letter of credit or any other instrument issued by a bank
     or financial institution (but excluding the amount of any letter of credit
     issued in respect of a Local Working Capital Facility); and

          (j) any obligation of any person of a type referred to in the above
     paragraphs which is the subject of a Guaranty, indemnity or similar
     assurance against financial loss given by a member of the Group.

     "Consolidated Total Capitalization" means, at any time, the sum of (i)
Consolidated Net Worth and (ii) Consolidated Total Borrowings.

     "Credit Agreement" means the Agreement dated July 13, 2006 for the Company
and other obligors parties thereto arranged by ABN Amro Bank N.V. and LaSalle
Bank National Association with ABN Amro Bank N.V. as Global Facility Agent among
others as it relates to the Global Facility (as defined therein) (but excluding
the provisions that relate to the South African Facility) as such Agreement is
amended, modified, replaced or refinanced from time to time and Credit Agreement
shall also mean any subsequent credit agreement entered into by the Company,
which is similar to the Credit Agreement.

<PAGE>

     "Default" means an event or condition the occurrence or existence of which
would, with the lapse of time or the giving of notice or both, become an Event
of Default.

     "Default Rate" means that rate of interest that is the greater of (i) 2%
per annum above the rate of interest stated in clause (a) of the first paragraph
of the Notes and (ii) 2% per annum over the rate of interest publicly announced
by ABN Amro Bank NA in New York, New York as its "base" or "prime" rate.

     "disposal" where it relates to a German Obligor includes:

          (i) the entry into an agreement upon a priority notice
     (Auflassungsvormerkung);

          (ii) an agreement on the transfer of title to a property (Auflassung);
     and

          (iii) the partition of its ownership in a property
     (Grundstucksteilung).

     "Disposition" is defined in Section 10.8.

     "Disposition Prepayment Date" is defined in Section 8.9.

     "Disposition Response Date" is defined in Section 8.9.

     "Distribution" includes if a member of the Group (i) declares, makes or
pays any dividend (or interest on any unpaid dividend), charge, fee or other
distribution (whether in cash or in kind) on or in respect of its share capital
(or any class of its share capital); (ii) repays or distributes any dividend or
share premium reserve; or (iii) pays or allows any member of the Group to pay
any management, advisory or other fee to or to the order of the shareholders of
the Company.

     "Dollars" or "$" or "U.S.$" means lawful money of the United States of
America.

     "duly authorized" where it relates to a Dutch Obligor, includes without
limitation:

          (i) any action required to comply with the Works Councils Act of the
     Netherlands (Wet op de ondernemingsraden); and

          (ii) obtaining an unconditional positive advice (advies) from the
     competent works council(s).

     "Dutch Civil Code" means the Burgerlijk Wetboek.

     "Dutch Obligor" means an Obligor incorporated or formed in the Netherlands.

     "Environmental Laws" means any and all Federal, state, local, and foreign
statutes, laws, regulations, ordinances, rules, judgments, orders, decrees,
permits, concessions, grants,

<PAGE>

franchises, licenses, agreements or governmental restrictions relating to
pollution and the protection of the environment or the release of any materials
into the environment, including but not limited to those related to Hazardous
Materials.

     "ERISA" means the Employee Retirement Income Security Act of 1974, as
amended from time to time, and the rules and regulations promulgated thereunder
from time to time in effect.

     "ERISA Affiliate" means any trade or business (whether or not incorporated)
that is treated as a single employer together with any Obligor under section 414
of the Code.

     "Event of Default" is defined in Section 11.

     "Exchange Act" means the Securities Exchange Act of 1934, as amended.

     "Financing Agreements" means the Notes, this Agreement and the Subsidiary
Guarantee Agreement in each case, as amended, restated, modified or supplemented
from time to time.

     "Final Maturity Date" means July 13, 2011.

     "financial assistance" where it relates to a Dutch Obligor means any act
contemplated by:

          (i) (for a besloten vennootschap) Article 2:207(c) of the Dutch Civil
     Code; or

          (ii) (for a naamloze vennootschap) Article 2:98(c) of the Dutch Civil
     Code.

     "Form 10-K" is defined in Section 7.1(b).

     "Form 10-Q" is defined in Section 7.1(a).

     "French Commercial Code" means the Code de Commerce.

     "French Obligor" means an Obligor incorporated or formed in France.

     "GAAP" means generally accepted accounting principles as in effect from
time to time in the United States.

     "Governmental Authority" means

          (a) the government of

               (i) the United States of America or any Applicable Jurisdiction
          or any State or other political subdivision of either thereof, or

<PAGE>

               (ii) any other jurisdiction in which any Obligor or any
          Subsidiary conducts all or any part of its business, or which asserts
          jurisdiction over any properties of any Obligor or any Subsidiary, or

     any entity exercising executive, legislative, judicial, regulatory or
     administrative functions of, or pertaining to, any such government.

     "Gross Assets" means gross assets which are not subject to any Lien.

     "Group" means the Company and its Subsidiaries.

     "guarantee" where it relates to a French Obligor includes any
cautionnement, aval and any garantie which is independent from the debt to which
it relates.

     "Guaranty" means, with respect to any Person, any obligation (except the
endorsement in the ordinary course of business of negotiable instruments for
deposit or collection) of such Person guaranteeing or in effect guaranteeing any
indebtedness, dividend or other obligation of any other Person in any manner,
whether directly or indirectly, including (without limitation) obligations
incurred through an agreement, contingent or otherwise, by such Person:

          (a) to purchase such indebtedness or obligation or any property
     constituting security therefor;

          (b) to advance or supply funds (i) for the purchase or payment of such
     indebtedness or obligation, or (ii) to maintain any working capital or
     other balance sheet condition or any income statement condition of any
     other Person or otherwise to advance or make available funds for the
     purchase or payment of such indebtedness or obligation;

          (c) to lease properties or to purchase properties or services
     primarily for the purpose of assuring the owner of such indebtedness or
     obligation of the ability of any other Person to make payment of the
     indebtedness or obligation; or

          (d) otherwise to assure the owner of such indebtedness or obligation
     against loss in respect thereof.

In any computation of the indebtedness or other liabilities of the obligor under
any Guaranty, the indebtedness or other obligations that are the subject of such
Guaranty shall be assumed to be direct obligations of such obligor.

     "Hazardous Material" means any and all pollutants, toxic or hazardous
wastes or other substances that pose a hazard to health and safety, the removal
of which is required or the generation, manufacture, refining, production,
processing, treatment, storage, handling, transportation, transfer, use,
disposal, release, discharge, spillage, seepage or filtration of which is or
shall be restricted, prohibited or penalized by any applicable law, including,
without limitation, asbestos, urea formaldehyde foam insulation, polychlorinated
biphenyls, petroleum,

<PAGE>

petroleum products, lead based paint, radon gas or similar restricted,
prohibited or penalized substances.

     "holder" means, with respect to any Note the Person in whose name such Note
is registered in the register maintained by the Company pursuant to Section
14.1.

     "inability to pay its debts" where it relates to a French Obligor includes
that person being in a state of cessation des paiements.

     "inability to pay its debts" where it relates to a German Obligor includes
that person being in a state of Zahlungsunfahigkeit or being overindebted
(Uberschuldung) or being at risk of being unable to pay its debts as they fall
due (drohende Zahlungsunfahigkeit) all within the meaning of Section 17-Section
19 (each inclusive) German Insolvency Code.

     "Indebtedness" with respect to any Person means, at any time, without
duplication,

          (a) its liabilities for borrowed money and its redemption obligations
     in respect of mandatorily redeemable Preferred Stock;

          (b) its liabilities for the deferred purchase price of property
     acquired by such Person (excluding accounts payable arising in the ordinary
     course of business but including all liabilities created or arising under
     any conditional sale or other title retention agreement with respect to any
     such property);

          (c) (i) all liabilities appearing on its balance sheet in accordance
     with GAAP in respect of Capital Leases and (ii) all liabilities which would
     appear on its balance sheet in accordance with GAAP in respect of Synthetic
     Leases assuming such Synthetic Leases were accounted for as Capital Leases;

          (d) all liabilities for borrowed money secured by any Lien with
     respect to any property owned by such Person (whether or not it has assumed
     or otherwise become liable for such liabilities);

          (e) all its liabilities in respect of letters of credit or instruments
     serving a similar function issued or accepted for its account by banks and
     other financial institutions (whether or not representing obligations for
     borrowed money); and

          (f) any Guaranty of such Person with respect to liabilities of a type
     described in any of clauses (a) through (e) hereof.

Indebtedness of any Person shall include all obligations of such Person of the
character described in clauses (a) through (f) to the extent such Person remains
legally liable in respect thereof notwithstanding that any such obligation is
deemed to be extinguished under GAAP.

     "insolvent" where it relates to a German Obligor includes an imminent
inability to pay debts as they fall due (drohende Zahlungsunfahigkeit) and
overindebtedness (Uberschuldung).

<PAGE>

     "Institutional Investor" means (a) any Purchaser of a Note, (b) any holder
of a Note holding (together with one or more of its affiliates) more than
U.S.$2,000,000 of the aggregate principal amount of the Notes then outstanding,
(c) any bank, trust company, savings and loan association or other financial
institution, any pension plan, any investment company, any insurance company,
any broker or dealer, or any other similar financial institution or entity,
regardless of legal form, and (d) any Related Fund of any holder of any Note.

     "Joinder Agreement" is defined in Section 9.10.

     "Joint Venture" means any joint venture entity, partnership or similar
person, the ownership of or other interest in which does not require any member
of the Group to consolidate the results of such person with their own as a
Subsidiary.

     "lease" where it relates to a French Obligor includes an operation de
credit-bail.

     "Lien" means, with respect to any Person, any mortgage, lien, pledge,
charge, security interest or other encumbrance, or any interest or title of any
vendor, lessor, lender or other secured party to or of such Person under any
conditional sale or other title retention agreement or Capital Lease, upon or
with respect to any property or asset of such Person (including in the case of
stock, stockholder agreements, voting trust agreements and all similar
arrangements).

     "Lien" where it relates to a Dutch Obligor includes any mortgage
(hypotheek), pledge (pandrecht), retention of title arrangement
(eigendomsvoorbehoud), privilege (voorrecht), right of retention (recht van
retentie), right to reclaim goods (recht van reclame), and, in general, any
right in rem (beperkte recht), created for the purpose of granting security
(goederenrechtelijk zekerheidsrecht).

     "Lien" where it relates to a French Obligor includes any type of security
(surete reelle) and transfer by way of security.

     "Local Working Capital Facility" means any local working capital facility
entered into by a member of the Group in any jurisdiction under which that
member of the Group is provided with, among other things, bilateral facilities,
cash overdraft, FX hedging facilities and letter of credit and/or guarantee
facilities, in each case, for working capital purposes.

     "Make-Whole Amount" is defined in Section 8.8.

     "Material" means material in relation to the business, operations, affairs,
financial condition, assets or properties of the Company and its Subsidiaries
taken as a whole.

     "Material Adverse Effect" means a material adverse effect on (a) the
business, operations, affairs, financial condition, assets or properties of the
Company and its Subsidiaries taken as a whole, or (b) the ability of any Obligor
to perform its obligations under any Financing Agreement, or (c) the validity or
enforceability of any Financing Agreement.

<PAGE>

     "Measurement Period" means a period of 12 months ending on the last day of
a financial quarter year of the Company.

     "Memorandum" is defined in Section 5.3.

     "Modified Make-Whole Amount" is defined in Section 8.8.

     "moratorium" where it relates to a Dutch Obligor includes surseance van
betaling and "granted a moratorium" includes surseance verleend.

     "Multiemployer Plan" means any Plan that is a "multiemployer plan" (as such
term is defined in section 4001(a)(3) of ERISA).

     "NAIC" means the National Association of Insurance Commissioners or any
successor thereto.

     "Non-U.S. Plan" means any plan, fund or other similar program that (a) is
established or maintained outside the United States of America by any Obligor or
any Subsidiary primarily for the benefit of employees of such Obligor or one or
more Subsidiaries residing outside the United States of America, which plan,
fund or other similar program provides, or results in, retirement income, a
deferral of income in contemplation of retirement or payments to be made upon
termination of employment, and (b) is not subject to ERISA or the Code.

     "Notes" is defined in Section 1.

     "Obligors" means the Company and the Subsidiary Guarantors.

     "Officer's Certificate" means a certificate of a Senior Financial Officer
or of any other officer of the Company or any other applicable Obligor, as the
context indicates, whose responsibilities extend to the subject matter of such
certificate.

     "Original Financial Statements" means the Form 10-K of the Company for the
fiscal year ended January 31, 2006.

     "PBGC" means the Pension Benefit Guaranty Corporation referred to and
defined in ERISA or any successor thereto.

     "Permitted Earnout Arrangements" is defined in Section 5.15.

     "Permitted Jurisdiction" means (a) the United States of America, (b) the
British Virgin Islands and (c) any other country that on the April 30, 2004 was
a member of the European Union (other than Greece or Turkey).

     "Person" means an individual, partnership, corporation, limited liability
company, association, trust, unincorporated organization, business entity or
Governmental Authority.

<PAGE>

     "Plan" means an "employee benefit plan" (as defined in section 3(3) of
ERISA) subject to Title I of ERISA that is or, within the preceding five years,
has been established or maintained, or to which contributions are or, within the
preceding five years, have been made or required to be made, by any Obligor or
any ERISA Affiliate or with respect to which such Obligor or any ERISA Affiliate
may have any liability.

     "Preferred Stock" means any class of capital stock of a Person that is
preferred over any other class of capital stock (or similar equity interests) of
such Person as to the payment of dividends or the payment of any amount upon
liquidation or dissolution of such Person.

     "Pre-taxation Profits" means net income adding back minority interest
expense and provision for income tax.

     "Priority Debt" means the sum, without duplication, of (i) Indebtedness of
the Company or any Subsidiary secured by Liens not otherwise permitted by
clauses (a) through (n) of Section 10.5; and (ii) all other Indebtedness of all
Subsidiaries not otherwise permitted pursuant to clauses (a) through (j) of
Section 10.6.

     "property" or "properties" means, unless otherwise specifically limited,
real or personal property of any kind, tangible or intangible, choate or
inchoate.

     "PTE" means a Prohibited Transaction Exemption issued by the Department of
Labor.

     "Purchaser" is defined in the first paragraph of this Agreement.

     "Pyramid Freight" means Pyramid Freight BVI and Pyramid Freight, South
Africa.

     "Pyramid Freight BVI" means Pyramid Freight (Proprietary) Limited a company
incorporated with limited liability in the British Virgin Islands with company
number 530960 (excluding Pyramid Freight, South Africa).

     "Pyramid Freight Debt" means a principal amount not exceeding South African
Rand 898,725,000 owing by Pyramid Freight, South Africa to Pyramid Freight BVI,
and any interest or other liability (actual or contingent) payable in connection
with that amount.

     "Pyramid Freight Loan Agreements" means the Loan Agreements as defined in
the Cession in Security Agreement.

     "Pyramid Freight, South Africa" means Pyramid Freight (Proprietary)
Limited, South Africa branch, a branch of Pyramid Freight BVI with company
number 1987/003687/10 in respect only of its operations in South Africa.

     "Qualified Institutional Buyer" means any Person who is a "qualified
institutional buyer" within the meaning of such term as set forth in Rule
144A(a)(1) under the Securities Act.

<PAGE>

     "receiver" or "administrator" where it relates to a French Obligor includes
an administrateur judiciaire, administrateur provisoire, mandataire ad hoc,
conciliateur and mandataire liquidateur.

     "receiver" or "administrator" where it relates to a German Obligor includes
an Insolvenzverwalter or creditor's trustee (Sachwalter).

     "reconstruction" where it relates to a French Obligor includes any
contribution of part of its business in consideration of shares (apport partiel
d'actifs) and any demerger (scission) implemented in accordance with Articles
L.236-1 to L.236-24 of the French Commercial Code.

     "Refinance" means, in respect of any security or Indebtedness, to
refinance, extend, renew, refund, repay, prepay, redeem, defease or retire, or
to issue a security or Indebtedness in exchange or replacement for, such
security or Indebtedness in whole or in part. "Refinanced" and "Refinancing"
shall have correlative meanings.

     "Refinancing Indebtedness" means any Refinancing by the Company or any
Subsidiary of the Indebtedness incurred in accordance with Section 10.6 (other
than pursuant to clause (a), (d), (e) or (h) of Section 10.6) in each case that
does not:

          (1) result in an increase in the aggregate principal amount of
     Indebtedness of such Person as of the date of such proposed Refinancing
     (plus the amount of any fees and premium required to be paid under the
     terms of the instrument governing such Indebtedness and plus the amount of
     reasonable expenses incurred by the Company or any Subsidiary Guarantor in
     connection with such Refinancing) (except to the extent such increases are
     otherwise permitted pursuant to Section 10.6(k)); or

          (2) if the Indebtedness being refinanced is Subordinated Indebtedness,
     create Indebtedness with a final maturity earlier than the final maturity
     of the Indebtedness being Refinanced (or, if shorter, the final stated
     maturity of the Notes); provided that (a) if such Subordinated Indebtedness
     being Refinanced is Indebtedness solely of the Company or a Subsidiary
     Guarantor, then such Refinancing Indebtedness shall be Indebtedness solely
     of the Company or such Subsidiary Guarantor and (b) such Refinancing
     Indebtedness shall be subordinate to the Notes or in the case of any
     Subsidiary Guarantor, such Subsidiary Guarantee Agreement, at least to the
     same extent and in the same manner as the Indebtedness being Refinanced.

     "Related Fund" means, with respect to any holder of any Note, any fund or
entity that (a) invests in securities or bank loans, and (b) is advised or
managed by such holder, the same investment advisor as such holder or by an
affiliate of such holder or such investment advisor.

     "reorganization" where it relates to a German Obligor includes any of the
reorganisations mentioned in Section 1 of the Corporate Transformation Act
(Umwandlungsgesetz).

<PAGE>

     "Required Holders" means, at any time, the holders of at least 51% in
principal amount of the Notes at the time outstanding (exclusive of Notes then
owned by the Company or any of its Affiliates).

     "Responsible Officer" means any Senior Financial Officer and any other
officer or director of the Company or another applicable Obligor, as the context
indicates, with responsibility for the administration of the relevant portion of
this Agreement.

     "SEC" shall mean the Securities and Exchange Commission of the United
States, or any successor thereto.

     "Securities Act" means the Securities Act of 1933, as amended from time to
time, and the rules and regulations promulgated thereunder from time to time in
effect.

     "Senior Financial Officer" means the chief financial officer, principal
accounting officer, treasurer or comptroller of the Company, or another
applicable Obligor, as the context indicates.

     "Senior Indebtedness" means and includes all Indebtedness of the Company,
or any Subsidiary owing to any Person that is not a Subsidiary or Affiliate and
which is not expressed to be junior or subordinate to any other Indebtedness of
the Company or Subsidiary except for Indebtedness of a member of the South
African Group or Pyramid Freight BVI.

     "Significant Subsidiary" means any Subsidiary that would be a "Significant
Subsidiary" of any Obligor within the meaning of Regulation S-X promulgated
under by the SEC and in any event shall include each Subsidiary Guarantor.

     "South African Facility" means the revolving credit facility dated as of
July 13, 2006 made available to any member of the South African Group as such
agreement is amended, modified, replaced or refinanced from time to time and
shall also mean any subsequent credit facility that is similar to the South
African Facility made available to any member of the South African Group.

     "South African Group" means Pyramid Freight South Africa and each South
African Subsidiary.

     "South African Rand" means the lawful currency of South Africa.

     "South African Subsidiary" means any member of the Group incorporated in
South Africa.

     "South African Subordination Agreement" means Section 25.16 of the Credit
Agreement and any related definitions in the Credit Agreement.

     "Spanish Obligor" means an Obligor incorporated or formed in Spain.

<PAGE>

     "Subordinated Indebtedness" means Indebtedness of the Company or any
Subsidiary Guarantor that is by its express terms subordinated in right of
payment to the Notes or the Guaranty of such Subsidiary Guarantor, as the case
may be.

     "Subsidiary" means, as to any Person, any other Person in which such first
Person or one or more of its Subsidiaries or such first Person and one or more
of its Subsidiaries owns sufficient equity or voting interests to enable it or
them (as a group) ordinarily, in the absence of contingencies, to elect a
majority of the directors (or Persons performing similar functions) of such
second Person, and any partnership or joint venture if more than a 50% interest
in the profits or capital thereof is owned by such first Person or one or more
of its Subsidiaries or such first Person and one or more of its Subsidiaries
(unless such partnership can and does ordinarily take major business actions
without the prior approval of such Person or one or more of its Subsidiaries).
Unless the context otherwise clearly requires, any reference to a "Subsidiary"
is a reference to a Subsidiary of the Company.

     "Subsidiary Guarantee Agreement" means the subsidiary guarantee agreement
contained in Section 23 (and any and all supplements or joinders thereto) and
executed by each Subsidiary Guarantor, as amended, restated, supplemented or
otherwise modified from time to time.

     "Subsidiary Guarantor" means (x):

          (i) UTi (Aust) Pty Limited, ABN 48 006 734 747, a company incorporated
     in Australia,

          (ii) UTi Africa Services Limited, an international business company
     incorporated under the laws of the British Virgin Islands,

          (iii) Unigistix Inc, a corporation formed under the laws of New
     Brunswick,

          (iv) UTi, Canada, Inc., a corporation formed under the laws of Canada,

          (v) Commerce Customs Brokers & Freight Forwarders Ltd., a corporation
     formed under the laws of Ontario,

          (vi) W. J. Bondy Customs Brokers Limited, a corporation formed under
     the laws of Ontario,

          (vii) Ambassador Brokerage Limited, a corporation formed under the
     laws of Ontario,

          (viii) UTi France S.A.R.L., a corporation formed under the laws of
     France,

          (ix) UTi Deutschland GmbH, a corporation formed under the laws of
     Germany,

          (x) UTi (HK) Ltd., a corporation formed under the laws of Hong Kong,

<PAGE>

          (xi) UTi Nederland B.V., a corporation formed under the laws of the
     Netherlands,

          (xii) Servicios Logisticos Integrados SLI, S.A., a corporation formed
     under the laws of Spain,

          (xiii) Union de Servicios Logisticos Integrados, S.A., a corporation
     formed under the laws of Spain,

          (xiv) UTi (Taiwan) Limited, a corporation formed under the laws of
     Taiwan,

          (xv) UTi Worldwide (UK) Limited, a corporation formed under the laws
     of the United Kingdom,

          (xvi) UTi, (U.S.) Holdings, Inc, a corporation formed under the laws
     of Delaware,

          (xvii) UTi, United States, Inc., a corporation formed under the laws
     of New York,

          (xviii) UTi, Services, Inc., a corporation formed under the laws of
     California,

          (xix) UTi Brokerage, Inc., a corporation formed under the laws of
     California,

          (xx) UTi Logistics, Inc., a corporation formed under the laws of
     Delaware,

          (xxi) UTi (U.S.) Logistics Holdings Inc., a corporation formed under
     the laws of Delaware;

          (xxii) Vanguard Cargo Systems, Inc., a corporation formed under the
     laws of New York,

          (xxiii) UTi, Integrated Logistics, Inc., a corporation formed under
     the laws of South Carolina,

          (xxiv) Market Industries, Ltd., a corporation formed under the laws of
     Oregon,

          (xxv) Market Transport, Ltd, a corporation formed under the laws of
     Oregon,

          (xxvi) Triple Express, Inc., a corporation formed under the laws of
     Oregon,

          (xxvii) In Transit, Inc., a corporation formed under the laws of
     Oregon,

          (xxviii) Market Logistics Services, Ltd., a corporation formed under
     the laws of Oregon,

<PAGE>

          (xxix) Market Logistics Brokerage, Ltd., a corporation formed under
     the laws of Oregon,

          (xxx) Sammons Transportation, Inc. a corporation formed under the laws
     of Montana,

          (xxxi) Lake States Trucking, Inc. a corporation formed under the laws
     of Indiana,

          (xxxii) United Express, Ltd. a corporation formed under the laws of
     Oregon,

          (xxxiii) African Investments B.V., a private limited liability company
     formed under the laws of the Netherlands,

          (xxxiv) UTi Asia Pacific Limited, an international business company
     incorporated under the laws of the British Virgin Islands,

          (xxxv) Goddard Company Limited, an international business company
     incorporated formed under the laws of the British Virgin Islands,

          (xxxvi) UTi International Inc., an international business company
     incorporated formed under the laws of the British Virgin Islands,

          (xxxvii) UTi (N.A.) Holdings N.V., a corporation formed under the laws
     of Netherlands Antilles,

          (xxxviii) UTi (Netherlands) Holdings B.V., a private limited company
     formed under the laws of the Netherlands and

          (xxxix) Pyramid Freight (Proprietary) Limited, an international
     business company incorporated under the laws of the British Virgin Islands
     with company number 530960 (provided that Pyramid Freight BVI is only a
     Subsidiary Guarantor in respect of assets that are not located in South
     Africa), and

     (y) each other Subsidiary which has executed and delivered a Joinder
Agreement pursuant to Section 9.10.

     "SVO" means the Securities Valuation Office of the NAIC or any successor to
such Office.

     "Synthetic Lease" means, at any time, any lease (including leases that may
be terminated by the lessee at any time) of any property (a) that is accounted
for as an operating lease under GAAP and (b) in respect of which the lessee
retains or obtains ownership of the property so leased for income tax purposes,
other than any such lease under which such Person is the lessor.

     "Taiwan Guarantor" means a Subsidiary Guarantor incorporated or formed in
Taiwan.

<PAGE>

     "Tax" means any tax (whether income, documentary, sales, stamp,
registration, issue, capital, property, excise or otherwise), duty, assessment,
levy, impost, fee, compulsory loan, charge or withholding.

     "Taxing Jurisdiction" is defined in Section 13.

     "Threshold CNW Amount" is defined in Section 10.2.

     "trustee" related to a bankruptcy of a Dutch Obligor includes a curator.

     "U.S. Guarantor" means any Subsidiary Guarantor that is incorporated or
organized under the laws of the United States of America or any State of the
United States of America (including the District of Colombia) or that resides or
has a domicile, a place of business or property in the United States of America.

     "USA Patriot Act" means United States Public Law 107-56, Uniting and
Strengthening America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, as amended from time to time,
and the rules and regulations promulgated thereunder from time to time in
effect.

     "Wholly-Owned Subsidiary" means, as to any Person, at any time, any
Subsidiary one hundred percent of all of the equity interests (except directors'
qualifying shares) and voting interests of which are owned by any one or more of
such Person and such Person's other Wholly-Owned Subsidiaries at such time.
Unless the context otherwise requires, any reference to a "Wholly-Owned
Subsidiary" is a reference to a Wholly-Owned Subsidiary of the Company.

     "Winding-up, Administraton or Disolution" where it relates to a French
Obligor includes a redressement judiciaire, cession totale de l'enterprise or
liquidation judiciaire or a procedure de sauvegade unde Livre Sixiene of the
French Commercial Code.<PAGE>

                                                                    EXHIBIT 10.2

                                                               EXECUTION VERSION

                                    AGREEMENT

                               DATED 13 JULY, 2006

                                 US$250,000,000

                                 CREDIT FACILITY

                                       FOR

                               UTI WORLDWIDE INC.

                                   ARRANGED BY

                               ABN AMRO BANK N.V.

                                       and

                        LASALLE BANK NATIONAL ASSOCIATION

                                      with

                   ABN AMRO BANK N.V. as Global Facility Agent

                                       and

 NEDBANK CAPITAL, a division of NEDBANK LIMITED as South African Facility Agent

                              (ALLEN & OVERY LOGO)

                                ALLEN & OVERY LLP

<PAGE>

                                    CONTENTS
<TABLE>
<CAPTION>
CLAUSE                                                                      PAGE
------                                                                      ----
<S>                                                                         <C>
1.       Interpretation..................................................      1
2.       Facilities......................................................     23
3.       Purpose.........................................................     23
4.       Conditions Precedent............................................     24
5.       Utilisation.....................................................     25
6.       Utilisation - Swingline Loans...................................     27
7.       Swingline Loans.................................................     28
8.       Utilisation - Letters of Credit.................................     30
9.       Letters of Credit...............................................     33
10.      Optional Currencies.............................................     38
11.      Repayment.......................................................     40
12.      Prepayment and Cancellation.....................................     40
13.      Interest........................................................     48
14.      Terms...........................................................     50
15.      Market Disruption...............................................     51
16.      Taxes...........................................................     52
17.      Increased Costs.................................................     55
18.      Mitigation......................................................     56
19.      Payments........................................................     57
20.      Guarantee and Indemnity - Global Facility.......................     61
21.      Guarantee and Indemnity - South African Facility................     68
22.      Representations and Warranties..................................     71
23.      Information Covenants...........................................     79
24.      Financial Covenants.............................................     82
25.      General Covenants...............................................     87
26.      Default.........................................................    101
27.      South African Cession...........................................    107
28.      The Administrative Parties......................................    110
29.      Evidence and Calculations.......................................    116
30.      Fees............................................................    116
31.      Indemnities and Break Costs.....................................    117
32.      Expenses........................................................    119
33.      Amendments and Waivers..........................................    120
34.      Changes to the Parties..........................................    122
35.      Disclosure of Information.......................................    128
36.      Set-off.........................................................    129
37.      Pro rata Sharing - Global Facility..............................    129
38.      Pro rata Sharing - South African Facility.......................    129
39.      Severability....................................................    132
40.      Counterparts....................................................    132
41.      Notices.........................................................    132
42.      Language........................................................    135
43.      Governing Law...................................................    136
44.      Enforcement.....................................................    136
45.      Formalities.....................................................    137
46.      USA Patriot Act.................................................    138
47.      Complete Agreement..............................................    138
</TABLE>

                                       2
<PAGE>

THIS AGREEMENT is dated 13 July, 2006

BETWEEN:

(1)  UTI WORLDWIDE INC. an international business company incorporated under the
     laws of the British Virgin Islands with IBC No. 141257 (the COMPANY);

(2)  THE SUBSIDIARIES OF THE COMPANY listed in Schedule 1 (Original Parties) as
     original borrowers under the Global Facility (in this capacity the ORIGINAL
     GLOBAL BORROWERS);

(3)  THE SUBSIDIARIES OF THE COMPANY listed in Schedule 1 (Original Parties) as
     original borrowers under the South African Facility (in this capacity the
     ORIGINAL SOUTH AFRICAN BORROWERS);

(4)  THE SUBSIDIARIES OF THE COMPANY listed in Schedule 1 (Original Parties) as
     original guarantors of the Global Facility (in this capacity the ORIGINAL
     GLOBAL GUARANTORS);

(5)  THE SUBSIDIARIES OF THE COMPANY listed in Schedule 1 (Original Parties) as
     original guarantors of the South African Facility (in this capacity the
     ORIGINAL SOUTH AFRICAN GUARANTORS);

(6)  ABN AMRO BANK N.V. AND LASALLE BANK NATIONAL ASSOCIATION as mandated lead
     arrangers (in this capacity the MANDATED LEAD ARRANGERS);

(7)  THE FINANCIAL INSTITUTIONS listed in Schedule 1 (Original Parties) as
     original lenders (the ORIGINAL LENDERS);

(8)  ABN AMRO BANK N.V., LONDON BRANCH as issuing bank under the Global Facility
     (in this capacity the GLOBAL ISSUING BANK);

(9)  NEDBANK CORPORATE, a division of NEDBANK LIMITED as issuing bank under the
     South African Facility (in this capacity the SOUTH AFRICAN ISSUING BANK);

(10) LASALLE BANK NATIONAL ASSOCIATION as swingline agent (in this capacity the
     SWINGLINE AGENT);

(11) ABN AMRO BANK N.V. as global facility agent (in this capacity the GLOBAL
     FACILITY AGENT);

(12) NEDBANK CAPITAL, a division of NEDBANK LIMITED as South African facility
     agent (in this capacity the SOUTH AFRICAN FACILITY AGENT); and

(13) ABN AMRO BANK N.V. as coordinating facility agent (in this capacity the
     COORDINATING FACILITY AGENT).

IT IS AGREED as follows:

1.   INTERPRETATION

1.1  DEFINITIONS

     In this Agreement:

                                       1

<PAGE>

     ACCESSION AGREEMENT means a letter, substantially in the form of Schedule 7
     (Form of Accession Agreement), with such amendments as the relevant
     Facility Agent and the Company may agree.

     ADDITIONAL BORROWER means a member of the Group which becomes a Borrower
     after the date of this Agreement.

     ADDITIONAL GUARANTOR means a member of the Group which becomes a Guarantor
     after the date of this Agreement.

     ADDITIONAL OBLIGOR means an Additional Borrower or an Additional Guarantor.

     ADMINISTRATIVE PARTY means a Mandated Lead Arranger, an Issuing Bank, the
     Swingline Agent or a Facility Agent.

     AFFILIATE means a Subsidiary or a Holding Company of a person or any other
     Subsidiary of that Holding Company.

     AGENT means a Facility Agent or the Swingline Agent.

     APPROVED LETTER OF CREDIT BENEFICIARY means, in respect of a Letter of
     Credit:

     (a)  any Lender or Affiliate of a Lender which is the provider of a Local
          Working Capital Facility;

     (b)  in respect of a Letter of Credit which is not being issued in support
          of a Local Working Capital Facility, any person existing in any OECD
          Member State or any country in which, as at the date of this
          Agreement, a member of the Group is incorporated and carrying on
          business; or

     (c)  any other beneficiary approved by the Lenders under the relevant
          Facility.

     AVAILABILITY PERIOD means the period from and including the date of this
     Agreement to and including the Final Maturity Date.

     BORROWER means a Global Borrower or a South African Borrower.

     BORROWER'S TAX JURISDICTION means the jurisdiction in which a Borrower is
     resident for Tax purposes.

     BREAK COSTS means the amount (if any) which a Lender is entitled to receive
     under Clause 31.4 (Break Costs).

     BUSINESS DAY means a Global Business Day or a South African Business Day as
     the context requires.

     CAPITAL LEASE means, with respect to any person, any lease of (or other
     agreement conveying the right to use) any real or personal property by such
     person that, in conformity with generally accepted accounting principles in
     the jurisdiction of that person or US GAAP, is accounted for as a capital
     lease on the balance sheet of such person.

     CASH OR CASH EQUIVALENTS means, at any time:

     (a)  cash in hand or on deposit with any acceptable bank;

                                       2

<PAGE>

     (b)  certificates of deposit, maturing within one year after the relevant
          date of calculation, issued by an acceptable bank;

     (c)  any investment in marketable obligations issued or guaranteed by the
          government of the United States of America, the U.K. or any member
          state of the European Economic Area or by an instrumentality or agency
          of any of them having an equivalent credit rating which:

          (i)  matures within one year after the date of the relevant
               calculation; and

          (ii) is not convertible to any other security;

     (d)  open market commercial paper not convertible to any other security:

          (i)  for which a recognised trading market exists;

          (ii) issued in the United States of America, the U.K. or any member
               state of the European Economic Area;

          (iii) which matures within one year after the relevant date of
               calculation; and

          (iv) which has a credit rating of either A-1 by S&P or Fitch or P-1 by
               Moody's, or, if no rating is available in respect of the
               commercial paper, the issuer of which has, in respect of its
               long-term unsecured and non-credit enhanced debt obligations, an
               equivalent rating;

     (e)  Sterling bills of exchange eligible for rediscount at the Bank of
          England and accepted by an acceptable bank (or any dematerialised
          equivalent);

     (f)  investments accessible within 30 days in money market funds which:

          (i)  have a credit rating of either A-1 or higher by S&P or Fitch or
               P-1 or higher by Moody's; and

          (ii) invest substantially all their assets in securities of the types
               described in paragraphs (b) to (e) above; or

     (g)  any other debt, security or investment approved by the Majority
          Lenders,

     in each case, to which any member of the Group is beneficially entitled at
     that time. For this purpose an ACCEPTABLE BANK is a commercial bank or
     trust company, which is either a Lender or an Affiliate of a Lender, or
     which has a rating of A or higher by S&P or Fitch or A2 or higher by
     Moody's or a comparable rating from a nationally recognised credit rating
     agency for its long-term unsecured and non-credit enhanced debt obligations
     or has been approved by the Majority Lenders.

     CASS means Cargo Settlement Systems of Cargo Network Services Corp, a
     subsidiary of International Air Transport Association.

     CESSION IN SECURITY AGREEMENT means the cession in security agreement
     between Pyramid Freight. South Africa and the South African Facility Agent
     to secure the obligations of the South African Obligors under the South
     African Facility.

     CASS AGREEMENT means the Cargo Agency and Authorized Intermediary
     Agreement, dated 31 December, 2001 between CASS and UTi, United States,
     Inc.

                                       3

<PAGE>

     CHICAGO BUSINESS DAY has the meaning given to it in Subclause 6.1
     (General).

     CODE means the United States Internal Revenue Code of 1986 as amended from
     time to time.

     COMMITMENT means a Commitment, as so designated, of a Lender under a
     particular Facility.

     COMPLIANCE CERTIFICATE means a certificate substantially in the form of
     Schedule 6 (Form of Compliance Certificate) setting out, among other
     things, calculations of the financial covenants.

     CONTROLLED GROUP means all members of a controlled group of corporations,
     all members of a controlled group of trades or businesses (whether or not
     incorporated) under common control and all members of an affiliated service
     group which, together with any member of the Group, are treated as a single
     employer under Section 414 of the Code or Section 4001 of ERISA.

     CREDIT means a Loan or a Letter of Credit.

     CUSTOMS GUARANTEE means customs (or similar) guarantee issued in South
     Africa or Canada.

     DEFAULT means:

     (a)  an Event of Default; or

     (b)  an event or circumstance which may be (with the expiry of a grace
          period, the giving of notice or the making of any determination under
          the Finance Documents or any combination of them) an Event of Default.

     DUTCH BORROWER means a Global Borrower incorporated in the Netherlands.

     DUTCH OBLIGOR means an Obligor incorporated in the Netherlands.

     DUTCH BANKING ACT means the Dutch Act on the Supervision of the Credit
     System 1992 (Wet toezicht Kredietwezen 1992).

     DUTCH CIVIL CODE means the Burgerlijk Wetboek.

     DUTCH EXEMPTION REGULATION means the Exemption Regulation of the Minister
     of Finance (Vrijstellingsregeling WtK 1992).

     ENVIRONMENTAL APPROVAL means any authorisation and the filing of any
     notification, report or assessment required under any Environmental Law for
     the operation of the business of any member of the Group conducted on or
     from properties owned or used by any member of the Group.

     ENVIRONMENTAL CLAIM means any claim, proceeding, formal notice or
     investigation by any person in respect of any Environmental Law.

     ENVIRONMENTAL LAW means any applicable law or regulation which relates to:

     (a)  the pollution or protection of the environment;

     (b)  the harm to or the protection of human health;

     (c)  the conditions of the workplace; or

                                       4

<PAGE>

     (d)  any emission or substance capable of causing harm to any living
          organism or the environment.

     ERISA means the United States Employee Retirement Income Security Act of
     1974 as amended from time to time and the regulations promulgated and the
     rulings issued thereunder.

     EURIBOR means for a Term of any Loan or overdue amount denominated in euro:

     (a)  the applicable Screen Rate; or

     (b)  if no Screen Rate is available for that Term of that Loan or overdue
          amount, the arithmetic mean (rounded upward to four decimal places) of
          the rates as supplied to the Facility Agent at its request quoted by
          the Reference Banks to leading banks in the European interbank market,

     as of 11.00 a.m. (Brussels time) on the Rate Fixing Day for the offering of
     deposits in euro for a period comparable to that Term.

     EURO means the single currency of the Participating Member States.

     EVENT OF DEFAULT means an event specified as such in Clause 26 (Default).

     EXEMPT LENDER means, in relation to a Borrower, a Lender which is
     (otherwise than by reason of being a Treaty Lender or a U.K. Lender) able
     to receive interest from that Borrower without a Tax Deduction imposed by
     the relevant Borrower's Tax Jurisdiction.

     FACILITY means the Global Facility or the South African Facility.

     FACILITY AGENT means the Global Facility Agent, the South African Facility
     Agent or the Coordinating Facility Agent.

     FACILITY OFFICE means the office(s) notified by a Lender to the Facility
     Agent under the Facility under which that Lender is participating:

     (a)  on or before the date it becomes a Lender; or

     (b)  by not less than five relevant Business Days' notice,

     as the office(s) through which it will perform its obligations under this
     Agreement.

     FEE LETTER means any letter entered into by reference to this Agreement
     between one or more Administrative Parties and an Obligor setting out the
     amount of certain fees referred to in this Agreement.

     FINAL MATURITY DATE means the third anniversary of the date of this
     Agreement.

     FINANCE DOCUMENT means:

     (a)  this Agreement;

     (b)  the Cession in Security Agreement;

     (c)  a Fee Letter;

                                       5

<PAGE>

     (d)  the Mandate Letter;

     (e)  a Transfer Certificate;

     (f)  an Accession Agreement;

     (g)  a Resignation Request; or

     (h)  any other document designated as such by the Coordinating Facility
          Agent and the Company.

     FINANCE PARTY means a Lender or an Administrative Party.

     FINANCIAL INDEBTEDNESS means any indebtedness for or in respect of:

     (a)  moneys borrowed;

     (b)  any acceptance credit (including any dematerialised equivalent);

     (c)  any bond, note, debenture, loan stock or other similar instrument;

     (d)  any redeemable preference share;

     (e)  any agreement treated as a finance lease in accordance with generally
          accepted accounting principles in the jurisdiction of incorporation of
          the Company or a Capital Lease;

     (f)  receivables sold or discounted (other than any receivables to the
          extent they are sold on a non-recourse basis);

     (g)  the acquisition cost of any asset or service to the extent payable
          after its acquisition or possession by the party liable where the
          advance or deferred payment:

          (i)  is arranged primarily as a method of raising finance or financing
               the acquisition of that asset or the construction of that asset;
               or

          (ii) involves a period of more than six months before or after the
               date of acquisition or supply;

     (h)  any derivative transaction protecting against or benefiting from
          fluctuations in any rate or price (and, except for non-payment of an
          amount, the then mark to market value of the derivative transaction
          will be used to calculate its amount);

     (i)  any other transaction (including any forward sale or purchase
          agreement) which has the commercial effect of a borrowing;

     (j)  any counter-indemnity obligation in respect of any guarantee,
          indemnity, bond, letter of credit or any other instrument issued by a
          bank or financial institution; or

     (k)  any guarantee, indemnity or similar assurance against financial loss
          of any person in respect of any item referred to in the above
          paragraphs.

     FITCH means Fitch Ratings Limited or any successor to its rating business.

     FRENCH OBLIGOR means an Obligor incorporated in France.

                                       6

<PAGE>

     GLOBAL FACILITY means the revolving credit facility made available to each
     Global Borrower and referred to in Subclause 2.1 (Global Facility).

     GLOBAL BORROWER means the Company, an Original Global Borrower or an
     Additional Borrower who accedes as a borrower under the Global Facility.

     GLOBAL BUSINESS DAY means a day (other than a Saturday or a Sunday) on
     which banks are open for general business in Chicago and London and:

     (a)  if on that day a payment in or a purchase of a currency (other than
          euro) is to be made, the principal financial centre of the country of
          that currency; or

     (b)  if on that day a payment in or a purchase of euro is to be made, which
          is also a TARGET Day.

     GLOBAL FACILITY COMMITMENT means:

     (a)  for an Original Lender, the amount set opposite its name in Schedule 1
          (Original Parties) under the heading GLOBAL FACILITY COMMITMENTS and
          the amount of any other Global Facility Commitment it acquires; and

     (b)  for any other Lender, the amount of any Global Facility Commitment it
          acquires,

     to the extent not cancelled, transferred or reduced under this Agreement.

     GLOBAL GROUP means the Company and its Subsidiaries (but excluding Pyramid
     Freight, South Africa and any South African Subsidiary).

     GLOBAL GUARANTOR means an Original Global Guarantor (provided that Pyramid
     Freight BVI is only a Global Guarantor in respect of its assets that are
     not located in South Africa) or an Additional Guarantor who accedes as a
     guarantor of the Global Facility.

     GLOBAL LENDER means, at any time, each of the Lenders under the Global
     Facility.

     GLOBAL LETTER OF CREDIT means a Letter of Credit issued by the Global
     Issuing Bank under the Global Facility.

     GLOBAL LOAN means, unless otherwise stated in this Agreement, the principal
     amount of each borrowing under this Agreement under the Global Facility or
     the principal amount outstanding of that borrowing.

     GLOBAL MAJORITY LENDERS means, at any time, Lenders under the Global
     Facility:

     (a)  whose share in the outstanding Credits under the Global Facility and
          whose undrawn Global Facility Commitments then aggregate 66 2/3 per
          cent. or more of the aggregate of all the outstanding Credits under
          the Global Facility and the undrawn Global Facility Commitments of all
          the Lenders;

     (b)  if there is no Credit under the Global Facility then outstanding,
          whose undrawn Global Facility Commitments then aggregate 66 2/3 per
          cent. or more of the Total Global Facility Commitments; or

                                       7

<PAGE>

     (c)  if there is no Credit under the Global Facility then outstanding and
          the Total Global Facility Commitments have been reduced to zero, whose
          Global Facility Commitments aggregated 66 2/3 per cent. or more of the
          Total Global Commitments immediately before the reduction.

     GROUP means the Company and its Subsidiaries.

     GUARANTOR means a Global Guarantor or a South African Guarantor.

     HOLDING COMPANY of any other person, means a company in respect of which
     that other person is a Subsidiary.

     IBOR means JIBAR, LIBOR or EURIBOR.

     INCREASED COST means:

     (a)  an additional or increased cost;

     (b)  a reduction in the rate of return from a Facility or on a Finance
          Party's (or its Affiliate's) overall capital; or

     (c)  a reduction of an amount due and payable under any Finance Document,

     which is incurred or suffered by a Finance Party or any of its Affiliates
     but only to the extent attributable to that Finance Party having entered
     into any Finance Document or funding or performing its obligations under
     any Finance Document except to the extent that it is attributable to the
     wilful misconduct or gross negligence of such Finance Party.

     ISSUING BANK means the Global Issuing Bank or the South African Issuing
     Bank.

     JIBAR means for a Term of any Loan or overdue amount denominated in South
     African Rand:

     (a)  the applicable Screen Rate; or

     (b)  if no such rate is available for that Term of that Loan or overdue
          amount, the arithmetic mean (rounded upward to four decimal places) of
          the rates as supplied to the South African Facility Agent at its
          request quoted by the Reference Banks to leading banks in the
          Johannesburg interbank market,

     as of 11.00 a.m. Johannesburg time on the Rate Fixing Day for the offering
     of deposits in South African Rand for a period comparable to that Term.

     JOINT VENTURE means any joint venture entity, partnership or similar
     person, the ownership of or other interest in which does not require any
     member of the Group to consolidate the results of such person with their
     own as a Subsidiary.

     LENDER means:

     (a)  an Original Lender; or

     (b)  any person which becomes a Lender after the date of this Agreement.

     LENDER REGULATORY COSTS means the holding costs of all liquid assets and
     other reserving costs incurred by a Lender under the South African Banks
     Act 1990 and regulations thereunder

                                       8

<PAGE>

     attributable to the South African Loan for each Term as quoted on the first
     day of each Term by that Lender's treasury department and expressed on a
     nominal annual compounded monthly basis.

     LENDERS' PRO RATA PROCEEDS SHARE means, in respect of any repayment or
     prepayment contemplated under Subclause 12.5 (Mandatory prepayment -
     disposal and insurance proceeds) and as referred to in Subclause 12.6
     (Payment into blocked account - Global proceeds):

     (a)  if the holders of the notes under the USPP Documents have elected to
          accept an offer to prepay the notes under Section 8.9 (Prepayment in
          Connection with Sales of Assets) of the Note Purchase Agreement, an
          amount of the relevant net proceeds received by the members of the
          Group equal to the proportion that the sum of the aggregate Global
          Loans and Global Letters of Credit and the unutilised part of the
          Total Global Commitments bears to the total outstanding amount of the
          notes under the USPP Documents; or

     (b)  if the holders of the notes under the USPP Documents have not elected
          to accept an offer to prepay the notes under Section 8.9 (Prepayment
          in Connection with Sales of Assets) of the Note Purchase Agreement, an
          amount equal to the relevant net proceeds received by the members of
          the Group.

     LETTER OF CREDIT means a letter of credit or bank guarantee with a similar
     purpose;

     (a)  substantially in the form of Part 1 (Form of General Letter of Credit)
          of Schedule 9 (Form of Letter of Credit);

     (b)  in the case of a letter of credit to be issued as a Customs Guarantee
          in South Africa, substantially in the form of Part 2 (Form of South
          African Customs Guarantee) of Schedule 9 (Form of Letter of Credit);
          or

     (c)  in any other form agreed by an Issuing Bank and a Facility Agent.

     LIBOR means for a Term of any Loan or overdue amount denominated in any
     currency other than euro or South African Rand:

     (a)  the applicable Screen Rate; or

     (b)  if no Screen Rate is available for the relevant currency or Term of
          that Loan or overdue amount, the arithmetic mean (rounded upward to
          four decimal places) of the rates, as supplied to the relevant
          Facility Agent at its request, quoted by the Reference Banks to
          leading banks in the London interbank market,

     as of 11.00 a.m. London time on the Rate Fixing Day for the offering of
     deposits in the currency of that Loan or overdue amount for a period
     comparable to that Term.

     LOAN means a Global Loan or South African Loan.

     LOCAL WORKING CAPITAL FACILITY means any local working capital facility
     entered into by a member of the Group in any jurisdiction under which that
     member of the Group is provided with, among other things, bilateral
     facilities, cash overdraft, FX hedging facilities and letter of credit
     and/or guarantee facilities, in each case, for working capital purposes or
     general corporate purposes.

     MAJORITY LENDERS means, at any time, Lenders:

                                       9

<PAGE>

     (a)  whose share in the outstanding Credits and whose undrawn Commitments
          then aggregate 66 2/3 per cent. or more of the aggregate of all the
          outstanding Credits and the undrawn Commitments of all the Lenders;

     (b)  if there is no Credit then outstanding, whose undrawn Commitments then
          aggregate 66 2/3 per cent. or more of the Total Commitments; or

     (c)  if there is no Credit then outstanding and the Total Commitments have
          been reduced to zero, whose Commitments aggregated 66 2/3 per cent. or
          more of the Total Commitments immediately before the reduction.

     MANDATE LETTER means the appointment letter dated 7 March 2006 between the
     Company and the Mandated Lead Arrangers under which the Company mandated
     the Mandated Lead Arrangers to arrange the Facilities.

     MANDATORY COST means the percentage rate per annum calculated by a Facility
     Agent in accordance with Schedule 4 (Calculation of the Mandatory Cost).

     MARGIN means the rate per annum calculated in accordance with Clause 13.3
     (Margin adjustments financial covenants).

     MATERIAL ADVERSE EFFECT means a material adverse change in or a material
     adverse effect on:

     (a)  the financial condition, operations, assets, business, properties or
          prospects of the Group taken as a whole;

     (b)  the ability of any Obligor to perform its obligations under any
          Finance Document;

     (c)  the validity or enforceability of any Finance Document; or

     (d)  any right or remedy of a Finance Party in respect of a Finance
          Document.

     MATURITY DATE means, for a Loan and a Letter of Credit, the last day of its
     Term.

     MOODY'S means Moody's Investors Service Limited or any successor to its
     rating business.

     MULTIEMPLOYER PENSION PLAN means a multiemployer plan, as defined in
     Section 4001(a)(3) of ERISA, to which any member of the Group or any other
     member of the Controlled Group may have any liability.

     NEW GLOBAL LENDER means a person who becomes a Lender under the Global
     Facility in accordance with the terms of this Agreement.

     NOTEHOLDER means any holder of any note issued to an investor under the
     USPP Documents.

     NOTE PURCHASE AGREEMENT means the note purchase agreement dated on or about
     the date of this Agreement between, among others, the Company as issuer,
     the Original Global Guarantors and the purchasers listed therein.

     OBLIGOR means a Borrower or a Guarantor.

     OECD MEMBER STATE means any member state of the Organisation for Economic
     Co-operation and Development.

                                       10

<PAGE>

     OPERATING LEASE means any lease of (or other agreement conveying the right
     to use) any real or personal property by any member of the Group, as
     lessee, other than any Capital Lease.

     ORIGINAL FINANCIAL STATEMENTS means the Form 10-K of the Company for the
     fiscal year ended 31st January, 2006.

     ORIGINAL OBLIGOR means the Company, an Original Global Borrower, an
     Original South African Borrower, an Original Global Guarantor or an
     Original South African Guarantor.

     PARTICIPATING MEMBER STATE means a member state of the European Communities
     that adopts or has adopted the euro as its lawful currency under the
     legislation of the European Community for Economic Monetary Union.

     PARTY means a party to this Agreement.

     PBGC means the Pension Benefit Guaranty Corporation and any entity
     succeeding to any or all of its functions under ERISA.

     PENSION PLAN means a "pension plan", as such term is defined in Section
     3(2) of ERISA, which is subject to Title IV of ERISA or the minimum funding
     standards of ERISA (other than a Multiemployer Pension Plan), and as to
     which any member of the Group or any member of the Controlled Group may
     have any liability, including any liability by reason of having been a
     substantial employer within the meaning of Section 4063 of ERISA at any
     time during the preceding five years, or by reason of being deemed to be a
     contributing sponsor under Section 4069 of ERISA.

     PERMITTED EARNOUT ARRANGEMENTS means each of the earnout arrangements
     listed in Schedule 14 (Permitted Earnout Arrangements).

     PERMITTED JOINT VENTURE has the meaning given to it in Subclause 25.19(b)
     (Joint Ventures).

     PERMITTED MATURITY DATE means, in respect of:

     (a)  a Letter of Credit issued to the provider of a Local Working Capital
          Facility in respect of that Local Working Capital Facility, in
          circumstances where the Company has demonstrated to the Coordinating
          Facility Agent acting reasonably that a Lender is unable to provide
          the banking and/or financial services provided by that provider under
          that Local Working Capital Facility, any date up to and including the
          Final Maturity Date;

     (b)  a Letter of Credit issued to the provider of a Replaceable Local
          Working Capital Facility in respect of that Replaceable Local Working
          Capital Facility, any date up to and including the date falling six
          months from the proposed date of issue of that Letter of Credit; or

     (c)  any other Letter of Credit to be issued, any date up to and including
          the date falling 12 months from the proposed date of issue of that
          Letter of Credit.

     PROFESSIONAL MARKET PARTY means a professional market party (professionele
     marktpartij) under the Dutch Exemption Regulation.

     PRO FORMA BASIS means, with respect to compliance with any obligation under
     Clause 24 (Financial Covenants), compliance with such obligation after
     giving effect to an acquisition or an investment including pro forma
     adjustments arising out of events which are directly attributable to that
     acquisition or investment, are factually supportable and are expected to
     have a continuing impact, in each case determined on a basis consistent
     with Article 11 of Regulation S-X of the Securities Act of

                                       11

<PAGE>

     1933, as amended, and as interpreted by the Staff of the SEC using, for
     purposes of determining such compliance, the historical financial
     statements of all entities or assets so acquired or to be acquired and the
     consolidated financial statements of the Company which shall be
     reformulated as if that acquisition or investment, and any Financial
     Indebtedness or other liabilities incurred in connection with that
     acquisition or investment had been consummated or incurred, respectively,
     at the beginning of such period and assuming that such Financial
     Indebtedness bears interest during any portion of the applicable
     measurement period prior to the completion of that acquisition or
     investment at the weighted average of the interest rates applicable to
     outstanding Loans during such period.

     PRO FORMA COMPLIANCE means, at any date of determination of any covenant
     under Clause 24 (Financial Covenants), that the Company shall be in pro
     forma compliance with that covenant as of the last day of the most recently
     ended Measurement Period computed on the basis of:

     (a)  balance sheet amounts as of the most recently ended Measurement
          Period; and

     (b)  income statement amounts for the most recently completed period of
          four consecutive Measurement Periods,

     in each case, for which financial statements shall have been delivered to
     the Coordinating Facility Agent and calculated on a Pro Forma Basis in
     respect of the event giving rise to such determination.

     PRO RATA SHARE means:

     (a)  for the purpose of determining a Lender's share in a utilisation of a
          Facility, the proportion which its Commitment under that Facility
          bears to all the Commitments under that Facility; and

     (b)  for any other purpose on a particular date:

          (i)  the proportion which a Lender's share of the Credits (if any)
               bears to all the Credits;

          (ii) if there is no Credit outstanding on that date, the proportion
               which its Commitment bears to the Total Commitments on that date;

          (iii) if the Total Commitments have been cancelled, the proportion
               which its Commitments bore to the Total Commitments immediately
               before being cancelled; or

          (iv) when the term is used in relation to a Facility, the above
               proportions but applied only to the Credits and Commitments for
               that Facility.

     For the purpose of sub-paragraph (iv) above, the Coordinating Facility
     Agent will determine, in the case of a dispute, whether the term in any
     case relates to a particular Facility.

     PYRAMID FREIGHT means Pyramid Freight BVI and Pyramid Freight, South
     Africa.

     PYRAMID FREIGHT BVI means Pyramid Freight (Proprietary) Limited a company
     incorporated with limited liability in the British Virgin Islands with
     company number 530960 (excluding Pyramid Freight, South Africa).

     PYRAMID FREIGHT, SOUTH AFRICA means Pyramid Freight (Proprietary) Limited,
     South Africa branch, a branch of Pyramid Freight BVI with company number
     1987/003687/10 in respect only of its operations in South Africa.

                                       12

<PAGE>

     PYRAMID FREIGHT DEBT means a principal amount not exceeding South African
     Rand 898,725,000 owing by Pyramid Freight, South Africa to Pyramid Freight
     BVI, and any interest or other liability (actual or contingent) payable in
     connection with that amount.

     PYRAMID FREIGHT LOAN AGREEMENTS means the Loan Agreements as defined in the
     Cession in Security Agreement.

     QUALIFYING LENDER means a Lender which is:

     (a)  a U.K. Lender;

     (b)  a Treaty Lender; or

     (c)  an Exempt Lender.

     RATE FIXING DAY means:

     (a)  the second Business Day under the relevant Facility before the first
          day of a Term for a Loan denominated in any currency (other than
          euro); or

     (b)  the second TARGET Day before the first day of a Term for a Loan
          denominated in euro,

     or such other day as the relevant Facility Agent determines is generally
     treated as the rate fixing day by market practice in the relevant interbank
     market.

     REFERENCE BANKS means:

     (a)  in respect of the Global Facility, LaSalle Bank National Association,
          The Bank of New York and Bank of America, N.A. and any other bank or
          financial institution appointed as such by the Global Facility Agent
          under this Agreement; and

     (b)  in respect of the South African Facility, the South African Facility
          Agent, [ ABN AMRO Bank N.V. and Rand Merchant Bank, a division of
          Firstrand Bank Limited and any other bank or financial institution
          appointed as such by the South African Facility Agent under this
          Agreement.

     REINVESTMENT BACKSTOP DATE has the meaning given to it in Clause 12
     (Prepayment and Cancellation).

     RELEVANT DISTRIBUTIONS has the meaning given to it in Subclause
     25.18(b)(vii) (Distributions).

     REPEATING REPRESENTATIONS means at any time the representations and
     warranties which are then made or deemed to be repeated under Clause 22.25
     (Times for making representations and warranties).

     REPLACEABLE LOCAL WORKING CAPITAL FACILITY means a Local Working Capital
     Facility under which banking and/or financial services which could be
     provided to a member of the Group by a Lender are provided to a member of
     the Group by a lender who is not a Lender.

     REPORTABLE EVENT means a reportable event as defined in Section 4043 of
     ERISA and the regulations issued thereunder as to which the PBGC has not
     waived the notification requirement of Section 4043(a), or the failure of a
     Pension Plan to meet the minimum funding standards of Section

                                       13

<PAGE>

     412 of the Code (without regard to whether the Pension Plan is a plan
     described in Section 4021(a)(2) of ERISA) or under Section 302 of ERISA.

     REQUEST means a request for a Credit, substantially in the form of Schedule
     3 (Form of Request) (or in the case of a request for a Letter of Credit
     under the Global Facility, via an online system approved by the Global
     Issuing Bank).

     RESIGNATION REQUEST means a letter in the form of Schedule 8 (Form of
     Resignation Request), with such amendments as the Coordinating Facility
     Agent and the Company may agree.

     ROLLOVER CREDIT means one or more Credits under a Facility:

     (a)  to be made on the same day that:

          (i)  a maturing Credit under that Facility is due to be repaid; or

          (ii) a Borrower is obliged to pay to the relevant Facility Agent for
               the relevant Issuing Bank the amount of any claim under a Letter
               of Credit;

     (b)  the aggregate amount of which is equal to or less than the maturing
          Loan;

     (c)  in the same currency as the maturing Loan; and

     (d)  to be made to the same Borrower for the purpose of:

          (i)  refinancing a maturing Credit under the same Facility; or

          (ii) satisfying the obligations of that Borrower to pay the amount of
               any claim under a Letter of Credit issued under the same
               Facility.

     S&P means Standard & Poor's Rating Services, a division of The McGraw-Hill
     Companies, Inc. or any successor to its rating business.

     SCREEN RATE means:

     (a)  for LIBOR, the British Bankers Association Interest Settlement Rate;

     (b)  for EURIBOR, the percentage rate per annum determined by the Banking
          Federation of the European Union; and

     (c)  for JIBAR, the Johannesburg Interbank Agreed Rate (quoted as yield),
          being the mid-market rate in South African Rand displayed on Reuters
          Screen SAFEX Page under the caption "Yield",

     for the relevant currency and Term displayed on the appropriate page of the
     Telerate screen selected by the relevant Facility Agent. If the relevant
     page is replaced or the service ceases to be available, the relevant
     Facility Agent (after consultation with the Company and the Lenders) may
     specify another page or service displaying the appropriate rate.

     SECURITY INTEREST means any mortgage, pledge, lien, charge, assignment,
     hypothecation or security interest or any other agreement or arrangement
     having a similar effect.

                                       14

<PAGE>

     SISONKE PARTNERSHIP means the partnership established in South Africa under
     a partnership agreement dated 29 October 2004 between, among others,
     Pyramid Freight, South Africa and the trustees of the Kagiso Sisonke
     Empowerment Trust.

     SOUTH AFRICAN BORROWER means an Original South African Borrower or an
     Additional Borrower who accedes as a borrower under the South African
     Facility.

     SOUTH AFRICAN BUSINESS DAY means a day (other than a Saturday or a Sunday)
     on which banks are open for general business in Johannesburg.

     SOUTH AFRICAN COMMITMENT means:

     (a)  for an Original Lender, the amount set opposite its name in Schedule 1
          (Original Parties) under the heading SOUTH AFRICAN COMMITMENTS and the
          amount of any other South African Commitment it acquires; and

     (b)  for any other Lender, the amount of any South African Commitment it
          acquires,

     to the extent not cancelled, transferred or reduced under this Agreement.

     SOUTH AFRICAN FACILITY means the revolving credit facility made available
     to each South African Borrower and referred to in Subclause 2.2 (South
     African Facility).

     SOUTH AFRICAN FINANCE PARTIES means the South African Facility Agent, the
     South African Issuing Bank and each Lender under the South African
     Facility.

     SOUTH AFRICAN GROUP means Pyramid Freight, South Africa and each South
     African Subsidiary.

     SOUTH AFRICAN GUARANTOR means an Original South African Guarantor (provided
     that Pyramid Freight, South Africa is only a South African Guarantor in
     respect of its assets that are located in South Africa) or an Additional
     Guarantor who accedes as a guarantor of the South African Facility.

     SOUTH AFRICAN LENDERS means, at any time, each of the Lenders under the
     South African Facility.

     SOUTH AFRICAN LETTER OF CREDIT means a Letter of Credit issued by the South
     African Issuing Bank under the South African Facility.

     SOUTH AFRICAN LOAN means, unless otherwise stated in this Agreement, the
     principal amount of each borrowing under this Agreement under the South
     African Facility or the principal amount outstanding of that borrowing.

     SOUTH AFRICAN MAJORITY LENDERS means, at any time, at least two Lenders
     under the South African Facility (or if there is only one Lender under the
     South African Facility, that one Lender):

     (a)  whose share in the outstanding Credits under the South African
          Facility and whose undrawn South African Commitments then aggregate
          66 2/3 per cent. or more of the aggregate of all the outstanding
          Credits under the South African Facility and the undrawn South African
          Commitments of all the Lenders;

     (b)  if there is no Credit under the South African Facility then
          outstanding, whose undrawn South African Commitments then aggregate
          66 2/3 per cent. or more of the Total South African Commitments; or

                                       15
<PAGE>

     (c)  if there is no Credit under the South African Facility then
          outstanding and the Total South African Commitments have been reduced
          to zero, whose South African Commitments aggregated 66 2/3 per cent.
          or more of the Total South African Commitments immediately before the
          reduction.

     SOUTH AFRICAN OBLIGOR means a South African Borrower or a South African
     Guarantor.

     SOUTH AFRICAN RAND or ZAR means the lawful currency of South Africa.

     SOUTH AFRICAN SUBSIDIARY means any member of the Group incorporated in
     South Africa.

     SPANISH OBLIGOR means an Obligor incorporated in Spain.

     SUBSIDIARY means an entity of which a person has direct or indirect control
     or owns directly or indirectly more than 50 per cent. of the voting capital
     or similar right of ownership and CONTROL for this purpose means the power
     to direct the management and the policies of the entity whether through the
     ownership of voting capital, by contract or otherwise.

     SWINGLINE COMMITMENT means:

     (a)  in the case of a Swingline Lender on the date of this Agreement, the
          amount in US Dollars set opposite its name in Schedule 1 (Original
          Parties) under the heading SWINGLINE COMMITMENTS and the amount of any
          other Swingline Commitment it acquires; or

     (b)  for any other Swingline Lender, the amount of any Swingline Commitment
          it acquires,

     to the extent not transferred, cancelled or reduced under this Agreement.

     SWINGLINE FACILITY means the swingline facility made available under this
     Agreement.

     SWINGLINE LENDER means:

     (a)  an Original Lender or an Affiliate of an Original Lender listed in
          Schedule 1 (Original Parties) as a swingline lender; or

     (b)  any other person that becomes a Swingline Lender after the date of
          this Agreement.

     SWINGLINE LOAN means a Loan under the Swingline Facility and identified as
     such in its Request.

     TARGET DAY means a day on which the Trans-European Automated Real-time
     Gross Settlement Express Transfer payment system is open for the settlement
     of payments in euro.

     TAX means any tax, levy, impost, duty or other charge or withholding of a
     similar nature (including any related penalty or interest).

     TAX DEDUCTION means a deduction or withholding for or on account of Tax
     from a payment under a Finance Document.

     TAX PAYMENT means a payment made by an Obligor to a Finance Party in any
     way relating to a Tax Deduction or under any indemnity given by that
     Obligor in respect of Tax under any Finance Document.

     TERM means each period determined under this Agreement:

                                       16

<PAGE>

     (a)  by reference to which interest on a Loan or an overdue amount is
          calculated; or

     (b)  for which an Issuing Bank may be under a liability under a Letter of
          Credit.

     TERMINATION EVENT means, with respect to a Pension Plan that is subject to
     Title IV of ERISA:

     (a)  a Reportable Event;

     (b)  the withdrawal by any member of the Group or any other member of the
          Controlled Group from such Pension Plan during a plan year in which
          such withdrawing entity was a "substantial employer" as defined in
          Section 4001(a)(2) of ERISA or was deemed such under Section 4068(f)
          of ERISA;

     (c)  the termination of such Pension Plan, the filing of a notice of intent
          to terminate such Pension Plan or the treatment of an amendment of
          such Pension Plan as a termination under Section 4041 of ERISA

     (d)  the institution by the PBGC of proceedings to terminate such Pension
          Plan; or

     (e)  any event or condition that is reasonably expected to cause the PBGC
          to terminate or appoint a trustee to administer, such Pension Plan
          under Section 4042 of ERISA.

     TOTAL COMMITMENTS means the aggregate of the Commitments of all the
     Lenders.

     TOTAL GLOBAL COMMITMENTS means the aggregate of the Global Facility
     Commitments of all of the Lenders, being the total amount specified as such
     in Schedule 1 (Original Parties) at the date of this Agreement.

     TOTAL PLAN LIABILITY means, at any time, the present value of all vested
     and unvested accrued benefits under all Pension Plans, determined as of the
     then most recent valuation date for each Pension Plan, using PBGC actuarial
     assumptions for single employer plan terminations if available.

     TOTAL SOUTH AFRICAN COMMITMENTS means the aggregate of the South African
     Commitments of all of the Lenders, being the total amount specified as such
     in Schedule 1 (Original Parties) at the date of this Agreement.

     TOTAL SWINGLINE COMMITMENTS means the aggregate of the Swingline
     Commitments of all the Swingline Lenders, being the total amount specified
     as such in Schedule 1 (Original Parties) at the date of this Agreement.

     TRANSFER CERTIFICATE means a certificate, substantially in the form of Part
     1 of Part 2 of Schedule 5 (Form of Transfer Certificates), with such
     amendments as the Coordinating Facility Agent may approve or reasonably
     require or any other form agreed between the Coordinating Facility Agent
     and the Company.

     TREATY LENDER means, in relation to a Borrower, a Lender which:

     (a)  is resident (as defined in the appropriate double taxation agreement)
          in a country with which the relevant Borrower's Tax Jurisdiction has a
          double taxation agreement giving residents of that country full
          exemption from Tax on interest imposed by that Borrower's Tax
          Jurisdiction; and

                                       17

<PAGE>

     (b)  does not carry on a business in that Borrower's Tax Jurisdiction
          through a permanent establishment with which the payment of interest
          is effectively connected.

     USPP DOCUMENTS means the Note Purchase Agreement, the notes issued under
     the Note Purchase Agreement and any joinder agreement or other agreement
     entered into pursuant to or in connection with the Note Purchase Agreement.

     U.K. means the United Kingdom of Great Britain and Northern Ireland.

     U.K. LENDER means a Lender which is:

     (a)  within the charge to U.K. corporation tax in respect of, and
          beneficially entitled to, a payment of interest on a Loan made by a
          person that was a bank for the purposes of section 349 of the Taxes
          Act (as currently defined in section 840A of the Taxes Act) at the
          time the Loan was made; or

     (b)  a U.K. Non-Bank Lender.

     U.K. NON-BANK LENDER means:

     (a)  a company resident in the U.K. for U.K. tax purposes;

     (b)  a partnership, each member of which is a company resident in the U.K.
          for U.K. tax purposes or a company not resident in the U.K. for U.K.
          tax purposes but which carries on a trade in the U.K. through a
          permanent establishment and brings into account in computing its
          chargeable profits (for the purpose of section 11(2) of the Taxes Act)
          the whole of any share of interest payable to it under this Agreement
          which falls to it by reason of sections 114 and 115 of the Taxes Act;
          or

     (c)  a company not resident in the U.K. for U.K. tax purposes which carries
          on a trade in the U.K. through a permanent establishment and brings
          into account interest payable to it under this Agreement in computing
          its chargeable profits for the purpose of section 11(2) of the Taxes
          Act,

     which, in each case, is beneficially entitled to payments made to it under
     this Agreement and which has provided (or is deemed to have provided) to
     the Company and not retracted confirmation of the above in accordance with
     this Agreement.

     UNFUNDED LIABILITY means the amount (if any) by which the Total Plan
     Liability exceeds the fair market value of all assets allocable to those
     benefits, all determined as of the then most recent valuation date for each
     Pension Plan.

     US DOLLARS or US$ means the lawful currency of the United States of
     America.

     US GLOBAL BORROWER means a Global Borrower incorporated in the United
     States of America.

     UTILISATION DATE means each date on which a Facility is utilised.

1.2  CONSTRUCTION

(a)  The following definitions have the meanings given to them in Clause 24
     (Financial Covenants):

     (i)  Consolidated EBITDA;

                                       18

<PAGE>

     (ii) Consolidated Interest Payable;

     (iii) Consolidated Net Worth;

     (iv) Consolidated Total Borrowings;

     (v)  Current Assets;

     (vi) Current Liabilities;

     (vii) Gross Assets;

     (viii) Measurement Period;

     (ix) Pre-taxation profits;

     (x)  South African Consolidated EBITDA; and

     (xi) South African Interest Payable.

(b)  In this Agreement, unless the contrary intention appears, a reference to:

     (i)  an AMENDMENT includes a supplement, novation, restatement or
          re-enactment and AMENDED will be construed accordingly;

     (ii) ASSETS includes present and future properties, revenues and rights of
          every description;

     (iii) an AUTHORISATION includes an authorisation, consent, approval,
          resolution, licence, exemption, filing, registration or notarisation;

     (iv) DISPOSAL means a sale, transfer, grant, lease or other disposal,
          whether voluntary or involuntary, and DISPOSE will be construed
          accordingly;

     (v)  INDEBTEDNESS includes any obligation (whether incurred as principal or
          as surety) for the payment or repayment of money;

     (vi) KNOW YOUR CUSTOMER REQUIREMENTS are the identification checks that a
          Finance Party requests in order to meet its obligations under any
          applicable law or regulation to identify a person who is (or is to
          become) its customer;

     (vii) a PERSON includes any individual, company, corporation,
          unincorporated association or body (including a partnership, trust,
          joint venture or consortium), government, state, agency, organisation
          or other entity whether or not having separate legal personality;

     (viii) a REGULATION includes any regulation, rule, official directive,
          request or guideline (whether or not having the force of law but, if
          not having the force of law, being of a type with which any person to
          which it applies is accustomed to comply) of any governmental,
          inter-governmental or supranational body, agency, department or
          regulatory, self-regulatory or other authority or organisation;

     (ix) a currency is a reference to the lawful currency for the time being of
          the relevant country;

     (x)  a Default being OUTSTANDING means that it has not been remedied or
          waived;

                                       19

<PAGE>

     (xi) a provision of law is a reference to that provision as extended,
          applied, amended or re-enacted and includes any subordinate
          legislation;

     (xii) a Clause, a Subclause or a Schedule is a reference to a clause or
          subclause of, or a schedule to, this Agreement;

     (xiii) a Party or any other person includes its successors in title,
          permitted assigns and permitted transferees;

     (xiv) a Finance Document or other document includes (without prejudice to
          any prohibition on amendments) all amendments however fundamental to
          that Finance Document or other document, including any amendment
          providing for any increase in the amount of a facility or any
          additional facility or any further advances; and

     (xv) unless otherwise stated, a time of day is a reference to Chicago time.

(c)  Unless the contrary intention appears, a reference to a MONTH or MONTHS is
     a reference to a period starting on one day in a calendar month and ending
     on the numerically corresponding day in the next calendar month or the
     calendar month in which it is to end, except that:

     (i)  if the numerically corresponding day is not a Business Day, the period
          will end on the next Business Day in that month (if there is one) or
          the preceding Business Day (if there is not);

     (ii) if there is no numerically corresponding day in that month, that
          period will end on the last Business Day in that month; and

     (iii) notwithstanding sub-paragraph (i) above, a period which commences on
          the last Business Day of a month will end on the last Business Day in
          the next month or the calendar month in which it is to end, as
          appropriate.

(d)  Unless expressly provided to the contrary in a Finance Document, a person
     who is not a party to a Finance Document may not enforce any of its terms
     under the Contracts (Rights of Third Parties) Act 1999 and, notwithstanding
     any term of any Finance Document, no consent of any third party is required
     for any amendment (including any release or compromise of any liability) or
     termination of any Finance Document.

(e)  Unless the contrary intention appears:

     (i)  a reference to a Party will not include that Party if it has ceased to
          be a Party under this Agreement;

     (ii) a word or expression used in any other Finance Document or in any
          notice given in connection with any Finance Document has the same
          meaning in that Finance Document or notice as in this Agreement; and

     (iii) any obligation of an Obligor under the Finance Documents which is not
          a payment obligation remains in force for so long as any payment
          obligation of an Obligor is or may be outstanding under the Finance
          Documents.

(f)  The headings in this Agreement do not affect its interpretation.

                                       20

<PAGE>

1.3  DUTCH TERMS

     In this Agreement, where it relates to a Dutch entity, a reference to:

     (a)  a NECESSARY ACTION TO AUTHORISE where applicable, includes without
          limitation:

          (i)  any action required to comply with the Works Councils Act of the
               Netherlands (Wet op de ondernemingsraden); and

          (ii) obtaining an unconditional positive advice (advies) from the
               competent works council(s);

     (b)  FINANCIAL ASSISTANCE means any act contemplated by:

          (i)  (for a besloten vennootschap) Article 2:207(c) of the Dutch Civil
               Code; or

          (ii) (for a naamloze vennootschap) Article 2:98(c) of the Dutch Civil
               Code;

     (c)  a SECURITY INTEREST includes any mortgage (hypotheek), pledge
          (pandrecht), retention of title arrangement (eigendomsvoorbehoud),
          privilege (voorrecht), right of retention (recht van retentie), right
          to reclaim goods (recht van reclame), and, in general, any right in
          rem (beperkte recht), created for the purpose of granting security
          (goederenrechtelijk zekerheidsrecht);

     (d)  (i) a WINDING-UP, ADMINISTRATION or DISSOLUTION includes a Dutch
          entity being declared bankrupt (failliet verklaard) or dissolved
          (ontbonden);

          (ii) a MORATORIUM includes surseance van betaling and GRANTED A
               MORATORIUM includes surseance verleend;

          (iii) any STEP or PROCEDURE taken in connection with insolvency
               proceedings includes a Dutch entity having filed a notice under
               Section 36 of the Tax Collection Act of the Netherlands
               (Invorderingswet 1990) or Section 16d of the Social Insurance
               Co-ordination Act of the Netherlands (Coordinatiewet Sociale
               Verzekeringen);

          (iv) a TRUSTEE IN BANKRUPTCY includes a curator;

          (v)  an ADMINISTRATOR includes a bewindvoerder; and

          (vi) an ATTACHMENT includes a beslag.

1.4  FRENCH TERMS

     In this Agreement, a reference to:

     (a)  a WINDING-UP, ADMINISTRATION or DISSOLUTION includes a redressement
          judiciaire, cession totale de l'entreprise, liquidation judiciaire or
          a procedure de sauvegarde under Livre Sixieme of the French Commercial
          Code;

     (b)  a COMPOSITION, ASSIGNMENT or SIMILAR ARRANGEMENT WITH ANY CREDITOR
          includes a procedure de conciliation and mandat ad hoc under Livre
          Sixieme of the French Commercial Code;

                                       21

<PAGE>

     (c)  a COMPULSORY MANAGER, RECEIVER, ADMINISTRATOR includes an
          administrateur judiciaire, administrateur provisoire, mandataire ad
          hoc, conciliateur and mandataire liquidateur or any other person
          appointed as a result of any proceedings described in paragraphs (a)
          and (b) above;

     (d)  a GUARANTEE includes any cautionnement, aval and any garantie which is
          independent from the debt to which it relates;

     (e)  a LEASE includes an operation de credit-bail;

     (f)  a RECONSTRUCTION includes any contribution of part of its business in
          consideration of shares (apport partiel d'actifs) and any demerger
          (scission) implemented in accordance with Articles L.236-1 to L.236-24
          of the French Commercial Code;

     (g)  a SECURITY INTEREST includes any type of security (surete reelle) and
          transfer by way of security;

     (h)  a person being UNABLE TO PAY ITS DEBTS includes that person being in a
          state of cessation des paiements; and

     (i)  the FRENCH COMMERCIAL CODE means the Code de Commerce.

1.5  GERMAN TERMS

     In this Agreement a reference to:

     (a)  DISPOSAL includes:

          (i)  the entry into an agreement upon a priority notice
               (Auflassungsvormerkung);

          (ii) an agreement on the transfer of title to a property (Auflassung);
               and

          (iii) the partition of its ownership in a property
               (Grundstucksteilung);

     (b)  a person being UNABLE TO PAY ITS DEBTS includes that person being in a
          state of Zahlungsunfahigkeit or being overindebted (Uberschuldung) or
          being at risk of being unable to pay its debts as they fall due
          (drohende Zahlungsunfahigkeit) all within the meaning of Section 17-
          Section 19 (each inclusive) German Insolvency Act (Insolvenzordnung);

     (c)  a COMPULSORY MANAGER, RECEIVER, or ADMINISTRATOR includes an
          Insolvenzverwalter or creditor's trustee (Sachwalter);

     (d)  a REORGANISATION includes any of the reorganisations mentioned in
          Section 1 of the Corporate Transformation Act (Umwandlungsgesetz);

     (e)  INSOLVENT includes an imminent inability to pay debts as they fall due
          (drohende Zahlungsunfahigkeit) and overindebtedness (Uberschuldung);
          and

     (f)  a WINDING-UP, ADMINISTRATION or DISSOLUTION (and each of those terms)
          includes insolvency proceedings (Insolvenzverfahren).

                                       22

<PAGE>

2.   FACILITIES

2.1  GLOBAL FACILITY

     Subject to the terms of this Agreement, the Global Lenders make available
     to the Global Borrowers a revolving loan facility in an aggregate amount
     equal to the Total Global Commitments.

2.2  SOUTH AFRICAN FACILITY

     Subject to the terms of this Agreement, the South African Lenders make
     available to the South African Borrowers a revolving credit facility in an
     aggregate amount equal to the Total South African Commitments.

2.3  LETTERS OF CREDIT

     Each Facility includes an option for the relevant Borrowers to request the
     relevant Issuing Bank to issue Letters of Credit counter-indemnified by the
     relevant Lenders.

2.4  SWINGLINE FACILITY

     The Global Facility includes an option for the US Global Borrowers to
     utilise the Swingline Facility in an aggregate amount equal to the Total
     Swingline Commitments.

2.5  NATURE OF A FINANCE PARTY'S RIGHTS AND OBLIGATIONS

     Unless all the Finance Parties agree otherwise:

     (a)  the obligations of a Finance Party under the Finance Documents are
          several;

     (b)  failure by a Finance Party to perform its obligations does not affect
          the obligations of any other Party under the Finance Documents;

     (c)  no Finance Party is responsible for the obligations of any other
          Finance Party under the Finance Documents;

     (d)  the rights of a Finance Party under the Finance Documents are separate
          and independent rights;

     (e)  a Finance Party may, except as otherwise stated in the Finance
          Documents, separately enforce those rights; and

     (f)  a debt arising under the Finance Documents to a Finance Party is a
          separate and independent debt.

3.   PURPOSE

3.1  LOANS

(a)  Each Global Loan may only be used for:

     (i)  refinancing existing indebtedness outside of South Africa;

     (ii) the general corporate and working capital purposes of the Global
          Group; and

                                       23

<PAGE>

     (iii) to fund amounts payable under the Permitted Earnout Arrangements
          (other than Permitted Earnout Arrangements in relation to the
          acquisition of Grupo SLi and Union, S.L. or Unigistix Inc) to the
          extent not funded by the proceeds of the issuance by the Company of
          equity referred to in the definition of debt financing or capital
          markets issue in Clause 12.4 (Mandatory prepayment - debt or equity
          capital markets issue).

     A Swingline Loan may not be applied in repayment or prepayment of an
     existing Swingline Loan.

(b)  Each South African Loan may only be used for refinancing existing
     indebtedness in South Africa and for the general corporate and working
     capital purposes of the South African Group and Pyramid Freight, South
     Africa.

3.2  LETTERS OF CREDIT

(a)  Each Global Letter of Credit may only be issued to providers of Local
     Working Capital Facilities outside of South Africa and to other third
     parties outside of South Africa for the general corporate purposes of the
     Global Group.

(b)  Each South African Letter of Credit may only be issued to providers of
     Local Working Capital Facilities in South Africa and to other third parties
     in South Africa for the general corporate purposes of the South African
     Group.

3.3  NO OBLIGATION TO MONITOR

     No Finance Party is bound to monitor or verify the utilisation of a
     Facility.

3.4  PROFESSIONAL MARKET PARTY

(a)  Each Original Lender under the Global Facility explicitly declares and
     represents that it is a Professional Market Party and that it is aware
     that:

     (i)  it therefore does not benefit from the (creditor) protection under the
          Dutch Banking Act for non-Professional Market Parties; and

     (ii) it has made its own credit appraisal of each Dutch Global Borrower.

(b)  This declaration and representation is made by each Original Lender under
     the Global Facility on the date of this Agreement.

(c)  If on the date on which a Dutch Global Borrower accedes to this Agreement,
     it is a requirement under Dutch law that each Lender under the Global
     Facility needs to be qualified as a Professional Market Party, each then
     current Global Lender shall make the declaration and representation set out
     in paragraph (a) above to such Dutch Global Borrower.

(d)  Each New Global Lender makes the representation set out in paragraph 4 of
     the Transfer Certificate to which that New Global Lender is a party on the
     date of that Transfer Certificate.

4.   CONDITIONS PRECEDENT

4.1  CONDITIONS PRECEDENT DOCUMENTS

     A Request may not be given until the Coordinating Facility Agent has
     notified the Company and the Lenders that it has received or has waived the
     requirement to receive all of the documents and

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     evidence set out in Part 1 of Schedule 2 (Conditions Precedent Documents)
     in form and substance satisfactory to the Coordinating Facility Agent. The
     Coordinating Facility Agent must give this notification to the Company and
     the Lenders promptly upon being so satisfied.

4.2  FURTHER CONDITIONS PRECEDENT

     The obligations of each Lender to participate in any Loan are subject to
     the further conditions precedent that on both the date of the Request and
     the Utilisation Date for that Loan:

     (a)  the Repeating Representations are correct in all material respects;

     (b)  no Default or, in the case of a Rollover Credit (which is a Loan), no
          Event of Default is outstanding or would result from the Loan; and

     (c)  in the case of a South African Loan denominated in any currency other
          than South African Rand, the relevant South African Borrower has
          provided the South African Facility Agent with a copy of any approval
          required in connection with such South African Loan (by both the South
          African Borrower and any South African Lender) under any South African
          exchange control regulations and the South African Facility Agent has
          notified the Company and the South African Lenders that it has
          received such approval in form and substance satisfactory to it.

4.3  MAXIMUM NUMBER

(a)  Unless the Global Facility Agent agrees, a Request for a Global Loan may
     not be given if, as a result, there would be more than 10 Global Loans
     (excluding Swingline Loans) outstanding.

(b)  Unless the Swingline Agent agrees, a Request may not be given if, as a
     result, there would be more than 5 Swingline Loans outstanding.

(c)  Unless the South African Facility Agent agrees, a Request for a South
     African Loan may not be given if, as a result, there would be more than 10
     South African Loans outstanding.

(d)  Unless the Coordinating Facility Agent agrees, a Request for a Letter of
     Credit may not be given if, as a result, there would be more than 70
     Letters of Credit in issue.

5.   UTILISATION

5.1  GENERAL

     This Clause applies to all Loans other than Swingline Loans.

5.2  GIVING OF REQUESTS

(a)  A Global Borrower may borrow a Global Loan by giving to the Global Facility
     Agent a duly completed Request.

(b)  A South African Borrower may borrow a South African Loan by giving to the
     South African Facility Agent a duly completed Request.

(c)  Unless the relevant Facility Agent otherwise agrees, the latest time for
     receipt by that Facility Agent of a duly completed Request is:

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     (i)  in the case of a Request for a Global Loan, 12.00 noon one Global
          Business Day before the Rate Fixing Day for the proposed borrowing;
          and

     (ii) in the case of a Request for a South African Loan, 12.00 noon
          (Johannesburg time) one South African Business Day before the Rate
          Fixing Day for the proposed borrowing.

(d)  Each Request is irrevocable.

5.3  COMPLETION OF REQUESTS

     A Request for a Loan will not be regarded as having been duly completed
     unless:

     (a)  it identifies the Borrower;

     (b)  it identifies the Facility the Loan applies to;

     (c)  in the case of a Global Loan, the Utilisation Date is a Global
          Business Day falling within the Availability Period;

     (d)  in the case of a South African Loan, the Utilisation Date is a South
          African Business Day falling within the Availability Period;

     (e)  the amount of the Loan requested is:

          (i)  a minimum of US$10,000,000 (or its equivalent) and an integral
               multiple of 1,000,000 units of that currency;

          (ii) the maximum undrawn amount available under the relevant Facility
               on the proposed Utilisation Date; or

          (iii) such other amount as the relevant Facility Agent may agree; and

     (f)  the proposed currency and Term complies with this Agreement.

     Only one Loan may be requested in a Request.

5.4  ADVANCE OF LOAN

(a)  The relevant Facility Agent must promptly notify each Lender of the details
     of the requested Loan and the amount of its share in that Loan.

(b)  The amount of each Lender's share of the Loan will be its Pro Rata Share on
     the proposed Utilisation Date.

(c)  No Lender is obliged to participate in a Loan if, as a result its share in
     the Credits under a Facility would exceed its Commitment for that Facility.

(d)  If the conditions set out in this Agreement have been met, each Lender must
     make its share in the Loan available to the relevant Facility Agent for the
     relevant Borrower through its Facility Office on the Utilisation Date.

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6.   UTILISATION - SWINGLINE LOANS

6.1  GENERAL

(a)  CHICAGO BUSINESS DAY means a day (other than a Saturday or a Sunday) on
     which banks are open for general business in Chicago, Illinois.

(b)  Unless the context otherwise requires, references in this Agreement to a
     LENDER include a Swingline Lender.

6.2  GIVING OF REQUESTS

(a)  A US Global Borrower may borrow a Swingline Loan by giving to the Swingline
     Agent a duly completed Request.

(b)  Unless the Swingline Agent otherwise agrees, the latest time for receipt by
     the Swingline Agent of a duly completed Request for a Swingline Loan is
     12.00 noon (Chicago time) on the proposed Utilisation Date.

(c)  Each Request for a Swingline Loan must be sent to the Swingline Agent to
     its address in Chicago with a copy to the Global Facility Agent.

(d)  Each Request for a Swingline Loan is irrevocable.

6.3  COMPLETION OF REQUESTS

     A Request for a Swingline Loan will not be regarded as having been duly
     completed unless:

     (a)  it identifies the US Global Borrower;

     (b)  it identifies that the Loan is a Swingline Loan;

     (c)  the Utilisation Date is a Chicago Business Day falling within the
          Availability Period;

     (d)  the Term selected:

          (i)  does not overrun the Final Maturity Date;

          (ii) is a period of not more than five Chicago Business Days; and

          (iii) ends on a Chicago Business Day;

     (e)  the amount of the Swingline Loan requested is:

          (i)  a minimum of US$1,000,000 and further integral multiples of
               US$500,000;

          (ii) equal to the maximum undrawn amount available under this
               Agreement for Swingline Loans on the proposed Utilisation Date;
               or

          (iii) such other amount as the Global Facility Agent or the Swingline
               Lenders may agree; and

     (f)  the Swingline Loan is denominated in US Dollars.

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     Only one Swingline Loan may be requested in a Request.

6.4  ADVANCE OF SWINGLINE LOAN

(a)  The Swingline Agent must notify each Swingline Lender of the details of the
     requested Swingline Loan and the amount of its share in that Swingline Loan
     by 1.00 pm (Chicago time) on the proposed Utilisation Date.

(b)  The amount of each Swingline Lender's share of the Swingline Loan will be
     its Pro Rata Share on the proposed Utilisation Date adjusted to take
     account of any limit applying under this Clause.

(c)  No Swingline Lender is obliged to participate in a Swingline Loan if as a
     result

     (i)  its share in the Swingline Loans would exceed its Swingline
          Commitment; or

     (ii) the Credits under the Global Facility would exceed the Total Global
          Commitments.

     However a Swingline Lender will nevertheless be obliged to participate in a
     Swingline Loan if, as a result of its participation in that Swingline Loan,
     its share in the Credits under the Global Facility would exceed its Global
     Facility Commitments provided that, following the operation of Subclause
     7.4 (Swingline loss sharing) that Swingline Lender's share of the relevant
     Swingline Loan would not result in that Swingline Lender's participation in
     the Credits under the Global Facility exceeding its Global Facility
     Commitment.

(d)  If the conditions set out in this Agreement have been met, each Swingline
     Lender must make its share in the Swingline Loan available to the Swingline
     Agent for the relevant US Global Borrower on the Utilisation Date.

6.5  RELATIONSHIP WITH GLOBAL FACILITY

(a)  This Subclause applies when a Swingline Loan is outstanding or is to be
     borrowed.

(b)  The Swingline Facility is a sub-limit of the Global Facility and is not
     independent of the Global Facility.

(c)  The Swingline Commitments must not at any time exceed the Global Facility
     Commitments and, if necessary, the Swingline Commitments will be
     automatically reduced to achieve this.

6.6  CURRENCY

     Notwithstanding any other term of this Agreement, Swingline Loans may only
     be denominated in US Dollars.

7.   SWINGLINE LOANS

7.1  INTEREST

(a)  The rate of interest on each Swingline Loan for each day during its Term is
     the higher of:

     (i)  the prime commercial lending rate of the Swingline Agent in US Dollars
          announced by the Swingline Agent and in force on that day; and

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<PAGE>

     (ii) an amount equal to the then applicable Margin plus the rate per annum
          determined by the Swingline Agent to be the Federal Funds Rate on or
          about 1.00 p.m. (Chicago time) on that day.

(b)  For this purpose, FEDERAL FUNDS RATE means in relation to any day, the rate
     per annum equal to:

     (i)  the weighted average of the rates on overnight Federal funds
          transactions with members of the US Federal Reserve System arranged by
          Federal funds brokers, as published for that day (or, if that day is
          not a Chicago Business Day, for the immediately preceding Chicago
          Business Day) by the Federal Reserve Bank of New York; or

     (ii) if a rate is not published for that day or the preceding day, the
          average of the quotations for that day on those transactions received
          by the Swingline Agent from three Federal funds brokers of recognised
          standing selected by the Swingline Agent.

(c)  If any day during a Term is not a Chicago Business Day, the rate of
     interest on a Swingline Loan on that day will be the rate applicable on the
     immediately preceding Chicago Business Day.

(d)  Except where it is provided to the contrary in this Agreement, each US
     Global Borrower must pay accrued interest on each Swingline Loan made to it
     on the last day of its Term.

(e)  Any other term of this Agreement relating to:

     (i)  calculation of the rate of interest (but not interest on overdue
          amounts); or

     (ii) market disruption,

     does not apply to Swingline Loans.

7.2  TERM

     Notwithstanding any other term of this Agreement,

     (a)  each Swingline Loan has one Term only; and

     (b)  the Term for a Swingline Loan must be selected in the relevant
          Request.

7.3  CONDITIONS OF ASSIGNMENT OR TRANSFER

     Notwithstanding any other term of this Agreement, each Global Lender must
     ensure that at all times its Global Facility Commitment is not less than
     its Swingline Commitment.

7.4  SWINGLINE LOSS SHARING

(a)  If a Swingline Loan is not repaid in full on its due date, the Swingline
     Agent shall (if requested to do so in writing by any affected Swingline
     Lender) set a date (the LOSS SHARING DATE) on which payments shall be made
     between all of the Global Lenders to re-distribute the unpaid amount
     between them. The Swingline Agent shall give at least 1 Business Day's
     notice to each affected Global Lender of the Loss Sharing Date and notify
     it of the amounts to be paid or received by it.

(b)  On the Loss Sharing Date each Global Lender must pay to the Swingline Agent
     its Proportion of the Unpaid Amount minus its (or its Affiliate's) Unpaid
     Swingline Participation (if any). If this produces a negative figure for a
     Global Lender no amount need be paid by that Lender.

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(c)  For the purposes of this Subclause:

     PROPORTION of a Lender means in respect of an Unpaid Amount the proportion
     borne by:

     (a)  that Lender's Global Facility Commitment (or, if the Global Facility
          Commitments are then zero, its Global Facility Commitment immediately
          prior to their reduction to zero) minus the amount of its
          participation (or that of a Lender which is its Affiliate) in any
          outstanding Global Loans and Global Letters of Credit when converted
          into US$ at the Agent's Spot Rate of Exchange on the Loss Sharing Date
          (but ignoring its (or its Affiliate's) participation in the unpaid
          Swingline Loan); to

     (b)  the Total Global Commitments (or, if the Total Global Commitments are
          then zero, the Total Global Commitments immediately prior to their
          reduction to zero) minus any outstanding Global Loans and Global
          Letters of Credit (but ignoring the unpaid Swingline Loan).

     UNPAID AMOUNT means, in relation to a Swingline Loan, any principal not
     repaid and/or any interest accrued but unpaid on that Swingline Loan
     calculated from the Utilisation Date of that Swingline Loan to the Loss
     Sharing Date.

     UNPAID SWINGLINE PARTICIPATION of a Swingline Lender means that part of the
     Unpaid Amount (if any) owed to that Swingline Lender (or its Affiliate)
     (before any re-distribution under this Clause).

     SHORTFALL of a Swingline Lender is an amount equal to its Unpaid Swingline
     Participation minus its (or its Affiliate's) Proportion of the Unpaid
     Amount.

(d)  Out of the funds received by the Swingline Agent under paragraph (c) above
     the Swingline Agent shall pay to each Swingline Lender an amount equal to
     the Shortfall (if any) of that Swingline Lender.

(e)  If the amount actually received by the Swingline Agent from the Lenders is
     insufficient to pay the full amount of the Shortfall of all Swingline
     Lenders then the amount actually received will be distributed amongst the
     Swingline Lenders pro rata to the Shortfall of each Swingline Lender.

(f)  On a payment under this Subclause, the paying Lender will be subrogated to
     the rights of the Swingline Lenders which have shared in the payment
     received.

(g)  If and to the extent a paying Lender is not able to rely on its rights
     under paragraph (f) above, the relevant US Global Borrower shall be liable
     to the paying Lender for a debt equal to the amount the paying Lender has
     paid under this Subclause.

(h)  Other than in relation to a payment made pursuant to paragraph (g), any
     payment under this Subclause does not reduce the obligations in aggregate
     of any Obligor.

8.   UTILISATION - LETTERS OF CREDIT

8.1  GIVING OF REQUESTS

(a)  A Global Borrower may request a Global Letter of Credit to be issued by
     giving to the Global Facility Agent a duly completed Request.

(b)  A South African Borrower may request a South African Letter of Credit to be
     issued by giving to the South African Facility Agent a duly completed
     Request.

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<PAGE>

(c)  Unless the relevant Facility Agent otherwise agrees, the latest time for
     receipt by that Facility Agent of a duly completed Request is:

     (i)  in the case of a Request for a Global Letter of Credit, 12.00 noon
          London time 5 Global Business Days before the proposed Utilisation
          Date; and

     (ii) in the case of a Request for a South African Letter of Credit, 12.00
          noon Johannesburg time 5 South African Business Days before the
          proposed Utilisation Date.

(d)  Each Request is irrevocable.

8.2  COMPLETION OF REQUESTS

     A Request for a Letter of Credit will not be regarded as being duly
     completed unless:

     (a)  it identifies the Borrower;

     (b)  it specifies that it is for a Letter of Credit;

     (c)  it identifies the Facility under which the Letter of Credit will be
          issued;

     (d)  the proposed beneficiary of that Letter of Credit is an Approved
          Letter of Credit Beneficiary;

     (e)  in the case of a Global Letter of Credit, the Utilisation Date is a
          Global Business Day falling within the Availability Period;

     (f)  in the case of a South African Letter of Credit, the Utilisation Date
          is a South African Business Day falling within the Availability
          Period;

     (g)  the amount of the Letter of Credit requested is:

          (i)  a minimum amount of US$10,000 (or its equivalent);

          (ii) equal to the maximum undrawn amount available under the relevant
               Facility on the proposed Utilisation Date; or

          (iii) such other amount as the relevant Facility Agent may agree;

     (h)  the form of Letter of Credit is attached;

     (i)  subject to Subclause 8.5 (Letters of Credit after the Final Maturity
          Date), the expiry date of the Letter of Credit falls on or before the
          Permitted Maturity Date for that Letter of Credit; and

     (j)  the delivery instructions for the Letter of Credit are specified.

     Only one Letter of Credit may be requested in a Request.

8.3  ISSUE OF LETTER OF CREDIT

(a)  The relevant Facility Agent must promptly notify the relevant Issuing Bank
     and each relevant Lender of the details of the requested Letter of Credit
     and the amount of its share of that Letter of Credit.

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(b)  The amount of each relevant Lender's share in a Letter of Credit will be
     its Pro Rata Share on the proposed Utilisation Date.

(c)  If the conditions set out in this Agreement have been met, the relevant
     Issuing Bank must issue the Letter of Credit on the Utilisation Date.

8.4  EXTENSION OF A LETTER OF CREDIT

(a)  A Borrower may request that a Letter of Credit (other than a Letter of
     Credit issued to the provider of a Replaceable Local Working Capital
     Facility in respect of a Replaceable Local Working Capital Facility or any
     Letter of Credit which is due to expire after the Final Maturity Date)
     issued on its behalf is extended by delivery to the relevant Facility Agent
     of a notice specifying the new proposed Maturity Date three Business Days
     before the Maturity Date of that Letter of Credit.

(b)  The relevant Facility Agent must promptly notify the relevant Issuing Bank
     and each relevant Lender of the details of the requested extension of the
     Letter of Credit and the amount of its share of that Letter of Credit.

(c)  The terms of each extended Letter of Credit will remain the same as before
     the extension, except that:

     (i)  its amount may be reduced; and

     (ii) its Maturity Date will be the date specified in the extension request
          (provided that the new Maturity Date may not extend beyond the date
          falling 12 months after the Final Maturity Date).

(d)  If the conditions set out in this Agreement have been met, the relevant
     Issuing Bank must extend the Letter of Credit in the manner requested.

8.5  LETTERS OF CREDIT AFTER THE FINAL MATURITY DATE

     If the Maturity Date of any Letter of Credit is after the Final Maturity
     Date, in satisfaction of its obligations under Subclause 11.2(c) (Repayment
     of Letters of Credit), each relevant Borrower must, on the Final Maturity
     Date, ensure that that Letter of Credit is repaid by the provision of cash
     cover.

8.6  CONDITIONS PRECEDENT

(a)  An Issuing Bank is not obliged to issue or extend any Letter of Credit if
     as a result a Lender's share in the Credits under a Facility would exceed
     its Commitment for that Facility.

(b)  An Issuing Bank is not obliged to issue or extend any Letter of Credit if
     either on the date of the Request or extension request or the Utilisation
     Date or extension date:

     (i)  the Repeating Representations are not correct in all material
          respects; and/or

     (ii) a Default or in the case of an extension, an Event of Default is
          outstanding or would result from the issue or extension of that Letter
          of Credit.

(c)  An Issuing Bank has no duty to enquire of any person whether or not any of
     the conditions precedent set out in this Subclause have been met. An
     Issuing Bank may assume that those conditions have been met unless it is
     expressly notified to the contrary by the relevant Facility Agent. An
     Issuing

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     Bank will have no liability to any person for issuing a Letter of Credit
     based on any such assumption.

9.   LETTERS OF CREDIT

9.1  GENERAL

(a)  A Letter of Credit is REPAID or PREPAID to the extent that:

     (i)  a Borrower provides cash cover for that Letter of Credit;

     (ii) the maximum amount payable under the Letter of Credit is reduced or
          cancelled in accordance with its terms;

     (iii) the relevant Letter of Credit has been returned to the relevant
          Issuing Bank and the relevant Issuing Bank is satisfied that it has no
          further liability under that Letter of Credit; or

     (iv) the relevant Issuing Bank is otherwise satisfied that it has no
          further liability under that Letter of Credit.

     The amount by which a Letter of Credit is repaid or prepaid under
     sub-paragraphs (i) and (ii) above is the amount of the relevant cash cover,
     reduction or cancellation.

(b)  If a Letter of Credit or any amount outstanding under a Letter of Credit
     becomes immediately payable under this Agreement, the Borrower that
     requested the issue of that Letter of Credit must repay or prepay that
     amount within one Business Day of it becoming due and payable.

(c)  CASH COVER is provided for a Global Letter of Credit if a Global Borrower
     pays an amount in the currency of the Letter of Credit to an
     interest-bearing account with a Finance Party (or in the case of the Global
     Facility Agent, one of its Affiliates) in London in the name of the Global
     Borrower and the following conditions are met:

     (i)  the account is with the Global Facility Agent, an Affiliate of the
          Global Facility Agent or the Global Issuing Bank (if, subject as
          provided below, the cash cover is to be provided for all the Lenders)
          or with a Lender (if the cash cover is to be provided for that
          Lender);

     (ii) until no amount is or may be outstanding under that Letter of Credit,
          withdrawals from the account may only be made to pay the Finance Party
          for which the cash cover is provided under this Clause; and

     (iii) the Global Borrower has executed and delivered a security document
          over that account, in form and substance satisfactory to the Global
          Facility Agent or the Finance Party for which the cash cover is
          provided, creating a first ranking security interest over that
          account.

(d)  CASH COVER is provided for a South African Letter of Credit if a South
     African Borrower pays an amount in the currency of the Letter of Credit to
     an interest-bearing account with a Finance Party in Johannesburg in the
     name of the South African Borrower and the following conditions are met:

     (i)  the account is with the South African Facility Agent or the South
          African Issuing Bank (if, subject as provided below, the cash cover is
          to be provided for all the Lenders) or with a Lender (if the cash
          cover is to be provided for that Lender);

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     (ii) until no amount is or may be outstanding under that Letter of Credit,
          withdrawals from the account may only be made to pay the Finance Party
          for which the cash cover is provided under this Clause; and

     (iii) the South African Borrower has executed and delivered a security
          document over that account, in form and substance satisfactory to the
          South African Facility Agent or the Finance Party for which the cash
          cover is provided, creating a first ranking security interest over
          that account.

(e)  The OUTSTANDING or PRINCIPAL amount of a Letter of Credit at any time is
     the maximum amount (actual or contingent) that is or may be payable by the
     relevant Borrower in respect of that Letter of Credit at that time.

(f)  The amount of cash cover will be ignored in calculating the undrawn
     Commitment of each Lender.

9.2  ILLEGALITY

(a)  An Issuing Bank must notify the Company promptly if it becomes aware that
     it is unlawful in any jurisdiction for that Issuing Bank to perform any of
     its obligations under a Finance Document or to have outstanding any Letter
     of Credit under the relevant Facility.

(b)  After notification under paragraph (a) above:

     (i)  the Company must use its best endeavours to ensure the release of the
          liability of that Issuing Bank under each outstanding Letter of Credit
          under the relevant Facility;

     (ii) failing this, each Borrower must repay or prepay the share of each
          Lender in each Letter of Credit requested by it under the relevant
          Facility on the date specified in paragraph (c) below; and

     (iii) no further Letters of Credit will be issued under that Facility.

(c)  The date for repayment or prepayment of a Lender's share in a Letter of
     Credit will be the date specified by the relevant Issuing Bank in the
     notification under paragraph (a) above and which must not be earlier than
     the last day of any applicable grace period allowed by law.

9.3  FEES IN RESPECT OF LETTERS OF CREDIT

(a)  Each Borrower must pay to each Issuing Bank a fronting fee in respect of
     each Letter of Credit requested by it in the manner agreed in the Fee
     Letter between the relevant Issuing Bank and the Company.

(b)  Each Global Borrower must pay to the Global Facility Agent for each Lender
     under the Global Facility a letter of credit fee computed at the same rate
     as the Margin on the outstanding amount of each Global Letter of Credit
     requested by it for the period from the issue of that Global Letter of
     Credit until its Maturity Date. This fee will be distributed according to
     each Lender's Pro Rata Share, adjusted to reflect any assignment or
     transfer to or by that Lender.

(c)  Each South African Borrower must pay to the South African Facility Agent
     for each Lender under the South African Facility a letter of credit fee
     computed at the same rate as the Margin on the outstanding amount of each
     South African Letter of Credit requested by it for the period from the
     issue of that South African Letter of Credit until its Maturity Date. This
     fee will be distributed

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     according to each Lender's Pro Rata Share, adjusted to reflect any
     assignment or transfer to or by that Lender.

(d)  Accrued letter of credit fee is payable quarterly in arrear (or any shorter
     period that ends on the Maturity Date for that Letter of Credit). Accrued
     letter of credit fee is also payable to the relevant Facility Agent on the
     cancelled amount of any Lender's Commitment at the time the cancellation is
     effective if that Commitment is cancelled in full and its participation in
     the relevant Letters of Credit is prepaid or repaid in full.

(e)  If a Borrower provides cash cover for any part of a Letter of Credit, then:

     (i)  the fronting fee payable to the relevant Issuing Bank and the letter
          of credit fee payable for the account of each Lender in respect of any
          part of a Letter of Credit which is the subject of cash cover will
          continue to be payable until the expiry of that Letter of Credit; but

     (ii) that Borrower will be entitled to withdraw the interest accrued on the
          amount of the cash cover to pay those fees.

9.4  CLAIMS UNDER A LETTER OF CREDIT

(a)  Each Borrower irrevocably and unconditionally authorises each Issuing Bank
     to pay any claim made or purported to be made under a Letter of Credit
     requested by it and issued by that Issuing Bank and which appears on its
     face to be in order (a CLAIM).

(b)  Each Borrower that requested the issue of a Letter of Credit must
     immediately on demand pay to the Facility Agent for the relevant Issuing
     Bank an amount equal to the amount of any claim.

(c)  Each Borrower acknowledges that:

     (i)  no Issuing Bank is obliged to carry out any investigation or seek any
          confirmation from any other person before paying a claim; and

     (ii) an Issuing Bank deals in documents only and will not be concerned with
          the legality of a claim or any underlying transaction or any available
          set-off, counterclaim or other defence of any person.

(d)  The obligations of a Borrower under this Clause will not be affected by:

     (i)  the sufficiency, accuracy or genuineness of any claim or any other
          document; or

     (ii) any incapacity of, or limitation on the powers of, any person signing
          a claim or other document.

9.5  INDEMNITIES - GLOBAL FACILITY

(a)  Each Global Borrower must immediately on demand indemnify the Global
     Issuing Bank against the US Dollar Equivalent of any loss or liability
     which the Global Issuing Bank incurs under or in connection with any Global
     Letter of Credit requested by such Borrower, except to the extent that the
     loss or liability is directly caused by the gross negligence or wilful
     misconduct of the Global Issuing Bank or by an illegal issuance of a Global
     Letter of Credit by the Global Issuing Bank.

(b)  Each Lender under the Global Facility must immediately on demand indemnify
     the Global Issuing Bank against the US Dollar Equivalent of its share of
     any loss or liability which the Global Issuing

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     Bank incurs under or in connection with any Global Letter of Credit and
     which has not been paid for by an Obligor, except to the extent that the
     loss or liability is directly caused by the gross negligence or wilful
     misconduct of the Global Issuing Bank or by an illegal issuance of a Global
     Letter of Credit by the Global Issuing Bank.

(c)  For the purposes of paragraphs (a) and (b) above, the US Dollar Equivalent
     of a loss or liability or a share in a loss or liability is its equivalent
     in US Dollars calculated on the basis of the relevant spot rate of exchange
     for the purchase of the relevant currency in the London foreign exchange
     market with US Dollars as of 11.00 a.m. London time on the date on which
     the Global Issuing Bank makes a payment in respect of that loss or
     liability.

(d)  A Lender's share of the liability or loss referred to in paragraph (b)
     above will be its Pro Rata Share on the Utilisation Date of the relevant
     Global Letter of Credit, adjusted to reflect any subsequent assignment or
     transfer under this Agreement.

(e)  The relevant Global Borrower must immediately on demand reimburse any
     Lender for any payment it makes to the Global Issuing Bank under this
     Subclause 9.5 (Indemnities - Global Facility).

(f)  The obligations of each Global Borrower and each Lender under this
     Subclause 9.5 (Indemnities - Global Facility) are continuing obligations
     and will extend to the ultimate balance of all sums payable by that Global
     Borrower or that Lender under or in connection with any Global Letter of
     Credit, regardless of any intermediate payment or discharge in whole or in
     part.

(g)  The obligations of any Lender or any Global Borrower under this Clause will
     not be affected by any act, omission or thing which, but for this
     provision, would reduce, release or prejudice any of its obligations under
     this Clause (whether or not known to it or any other person). This
     includes:

     (i)  any time or waiver granted to, or composition with, any person;

     (ii) any release of any person under the terms of any composition or
          arrangement;

     (iii) the taking, variation, compromise, exchange, renewal or release of,
          or refusal or neglect to perfect, take up or enforce, any rights
          against, or security over assets of, any person;

     (iv) any non-presentation or non-observance of any formality or other
          requirement in respect of any instrument or any failure to realise the
          full value of any security;

     (v)  any incapacity or lack of power, authority or legal personality of or
          dissolution or change in the members or status of any person;

     (vi) any amendment (however fundamental) of a Finance Document, any Global
          Letter of Credit or any other document or security; or

     (vii) any unenforceability, illegality or invalidity of any obligation of
          any person under any Finance Document, any Global Letter of Credit or
          any other document or security.

9.6  INDEMNITIES - SOUTH AFRICAN FACILITY

(a)  Each South African Borrower must immediately on demand indemnify the South
     African Issuing Bank against any loss or liability which the South African
     Issuing Bank incurs under or in connection with any South African Letter of
     Credit requested by such Borrower, except to the extent that the loss or
     liability is directly caused by the gross negligence or wilful misconduct
     of the South

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<PAGE>

     African Issuing Bank or by an illegal issuance of a South African Letter of
     Credit by the South African Issuing Bank.

(b)  Each Lender under the South African Facility must immediately on demand
     indemnify the South African Issuing Bank against its share of any loss or
     liability which the South African Issuing Bank incurs under or in
     connection with any South African Letter of Credit and which has not been
     paid for by an Obligor, except to the extent that the loss or liability is
     directly caused by the gross negligence or wilful misconduct of the South
     African Issuing Bank.

(c)  A Lender's share of the liability or loss referred to in paragraph (b)
     above will be its Pro Rata Share on the Utilisation Date of the relevant
     South African Letter of Credit, adjusted to reflect any subsequent
     assignment or transfer under this Agreement.

(d)  The relevant South African Borrower must immediately on demand reimburse
     any Lender for any payment it makes to the South African Issuing Bank under
     this Subclause 9.6 (Indemnities - South African Facility).

(e)  The obligations of each South African Borrower and each Lender under this
     Subclause 9.6 (Indemnities - South African Facility) are continuing
     obligations and will extend to the ultimate balance of all sums payable by
     that South African Borrower or that Lender under or in connection with any
     South African Letter of Credit, regardless of any intermediate payment or
     discharge in whole or in part.

(f)  The obligations of any Lender or any South African Borrower under this
     Clause will not be affected by any act, omission or thing which, but for
     this provision, would reduce, release or prejudice any of its obligations
     under this Clause (whether or not known to it or any other person). This
     includes:

     (i)  any time or waiver granted to, or composition with, any person;

     (ii) any release of any person under the terms of any composition or
          arrangement;

     (iii) the taking, variation, compromise, exchange, renewal or release of,
          or refusal or neglect to perfect, take up or enforce, any rights
          against, or security over assets of, any person;

     (iv) any non-presentation or non-observance of any formality or other
          requirement in respect of any instrument or any failure to realise the
          full value of any security;

     (v)  any incapacity or lack of power, authority or legal personality of or
          dissolution or change in the members or status of any person;

     (vi) any amendment (however fundamental) of a Finance Document, any South
          African Letter of Credit or any other document or security; or

     (vii) any unenforceability, illegality or invalidity of any obligation of
          any person under any Finance Document, any South African Letter of
          Credit or any other document or security.

9.7  RIGHTS OF CONTRIBUTION

     No Borrower will be entitled to any right of contribution or indemnity from
     any Finance Party in respect of any payment it may make under this Clause.

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10.  OPTIONAL CURRENCIES

10.1 GENERAL

     In this Clause:

     AGENT'S SPOT RATE OF EXCHANGE means the relevant Facility Agent's spot rate
     of exchange for the purchase of the relevant currency in the London foreign
     exchange market with US Dollars as of 11.00 a.m. (Johannesburg time in the
     case of the South African Facility Agent) on a particular day.

     US DOLLAR AMOUNT of a Credit or part of a Credit means:

     (a)  if the Credit is denominated in US Dollars, its amount;

     (b)  if the Credit is a Letter of Credit denominated in an Optional
          Currency (other than South African Rand), its equivalent in US Dollars
          calculated on the basis of the Agent's Spot Rate of Exchange on the
          Utilisation Date for that Letter of Credit, as adjusted below at three
          monthly intervals;

     (c)  if the Credit is a Letter of Credit denominated in South African Rand,
          its equivalent in US Dollars calculated on the basis of the Agent's
          Spot Rate of Exchange two Business Days prior to the Utilisation Date
          for that Letter of Credit, as adjusted below at three monthly
          intervals; or

     (d)  in the case of any other Credit denominated in an Optional Currency,
          its equivalent in US Dollars calculated on the basis of the Agent's
          Spot Rate of Exchange three Business Days before the Utilisation Date
          for that Credit.

     OPTIONAL CURRENCY means any currency (other than US Dollars) in which a
     Credit may be denominated under this Agreement.

10.2 SELECTION

     A Borrower must select the currency of a Credit in its Request.

10.3 CONDITIONS RELATING TO OPTIONAL CURRENCIES

(a)  A Credit may be denominated in an Optional Currency for a Term if:

     (i)  that Optional Currency is readily available in the amount required and
          freely convertible into US Dollars in the relevant interbank market on
          the Rate Fixing Day and the first day of that Term;

     (ii) in the case of an Optional Currency requested for a Loan under the
          Global Facility, that Optional Currency is Euro;

     (iii) in the case of an Optional Currency requested for a Letter of Credit
          under the Global Facility, that Optional Currency is one of the
          currencies (other than South African Rand) listed in the column headed
          "Local Currency" of Schedule 10 (Existing Indebtedness); and

     (iv) in the case of an Optional Currency requested for a Credit under the
          South African Facility, that Optional Currency is South African Rand.

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(b)  If a Facility Agent has received a request from the Company for a currency
     to be approved as an Optional Currency, that Facility Agent must, within
     five, in the case of the Global Facility Agent, Global Business Days or, in
     the case of the South African Facility Agent, South African Business Days,
     confirm to the Company:

     (i)  whether or not the relevant Lenders have given their approval; and

     (ii) if approval has been given, the minimum amount (and, if required,
          integral multiples) for any Credit in that currency.

10.4 REVOCATION OF CURRENCY

(a)  Notwithstanding any other term of this Agreement, if before 9.30 a.m.
     (Johannesburg time in the case of the South African Facility) on any Rate
     Fixing Day a Facility Agent receives notice from a relevant Lender that:

     (i)  the Optional Currency requested is not readily available to it in the
          relevant interbank market in the amount and for the period required;
          or

     (ii) participating in a Loan in the proposed Optional Currency might
          contravene any law or regulation applicable to it,

     that Facility Agent must give notice to the Company to that effect promptly
     and in any event before (in the case of an Optional Currency other than
     South African Rand) 11.00 a.m. or 12 noon Johannesburg time (in the case of
     South African Rand) on that day.

(b)  In this event:

     (i)  that Lender must participate in the Loan in US Dollars; and

     (ii) the share of that Lender in the Loan and any other similarly affected
          Lender(s) will be treated as a separate Loan denominated in US Dollars
          during that Term.

(c)  Any part of a Loan treated as a separate Loan under this Subclause will not
     be taken into account for the purposes of any limit on the number of Loans
     or currencies outstanding at any one time.

(d)  A Credit will still be treated as a Rollover Credit if it is not
     denominated in the same currency as the maturing Credit by reason only of
     the operation of this Subclause.

10.5 OPTIONAL CURRENCY EQUIVALENTS

(a)  The equivalent in US Dollars of a Credit or part of a Credit in an Optional
     Currency for the purposes of calculating:

     (i)  whether any limit under this Agreement has been exceeded;

     (ii) the amount of a Credit;

     (iii) the share of a Lender in a Credit;

     (iv) the amount of any repayment or prepayment of a Credit; or

     (v)  the undrawn amount of a Lender's Commitment,

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<PAGE>

     is its US Dollar Amount.

(b)  The equivalent in US Dollars of an amount for the purposes of calculating
     the amount of a loss or liability or a share in a loss or a liability in
     accordance with paragraphs (a) and (b) of Clause 9.5 (Indemnities - Global
     Facility) is the amount set out in Clause 9.5(c) (Indemnities - Global
     Facility).

10.6 LETTERS OF CREDIT IN OPTIONAL CURRENCY

(a)  If a Letter of Credit is denominated in an Optional Currency, the relevant
     Facility Agent must at three monthly intervals after the date of this
     Agreement, recalculate the US Dollar Amount of that Letter of Credit by
     notionally converting the outstanding amount of that Letter of Credit into
     US Dollars on the basis of the Agent's Spot Rate of Exchange on the date of
     calculation.

(b)  Each Borrower must, if requested by the relevant Facility Agent within 5
     days of any calculation under paragraph (a) above, ensure that sufficient
     Credits under the relevant Facility are prepaid to prevent the US Dollar
     Amount of the Credits under that Facility exceeding the Total Commitments
     in respect of that Facility following any adjustment to a US Dollar Amount
     under paragraph (a) above.

10.7 NOTIFICATION

     The relevant Facility Agent must notify the relevant Lenders and the
     Company of the relevant US Dollar Amount (and the applicable Agent's Spot
     Rate of Exchange) promptly after they are ascertained.

11.  REPAYMENT

11.1 REPAYMENT OF LOANS

(a)  Each Borrower must repay each Loan made to it in full on its Maturity Date.

(b)  Subject to the other terms of this Agreement, any amounts repaid under
     paragraph (a) above may be re-borrowed.

11.2 REPAYMENT OF LETTERS OF CREDIT

(a)  Each Borrower must repay each Letter of Credit issued on its behalf in full
     on its Maturity Date.

(b)  Subject to the other terms of this Agreement, any amounts repaid under
     paragraph (a) above may be re-utilised.

(c)  Subject to Clause 8.5 (Letters of Credit after the Final Maturity Date), if
     the Maturity Date for a Letter of Credit is after the Final Maturity Date,
     each Borrower must repay each Letter of Credit issued on its behalf in full
     on the Final Maturity Date.

12.  PREPAYMENT AND CANCELLATION

12.1 MANDATORY PREPAYMENT - ILLEGALITY UNDER THE GLOBAL FACILITY

(a)  A Lender under the Global Facility must notify the Global Facility Agent
     and the Company promptly if it becomes aware that it is unlawful in any
     applicable jurisdiction for that Lender to perform any of its obligations
     under a Finance Document or to fund or maintain its share in any Credit
     drawn under the Global Facility.

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<PAGE>

(b)  After notification under paragraph (a) above the Global Facility Agent must
     notify the Company and:

     (i)  each Global Borrower must repay or prepay the share of that Lender in
          each Credit drawn under the Global Facility by it on the date
          specified in paragraph (c) below; and

     (ii) the Global Facility Commitments of that Lender will be immediately
          cancelled.

(c)  The date for repayment or prepayment of a Lender's share in a Credit will
     be:

     (i)  the last day of the current Term of that Credit; or

     (ii) if earlier, the date specified by the Lender in the notification under
          paragraph (a) above and which must not be earlier than the last day of
          any applicable grace period allowed by law.

12.2 MANDATORY PREPAYMENT - ILLEGALITY UNDER THE SOUTH AFRICAN FACILITY

(a)  A Lender under the South African Facility must notify the South African
     Facility Agent and the Company promptly if it becomes aware that it is
     unlawful in any applicable jurisdiction for that Lender to perform any of
     its obligations under a Finance Document or to fund or maintain its share
     in any Credit drawn under the South African Facility.

(b)  After notification under paragraph (a) above the South African Facility
     Agent must notify the Company and:

     (i)  each South African Borrower must repay or prepay the share of that
          Lender in each Credit drawn under the South African Facility by it on
          the date specified in paragraph (c) below; and

     (ii) the South African Commitments of that Lender will be immediately
          cancelled.

(c)  The date for repayment or prepayment of a Lender's share in a Credit will
     be:

     (i)  the last day of the current Term of that Credit; or

     (ii) if earlier, the date specified by the Lender in the notification under
          paragraph (a) above and which must not be earlier than the last day of
          any applicable grace period allowed by law.

12.3 MANDATORY PREPAYMENT - CHANGE OF CONTROL

(a)  For the purposes of this Clause:

     a CHANGE OF CONTROL occurs if any person or group of persons acting in
     concert gains control of the Company;

     ACTING IN CONCERT means acting together pursuant to an agreement or
     understanding (whether formal or informal); and

     CONTROL means the ownership of more than 50 per cent. of the issued share
     capital of the Company or having the power to direct the management and
     policies of the Company, whether through the ownership of voting capital,
     by contract or otherwise.

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<PAGE>

(b)  The Company must promptly notify the Coordinating Facility Agent if it
     becomes aware of any change of control or a disposal of a material part of
     the Group.

(c)  After a change of control or a disposal of a material part of the Group, if
     the Majority Lenders so require, the Coordinating Facility Agent must, by
     notice to the Company:

     (i)  cancel the Total Commitments; and

     (ii) declare all outstanding Credits, together with accrued interest and
          all other amounts accrued under the Finance Documents, to be
          immediately due and payable.

     Any such notice will take effect in accordance with its terms.

12.4 MANDATORY PREPAYMENT - DEBT OR EQUITY CAPITAL MARKETS ISSUE

(a)  For the purposes of this Subclause:

     DEBT FINANCING OR CAPITAL MARKETS ISSUE means any debt financing entered
     into or any public or private equity or debt capital markets sale, offer or
     issue in each case, by any member of the Group after the date of this
     Agreement other than any of the following:

     (i)  the private placement contemplated under the USPP Documents;

     (ii) the issuance by the Company of equity for an amount of up to
          US$300,000,000 (plus any additional amount issued to satisfy
          traditional underwriter "over allotment" rights (an OVER ALLOTMENT
          AMOUNT)) provided that, within 30 days of receipt, the proceeds are
          used as follows:

          (A)  to fund earnouts payable in connection with the Permitted Earnout
               Arrangements; and

          (B)  to fund the general corporate purposes of the Group in an
               aggregate amount of up to US$230,000,000 (or its equivalent) plus
               any over allotment amount (other than to fund any acquisition
               (excluding any acquisition permitted under Subclause
               25.11(b)(vii) (Acquisitions));

     (iii) any refinancing of any of the Financial Indebtedness referred to in
          Subclause 25.8(b)(v) (Financial Indebtedness) (and consequently listed
          in Schedule 10 (Existing Indebtedness)) provided that the aggregate
          amount of a refinancing of a facility listed in Schedule 10 (Existing
          Indebtedness) does not exceed 120 per cent of the amount referenced in
          Schedule 10 (Existing Indebtedness) in the columns headed "Overdraft
          Facilities (Local Currency)" and "Guarantees (Local Currency)" (or its
          equivalent) in respect of the facility being refinanced; and

     (iv) the issuance of any equity by any member of the Group if, at the end
          of the most recent Measurement Period, the ratio of Consolidated
          EBITDA to Consolidated Total Borrowings was less than 2.00 to 1.00;
          and

     NET DEBT FINANCING OR CAPITAL MARKETS PROCEEDS means any amount received by
     a member of the Group as a result of a debt financing or capital markets
     issue less all Taxes and reasonable costs and expenses incurred by members
     of the Group in connection with that capital markets issue.

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<PAGE>

(b)  Subject to paragraphs (c) and (d) below, if any member of the Group
     receives any net debt financing or capital markets proceeds, the Company
     must ensure that:

     (i)  if that member of the Group is a member of the Global Group, an amount
          equal to the net debt financing or capital markets proceeds is
          immediately applied in accordance with Subclause 12.6 (Payment into a
          blocked account - Global proceeds); or

     (ii) if that member of the Group is a member of the South African Group, an
          amount equal to those net debt financing or capital markets proceeds
          is immediately applied in accordance with Subclause 12.7 (Payment into
          an allocated blocked account - South African proceeds).

(c)  If there are no Credits outstanding under the Global Facility on the date
     that any net debt financing or capital markets proceeds would otherwise be
     required to be applied in accordance with Subclause 12.6 (Payment into a
     blocked account - Global proceeds) or the amount of the net debt financing
     or capital markets proceeds received is in excess of the amount of Credits
     then outstanding under the Global Facility, then, on the date of receipt of
     the relevant net debt financing or capital markets proceeds, an amount of
     the Global Facility Commitments of the Lenders equal to the net debt
     financing or capital markets proceeds received or to that excess will be
     cancelled pro rata.

(d)  If there are no Credits outstanding under the South African Facility on the
     date that any net debt financing or capital markets proceeds would
     otherwise be required to be applied in accordance with Subclause 12.7
     (Payment into an allocated blocked account - South African proceeds) or the
     amount of the net debt financing or capital markets proceeds received is in
     excess of the amount of Credits then outstanding under the South African
     Facility, then, on the date of receipt of the relevant net debt financing
     or capital markets proceeds, an amount of the South African Commitments of
     the Lenders equal to the net debt financing or capital markets proceeds
     received or to that excess (as the case may be) will be cancelled pro rata.

12.5 MANDATORY PREPAYMENT - DISPOSAL AND INSURANCE PROCEEDS

(a)  For the purposes of this Subclause and Subclauses 12.6 (Payment into a
     blocked account - Global proceeds) and 12.7 (Payment into an allocated
     blocked account - South African proceeds):

     NET PROCEEDS means any amount received (including the amount of any
     repayment of any intercompany loan (other than under the Pyramid Freight
     Loan Agreements) to continuing members of the Group and any amount received
     or recovered under a disposal agreement unless that amount has been applied
     within 14 days of receipt in meeting the liability or loss which gave rise
     to that claim) by a member of the Group as consideration for a relevant
     disposal or a relevant claim less all Taxes and reasonable costs and
     expenses incurred by members of the Group in connection with that disposal
     or claim;

     RELEVANT CLAIM means any insurance claim made by a member of the Group in
     respect of the loss or destruction of any asset of a member of the Group
     other than an insurance claim:

     (a)  where the amount of the net proceeds of that insurance claim, when
          aggregated with the net proceeds of any insurance claim made by a
          member of the Group is less than or equal to US$5,000,000 (or its
          equivalent) in any fiscal year of the Company;

     (b)  where the asset which is the subject of the insurance claim is also
          subject to the terms of a Capital Lease and where the terms of that
          Capital Lease require the proceeds of that insurance claim to be
          applied in satisfaction of the obligations of the relevant member of
          the Group under that Capital Lease (provided that any proceeds in
          excess of those required to

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<PAGE>

          satisfy the obligations under the relevant Capital Lease are not
          excluded for the purposes of this paragraph (b)); or

     (c)  where the relevant member of the Group is required under pre-existing
          arrangements to promptly apply the proceeds of such insurance claim in
          satisfaction of obligations to third parties; and

     RELEVANT DISPOSAL means any disposal by any member of the Group to a person
     who is not a member of the Group other than:

     (i)  a disposal where the amount of the net proceeds of that disposal, when
          aggregated with the net proceeds of any other disposal made by a
          member of the Group to a person who is not a member of the Group is
          less than or equal to US$5,000,000 (or its equivalent) in any fiscal
          year of the Company; or

     (ii) a disposal permitted under Clause 25.7(b)(i) to (iv) (Disposals)
          (inclusive).

(b)  Subject to paragraphs (c) and (d) below, if any member of the Group
     receives any net proceeds, the Company must ensure that:

     (i)  if that member of the Group is a member of the Global Group, an amount
          equal to the Lenders' Pro Rata Proceeds Share of those net proceeds is
          immediately applied in accordance with Subclause 12.6 (Payment into a
          blocked account - Global proceeds); or

     (ii) if that member of the Group is a member of the South African Group, an
          amount equal to those net proceeds is immediately applied in
          accordance with Subclause 12.7 (Payment into an allocated blocked
          account - South African proceeds).

(c)  If there are no Credits outstanding under the Global Facility on the date
     that any net proceeds would otherwise be required to be applied in
     accordance with Subclause 12.6 (Payment into a blocked account - Global
     proceeds) or the Lenders' Pro Rata Proceeds Share of the amount of the net
     proceeds received is in excess of the amount of Credits then outstanding
     under the Global Facility, then, on the date of receipt of the relevant net
     proceeds, an amount of the Global Facility Commitments of the Lenders equal
     to the Lenders' Pro Rata Proceeds Share of the net proceeds received or to
     that excess will be cancelled pro rata.

(d)  If there are no Credits outstanding under the South African Facility on the
     date that any net debt financing or capital markets proceeds would
     otherwise be required to be applied in accordance with Subclause 12.7
     (Payment into an allocated blocked account - South African proceeds) or the
     amount of the net debt financing or capital markets proceeds received is in
     excess of the amount of Credits then outstanding under the South African
     Facility, then, on the date of receipt of the relevant net debt financing
     or capital markets proceeds, an amount of the South African Commitments of
     the Lenders equal to the net debt financing or capital markets proceeds
     received or to that excess (as the case may be) will be cancelled pro rata.

12.6 PAYMENT INTO A BLOCKED ACCOUNT - GLOBAL PROCEEDS

(a)  In this Clause GLOBAL BLOCKED ACCOUNT means an interest bearing blocked
     account in the name of the Company with the Global Facility Agent or an
     Affiliate of the Global Facility Agent.

(b)  If any member of the Global Group receives any net proceeds or any net debt
     financing or capital markets proceeds, the Company must ensure that an
     amount equal to the lower of the aggregate amount of the Credits then
     outstanding under the Global Facility and the aggregate amount of the

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<PAGE>

     relevant net debt financing or capital markets proceeds or the Lenders' Pro
     Rata Proceeds Share of the net proceeds is deposited as soon as possible
     and in any case within three days of receipt into the Global blocked
     account.

(c)  Subject to paragraph (d) below, on the last days of the next consecutive
     Terms of the Global Loans the Company must apply the amounts then standing
     to the credit of the Global blocked account in or towards repayment or
     prepayment of the Global Loans. Following repayment or prepayment of the
     Global Loans, any remaining amounts standing to the credit of the Global
     blocked account must be applied by the Company in or towards repayment or
     prepayment of the Global Letters of Credit.

(d)  If the Company notifies the Global Facility Agent within 30 days of the
     receipt of any net proceeds (a NOTIFICATION DATE) that those net proceeds
     are:

     (i)  in the case of any net proceeds resulting from an insurance claim, to
          be applied in replacement of the lost or damaged asset which was the
          subject of that insurance claim with an asset or assets of comparable
          or superior type, quality and value; or

     (ii) in the case of any net proceeds resulting from a disposal, to be
          applied in replacement of the relevant disposed asset with an asset or
          assets of comparable or superior type, quality and value,

          then:

          (A)  provided that those net proceeds are not released under
               sub-paragraph (B) below, those net proceeds will not be applied
               under paragraph (c) above until the date falling 180 days after
               the receipt of the relevant net proceeds (a REINVESTMENT BACKSTOP
               DATE); and

          (B)  during the period from the relevant notification date and the
               relevant reinvestment backstop date the Global Facility Agent, if
               requested by the Company, must release or must procure that its
               Affiliate releases those net proceeds from the Global blocked
               account to the Company and the Company must apply those net
               proceeds in accordance with the purpose provided for in
               sub-paragraphs (i) and (ii) above.

(e)  The Company irrevocably authorises the Global Facility Agent (or its
     Affiliate) to apply any amount deposited with it under paragraph (b)
     towards prepayment of the Credits outstanding under the Global Facility in
     order to satisfy the Company's obligations under paragraph (c).

(f)  Amounts standing to the credit of the Global blocked account may only be
     used to repay or prepay Credits under the Global Facility or any other
     amounts outstanding under the Finance Documents to the extent that the
     Coordinating Facility Agent determines that those amounts are attributable
     to the Global Facility.

(g)  Any repayment or prepayment of the Credits outstanding under the Global
     Facility under this Subclause will also result in an immediate cancellation
     of an equivalent amount of the Global Commitment of each relevant Lender
     pro rata.

(h)  Any amounts standing to the credit of the Global blocked account after all
     Credits have been repaid in full shall, at the Company's request, be paid
     to the Company.

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12.7 PAYMENT INTO AN ALLOCATED BLOCKED ACCOUNT - SOUTH AFRICAN PROCEEDS

(a)  In this Clause SOUTH AFRICAN ALLOCATED BLOCKED ACCOUNT means an interest
     bearing blocked account in the name of a South African Obligor with the
     South African Facility Agent.

(b)  On the date of the receipt by any member of the South African Group of any
     net proceeds or any net debt financing or capital markets proceeds, Pyramid
     Freight, South Africa must ensure that an amount equal to the lower of the
     aggregate amount of the Credits then outstanding under the South African
     Facility and the aggregate amount of those net proceeds or net debt
     financing or capital markets proceeds is immediately deposited into the
     South African allocated blocked account.

(c)  Subject to paragraph (d) below, on the last days of the next consecutive
     Terms of the South African Loans each South African Obligor that holds a
     South African allocated blocked account must apply the amounts then
     standing to the credit of the South African allocated blocked account that
     it holds in or towards repayment or prepayment of the South African Loans.
     Following repayment or prepayment of the South African Loans, any remaining
     amounts standing to the credit of the South African allocated blocked
     account must be applied by the Company in or towards repayment or
     prepayment of the South African Letters of Credit.

(d)  If any South African Obligor that holds a South African allocated blocked
     account notifies the South African Facility Agent within 30 days of the
     receipt of any net proceeds (a NOTIFICATION DATE) that those net proceeds
     are:

     (i)  in the case of any net proceeds resulting from an insurance claim, to
          be applied in replacement of the lost or damaged asset which was the
          subject of that insurance claim with an asset or assets of comparable
          or superior type, quality and value; or

     (ii) in the case of any net proceeds resulting from a disposal, to be
          applied in replacement of the relevant disposed asset with an asset or
          assets of comparable or superior type, quality and value,

          then:

          (A)  provided that those net proceeds are not released under
               sub-paragraph (B) below, those net proceeds will not be applied
               under paragraph (c) above until the date falling 180 days after
               the receipt of the relevant net proceeds (a REINVESTMENT BACKSTOP
               DATE); and

          (B)  during the period from the relevant notification date and the
               relevant reinvestment backstop date the South African Facility
               Agent must, if requested by the South African Obligor that holds
               the South African allocated blocked account, release those net
               proceeds from the South African allocated blocked account to the
               South African Obligor that holds the South African allocated
               blocked account and the South African Obligor that holds the
               South African allocated blocked account must apply those net
               proceeds in accordance with the purpose provided for in
               sub-paragraphs (i) and (ii) above.

(e)  Each South African Obligor irrevocably authorises the South African
     Facility Agent to apply any amount deposited with it under paragraph (b)
     towards prepayment of the Credits outstanding under the South African
     Facility in order to satisfy each South African Obligor's obligations under
     paragraph (c).

                                       46

<PAGE>

(f)  Amounts standing to the credit of the South African allocated blocked
     account may only be used to repay or prepay Credits under the South African
     Facility or any other amounts outstanding under the Finance Documents to
     the extent that the Coordinating Facility Agent determines that those
     amounts are attributable to the South African Facility.

(g)  Any repayment or prepayment of the Credits outstanding under the South
     African Facility under this Subclause will also result in an immediate
     cancellation of an equivalent amount of the South African Commitment of
     each relevant Lender pro rata.

(h)  Any surplus standing to the credit of the South African allocated blocked
     account after all Credits have been paid in full shall, at the Borrower's
     request, be paid to the Borrower.

12.8 VOLUNTARY PREPAYMENT

(a)  The Company may, by giving not less than ten Business Days' prior notice to
     the Facility Agent of the relevant Facility, prepay (or ensure that a
     Borrower prepays) any Credit at any time in whole or in part.

(b)  A prepayment of part of a Credit must be in a minimum amount of
     US$10,000,000 (or its equivalent) and in integral multiples of US$5,000,000
     (or its equivalent).

12.9 AUTOMATIC CANCELLATION

     The Commitments of each Lender will be automatically cancelled at the close
     of business on the last day of the Availability Period.

12.10 VOLUNTARY CANCELLATION

(a)  The Company may, by giving not less than five Business Days' prior notice
     to the Facility Agent of the relevant Facility, cancel the unutilised
     amount of the Total Commitments in whole or in part.

(b)  Partial cancellation of the Total Commitments must be in a minimum amount
     of US$10,000,000 and an integral multiple of US$5,000,000.

(c)  Any cancellation in part will be applied against the relevant Commitment of
     each Lender pro rata.

12.11 RIGHT OF REPAYMENT AND CANCELLATION OF A SINGLE LENDER

(a)  At any time when an Obligor is, or will be, required to pay to a Lender:

     (i)  a Tax Payment; or

     (ii) an Increased Cost,

     the Company may give notice to the relevant Facility Agent and to the
     Coordinating Facility Agent requesting prepayment and cancellation in
     respect of that Lender.

(b)  After notification under paragraph (a) above:

     (i)  each Borrower must repay or prepay that Lender's share in each Credit
          utilised by it on the date specified in paragraph (c) below; and

     (ii) the Commitments of that Lender will be immediately cancelled.

                                       47

<PAGE>

(c)  The date for repayment or prepayment of a Lender's share in a Credit will
     be:

     (i)  the last day of the current Term for that Credit, or in the case of a
          Letter of Credit, 5 days after the date of the notification; or

     (ii) if earlier, the date specified by the Company in its notification.

12.12 RE-BORROWING OF LOANS

     Any voluntary prepayment of a Loan under Subclause 12.8 (Voluntary
     prepayment) may be re-borrowed on the terms of this Agreement. Any other
     prepayment of a Loan may not be re-borrowed.

12.13 MISCELLANEOUS PROVISIONS

(a)  Any notice of prepayment and/or cancellation under this Agreement is
     irrevocable and must specify the relevant date(s) and the affected Credits
     and Commitments. The relevant Facility Agent must notify the Lenders
     promptly of receipt of any such notice.

(b)  All prepayments under this Agreement must be made with accrued interest on
     the amount prepaid. No premium or penalty is payable in respect of any
     prepayment except for Break Costs.

(c)  The Global Majority Lenders may agree, acting reasonably, to a shorter
     notice period for a voluntary prepayment or a voluntary cancellation in
     respect of the Global Facility.

(d)  The South African Majority Lenders may agree, acting reasonably, to a
     shorter notice period for a voluntary prepayment or a voluntary
     cancellation in respect of the South African Facility.

(e)  No prepayment or cancellation is allowed except in accordance with the
     express terms of this Agreement.

(f)  No amount of the Total Commitments cancelled under this Agreement may
     subsequently be reinstated.

13. INTEREST

13.1 CALCULATION OF INTEREST

     The rate of interest on each Loan for each Term is the percentage rate per
     annum equal to the aggregate of the applicable:

     (a)  Margin;

     (b)  IBOR; and

     (c)  (i) in relation to each Global Loan, Mandatory Cost; and

          (ii) in relation to each South African Loan, Lender Regulatory Costs.

13.2 PAYMENT OF INTEREST

     Except where it is provided to the contrary in this Agreement, each
     Borrower must pay accrued interest on each Loan made to it on the last day
     of each Term and also, if the Term is longer than three months, on the
     dates falling at three-monthly intervals after the first day of that Term.

                                       48

<PAGE>

13.3 MARGIN ADJUSTMENTS FINANCIAL COVENANTS

(a)  In this Subclause:

     CONSOLIDATED TOTAL BORROWINGS and CONSOLIDATED EBITDA have the meanings
     given to them in Clause 24 (Financial Covenants) provided that, for the
     purposes of this Subclause, Consolidated Total Borrowings will exclude the
     amount of any counter-indemnity obligation of any member of the Group under
     any Customs Guarantee.

(b)  Subject to paragraph (e) below, from the date of this Agreement to and
     including the date of the first change to the Margin under paragraph (c)
     below, the Margin is 1.00 per cent. per annum.

(c)  Beginning with the information provided in the third Compliance Certificate
     delivered under this Agreement (and the financial statements delivered with
     that Compliance Certificate) and subject to the other provisions of this
     Subclause, the Margin will be calculated by reference to the table below
     and the information set out in each Compliance Certificate and each set of
     financial statements of the Company delivered to the Coordinating Facility
     Agent:

<TABLE>
<CAPTION>
              COLUMN 1                       COLUMN 2
    RATIO OF CONSOLIDATED TOTAL               MARGIN
 BORROWINGS TO CONSOLIDATED EBITDA    (PER CENT. PER ANNUM)
-----------------------------------   ---------------------
<S>                                   <C>
Equal to or greater than 2.50:1.00             1.20

Less than 2.50:1.00 but equal to or            1.00
   greater than 2.00:1.00

Less than 2.00:1.00 but equal to or            0.85
   greater than 1.50:1.00

Less than 1.50:1.00                            0.75
</TABLE>

(d)  Any change in the Margin will apply to each Loan made or outstanding on the
     Business Day falling 5 Business Days after receipt by the Coordinating
     Facility Agent of the Compliance Certificate demonstrating that a change to
     the Margin should occur.

(e)  For so long as an Event of Default is outstanding the Margin will be 3.20
     per cent. per annum.

(f)  If the Margin has been calculated on the basis of a Compliance Certificate
     but would have been higher or lower if it had been based on the subsequent
     financial statements of the Company the Margin will instead be calculated
     by reference to the subsequent financial statements of the Company. Any
     change will have a retrospective effect. If, in this event:

     (i)  any amount of interest has been paid by a Borrower on the basis of the
          Compliance Certificate, that Borrower must immediately pay to the
          relevant Facility Agent any shortfall in the amount which would have
          been paid to the relevant Lenders if the Margin had been calculated by
          reference to the subsequent financial statements; and

     (ii) the Coordinating Facility Agent must, within five Business Days of
          delivery of the relevant financial statements to it, pay to the
          relevant Borrower the difference between the amount paid by the
          relevant Borrower and the amount which would have been paid by that
          Borrower if the Margin had been calculated by reference to the
          subsequent financial statements.

                                       49

<PAGE>

13.4 INTEREST ON OVERDUE AMOUNTS

(a)  If an Obligor fails to pay any amount payable by it under the Finance
     Documents, it must immediately on demand by the Global Facility Agent in
     the case of an Obligor under the Global Facility or the South African
     Facility Agent in the case of an Obligor under the South African Facility
     pay interest on the overdue amount from its due date up to the date of
     actual payment, both before, on and after judgment.

(b)  Interest on an overdue amount is payable at a rate determined by the
     relevant Facility Agent to be the rate which would have been payable if the
     overdue amount had, during the period of non-payment, constituted a Loan
     under the Facility to which the relevant Facility Agent attributes the
     overdue amount in the currency of the overdue amount. For this purpose, the
     relevant Facility Agent may (acting reasonably):

     (i)  select successive Terms of any duration of up to three months; and

     (ii) determine the appropriate Rate Fixing Day for that Term.

(c)  Notwithstanding paragraph (b) above, if the overdue amount is a principal
     amount of a Loan and becomes due and payable before the last day of its
     current Term, then:

     (i)  the first Term for that overdue amount will be the unexpired portion
          of that Term; and

     (ii) the rate of interest on the overdue amount for that first Term will be
          one per cent. per annum above the rate then payable on that Loan.

     After the expiry of the first Term for that overdue amount, the rate on the
     overdue amount will be calculated in accordance with paragraph (b) above.

(d)  Interest (if unpaid) on an overdue amount will be compounded with that
     overdue amount at the end of each of its Terms but will remain immediately
     due and payable.

(e)  In the event that French law so requires, and in respect of Obligors
     incorporated in France, interest (if unpaid) on an overdue amount will be
     compounded with that overdue amount in accordance with article 1154 of the
     French Civil Code but will remain immediately due and payable.

13.5 NOTIFICATION OF RATES OF INTEREST

     The relevant Facility Agent must promptly notify each relevant Party of the
     determination of a rate of interest under this Agreement.

14. TERMS

14.1 SELECTION

(a)  Each Loan has one Term only.

(b)  A Borrower must select the Term for a Loan in the relevant Request.

(c)  Subject to the following provisions of this Clause, each Term for a Loan
     will be one, two, three or six months or any other period agreed by the
     relevant Borrower and the Lenders under the Facility under which the
     relevant Loan is drawn.

                                       50

<PAGE>

14.2 NO OVERRUNNING THE FINAL MATURITY DATE

     If a Term for a Loan would otherwise overrun the Final Maturity Date, it
     will be shortened so that it ends on the Final Maturity Date.

14.3 OTHER ADJUSTMENTS

     Each Facility Agent and the Company may enter into such other arrangements
     as they may agree for the adjustment of Terms and the consolidation and/or
     splitting of Loans.

14.4 NOTIFICATION

     The relevant Facility Agent must notify each relevant Party of the duration
     of each Term promptly after ascertaining its duration.

15. MARKET DISRUPTION

15.1 FAILURE OF A REFERENCE BANK TO SUPPLY A RATE

     If IBOR is to be calculated by reference to the Reference Banks but a
     Reference Bank does not supply a rate by 12.00 noon (local time) on a Rate
     Fixing Day, the applicable IBOR will, subject as provided below, be
     calculated on the basis of the rates of the remaining Reference Banks.

15.2 MARKET DISRUPTION

(a)  In this Clause, each of the following events is a MARKET DISRUPTION EVENT:

     (i)  IBOR is to be calculated by reference to the Reference Banks but no,
          or only one, Reference Bank supplies a rate by 12.00 noon (local time)
          on the Rate Fixing Day; or

     (ii) the relevant Facility Agent receives by close of business on the Rate
          Fixing Day notification from at least two Lenders whose combined
          shares in the relevant Loan exceed 30 per cent. of that Loan that the
          cost to them of obtaining matching deposits in the relevant interbank
          market is in excess of IBOR for the relevant Term.

(b)  The relevant Facility Agent must promptly notify the Company and the
     Lenders under the relevant Facility of a market disruption event.

(c)  After notification under paragraph (b) above, the rate of interest on each
     Lender's share in the affected Loan for the relevant Term will be the
     aggregate of the applicable:

     (i)  Margin;

     (ii) rate notified to the relevant Facility Agent by that Lender as soon as
          practicable, and in any event before interest is due to be paid in
          respect of that Term, to be that which expresses as a percentage rate
          per annum the cost to that Lender of funding its share in that Loan
          from whatever source it may reasonably select; and

     (iii) in relation to each Global Loan, the Mandatory Cost and in relation
          to each South African Loan, Lender Regulatory Costs.

                                       51

<PAGE>

15.3 ALTERNATIVE BASIS OF INTEREST OR FUNDING

(a)  If a market disruption event occurs and a Facility Agent or the Company so
     requires, the Company and that Facility Agent must enter into negotiations
     for a period of not more than 30 days with a view to agreeing an
     alternative basis for determining the rate of interest and/or funding for
     the affected Loan.

(b)  Any alternative basis agreed will be, with the prior consent of all the
     Lenders under the relevant Facility, binding on all the Parties.

16. TAXES

16.1 GENERAL

     In this Clause TAX CREDIT means a credit against any Tax or any relief or
     remission for Tax (or its repayment).

16.2 TAX GROSS-UP

(a)  Each Obligor must make all payments to be made by it under the Finance
     Documents without any Tax Deduction, unless a Tax Deduction is required by
     law.

(b)  If:

     (i)  a Lender is not, or ceases to be, a Qualifying Lender; or

     (ii) an Obligor or a Lender is aware that an Obligor must make a Tax
          Deduction (or that there is a change in the rate or the basis of a Tax
          Deduction),

     it must promptly notify the relevant Facility Agent. That Facility Agent
     must then promptly notify the affected Parties.

(c)  Except as provided below, if a Tax Deduction is required by law to be made
     by an Obligor or an Agent, the amount of the payment due from the Obligor
     will be increased to an amount which (after making the Tax Deduction)
     leaves an amount equal to the payment which would have been due if no Tax
     Deduction had been required.

(d)  Except as provided below, a Borrower is not required to make an increased
     payment under paragraph (c) above to a Lender that is not, or has ceased to
     be, a Qualifying Lender in respect of that Borrower in excess of the amount
     that the Borrower would have had to pay had the Lender been, or not ceased
     to be, a Qualifying Lender in respect of that Borrower.

(e)  Paragraph (d) above will not apply if the Lender:

     (i)  has ceased to be a Qualifying Lender in respect of that Borrower by
          reason of any change after the date it became a Lender under this
          Agreement in (or in the interpretation, administration, or application
          of) any law or double taxation agreement or any published practice or
          concession of any relevant taxing authority; or

     (ii) is not or has ceased to be an Exempt Lender in respect of that
          Borrower by reason of any act or omission of, or any circumstances
          connected with, that Borrower.

                                       52

<PAGE>

(f)  A Borrower is not required to make an increased payment to a Lender under
     paragraph (c) above if that Lender is a Treaty Lender and the Borrower
     making the payment is able to demonstrate that the Tax Deduction would not
     have been required if the Lender had complied with its obligations under
     paragraph (i) below.

(g)  If an Obligor is required to make a Tax Deduction, that Obligor must make
     the minimum Tax Deduction allowed by law and must make any payment required
     in connection with that Tax Deduction within the time allowed by law.

(h)  Within 30 days of making either a Tax Deduction or a payment required in
     connection with a Tax Deduction, the Obligor making that Tax Deduction or
     payment must deliver to the Facility Agent for the relevant Finance Party
     evidence satisfactory to that Finance Party (acting reasonably) that the
     Tax Deduction has been made or (as applicable) the appropriate payment has
     been paid to the relevant taxing authority.

(i)  A Treaty Lender must co-operate with each Borrower by using its reasonable
     endeavours to complete any procedural formalities necessary for that
     Borrower to obtain authorisation to make that payment without a Tax
     Deduction.

(j)  If a Lender is expressed to be a U.K. Non-Bank Lender when it becomes a
     party to this Agreement as a Lender, it will be deemed to have confirmed
     its status for the purpose of the definition of U.K. NON-BANK LENDER. A
     Lender expressed to be a U.K. Non-Bank Lender when it becomes a party to
     this Agreement must promptly notify the Company and the Facility Agent of
     any change to its status that may affect any confirmation made by it.

16.3 TAX INDEMNITY

(a)  Except as provided below, each Obligor under the Global Facility must
     indemnify a Finance Party against any loss or liability which that Finance
     Party (in its absolute discretion) determines will be or has been suffered
     (directly or indirectly) by that Finance Party for or on account of Tax in
     relation to a payment received or receivable (or any payment deemed to be
     received or receivable) from that Obligor under a Finance Document to the
     extent that the Coordinating Facility Agent determines that that loss or
     liability is attributable to the Global Facility.

(b)  Except as provided below, each Obligor under the South African Facility
     must indemnify a Finance Party against any loss or liability which that
     Finance Party (in its absolute discretion) determines will be or has been
     suffered (directly or indirectly) by that Finance Party for or on account
     of Tax in relation to a payment received or receivable (or any payment
     deemed to be received or receivable) from that Obligor under a Finance
     Document to the extent that the Coordinating Facility Agent determines that
     that loss or liability is attributable to the South African Facility.

(c)  Paragraph (a) above does not apply to any Tax assessed on a Finance Party
     under the laws of the jurisdiction in which:

     (i)  that Finance Party is incorporated or, if different, the jurisdiction
          (or jurisdictions) in which that Finance Party has a Facility Office
          and is treated as resident for tax purposes; or

     (ii) that Finance Party's Facility Office is located in respect of amounts
          received or receivable in that jurisdiction,

     if that Tax is imposed on or calculated by reference to the net income
     received or receivable by that Finance Party. However, any payment deemed
     to be received or receivable, including any amount

                                       53

<PAGE>

     treated as income but not actually received by the Finance Party, such as a
     Tax Deduction, will not be treated as net income received or receivable for
     this purpose.

(d)  A Finance Party making, or intending to make, a claim under paragraph (a)
     above must promptly notify the Company of the event which will give, or has
     given, rise to the claim.

16.4 TAX CREDIT

     If an Obligor makes a Tax Payment and the relevant Finance Party (in its
     absolute discretion) determines that:

     (a)  a Tax Credit is attributable to that Tax Payment; and

     (b)  it has used and retained that Tax Credit,

     the Finance Party must pay an amount to the Obligor which that Finance
     Party determines (in its absolute discretion) will leave that Finance Party
     (after that payment) in the same after-tax position as it would have been
     if the Tax Payment had not been required to be made by the Obligor.

16.5 STAMP TAXES

(a)  The Company must pay and indemnify each Finance Party against any stamp
     duty, stamp duty land tax, registration or other similar Tax payable in
     connection with the entry into, performance or enforcement of any Finance
     Document, except for any such Tax payable in connection with the entry into
     a Transfer Certificate to the extent that the Coordinating Facility Agent
     determines that that stamp duty, stamp duty land tax, registration or other
     similar Tax is attributable to the Global Facility.

(b)  The South African Borrowers must pay and indemnify each Finance Party
     against any stamp duty, stamp duty land tax, registration or other similar
     Tax payable in connection with the entry into, performance or enforcement
     of any Finance Document, except for any such Tax payable in connection with
     the entry into a Transfer Certificate to the extent that the Coordinating
     Facility Agent determines that that stamp duty, stamp duty land tax,
     registration or other similar Tax is attributable to the South African
     Facility.

16.6 VALUE ADDED TAXES

(a)  Any amount (including costs and expenses) payable under a Finance Document
     by an Obligor is exclusive of any value added tax or any other Tax of a
     similar nature which might be chargeable in connection with that amount. If
     any such Tax is chargeable, the Obligor must pay to the Finance Party (in
     addition to and at the same time as paying that amount) an amount equal to
     the amount of that Tax.

(b)  The obligation of any Obligor under paragraph (a) above will be reduced to
     the extent that the Finance Party determines (acting reasonably) that it is
     entitled to repayment or a credit in respect of the Tax.

16.7 US TAX FORMS

(a)  In this Subclause:

     US OBLIGOR means an Obligor that is incorporated or organised under the
     laws of the United States of America or any State of the United States of
     America (including the District of Columbia).

                                       54

<PAGE>

     UNITED STATES PERSON has the meaning given to it in Section 7701(a)(30) of
     the Code.

(b)  Except as provided below, each Lender that is not a United States person
     must supply to the Facility Agent and each US Obligor the US Internal
     Revenue Service forms that are necessary to enable that US Obligor to make
     payments to that Lender under the Finance Documents without any deduction
     or withholding in respect of any Tax in the United States of America.

(c)  A Lender must comply with its obligations under paragraph (b) above as soon
     as practicable after the date it becomes a Party or (if later) the date the
     US Obligor becomes a Party.

(d)  A Lender is not obliged to supply any form under paragraph (b) above if it
     is unable to do so by reason of any change after the date of this Agreement
     in (or in the interpretation, administration or application of) any law or
     regulation or any published practice or concession of any relevant taxing
     authority.

(e)  A US Obligor is not obliged to pay any Tax Payment to a Lender to the
     extent that the Tax Payment would not have been payable if that Lender had
     complied with its obligations under this Subclause 16.7 (US tax forms).

17. INCREASED COSTS

17.1 INCREASED COSTS

(a)  Except as provided below in this Clause, the Company must pay to a Finance
     Party the amount of any Increased Cost that the Coordinating Facility Agent
     determines, acting reasonably, is attributable to the Global Facility
     incurred by that Finance Party or any of its Affiliates as a result of:

     (i)  the introduction of, or any change in, or any change in the
          interpretation, administration or application of, any law or
          regulation; or

     (ii) compliance with any law or regulation made after the date of this
          Agreement.

(b)  Except as provided below in this Clause, each South African Borrower must
     pay to a Finance Party the amount of any Increased Cost that the
     Coordinating Facility Agent determines is attributable to the South African
     Facility incurred by that Finance Party or any of its Affiliates as a
     result of:

     (i)  the introduction of, or any change in, or any change in the
          interpretation, administration or application of, any law or
          regulation; or

     (ii) compliance with any law or regulation made after the date of this
          Agreement.

17.2 EXCEPTIONS

     Neither the Company nor any South African Borrower need make any payment
     for an Increased Cost to the extent that the Increased Cost is:

     (a)  compensated for under another Clause or would have been but for an
          exception to that Clause;

     (b)  attributable to a Finance Party or its Affiliate wilfully failing to
          comply with any law or regulation; or

                                       55

<PAGE>

     (c)  attributable to the implementation or application of or compliance
          with the "International Convergence of Capital Measurement and Capital
          Standards, a Revised Framework" published by the Basel Committee on
          Banking Supervision in June 2004 in the form existing on the date of
          this Agreement and as interpreted by the Lenders at the date of this
          Agreement (BASEL II) or any other law or regulation which implements
          Basel II (whether such implementation, application or compliance is by
          a government, regulation, Finance Party or any of its Affiliates).

17.3 CLAIMS

(a)  A Finance Party intending to make a claim for an Increased Cost must notify
     the relevant Facility Agent of the circumstances giving rise to and the
     amount of the claim, following which the relevant Facility Agent will
     promptly notify the Company or the South African Borrowers (as the case may
     be).

(b)  Each Finance Party must, as soon as practicable after a demand by a
     Facility Agent, provide a certificate confirming the amount of its
     Increased Cost.

18. MITIGATION

18.1 MITIGATION

(a)  Each Finance Party must, in consultation with the Company, take all
     reasonable steps to mitigate any circumstances which arise and which result
     or would result in:

     (i)  any Tax Payment or Increased Cost being payable to that Finance Party;

     (ii) that Finance Party being able to exercise any right of prepayment
          and/or cancellation under this Agreement by reason of any illegality;
          or

     (iii) that Finance Party incurring any cost of complying with the minimum
          reserve requirements of the European Central Bank,

     including transferring its rights and obligations under the Finance
     Documents to an Affiliate or changing its Facility Office.

(b)  Paragraph (a) above does not in any way limit the obligations of any
     Obligor under the Finance Documents.

(c)  The Company must indemnify each Finance Party for all costs and expenses
     reasonably incurred by that Finance Party as a result of any step taken by
     it under this Subclause and which the Coordinating Facility Agent
     determines are attributable to the Global Facility.

(d)  Each South African Borrower must indemnify each Finance Party for all costs
     and expenses reasonably incurred by that Finance Party as a result of any
     step taken by it under this Subclause and which the Coordinating Facility
     Agent determines are attributable to the South African Facility.

(e)  A Finance Party is not obliged to take any step under this Subclause if, in
     the opinion of that Finance Party (acting reasonably), to do so might be
     prejudicial to it.

(f)  Nothing in this Subclause obligates a Lender under the South African
     Facility to transfer its Facility Office to outside South Africa.

                                       56

<PAGE>

18.2 CONDUCT OF BUSINESS BY A FINANCE PARTY

     No term of this Agreement will:

     (a)  interfere with the right of any Finance Party to arrange its affairs
          (Tax or otherwise) in whatever manner it thinks fit;

     (b)  oblige any Finance Party to investigate or claim any credit, relief,
          remission or repayment available to it in respect of Tax or the
          extent, order and manner of any claim; or

     (c)  oblige any Finance Party to disclose any information relating to its
          affairs (Tax or otherwise) or any computation in respect of Tax.

19. PAYMENTS

19.1 PLACE - GLOBAL FACILITY OTHER THAN THE SWINGLINE FACILITY

     Subject to Subclause 19.4 (Upfront and structuring fees), unless a Finance
     Document specifies that payments under it are to be made in another manner,
     all payments by a Party (other than the Global Facility Agent) under the
     Finance Documents in respect of the Global Facility (other than the
     Swingline Facility) must be made to the Global Facility Agent to its
     account at such office or bank:

     (a)  in the principal financial centre of the country of the relevant
          currency; or

     (b)  in the case of euro, in the principal financial centre of a
          Participating Member State or London,

     as it may notify to that Party for this purpose by not less than five
     Global Business Days' prior notice.

19.2 PLACE - SOUTH AFRICAN FACILITY

     Subject to Subclause 19.4 (Upfront and structuring fees), unless a Finance
     Document specifies that payments under it are to be made in another manner,
     all payments by a Party (other than the South African Facility Agent) under
     the Finance Documents in respect of the South African Facility must be made
     to the South African Facility Agent to its account at such office or bank
     in Johannesburg.

19.3 PLACE - SWINGLINE FACILITY

     Subject to Subclause 19.4 (Upfront and structuring fees), unless a Finance
     Document specifies that payments under it are to be made in another manner,
     all payments by a Party (other than the Swingline Agent) under the Finance
     Documents in respect of the Swingline Facility must be made to the
     Swingline Agent to its account at such office or bank in Chicago.

19.4 UPFRONT AND STRUCTURING FEES

     Payments in respect of the fees referred to in Subclause 30.3 (Upfront and
     structuring fees) must be made to the Coordinating Facility Agent to its
     account in Chicago.

19.5 FUNDS

     Payments under the Finance Documents to a Facility Agent or to the
     Swingline Agent must be made for value on the due date at such times and in
     such funds as that Facility Agent or the Swingline

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     Agent may specify to the Party concerned as being customary at the time for
     the settlement of transactions in the relevant currency in the place for
     payment.

19.6 DISTRIBUTION - GLOBAL FACILITY AND COORDINATING FACILITY AGENT

(a)  Each payment received by the Global Facility Agent and the Coordinating
     Facility Agent under the Finance Documents for another Party must, except
     as provided below, be made available by that Facility Agent to that Party
     by payment (as soon as practicable after receipt) to its account with such
     office or bank:

     (i)  in the principal financial centre of the country of the relevant
          currency; or

     (ii) in the case of euro, in the principal financial centre of a
          Participating Member State or London,

     as it may notify to that Facility Agent for this purpose by not less than
     five Business Days' prior notice.

(b)  The Global Facility Agent or the Coordinating Facility Agent (as the case
     may be) may apply any amount received by it for an Obligor in or towards
     payment (as soon as practicable after receipt) of any amount due from that
     Obligor under the Finance Documents or in or towards the purchase of any
     amount of any currency to be so applied.

(c)  Where a sum is paid to the Global Facility Agent or the Coordinating
     Facility Agent (as the case may be) under this Agreement for another Party,
     that Facility Agent is not obliged to pay that sum to that Party until it
     has established that it has actually received it. However, that Facility
     Agent may assume that the sum has been paid to it, and, in reliance on that
     assumption, make available to that Party a corresponding amount. If it
     transpires that the sum has not been received by that Facility Agent, that
     Party must immediately on demand by that Facility Agent refund any
     corresponding amount made available to it together with interest on that
     amount from the date of payment to the date of receipt by that Facility
     Agent at a rate calculated by that Facility Agent to reflect its cost of
     funds.

19.7 DISTRIBUTION - SOUTH AFRICAN FACILITY

(a)  Each payment received by the South African Facility Agent under the Finance
     Documents for another Party must, except as provided below, be made
     available by the South African Facility Agent to that Party by payment (as
     soon as practicable after receipt) to its account with such office or bank
     in Johannesburg or as it may notify to the South African Facility Agent for
     this purpose by not less than five Business Days' prior notice.

(b)  The South African Facility Agent may apply any amount received by it for an
     Obligor in or towards payment (as soon as practicable after receipt) of any
     amount due from that Obligor under the Finance Documents or in or towards
     the purchase of any amount of any currency to be so applied.

(c)  Where a sum is paid to the South African Facility Agent under this
     Agreement for another Party, the South African Facility Agent is not
     obliged to pay that sum to that Party until it has established that it has
     actually received it. However, the South African Facility Agent may assume
     that the sum has been paid to it, and, in reliance on that assumption, make
     available to that Party a corresponding amount. If it transpires that the
     sum has not been received by the South African Facility Agent, that Party
     must immediately on demand by the South African Facility Agent refund any
     corresponding amount made available to it together with interest on that
     amount from the date of payment to the

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     date of receipt by the South African Facility Agent at a rate calculated by
     the South African Facility Agent to reflect its cost of funds.

19.8 DISTRIBUTION - SWINGLINE FACILITY

(a)  Each payment received by the Swingline Agent under the Finance Documents
     for another Party must, except as provided below, be made available by the
     Swingline Agent to that Party by payment (as soon as practicable after
     receipt) to its account with such office or bank in Chicago or as it may
     notify to the Swingline Agent for this purpose by not less than five
     Chicago Business Days' prior notice.

(b)  The Swingline Agent may apply any amount received by it for an Obligor in
     or towards payment (as soon as practicable after receipt) of any amount due
     from that Obligor under the Finance Documents or in or towards the purchase
     of any amount of any currency to be so applied.

(c)  Where a sum is paid to the Swingline Agent under this Agreement for another
     Party, the Swingline Agent is not obliged to pay that sum to that Party
     until it has established that it has actually received it. However, the
     Swingline Agent may assume that the sum has been paid to it, and, in
     reliance on that assumption, make available to that Party a corresponding
     amount. If it transpires that the sum has not been received by the
     Swingline Agent, that Party must immediately on demand by the Swingline
     Agent refund any corresponding amount made available to it together with
     interest on that amount from the date of payment to the date of receipt by
     the Swingline Agent at a rate calculated by the Swingline Agent to reflect
     its cost of funds.

19.9 CURRENCY

(a)  Unless a Finance Document specifies that payments under it are to be made
     in a different manner, the currency of each amount payable under the
     Finance Documents is determined under this Clause.

(b)  Interest is payable in the currency in which the relevant amount in respect
     of which it is payable is denominated.

(c)  A repayment or prepayment of any principal amount is payable in the
     currency in which that principal amount is denominated on its due date.

(d)  Amounts payable in respect of Taxes, fees, costs and expenses are payable
     in the currency in which they are incurred.

(e)  Each other amount payable under the Finance Documents is payable in US
     Dollars.

19.10 NO SET-OFF OR COUNTERCLAIM

     All payments made by an Obligor under the Finance Documents must be
     calculated and made without (and free and clear of any deduction for)
     set-off or counterclaim.

19.11 BUSINESS DAYS

(a)  If a payment under the Finance Documents is due on a day which is not a
     Business Day, the due date for that payment will instead be the next
     Business Day in the same calendar month (if there is one) or the preceding
     Business Day (if there is not) or whatever day the relevant Facility Agent
     or the Swingline Agent determines is market practice.

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(b)  During any extension of the due date for payment of any principal under
     this Agreement interest is payable on that principal at the rate payable on
     the original due date.

19.12 PARTIAL PAYMENTS - GLOBAL FACILITY

(a)  This Subclause does not apply to any payments received in respect of the
     Swingline Facility.

(b)  If any Administrative Party receives a payment insufficient to discharge
     all the amounts then due in respect of the Global Facility and payable by
     the Obligors under the Finance Documents, the Administrative Party must
     apply that payment towards the obligations of the Obligors in respect of
     the Global Facility under the Finance Documents in the following order:

     (i)  FIRST, in or towards payment pro rata of any unpaid fees, costs and
          expenses of the Administrative Parties in respect of the Global
          Facility under the Finance Documents;

     (ii) SECONDLY, in or towards payment pro rata of any accrued interest or
          fee due in respect of the Global Facility but unpaid under this
          Agreement;

     (iii) THIRDLY, in or towards payment pro rata of any principal amount due
          in respect of the Global Facility but unpaid under this Agreement; and

     (iv) FOURTHLY, in or towards payment pro rata of any other sum due in
          respect of the Global Facility but unpaid under the Finance Documents.

(c)  The Global Facility Agent must, if so directed by the Global Majority
     Lenders under the Global Facility, vary the order set out in sub-paragraphs
     (a)(ii) to (iv) above.

(d)  This Subclause will override any appropriation made by an Obligor.

(e)  Any other term of this Agreement in relation to partial payments does not
     apply to the Global Facility.

19.13 PARTIAL PAYMENTS - SOUTH AFRICAN FACILITY

(a)  If any Administrative Party receives a payment insufficient to discharge
     all the amounts then due in respect of the South African Facility and
     payable by the Obligors under the Finance Documents, the Administrative
     Party must apply that payment towards the obligations of the Obligors in
     respect of the South African Facility under the Finance Documents in the
     following order:

     (i)  FIRST, in or towards payment pro rata of any unpaid fees, costs and
          expenses of the Administrative Parties in respect of the South African
          Facility under the Finance Documents;

     (ii) SECONDLY, in or towards payment pro rata of any accrued interest or
          fee due in respect of the South African Facility but unpaid under this
          Agreement;

     (iii) THIRDLY, in or towards payment pro rata of any principal amount due
          in respect of the South African Facility but unpaid under this
          Agreement; and

     (iv) FOURTHLY, in or towards payment pro rata of any other sum due in
          respect of the South African Facility but unpaid under the Finance
          Documents.

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(b)  The South African Facility Agent must, if so directed by the South African
     Majority Lenders under the South African Facility, vary the order set out
     in sub-paragraphs (a)(ii) to (iv) above.

(c)  This Subclause will override any appropriation made by an Obligor.

(d)  Any other term of this Agreement in relation to partial payments does not
     apply to the South African Facility.

19.14 PARTIAL PAYMENTS - SWINGLINE FACILITY

(a)  If the Swingline Agent receives a payment in respect of the Swingline
     Facility insufficient to discharge all the amounts then due and payable by
     the Obligors to the Swingline Lenders under this Agreement, the Swingline
     Agent must apply that payment towards the obligations of the Obligors under
     the Finance Documents in respect of the Swingline Facility in the following
     order:

     (i)  FIRST, in or towards payment pro rata of any unpaid fees, costs and
          expenses of the Swingline Agent under the Finance Documents incurred
          in respect of the Swingline Facility;

     (ii) SECONDLY, in or towards payment pro rata of any accrued interest on a
          Swingline Loan due but unpaid under this Agreement; and

     (iii) THIRDLY, in or towards payment pro rata of the principal of any
          Swingline Loan due but unpaid under this Agreement.

(b)  The Swingline Agent must, if so directed by all the Swingline Lenders, vary
     the order set out in sub-paragraphs (a)(ii) and (iii) above, as
     appropriate.

(c)  This Subclause will override any appropriation made by an Obligor.

(d)  Any other term of this Agreement in relation to partial payments does not
     apply to the Swingline Facility.

19.15 TIMING OF PAYMENTS

     If a Finance Document does not provide for when a particular payment is
     due, that payment will be due within three Business Days of demand by the
     relevant Finance Party.

20.  GUARANTEE AND INDEMNITY - GLOBAL FACILITY

20.1 GUARANTEE AND INDEMNITY

     Each Global Guarantor jointly and severally and irrevocably and
     unconditionally:

     (a)  guarantees to each Finance Party punctual performance by each Global
          Borrower of all its obligations under the Finance Documents;

     (b)  undertakes with each Finance Party that, whenever a Global Borrower
          does not pay any amount when due under or in connection with any
          Finance Document, it must immediately on demand by the Global Facility
          Agent pay that amount as if it were the principal obligor in respect
          of that amount; and

     (c)  indemnifies each Finance Party immediately on demand against any loss
          or liability suffered by that Finance Party if any obligation
          guaranteed by it is or becomes unenforceable, invalid

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          or illegal; the amount of the loss or liability under this indemnity
          will be equal to the amount the Finance Party would otherwise have
          been entitled to recover.

20.2 CONTINUING GUARANTEE

(a)  This guarantee is a continuing guarantee and will extend to the ultimate
     balance of all sums payable (other than in respect of the South African
     Facility) by any Obligor under the Finance Documents, regardless of any
     intermediate payment or discharge in whole or in part.

(b)  The obligations guaranteed by each Global Guarantor under this Clause and
     the losses and liabilities against which each Global Guarantor indemnifies
     the Finance Parties include, in each case, all amounts which arise under
     the Finance Documents after a petition is filed by, or against, any Obligor
     under the US Bankruptcy Code of 1978 (or in analogous circumstances under
     any applicable law in any other applicable jurisdiction) even if the
     liabilities or obligations do not accrue against such Obligor because of
     the automatic stay under section 362 of the US Bankruptcy Code of 1978 (or
     because of any analogous provision under any applicable law in any other
     jurisdiction) or because any such obligation is not an allowed claim
     against such Obligor in any such bankruptcy proceedings or otherwise.

20.3 REINSTATEMENT

(a)  If any discharge (whether in respect of the obligations of any Obligor or
     any security for those obligations or otherwise) or arrangement is made in
     whole or in part on the faith of any payment, security or other disposition
     which is avoided or must be restored on insolvency, liquidation,
     administration or otherwise without limitation, the liability of each
     Global Guarantor under this Clause will continue or be reinstated as if the
     discharge or arrangement had not occurred.

(b)  Each Finance Party may concede or compromise any claim that any payment,
     security or other disposition is liable to avoidance or restoration.

20.4 WAIVER OF DEFENCES

(a)  The obligations of each Global Guarantor under this Clause will not be
     affected by any act, omission or thing which, but for this provision, would
     reduce, release or prejudice any of its obligations under this Clause
     (whether or not known to it or any Finance Party). This includes:

     (i)  any time or waiver granted to, or composition with, any person;

     (ii) any release of any person under the terms of any composition or
          arrangement;

     (iii) the taking, variation, compromise, exchange, renewal or release of,
          or refusal or neglect to perfect, take up or enforce, any rights
          against, or security over assets of, any person;

     (iv) any non-presentation or non-observance of any formality or other
          requirement in respect of any instrument or any failure to realise the
          full value of any security;

     (v)  any incapacity or lack of power, authority or legal personality of or
          dissolution or change in the members or status of any person;

     (vi) any amendment (however fundamental) of a Finance Document or any other
          document or security;

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     (vii) any unenforceability, illegality, invalidity or non-provability of
          any obligation of any person under any Finance Document or any other
          document or security; or

     (viii) any insolvency or similar proceedings.

(b)  Each Spanish Obligor waives any right of exclusion, order or division
     (beneficios de excusion, orden y division) under Article 1830 et seq of the
     Spanish Civil Code.

20.5 IMMEDIATE RECOURSE

(a)  Each Global Guarantor waives any right it may have of first requiring any
     Finance Party (or any trustee or agent on its behalf) to proceed against or
     enforce any other right or security or claim payment from any person before
     claiming from that Global Guarantor under this Clause.

(b)  This waiver applies irrespective of any law or any provision of a Finance
     Document to the contrary.

20.6 APPROPRIATIONS

     Until all amounts which may be or become payable (other than in respect of
     the South African Facility) by the Obligors under or in connection with the
     Finance Documents have been irrevocably paid in full, each Finance Party
     (or any trustee or agent on its behalf) may without affecting the liability
     of any Global Guarantor under this Clause:

     (a)  (i)  refrain from applying or enforcing any other moneys, security or
               rights held or received by that Finance Party (or any trustee or
               agent on its behalf) against those amounts; or

          (ii) apply and enforce them in such manner and order as it sees fit
               (whether against those amounts or otherwise); and

     (b)  hold in an interest-bearing suspense account any moneys received from
          any Global Guarantor or on account of that Global Guarantor's
          liability under this Clause.

20.7 NON-COMPETITION

     Unless:

     (a)  all amounts which may be or become payable (other than in respect of
          the South African Facility) by the Obligors under or in connection
          with the Finance Documents have been irrevocably paid in full; or

     (b)  the Global Facility Agent otherwise directs,

     no Global Guarantor will, after a claim has been made or by virtue of any
     payment or performance by it under this Clause:

     (i)  be subrogated to any rights, security or moneys held, received or
          receivable by any Finance Party (or any trustee or agent on its
          behalf);

     (ii) be entitled to any right of contribution or indemnity in respect of
          any payment made or moneys received on account of that Global
          Guarantor's liability under this Clause;

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     (iii) claim, rank, prove or vote as a creditor of any Obligor or its estate
          in competition with any Finance Party (or any trustee or agent on its
          behalf); or

     (iv) receive, claim or have the benefit of any payment, distribution or
          security from or on account of any Obligor, or exercise any right of
          set-off as against any Obligor.

     Each Global Guarantor must hold in trust for and immediately pay or
     transfer to the Global Facility Agent for the Finance Parties any payment
     or distribution or benefit of security received by it contrary to this
     Clause or in accordance with any directions given by the Global Facility
     Agent under this Clause.

20.8 RELEASE OF GLOBAL GUARANTORS' RIGHT OF CONTRIBUTION

     If any Global Guarantor ceases to be a Global Guarantor in accordance with
     the terms of the Finance Documents for the purposes of any sale or other
     disposal of that Global Guarantor:

     (a)  that Global Guarantor will be released by each other Global Guarantor
          from any liability whatsoever to make a contribution to any other
          Global Guarantor arising by reason of the performance by any other
          Global Guarantor of its obligations under the Finance Documents; and

     (b)  each other Global Guarantor will waive any rights it may have by
          reason of the performance of its obligations under the Finance
          Documents to take the benefit (in whole or in part and whether by way
          of subrogation or otherwise) of any right of any Finance Party under
          any Finance Document or of any other security taken under, or in
          connection with, any Finance Document where the rights or security are
          granted by or in relation to the assets of the retiring Global
          Guarantor.

20.9 ADDITIONAL SECURITY

     This guarantee is in addition to and is not in any way prejudiced by any
     other security now or subsequently held by any Finance Party.

20.10 LIMITATIONS - ENGLAND

     This guarantee does not apply to any liability to the extent it would
     result in this guarantee constituting unlawful financial assistance within
     the meaning of Section 151 of the Companies Act 1985.

20.11 LIMITATIONS - SPAIN

     This guarantee does not apply to any liability to the extent it would
     result in this guarantee constituting unlawful financial assistance under
     Article 81 of the Spanish Joint Stock Company Law (Ley de Sociedades
     Anonimas) and/or under Article 40.5 of the Spanish Private Limited
     Companies Law (Sociedad de Responsabilidad Limitada).

20.12 LIMITATIONS - HONG KONG

     This guarantee does not apply to any liability to the extent it would
     result in this guarantee constituting unlawful financial assistance within
     the meaning of Section 47A of the Companies Ordinance (Cap.32) of the Laws
     of Hong Kong.

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20.13 LIMITATIONS - GERMANY

(a)  Each Finance Party agrees that its right to enforce any guarantee or
     indemnity granted by a Global Guarantor incorporated in Germany which is
     constituted in the form of a limited partnership (Kommanditgesellschaft)
     with a limited liability company (Gesellschaft mit beschrankter Haftung) as
     general partner (GmbH & Co. KG) or a limited liability company
     (Gesellschaft mit beschrankter Haftung GmbH) (each a RELEVANT GERMAN
     OBLIGOR) shall, if and to the extent that such guarantee or indemnity is an
     up-stream or cross-stream security which secures liabilities of the
     Relevant German Obligor's shareholders or of an affiliated company
     (verbundenes Unternehmen) of any such shareholder within the meaning of
     Sectiion 15 of the German Stock Corporation Act (Aktiengesetz) of such
     Relevant German Obligor (other than such Relevant German Obligor's
     Subsidiaries) which are not, without accounting for the direct and indirect
     interest of the Relevant German Obligor in such subsidiary, directly or
     indirectly, more than 50 per cent. owned by any of the Relevant German
     Obligor's shareholders), at all times be limited if and to the extent that
     (i) the enforcement of the guarantee granted by the Relevant German Obligor
     would cause the Relevant German Obligor's, and, in the case of a GmbH & Co.
     KG, also such Relevant German Obligor's general partner's, assets (the
     calculation of which shall include all items set forth in Section 266(2) A,
     B, and C of the German Commercial Code (Handelsgesetzbuch) less the
     Relevant German Obligor's or in the case of a GmbH & Co. KG, such Relevant
     German Obligor's general partner's, liabilities (the calculation of which
     shall take into account the captions reflected in Section 266(3) B, C (but
     disregarding, for the avoidance of doubt, the Relevant German Obligor's
     liabilities under this Agreement and D of the German Commercial Code) (the
     NET ASSET), being less than its respective registered share capital
     (Stammkapital) plus reserves for its own shares (Rucklage fur eigene
     Anteile) (the aggregate of the registered share capital and the shares for
     its own shares, the PROTECTED CAPITAL) (Begruendung einer Unterbilanz) or
     (ii) where the amount of the Relevant German Obligor's net Assets (or the
     Net Assets of its general partner if the Relevant German Obligor is a GmbH
     &Co. KG) are already less than its Protected Capital causing such amount to
     be further reduced (Vertiefung einer Unterbilanz).

(b)  For the purposes of:

     (i)  the amount of any increase after the date of this Agreement of the
          Relevant German Obligor's, or, in the case of a German GmbH & Co. KG,
          its general partner's, registered share capital (1) which has been
          effected without the prior written consent of the Global Facility
          Agent and which is made out of retained earnings (Kapitalerhohug aus
          Gesellschaftsmitteln) or (2) to the extent that it is not fully paid
          up shall be deducted from the share capital; and

     (ii) loans and other contractual liabilities incurred in violation of any
          Finance Document shall be disregarded.

(c)  The limitations set out in paragraphs (a) and (b) above shall only apply
     if:

     (i)  within 5 Global Business Days following the receipt of notice of
          enforcement of the guarantee the managing directors of the Relevant
          German Obligor have confirmed in writing to the Global Facility Agent
          (A) to what extent the guarantee is an up-stream or cross-stream
          security and (B) the amount which cannot be enforced due to it causing
          the Net Assets of the Relevant German Obligor to fall below its stated
          share capital and such confirmation is supported by interim financial
          statements up to the end of the last completed calendar month (the
          MANAGEMENT DETERMINATION); or

     (ii) within 10 Global Business Days from the date the Global Facility Agent
          has contested the Management Determination the Global Facility Agent
          receives an up to date balance sheet

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          drawn-up by a firm of auditors of international standard and repute
          together with a determination of the Net Assets. Such balance sheet
          and determination of Net Assets shall be prepared in accordance with
          accounting principles pursuant to the German Commercial Code
          (Handelsgesetzbuch) and be based on the same principles that were
          applied when establishing the previous year's balance sheet.

(d)  Should the Relevant German Obligor fail to deliver such balance sheets
     and/or determinations of the Net Assets within the time periods referred to
     above the Finance Parties shall be entitled to enforce the security granted
     under this Agreement subject only to paragraphs (a) and (b) above.

(e)  For the avoidance of doubt, nothing in this Agreement shall be interpreted
     as a restriction or limitation of

     (i)  the enforcement of the guarantee to the extent such guarantee
          guarantees obligations of a Global Guarantor incorporated in Germany
          itself or obligations of any of its direct or indirect subsidiaries or

     (ii) the enforcement of any claim of any Finance Party against a Borrower
          (in such capacity) under this Agreement.

20.14 LIMITATIONS - THE NETHERLANDS

     The guarantee and indemnities contained in this Clause do not apply to any
     liability to the extent that that liability would result in the guarantee
     or indemnity contained in this Clause constituting unlawful financial
     assistance within the meaning of section 2:98c and section 2:207c of the
     Dutch Civil Code.

20.15 LIMITATIONS - FRANCE

(a)  The obligations and liabilities of each Global Guarantor incorporated in
     France under its guarantee hereunder shall not include any obligation which
     if incurred would constitute the provisions of financial assistance as
     defined by article L.225-216 of the French Commercial Code for the
     subscription, or the acquisition or the refinancing of the acquisition of
     its own shares and shall be limited, at any time, to an amount equal to the
     aggregate amount of all amounts borrowed directly by that Global Guarantor
     in its capacity as Borrower under this Agreement and outstanding at the
     time the guarantee under this Clause is called or made available to another
     Obligor and on-lent directly or indirectly to that Global Guarantor and
     outstanding at the time the guarantee under this Clause is called.

(b)  Notwithstanding any of the provisions of this Subclause 20.15 (Limitations
     - France), the liability of each Global Guarantor incorporated in France
     for the obligations of the Obligors which are its direct or indirect
     subsidiaries shall not be limited and shall cover all amounts due by such
     Obligors under the Finance Documents.

20.16 US GUARANTORS

(a)  In this Subclause:

     FRAUDULENT TRANSFER LAW means any bankruptcy and fraudulent transfer and
     conveyance statute or any related case law of the United States or any
     state thereof (including the District of Columbia);

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     US DEBTOR means an Obligor that is incorporated or organised under the laws
     of the United States of America or any State of the United States of
     America (including the District of Columbia) or that resides or has a
     domicile, a place of business or property in the United States of America;

     US GUARANTOR means any Guarantor that is a US Debtor; and

     terms used in this Subclause are to be construed in accordance with the
     fraudulent transfer laws.

(b)  Each US Guarantor acknowledges that:

     (i)  it will receive valuable direct or indirect benefits as a result of
          the transactions financed by the Finance Documents;

     (ii) those benefits will constitute reasonably equivalent value and fair
          consideration for the purpose of any fraudulent transfer law; and

     (iii) each Finance Party has acted in good faith in connection with the
          guarantee given by that US Guarantor and the transactions contemplated
          by the Finance Documents.

(c)  Each Finance Party agrees that each US Guarantor's liability under this
     Clause is limited so that no obligation of, or transfer by, any US
     Guarantor under this Clause is subject to avoidance and turnover under any
     fraudulent transfer law.

(d)  Each US Guarantor represents and warrants to each Finance Party that:

     (i)  the fair value of its assets is greater than the amount of its
          liabilities (including disputed, contingent and unliquidated
          liabilities) as such value is established and liabilities evaluated in
          accordance with generally accepted accounting principles in the United
          States of America;

     (ii) the present fair saleable value of its assets is not less than the
          amount that will be required to pay the probable liability on its
          debts as they become absolute and matured;

     (iii) it is able to realise upon its assets and pay its debts and other
          liabilities (including disputed, contingent and unliquidated
          liabilities) as they mature in the normal course of business;

     (iv) it has not incurred and does not intend to, and does not believe that
          it will, incur debts or liabilities beyond its ability to pay as such
          debts and liabilities mature; and

     (v)  it is not engaged in business or a transaction, and is not about to
          engage in business or a transaction, for which its property would
          constitute unreasonably small capital; and

     (vi) it has not made a transfer or incurred an obligation under this
          Agreement or any other Finance Document with the intent to hinder,
          delay or defraud any of its present or future creditors.

(e)  Each acknowledgement, representation and warranty:

     (i)  in paragraph (b) is made by each US Guarantor on the date of this
          Agreement;

     (ii) in paragraph (d) is made on the date of this Agreement by each US
          Guarantor on an individual basis or in the case of a US Guarantor that
          has Subsidiaries that are also Guarantors, on the basis of the
          consolidated assets and liabilities of that US Guarantor and its
          Subsidiaries that are Guarantors.

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     (iii) in this Subclause 20.16 (US Guarantors) is deemed to be repeated
          whenever a representation is deemed to by repeated under Subclause
          22.25 (Times for making representations and warranties); and

     (iv) in this Subclause 20.16 (US Guarantors) is, when repeated, applied to
          the circumstances existing at the time of repetition.

20.17 NO GUARANTEE OF THE SOUTH AFRICAN FACILITY

(a)  Notwithstanding any term of this Clause, nothing in this Clause will result
     in any Global Guarantor being liable for any amount payable under or in
     respect of the South African Facility.

(b)  Under this Clause 20 (Guarantee and Indemnity - Global Facility) the
     liability of Pyramid Freight BVI is limited to the aggregate amount
     generated from any of its assets not located in South Africa.
     Notwithstanding any term of this Clause, nothing in this Clause will result
     in Pyramid Freight, South Africa being liable to apply assets located in
     South Africa in respect of the Global Facility.

21. GUARANTEE AND INDEMNITY - SOUTH AFRICAN FACILITY

21.1 GUARANTEE AND INDEMNITY

     Each South African Guarantor jointly and severally and irrevocably and
     unconditionally:

     (a)  guarantees to each Finance Party punctual performance by each South
          African Borrower of all its obligations under the Finance Documents;

     (b)  undertakes with each Finance Party that, whenever a South African
          Borrower does not pay any amount when due under or in connection with
          any Finance Document, it must immediately on demand by the South
          African Facility Agent pay that amount as if it were the principal
          obligor in respect of that amount; and

     (c)  indemnifies each Finance Party immediately on demand against any loss
          or liability suffered by that Finance Party if any obligation
          guaranteed by it is or becomes unenforceable, invalid or illegal; the
          amount of the loss or liability under this indemnity will be equal to
          the amount the Finance Party would otherwise have been entitled to
          recover.

21.2 CONTINUING GUARANTEE

     This guarantee is a continuing guarantee and will extend to the ultimate
     balance of all sums payable (other than in respect of the Global Facility)
     by any Obligor under the Finance Documents, regardless of any intermediate
     payment or discharge in whole or in part.

21.3 REINSTATEMENT

(a)  If any discharge (whether in respect of the obligations of any Obligor or
     any security for those obligations or otherwise) or arrangement is made in
     whole or in part on the faith of any payment, security or other disposition
     which is avoided or must be restored on insolvency, liquidation,
     administration or otherwise without limitation, the liability of each South
     African Guarantor under this Clause will continue or be reinstated as if
     the discharge or arrangement had not occurred.

(b)  Each Finance Party may concede or compromise any claim that any payment,
     security or other disposition is liable to avoidance or restoration.

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21.4 WAIVER OF DEFENCES

(a)  The obligations of each South African Guarantor under this Clause will not
     be affected by any act, omission or thing which, but for this provision,
     would reduce, release or prejudice any of its obligations under this Clause
     (whether or not known to it or any Finance Party). This includes:

     (i)  any time or waiver granted to, or composition with, any person;

     (ii) any release of any person under the terms of any composition or
          arrangement;

     (iii) the taking, variation, compromise, exchange, renewal or release of,
          or refusal or neglect to perfect, take up or enforce, any rights
          against, or security over assets of, any person;

     (iv) any non-presentation or non-observance of any formality or other
          requirement in respect of any instrument or any failure to realise the
          full value of any security;

     (v)  any incapacity or lack of power, authority or legal personality of or
          dissolution or change in the members or status of any person;

     (vi) any amendment (however fundamental) of a Finance Document or any other
          document or security;

     (vii) any unenforceability, illegality, invalidity or non-provability of
          any obligation of any person under any Finance Document or any other
          document or security; or

     (viii) any insolvency or similar proceedings.

(b)  Each South African Guarantor irrevocably and unconditionally waives and
     forfeits the benefits of excussion and division non numeratae pecuniae, non
     causa debiti, revision of accounts and errori calcui which might serve to
     limit, reduce, abate or otherwise restrict its liability under this Clause.

21.5 IMMEDIATE RECOURSE

(a)  Each South African Guarantor waives any right it may have of first
     requiring any Finance Party (or any trustee or agent on its behalf) to
     proceed against or enforce any other right or security or claim payment
     from any person before claiming from that South African Guarantor under
     this Clause.

(b)  This waiver applies irrespective of any law or any provision of a Finance
     Document to the contrary.

21.6 APPROPRIATIONS

     Until all amounts which may be or become payable (other than in respect of
     the Global Facility) by the Obligors under or in connection with the
     Finance Documents have been irrevocably paid in full, each Finance Party
     (or any trustee or agent on its behalf) may without affecting the liability
     of any South African Guarantor under this Clause:

     (a)  (i)  refrain from applying or enforcing any other moneys, security or
               rights held or received by that Finance Party (or any trustee or
               agent on its behalf) against those amounts; or

          (ii) apply and enforce them in such manner and order as it sees fit
               (whether against those amounts or otherwise); and

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     (b)  hold in an interest-bearing suspense account any moneys received from
          any South African Guarantor or on account of that South African
          Guarantor's liability under this Clause.

21.7 NON-COMPETITION

     Unless:

     (a)  all amounts which may be or become payable (other than in respect of
          the Global Facility) by the Obligors under or in connection with the
          Finance Documents have been irrevocably paid in full; or

     (b)  the South African Facility Agent otherwise directs,

     no South African Guarantor will, after a claim has been made or by virtue
     of any payment or performance by it under this Clause:

     (i)  be subrogated to any rights, security or moneys held, received or
          receivable by any Finance Party (or any trustee or agent on its
          behalf);

     (ii) be entitled to any right of contribution or indemnity in respect of
          any payment made or moneys received on account of that South African
          Guarantor's liability under this Clause;

     (iii) claim, rank, prove or vote as a creditor of any Obligor or its estate
          in competition with any Finance Party (or any trustee or agent on its
          behalf);

     (iv) apply for the liquidation or winding up of any Obligor; or

     (v)  receive, claim or have the benefit of any payment, distribution or
          security from or on account of any Obligor, or exercise any right of
          set-off as against any Obligor.

     Each South African Guarantor must hold in trust for and immediately pay or
     transfer to the South African Facility Agent for the Finance Parties any
     payment or distribution or benefit of security received by it contrary to
     this Clause or in accordance with any directions given by the South African
     Facility Agent under this Clause.

21.8 RELEASE OF SOUTH AFRICAN GUARANTORS' RIGHT OF CONTRIBUTION

     If any South African Guarantor ceases to be a South African Guarantor in
     accordance with the terms of the Finance Documents for the purposes of any
     sale or other disposal of that South African Guarantor:

     (a)  that South African Guarantor will be released by each other South
          African Guarantor from any liability whatsoever to make a contribution
          to any other South African Guarantor arising by reason of the
          performance by any other South African Guarantor of its obligations
          under the Finance Documents; and

     (b)  each other South African Guarantor will waive any rights it may have
          by reason of the performance of its obligations under the Finance
          Documents to take the benefit (in whole or in part and whether by way
          of subrogation or otherwise) of any right of any Finance Party under
          any Finance Document or of any other security taken under, or in
          connection with, any Finance Document where the rights or security are
          granted by or in relation to the assets of the retiring South African
          Guarantor.

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21.9 ADDITIONAL SECURITY

     This guarantee is in addition to and is not in any way prejudiced by any
     other security now or subsequently held by any Finance Party.

21.10 NO GUARANTEE OF THE GLOBAL FACILITY

(a)  Notwithstanding any term of this Clause, nothing in this Clause will result
     in any South African Guarantor being liable for any amount payable under or
     in respect of the Global Facility.

(b)  Under this Clause 21 (Guarantee and Indemnity - South African Facility) the
     liability of Pyramid Freight, South Africa is limited to the aggregate
     amount generated from any of its assets located in South Africa.
     Notwithstanding any term of this Clause, nothing in this Clause will result
     in Pyramid Freight BVI being liable to apply assets not located in South
     Africa in respect of the South African Facility.

22. REPRESENTATIONS AND WARRANTIES

22.1 REPRESENTATIONS AND WARRANTIES

     The representations and warranties set out in this Clause are made by each
     Obligor or (if it so states) the Company to each Finance Party.

22.2 STATUS

(a)  It is a limited liability company, duly incorporated and validly existing
     and in good standing under the laws of its jurisdiction of incorporation.

(b)  It and each of its Subsidiaries has the power to own its assets and carry
     on its business as it is being conducted.

(c)  Lake State Trucking, Inc. is a holding company and it does not carry out
     any business or hold any assets other than:

     (i)  the shares in Sammons Transportation, Inc;

     (ii) no more than 90 tractors and 150 trailers and incurring obligations
          under lease purchase agreements in respect of those tractors and
          trailers; and

     (iii) incurring Financial Indebtedness under the Finance Documents or the
          USPP Documents.

22.3 POWERS AND AUTHORITY

     It has the power to enter into and perform, and has taken all necessary
     action to authorise the entry into and performance of, the Finance
     Documents to which it is or will be a party and the transactions
     contemplated by those Finance Documents.

22.4 LEGAL VALIDITY

(a)  Subject to any general principles of law limiting its obligations and
     referred to in any legal opinion required under this Agreement, each
     Finance Document to which it is a party is its legally binding, valid and
     enforceable obligation.

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(b)  Each Finance Document to which it is a party is in the proper form for its
     enforcement in the jurisdiction of its incorporation.

22.5 NON-CONFLICT

     The entry into and performance by it of, and the transactions contemplated
     by, the Finance Documents do not conflict with:

     (a)  any law or regulation, judgement, order or decree applicable to it or
          any of its Subsidiaries;

     (b)  its or any of its Subsidiaries' constitutional documents; or

     (c)  any document which is binding upon it or any of its Subsidiaries or
          any of its or its Subsidiaries' assets which has or is reasonably
          likely to have a Material Adverse Effect.

22.6 NO DEFAULT

(a)  No Default is outstanding or will result from the entry into of, or the
     performance of any transaction contemplated by, any Finance Document; and

(b)  no other event is outstanding which constitutes a default under any
     document which is binding on it or any of its Subsidiaries or any of its or
     its Subsidiaries' assets to an extent or in a manner which has or is
     reasonably likely to have a Material Adverse Effect.

22.7 AUTHORISATIONS

     All authorisations required by it in connection with the entry into,
     performance, validity and enforceability of, and the transactions
     contemplated by, the Finance Documents have been obtained or effected (as
     appropriate) and are in full force and effect.

22.8 FINANCIAL STATEMENTS

(a)  Subject to paragraph (b) below, its financial statements most recently
     delivered to the Coordinating Facility Agent (which, in the case of the
     Company at the date of this Agreement, are the Original Financial
     Statements):

     (i)  have been prepared in accordance with accounting principles and
          practices generally accepted in its jurisdiction of incorporation,
          consistently applied; and

     (ii) represents fairly in all material respects its financial condition
          (consolidated, if applicable) as at the date to which they were drawn
          up,

     except, in each case, as disclosed to the contrary in those financial
     statements.

(b)  In respect of the Original Financial Statements, it is possible that the
     Company will be required to revise its accounting treatment in the manner
     and to the extent set out in Schedule 15 (Financial Statements
     Qualification).

22.9 NO MATERIAL ADVERSE CHANGE

     In the case of the Company only, as at the date of this Agreement there has
     been no material adverse change in the consolidated financial condition of
     the Company since the date to which the Original Financial Statements were
     drawn up.

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22.10 LITIGATION

     No litigation, arbitration or administrative proceedings are current or, to
     its knowledge, pending or threatened, which have or, if adversely
     determined, are reasonably likely to have a Material Adverse Effect except
     as set out in Schedule 12 (Current Litigation).

22.11 INFORMATION MEMORANDUM

(a)  In this Subclause, INFORMATION MEMORANDUM means the information memorandum
     prepared on behalf of, and approved by, the Company in connection with this
     Agreement.

(b)  In the case of the Company only:

     (i)  the factual information contained in the Information Memorandum is, to
          its knowledge, true and accurate in all material respects as of the
          date it was provided or (if appropriate) as at the date (if any) at
          which it is stated to be given;

     (ii) the financial projections contained in the Information Memorandum have
          been prepared as at its date, on the basis of recent historical
          information and assumptions believed by the Company to be fair and
          reasonable as at the date those projections were prepared, and subject
          to the qualifications and limitations stated therein; and

     (iii) as at the date of this Agreement, nothing has occurred since the date
          of the Information Memorandum which, if disclosed, would make the
          Information Memorandum untrue or misleading in any material respect.

22.12 TAXES

(a)  It is not overdue in the filing of any Tax returns or filings relating to
     any material amount of Tax and it is not overdue in the payment of any
     material amount of, or in respect of, Tax except in respect of any Taxes
     which are being diligently contested in good faith by appropriate
     proceedings and for which adequate reserves in accordance with generally
     accepted accounting principles of the relevant member of the Group have
     been set aside on its books.

(b)  No claims or investigations by any Tax authority are being or are
     reasonably likely to be made or conducted against it which are reasonably
     likely to result in a liability of or claim against any member of the Group
     to pay any material amount of, or in respect of, Tax other than the claims
     listed in Schedule 12 (Current Litigation).

(c)  For Tax purposes:

     (i)  it (other than Pyramid Freight) is resident only in the jurisdiction
          of its incorporation; and

     (ii) in the case of Pyramid Freight it is resident only in the British
          Virgin Islands and South Africa.

(d)  Under the law of its jurisdiction of incorporation, it is not necessary or
     desirable that any of the Finance Documents be filed, recorded or enrolled
     with any court or other authority in that jurisdiction other than the
     filing of this Agreement with the Securities and Exchange Commission in the
     United States of America.

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(e)  Any stamp or registration duty or similar Tax or charge payable in its
     jurisdiction of incorporation in respect of any Finance Document has been
     paid or will be paid within 5 days of the date of this Agreement.

(f)  As at the date of this Agreement, all amounts payable by it under the
     Finance Documents may be made without any Tax Deduction.

22.13 ENVIRONMENT

(a)  It has obtained all Environmental Approvals required for the carrying on of
     its business as currently conducted and has at all times complied with:

     (i)  the terms and conditions of such Environmental Approvals; and

     (ii) all other applicable Environmental Laws,

     where, in each case, if not obtained or complied with the failure or its
     consequences would have a Material Adverse Effect. There are to its
     knowledge no circumstances that may prevent or interfere with such
     compliance in the future.

(b)  There is no Environmental Claim pending or formally threatened and there
     are no past or present acts, omissions, events or circumstances that would
     form, or are reasonably likely to form, the basis of any Environmental
     Claim (including any arising out of the generation, storage, transport,
     disposal or release of any dangerous substance) against any member of the
     Group which, if adversely determined, would have a Material Adverse Effect.

22.14 PENSION PLANS

(a)  The Unfunded Liability of all Pension Plans of each member of the Group
     does not in the aggregate exceed the Total Plan Liability for all such
     Pension Plans by an amount which, if claimed, would have or would be
     reasonably likely to have a Material Adverse Effect.

(b)  Each such Pension Plan complies in all material respects with all
     applicable requirements of law and regulations.

(c)  No contribution failure under Section 412 of the Code, Section 302 of ERISA
     or the terms of any Pension Plan has occurred with respect to any such
     Pension Plan, sufficient to give rise to a Lien under Section 302(f) of
     ERISA, or otherwise which has or is reasonably likely to have a Material
     Adverse Effect.

(d)  There are no pending or, to the knowledge of any member of the Group,
     threatened, claims, actions, investigations or lawsuits against any such
     Pension Plan, any fiduciary of any such Pension Plan, or any member of the
     Group or any other member of the Controlled Group with respect to a Pension
     Plan or a Multiemployer Pension Plan which have or are reasonably likely to
     have a Material Adverse Effect.

(e)  Neither any member of the Group nor any other member of the Controlled
     Group has engaged in any prohibited transaction (as defined in Section 4975
     of the Code or Section 406 of ERISA) in connection with any Pension Plan or
     Multiemployer Pension Plan which would subject that Person to any material
     liability.

(f)  Within the past five years, neither any member of the Group nor any other
     member of the Controlled Group has engaged in a transaction which resulted
     in a Pension Plan with an Unfunded Liability

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     being transferred out of the Controlled Group, which has or is reasonably
     likely to have a Material Adverse Effect.

(g)  No Termination Event has occurred or is reasonably expected to occur with
     respect to any Pension Plan, which has or is reasonably likely to have a
     Material Adverse Effect.

22.15 LABOUR MATTERS

(a)  No member of the Group is subject to any collective bargaining or similar
     agreement, other than those companies set out in Schedule 13 (Collective
     Bargaining Arrangements).

(b)  There are no existing or threatened strikes, slowdowns, lockouts or other
     similar labour disputes involving any member of the Group that singly or in
     the aggregate have or are reasonably likely to have a Material Adverse
     Effect.

(c)  Hours worked by and payment made to employees of each member of the Group
     are not in violation in any material respect of:

     (i)  in the case of each member of the Group incorporated or operating in
          the United States, the United States Fair Labor Standards Act of 1938;
          or

     (ii) in the case of each member of the Group, any other applicable law,
          rule or regulation dealing with such matters.

22.16 ASSETS

     It owns or has leased or licensed to it all assets necessary to conduct its
     business as it is being or will be conducted.

22.17 GROUP STRUCTURE AND INSOLVENCY

(a)  In the case of the Company only and as at the date of this Agreement, the
     group structure chart delivered under Subclause 4.1 (Conditions precedent
     documents) shows all members of the Group.

(b)  100 per cent. of the issued share capital of each Obligor (other than (i)
     an Obligor under the South African Facility and (ii) Ambassador Brokerage
     Limited) is directly or indirectly wholly owned by the Company.

(c)  60 per cent. or more of the issued share capital of Ambassador Brokerage
     Limited is directly or indirectly owned by the Company.

(d)  In the case of the Company and each Obligor under the South African
     Facility, the group structure chart delivered under Subclause 4.1
     (Conditions precedent documents) shows the shareholders of and their
     percentage shareholdings in each Obligor under the South African Facility
     and the shareholders of or partners in such entities.

(e)  Pyramid Freight, South Africa holds not less than 74.9 per cent. of the
     capital account balances in Sisonke Partnership.

(f)  As at the date of this Agreement:

     (i)  no member of the Group 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

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          due or has suspended, or announced an intention to suspend, making
          payments on any of its debts;

     (ii) no member of the Group, 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;
          and

     (iii) no moratorium has been declared in respect of any indebtedness of any
          member of the Group.

22.18 INSURANCE

(a)  There is no outstanding insured loss or liability incurred by it which is
     not expected to be covered to the full extent of that loss or liability
     which has or could reasonably be expected to have a Material Adverse
     Effect.

(b)  There has been no non-disclosure, misrepresentation or breach of any term
     of any insurance which would entitle any insurer of that insurance to
     repudiate, rescind or cancel it or to treat it as avoided in whole or in
     part or otherwise decline any valid claim under it by or on behalf of any
     member of the Group.

22.19 CASS RESERVE

     Each member of the Group that is a party to the CASS Agreement has timely
     paid all accounts payable due and owing to CASS in accordance with the
     terms and provisions of the CASS Agreement, except any such accounts
     payable which are being diligently contested in good faith by appropriate
     proceedings and for which adequate reserves in accordance with generally
     accepted accounting principles in the jurisdiction of incorporation of that
     member of the Group shall have been set aside on its books and records.

22.20 PARI PASSU

     Its payment obligations under the Finance Documents at all times rank at
     least pari passu with all its other present and future unsecured payment
     obligations, except for obligations mandatorily preferred by law applying
     to companies generally.

22.21 DUTCH BANKING ACT

     If a Dutch Borrower is a credit institution (Kredietinstelling) under the
     Dutch Banking Act, it is in compliance with the applicable provisions of
     the Dutch Banking Act.

22.22 IMMUNITY

(a)  The entry by it into each Finance Document constitutes, and the exercise by
     it of its rights and performance of its obligations under each Finance
     Document will constitute, private and commercial acts performed for private
     and commercial purposes; and

(b)  it will not be entitled to claim immunity from suit, execution, attachment
     or other legal process in any proceedings taken in its jurisdiction of
     incorporation in relation to any Finance Document.

22.23 JURISDICTION/GOVERNING LAW

(a)  Its:

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     (i)  irrevocable submission under this Agreement to the jurisdiction of the
          courts of England and New York;

     (ii) agreement that this Agreement is governed by English law; and

     (iii) agreement not to claim any immunity to which it or its assets may be
          entitled,

     are legal, valid and binding under the laws of its jurisdiction of
     incorporation; and

(b)  any judgment obtained in England or in New York will be recognised and be
     enforceable by the courts of its jurisdiction of incorporation.

22.24 UNITED STATES LAWS

(a)  In this Subclause:

     ANTI-TERRORISM LAW means each of:

     (i)  Executive Order No. 13224 of September 23, 2001 - Blocking Property
          and Prohibiting Transactions With Persons Who Commit, Threaten To
          Commit, or Support Terrorism (the EXECUTIVE ORDER);

     (ii) the Uniting and Strengthening America by Providing Appropriate Tools
          Required to Intercept and Obstruct Terrorism Act of 2001, Public Law
          107-56 (commonly known as the USA Patriot Act);

     (iii) the Money Laundering Control Act of 1986, Public Law 99-570; and

     (iv) any similar law enacted in the United States of America subsequent to
          the date of this Agreement.

     HOLDING COMPANY, has the meaning given to it in the United States Public
     Utility Holding Company Act of 2005.

     INVESTMENT COMPANY has the meaning given to it in the United States
     Investment Company Act of 1940.

     PUBLIC UTILITY has the meaning given to it in the United States Federal
     Power Act of 1920.

     RESTRICTED PARTY means any person listed:

     (i)  in the Annex to the Executive Order;

     (ii) on the "Specially Designated Nationals and Blocked Persons" list
          maintained by the Office of Foreign Assets Control of the United
          States Department of the Treasury; or

     (iii) in any successor list to either of the foregoing.

(b)  It is not:

     (i)  a "holding company", or a "subsidiary company" of a "holding company,"
          or an "affiliate" of a "holding company" or of a "subsidiary company"
          of a "holding company," within the

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          meaning of the United States Public Utility Holding Company Act of
          2005 or subject to regulation under the United States Public Utility
          Holding Company Act of 2005;

     (ii) a public utility or subject to regulation under the United States
          Federal Power Act of 1920;

     (iii) an "investment company" or a company "controlled" by an "investment
          company" or a "subsidiary" of an "investment company," within the
          meaning of the United States Investment Company Act of 1940;

     (iv) engaged in the business of extending credit for the purpose of
          purchasing or carrying Margin Stock (as defined in Clause 25.23
          (United States laws)), and no proceeds of any Loan and no Letter of
          Credit will be used directly or indirectly to purchase or carry any
          Margin Stock or for any other purpose in violation of the Margin
          Regulations (as defined in Clause 25.23 (United States laws)); or;

     (v)  subject to regulation under any United States Federal or State law or
          regulation that limits its ability to incur or guarantee indebtedness.

(c)  Margin Stock does not constitute more than 1 per cent of the value of the
     consolidated assets of any Obligor and its Subsidiaries and no Obligor has
     any present intention that Margin Stock will constitute more than 1 per
     cent of the value of such assets.

(d)  To the best of its knowledge, neither it nor any of its Affiliates:

     (i)  is, or is controlled by, a Restricted Party;

     (ii) has received funds or other property from a Restricted Party; or

     (iii) is in breach of or is the subject of any action or investigation
          under any Anti-Terrorism Law.

(e)  It and each of its Affiliates have taken reasonable measures to ensure
     compliance with the Anti-Terrorism Laws.

22.25 TIMES FOR MAKING REPRESENTATIONS AND WARRANTIES

(a)  The representations and warranties set out in this Clause are made by each
     Original Obligor on the date of this Agreement.

(b)  Unless a representation and warranty is expressed to be given at a specific
     date, each representation and warranty is deemed to be repeated by:

     (i)  each Additional Obligor and the Company on the date on which that
          Additional Obligor becomes an Obligor; and

     (ii) each Obligor on the date of each Request and the first day of each
          Term.

(c)  When a representation and warranty in Clause 22.6(a) (No default) is
     repeated on a Request for a Rollover Credit, the reference to a Default
     will be construed as a reference to an Event of Default.

(d)  When a representation and warranty is repeated, it is applied to the
     circumstances existing at the time of repetition.

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23. INFORMATION COVENANTS

23.1 FINANCIAL STATEMENTS

(a)  The Company must supply to the Coordinating Facility Agent in sufficient
     copies for all the Lenders:

     (i)  its audited consolidated financial statements in the form of the
          Company's Form 10-K for each of its fiscal years;

     (ii) its unaudited consolidated quarterly financial statements in the form
          of the Company's Form 10-Q for each of its fiscal quarters;

     (iii) the unaudited unconsolidated balance sheet and income statements in
          the form provided to the Finance Parties immediately prior to the date
          of this Agreement (or, where available, the audited unconsolidated
          balance sheet and income statements) of each member of the South
          African Group and Pyramid Freight BVI as at the end of each fiscal
          year of the Company;

     (iv) the unaudited unconsolidated balance sheet and income statements of
          each member of the South African Group and Pyramid Freight BVI as at
          the end of each fiscal quarter of the Company;

     (v)  the unaudited consolidated financial statements of Pyramid Freight,
          South Africa for each of its fiscal years;

     (vi) the unaudited consolidated financial statements of Pyramid Freight,
          South Africa for each of its fiscal quarters; and

     (vii) an aged debtor analysis showing all amounts owed to each member of
          the South African Group on an aged basis as at the end of each fiscal
          year of the South African Group.

(b)  All financial statements must be supplied as soon as they are available
     and:

     (i)  in the case of the Company's Form 10-K, within 90 days;

     (ii) in the case of the Company's Form 10-Q, within 45 days;

     (iii) in the case of the unaudited unconsolidated balance sheet and income
          statements (or, where available, the audited unconsolidated balance
          sheet and income statements) of each member of the South African Group
          and Pyramid Freight BVI as at the end of each fiscal year of the
          Company, within 90 days;

     (iv) in the case of the unaudited unconsolidated balance sheet and income
          statements of each member of the South African Group and Pyramid
          Freight BVI as at the end of each fiscal quarter of the Company,
          within 45 days;

     (v)  in the case of the unaudited consolidated financial statements of
          Pyramid Freight, South Africa Branch, within 90 days;

     (vi) in the case of the unaudited consolidated financial statements of
          Pyramid Freight, South Africa Branch, within 45 days; and

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     (vii) the aged debtor analysis showing all amounts owing to each member of
          the South African Group, within 90 days,

     of the end of the relevant financial period.

23.2 FORM OF FINANCIAL STATEMENTS

(a)  The Company must ensure that each set of financial statements supplied
     under this Agreement represents (if audited) fairly in all material
     respects, or (if unaudited) fairly represents, the financial condition
     (consolidated or otherwise) of the relevant person as at the date to which
     those financial statements were drawn up and the results of operations of
     the relevant person for the period covered by those financial statements.

(b)  The Company must notify the Coordinating Facility Agent of any change to
     the manner in which its audited consolidated financial statements are
     prepared.

(c)  If requested by the Coordinating Facility Agent, the Company must supply to
     the Coordinating Facility Agent:

     (i)  a full description of any change notified under paragraph (b) above;
          and

     (ii) sufficient information to enable the Finance Parties to make a proper
          comparison between the financial position shown by the set of
          financial statements prepared on the changed basis and its most recent
          audited consolidated financial statements delivered to the Facility
          Agent under this Agreement.

(d)  If requested by the Coordinating Facility Agent or the Company, the Company
     and the Coordinating Facility Agent must enter into discussions for a
     period of not more than 30 days with a view to agreeing any amendments
     required to be made to this Agreement to place the Company and the Lenders
     in the same position as they would have been in if the change had not
     happened. Any agreement between the Company and the Coordinating Facility
     Agent will be, with the prior consent of the Majority Lenders, acting
     reasonably, binding on all the Parties.

(e)  If no agreement is reached under paragraph (d) above on the required
     amendments to this Agreement, the Company must supply with each set of its
     financial statements another set of its financial statements prepared on
     the same basis as the Original Financial Statements.

23.3 COMPLIANCE CERTIFICATE

(a)  The Company must supply to the Coordinating Facility Agent:

     (i)  with each set of its financial statements sent to the Coordinating
          Facility Agent under this Agreement a Compliance Certificate; and

     (ii) with each set of its annual financial statements sent to the
          Coordinating Facility Agent under this Agreement, a report of the
          Auditors addressed to the Finance Parties confirming compliance by the
          Company with the financial covenants set out in the Compliance
          Certificate.

(b)  A Compliance Certificate must be signed by two senior officers of the
     Company or, if one senior officer has the power to represent the Company,
     by one senior officer of the Company.

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23.4 INFORMATION - MISCELLANEOUS

     The Company must supply to the Coordinating Facility Agent, in sufficient
     copies for all the Lenders if the Coordinating Facility Agent so requests:

     (a)  copies of all documents despatched by the Company to its shareholders
          (or any class of them) or its creditors generally or any class of them
          at the same time as they are despatched;

     (b)  promptly upon becoming aware of them, details of any litigation,
          arbitration or administrative proceedings which are current,
          threatened or pending and which have or might, if adversely
          determined, have a Material Adverse Effect;

     (c)  promptly on request, such further information regarding the financial
          condition, assets and operations of the Group as any Finance Party
          through the Coordinating Facility Agent may reasonably request;

     (d)  a copy of any document delivered to the Noteholders under the USPP
          Documents promptly after such document is dispatched to the
          Noteholders; and

     (e)  in relation to any prepayment under Clause 12.5 (Mandatory prepayment
          - disposal and insurance proceeds) copies of any acceptances of offers
          and prepayment by the Noteholders promptly after they are received.

23.5 NOTIFICATION OF DEFAULT

(a)  Unless the Coordinating Facility Agent has already been so notified by
     another Obligor, each Obligor must notify the Coordinating Facility Agent
     of any Default (and the steps, if any, being taken to remedy it) promptly
     upon becoming aware of its occurrence.

(b)  Promptly on request by the Coordinating Facility Agent, the Company must
     supply to the Coordinating Facility Agent a certificate, signed by two of
     its authorised signatories on its behalf (or, if one signatory alone is
     authorised to act on behalf of the Company, by one authorised signatory on
     its behalf), certifying that no Default is outstanding or, if a Default is
     outstanding, specifying the Default and the steps, if any, being taken to
     remedy it.

23.6 YEAR END

     The Company must not change its fiscal year end.

23.7 KNOW YOUR CUSTOMER REQUIREMENTS

(a)  Subject to paragraph (b) below, each Obligor must promptly on the request
     of any Finance Party supply to that Finance Party any documentation or
     other evidence which is reasonably requested by that Finance Party (whether
     for itself, on behalf of any Finance Party or any prospective new Lender)
     to enable a Finance Party or prospective new Lender to carry out and be
     satisfied with the results of all applicable know your customer
     requirements.

(b)  An Obligor is only required to supply any information under paragraph (a)
     above, if the necessary information is not already available to the
     relevant Finance Party and the requirement arises as a result of:

     (i)  the introduction of any change in (or in the interpretation,
          administration or application of) any law or regulation made after the
          date of this Agreement;

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     (ii) any change in the status of an Obligor or any change in the
          composition of shareholders of an Obligor where a shareholder is not
          an Obligor after the date of this Agreement; or

     (iii) a proposed assignment or transfer by the Lender of any of its rights
          and/or obligations under this Agreement to a person that is not a
          Lender before that assignment or transfer.

(c)  Each Lender must promptly on the request of the Coordinating Facility Agent
     supply to the Coordinating Facility Agent any documentation or other
     evidence which is reasonably required by the Coordinating Facility Agent to
     carry out and be satisfied with the results of all know your customer
     requirements.

24. FINANCIAL COVENANTS

24.1 DEFINITIONS

     In this Clause:

     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 all as adjusted by:

     (i)  adding back Consolidated Interest Payable;

     (ii) taking no account of any extraordinary item (or any exceptional
          items); and

     (iii) adding back depreciation and amortisation.

     CONSOLIDATED INTEREST PAYABLE means all interest and other financing
     charges (whether, in each case, paid, payable or capitalised) incurred by
     the Group during a Measurement Period.

     CONSOLIDATED NET WORTH means at any time the aggregate of:

     (a)  the amount paid up or credited as paid up on the issued share capital
          of the Company; and

     (b)  the net amount standing to the credit (or debit) of the consolidated
          reserves of the Group,

     based on the latest published consolidated balance sheet of the Company
     (the LATEST BALANCE SHEET) but adjusted by:

     (i)  deducting any amount attributable to any mandatorily redeemable
          preference shares redeemable before the Final Maturity Date;

     (ii) deducting any dividend or other distribution proposed, declared or
          made by the Company (except to the extent it has been taken into
          account in the latest balance sheet); and

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     (iii) deducting any amount attributable to an upward revaluation of assets
          after the date of the Original Financial Statements or, in the case of
          assets of a company which becomes a member of the Group after that
          date, the date on which that company becomes a member of the Group.

     CONSOLIDATED TOTAL BORROWINGS means, in respect of the Group, at any time
     the aggregate of the following liabilities calculated at the nominal or
     principal amount or (if applicable) other amount at which the liability
     would be carried in a consolidated balance sheet of the Company drawn up at
     that time:

     (a)  any moneys borrowed;

     (b)  any acceptance under any acceptance credit (including any
          dematerialised equivalent);

     (c)  any bond, note, debenture, loan stock or other similar instrument;

     (d)  any indebtedness under a finance lease or Capital Lease;

     (e)  any moneys owing in connection with the sale or discounting of
          receivables (except to the extent that there is no recourse);

     (f)  any amounts attributable to any redeemable preference shares which are
          redeemable before the Final Maturity Date;

     (g)  any indebtedness arising from any deferred payment agreements arranged
          primarily as a method of raising finance or financing the acquisition
          of an asset (excluding the US$70,000,000 (or its equivalent) earn out
          arrangement in connection with the acquisition of Grupo SLi and Union
          S.L.);

     (h)  any indebtedness arising in connection with any other transaction
          (including any forward sale or purchase agreement) which has the
          commercial effect of a borrowing;

     (i)  any counter-indemnity obligation in respect of any guarantee,
          indemnity, bond, letter of credit or any other instrument issued by a
          bank or financial institution (but excluding the amount of any Letter
          of Credit issued in respect of a Local Working Capital Facility); and

     (j)  any indebtedness of any person of a type referred to in the above
          paragraphs which is the subject of a guarantee, indemnity or similar
          assurance against financial loss given by a member of the Group.

     CURRENT ASSETS means all assets of the Group which would be classified as
     current assets.

     CURRENT LIABILITIES means all liabilities of the Group which would be
     classified as current liabilities.

     GROSS ASSETS means gross assets which are not subject to any Security
     Interest.

     MEASUREMENT PERIOD means a period of 12 months ending on the last day of a
     financial quarter year of the Company.

     PRE-TAXATION PROFITS means net income adding back minority interest expense
     and provision for income tax.

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     SOUTH AFRICAN CONSOLIDATED EBITDA means the consolidated net pre-taxation
     profits of the South African Group for a Measurement Period:

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

     (b)  excluding the net pre-taxation profits attributable to any member of
          the South African Group or to any business or assets sold during that
          Measurement Period,

     and all as adjusted by:

     (i)  adding back South African Consolidated Interest Payable;

     (ii) taking no account of any extraordinary item; and

     (iii) adding back depreciation and amortisation.

     SOUTH AFRICAN CONSOLIDATED INTEREST PAYABLE means all interest and other
     financing charges (whether, in each case, paid, payable or capitalised)
     incurred by the South African Group (and Pyramid Freight in respect of its
     operations in South Africa) during a Measurement Period.

24.2 INTERPRETATION

(a)  Except as provided to the contrary in this Agreement, an accounting term
     used in this Clause is to be construed in accordance with the principles
     applied in connection with the Original Financial Statements.

(b)  Any amount in a currency other than US Dollars is to be taken into account
     at its US Dollar equivalent calculated on the basis of:

     (i)  the Coordinating Facility Agent's spot rate of exchange for the
          purchase of the relevant currency in the London foreign exchange
          market with US Dollars at or about 11.00 a.m. on the day the relevant
          amount falls to be calculated; or

     (ii) if the amount is to be calculated on the last day of a financial
          period of the Company, the relevant rates of exchange used by the
          Company in, or in connection with, its financial statements for that
          period.

(c)  No item must be credited or deducted more than once in any calculation
     under this Clause.

24.3 CONSOLIDATED NET WORTH

     The Company must ensure that Consolidated Net Worth is not, on the last day
     of a financial quarter year of the Company (beginning with the financial
     quarter ended 31 July, 2006), less than US$586,500,000 (the THRESHOLD CNW
     AMOUNT) plus:

     (a)  (from and including the last day of the financial quarter year of the
          Company ending 31 January 2007) an amount equal to 25 per cent. of the
          annual net earnings of the Company in respect of the previous
          financial year (if positive); and

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     (b)  the aggregate of any amounts by which the Threshold CNW Amount has
          been increased by any additions under paragraph (a) above in previous
          years.

24.4 LEVERAGE RATIO

     The Company must ensure that the ratio of Consolidated Total Borrowings to
     Consolidated EBITDA is not, at the end of each Measurement Period, greater
     than 3.00 to 1.00.

24.5 INTEREST COVER

     The Company must ensure that the ratio of Consolidated EBITDA to
     Consolidated Interest Payable is not, at the end of each Measurement
     Period, less than 4.00 to 1.00.

24.6 CURRENT RATIO

     The Company must ensure that the ratio of Current Assets to Current
     Liabilities is not, at any time, less than 1.10 to 1.00.

24.7 GLOBAL GUARANTOR COVER

(a)  The Company must ensure that each person who becomes a Global Borrower
     becomes a Global Guarantor before or at the same time as it becomes an
     Additional Borrower.

(b)  The Company must ensure that:

     (i)  the Gross Assets of the Global Guarantors contribute at any time 50
          per cent. or more of the Gross Assets of the Group at that time; and

     (ii) the aggregate contribution of the Global Guarantors to the
          Consolidated EBITDA is, at any time, at least 45 per cent. of the
          Consolidated EBITDA at that time.

(c)  For the purpose of paragraph (b) above:

     (i)  subject to sub-paragraph (ii) below:

          (A)  the contribution of each Global Guarantor will be determined from
               its financial statements which were consolidated into the latest
               consolidated financial statements of the Company; and

          (B)  the financial condition of the Group will be determined from the
               latest consolidated financial statements of the Company;

     (ii) if a person becomes a member of the Group after the date on which the
          latest consolidated financial statements of the Company were prepared:

          (A)  the contribution of that person will be determined from its
               latest financial statements; and

          (B)  the financial condition of the Group will still be determined
               from the latest consolidated financial statements of the Company
               but will be adjusted by reference to the financial statements
               referred to in paragraph (ii) (A) above to take into account that
               person becoming a member of the Group; and

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     (iii) the contribution of:

          (A)  a Global Guarantor will if it has Subsidiaries, be determined
               from its unconsolidated financial statements;

          (B)  a Global Guarantor will exclude intra-group items which would be
               eliminated in the consolidated financial statements of the
               Company; and

          (C)  Pyramid Freight BVI will exclude any amount of Pyramid Freight
               Debt owing to it.

24.8 SOUTH AFRICA GUARANTOR COVER

(a)  The Company must ensure that each person who becomes a South African
     Borrower becomes a South African Guarantor before or at the same time as it
     becomes a South African Borrower.

(b)  The Company must ensure that:

     (i)  the Gross Assets of the South African Guarantors contribute at any
          time 80 per cent. or more of the Gross Assets of the South African
          Group at that time; and

     (ii) the aggregate contribution of the South African Guarantors to the
          South African Consolidated EBITDA is, at any time, at least 80 per
          cent. of the South African Consolidated EBITDA at that time.

(c)  For the purpose of paragraph (b) above:

     (i)  subject to sub-paragraph (ii) below:

          (A)  the contribution of each South African Guarantor will be
               determined from its latest unconsolidated financial statements;
               and

          (B)  the financial condition of the South African Group will be
               determined from the latest audited consolidated financial
               statements of Pyramid Freight, South Africa relating to each
               member of the South African Group;

     (ii) if a person becomes a member of the South African Group after the date
          on which the latest audited unconsolidated financial statements of
          each member of the South African Group were prepared:

          (A)  the contribution of that person will be determined from its
               latest financial statements; and

          (B)  the financial condition of the South African Group will still be
               determined from the latest audited consolidated financial
               statements of Pyramid Freight, South Africa relating to each
               member of the South African Group but will be adjusted by
               reference to the financial statements referred to in paragraph
               (ii) (A) above to take into account that person becoming a member
               of the Group; and

     (iii) the contribution of a South African Guarantor will exclude
          intra-group items which would be eliminated in the consolidated
          financial statements of Pyramid Freight, South Africa relating to each
          member of the South African Group.

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25. GENERAL COVENANTS

25.1 GENERAL

     Each Obligor agrees to be bound by the covenants set out in this Clause
     relating to it and, where the covenant is expressed to apply to each member
     of the Group, each Obligor must ensure that each of its Subsidiaries
     performs that covenant.

25.2 AUTHORISATIONS

(a)  Each Obligor must promptly:

     (i)  obtain, maintain and comply with the terms; and

     (ii) supply certified copies to the Coordinating Facility Agent,

     of any authorisation required under any law or regulation to enable it to
     perform its obligations under, or for the validity or enforceability of,
     any Finance Document.

(b)  Each member of the Group must obtain, maintain and comply with the terms of
     any authorisation required under any law or regulation to enable it to
     carry on its business where failure to do so has or is reasonably likely to
     have a Material Adverse Effect.

25.3 COMPLIANCE WITH LAWS

     Each member of the Group must comply in all respects with all laws to which
     it is subject where failure to do so has or is reasonably likely to have a
     Material Adverse Effect.

25.4 PARI PASSU RANKING

     Each Obligor must ensure that its payment obligations under the Finance
     Documents at all times rank at least pari passu with all its other present
     and future unsecured payment obligations, except for:

     (a)  obligations mandatorily preferred by law applying to companies
          generally; and

     (b)  obligations that are subordinated under Clause 25.16 (Pyramid Freight
          Debt).

25.5 NEGATIVE PLEDGE

(a)  Except as provided below, no member of the Group may create or allow to
     exist any Security Interest on any of its assets.

(b)  No member of the Group may:

     (i)  sell, transfer or otherwise dispose of any of its assets on terms
          where it is or may be leased to or re-acquired or acquired by a member
          of the Group or any of its related entities;

     (ii) sell, transfer or otherwise dispose of any of its receivables on
          recourse terms;

     (iii) enter into any arrangement under which money or the benefit of a bank
          or other account may be applied, set-off or made subject to a
          combination of accounts; or

     (iv) enter into any other preferential arrangement having a similar effect,

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     in circumstances where the transaction is entered into primarily as a
     method of raising Financial Indebtedness or of financing the acquisition of
     an asset.

(c)  Paragraphs (a) and (b) do not apply to:

     (i)  any Security Interest comprising a netting or set-off arrangement
          entered into by a member of the Group in the ordinary course of its
          banking arrangements for the purpose of netting debit and credit
          balances;

     (ii) any lien arising by operation of law and in the ordinary course of
          business;

     (iii) Security Interests for taxes or other governmental charges not at the
          time delinquent or thereafter payable without penalty or being
          contested in good faith by appropriate proceedings and, in each case,
          for which it maintains adequate reserves in conformity with generally
          accepted accounting principles in the relevant jurisdiction;

     (iv) Security Interests that constitute purchase money security interests
          on any property securing debt incurred for the purpose of financing
          all or any part of the cost of acquiring such property, provided that
          any such Security Interest attaches to such property within 60 days of
          the acquisition thereof and attaches solely to the property so
          acquired;

     (v)  attachments, appeal bonds, judgments and other similar Security
          Interests, for sums not exceeding in aggregate US$5,000,000 (or its
          equivalent) arising in connection with any court proceedings, provided
          the execution or other enforcement of such Security Interests is
          effectively stayed and the claims secured thereby are being actively
          contested in good faith and by appropriate proceedings;

     (vi) any Security Interest on an asset, or an asset of any person, acquired
          by a member of the Group after the date of this Agreement but only
          provided that (A) the aggregate amount covered by any such Security
          Interest does not exceed US$10,000,000 (or its equivalent) at any
          time; (B) such Security Interest is only in place for the period of
          six months from the date of acquisition; and (C) the principal amount
          secured by that Security Interest has not been incurred or increased
          in contemplation of, or since, the acquisition;

     (vii) easements, rights of way, restrictions, minor defects or
          irregularities in title and other similar Liens not interfering in any
          material respect with the ordinary conduct of the business of any
          member of the Group;

     (viii) any Security Interest entered into pursuant to a Finance Document;

     (ix) any Security Interest constituted by the Cession in Security
          Agreement;

     (x)  any Security Interest in favour of CASS arising under the CASS
          Agreement;

     (xi) any Security Interest under the escrow agreement dated 7 March 2006 by
          and between the Company, Endeavour Capital Fund III, L.P., as
          representative of the shareholders and option holders of Market
          Industries, Ltd., and U.S. Bank National Association, a national
          banking association;

     (xii) any Security Interest arising as a result of a Capital Lease
          permitted to subsist under Subclause 25.8 (Financial Indebtedness);

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     (xiii) any Security Interest created by an Obligor under the Global
          Facility in favour of another Obligor under the Global Facility
          (provided that no such Security Interest may be granted in favour of
          Pyramid Freight, South Africa by an Obligor under the Global Facility)
          or by an Obligor under the South African Facility to another Obligor
          under the South African Facility (provided that no such Security
          Interest may be granted in favour of Pyramid Freight BVI by an Obligor
          under the South African Facility); or

     (xiv) any Security Interest listed or referred to in the column headed
          "Security or guarantee supporting the facility" of Schedule 10
          (Existing Indebtedness) provided that:

          (A)  all Security Interests securing facilities or guarantees listed
               in Part 1 of Schedule 10 (Existing Indebtedness) are irrevocably
               released on or before the first Utilisation Date;

          (B)  all guarantees listed in Part 2 of Schedule 10 (Existing
               Indebtedness) are (I) irrevocably released by no later than the
               date falling three months from the date of this Agreement and
               (II) covered by a Letter of Credit issued under this Agreement in
               respect of the full amount of such guarantee from the first
               Utilisation Date to the date on which they are released; and

          (C)  all Security Interests securing facilities or guarantees listed
               in Part 3 of Schedule 10 (Existing Indebtedness) are irrevocably
               released by no later than the date falling three months from the
               date of this Agreement.

25.6 OPERATING LEASES

(a)  Except as provided below, no member of the Group may permit to subsist or
     enter into any Operating Lease.

(b)  Paragraph (a) above does not apply to any Operating Lease where the
     aggregate amount of the rental payments made (or scheduled to be made)
     under that Operating Lease, when aggregated with the aggregate amount of
     rental payments made (or scheduled to be made) under any other Operating
     Lease entered into under this paragraph (b) do not exceed US$120,000,000
     (or its equivalent) in any fiscal year of the Company.

25.7 DISPOSALS

(a)  Except as provided below, no member of the Group may, either in a single
     transaction or in a series of transactions and whether related or not,
     dispose of all or any part of its assets.

(b)  Paragraph (a) does not apply to any disposal:

     (i)  made in the ordinary course of trading of the disposing entity;

     (ii) involving the sale or lease of inventory in the ordinary course of
          business of the disposing entity;

     (iii) of assets in exchange for other assets comparable or superior as to
          type, value and quality;

     (iv) of any asset for cash of obsolete, worn out or redundant vehicles,
          plant or equipment on arm's length terms;

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     (v)  of any asset (not being a business and not being shares, securities,
          or interests in real property) to a Permitted Joint Venture on arm's
          length terms (but, for the avoidance of doubt, subject to any limit
          applicable to that Permitted Joint Venture);

     (vi) where the higher of the market value and consideration receivable
          (when aggregated with the higher of the market value and consideration
          for any other disposal not allowed under the preceding sub-paragraphs)
          does not exceed US$5,000,000 (or its equivalent) in any fiscal year of
          the Company;

     (vii) where the net proceeds of the disposal have been applied in mandatory
          prepayment of the Facilities in accordance with Clause 12.5 (Mandatory
          prepayment - disposal and insurance proceeds); or

     (viii) permitted under Clause 25.10 (Mergers).

25.8 FINANCIAL INDEBTEDNESS

(a)  Except as provided below, no member of the Group may incur or allow to be
     outstanding any Financial Indebtedness.

(b)  Subject to paragraphs (c), (d) and (e) below, paragraph (a) does not apply
     to:

     (i)  any Financial Indebtedness incurred under the Finance Documents;

     (ii) any Financial Indebtedness incurred by an entity that is an Obligor
          under the Global Facility (including for the avoidance of doubt, any
          guarantees) under the USPP Documents (excluding any increases to such
          Financial Indebtedness after the date on which the USPP Documents are
          provided under Clause 4.1 (Conditions precedent documents));

     (iii) any Financial Indebtedness owed by one Obligor under the Global
          Facility to another Obligor under the Global Facility and the Pyramid
          Freight Debt provided that no such Financial Indebtedness may be owed
          by Pyramid Freight, South Africa (other than the Pyramid Freight
          Debt);

     (iv) Financial Indebtedness owed by a member of the Group which is not an
          Obligor under the Global Facility to an Obligor under the Global
          Facility:

          (A)  to the extent such Financial Indebtedness is listed in Part 1 of
               Schedule 11 (Existing Intercompany Indebtedness) including (I)
               any extension to the maturity date of such Financial Indebtedness
               and (II) any such Financial Indebtedness to the extent that it is
               transferred or assigned by the entity to which such Financial
               Indebtedness is owed to another Obligor under the Global Facility
               (and excluding, for the avoidance of doubt, any refinancing of
               such Financial Indebtedness or any transfer or assignment by the
               entity owing such Financial Indebtedness); or

          (B)  in addition to Financial Indebtedness falling within paragraph
               (iv)(A) above, provided that the aggregate of any such Financial
               Indebtedness does not exceed US$5,000,000 (or its equivalent) at
               any time;

     (v)  Financial Indebtedness owed by a member of the Group which is not an
          Obligor under the South African Facility to an Obligor under the South
          African Facility to the extent such Financial Indebtedness is listed
          in Part 2 of Schedule 11 (Existing Intercompany Indebtedness),
          including (A) any extension to the maturity date and (B) any such
          Financial

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          Indebtedness to the extent that it is transferred or assigned by the
          entity to which such Financial Indebtedness is owed to another Obligor
          under the South African Facility (and excluding, for the avoidance of
          doubt, any refinancing of such Financial Indebtedness or any transfer
          or assignment by the entity owing such Financial Indebtedness);

     (vi) Financial Indebtedness listed in Schedule 10 (Existing Indebtedness)
          in an amount not exceeding the amount set out in the columns headed
          "Overdraft Facilities (Local Currency)" and "Guarantees (Local
          Currency)" and any Financial Indebtedness refinancing Financial
          Indebtedness listed in Schedule 10 (Existing Indebtedness) including
          increases to the amount of such Financial Indebtedness by no more than
          20 per cent. of the amount set out in the columns headed "Overdraft
          Facilities (Local Currency)" and "Guarantees (Local Currency)" in
          Schedule 10 (Existing Indebtedness);

     (vii) any Financial Indebtedness owed by one Obligor under the South
          African Facility to another Obligor under the South African Facility;

     (viii) any Financial Indebtedness of any person acquired by a member of the
          Group which is incurred under arrangements in existence at the date of
          acquisition, but only provided that (A) the aggregate of any such
          Financial Indebtedness does not exceed US$25,000,000 (or its
          equivalent) at any time, and (B) any such Financial Indebtedness is
          repaid in full within six months from the date of acquisition;

     (ix) any derivative transaction entered into with a Lender or to support
          any obligations of a member of the Group under a Capital Lease
          protecting against or benefiting from fluctuations in any rate or
          price entered into in the ordinary course of business;

     (x)  Financial Indebtedness incurred under any Capital Lease provided that
          the aggregate of any such Financial Indebtedness does not exceed
          US$40,000,000 (or its equivalent) at any time;

     (xi) Financial Indebtedness under the Permitted Earnout Arrangements;

     (xii) Financial Indebtedness under any earn out arrangements permitted
          under Clause 25.11(b)(vii) (Acquisitions);

     (xiii) Financial Indebtedness owed by a member of the Group which is not an
          Obligor to another member of the Group which is also not an Obligor;

     (xiv) Financial Indebtedness owed by a member of the Group that is an
          Obligor to a member of the Group that is not an Obligor to the extent
          such Financial Indebtedness is listed in Part 3 of Schedule 11
          (excluding for the avoidance of doubt, any refinancing of such
          Financial Indebtedness or any transfer or assignment by either the
          entity owing such Financial Indebtedness or the entity providing such
          Financial Indebtedness); or

     (xv) Financial Indebtedness owed by a member of the Group to a Lender or an
          Affiliate of a Lender or any other entity approved by the Lenders
          under the relevant Facility incurred under a Local Working Capital
          Facility provided that a Letter of Credit is issued under this
          Agreement to the entity providing that Local Working Capital Facility
          in an amount not less than the maximum amount available under that
          Local Working Capital Facility.

(c)  The aggregate amount of Financial Indebtedness incurred or owed by members
     of the South African Group (and by Pyramid Freight, South Africa to the
     extent that such amount is owed to an entity located in South Africa) under
     paragraphs (b)(vi) and (viii) to (xii) (inclusive) and (xv) above
     (excluding, for the avoidance of doubt the Pyramid Freight Debt or any
     amounts owing under the

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     Pyramid Freight Loan Agreements) when aggregated with the amount owing
     under or in connection with the South African Facility shall not at any
     time exceed South African Rand 1,000,000,000 (or its equivalent).

(d)  The aggregate amount of Financial Indebtedness in respect of which interest
     or equivalent payments are payable and incurred or owed by members of the
     South African Group under paragraphs (b)(vi) and (viii) to (xii)
     (inclusive) and (xv) (excluding, for the avoidance of doubt the Pyramid
     Freight Debt or any amounts owing under the Pyramid Freight Loan
     Agreements) when aggregated with the amount owing under or in connection
     with the South African Facility shall not at any time exceed South African
     Rand 650,000,000 (or its equivalent).

(e)  The aggregate amount of Financial Indebtedness incurred or owed by Sisonke
     Partnership under paragraph (b) above shall be limited to the aggregate of
     (i) the amount owing by Sisonke Partnership to Pyramid Freight, South
     Africa listed in Part 3 of Schedule 11 (Existing Intercompany
     Indebtedness); and (ii) any Financial Indebtedness incurred under a Local
     Working Capital Facility owed by Sisonke Partnership to a Lender or an
     Affiliate of a Lender or any other entity approved by the South African
     Lenders provided that a Letter of Credit is issued under this Agreement to
     the entity providing that Local Working Capital Facility in an amount not
     less than the maximum amount available under that Local Working Capital
     Facility.

25.9 CHANGE OF BUSINESS

     The Company must ensure that no substantial change is made to the general
     nature of the business of the Company or the Group from that carried on at
     the date of this Agreement.

25.10 MERGERS

     No Obligor may enter into any amalgamation, demerger, merger or
     reconstruction otherwise than under an intra-Group re-organisation on a
     solvent basis or other transaction agreed by the Majority Lenders.

25.11 ACQUISITIONS

(a)  Except as provided below, no member of the Group may make any acquisition
     or investment.

(b)  Paragraph (a) does not apply to:

     (i)  acquisitions or investments made in the ordinary course of trade;

     (ii) contributions of equity made by any member of the Global Group in the
          capital of an Obligor under the Global Facility;

     (iii) contributions of equity made by one Obligor under the South African
          Facility in the capital of another Obligor under the South African
          Facility;

     (iv) investments in Cash or Cash Equivalents;

     (v)  bank deposits held in the ordinary course of business;

     (vi) the acquisition by Pyramid Freight of Kagiso Sisonke Empowerment
          Trust's interest in the Sisonke Partnership on the terms set out in
          the Sisonke Partnership agreement between Pyramid Freight, Kagiso
          Ventures Limited, UTi Worldwide Inc. and the Trustees of the Kagiso
          Sisonke Empowerment Trust; and

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     (vii) acquisitions or investments made by a member of the Global Group not
          otherwise permitted under sub-paragraphs (i) to (vi) above where the
          consideration in respect of that acquisition or investment when
          aggregated with (A) the amount that could become payable in respect of
          any earn out arrangements that form part of that acquisition and (B)
          the amount that the Company, acting reasonably, considers could become
          payable under any indemnities connected with that acquisition does not
          exceed US$50,000,000 (or its equivalent) provided that:

          (A)  that acquisition or investment does not involve the injection of
               any assets or funds of any member of the Global Group into South
               Africa or any state which is not either an OECD Member State or a
               country in which a member of the Group is incorporated and
               carrying on business;

          (B)  immediately after completing that acquisition or investment the
               Company is in Pro Forma Compliance with its obligations under
               Clause 24 (Financial Covenants); and

          (C)  no Default is outstanding or will result from such acquisition.

25.12 ENVIRONMENTAL MATTERS

(a)  Each member of the Group must ensure that it is, and has been, in
     compliance with all Environmental Law and Environmental Approvals
     applicable to it, where failure to do so has or is reasonably likely to
     have a Material Adverse Effect or result in any liability for a Finance
     Party.

(b)  Each Obligor must, promptly upon becoming aware, notify the Coordinating
     Facility Agent of:

     (i)  any Environmental Claim current, or to its knowledge, pending or
          threatened; or

     (ii) any circumstances reasonably likely to result in an Environmental
          Claim,

     which has or, if substantiated, is reasonably likely to either have a
     Material Adverse Effect or result in any liability for a Finance Party.

25.13 INSURANCE

     Each member of the Group must insure its business and assets with
     financially sound and reputable insurance companies to such an extent and
     against such risks as companies engaged in a similar business normally
     insure.

25.14 THIRD PARTY GUARANTEES

(a)  In this Subclause, a GUARANTEE includes an indemnity or other assurance
     against loss.

(b)  No member of the Group may incur or allow to be outstanding any guarantee
     in respect of any person.

(c)  Paragraph (b) does not apply to:

     (i)  any guarantee arising under, or expressly allowed by, the Finance
          Documents;

     (ii) any guarantee comprising a netting or set-off arrangement entered into
          by a member of the Group in the ordinary course of its banking
          arrangements for the purposes of netting debit and credit balances;

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     (iii) any guarantee in respect of any Obligor under the Global Facility
          given by another Obligor under the Global Facility;

     (iv) any guarantee in respect of any Obligor under the South African
          Facility given by another Obligor under the South African Facility
          (other than Pyramid Freight);

     (v)  the endorsement of negotiable instruments in the ordinary course of
          trade;

     (vi) guarantees of Financial Indebtedness of a member of the Group which is
          not an Obligor under the Global Facility by an Obligor under the
          Global Facility provided that the aggregate of any such guarantees
          together with the aggregate of any loans outstanding under Subclause
          25.15(b)(vi) (Loans out) and the aggregate of any Relevant
          Distributions made under Subclause 25.18(b)(vii) (Distributions) does
          not exceed US$5,000,000 (or its equivalent) at any time; or

     (vii) indemnities in connection with acquisitions to the extent permitted
          under Clause 25.11(b)(vii) (Acquisitions).

25.15 LOANS OUT

(a)  Except as provided below, no member of the Group may be the creditor in
     respect of any Financial Indebtedness.

(b)  Paragraph (a) does not apply to:

     (i)  trade credit extended by any member of the Group on normal commercial
          terms and in the ordinary course of its trading activities;

     (ii) a loan made by a member of the Global Group to another member of the
          Global Group if the recipient of the loan is an Obligor under the
          Global Facility (other than Pyramid Freight);

     (iii) a loan made by a member of the South African Group to another member
          of the South African Group if the recipient of the loan is an Obligor
          under the South African Facility;

     (iv) the Pyramid Freight Debt;

     (v)  a loan made from a member of the Group which is not an Obligor to:

          (A)  another member of the Group which is also not an Obligor; or

          (B)  a member of the Group that is an Obligor to the extent such loan
               is listed in Part 3 of Schedule 11 (Existing Intercompany
               Indebtedness) (excluding, for the avoidance of doubt, any
               refinancing of such loan or any transfer or assignment by either
               the entity making such loan or the entity receiving such loan);

     (vi) loans made by an Obligor under the Global Facility to a member of the
          Group which is not an Obligor under the Global Facility:

          (A)  to the extent such loan is listed in Part 1 of Schedule 11
               (Existing Intercompany Indebtedness) including (A) any extension
               to the maturity date of such loan and (B) any such loans to the
               extent that they are assigned or transferred from the entity
               providing the loan to another Obligor under the Global Facility
               (excluding, for the

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               avoidance of doubt, any refinancing of such loans or any transfer
               or assignment by the entity borrowing such loans); or

          (B)  in addition to the loans falling within paragraph (vi)(A) above,
               provided that the aggregate of any such loans together with the
               aggregate of any guarantees outstanding under 25.14(c)(vi) (Third
               party guarantees) and the aggregate of any Relevant Distributions
               made under Subclause 25.18(b)(vii) (Distributions) does not
               exceed US$5,000,000 (or its equivalent) at any time; or

     (vii) loans made by an Obligor under the South African Facility to a member
          of the Group which is not an Obligor under the South African Facility
          to the extent such loans are listed in Part 2 of Schedule 11 (Existing
          Company Indebtedness) including (A) any extension to the maturity date
          of such loans and (B) any such loans to the extent that they are
          assigned or transferred from the entity providing the loan to another
          Obligor under the South African Facility (excluding, for the avoidance
          of doubt, any refinancing of such loans or any transfer or assignment
          by the entity borrowing such loans).

25.16 PYRAMID FREIGHT DEBT

(a)  Pyramid Freight, South Africa will not make any payment in respect or on
     account of the Pyramid Freight Debt in cash or in kind other than as set
     out in paragraph (c) below.

(b)  Other than as set out in paragraph (c) below:

     (i)  Pyramid Freight BVI will not demand or receive payment of any
          distribution in respect or on account of, the Pyramid Freight Debt in
          cash or in kind from Pyramid Freight, South Africa;

     (ii) Pyramid Freight BVI will not apply any money or assets in discharge of
          the Pyramid Freight Debt;

     (iii) Pyramid Freight BVI will not discharge any of the Pyramid Freight
          Debt by way of set off;

     (iv) Pyramid Freight BVI will not take or omit to take any action which
          might impair the order of priorities achieved or intended to be
          achieved by this Clause 25.16 (Pyramid Freight Debt); or

     (v)  Pyramid Freight BVI will not assign, transfer or otherwise dispose of
          the Pyramid Freight Debt or its proceeds in favour of any person.

(c)  Pyramid Freight, South Africa can make and Pyramid Freight BVI can receive
     payments of interest in relation to the Pyramid Freight Debt provided that:

     (i)  no Default is outstanding or would occur as a result of such payment;
          and

     (ii) each South African Borrower provides evidence reasonably satisfactory
          to the South African Facility Agent that the South African Group will
          be able to meet its next scheduled payment under the South African
          Facility, irrespective of the proposed payment in relation to the
          Pyramid Freight Debt.

(d)  Pyramid Freight, South Africa will not change the terms of the Pyramid
     Freight Loan Agreements or the terms on which the Pyramid Freight Debt is
     provided without the consent of (i) the South African Majority Lenders (or,
     in the case of an amendment to the amount of the Pyramid Freight Debt, all
     South African Lenders) and (ii) the Global Majority Lenders.

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(e)  If any event mentioned in Clause 26.7 (Insolvency proceedings) occurs:

     (i)  the Pyramid Freight Debt will be subordinate in right of payment to
          any amounts owing to the South African Finance Parties under this
          Agreement; and

     (ii) Pyramid Freight BVI must hold any amount recovered or receivable by it
          in respect of the Pyramid Freight Debt on trust for the South African
          Finance Parties and immediately pay it to the South African Facility
          Agent for application against amounts outstanding in relation to the
          South African Loan.

(f)  Pyramid Freight BVI will not:

     (i)  accelerate any of the Pyramid Freight Debt or otherwise declare any of
          the Pyramid Freight Debt prematurely payable;

     (ii) enforce the Pyramid Freight Debt by execution or otherwise;

     (iii) initiate or support or take any steps with a view to:

          (A)  any insolvency, liquidation, reorganisation, administration or
               dissolution proceedings; or

          (B)  any voluntary arrangement or assignment for the benefit of
               creditors; or

          (C)  any similar proceedings,

          involving Pyramid Freight, South Africa, whether by petition,
          convening a meeting, voting for a resolution or otherwise; or

     (iv) otherwise exercise any remedy for recovery of the Pyramid Freight
          Debt.

(g)  The subordination in this Clause 25.16 (Pyramid Freight Debt) is a
     continuing subordination and benefits the ultimate balance under the South
     African Facility.

(h)  Except as provided in this Clause 25.16 (Pyramid Freight Debt), the
     subordination is not, and Pyramid Freight BVI's obligations under this
     Clause 25.16 (Pyramid Freight Debt) will not be affected by any act,
     omission or thing which, but for these provisions, would reduce, release or
     prejudice any of Pyramid Freight BVI's obligations under this Clause 25.16
     (Pyramid Freight Debt).

(i)  Until all amounts owing to the South African Finance Parties have been
     irrevocably paid in full, Pyramid Freight BVI will not be subrogated to any
     rights of the South African Finance Parties or be entitled to any right of
     contribution or indemnity in respect of any payment made or moneys received
     on account of Pyramid Freight's liability under this Clause 25.16 (Pyramid
     Freight Debt).

(j)  All payments of interest in relation to the Pyramid Freight Debt and any
     Distributions (as defined in Clause 25.18 (Distributions)) will be made in
     accordance with the general distribution principles applied by the Company
     in respect of distributions made out of South Africa taking into account at
     any time the requirements of any applicable exchange control regulations,
     the local financial needs of the South African Group and any financial
     requirements of the South African Group.

(k)  The Company must procure that all existing subordination arrangements in
     place between (among others) Nedbank Corporate and Pyramid Freight, South
     Africa have been terminated on or before the first Utilisation Date.

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25.17 HEDGING

(a)  The Company must ensure that each member of the Group maintains interest
     rate and currency hedging arrangements in accordance with its general
     hedging policy in force as at the date of this Agreement as it may be
     amended by the board of directors of the Company.

(b)  No member of the Group may enter into any hedging arrangements for
     speculative purposes.

25.18 DISTRIBUTIONS

(a)  Except as provided below no Obligor may:

     (i)  declare, make or pay any dividend (or interest on any unpaid
          dividend), charge, fee or other distribution (whether in cash or in
          kind) on or in respect of its share capital (or any class of its share
          capital) or do anything with the same economic effect;

     (ii) repay or distribute any dividend or share premium reserve; or

     (iii) pay or allow any member of the Group to pay any management, advisory
          or other similar fee to or to the order of the shareholders of the
          Company,

     (each a DISTRIBUTION).

(b)  Paragraph (a) does not apply to:

     (i)  Distributions by an Obligor under the Global Facility to another
          Obligor under the Global Facility (other than Pyramid Freight);

     (ii) Distributions by an Obligor under the South African Facility (other
          than Pyramid Freight) to another Obligor under the South African
          Facility;

     (iii) Distributions by an Obligor to a member of the Group which is not an
          Obligor provided that the purpose of making that Distribution to that
          member of the Group is to enable that member of the Group to make an
          equivalent Distribution to another Obligor;

     (iv) Distributions by the Company of up to US$15,000,000 (or its
          equivalent) in any fiscal year of the Company;

     (v)  Distributions by Obligors under the South African Facility in
          accordance with Clause 25.16(j) (Pyramid Freight Debt);

     (vi) Distributions by Obligors under the South African Facility to any
          third party minority shareholder of that Obligor provided that such
          Distribution is required in order for that Obligor to make a
          Distribution permitted under this paragraph (b) or in accordance with
          Clause 25.16(j) (Pyramid Freight Debt); or

     (vii) Distributions by an Obligor to a third party provided that the
          aggregate of any such Distributions made in any one fiscal year of the
          Company (RELEVANT DISTRIBUTIONS) does not, when aggregated with the
          amount of any loans made under Subclause 25.15(b)(iv) (Loans out) and
          any guarantees outstanding under Subclause 25.14(c)(iv) (Third party
          guarantees) at the time that a Relevant Distribution is made, exceed
          US$5,000,000 (or its equivalent) at any time.

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25.19 JOINT VENTURES

(a)  Except as provided in paragraph (b) below, no member of the Group may:

     (i)  enter into, invest in, acquire any interest in, transfer any asset to,
          lend to, be the creditor of any Financial Indebtedness of or give any
          guarantee in respect of the obligations of any Joint Venture; or

     (ii) trade with or sell to or acquire assets or services from any Joint
          Venture otherwise than on arm's length terms.

(b)  Paragraph (a) does not apply to any investment in any Joint Venture (a
     PERMITTED JOINT VENTURE) where:

     (i)  the Joint Venture is established in an OECD Member State;

     (ii) the Joint Venture carries on a similar business or is a business
          similar to one currently undertaken by a member of the Group;

     (iii) the Joint Venture is a limited liability company or the investment is
          made through a special purpose company which is itself a limited
          liability company; and

     (iv) the Joint Venture Investment in respect of that Joint Venture does not
          exceed, when aggregated with any other Joint Venture Investment made
          in respect of a Permitted Joint Venture, an aggregate amount of
          US$20,000,000 (or its equivalent).

(c)  The JOINT VENTURE INVESTMENT for the purpose of paragraph (b) above means
     in relation to any Joint Venture the aggregate of the:

     (i)  amount subscribed for shares in or used to acquire an interest in,
          lent to, or otherwise invested in that Joint Venture by any member of
          the Group;

     (ii) actual or contingent liability of any member of the Group in respect
          of the liabilities of or otherwise arising out of its interest in that
          Joint Venture; and

     (iii) book value of any assets transferred to that Joint Venture net of any
          cash consideration received at the time of that transfer in accordance
          with Subclause 25.7(v) (Disposals).

25.20 INTELLECTUAL PROPERTY RIGHTS

(a)  In this Subclause, INTELLECTUAL PROPERTY RIGHTS means:

     (i)  any know-how, patent, trade mark, service mark, design, business name,
          domain name, topographical or similar right;

     (ii) any copyright, data base or other intellectual property right; or

     (iii) any interest in the above,

     in each case whether registered or not and includes any related
     application.

(b)  Except as provided below, each member of the Group must:

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     (i)  make any registration and pay any fee or other amount which is
          necessary to keep the intellectual property rights which are material
          to the business of a member of the Group in force;

     (ii) record its interest in those intellectual property rights;

     (iii) take such steps as are necessary and commercially reasonable
          (including the institution of legal proceedings) to prevent third
          parties infringing those intellectual property rights; and

     (iv) not enter into licence arrangements in respect of those rights.

(c)  Paragraph (b) does not apply to:

     (i)  licence arrangements entered into with members of the Group for so
          long as they remain members of the Group; or

     (ii) licence arrangements entered into on normal commercial terms and in
          the ordinary course of its business.

25.21 TAXES

     Each member of the Group must pay all Taxes due and payable by it, unless:

     (a)  payment of those Taxes is being diligently contested in good faith by
          appropriate proceedings and for which adequate reserves in accordance
          with generally accepted accounting principles of the relevant member
          of the Group have been set aside on its books; or

     (b)  failure to pay those Taxes is not reasonably likely to have a Material
          Adverse Effect.

25.22 CASS AGREEMENT

(a)  The Company must ensure that all amounts payable under the CASS Agreement
     are promptly paid when due unless such payment is being diligently
     contested in good faith by a member of the Group by appropriate proceedings
     and for which adequate reserves in accordance with generally accepted
     accounting principles of the relevant member of the Group have been set
     aside on its books.

(b)  No member of the Group may amend, modify or waive any of its rights under
     the CASS Agreement except as may be required by CASS under the terms of the
     CASS Agreement.

25.23 UNITED STATES LAWS

(a)  In this Subclause:

     MARGIN REGULATIONS means Regulations U and X issued by the Board of
     Governors of the United States Federal Reserve System.

     MARGIN STOCK has the meaning given to it in the Margin Regulations.

(b)  No Obligor may:

     (i)  extend credit for the purpose, directly or indirectly, of buying or
          carrying Margin Stock; or

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     (ii) use any Credit, directly or indirectly, to buy or carry Margin Stock
          or for any other purpose in violation of the Margin Regulations.

(c)  No Obligor may use any part of any Credit to acquire any security in
     violation of section 13 or 14 of the United States Securities Exchange Act
     of 1934.

(d)  The Company must:

     (i)  maintain, and ensure that each other member of the Group and each
          other member of the Controlled Group maintains, each Pension Plan in
          substantial compliance with all applicable requirements of law and
          regulations, to the extent such failure to comply has or is reasonably
          be likely to have a Material Adverse Effect;

     (ii) make, and ensure that each other member of the Group and each other
          member of the Controlled Group makes, on a timely basis, all required
          contributions to any Multiemployer Pension Plan; and

     (iii) not, and not permit any other member of the Group or any other member
          of the Controlled Group to:

          (A)  seek a waiver of the minimum funding standards of ERISA;

          (B)  terminate or withdraw from any Pension Plan or Multiemployer
               Pension Plan; or

          (C)  take any other action with respect to any Pension Plan that would
               reasonably be expected to result in the PBGC to terminating,
               imposing liability in respect of, or causing a trustee to be
               appointed to administer, any Pension Plan,

          unless the actions or events described in subparagraphs (i), (ii) and
          (iii) above individually or in the aggregate do not have and would not
          reasonably be expected to have a Material Adverse Effect.

25.24 GROUP STRUCTURE

     The Company must ensure that no change is made to the ownership structure
     of the Group to that shown by the group structure chart delivered to the
     Coordinating Facility Agent under Subclause 4.1 (Conditions precedent
     documents) which would:

     (a)  result in any other member of the Global Group being directly or
          indirectly owned by any member of the South African Group; or

     (b)  otherwise have or be reasonably likely to have a Material Adverse
          Effect.

25.25 SUBSIDIARIES

(a)  The Company and the direct Holding Company of UTi Spain S.L. will use their
     best endeavours to procure that UTi Spain S.L. is converted into a sociedad
     anonima and accedes to this Agreement as an Additional Guarantor on or
     before 31 December 2006.

(b)  Lake State Trucking, Inc. must not carry out any business or hold any
     assets other than:

     (i)  the shares in Sammons Transportation, Inc.;

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     (ii) no more than 90 tractors and 150 trailers and incurring obligations
          under lease purchase agreements in respect of those tractors and
          trailers; and

     (iii) incurring Financial Indebtedness under the Finance Documents or the
          USPP Documents.

25.26 CONDITIONS SUBSEQUENT

(a)  The Company:

     (i)  confirms that the obligations secured by the pledge dated 25 May 1994
          between Union Transport Inc and Dresdner Bank (Luxembourg) SA (for the
          purposes of this paragraph (a), the RELEVANT PLEDGE)) have been
          irrevocably and unconditionally discharged; and

     (ii) undertakes to provide evidence to the Global Facility Agent and in
          form and substance satisfactory to the Global Facility Agent that the
          Relevant Pledge has been irrevocably and unconditionally discharged by
          no later than the day falling 10 Business Days after the date of this
          Agreement.

(b)  The Company undertakes to provide the Global Facility Agent with copies of
     the certificate of tax compliance, in form and substance satisfactory to
     the Global Facility Agent in relation to UTi Integrated Logistics, Inc by
     no later than the day falling 10 Business Days after the date of this
     Agreement.

26.  DEFAULT

26.1 EVENTS OF DEFAULT

(a)  Each of the events or circumstances set out in this Clause is an Event of
     Default.

(b)  In this Clause 26:

     PERMITTED TRANSACTION means:

     (i)  an intra-Group re-organisation on a solvent basis; or

     (ii) any other transaction agreed by the Majority Lenders.

26.2 NON-PAYMENT

     An Obligor does not pay on the due date any amount payable by it under the
     Finance Documents in the manner required under the Finance Documents,
     unless the non-payment:

     (a)  is caused by technical or administrative error; and

     (b)  is remedied within three Business Days of the due date.

26.3 BREACH OF OTHER OBLIGATIONS

(a)  An Obligor does not comply with any term of Clause 25 (General Covenants)
     or Clause 24 (Financial Covenants); or

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(b)  an Obligor does not comply with any other term of the Finance Documents
     (other than any term referred to in Clause 26.2 (Non-payment) or in
     paragraph (a) above), unless the non-compliance is capable of remedy; and

     (i)  is remedied within 14 days of the earlier of any Facility Agent giving
          notice of the breach to the Company and any Obligor becoming aware of
          the non-compliance; or

     (ii) is being contested in good faith by the Company or the relevant
          Obligor and is remedied within the time period set out in (b)(i)
          above.

26.4 MISREPRESENTATION

     A representation or warranty made or repeated by an Obligor in any Finance
     Document or in any document delivered by or on behalf of any Obligor under
     any Finance Document is incorrect or misleading in any material respect
     when made or deemed to be repeated, unless the circumstances giving rise to
     the misrepresentation or breach of warranty:

     (a)  are capable of remedy; and

     (b)  are remedied within 14 days of the earlier of any Facility Agent
          giving notice and the Obligor becoming aware of the misrepresentation
          or breach of warranty.

26.5 CROSS-DEFAULT

     Any of the following occurs in respect of a member of the Group:

     (a)  any of its Financial Indebtedness is not paid when due (after the
          expiry of any originally applicable grace period);

     (b)  any of its Financial Indebtedness:

          (i)  becomes prematurely due and payable;

          (ii) is placed on demand; or

          (iii) is capable of being declared by or on behalf of a creditor to be
               prematurely due and payable or of being placed on demand,

          in each case, as a result of an event of default or any provision
          having a similar effect (howsoever described); or

     (c)  any commitment for its Financial Indebtedness is cancelled or
          suspended as a result of an event of default or any provision having a
          similar effect (howsoever described),

     unless the aggregate amount of Financial Indebtedness falling within all or
     any of paragraphs (a) to (c) above is less than US$5,000,000 (or its
     equivalent) or the non-payment of the relevant Financial Indebtedness is a
     non-payment under a Capital Lease permitted to subsist under Subclause
     25.8(b)(x) (Financial Indebtedness) if that non-payment has resulted from
     the loss of the asset which is subject to that Capital Lease in
     circumstances where the obligations under that Capital Lease are fully
     covered by insurance.

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26.6 INSOLVENCY

     Any of the following occurs in respect of a member of the Group:

     (a)  it is, or is deemed for the purposes of any applicable law to be,
          unable to pay its debts as they fall due or insolvent;

     (b)  it admits its inability to pay its debts as they fall due;

     (c)  where a member of the Group is subject to the German Insolvency Act
          (Insolvenzordnung), it is:

          (i)  impendingly illiquid (drohend zahlungsunfahig)

          (ii) illiquid (zahlungsunfahig); or

          (iii) if such member of the Group is not an individual (naturliche
               Person), it is overindebted (uberschuldet) pursuant to Sections
               17, 18 or 19 German Insolvency Act (Insolvenzordnung);

     (d)  it suspends making payments on any of its debts or announces an
          intention to do so;

     (e)  by reason of actual or anticipated financial difficulties, it begins
          negotiations with any creditor for the rescheduling or restructuring
          of any of its indebtedness;

     (f)  the value of its assets is less than its liabilities (taking into
          account contingent and prospective liabilities); or

     (g)  a moratorium is declared in respect of any of its indebtedness.

     If a moratorium occurs in respect of any member of the Group, the ending of
     the moratorium will not remedy any Event of Default caused by the
     moratorium.

26.7 INSOLVENCY PROCEEDINGS

(a)  Except as provided below, any of the following occurs in respect of a
     member of the Group:

     (i)  any step is taken with a view to a moratorium or a composition,
          assignment or similar arrangement with any of its creditors;

     (ii) a meeting of its shareholders, directors or other officers is convened
          for the purpose of considering any resolution for, to petition for or
          to file documents with a court, official receiver or any registrar
          for, its liquidation, winding-up, administration or dissolution or any
          such resolution is passed;

     (iii) any person presents a petition, or files documents with a court,
          official receiver or any registrar, for its liquidation winding-up,
          administration, dissolution or reorganisation (by way of voluntary
          arrangement, scheme of arrangement or otherwise) or for a receiving
          order;

     (iv) any Security Interest is enforced over any of its assets;

     (v)  an order for its winding-up, administration or dissolution is made;

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     (vi) any liquidator, trustee in bankruptcy, judicial custodian, compulsory
          manager, receiver, interim receiver, administrative receiver,
          administrator or similar officer (including, without limitation, for a
          member of the Group subject to the German Insolvency Act
          (Insolvenzordnung) an Insolvenzverwalter and a Sachwalter) is
          appointed in respect of it or any of its assets;

     (vii) its shareholders, directors, other officers or any person or court
          request the appointment of, or give notice of their intention to
          appoint, a liquidator, trustee in bankruptcy, judicial custodian,
          compulsory manager, receiver, interim receiver, administrative
          receiver, administrator or similar officer; or

     (viii) in the case of a Spanish Obligor, any step is taken with a view to a
          declaration of concourse (concurso); or

     (ix) any other analogous step or procedure is taken in any jurisdiction.

(b)  Paragraph (a) above does not apply to:

     (i)  any step or procedure which is part of a Permitted Transaction; or

     (ii) a petition for winding-up presented by a creditor which is being
          contested in good faith and with due diligence and is discharged or
          struck out within 14 days.

26.8 UNITED STATES BANKRUPTCY LAWS

(a)  In this Subclause:

     US BANKRUPTCY LAW means the United States Bankruptcy Code of 1978 or any
     other United States Federal or State bankruptcy, insolvency or similar law.

     US DEBTOR means an Obligor that is incorporated or organised under the laws
     of the United States of America or any State of the United States of
     America (including the District of Columbia) or that resides or has a
     domicile, a place of business or property in the United States of America.

(b)  Any of the following occurs in respect of a US Debtor:

     (i)  it makes a general assignment for the benefit of creditors;

     (ii) it commences a voluntary case or proceeding under any US Bankruptcy
          Law; or

     (iii) an involuntary case under any US Bankruptcy Law is commenced against
          it and is not controverted within 30 days or is not dismissed or
          stayed within 90 days after commencement of the case.

26.9 CREDITORS' PROCESS

     Any attachment, sequestration, distress, execution, executory attachment or
     analogous event affects any asset(s) of a member of the Group, having an
     aggregate value at any time of at least US$2,500,000 (or its equivalent),
     and, if capable of being discharged, is not discharged within 30 days.

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26.10 CESSATION OF BUSINESS

     A member of the Group ceases, or threatens to cease, to carry on business
     except:

     (a)  as part of a Permitted Transaction; or

     (b)  as a result of any disposal allowed under this Agreement.

26.11 EFFECTIVENESS OF FINANCE DOCUMENTS

(a)  It is or becomes unlawful for any Obligor to perform any of its obligations
     under the Finance Documents.

(b)  Any Finance Document is not effective in accordance with its terms or is
     alleged by an Obligor to be ineffective in accordance with its terms for
     any reason.

(c)  An Obligor repudiates a Finance Document or evidences an intention to
     repudiate a Finance Document.

26.12 OWNERSHIP OF THE OBLIGORS

     An Obligor (other than the Company) is not or ceases to be a Subsidiary of
     the Company (unless that Obligor has resigned in accordance with Subclause
     34.8 (Resignation of an Obligor (other than the Company)).

26.13 PROCEEDINGS

     There shall occur any litigation, arbitration, administrative,
     governmental, regulatory or other investigations, proceedings or enquiry
     which is reasonably likely to be determined adversely to any member of the
     Group, and which if so determined would have or is reasonably likely to
     have a Material Adverse Effect provided that the outcome of any litigation
     proceeding set out in Schedule 12 (Current Litigation) will not result in
     an Event of Default under this Subclause.

26.14 AUDIT QUALIFICATION

     The auditors of the Company qualify their report on any audited
     consolidated financial statements of the Company:

     (a)  on the grounds that the information supplied to them or to which they
          had access was inadequate or unreliable;

     (b)  on the grounds that they are unable to prepare such financial
          statements on a going concern basis; or

     (c)  otherwise in terms or as to issues which in the opinion of the
          Majority Lenders (acting reasonably) are material in the context of
          the Finance Documents and the transactions contemplated by them.

26.15 EXPROPRIATION

     The authority or ability of any member of the Group to conduct its business
     is wholly or substantially curtailed by any seizure, expropriation,
     nationalisation, intervention, restriction or other action by or on behalf
     of any governmental, regulatory or other authority or other person

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     (GOVERNMENTAL ACTION) if that Governmental Action has or is reasonably
     likely to have a Material Adverse Effect.

26.16 PENSION PLANS AND MULTIEMPLOYER PENSION PLANS

(a)  Any person with authority to do so institutes steps to terminate a Pension
     Plan if as a result of such termination any member of the Group or any
     member of the Controlled Group could reasonably be expected to be required
     to make a contribution to such Pension Plan, or could incur a liability or
     obligation to such Pension Plan, in excess of US$10,000,000.

(b)  A contribution failure occurs with respect to any Pension Plan sufficient
     to give rise to a Security Interest under Section 302(f) of ERISA.

(c)  The Unfunded Liability exceeds the Total Plan Liability by an amount which,
     if claimed, would have or would be reasonably likely to have a Material
     Adverse Effect.

(d)  There shall occur any withdrawal or partial withdrawal from a Multiemployer
     Pension Plan and the withdrawal liability (without unaccrued interest) to
     Multiemployer Pension Plans as a result of such withdrawal (including any
     outstanding withdrawal liability that any member of the Group or any member
     of the Controlled Group have incurred on the date of such withdrawal)
     exceeds US$10,000,000.

26.17 JUDGMENTS

     Final judgments which exceed an aggregate of US$10,000,000 (or its
     equivalent) in respect of any member of the Group are rendered against any
     member of the Group and are not paid, discharged or vacated or had
     execution thereof stayed pending appeal within 30 days after entry or
     filing of such judgments.

26.18 MATERIAL ADVERSE CHANGE

     Any event or series of events occurs which, in the opinion of the Majority
     Lenders, has or is reasonably likely to have a Material Adverse Effect.

26.19 ACCELERATION

(a)  If an Event of Default described in Subclause 26.8 (United States
     Bankruptcy Laws) occurs, the Total Commitments will, if not already
     cancelled under this Agreement, be immediately and automatically cancelled
     and all amounts outstanding under the Finance Documents will be immediately
     and automatically due and payable.

(b)  If an Event of Default is outstanding, the Coordinating Facility Agent may,
     and must if so instructed by the Majority Lenders:

     (i)  by notice to the Company, if not already cancelled under paragraph (a)
          above, cancel all or any part of the Total Commitments; and/or

     (ii) by notice to the Company, declare that all or part of any amounts
          outstanding under the Finance Documents are:

          (A)  immediately due and payable; and/or

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          (B)  payable on demand by the Coordinating Facility Agent acting on
               the instructions of the Majority Lenders; and/or

     (iii) by notice to the Company, declare that full cash cover in respect of
          each Letter of Credit is immediately due and payable; and/or

     (iv) by notice to the Dutch Obligor concerned, require any Dutch Obligor to
          give a guarantee or Security Interest in favour of the Finance Parties
          and that Dutch Obligor must comply with that request.

     Any notice given under this Subclause will take effect in accordance with
     its terms.

27. SOUTH AFRICAN CESSION

27.1 APPROVAL

     Each South African Finance Party:

     (a)  confirms its approval of the Security in Cession Agreement;

     (b)  authorises and directs the South African Facility Agent (by itself or
          by such person(s) as it may nominate) to execute and enforce the
          Security in Cession Agreement as agent or as otherwise provided (and
          whether or not expressly in the names of the South African Finance
          Parties) on its behalf and to accept the benefit of the Security
          Interests provided under the Security in Cession Agreement; and

     (c)  confirms that it will not independently enforce its rights under the
          Cession in Security Agreement.

27.2 RESPONSIBILITY

(a)  The South African Facility Agent is not liable or responsible to any other
     Finance Party for:

     (i)  any failure in perfecting or protecting the security created by the
          Security in Cession Agreement;

     (ii) any other action taken or not taken by it in connection with the
          Security in Cession Agreement,

     unless directly caused by its gross negligence or wilful misconduct.

(b)  No Administrative Party is responsible for:

     (i)  the right or title of any person in or to, or the value of, or
          sufficiency of any part of the security created by the Security in
          Cession Agreement;

     (ii) the priority of any security created by the Security in Cession
          Agreement; or

     (iii) the existence of any other Security Interest affecting any asset
          secured under the Security in Cession Agreement.

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27.3 TITLE

     The South African Facility Agent may accept, without enquiry, the title (if
     any) Pyramid Freight, South Africa may have to any asset over which
     security is intended to be created by any Security Document.

27.4 POSSESSION OF DOCUMENTS

     The South African Facility Agent is not obliged to hold in its own
     possession the Security in Cession Agreement, title deed or other document
     in connection with any asset over which security is intended to be created
     by the Security in Cession Agreement. Without prejudice to the above, the
     South African Facility Agent may allow any bank providing safe custody
     services or any professional adviser to the South African Facility Agent to
     retain any of those documents in its possession.

27.5 INVESTMENTS

     Except as otherwise provided in the Security in Cession Agreement, all
     moneys received by the Facility Agent under the Security in Cession
     Agreement may be:

     (a)  invested in the name of, or under the control of, the South African
          Facility Agent in any investment for the time being authorised by
          English law for the investment by trustees of trust money or in any
          other investments which may be selected by the South African Facility
          Agent with the consent of the South African Majority Lenders; or

     (b)  placed on deposit in the name of, or under the control of, the South
          African Facility Agent at any bank or institution (including any South
          African Finance Party) and on such terms as the South African Facility
          Agent may agree.

27.6 APPLICATION OF PROCEEDS

     Any monies received by the South African Facility Agent under the Security
     in Cession Agreement after the security created under the Cession in
     Security Agreement has become enforceable must be applied in the following
     order of priority:

     (a)  In or towards payment or provision for all costs and expenses incurred
          by the South African Facility Agent under or in connection with the
          Cession in Security Agreement;

     (b)  In or towards payment or provision for the Secured Obligations (as
          defined in the Cession in Security Agreement); and

          In payment of the surplus (if any) to Pyramid Freight, South Africa or
          other person entitled to it.

     This Subclause is subject to the payment of any claims having priority over
     the security under the Cession in Security Agreement. This Subclause does
     not prejudice the right of any Finance Party to recover any shortfall from
     Pyramid Freight, South Africa.

27.7 CONFLICT WITH SECURITY DOCUMENTS

     If there is any conflict between this Agreement and the Security in Cession
     Agreement with regard to instructions to, or other matters affecting, the
     South African Facility Agent, this Agreement will prevail.

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27.8 RELEASE OF SECURITY

(a)  If:

     (i)  Pyramid Freight, South Africa ceases to be a member of the South
          African Group; or

     (ii) Pyramid Freight, South Africa is released from all its obligations
          under the Finance Documents,

     in a manner allowed by this Agreement, any security created by Pyramid
     Freight, South Africa over its assets under the Security in Cession
     Agreement will be released.

(b)  If a disposal of any asset subject to security created by the Security in
     Cession Agreement is made to a person (which is and will remain) outside
     the South African Group in the following circumstances:

     (i)  all South African Lenders agree to the disposal;

     (ii) the disposal is allowed by the terms of the Finance Documents and will
          not result or could not reasonably be expected to result in any
          Default;

     (iii) the disposal is being made at the request of the South African
          Facility Agent in circumstances where any security created by the
          Security in Cession Agreement has become enforceable; or

     (iv) the disposal is being effected by enforcement of the Security in
          Cession Agreement,

     the asset(s) being disposed of (or, in the case of a disposal of shares in
     Pyramid Freight, South Africa which results in it ceasing to be a member of
     the South African Group, all of the assets of Pyramid Freight, South Africa
     covered by the Security in Cession Agreement) will be released from any
     security over it created by the Security in Cession Agreement. However, the
     proceeds of any disposal (or an amount corresponding to them) must be
     applied in accordance with the requirements of the Finance Documents (if
     any).

(c)  Any release under this Subclause will not become effective until the date
     of the relevant disposal or otherwise in accordance with the consent of all
     South African Lenders.

(d)  If a disposal is not made, then any release relating to that disposal will
     have no effect, and the obligations of the Obligors under the Finance
     Documents will continue in full force and effect.

(e)  If the South African Facility Agent is satisfied that a release is allowed
     under this Subclause, the South African Facility Agent must execute (at the
     request and expense of Pyramid Freight, South Africa) any document which is
     reasonably required to achieve that release. Each other South African
     Finance Party irrevocably authorises the South African Facility Agent to
     execute any such document. Any release will not affect the obligations of
     any other Obligor under the Finance Documents.

27.9 INFORMATION

     Each South African Lender must supply the South African Facility Agent with
     any information that the South African Facility Agent may reasonably
     specify as being necessary or desirable to enable it to perform its
     functions under this Clause.

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28. THE ADMINISTRATIVE PARTIES

28.1 APPOINTMENT AND DUTIES OF THE AGENTS

(a)  Each Finance Party (other than the Coordinating Facility Agent) irrevocably
     appoints the Coordinating Facility Agent to act as its coordinating
     facility agent under and in connection with the Finance Documents.

(b)  Each Lender under the Global Facility irrevocably appoints the Global
     Facility Agent to act as its agent under and in connection with the Finance
     Documents.

(c)  Each Lender under the South African Facility irrevocably appoints the South
     African Facility Agent to act as its agent under and in connection with the
     Finance Documents.

(d)  Each Swingline Lender irrevocably appoints the Swingline Agent to act as
     its agent under and in connection with the Finance Documents.

(e)  Each Finance Party irrevocably authorises each Agent to:

     (i)  perform the duties and to exercise the rights, powers and discretions
          that are specifically given to it under the Finance Documents,
          together with any other incidental rights, powers and discretions; and

     (ii) execute each Finance Document expressed to be executed by that Agent.

(f)  An Agent has only those duties which are expressly specified in the Finance
     Documents. Those duties are solely of a mechanical and administrative
     nature.

28.2 ROLE OF THE MANDATED LEAD ARRANGERS

     Except as specifically provided in the Finance Documents, no Mandated Lead
     Arranger has any obligations of any kind to any other Party in connection
     with any Finance Document.

28.3 NO FIDUCIARY DUTIES

(a)  Nothing in the Finance Documents makes an Administrative Party a trustee or
     fiduciary for any other Party or any other person; and

(b)  no Administrative Party need hold in trust any moneys paid to it or
     recovered by it for a Party in connection with the Finance Documents or be
     liable to account for interest on those moneys.

28.4 INDIVIDUAL POSITION OF AN ADMINISTRATIVE PARTY

(a)  If it is also a Lender, each Administrative Party has the same rights and
     powers under the Finance Documents as any other Lender and may exercise
     those rights and powers as though it were not an Administrative Party.

(b)  Each Administrative Party may:

     (i)  carry on any business with an Obligor or its related entities
          (including acting as an agent or a trustee for any other financing);
          and

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     (ii) retain any profits or remuneration it receives under the Finance
          Documents or in relation to any other business it carries on with an
          Obligor or its related entities.

28.5 RELIANCE

     An Agent may:

     (a)  rely on any notice or document believed by it to be genuine and
          correct and to have been signed by, or with the authority of, the
          proper person;

     (b)  rely on any statement made by any person regarding any matters which
          may reasonably be assumed to be within his knowledge or within his
          power to verify;

     (c)  assume, unless the context otherwise requires, that any communication
          made by an Obligor is made on behalf of and with the consent and
          knowledge of each Obligor;

     (d)  engage, pay for and rely on professional advisers selected by it
          (including those representing a Party other than that Agent); and

     (e)  act under the Finance Documents through its personnel and agents.

28.6 MAJORITY LENDERS' INSTRUCTIONS

(a)  The Coordinating Facility Agent is fully protected if it acts on the
     instructions of the Majority Lenders in the exercise of any right, power or
     discretion or any matter, in each case not expressly provided for in the
     Finance Documents. The Global Facility Agent is fully protected if it acts
     on the instructions of the Global Majority Lenders in the exercise of any
     right, power or discretion or any matter, in each case not expressly
     provided for in the Finance Documents. The South African Facility Agent is
     fully protected if it acts on the instructions of the South African
     Majority Lenders in the exercise of any right, power or discretion or any
     matter, in each case not expressly provided for in the Finance Documents.
     Any such instructions given by the relevant group of Majority Lenders will
     be binding on all the relevant Lenders. In the absence of instructions, a
     Facility Agent may act as it considers to be in the best interests of all
     the relevant Lenders.

(b)  A Facility Agent may assume that unless it has received notice to the
     contrary, any right, power, authority or discretion vested in any Party or
     the relevant group of Majority Lenders has not been exercised.

(c)  A Facility Agent may refrain from acting in accordance with the
     instructions of the relevant group of Majority Lenders (or, if appropriate,
     all the relevant group of Lenders) until it has received security
     satisfactory to it, whether by way of payment in advance or otherwise,
     against any liability or loss which it may incur in complying with the
     instructions other than any such liability or loss which results from its
     gross negligence or wilful misconduct.

(d)  No Facility Agent is authorised to act on behalf of a Lender (without first
     obtaining that Lender's consent) in any legal or arbitration proceedings in
     connection with any Finance Document unless the legal or arbitration
     proceedings relate to:

     (i)  the perfection, preservation or perfection of rights under the Cession
          in Security Agreement; or

     (ii) the enforcement of the Security in Cession Agreement.

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28.7 SWINGLINE LENDERS' INSTRUCTIONS

(a)  The Swingline Agent is fully protected if it acts on the instructions of
     Swingline Lenders in the exercise of any right, power or discretion or any
     matter not expressly provided for in the Finance Documents. Any such
     instructions given by the Swingline Lenders will be binding on all the
     Lenders. In the absence of instructions, the Swingline Agent may act as it
     considers to be in the best interests of all the Swingline Lenders.

(b)  The Swingline Agent may assume that unless it has received notice to the
     contrary, any right, power, authority or discretion vested in any Party or
     the Swingline Lenders has not been exercised.

(c)  The Swingline Agent may refrain from acting in accordance with the
     instructions of the Swingline Lenders until it has received security
     satisfactory to it, whether by way of payment in advance or otherwise,
     against any liability or loss which it may incur in complying with the
     instructions other than any such liability or loss which results from its
     gross negligence or wilful misconduct.

(d)  The Swingline Agent is not authorised to act on behalf of a Swingline
     Lender (without first obtaining that Swingline Lender's consent) in any
     legal or arbitration proceedings in connection with any Finance Document.

28.8 RESPONSIBILITY

(a)  No Administrative Party is responsible for the adequacy, accuracy or
     completeness of any statement or information (whether written or oral) made
     in or supplied in connection with any Finance Document including the
     Information Memorandum.

(b)  No Administrative Party is responsible for the legality, validity,
     effectiveness, adequacy, completeness or enforceability of any Finance
     Document or any other document.

(c)  Without affecting the responsibility of any Obligor for information
     supplied by it or on its behalf in connection with any Finance Document,
     each Lender confirms that it:

     (i)  has made, and will continue to make, its own independent appraisal of
          all risks arising under or in connection with the Finance Documents
          (including the financial condition and affairs of each Obligor and its
          related entities and the nature and extent of any recourse against any
          Party or its assets); and

     (ii) has not relied exclusively on any information provided to it by any
          Administrative Party in connection with any Finance Document or
          agreement entered into in anticipation of or in connection with any
          Finance Document.

28.9 EXCLUSION OF LIABILITY

(a)  No Agent is liable or responsible to any other Finance Party for any action
     taken or not taken by it in connection with any Finance Document, unless
     directly caused by its gross negligence or wilful misconduct.

(b)  No Party (other than the relevant Administrative Party) may take any
     proceedings against any officers, employees or agents of another
     Administrative Party in respect of any claim it might have against that
     Administrative Party or in respect of any act or omission of any kind by
     that officer, employee or agent in connection with any Finance Document.
     Any officer, employee or agent of an Administrative Party may rely on this
     Subclause and enforce its terms under the Contracts (Rights of Third
     Parties) Act 1999.

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(c)  No Agent is liable for any delay (or any related consequences) in crediting
     an account with an amount required under the Finance Documents to be paid
     by an Agent if that Agent has taken all necessary steps as soon as
     reasonably practicable to comply with the regulations or operating
     procedures of any recognised clearing or settlement system used by that
     Agent for that purpose.

(d)  (i)  Nothing in this Agreement will oblige any Administrative Party to
          satisfy any know your customer requirement in relation to the identity
          of any person on behalf of any Finance Party.

     (ii) Each Finance Party confirms to each Administrative Party that it is
          solely responsible for any know your customer requirements it is
          required to carry out and that it may not rely on any statement in
          relation to those requirements made by any other person (other than an
          Obligor).

28.10 DEFAULT

(a)  No Agent is obliged to monitor or enquire whether a Default has occurred.
     No Agent is deemed to have knowledge of the occurrence of a Default.

(b)  If an Agent:

     (i)  receives notice from a Party referring to this Agreement, describing a
          Default and stating that the event is a Default; or

     (ii) is aware of the non-payment of any principal, interest or fee payable
          to a Finance Party (other than to that Agent or a Mandated Lead
          Arranger) under this Agreement,

     it must promptly notify the other Finance Parties.

28.11 INFORMATION

(a)  An Agent must promptly forward to the person concerned the original or a
     copy of any document which is delivered to that Agent by a Party for that
     person.

(b)  Except where a Finance Document specifically provides otherwise, no Agent
     is obliged to review or check the adequacy, accuracy or completeness of any
     document it forwards to another Party.

(c)  Except as provided above, no Agent has any duty:

     (i)  either initially or on a continuing basis to provide any Lender with
          any credit or other information concerning the risks arising under or
          in connection with the Finance Documents (including any information
          relating to the financial condition or affairs of any Obligor or its
          related entities or the nature or extent of recourse against any Party
          or its assets) whether coming into its possession before, on or after
          the date of this Agreement; or

     (ii) unless specifically requested to do so by a Lender in accordance with
          a Finance Document, to request any certificate or other document from
          any Obligor.

(d)  In acting as an Agent, the agency division of each Agent is treated as a
     separate entity from its other divisions and departments. Any information
     acquired by an Agent which, in its opinion, is acquired by it otherwise
     than in its capacity as an Agent may be treated as confidential by that
     Agent and will not be treated as information possessed by that Agent in its
     capacity as such.

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(e)  No Agent is obliged to disclose to any person any confidential information
     supplied to it by or on behalf of a member of the Group solely for the
     purpose of evaluating whether any waiver or amendment is required in
     respect of any term of the Finance Documents.

(f)  Each  Obligor  irrevocably  authorises  each Agent to disclose to the other
     Finance  Parties any  information  which,  in its opinion, is received by
     it in its capacity as an Agent.

28.12 INDEMNITIES

(a)  Without limiting the liability of any Obligor under the Finance Documents,
     each Lender must indemnify each Agent for that Lender's Pro Rata Share of
     any loss or liability incurred by that Agent in acting as an Agent (unless
     that Agent has been reimbursed by an Obligor under a Finance Document),
     except to the extent that the loss or liability is caused by that Agent's
     gross negligence or wilful misconduct.

(b)  If a Party owes an amount to an Agent under the Finance Documents, that
     Agent may, after giving notice to that Party:

     (i)  deduct from any amount received by it for that Party any amount due to
          that Agent from that Party under a Finance Document but unpaid; and

     (ii) apply that amount in or towards satisfaction of the owed amount.

     That Party will be regarded as having received the amount so deducted.

28.13 COMPLIANCE

     Each Administrative Party may refrain from doing anything (including
     disclosing any information) which might, in its opinion, constitute a
     breach of any law or regulation or be otherwise actionable at the suit of
     any person, and may do anything which, in its opinion, is necessary or
     desirable to comply with any law or regulation.

28.14 RESIGNATION OF A FACILITY AGENT

(a)  A Facility Agent may resign and appoint any of its Affiliates as successor
     Facility Agent by:

     (i)  in the case of the Coordinating Facility Agent, giving notice to the
          other Finance Parties and the Company;

     (ii) in the case of the Global Facility Agent, giving notice to the Lenders
          under the Global Facility and the Company; and

     (iii) in the case of the South African Facility Agent, giving not less than
          60 days' notice to the Lenders under the South African Facility and
          the South African Borrowers.

(b)  Alternatively:

     (i)  the Coordinating Facility Agent may resign by giving notice to the
          Finance Parties and the Company, in which case the Majority Lenders
          may appoint a successor Coordinating Facility Agent;

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     (ii) the Global Facility Agent may resign by giving notice to the Lenders
          under the Global Facility and the Company, in which case the Global
          Majority Lenders may appoint a successor Global Facility Agent; and

     (iii) the South African Facility Agent may resign by giving not less than
          60 days' notice to the Lenders under the South African Facility and
          the South African Borrower, in which case the South African Majority
          Lenders may appoint a successor South African Facility Agent.

(c)  If no successor Facility Agent has been appointed under paragraph (b) above
     within 30 days after notice of resignation was given, the relevant Facility
     Agent may appoint a successor Facility Agent.

(d)  Provided that no Default is outstanding, the person(s) appointing a
     successor Facility Agent must, if practicable, in the case of the
     Coordinating Facility Agent and the Global Facility Agent, consult with the
     Company and, in the case of the South African Facility Agent, consult with
     the South African Borrowers, prior to the appointment.

(e)  The resignation of a Facility Agent and the appointment of any successor
     Facility Agent will both become effective only when the successor Facility
     Agent notifies all the Parties that it accepts its appointment. On giving
     the notification, the successor Facility Agent will succeed to the position
     of the relevant Facility Agent and the definition applicable to the
     resigning Facility Agent will be applicable to the successor Facility
     Agent.

(f)  The retiring Facility Agent must, at its own cost, make available to the
     successor Facility Agent such documents and records and provide such
     assistance as the successor Facility Agent may reasonably request for the
     purposes of performing its functions as the Facility Agent under the
     Finance Documents.

(g)  Upon its resignation becoming effective, this Clause will continue to
     benefit the retiring Facility Agent in respect of any action taken or not
     taken by it in connection with the Finance Documents while it was the
     Facility Agent, and, subject to paragraph (f) above, it will have no
     further obligations under any Finance Document.

(h)  The Majority Lenders may, by notice to the Coordinating Facility Agent,
     require it to resign under paragraph (b) above. The Global Majority Lenders
     may, by notice to the Global Facility Agent, require it to resign under
     paragraph (b) above. The South African Majority Lenders may, by notice to
     the South African Facility Agent, require it to resign under paragraph (b)
     above. Each Agent must comply with any requirement made of it to resign in
     accordance with this paragraph (h).

28.15 RELATIONSHIP WITH LENDERS

(a)  An Agent may treat each Lender as a Lender, entitled to payments under this
     Agreement and as acting through its Facility Office(s) until it has
     received not less than five Business Days' prior notice from that Lender to
     the contrary.

(b)  The Coordinating Facility Agent may at any time, and must if requested to
     do so by the Majority Lenders, convene a meeting of the Lenders. The Global
     Facility Agent may at any time, and must if requested to do so by the
     Global Majority Lenders, convene a meeting of the Lenders under the Global
     Facility. The South African Facility Agent may at any time, and must if
     requested to do so by the South African Majority Lenders, convene a meeting
     of the Lenders under the South African Facility.

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(c)  Each Agent must keep a record of all the Parties and supply any other Party
     with a copy of the record on request. The record will include each Lender's
     Facility Office(s) and contact details for the purposes of this Agreement.

28.16 FACILITY AGENT'S MANAGEMENT TIME

     If a Facility Agent requires, any amount payable to that Facility Agent by
     any Party under any indemnity or in respect of any costs or expenses
     incurred by that Facility Agent under the Finance Documents after the date
     of this Agreement may include the cost of using its management time or
     other resources and will be calculated on the basis of such reasonable
     daily or hourly rates as that Facility Agent may notify to the relevant
     Party. This is in addition to any amount in respect of fees or expenses
     paid or payable to that Facility Agent under any other term of the Finance
     Documents.

28.17 NOTICE PERIOD

     Where this Agreement specifies a minimum period of notice to be given to an
     Agent, that Agent may, at its discretion, accept a shorter notice period.

29. EVIDENCE AND CALCULATIONS

29.1 ACCOUNTS

     Accounts maintained by a Finance Party in connection with this Agreement
     are prima facie evidence of the matters to which they relate for the
     purpose of any litigation or arbitration proceedings.

29.2 CERTIFICATES AND DETERMINATIONS

     Any certification or determination by a Finance Party of a rate or amount
     under the Finance Documents will be, in the absence of manifest error,
     conclusive evidence of the matters to which it relates.

29.3 CALCULATIONS

     Any interest or fee accruing under this Agreement accrues from day to day
     and is calculated on the basis of the actual number of days elapsed and a
     year of 360 or 365 days or otherwise, depending on what the relevant
     Facility Agent determines is market practice.

30. FEES

30.1 GLOBAL FACILITY AGENT'S FEE

     The Company must pay to the Global Facility Agent for its own account an
     agency fee in the manner agreed in the Fee Letter between the Global
     Facility Agent and the Company.

30.2 SOUTH AFRICAN FACILITY AGENT'S FEE

     The South African Borrowers must pay to the South African Facility Agent
     for its own account an agency fee in the manner agreed in the Fee Letter
     between the South African Facility Agent and the South African Borrowers.

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30.3 UPFRONT AND STRUCTURING FEES

     The Company must pay to the Mandated Lead Arrangers for their own account
     upfront fees and structuring fees in the manner agreed in the Mandate
     Letter.

30.4 GLOBAL FACILITY COMMITMENT FEE

(a)  The Company must pay to the Global Facility Agent for each Lender under the
     Global Facility a commitment fee computed at the rate of 40 per cent. of
     the then applicable Margin on the undrawn, uncancelled amount of the
     Commitment of each Lender under the Global Facility.

(b)  Accrued commitment fee is payable quarterly in arrear. Accrued commitment
     fee is also payable to the Global Facility Agent for a Lender on the date
     its Global Commitment is cancelled in full.

30.5 SOUTH AFRICAN FACILITY COMMITMENT FEE

(a)  The South African Borrowers must pay to the South African Facility Agent
     for each Lender under the South African Facility an aggregate commitment
     fee computed at the rate of 40 per cent. of the then applicable Margin on
     the undrawn, uncancelled amount of the Commitment of each Lender under the
     South African Facility.

(b)  Accrued commitment fee is payable quarterly in arrear. Accrued commitment
     fee is also payable to the South African Facility Agent for a Lender on the
     date its South African Commitment is cancelled in full.

31. INDEMNITIES AND BREAK COSTS

31.1 CURRENCY INDEMNITY - GLOBAL FACILITY

(a)  The Company must, as an independent obligation, indemnify each Finance
     Party against any loss or liability which that Finance Party incurs as a
     consequence of:

     (i)  that Finance Party receiving an amount in respect of an Obligor's
          liability in respect of the Global Facility under the Finance
          Documents; or

     (ii) that liability being converted into a claim, proof, judgment or order,

     in a currency other than the currency in which the amount is expressed to
     be payable in respect of the Global Facility under the relevant Finance
     Document.

(b)  Unless otherwise required by law, each Obligor waives any right it may have
     in any jurisdiction to pay any amount under the Global Facility under the
     Finance Documents in a currency other than that in which it is expressed to
     be payable.

31.2 CURRENCY INDEMNITY - SOUTH AFRICAN FACILITY

(a)  Each South African Borrower must, as an independent obligation, indemnify
     each Finance Party against any loss or liability which that Finance Party
     incurs as a consequence of:

     (i)  that Finance Party receiving an amount in respect of an Obligor's
          liability in respect of the South African Facility under the Finance
          Documents; or

     (ii) that liability being converted into a claim, proof, judgment or order,

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     in a currency other than the currency in which the amount is expressed to
     be payable in respect of the South African Facility under the relevant
     Finance Document.

(b)  Unless otherwise required by law, each Obligor waives any right it may have
     in any jurisdiction to pay any amount under the South African Facility
     under the Finance Documents in a currency other than that in which it is
     expressed to be payable.

31.3 OTHER INDEMNITIES - GLOBAL FACILITY

(a)  The Company must indemnify each Finance Party (other than a South African
     Lender, the South African Facility Agent or the South African Issuing Bank)
     against any loss or liability which that Finance Party incurs as a
     consequence of:

     (i)  the occurrence of any Event of Default;

     (ii) any failure by an Obligor to pay any amount due under a Finance
          Document on its due date, including any resulting from any
          distribution or redistribution of any amount among the Lenders under
          this Agreement;

     (iii) (other than by reason of negligence or default by that Finance Party)
          a Credit not being made after a Request has been delivered for that
          Credit; or

     (iv) a Credit (or part of a Credit) not being prepaid in accordance with
          this Agreement.

     The Company's liability in each case includes any loss or expense on
     account of funds borrowed, contracted for or utilised to fund any amount
     payable under any Finance Document or any Credit.

(b)  The Company must indemnify each Agent (other than the South African
     Facility Agent) against any loss or liability incurred by that Agent as a
     result of:

     (i)  investigating any event which that Agent reasonably believes to be a
          Default; or

     (ii) acting or relying on any notice which that Agent reasonably believes
          to be genuine, correct and appropriately authorised.

31.4 OTHER INDEMNITIES - SOUTH AFRICAN FACILITY

(a)  Each South African Borrower must indemnify each South African Lender, the
     South African Facility Agent and the South African Issuing Bank against any
     loss or liability which that South African Lender, the South African
     Facility Agent or the South African Issuing Bank incurs as a consequence
     of:

     (i)  the occurrence of any Event of Default;

     (ii) any failure by an Obligor to pay any amount due under a Finance
          Document on its due date, including any resulting from any
          distribution or redistribution of any amount among the Lenders under
          this Agreement;

     (iii) (other than by reason of negligence or default by that South African
          Lender, South African Facility Agent and South African Issuing Bank) a
          Credit not being made after a Request has been delivered for that
          Credit; or

     (iv) a Credit (or part of a Credit) not being prepaid in accordance with
          this Agreement.

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     Each South African Borrower's liability in each case includes any loss or
     expense on account of funds borrowed, contracted for or utilised to fund
     any amount payable under any Finance Document or any Credit in South Africa
     or in respect of the South African Facility.

(b)  Each South African Borrower must indemnify the South African Facility Agent
     against any loss or liability incurred by the South African Facility Agent
     as a result of:

     (i)  investigating any event which the South African Facility Agent
          reasonably believes to be a Default; or

     (ii) acting or relying on any notice which the South African Facility Agent
          reasonably believes to be genuine, correct and appropriately
          authorised.

31.5 BREAK COSTS

(a)  Each Borrower must pay to each Lender its Break Costs if a Loan or an
     overdue amount is repaid or prepaid otherwise than on the last day of any
     Term applicable to it.

(b)  Break Costs are the amount (if any) determined by the relevant Lender by
     which:

     (i)  the interest which that Lender would have received for the period from
          the date of receipt of any part of its share in a Loan or an overdue
          amount to the last day of the applicable Term for that Loan or overdue
          amount if the principal or overdue amount received had been paid on
          the last day of that Term;

          exceeds

     (ii) the amount which that Lender would be able to obtain by placing an
          amount equal to the amount received by it on deposit with a leading
          bank in the appropriate interbank market for a period starting on the
          Business Day following receipt and ending on the last day of the
          applicable Term.

(c)  Each Lender must supply to the relevant Facility Agent for the relevant
     Borrower details of the amount of any Break Costs claimed by it under this
     Subclause with a copy to the relevant Borrower.

32. EXPENSES

32.1 INITIAL COSTS

     The Company must pay to each Administrative Party the amount of all costs
     and expenses (excluding cash and expenses that are solely internal costs of
     the relevant Administrative Party and including legal fees) reasonably
     incurred by it in connection with the negotiation, preparation, printing,
     entry into and syndication of the Finance Documents.

32.2 SUBSEQUENT COSTS

     The Company must pay to each Facility Agent the amount of all costs and
     expenses (excluding costs and expenses that are solely internal costs of
     the relevant Facility Agent and including legal fees) reasonably incurred
     by it in connection with:

     (a)  the negotiation, preparation, printing and entry into of any Finance
          Document (other than a Transfer Certificate) executed after the date
          of this Agreement; and

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     (b)  any amendment, waiver or consent requested by or on behalf of an
          Obligor or specifically allowed by this Agreement.

32.3 ENFORCEMENT COSTS

(a)  The Company must pay to each Finance Party the amount of all costs and
     expenses (including legal fees) incurred by it in connection with the
     Global Facility in connection with the enforcement of, or the preservation
     of any rights under, any Finance Document.

(b)  Each South African Borrower must pay to each Finance Party the amount of
     all costs and expenses (including legal fees) incurred by it in connection
     with the South African Facility in connection with:

     (i)  the enforcement of, or the preservation of any rights under, any
          Finance Document; or

     (ii) any proceedings instituted by or against the South African Facility
          Agents as a consequence of it entering into the Cession in Security
          Agreement.

33. AMENDMENTS AND WAIVERS

33.1 PROCEDURE

(a)  Except as provided in this Clause, any term of the Finance Documents that
     solely relates to the Global Facility may be amended or waived with the
     agreement of the Company and the Global Majority Lenders.

(b)  Except as provided in this Clause, any term of the Finance Documents that
     solely relates to the South African Facility may be amended or waived with
     the agreement of Pyramid Freight, South Africa and the South African
     Majority Lenders.

(c)  Except as provided in this Clause, any other term of the Finance Documents
     may be amended or waived with the agreement of the Company and the Majority
     Lenders.

(d)  The Coordinating Facility Agent may effect, on behalf of any Finance Party,
     an amendment or waiver allowed under this Clause.

(e)  The Coordinating Facility Agent must promptly notify the other Parties of
     any amendment or waiver effected by it under paragraphs (a), (b) or (c)
     above. Any such amendment or waiver is binding on all the Parties.

(f)  Each Obligor agrees to any amendment or waiver allowed by this Clause which
     is agreed to by the Company or Pyramid Freight, South Africa. This includes
     any amendment or waiver which would, but for this paragraph, require the
     consent of each relevant Guarantor if a guarantee under the Finance
     Documents is to remain in full force and effect.

33.2 EXCEPTIONS

(a)  An amendment or waiver which relates to:

     (i)  the definitions of GLOBAL MAJORITY LENDERS in Clause 1.1
          (Definitions);

     (ii) an extension of the date of payment of any amount under the Global
          Facility or which is determined by the Coordinating Facility Agent to
          be attributable to the Global Facility to a Global Lender under the
          Finance Documents;

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     (iii) a reduction in the Margin or a reduction in the amount of any payment
          of principal, interest, fee or other amount payable to a Global Lender
          under the Finance Documents;

     (iv) a release of an Obligor under the Global Facility other than in
          accordance with the terms of this Agreement; or

     (v)  a term of a Finance Document which expressly requires the consent of
          each Global Lender;

     may only be made with the consent of all the Global Lenders.

(b)  An amendment or waiver which relates to:

     (i)  the definitions of SOUTH AFRICAN MAJORITY LENDERS in Clause 1.1
          (Definitions);

     (ii) an extension of the date of payment of any amount under the South
          African Facility or which is determined by the Coordinating Facility
          Agent to be attributable to the South African Facility to a South
          African Lender under the Finance Documents;

     (iii) a reduction in the Margin or a reduction in the amount of any payment
          of principal, interest, fee or other amount payable to a South African
          Lender under the Finance Documents;

     (iv) a release of an Obligor under the South African Facility other than in
          accordance with the terms of this Agreement;

     (v)  a term of a Finance Document which expressly requires the consent of
          each South African Lender;

     (vi) paragraphs (c) or (d) of Subclause 25.8 (Financial Indebtedness); or

     (vii) a release of the Cession in Security Agreement other than in
          accordance with the terms of this Agreement,

     may only be made with the consent of all the South African Lenders.

(c)  An amendment or waiver which relates to:

     (i)  the definitions of MAJORITY LENDERS in Clause 1.1 (Definitions);

     (ii) an increase in, or an extension of, a Commitment or the Total
          Commitments;

     (iii) the right of a Lender to assign or transfer its rights or obligations
          under the Finance Documents; or

     (iv) a term of a Finance Document which expressly requires the consent of
          each Lender; or

     (v)  this Clause,

     may only be made with the consent of all the Lenders.

(d)  An amendment or waiver which relates to Subclause 25.16 (Pyramid Freight
     Debt) may only be made with the consent of:

     (i)  all South African Lenders; and

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     (ii) the Global Majority Lenders.

(e)  An amendment or waiver which relates to the rights or obligations of an
     Administrative Party may only be made with the consent of that
     Administrative Party.

(f)  A Fee Letter may be amended or waived with the agreement of parties to that
     Fee Letter.

33.3 CHANGE OF CURRENCY

     If a change in any currency of a country occurs (including where there is
     more than one currency or currency unit recognised at the same time as the
     lawful currency of a country), the Finance Documents will be amended to the
     extent the Coordinating Facility Agent (acting reasonably and after
     consultation with the Company) determines is necessary to reflect the
     change.

33.4 WAIVERS AND REMEDIES CUMULATIVE

     The rights of each Finance Party under the Finance Documents:

     (a)  may be exercised as often as necessary;

     (b)  are cumulative and not exclusive of its rights under the general law;
          and

     (c)  may be waived only in writing and specifically.

     Delay in exercising or non-exercise of any right is not a waiver of that
     right.

34. CHANGES TO THE PARTIES

34.1 ASSIGNMENTS AND TRANSFERS BY OBLIGORS

     No Obligor may assign or transfer any of its rights and obligations under
     the Finance Documents without the prior consent of all the Lenders.

34.2 ASSIGNMENTS AND TRANSFERS BY LENDERS

(a)  A Lender (the EXISTING LENDER) may, subject to the following provisions of
     this Subclause and Clause 34.3 (Assignments and transfers - Issuing Banks),
     at any time assign or transfer (including by way of novation) any of its
     rights and obligations under this Agreement to any other bank or financial
     institution or to a trust, fund or other entity which is regularly engaged
     in or established for the purpose of making, purchasing or investing in
     loans, securities or other financial assets and which is a Professional
     Market Party (the NEW LENDER).

(b)  Unless the Company and the Coordinating Facility Agent otherwise agree, a
     transfer of part of a Commitment or the rights and obligations under this
     Agreement by the Existing Lender must be in a minimum amount of
     US$5,000,000.

(c)  A Lender under the South African Facility may not transfer any of its
     rights and obligations under this Agreement to any other Lender, to any
     Affiliate of it or any other Lender or to any other bank or financial
     institution or to a trust, fund or other entity which is regularly engaged
     in or established for the purpose of making, purchasing or investing in
     loans, securities or other financial assets which is not a resident in
     South Africa for South African exchange control purposes or without first
     obtaining the necessary exchange control approval for such transfer if
     required.

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(d)  The consent of the Company is required for any assignment or transfer
     unless the New Lender is another Lender or an Affiliate of a Lender or an
     Event of Default is outstanding. The consent of the Company must not be
     unreasonably withheld or delayed. The Company will be deemed to have given
     its consent five Business Days after the Company is given notice of the
     request unless it is expressly refused by the Company within that time.

(e)  The Company may not withhold its consent solely because the assignment or
     transfer might increase the Mandatory Cost or Lender Regulatory Costs.

(f)  The Coordinating Facility Agent is not obliged to execute a Transfer
     Certificate or otherwise give effect to an assignment or transfer until it
     has completed all know your customer requirements to its satisfaction. The
     Coordinating Facility Agent must promptly notify the Existing Lender and
     the New Lender if there are any such requirements.

(g)  If the consent of the Company is required for any assignment or transfer
     (irrespective of whether it may be unreasonably withheld or not), the
     Coordinating Facility Agent is not obliged to execute a Transfer
     Certificate if the Company withholds its consent.

(h)  A transfer of obligations will be effective only if either:

     (i)  the rights are assigned, the corresponding obligations released and
          equivalent obligations assumed in accordance with the following
          provisions of this Clause; or

     (ii) the obligations are novated in accordance with the following
          provisions of this Clause.

(i)  Unless the Coordinating Facility Agent otherwise agrees, the New Lender
     must pay to the Coordinating Facility Agent for its own account, on or
     before the date any assignment or transfer occurs, a fee of US$3,500.

(j)  Any reference in this Agreement to a Lender includes a New Lender but
     excludes a Lender if no amount is or may be owed to or by it under this
     Agreement.

(k)  An assignment of rights will only be effective if, at the cost of the
     Company, the assignment is notified to each French Obligor by a bailiff
     (huissier) in accordance with Article 1690 of the French Civil Code.

(l)  An assignment of rights will only be effective if the New Lender confirms
     to the Coordinating Facility Agent and to each French Obligor in form and
     substance satisfactory to the Coordinating Facility Agent that it is bound
     by obligations to the other Finance Parties under this Agreement equivalent
     to those it would have been under if it were an Original Lender.

34.3 ASSIGNMENTS AND TRANSFERS - ISSUING BANKS

(a)  The consent of the Global Issuing Bank is required for any assignment or
     transfer of any Lender's rights and obligations in respect of the Global
     Facility under this Agreement.

(b)  The consent of the South African Issuing Bank is required for any
     assignment or transfer of any Lender's rights and obligations in respect of
     the South African Facility under this Agreement (such consent not to be
     unreasonably withheld).

34.4 TRANSFER CERTIFICATES

(a)  In this Subclause:

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     TRANSFER DATE means, for a Transfer Certificate, the later of:

     (i) the proposed Transfer Date specified in that Transfer Certificate; and

     (ii) the date on which the Coordinating Facility Agent executes that
     Transfer Certificate.

     A reference to an ASSIGNMENT includes any related release and assumption of
     rights.

(b)  An assignment or novation is effected if:

     (i)  the Existing Lender and the New Lender deliver to the Coordinating
          Facility Agent a duly completed Transfer Certificate; and

     (ii) the Coordinating Facility Agent executes it.

     The Coordinating Facility Agent must execute as soon as reasonably
     practicable a Transfer Certificate delivered to it and which appears on its
     face to be in order.

(c)  Each Party (other than the Existing Lender and the New Lender) irrevocably
     authorises the Coordinating Facility Agent to execute any duly completed
     Transfer Certificate on its behalf.

(d)  For a transfer by assignment on the Transfer Date:

     (i)  the Existing Lender will assign absolutely to the New Lender the
          Existing Lender's rights expressed to be the subject of the assignment
          in the Transfer Certificate;

     (ii) the Existing Lender will be released from the obligations expressed to
          be the subject of the release in the Transfer Certificate; and

     (iii) the New Lender will become a Lender under this Agreement and will be
          bound by obligations equivalent to those from which the Existing
          Lender is released under sub-paragraph (ii) above.

(e)  For a transfer by novation on the Transfer Date:

     (i)  the New Lender will assume the rights and obligations of the Existing
          Lender expressed to be the subject of the novation in the Transfer
          Certificate in substitution for the Existing Lender;

     (ii) the Existing Lender will be released from those obligations and cease
          to have those rights; and

     (iii) the New Lender will become a Lender under this Agreement and be bound
          by the terms of this Agreement as a Lender.

(f)  The Coordinating Facility Agent must, as soon as reasonably practicable
     after it has executed a Transfer Certificate, send a copy of that Transfer
     Certificate to the Company and if the transfer was in relation to the
     Global Facility, the Global Facility Agent or if the transfer was in
     relation to the South African Facility, the South African Facility Agent.

(g)  Subject to the terms of this Agreement, for the purposes of article 1278 et
     seq. of the French Civil Code, the obligations of each Global Guarantor
     incorporated in France under this Agreement will

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     continue in full force and effect following any novation under this Clause.
     A novation under this Clause is a novation (novation) within the meaning of
     Article 1271 et seq. of the French Civil Code.

(h)  A novation under this Clause constitutes a permitted novation (novacion
     subjetiva) and does not extinguish or otherwise affect the obligations of
     any Obligor under the Finance Documents.

34.5 LIMITATION OF RESPONSIBILITY OF EXISTING LENDER

(a)  Unless expressly agreed to the contrary, an Existing Lender makes no
     representation or warranty and assumes no responsibility to a New Lender
     for:

     (i)  the financial condition of an Obligor; or

     (ii) the legality, validity, effectiveness, enforceability, adequacy,
          accuracy, completeness or performance of:

          (A)  any Finance Document or any other document;

          (B)  any statement or information (whether written or oral) made in or
               supplied in connection with any Finance Document; or

          (C)  any observance by an Obligor of its obligations under any Finance
               Document or any other documents,

          and any representations or warranties implied by law are excluded.

(b)  Each New Lender confirms to the Existing Lender and the other Finance
     Parties that it:

     (i)  has made, and will continue to make, its own independent appraisal of
          all risks arising under or in connection with the Finance Documents
          (including the financial condition and affairs of each Obligor and its
          related entities and the nature and extent of any recourse against any
          Party or its assets) in connection with its participation in this
          Agreement; and

     (ii) has not relied exclusively on any information supplied to it by the
          Existing Lender in connection with any Finance Document.

(c)  Nothing in any Finance Document requires an Existing Lender to:

     (i)  accept a re-transfer from a New Lender of any of the rights and
          obligations assigned or transferred under this Clause; or

     (ii) support any losses incurred by the New Lender by reason of the
          non-performance by any Obligor of its obligations under any Finance
          Document or otherwise.

34.6 COSTS RESULTING FROM CHANGE OF LENDER OR FACILITY OFFICE

     If:

     (a)  a Lender assigns or transfers any of its rights and obligations under
          the Finance Documents or changes its Facility Office; and

     (b)  as a result of circumstances existing at the date the assignment,
          transfer or change occurs, an Obligor would be obliged to pay a Tax
          Payment or an Increased Cost,

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     then the Obligor need only pay that Tax Payment or Increased Cost to the
     same extent that it would have been obliged to if no assignment, transfer
     or change had occurred.

34.7 ADDITIONAL OBLIGORS

(a)  If:

     (i)  the Company requests that one of its Subsidiaries becomes an
          Additional Obligor; or

     (ii) the Company is required to make one of its Subsidiaries an Additional
          Obligor,

     it must give not less than 10 Business Days prior notice to the
     Coordinating Facility Agent (who must promptly notify the Lenders).

(b)  If the accession of an Additional Obligor requires any Finance Party to
     carry out know your customer requirements in circumstances where the
     necessary information is not already available to it, the Company must
     promptly on request by any Finance Party supply to that Finance Party any
     documentation or other evidence which is reasonably requested by that
     Finance Party (whether for itself, on behalf of any Finance Party or any
     prospective new Lender) to enable a Finance Party or prospective new Lender
     to carry out and be satisfied with the results of all applicable know your
     customer requirements.

(c)  If one of the Subsidiaries of the Company is to become an Additional
     Obligor, then the Company must (following consultation with the
     Coordinating Facility Agent) deliver to the Coordinating Facility Agent the
     relevant documents and evidence listed in Part 2 of Schedule 2 (Conditions
     Precedent Documents).

(d)  Neither Pyramid Freight nor any Subsidiary of the Company incorporated in
     South Africa may become an Additional Obligor under the Global Facility. No
     Subsidiary of the Company incorporated in any jurisdiction other than South
     Africa may become an Additional Obligor under the South African Facility.

(e)  The prior consent of all the Global Lenders is required if the Additional
     Obligor is an Additional Borrower and is incorporated in a jurisdiction
     which is not a jurisdiction in which an Original Borrower under the Global
     Facility is incorporated.

(f)  The relevant Subsidiary will become an Additional Obligor when the
     Coordinating Facility Agent notifies the other Finance Parties and the
     Company that it has received all of the documents and evidence referred to
     in paragraph (c) above in form and substance satisfactory to it. The
     Coordinating Facility Agent must give this notification as soon as
     reasonably practicable.

(g)  Delivery of an Accession Agreement, executed by the relevant Subsidiary and
     the Company, to the Coordinating Facility Agent constitutes confirmation by
     that Subsidiary and the Company that the Repeating Representations are then
     correct.

34.8 RESIGNATION OF AN OBLIGOR (OTHER THAN THE COMPANY)

(a)  The Company may request that an Obligor (other than the Company) cease to
     be an Obligor by giving to the Coordinating Facility Agent a duly completed
     Resignation Request.

(b)  The Coordinating Facility Agent must accept a Resignation Request and
     notify the Company and the Lenders of its acceptance if:

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     (i)  in the case of a Global Guarantor, the Global Majority Lenders have
          consented to the Resignation Request;

     (ii) in the case of a South African Guarantor, the South African Majority
          Lenders have consented to the Resignation Request;

     (iii) it is not aware that a Default is outstanding or would result from
          the acceptance of the Resignation Request; and

     (iv) no amount owed by that Obligor under this Agreement is still
          outstanding.

(c)  The Obligor will cease to be a Borrower and/or a Guarantor, as appropriate,
     when the Coordinating Facility Agent gives the notification referred to in
     paragraph (b) above.

(d)  An Obligor (other than the Company) may also cease to be an Obligor in any
     other manner approved by the relevant group of Majority Lenders.

34.9 CHANGES TO THE REFERENCE BANKS

     If a Reference Bank (or, if a Reference Bank is not a Lender, the Lender of
     which it is an Affiliate) ceases to be a Lender, the relevant Facility
     Agent must (in consultation with the Company) appoint another Lender or an
     Affiliate of a Lender to replace that Reference Bank.

34.10 AFFILIATES OF LENDERS

(a)  Each Lender may fulfil its obligations in respect of any Credit through an
     Affiliate if:

     (i)  the relevant Affiliate is specified in this Agreement as a Lender or
          becomes a Lender by means of a Transfer Certificate in accordance with
          this Agreement; and

     (ii) the Credits in which that Affiliate will participate are specified in
          this Agreement or in a notice given by that Lender to the relevant
          Facility Agent and the Company.

     In this event, the Lender and the Affiliate will participate in Credits in
     the manner provided for in sub-paragraph (ii) above.

(b)  If paragraph (a) above applies, the Lender and its Affiliate will be
     treated as having a single Commitment and a single vote, but, for all other
     purposes, will be treated as separate Lenders.

34.11 THE REGISTER

(a)  The Coordinating Facility Agent, as an agent of the Borrowers solely for
     the purposes of this Subclause, shall maintain at its address a register
     (the REGISTER) with respect to each Facility for the recording of the names
     and addresses of the Lenders and the Commitment of, and principal amount
     owing to, each Lender from time to time under such Facility.

(b)  Any failure to make or update the Register, or any error in the Register,
     will not affect any Obligor's obligations in respect of such Facility.

(c)  Notwithstanding any other provision of this Clause:

     (i)  the transfer of any Commitment or any other right or obligation under
          the Finance Documents will not be effective until that transfer is
          recorded on the Register; and

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     (ii) before its recording, all amounts owing by the Obligors under the
          Finance Documents to the relevant transferor with respect to those
          Commitments and Loans will remain owing to such transferor.

(d)  The entries in the Register shall be conclusive and binding for all
     purposes, absent manifest error, and the Obligors, the Agents and the
     Lenders shall treat each person whose name is recorded in the Register as a
     Lender for all purposes of this Agreement. The Register shall be available
     for inspection by any Obligor or any Finance Party at any reasonable time
     upon reasonable prior notice.

(e)  Each Party irrevocably authorises the Coordinating Facility Agent to make
     the relevant entry in the Register on its behalf for the purposes of this
     Subclause without any further consent of, or consultation with, such Party.

34.12 REPLACEMENT OF LENDER

(a)  If at any time an Obligor becomes obliged to repay any amount in accordance
     with Subclauses 12.1 (Mandatory prepayment - illegality under the Global
     Facility) or 12.2 (Mandatory prepayment - illegality under the South
     African Facility) or to pay additional amounts pursuant to Subclause 17.1
     (Increased Costs) or Subclause 16.2 (Tax gross-up) to any Lender in excess
     of amounts payable to the other Lenders generally, then the Company may, on
     20 Business Days' prior written notice to the Coordinating Facility Agent
     and such Lender, replace such Lender by requiring such Lender to (and such
     Lender shall) transfer under this Clause all (and not part only) of its
     rights and obligations under this Agreement to a Lender or other bank,
     financial institution, trust, fund or other entity (a REPLACEMENT LENDER)
     selected by the Company, and which is acceptable to the Coordinating
     Facility Agent, the relevant Facility Agent (acting reasonably) and the
     relevant Issuing Bank, which confirms its willingness to assume and does
     assume all the obligations of the transferring Lender (including the
     assumption of the transferring Lender's participations on the same basis as
     the transferring Lender) for a purchase price in cash payable at the time
     of transfer equal to the outstanding principal amount of such Lender's
     participation in the outstanding Loans and all accrued interest and/or
     Letter of Credit fees, Break Costs and other amounts payable to such Lender
     in relation thereto under the Finance Documents.

(b)  The replacement of a Lender under this Subclause shall be subject to the
     following conditions:

     (i)  the Company shall have no right to replace any Agent;

     (ii) no Agent nor any Lender shall have any obligation to the Company to
          find a Replacement Lender; and

     (iii) in no event shall the Lender replaced under this Subclause be
          required to pay or surrender to such Replacement Lender any of the
          fees received by such Lender pursuant to the Finance Documents.

35. DISCLOSURE OF INFORMATION

(a)  Each Finance Party must keep confidential any information supplied to it by
     or on behalf of any Obligor in connection with the Finance Documents.
     However, a Finance Party is entitled to disclose information:

     (i)  which is publicly available, other than as a result of a breach by
          that Finance Party of this Clause;

     (ii) in connection with any legal or arbitration proceedings;

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     (iii) if required to do so under any law or regulation;

     (iv) to a governmental, banking, taxation or other regulatory authority;

     (v)  to its officers, directors, employees and professional advisers;

     (vi) to the extent allowed under paragraph (b) below;

     (vii) to another Obligor; or

     (viii) with the agreement of the relevant Obligor.

(b)  A Finance Party may disclose to an Affiliate or any person with whom it may
     enter, or has entered into, any kind of transfer, participation or other
     agreement in relation to this Agreement (a PARTICIPANT):

     (i)  a copy of any Finance Document; and

     (ii) any information which that Finance Party has acquired under or in
          connection with any Finance Document.

     However, before a participant may receive any confidential information, it
     must agree with the relevant Finance Party to keep that information
     confidential on the terms of paragraph (a) above.

(c)  This Clause supersedes any previous confidentiality undertaking given by a
     Finance Party in connection with this Agreement prior to it becoming a
     Party.

36. SET-OFF

     A Finance Party may set off any matured obligation owed to it by an Obligor
     under the Finance Documents (to the extent beneficially owned by that
     Finance Party) against any obligation (whether or not matured) owed by that
     Finance Party to an Obligor, regardless of the place of payment, booking
     branch or currency of either obligation. If the obligations are in
     different currencies, the Finance Party may convert either obligation at a
     market rate of exchange in its usual course of business for the purpose of
     the set-off.

37. PRO RATA SHARING - GLOBAL FACILITY

37.1 REDISTRIBUTION

     If any amount owing by an Obligor in respect of the Global Facility under
     this Agreement to a Finance Party (the RECOVERING FINANCE PARTY) is
     discharged by payment, set-off (including by means of set-off under Clause
     36 (Set-off)) or any other manner other than in accordance with this
     Agreement (a RECOVERY), then:

     (a)  the recovering Finance Party must, within three Business Days, supply
          details of the recovery to the Global Facility Agent;

     (b)  the Global Facility Agent must calculate whether the recovery is in
          excess of the amount which the recovering Finance Party would have
          received if the recovery had been received and distributed by the
          Global Facility Agent under this Agreement; and

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     (c)  the recovering Finance Party must pay to the Global Facility Agent an
          amount equal to the excess (the REDISTRIBUTION).

37.2 EFFECT OF REDISTRIBUTION

(a)  The Global Facility Agent must treat a redistribution as if it were a
     payment by the relevant Obligor under this Agreement and distribute it
     among the Finance Parties under the Global Facility, other than the
     recovering Finance Party, accordingly.

(b)  When the Global Facility Agent makes a distribution under paragraph (a)
     above, the recovering Finance Party will be subrogated to the rights of the
     Finance Parties which have shared in that redistribution.

(c)  If and to the extent that the recovering Finance Party is not able to rely
     on any rights of subrogation under paragraph (b) above, the relevant
     Obligor will owe the recovering Finance Party a debt which is equal to the
     redistribution, immediately payable and of the type originally discharged.

(d)  If:

     (i)  a recovering Finance Party must subsequently return a recovery, or an
          amount measured by reference to a recovery, to an Obligor; and

     (ii) the recovering Finance Party has paid a redistribution in relation to
          that recovery,

     each Finance Party must reimburse the recovering Finance Party all or the
     appropriate portion of the redistribution paid to that Finance Party,
     together with interest for the period while it held the redistribution. In
     this event, the subrogation in paragraph (b) above will operate in reverse
     to the extent of the reimbursement.

37.3 EXCEPTIONS

     Notwithstanding any other term of this Clause, a recovering Finance Party
     need not pay a redistribution to the extent that:

     (a)  it would not, after the payment, have a valid claim against the
          relevant Obligor in the amount of the redistribution; or

     (b)  it would be sharing with another Finance Party any amount which the
          recovering Finance Party has received or recovered as a result of
          legal or arbitration proceedings, where:

          (i)  the recovering Finance Party notified the Global Facility Agent
               of those proceedings; and

          (ii) the other Finance Party had an opportunity to participate in
               those proceedings but did not do so or did not take separate
               legal or arbitration proceedings as soon as reasonably
               practicable after receiving notice of them.

38. PRO RATA SHARING - SOUTH AFRICAN FACILITY

38.1 REDISTRIBUTION

     If any amount owing by an Obligor in respect of the South African Facility
     under this Agreement to a Finance Party (the RECOVERING FINANCE PARTY) is
     discharged by payment, set-off (including by

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     means of set-off under Clause 36 (Set-off))or any other manner other than
     in accordance with this Agreement (a RECOVERY), then:

     (a)  the recovering Finance Party must, within three Business Days, supply
          details of the recovery to the South African Facility Agent;

     (b)  the South African Facility Agent must calculate whether the recovery
          is in excess of the amount which the recovering Finance Party would
          have received if the recovery had been received and distributed by the
          South African Facility Agent under this Agreement; and

     (c)  the recovering Finance Party must pay to the South African Facility
          Agent an amount equal to the excess (the REDISTRIBUTION).

38.2 EFFECT OF REDISTRIBUTION

(a)  The South African Facility Agent must treat a redistribution as if it were
     a payment by the relevant Obligor under this Agreement and distribute it
     among the Finance Parties under the South African Facility, other than the
     recovering Finance Party, accordingly.

(b)  When the South African Facility Agent makes a distribution under paragraph
     (a) above, the recovering Finance Party will be subrogated to the rights of
     the Finance Parties which have shared in that redistribution.

(c)  If and to the extent that the recovering Finance Party is not able to rely
     on any rights of subrogation under paragraph (b) above, the relevant
     Obligor will owe the recovering Finance Party a debt which is equal to the
     redistribution, immediately payable and of the type originally discharged.

(d)  If:

     (i)  a recovering Finance Party must subsequently return a recovery, or an
          amount measured by reference to a recovery, to an Obligor; and

     (ii) the recovering Finance Party has paid a redistribution in relation to
          that recovery,

     each Finance Party must reimburse the recovering Finance Party all or the
     appropriate portion of the redistribution paid to that Finance Party,
     together with interest for the period while it held the redistribution. In
     this event, the subrogation in paragraph (b) above will operate in reverse
     to the extent of the reimbursement.

38.3 EXCEPTIONS

     Notwithstanding any other term of this Clause, a recovering Finance Party
     need not pay a redistribution to the extent that:

     (a)  it would not, after the payment, have a valid claim against the
          relevant Obligor in the amount of the redistribution; or

     (b)  it would be sharing with another Finance Party any amount which the
          recovering Finance Party has received or recovered as a result of
          legal or arbitration proceedings, where:

          (i)  the recovering Finance Party notified the Global Facility Agent
               of those proceedings; and

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          (ii) the other Finance Party had an opportunity to participate in
               those proceedings but did not do so or did not take separate
               legal or arbitration proceedings as soon as reasonably
               practicable after receiving notice of them.

39. SEVERABILITY

     If a term of a Finance Document is or becomes illegal, invalid or
     unenforceable in any respect under any jurisdiction, that will not affect:

     (a)  the legality, validity or enforceability in that jurisdiction of any
          other term of the Finance Documents; or

     (b)  the legality, validity or enforceability in other jurisdictions of
          that or any other term of the Finance Documents.

40. COUNTERPARTS

     Each Finance Document may be executed in any number of counterparts. This
     has the same effect as if the signatures on the counterparts were on a
     single copy of the Finance Document.

41. NOTICES

41.1 IN WRITING

(a)  Any communication in connection with a Finance Document must be in writing
     and, unless otherwise stated, may be given:

     (i)  in person, by post or fax; or

     (ii) to the extent agreed by the Parties making and receiving
          communication, by e-mail or other electronic communication.

(b)  For the purpose of the Finance Documents, an electronic communication will
     be treated as being in writing.

(c)  Unless it is agreed to the contrary, any consent or agreement required
     under a Finance Document must be given in writing.

41.2 CONTACT DETAILS

(a)  Except as provided below, the contact details of each Party for all
     communications in connection with the Finance Documents are those notified
     by that Party for this purpose to the Coordinating Facility Agent on or
     before the date it becomes a Party.

(b)  The contact details of the Company for this purpose are:

     Address:          UTi Worldwide Inc.,
                       19500 Rancho Way, Suite 116,
                       Rancho Dominquez,
                       CA90220, USA
     Fax number:       +1 310 604 1357
     E-mail:           lsamuels@go2uti.com
     Attention:        Lawrence R Samuels CFO.

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     with a copy to:

     Address:          Stephen D. Cooke
                       Paul Hastings Janofsky & Walker LLP
                       695 Town Center Drive, Seventeenth Floor,
                       Costa Mesa,
                       CA 92626, USA,
     Fax:              +1 714 668 6364
     E-mail:           stephencooke@paulhastings.com

(c)  The contact details of the Coordinating Facility Agent and the Global
     Facility Agent for this purpose are:

     Address:          ABN AMRO Bank NV
                       Agency USA
                       540 West Madison, Room 2701
                       Chicago, IL 60611
     Fax number:       +1 312 904 2577
     E-mail:           Yolanda.meza@abnamro.com
     Attention:        Yolanda Meza.

     with a copy to:

     Address:          ABN AMRO Bank N.V.
                       Agency Services
                       135 S. Lasalle Street, Suite 1425
                       Chicago, IL 60603
     Fax number:       +1 312 601 3610/3611
     E-mail:           carole.floyd@abnamro.com
     Attention:        Carole Floyd.

(d)  The contact details of the South African Facility Agent for this purpose
     are:

     Address:          Nedbank Capital
                       PO Box 72112
                       Parkview, 2122
                       South Africa
     Fax number:       +27 11 295 3902
     E-mail:           cliveS@nedbank.co.za
     Attention:        Clive Stewart.

     with a copy to :

     Fax number:       +27 11 295 3401
     E-mail:           waynek@nedbank.co.za
     Attention:        Wayne Khoury

(e)  The contact details of the Swingline Agent for this purpose are:

     Address:          ABN AMRO Bank N.V.
                       135 S. LaSalle Street, Suite 1126
                       Chicago, IL 60603

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     Fax number:       +1 312 821 8710
     E-mail:           angela.larkin@abnamro.com
     Attention:        Angela Larkin.

(f)  Any Party may change its contact details by giving five Business Days'
     notice to the Coordinating Facility Agent or (in the case of the
     Coordinating Facility Agent) to the other Parties.

(g)  Where a Party nominates a particular department or officer to receive a
     communication, a communication will not be effective if it fails to specify
     that department or officer.

41.3 EFFECTIVENESS

(a)  Except as provided below, any communication in connection with a Finance
     Document will be deemed to be given as follows:

     (i)  if delivered in person, at the time of delivery;

     (ii) if posted, five days after being deposited in the post, postage
          prepaid, in a correctly addressed envelope;

     (iii) if by fax, when received in legible form; and

     (iv) if by e-mail or any other electronic communication, when received in
          legible form.

(b)  A communication given under paragraph (a) above but received on a
     non-working day or after business hours in the place of receipt will only
     be deemed to be given on the next working day in that place.

(c)  A communication to a Facility Agent will only be effective on actual
     receipt by it.

41.4 OBLIGORS

(a)  Unless expressly stated in a Finance Document, all communications under the
     Finance Documents to or from an Obligor must be sent through the
     Coordinating Facility Agent.

(b)  All communications under the Finance Documents to or from an Obligor (other
     than the Company) must be sent through the Company.

(c)  Each Obligor (other than the Company) irrevocably appoints the Company to
     act as its agent:

     (i)  to give and receive all communications under the Finance Documents;

     (ii) to supply all information concerning itself to any Finance Party; and

     (iii) to sign all documents under or in connection with the Finance
          Documents.

(d)  Any communication given to the Company in connection with a Finance
     Document will be deemed to have been given also to the other Obligors.

(e)  Each Finance Party may assume that any communication made by the Company is
     made with the consent of each other Obligor.

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41.5 USE OF WEBSITES

(a)  Except as provided below, the Company may deliver any information under
     this Agreement to a Lender by posting it on to an electronic website if:

     (i)  the Coordinating Facility Agent and the Lender agree;

     (ii) the Company and the Coordinating Facility Agent designate an
          electronic website for this purpose;

     (iii) the Company notifies the Coordinating Facility Agent of the address
          of and password for the website; and

     (iv) the information posted is in a format agreed between the Company and
          the Coordinating Facility Agent.

     The Coordinating Facility Agent must supply each relevant Lender with the
     address of and password for the website.

(b)  Notwithstanding the above, the Company must supply to the Coordinating
     Facility Agent in paper form a copy of any information posted on the
     website together with sufficient copies for:

     (i)  any Lender not agreeing to receive information via the website; and

     (ii) within 10 Business Days of request any other Lender, if that Lender so
          requests.

(c)  The Company must, promptly upon becoming aware of its occurrence, notify
     the Coordinating Facility Agent if:

     (i)  the website cannot be accessed;

     (ii) the website or any information on the website is infected by any
          electronic virus or similar software;

     (iii) the password for the website is changed; or

     (iv) any information to be supplied under this Agreement is posted on the
          website or amended after being posted.

     If the circumstances in sub-paragraphs (i) or (ii) above occur, the Company
     must supply any information required under this Agreement in paper form
     until the Coordinating Facility Agent is satisfied that the circumstances
     giving rise to the notification are no longer continuing.

42. LANGUAGE

(a)  Any notice given in connection with a Finance Document must be in English.

(b)  Any other document provided in connection with a Finance Document must be:

     (i)  in English; or

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     (ii) (unless the Coordinating Facility Agent otherwise agrees) accompanied
          by a certified English translation. In this case, the English
          translation prevails unless the document is a statutory or other
          official document.

43. GOVERNING LAW

     This Agreement is governed by English law.

44. ENFORCEMENT

44.1 JURISDICTION

(a)  The English courts have exclusive jurisdiction to settle any dispute in
     connection with any Finance Document.

(b)  Notwithstanding paragraph (a) above, any New York State court or Federal
     court sitting in the City and County of New York also has jurisdiction to
     settle any dispute in connection with any Finance Document and for the
     benefit of the Finance Parties, each Obligor submits to the jurisdiction of
     those courts.

(c)  The English and New York courts are the most appropriate and convenient
     courts to settle any such dispute in connection with any Finance Document.
     Each Obligor agrees not to argue to the contrary and waives objection to
     those courts on the grounds of inconvenient forum, objection to venue or
     otherwise in relation to proceedings in connection with any Finance
     Document.

(d)  This Clause is for the benefit of the Finance Parties only. To the extent
     allowed by law, a Finance Party may take:

     (i)  proceedings in any other court; and

     (ii) concurrent proceedings in any number of jurisdictions.

(e)  References in this Clause to a dispute in connection with a Finance
     Document includes any dispute as to the existence, validity or termination
     of that Finance Document.

44.2 SERVICE OF PROCESS

(a)  Each Obligor not incorporated in England and Wales irrevocably appoints
     Paul Hastings Administrative Services Limited as its agent under the
     Finance Documents for service of process in any proceedings before the
     English courts in connection with any Finance Document.

(b)  Each Obligor not incorporated in New York State irrevocably appoints
     Corporation Service Company as its agent for service of process in any
     proceedings before any New York State courts in connection with any Finance
     Document.

(c)  If any person appointed as process agent is unable under this Clause for
     any reason to so act, the Company (on behalf of all the Obligors) must
     immediately (and in any event within three days of the event taking place)
     appoint another agent on terms acceptable to the Facility Agent. Failing
     this, the Facility Agent may appoint another process agent for this
     purpose.

(d)  Each Obligor agrees that failure by a process agent to notify it of any
     process will not invalidate the relevant proceedings.

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(e)  This Clause does not affect any other method of service allowed by law.

44.3 WAIVER OF IMMUNITY

     Each Obligor irrevocably and unconditionally:

     (a)  agrees not to claim any immunity from proceedings brought by a Finance
          Party against it in relation to a Finance Document and to ensure that
          no such claim is made on its behalf;

     (b)  consents generally to the giving of any relief or the issue of any
          process in connection with those proceedings; and

     (c)  waives all rights of immunity in respect of it or its assets.

44.4 WAIVER OF TRIAL BY JURY

     EACH PARTY WAIVES ANY RIGHT IT MAY HAVE TO A JURY TRIAL OF ANY CLAIM OR
     CAUSE OF ACTION IN CONNECTION WITH ANY FINANCE DOCUMENT OR ANY TRANSACTION
     CONTEMPLATED BY ANY FINANCE DOCUMENT. THIS AGREEMENT MAY BE FILED AS A
     WRITTEN CONSENT TO TRIAL BY COURT.

45. FORMALITIES

45.1 ESCRITURA PUBLICA

(a)  Each Spanish Obligor agrees that, at its cost, this Agreement, and any
     amendment to it, may, at the request of the Coordinating Facility Agent, be
     formalised in a Spanish notarial document (escritura publica).

(b)  Each Spanish Obligor acknowledges that the escritura publica will expressly
     state that a Finance Party is entitled to claim all amounts outstanding
     under the Finance Documents following any non-payment of principal by any
     Spanish Obligor. This does not prejudice the exercise of any other right or
     remedy of any Finance Party.

45.2 EXECUTIVE PROCEEDINGS

(a)  For the purpose of Article 571 et seq. of the Civil Procedural Law (Law
     1/2000 of 7 January) (Ley de Enjuiciamiento Civil):

     (i)  the amount due and payable under the Finance Documents that may be
          claimed in any executive proceedings will be contained in a
          certificate supplied by a Facility Agent or a Lender and will be based
          on the accounts maintained by that Facility Agent or that Lender in
          connection with this Agreement; and

     (ii) each Finance Party may (at the cost of the relevant Spanish Obligor)
          have the certificate notarised.

(b)  A Finance Party may start executive proceedings by presenting to the
     relevant court:

     (i)  an original notarial copy of this Agreement; and

     (ii) a notarial document (acta notarial) incorporating the certificate of
          that Finance Party referred to in subparagraph (a)(i) above.

                                      137

<PAGE>

     However, each Finance Party must notify the relevant Spanish Obligor of the
     details of the certificate at least 10 days before the start of the
     executive proceedings.

45.3 OREGON LAW

     Under Oregon law, most agreements, promises and commitments made by the
     Lenders concerning loans and other credit extensions which are not for
     personal, family or household purposes or secured solely by the borrower's
     residence must be in writing, express consideration and be signed by the
     Lenders to be enforceable.

46. USA PATRIOT ACT

     Each Global Lender notifies each Borrower that, pursuant to the
     requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed
     into law October 26, 2001)) (the PATRIOT ACT), it is required to obtain,
     verify and record information that identifies such Borrower, which
     information includes the name and address of such Borrower and other
     information that will allow such Global Lender to identify such Borrower in
     accordance with the Patriot Act. Each Borrower will promptly provide this
     information upon request of a Global Lender.

47. COMPLETE AGREEMENT

     The Finance Documents contain the complete agreement between the Parties on
     the matters to which they are related and supersede all prior commitments,
     agreements and understandings, whether written or oral, on those matters.

THIS AGREEMENT has been entered into on the date stated at the beginning of this
Agreement.

                                      138
<PAGE>

                                   SIGNATORIES

COMPANY

UTI WORLDWIDE INC.

By: /s/ Gerhard Bosua
    ---------------------------------

ORIGINAL GLOBAL BORROWERS

UTI WORLDWIDE INC.

By: /s/ Gerhard Bosua
    ---------------------------------

UTI, UNITED STATES, INC

By: /s/ Gerhard Bosua
    ---------------------------------

UTI ASIA PACIFIC LIMITED

By: /s/ Gerhard Bosua
    ---------------------------------

UTI (NETHERLANDS) HOLDINGS B.V.

By: /s/ Gerhard Bosua
    ---------------------------------

ORIGINAL SOUTH AFRICAN BORROWERS

UTI SOUTH AFRICA (PTY) LIMITED

By: /s/ Gerhard Bosua
    ---------------------------------

ORIGINAL GLOBAL GUARANTORS

UTI (AUST) PTY LIMITED

By: /s/ Gerhard Bosua
    ---------------------------------

<PAGE>

UTI WORLDWIDE INC.

By: /s/ Gerhard Bosua
    ---------------------------------

UTI AFRICA SERVICES LIMITED

By: /s/ Gerhard Bosua
    ---------------------------------

UNIGISTIX INC.

By: /s/ Gerhard Bosua
    ---------------------------------

UTI, CANADA, INC.

By: /s/ Gerhard Bosua
    ---------------------------------

UTI FRANCE S.A.R.L.

By: /s/ Gerhard Bosua
    ---------------------------------

UTI DEUTSCHLAND GMBH

By: /s/ Gerhard Bosua
    ---------------------------------

UTI (HK) LIMITED

By: /s/ Gerhard Bosua
    ---------------------------------

UTI NEDERLAND B.V.

By: /s/ Gerhard Bosua
    ---------------------------------

UNION DE SERVICIOS LOGISTICOS
INTEGRADOS, S.A.

By: /s/ Gerhard Bosua
    ---------------------------------

<PAGE>

SERVICIOS LOGISTICOS INTEGRADOS,
SLI, S.A.

By: /s/ Gerhard Bosua
    ---------------------------------

UTI (TAIWAN) LIMITED

By: /s/ Gerhard Bosua
    ---------------------------------

UTI WORLDWIDE (UK) LIMITED

By: /s/ Gerhard Bosua
    ---------------------------------

UTI, UNITED STATES, INC.

By: /s/ Gerhard Bosua
    ---------------------------------

UTI, INTEGRATED LOGISTICS, INC.

By: /s/ Gerhard Bosua
    ---------------------------------

MARKET INDUSTRIES, LTD.

By: /s/ Gerhard Bosua
    ---------------------------------

AFRICAN INVESTMENTS B.V.

By: /s/ Gerhard Bosua
    ---------------------------------

UTI ASIA PACIFIC LIMITED

By: /s/ Gerhard Bosua
    ---------------------------------

GODDARD COMPANY LIMITED

By: /s/ Gerhard Bosua
    ---------------------------------

<PAGE>

UTI INTERNATIONAL INC.

By: /s/ Gerhard Bosua
    ---------------------------------

UTI NA HOLDINGS N.V.

By: /s/ Gerhard Bosua
    ---------------------------------

UTI (NETHERLANDS) HOLDINGS B.V.

By: /s/ Gerhard Bosua
    ---------------------------------

PYRAMID FREIGHT (PROPRIETARY) LIMITED

By: /s/ Gerhard Bosua
    ---------------------------------

COMMERCE CUSTOMS BROKERS &
FREIGHT FORWARDERS LIMITED

By: /s/ Gerhard Bosua
    ---------------------------------

W.J. BONDY CUSTOMS BROKERS LIMITED

By: /s/ Gerhard Bosua
    ---------------------------------

AMBASSADOR BROKERAGE LIMITED

By: /s/ Gerhard Bosua
    ---------------------------------

UTI SERVICES INC.

By: /s/ Gerhard Bosua
    ---------------------------------

UTI (U.S.) HOLDINGS, INC.

By: /s/ Gerhard Bosua
    ---------------------------------

<PAGE>

UTI BROKERAGE, INC.

By: /s/ Gerhard Bosua
    ---------------------------------

UTI LOGISTICS, INC.

By: /s/ Gerhard Bosua
    ---------------------------------

VANGUARD CARGO SYSTEMS, INC.

By: /s/ Gerhard Bosua
    ---------------------------------

MARKET TRANSPORT, LTD.

By: /s/ Gerhard Bosua
    ---------------------------------

TRIPLE EXPRESS, INC.

By: /s/ Gerhard Bosua
    ---------------------------------

INTRANSIT, INC.

By: /s/ Gerhard Bosua
    ---------------------------------

MARKET LOGISTICS SERVICES, LTD.

By: /s/ Gerhard Bosua
    ---------------------------------

MARKET LOGISTICS BROKERAGE, LTD.

By: /s/ Gerhard Bosua
    ---------------------------------

SAMMONS TRANSPORTATION, INC.

By: /s/ Gerhard Bosua
    ---------------------------------

<PAGE>

LAKE STATES TRUCKING, INC.

By: /s/ Gerhard Bosua
    ---------------------------------

UNITED EXPRESS, LTD.

By: /s/ Gerhard Bosua
    ---------------------------------

UTI (U.S) LOGISTICS HOLDINGS INC.

By: /s/ Gerhard Bosua
    ---------------------------------

ORIGINAL SOUTH AFRICAN GUARANTORS

PYRAMID FREIGHT (PTY) LIMITED,
SOUTH AFRICA BRANCH

By: /s/ Gerhard Bosua
    ---------------------------------

UTI, SOUTH AFRICA (PTY) LIMITED

By: /s/ Gerhard Bosua
    ---------------------------------

MANDATED LEAD ARRANGERS

ABN AMRO BANK N.V.

By: /s/ R.G.A. Beerbaum
    ---------------------------------
    R.G.A. Beerbaum

LASALLE BANK NATIONAL ASSOCIATION

By: /s/ Lora Backofen
    ---------------------------------
    Lora Backofen
    Senior Vice President

GLOBAL LENDERS

BANCO DE SABADELL,
S.A. (LONDON BRANCH)

By: /s/ Signature Illegible
    ---------------------------------

BANK OF AMERICA, N.A.

By: /s/ Scott K. Mitchell
    ---------------------------------
    Scott K. Mitchell
    Senior Vice President

<PAGE>

BARCLAYS BANK PLC

By: /s/ Nicholas A. Bell
    ---------------------------------
    Nicholas A. Bell
    Director

DRESDNER BANK A.G. IN DUSSELDORF

By: /s/ R.G.A. Beerbaum
    ---------------------------------
    R.G.A. Beerbaum

HSBC BANK USA, NATIONAL ASSOCIATION

By: /s/ James C. Colman
    ---------------------------------
    James C. Colman
    Assistant Vice President

LASALLE BANK NATIONAL ASSOCIATION

By: /s/ Lora Backofen
    ---------------------------------
    Lora Backofen
    Senior Vice President

NEDBANK LIMITED (LONDON BRANCH)

12th July 2006.

By: /s/ H.J. Rolstone and S. Chislett
    ---------------------------------
    H.J. Rolstone and S. Chislett

ROYAL BANK OF CANADA

By: /s/ Dustin Craven
    ---------------------------------
    Dustin Craven

THE BANK OF NEW YORK

By: /s/ William Ewing
    ---------------------------------
    William Ewing

SWINGLINE LENDER

LASALLE BANK NATIONAL ASSOCIATION

By: /s/ Lora Backofen
    ---------------------------------
    Lora Backofen
    Senior Vice President

<PAGE>

SOUTH AFRICAN LENDERS

ABN AMRO BANK N.V.,
JOHANNESBURG BRANCH

By: /s/ R.G.A. Beerbaum
    ---------------------------------
    R.G.A. Beerbaum

NEDBANK LIMITED (CORPORATE DIVISION)

By: /s/ N. Stemmett                     By: /s/ F. Brand
    ---------------------------------       ------------------------------------
    N. Stemmett                             F. Brand

RAND MERCHANT BANK,
A DIVISION OF FIRSTRAND BANK LIMITED

By: /s/ Niel Frederik van Zyl           By: /s/ Judy Tannebb
    ---------------------------------       ------------------------------------
    Niel Frederik van Zyl                   Judy Tannebb

GLOBAL ISSUING BANK

ABN AMRO BANK N.V., LONDON BRANCH

By: /s/ R.G.A. Beerbaum
    ---------------------------------
    R.G.A. Beerbaum

SOUTH AFRICAN ISSUING BANK

NEDBANK CORPORATE,
a division of NEDBANK LIMITED

By: /s/ N. Stemmett                     By: /s/ F. Brand
    ---------------------------------       ------------------------------------
    N. Stemmett                             F. Brand

SWINGLINE AGENT

LASALLE BANK NATIONAL ASSOCIATION

By: /s/ Lora Backofen
    ---------------------------------
    Lora Backofen
    Senior Vice President

COORDINATING FACILITY AGENT

ABN AMRO BANK N.V.

By: /s/ Yolanda Meza                    By: /s/ Allen R. Broyles
    ---------------------------------       ------------------------------------
    Yolanda Meza                            Allen R. Broyles
    Vice President                          Director

<PAGE>

GLOBAL FACILITY AGENT

ABN AMRO BANK N.V.

By: /s/ Yolanda Meza                    By: /s/ Allen R. Broyles
    ---------------------------------       ------------------------------------
    Yolanda Meza                            Allen R. Broyles
    Vice President                          Director

SOUTH AFRICAN FACILITY AGENT

NEDBANK CAPITAL, a division of NEDBANK LIMITED

By: /s/ Clive Stewart                   By: /s/ M. R. Weston
    ---------------------------------       ------------------------------------
    Clive Stewart                           M. R. Weston

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