Document:

Exhibit 10.3

EXHIBIT 10.3

 

UTi WORLDWIDE INC.

U.S.$36,000,000 LETTER OF CREDIT FACILITIES

 

LETTER OF CREDIT AGREEMENT

 

Dated as of July 9, 2009

 

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	SECTION HEADING	 	PAGE	 
	 
	 	 	 	 
	SECTION 1 LETTERS OF CREDIT
	 	 	1	 
	 
	 	 	 	 
	Section 1.1 Issuance of Letters of Credit
	 	 	1	 
	Section 1.2 Conditions to Each Issuance after Closing
	 	 	2	 
	Section 1.3 Letters of Credit in Optional Currency
	 	 	2	 
	 
	 	 	 	 
	SECTION 2 [RESERVED]
	 	 	3	 
	 
	 	 	 	 
	SECTION 3 PROVISIONS APPLICABLE TO ALL LETTERS OF CREDIT
	 	 	3	 
	 
	 	 	 	 
	Section 3.1 Responsibility of Issuing Bank
	 	 	3	 
	Section 3.2 Reimbursement by the Company of Amounts Drawn or Paid Under Letters of
Credit
	 	 	4	 
	Section 3.3 Obligations Absolute
	 	 	5	 
	Section 3.4 Interest and Fees
	 	 	5	 
	Section 3.5 Credit Support
	 	 	6	 
	Section 3.6 Maturity
	 	 	8	 
	Section 3.7 Evidence of Debt
	 	 	8	 
	Section 3.8 Irish Insurance Acts
	 	 	8	 
	Section 3.9 Requirement to Provide Credit Support Upon a Change of Control
	 	 	8	 
	Section 3.10 Applicability of ISP
	 	 	8	 
	 
	 	 	 	 
	SECTION 4 CONDITIONS TO CLOSING
	 	 	8	 
	 
	 	 	 	 
	Section 4.1 Representations and Warranties
	 	 	8	 
	Section 4.2 Performance; No Default
	 	 	8	 
	Section 4.3 Compliance Certificates
	 	 	9	 
	Section 4.4 Opinions of Counsel
	 	 	9	 
	Section 4.5 Issuance Permitted By Applicable Law, Etc.
	 	 	9	 
	Section 4.6 [Intentionally Omitted]
	 	 	10	 
	Section 4.7 Payment of Fees
	 	 	10	 
	Section 4.8 [Intentionally Omitted]
	 	 	10	 
	Section 4.9 Changes in Corporate Structure
	 	 	10	 
	Section 4.10 Acceptance of Appointment to Receive Service of Process
	 	 	10	 
	Section 4.11 [Intentionally Omitted]
	 	 	10	 
	Section 4.12 Proceedings and Documents
	 	 	10	 
	Section 4.13 Subsidiary Guarantee Agreement
	 	 	10	 
	Section 4.14 Existing Credit Agreement
	 	 	10	 
	Section 4.15 No Material Adverse Effect
	 	 	11	 
	Section 4.16 Leverage Ratio
	 	 	11	 
	Section 4.17 Solvency Certificate
	 	 	11	 

 

i

 

	 	 	 	 	 
	SECTION HEADING	 	PAGE	 
	 
	 	 	 	 
	SECTION 5 REPRESENTATIONS AND WARRANTIES OF THE OBLIGORS
	 	 	11	 
	 
	 	 	 	 
	Section 5.1 Organization; Power and Authority
	 	 	11	 
	Section 5.2 Authorization, Etc.
	 	 	11	 
	Section 5.3 Disclosure
	 	 	12	 
	Section 5.4 Organization and Ownership of Shares of Subsidiaries; Affiliates
	 	 	12	 
	Section 5.5 Financial Statements; Material Liabilities
	 	 	13	 
	Section 5.6 Compliance with Laws, Other Instruments, Etc.
	 	 	13	 
	Section 5.7 Governmental Authorizations, Etc.
	 	 	14	 
	Section 5.8 Litigation; Observance of Agreements, Statutes and Orders
	 	 	14	 
	Section 5.9 Taxes
	 	 	14	 
	Section 5.10 Title to Property; Leases
	 	 	15	 
	Section 5.11 Licenses, Permits, Etc.
	 	 	15	 
	Section 5.12 Compliance with ERISA; Non-U.S. Plans
	 	 	15	 
	Section 5.13 [Intentionally Omitted]
	 	 	16	 
	Section 5.14 Use of Proceeds; Margin Regulations
	 	 	16	 
	Section 5.15 Existing Indebtedness; Future Liens
	 	 	17	 
	Section 5.16 [Intentionally Omitted]
	 	 	18	 
	Section 5.17 [Intentionally Omitted]
	 	 	18	 
	Section 5.18 Environmental Matters
	 	 	18	 
	Section 5.19 Ranking of Obligations
	 	 	18	 
	Section 5.20 Obligor Group
	 	 	18	 
	Section 5.21 CASS Reserve
	 	 	19	 
	Section 5.22 Labor Matters
	 	 	19	 
	Section 5.23 Insolvency
	 	 	19	 
	Section 5.24 Taiwan Guarantor
	 	 	19	 
	Section 5.25 Lake States Trucking
	 	 	19	 
	 
	 	 	 	 
	SECTION 6 [INTENTIONALLY OMITTED]
	 	 	20	 
	 
	 	 	 	 
	SECTION 7 INFORMATION AS TO COMPANY
	 	 	20	 
	 
	 	 	 	 
	Section 7.1 Financial and Business Information
	 	 	20	 
	Section 7.2 Officer’s Certificate
	 	 	23	 
	Section 7.3 Visitation
	 	 	23	 
	Section 7.4 Limitation on Disclosure Obligation
	 	 	24	 
	 
	 	 	 	 
	SECTION 8 [INTENTIONALLY OMITTED]
	 	 	24	 

 

ii

 

	 	 	 	 	 
	SECTION HEADING	 	PAGE	 
	 
	 	 	 	 
	SECTION 9 AFFIRMATIVE COVENANTS
	 	 	24	 
	 
	 	 	 	 
	Section 9.1 Compliance with Law
	 	 	24	 
	Section 9.2 Insurance
	 	 	24	 
	Section 9.3 Maintenance of Properties
	 	 	25	 
	Section 9.4 Payment of Taxes and Claims
	 	 	25	 
	Section 9.5 Corporate Existence, Etc.
	 	 	25	 
	Section 9.6 Books and Records
	 	 	25	 
	Section 9.7 Priority of Obligations
	 	 	26	 
	Section 9.8 Minimum Interest Charge Coverage
	 	 	26	 
	Section 9.9 Dividend Capture from South Africa
	 	 	26	 
	Section 9.10 Additional Guarantors
	 	 	26	 
	Section 9.11 Release of Subsidiary Guarantors
	 	 	27	 
	Section 9.12 Guarantor Cover Ratio
	 	 	27	 
	Section 9.13 Group Structure
	 	 	29	 
	Section 9.14 CASS Agreement
	 	 	29	 
	Section 9.15 Further Assurances
	 	 	29	 
	Section 9.16 Additional Restrictions
	 	 	29	 
	Section 9.17 “Know Your Customer” checks
	 	 	31	 
	Section 9.18 Post-Closing Obligations
	 	 	31	 
	 
	 	 	 	 
	SECTION 10 NEGATIVE COVENANTS
	 	 	31	 
	 
	 	 	 	 
	Section 10.1 Transactions with Affiliates
	 	 	31	 
	Section 10.2 Consolidated Net Worth
	 	 	32	 
	Section 10.3 Consolidated Total Debt Coverage
	 	 	32	 
	Section 10.4 Priority Debt
	 	 	32	 
	Section 10.5 Liens
	 	 	32	 
	Section 10.6 Subsidiary Indebtedness
	 	 	34	 
	Section 10.7 Merger, Consolidation, Etc.
	 	 	35	 
	Section 10.8 Sale of Assets
	 	 	35	 
	Section 10.9 Line of Business
	 	 	37	 
	Section 10.10 Terrorism Sanctions Regulations
	 	 	37	 
	Section 10.11 Subsidiaries in South Africa
	 	 	37	 
	Section 10.12 Capital Leases
	 	 	37	 
	Section 10.13 Lake States Trucking
	 	 	37	 
	Section 10.14 [Reserved]
	 	 	37	 
	Section 10.15 Acquisitions
	 	 	37	 
	Section 10.16 No Further Negative Pledges
	 	 	38	 
	Section 10.17 Restricted Payments
	 	 	38	 
	Section 10.18 Amendments or Waivers of Organizational Documents
	 	 	38	 
	Section 10.19 Fiscal Year
	 	 	39	 
	Section 10.20 Fixed Charges Coverage Ratio
	 	 	39	 
	 
	 	 	 	 
	SECTION 11 EVENTS OF DEFAULT
	 	 	39	 

 

iii

 

	 	 	 	 	 
	SECTION HEADING	 	PAGE	 
	 
	 	 	 	 
	SECTION 12 REMEDIES ON DEFAULT, ETC.
	 	 	42	 
	 
	 	 	 	 
	Section 12.1 Acceleration
	 	 	42	 
	Section 12.2 Other Remedies
	 	 	42	 
	Section 12.3 [Intentionally Omitted]
	 	 	42	 
	Section 12.4 No Waivers or Election of Remedies, Expenses, Etc.
	 	 	42	 
	Section 12.5 Executive Proceedings
	 	 	42	 
	 
	 	 	 	 
	SECTION 13 TAX INDEMNIFICATION
	 	 	43	 
	 
	 	 	 	 
	SECTION 14 ASSIGNMENT
	 	 	47	 
	 
	 	 	 	 
	Section 14.1 [Intentionally Omitted]
	 	 	47	 
	Section 14.2 Assignment
	 	 	47	 
	Section 14.3 [Intentionally Omitted]
	 	 	47	 
	Section 14.4 [Intentionally Omitted]
	 	 	47	 
	 
	 	 	 	 
	SECTION 15 PAYMENTS GENERALLY
	 	 	47	 
	 
	 	 	 	 
	Section 15.1 Place of Payment
	 	 	47	 
	Section 15.2 [Intentionally Omitted]
	 	 	47	 
	Section 15.3 Set-off
	 	 	47	 
	 
	 	 	 	 
	SECTION 16 EXPENSES, ETC.
	 	 	47	 
	 
	 	 	 	 
	Section 16.1 Transaction Expenses
	 	 	47	 
	Section 16.2 Indemnification
	 	 	48	 
	Section 16.3 Certain Taxes
	 	 	48	 
	Section 16.4 Survival
	 	 	49	 
	 
	 	 	 	 
	SECTION 17 SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT
	 	 	49	 
	 
	 	 	 	 
	SECTION 18 AMENDMENT AND WAIVER
	 	 	49	 
	 
	 	 	 	 
	Section 18.1 Requirements
	 	 	49	 
	Section 18.2 Solicitation of Issuing Bank
	 	 	49	 
	Section 18.3 Binding Effect, Etc.
	 	 	49	 
	Section 18.4 [Intentionally Omitted]
	 	 	50	 
	 
	 	 	 	 
	SECTION 19 NOTICES; ENGLISH LANGUAGE
	 	 	50	 
	 
	 	 	 	 
	SECTION 20 REPRODUCTION OF DOCUMENTS
	 	 	50	 
	 
	 	 	 	 
	SECTION 21 CONFIDENTIAL INFORMATION
	 	 	51	 
	 
	 	 	 	 
	SECTION 22 [INTENTIONALLY OMITTED]
	 	 	52	 

 

iv

 

	 	 	 	 	 
	SECTION HEADING	 	PAGE	 
	 
	 	 	 	 
	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
	 	 	56	 
	Section 23.12 Character of Obligation
	 	 	57	 
	Section 23.13 Election to Perform Obligations
	 	 	58	 
	Section 23.14 No Election
	 	 	58	 
	Section 23.15 Subsidiary Guarantor Intent
	 	 	58	 
	Section 23.16 Other Enforcement Rights
	 	 	58	 
	Section 23.17 Restoration of Rights and Remedies
	 	 	59	 
	Section 23.18 Survival
	 	 	59	 
	Section 23.19 Miscellaneous
	 	 	59	 
	Section 23.20 Limitation
	 	 	59	 
	Section 23.21 Written Notice
	 	 	60	 
	Section 23.22 Unenforceability of Obligations
	 	 	60	 
	Section 23.23 Contribution
	 	 	60	 
	Section 23.24 Additional Security
	 	 	60	 
	Section 23.25 Limitations — UK
	 	 	60	 
	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
	 	 	62	 
	Section 23.30 U.S. Guarantors
	 	 	62	 
	Section 23.31 Limitation on Pyramid Freight
	 	 	64	 
	Section 23.32 Limitations — Belgium
	 	 	64	 
	Section 23.33 Irish Obligors
	 	 	64	 
	Section 23.34 Limitations — Singapore
	 	 	64	 
	 
	 	 	 	 
	SECTION 24 MISCELLANEOUS
	 	 	64	 
	 
	 	 	 	 
	Section 24.1 Successors and Assigns
	 	 	64	 
	Section 24.2 Payments Due on Non-Business Days
	 	 	64	 
	Section 24.3 Accounting Terms
	 	 	64	 
	Section 24.4 Severability
	 	 	65	 
	Section 24.5 Construction, Etc.
	 	 	65	 
	Section 24.6 Counterparts
	 	 	65	 
	Section 24.7 Third Party Rights
	 	 	65	 
	Section 24.8 Governing Law
	 	 	66	 
	Section 24.9 Jurisdiction and Process; Waiver of Jury Trial
	 	 	66	 
	Section 24.10 Obligation to Make Payment in Dollars
	 	 	67	 

 

v

 

	 	 	 	 	 
	SCHEDULE A*
	 	—	 	Information Relating to Issuing Bank
	 
	 	 	 	 
	SCHEDULE B
	 	—	 	Defined Terms
	 
	 	 	 	 
	EXHIBIT 1
	 	—	 	[Intentionally Omitted]
	 
	 	 	 	 
	EXHIBIT 1.1*
	 	—	 	Form of Letter of Credit
	 
	 	 	 	 
	EXHIBIT 1.2*
	 	—	 	Issuance Notice
	 
	 	 	 	 
	EXHIBIT 2
	 	—	 	[Intentionally Omitted]
	 
	 	 	 	 
	EXHIBIT 4.4(a)(i),
(ii), (iii), (iv), and
(v)*
	 	—	 	Form of Opinion of U.S. Special Counsel to the Obligors
	 
	 	 	 	 
	EXHIBIT 4.4(a)(vi),
and (vii)*
	 	—	 	Form of Opinion of British Virgin Islands Special Counsel
	 
	 	 	 	 
	EXHIBIT 4.4(a)(viii)*
	 	—	 	Form of Opinion of Australian Special Counsel
	 
	 	 	 	 
	EXHIBIT 4.4(a)(ix), and (x)*
	 	—	 	Form of Opinion of Canadian 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

 

vi

 

	 	 	 	 	 
	EXHIBIT 4.4(a)(xvii)*
	 	—	 	Form of Opinion of English Special Counsel
	 
	 	 	 	 
	EXHIBIT 4.4(a)(xviii)*
	 	—	 	Form of Opinion of Belgium Special Counsel
	 
	 	 	 	 
	EXHIBIT 4.4(a)(xix)*
	 	—	 	Form of Opinion of New Zealand Special Counsel
	 
	 	 	 	 
	EXHIBIT 4.4(a)(xx)*
	 	—	 	Form of Opinion of Ireland Special Counsel
	 
	 	 	 	 
	EXHIBIT 4.4(a)(xxi)*
	 	—	 	Form of Opinion of Singapore Special Counsel
	 
	 	 	 	 
	EXHIBIT 4.4(b)
	 	—	 	[Intentionally Omitted]
	 
	 	 	 	 
	EXHIBIT 9.10*
	 	—	 	Form of Joinder Agreement
	 
	 	 	 	 
	EXHIBIT 14.4
	 	—	 	[Intentionally Omitted]
	 
	 	 	 	 
	SCHEDULE 1.1*
	 	—	 	Existing Letters of Credit
	 
	 	 	 	 
	SCHEDULE 5.3*
	 	—	 	Disclosure Materials
	 
	 	 	 	 
	SCHEDULE 5.4*
	 	—	 	Subsidiaries of the Company and Ownership of Subsidiary Stock
	 
	 	 	 	 
	SCHEDULE 5.5*
	 	—	 	Financial Statements
	 
	 	 	 	 
	SCHEDULE 5.7*
	 	—	 	Governmental Authorizations
	 
	 	 	 	 
	SCHEDULE 5.9*
	 	—	 	Liability for Taxes
	 
	 	 	 	 
	SCHEDULE 5.15*
	 	—	 	Existing Indebtedness and Liens
	 
	 	 	 	 
	SCHEDULE 5.22*
	 	—	 	Collective Bargaining Agreements

 

* Schedule or Exhibit omitted

 

vii

 

UTi WORLDWIDE INC.

c/o UTi, Services, Inc.

100 OCEANGATE, SUITE 1500

LONG BEACH, CALIFORNIA 90802

U.S.$36,000,000 LETTER OF CREDIT FACILITIES

July 9, 2009

To the Issuing Bank:

Ladies and Gentlemen:

UTi Worldwide Inc., a BVI Business Company incorporated under the laws of the British Virgin
Islands with company number 141257 (the “Company”) and each of the Subsidiary Guarantors jointly
and severally agree with Nedbank, in its capacity as Issuing Bank, as follows:

SECTION 1 LETTERS OF CREDIT

Section 1.1 Issuance of Letters of Credit

The Letters of Credit issued by the Issuing Bank for the account of or on behalf of the
Company that are outstanding on the Closing Date (as set forth in Schedule 1.1 hereto) (the
“Existing Letters of Credit”) shall be deemed to be Letters of Credit issued hereunder on the
Closing Date. During the period from the Closing Date to but excluding the earlier of (i) the
Maturity Date and (ii) the date of termination pursuant to Section 12.1, subject to the terms and
conditions hereof, the Issuing Bank agrees to issue (i) on the Closing Date, a standby letter of
credit to ABN AMRO BANK N.V. in the face amount of $26,803,350.00 for the account of the Company in
the form attached hereto as Exhibit 1.1 (the “Closing Date Letter of Credit”) and (ii) after the
Closing Date, standby letters of credit for the account of the Company; provided, however, that the
aggregate amount of all such Letters of Credit (including the Existing Letters of Credit, the
Closing Date Letter of Credit and any Letters of Credit for which the Company has provided Credit
Support) shall not exceed the Maximum Draw Amount; provided, in the case of Letters of Credit
issued after the Closing Date, (i) each such Letter of Credit shall be denominated in Dollars or in
any Optional Currency; and (ii) in no event shall any Letter of Credit have an expiration date
later than the date which is two years from the date of issuance of such Letter of Credit unless
agreed to by the Issuing Bank. Subject to the foregoing, the Issuing Bank may agree that any
Letter of Credit issued by it may be automatically extended for one or more successive periods not
to exceed one year each, unless it elects not to extend for any such additional period.

Whenever the Company desires the issuance of a Letter of Credit after the Closing Date, it
shall deliver to the Issuing Bank an Issuance Notice no later than 12:00 p.m. (London time) at
least three (3) Business Days, or such shorter period as may be agreed to by the Issuing Bank in
any particular instance, in advance of the proposed date of issuance. Upon satisfaction or waiver
of the conditions set forth in Section 1.2, the Issuing Bank shall issue the requested Letter of
Credit only in accordance with the Issuing Bank’s standard operating procedures.

 

1

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Nedbank Letter of Credit Agreement

Section 1.2 Conditions to Each Issuance after Closing

The obligation of the Issuing Bank to issue any Letter of Credit on any Credit Date after the
Closing Date, is subject to the satisfaction, or waiver in accordance with Section 18, of the
following conditions precedent:

(i) the Issuing Bank shall have received a fully executed and delivered Issuance
Notice;

(ii) as of such Credit Date, (a) the representations and warranties contained herein
and in the other Financing Agreements shall be true and correct in all material respects on
and as of that Credit Date to the same extent as though made on and as of that date, except
to the extent such representations and warranties specifically relate to an earlier date, in
which case such representations and warranties shall have been true and correct in all
material respects on and as of such earlier date and (b) the Issuing Bank’s obligation to
issue Letters of Credit shall (x) 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 (y) not subject the Issuing Bank 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;

(iii) as of such Credit Date, no event shall have occurred and be continuing or would
result from the consummation of the applicable issuance of a Letter of Credit that would
constitute an Event of Default or a Default; and

(iv) on or before the date of issuance of any Letter of Credit, the Issuing Bank shall
have received all other information required by the applicable Issuance Notice and any
letter of credit applications or similar documentation requested by the Issuing Bank.

The Issuing Bank shall be entitled, but not obligated, to request and receive, prior to the
issuance of a Letter of Credit, additional information reasonably satisfactory to the requesting
party confirming the satisfaction of the conditions precedent set forth in clauses (ii) and (iii)
above, if, in the good faith judgment of the Issuing Bank such request is warranted under the
circumstances.

Section 1.3 Letters of Credit in Optional Currency

(a) The Company must select the currency of a Letter of Credit issued after the Closing Date
in its Issuance Notice.

(b) A Letter of Credit issued after the Closing Date may be denominated in Dollars or any
Optional Currency.

(c) Notwithstanding any other term of this Agreement, in the event 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) issuing a Letter of Credit in the proposed Optional Currency
might contravene any law or regulation applicable to it, the Issuing Bank will promptly notify the
Company to that effect and the parties hereto agree to enter into an amendment hereto
and/or to the applicable Letter of Credit, which is reasonably acceptable to both parties, to
resolve such situation.

 

2

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Nedbank Letter of Credit Agreement

(d) If a Letter of Credit is denominated in an Optional Currency, the Issuing Bank must at
monthly intervals after the date of this Agreement (on a Business Day chosen by the Issuing Bank in
its sole discretion) recalculate the U.S. 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
Issuing Bank’s Spot Exchange Rate on the date of calculation.

(e) The Company must, if requested by the Issuing Bank within 5 days of any calculation under
paragraph (d) above, ensure that sufficient Credit Support pursuant to Section 3.5 with respect to
the relevant Letter of Credit are made in order to prevent the U.S. Dollar Amount of all of the
Letters of Credit outstanding from exceeding the Maximum Draw Amount.

(f) Unless a Financing Agreement specifies that payments under it are to be made in a
different manner, the currency of each amount payable under the Financing Agreements is the
currency in which the relevant amount in respect of which it is payable is denominated.

SECTION 2 [RESERVED]

SECTION 3 PROVISIONS APPLICABLE TO ALL LETTERS OF CREDIT

Section 3.1 Responsibility of Issuing Bank

In determining whether to honor any drawing under any Letter of Credit by the beneficiary
thereof, the Issuing Bank shall be responsible only to examine the documents delivered under such
Letter of Credit with reasonable care so as to ascertain whether they appear on their face to be in
accordance with the terms and conditions of such Letter of Credit. As between the Company and the
Issuing Bank, the Company assumes all risks of the acts and omissions of, or misuse of the Letters
of Credit issued by the Issuing Bank, by the respective beneficiaries of such Letters of Credit.
In furtherance and not in limitation of the foregoing, the Issuing Bank shall not be responsible
for: (i) the form, validity, accuracy, genuineness or legal effect of any document submitted by
any party in connection with the application for and issuance of any such Letter of Credit, even if
it should in fact prove to be in any or all respects invalid, inaccurate, fraudulent or forged;
(ii) the validity of any instrument transferring or assigning or purporting to transfer or assign
any such Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in
part, which may prove to be invalid or ineffective for any reason; (iii) failure of the beneficiary
of any such Letter of Credit to comply fully with any conditions required in order to draw upon
such Letter of Credit; (iv) errors, omissions, interruptions or delays in transmission or delivery
of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher;
(v) errors in interpretation of technical terms; (vi) any loss or delay in the transmission or
otherwise of any document required in order to make a drawing under any such Letter of Credit or of
the proceeds thereof; (vii) the misapplication by the beneficiary of any such Letter of Credit of
the proceeds of any drawing under such Letter of Credit; or (viii) any consequences arising from
causes beyond the control of the Issuing Bank, including any act or omission, whether rightful or
wrongful, of any present or future de jure or de facto government or Governmental Authority; none of the above shall
affect or impair, or prevent the vesting of, any of the Issuing Bank’s rights or powers hereunder.
Without limiting the foregoing and in furtherance thereof, any action taken or omitted by the
Issuing Bank under or in connection with the Letters of Credit or any documents and certificates
delivered thereunder, if taken or omitted in good faith, shall not give rise to any liability on
the part of the Issuing Bank to the Company. Notwithstanding anything to the contrary contained in
this Section 3.1, the Company shall retain any and all rights it may have against the Issuing Bank
for any liability arising solely out of the bad faith, gross negligence or willful misconduct of
the Issuing Bank.

 

3

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Nedbank Letter of Credit Agreement

Section 3.2 Reimbursement by the Company of Amounts Drawn or Paid Under Letters of
Credit

In the event the Issuing Bank has determined to honor a drawing under a Letter of Credit, it
shall immediately notify the Company, and the Company shall reimburse the Issuing Bank on or before
(i) the Business Day immediately following the date on which such drawing is honored (the
“Reimbursement Date”) in the event the Issuing Bank delivers such notice to the Company on or
before 12:00 p.m. (London time) on the Business Day immediately before the Reimbursement Date or
(ii) the second Business Day immediately following the Reimbursement Date in the event the Issuing
Bank delivers such notice to the Company after 12:00 p.m. (London time) on the Business Day
immediately before the Reimbursement Date, in each case in an amount in the currency of the drawing
under such Letter of Credit and in same day funds equal to the amount of such honored drawing.
Notices to the Company made pursuant to this Section 3.2 shall be made to:

UTi Worldwide

P.O. Box 228

Picquerel House

L’Islet

St. Sampson

Guernsey CYI 3NY

Channel Islands

Attention: Global Financial Treasury Manager or such other address as provided by the
Company in writing to the Issuing Bank from time to time.

Fax: 44 1481 245 100

With a copy to:

Craig Braun

Fax: 1-562-552-9496

Lawrence Samuels

Fax: 1-562-552-9489

 

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	UTi Worldwide Inc.
	 	Nedbank Letter of Credit Agreement

Section 3.3 Obligations Absolute

The obligation of the Company to reimburse the Issuing Bank for drawings honored under the
Letters of Credit issued by it and the obligations of the Issuing Bank hereunder shall be
unconditional and irrevocable and shall be paid strictly in accordance with the terms hereof under
all circumstances including any of the following circumstances: (i) any lack of validity or
enforceability of any Letter of Credit; (ii) the existence of any claim, set-off, defense or
other right which the Company or the Issuing Bank may have at any time against a beneficiary or any
transferee of any Letter of Credit (or any Persons for whom any such transferee may be acting), the
Issuing Bank or any other Person or, in the case of the Issuing Bank, against the Company, whether
in connection herewith, the transactions contemplated herein or any unrelated transaction
(including any underlying transaction between the Company or any of its Subsidiaries and the
beneficiary for which any Letter of Credit was procured); (iii) any draft or other document
presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in
any respect or any statement therein being untrue or inaccurate in any respect; (iv) payment by the
Issuing Bank under any Letter of Credit against presentation of a draft or other document which
does not substantially comply with the terms of such Letter of Credit; (v) any adverse change in
the business, operations, properties, assets, condition (financial or otherwise) or prospects of
the Company or any of its Subsidiaries; (vi) any breach hereof or any other Financing Agreements by
any party thereto; (vii) any other circumstance or happening whatsoever, whether or not similar to
any of the foregoing; or (viii) the fact that an Event of Default or a Default shall have occurred
and be continuing; provided, in each case, that payment by the Issuing Bank under the applicable
Letter of Credit shall not have constituted bad faith, gross negligence or willful misconduct of
the Issuing Bank under the circumstances in question.

Section 3.4 Interest and Fees

(a) The Company agrees to pay to the Issuing Bank, with respect to drawings honored under any
Letter of Credit issued by the Issuing Bank, interest on the amount paid by the Issuing Bank in
respect of each such honored drawing from the date such drawing is honored to but excluding the
Reimbursement Date at a rate equal to the sum of (i) the rate calculated by the Issuing Bank, with
notice thereof provided by the Issuing Bank to the Company, that reflects the Issuing Bank’s cost
of funds in respect of such honored drawing plus (ii) 2.0% per annum. Interest payable pursuant to
this Section 3.4(a) shall be computed on the basis of a 360-day year for the actual number of days
elapsed in the period during which it accrues, and shall be payable on demand.

(b) The Company agrees to pay to the Issuing Bank:

(i) commitment fees equal to (1) the average of the daily difference between (A)
Maximum Draw Amount with respect to Letters of Credit, and (B) the LC Usage, times (2) 0.80%
per annum during the period from the Closing Date to but excluding the earliest of (i) the
Maturity Date, (ii) the date of termination of the Issuing Bank’s commitments pursuant to
Section 12.1 and (iii) the date that the LC Commitment is no longer in effect, all
Obligations have been paid in full and Letters of Credit have been cancelled or have expired
or the Company has provided Credit Support with respect thereto;

(ii) with respect to each outstanding Letter of Credit, letter of credit fees equal to
(1) 1.60% per annum, times (2) the daily maximum amount available to be drawn under such
outstanding Letter of Credit (regardless of whether any conditions for drawing could then be
met and determined as of the close of business on any date of determination);

 

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	 	Nedbank Letter of Credit Agreement

(iii) such documentary, processing, correspondent and other usual and customary fees
and charges for any issuance, amendment, transfer or payment of a Letter of Credit as are in
accordance with the Issuing Bank’s standard schedule for such charges and as in effect at
the time of such issuance, amendment, transfer or payment, as the case may be; and

(iv) with respect to each Letter of Credit issued, fronting fees on the face amount of
each Letter of Credit equal to 0.115% per annum calculated from the period from the date of
issuance of such Letter of Credit until its termination date based on a 360-day year, and
payable on the issuance date of such Letter of Credit (and any extension thereof, if
applicable).

The fees referred to referred to in Section 3.4(b)(i) shall be calculated on the basis of a
360-day year and the actual number of days elapsed and shall be payable (i) quarterly in arrears,
commencing September 30, 2009 and (ii) on the Maturity Date and any date on which the Letters of
Credit have been cancelled or the Company has provided Credit Support with respect thereto. The
fees referred to in Section 3.4(b)(ii) shall be calculated on the basis of a 360-day year and the
actual number of days elapsed and shall be payable in advance commencing from Closing and occurring
each anniversary thereafter. Notwithstanding the foregoing, with respect to any fees payable in
advance, upon the cancellation, reduction or termination of any Letter of Credit, such fee shall be
pro rata refunded to the Company.

(c) Upon the occurrence and during the continuation of any Event of Default, (a) the per annum
rate used to calculate (i) the interest rate payable pursuant to Section 3.4(a), (ii) the
commitment fees and letter of credit fees payable pursuant to Section 3.4(b) and (iii) the letter
of credit fees payable pursuant to Section 3.4(c) shall be automatically increased by 300 basis
points, and (b) any overdue fees, interest or other amounts owed hereunder shall thereafter bear
interest (including post-petition interest in any proceeding under any bankruptcy or insolvency
laws) payable on demand at a rate that is 300 basis points per annum in excess of the interest rate
that was payable pursuant to Section 3.4(a) prior to the occurrence of such Event of Default.
Payment or acceptance of the increased rates provided for in this Section 3.4(c) is not a permitted
alternative to timely payment and shall not constitute a waiver of any Event of Default or
otherwise prejudice or limit any rights or remedies of the Issuing Bank.

(d) If the Borrower provides Credit Support with respect to any part of a Letter of Credit
then the letter of credit fee pursuant to Section 3.4(b)(ii), the documentary, processing,
correspondent and other usual customary fees pursuant to Section 3.4(iii), the fronting fee
pursuant to Section 3.4(b)(iv), and the fees pursuant to Section 3.4(c) (if applicable) shall
continue to be payable until the expiry of the Letter of Credit.

Section 3.5 Credit Support

(a) A Letter of Credit is repaid or prepaid to the extent that:

(i) the Company provides cash collateral or a backstop letter of credit with respect to
that Letter of Credit in accordance with Section 3.5(b);

 

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	 	Nedbank Letter of Credit Agreement

(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 Issuing Bank and the
Issuing Bank is satisfied that it has no further liability under that Letter of Credit; or

(iv) the 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 collateral or a backstop letter of credit, reduction or
cancellation.

(b) “Credit Support” means the Company has provided to the Issuing Bank (or one of its
Affiliates) with respect to a Letter of Credit:

(i) payment of an amount sufficient to provide the Issuing Bank with coverage with
respect to at least 105% of the aggregate amount available for drawings under such
outstanding Letter of Credit in the currency of such Letter of Credit to an interest-bearing
account or time deposit with the Issuing Bank (or one of its Affiliates) and the following
conditions are met:

(A) until no amount is or may be outstanding under that Letter of Credit,
withdrawals from such account or time deposit may only be made to pay the Issuing
Bank for which the cash collateral is provided under this clause;

(B) the Company has executed and delivered a security document with respect to
such account or time deposit, in form and substance satisfactory to the Issuing Bank
for which the cash collateral is provided, creating a first ranking security
interest over such account or time deposit (it being acknowledged that such cash
collateral shall also secure obligations with respect to the LC Agreement and the
notes issued under the Existing Financing Agreements and the Notes on a pari passu
basis); and

(C) such other conditions as are reasonably satisfactory to the Issuing Bank;
or

(ii) receipt of a backstop letter of credit in a face amount sufficient to provide the
Issuing Bank with coverage with respect to at least 105% of the aggregate amount available
for drawings under such outstanding Letter of Credit in the currency of such Letter of
Credit and such backstop letter of credit is on terms and conditions and from a financial
institution acceptable to the Issuing Bank in its sole discretion.

(c) The outstanding amount of a Letter of Credit at any time is the maximum amount (actual or
contingent) that is or may be payable by the Company in respect of that Letter of Credit at that
time.

 

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	 	Nedbank Letter of Credit Agreement

Section 3.6 Maturity

On or prior to the Business Day prior to the Maturity Date, the Company shall provide Credit
Support in accordance with Section 3.5(b) with respect to the aggregate amount available for
drawing under each Letter of Credit that is anticipated to remain outstanding after the Maturity
Date.

Section 3.7 Evidence of Debt

The Issuing Bank shall maintain on its internal records an account or accounts evidencing the
Indebtedness of the Company to the Issuing Bank, including the amounts of the Letters of Credit and
other Obligations and each repayment and prepayment in respect thereof. Any such recordation shall
be conclusive and binding on the Company, absent manifest error; provided, failure to make any such
recordation, or any error in such recordation, shall not affect the Company’s Obligations.

Section 3.8 Irish Insurance Acts

For the avoidance of doubt, the Issuing Bank shall not issue any Letter of Credit either (i)
at the request of or for the account of any Person incorporated in Ireland or (ii) to any Person
resident in Ireland, in each case where the Issuing Bank is not duly authorized to carry on the
business of issuing contracts of suretyship in Ireland (or otherwise exempted under the laws of
Ireland from the requirement to have any such authorization) or where the issuance of any such
Letter of Credit by the Issuing Bank would otherwise contravene any law of Ireland.

Section 3.9 Requirement to Provide Credit Support Upon a Change of Control

Following the occurrence of a Change of Control and within 5 Business Days of the request of
the Issuing Bank, the Company shall ensure that sufficient Credit Support is provided to the
Issuing Bank pursuant to Section 3.5 with respect to all outstanding Letters of Credit.

Section 3.10 Applicability of ISP

Unless otherwise expressly agreed by the Issuing Bank and the Company the rules of the ISP
shall apply to each standby Letter of Credit.

SECTION 4 CONDITIONS TO CLOSING

The Issuing Bank’s obligation to issue Letters of Credit hereunder at the Closing is subject
to the fulfillment to Issuing Bank’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 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 issuance of the Letters of Credit, no Default or Event of Default shall
have occurred and be continuing.

 

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	 	Nedbank Letter of Credit Agreement

Section 4.3 Compliance Certificates

(a) Officer’s Certificate Each Obligor shall have delivered to the Issuing Bank an Officer’s
Certificate (or a certificate from a 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 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 the Issuing
Bank 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 The Issuing Bank shall have received opinions in form and
substance reasonably satisfactory to the Issuing Bank, dated the date of the Closing 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)
Snell & Wilmer, Arizona counsel for the Obligors, (v) Poore, Roth & Robinson, P.C., Montana counsel
for the Obligors, (vi) Harney Westwood & Riegels, British Virgin Islands counsel for the Obligors,
(vii) Walkers, British Virgin Islands counsel for the Issuing Bank, (viii) Piper Alderman,
Australian counsel for the Obligors, (ix) WeirFoulds, Ontario, Canadian counsel for the Obligors,
(x) Cox & Palmer, New Brunswick, Canadian counsel for the Obligors, (xi) Latham & Watkins LLP,
German counsel for the Issuing Bank, (xii) Latham & Watkins LLP, Hong Kong counsel for the Issuing
Bank, (xiii) Boekel De Nerée, Dutch counsel for the Obligors, (xiv) Spigthoff, Netherlands Antilles
counsel for the Obligors, (xv) Garrido-Lestache Burdiel Abogados, Spanish counsel for the Obligors,
(xvi) Baker & McKenzie, Taiwan counsel for the Obligors, (xvii) Latham & Watkins LLP, English
counsel for the Issuing Bank, (xviii) Gerard & Associes, Belgium counsel for the Obligors, (xix)
Bell Gully, New Zealand counsel for the Obligors, (xx) McCann Fitzgerald Solicitors, Ireland
counsel for the Obligors, and (xxi) Baker and McKenzie, Wong & Leow, Singapore counsel for the
Obligors, substantially in the respective forms set forth in Exhibits 4.4(a)(i) through 4.4(a)(xxi)
and covering such other matters incident to the transactions contemplated hereby as the Issuing
Bank or its counsel may reasonably request (and the Obligors hereby instruct their counsel to
deliver such opinions to the Issuing Bank).

Section 4.5 Issuance Permitted By Applicable Law, Etc.

On the date of the Closing, the Issuing Bank’s obligation to issue Letters of Credit shall (a)
not violate any applicable law or regulation in any applicable jurisdiction (b) not subject the
Issuing Bank 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 and (c) not be contrary to
any sanction or resolution set forth by the United Nations or similar entity that prevents the
Issuing Bank from conducting business in any applicable jurisdiction. If requested by the Issuing
Bank, the Issuing Bank shall have received an Officer’s Certificate certifying as to such matters
of fact as the Issuing Bank may reasonably specify to enable the Issuing Bank to determine whether
such issuance is so permitted.

 

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	 	Nedbank Letter of Credit Agreement

Section 4.6 [Intentionally Omitted]

Section 4.7 Payment of Fees Without limiting the provisions of Section 16.1, the Company
shall have paid on or before the Closing (i) the fees, charges and disbursements of the Issuing
Bank’s 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, (ii) a
non-refundable arrangement fee of $540,000 and (iii) the fees payable in advance pursuant to
Section 3.4(b)(ii), (iii) and (iv) for the period from the Closing Date to and including the first
anniversary of the Closing Date.

Section 4.8 [Intentionally Omitted]

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. The debt
and equity structure of the Group (and the terms thereof) shall not be materially different than
the structure disclosed to the Issuing Bank on or prior to the date of the Summary of Terms.

Section 4.10 Acceptance of Appointment to Receive Service of Process The Issuing Bank shall
have received evidence of the acceptance by UTi Worldwide (UK) Limited of the appointment and
designation provided for by Section 24.9(b) for the period from the date of the Closing to July 9,
2011 (and the payment in full of all fees in respect thereof).

Section 4.11 [Intentionally Omitted]

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 the Issuing Bank and its special
counsel, and the Issuing Bank and its special counsel in their reasonable discretion shall have
received all such counterpart originals
or certified or other copies of such documents as the Issuing Bank or such special counsel may
reasonably request.

Section 4.13 Subsidiary Guarantee Agreement Each Subsidiary Guarantor shall have executed
and delivered (and the Issuing Bank 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 Existing Credit Agreement The Company shall have (i) repaid in full the Existing
Credit Agreement, (ii) terminated any commitments to lend or make other extensions of credit
thereunder, (iii) delivered to the Issuing Bank all documents or instruments necessary to release
all guarantees with respect to such Existing Credit Agreement and (iv) made arrangements
satisfactory to the Issuing Bank with respect to the cash collateralization, termination,
cancellation or replacement of, or other arrangement for, any letters of credit outstanding
thereunder or the issuance of Letters of Credit to support the obligations of the Company with
respect thereto.

 

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	 	Nedbank Letter of Credit Agreement

Section 4.15 No Material Adverse Effect Since the date of the Summary of Terms, no event,
circumstance or change has occurred that has caused or evidences, either in any case or in the
aggregate, a Material Adverse Effect.

Section 4.16 Leverage Ratio The Company shall have delivered to the Issuing Bank a chief
financial officer certificate certifying that the pro forma Leverage Ratio (which shall be
calculated reflecting the transactions contemplated hereby on a pro-forma basis and shall be
acceptable to the Issuing Bank) was not greater than 2.50:1.00 for the twelve-month period ended as
of April 30, 2009.

Section 4.17 Solvency Certificate The Issuing Bank shall have received a solvency certificate
from the chief financial officer of the Company in form and substance satisfactory to the Issuing
Bank.

SECTION 5 REPRESENTATIONS AND WARRANTIES OF THE OBLIGORS

Each Obligor, jointly and severally, represents and warrants to the Issuing Bank on each
Credit Date 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
organizational) power and authority to own or hold under lease the properties it purports to own or
hold under lease, to transact the business it transacts and proposes to transact, to execute and
deliver the 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 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).

 

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	 	Nedbank Letter of Credit Agreement

Section 5.3 Disclosure No representation or warranty of any Obligor contained in this
Agreement or in any other documents, certificates or written statements furnished to the Issuing
Bank in connection with the Closing Date or as required under this Agreement by or on behalf of the
Company or any of its Subsidiaries contains any untrue statement of a material fact or omits to
state a material fact (known to the Company, in the case of any document not furnished by it)
necessary in order to make the statements contained herein or therein not misleading in light of
the circumstances in which the same were made. As of the Closing Date, any projections and pro
forma financial information contained in such materials delivered on or prior to the Closing Date
are based upon good faith estimates and assumptions believed by the Company to be reasonable at the
time made, it being recognized by the Issuing Bank that such projections as to future events are
not to be viewed as facts and that actual results during the period or periods covered by any such
projections may differ from the projected results. Except as disclosed in the documents identified
in Schedule 5.3, since January 31, 2009, 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. As of the Closing Date, 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 identified in
Schedule 5.3.

Section 5.4 Organization and Ownership of Shares of Subsidiaries; Affiliates (a) As of the
Closing Date, 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 (other than the Obligors) 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 except where the failure to have such power or authority would
not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

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	 	Nedbank Letter of Credit Agreement

(d) As of the Closing Date, no Subsidiary is a party to, or otherwise subject to any legal,
regulatory, contractual or other restriction (other than the Financing Agreements, the LC
Agreement, the Existing Financing Agreements, the Notes Financing Agreements, the agreements listed
on Schedule 5.4 and customary limitations imposed by applicable 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) as of the Closing Date.

(f) 100% of the issued share capital of each Obligor is directly or indirectly wholly owned by
the Company and, in respect of the Irish Obligor, the Company and each other Obligor are members of
the same group of companies consisting of a holding company and its subsidiaries (within the
meaning of section 155 of the Companies Act 1963 of Ireland) for the purposes of Section 35 of the
Companies Act, 1990 of Ireland.

(g) In the case of 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
as of the Closing Date.

Section 5.5 Financial Statements; Material Liabilities (a) The Obligors have delivered to the
Issuing Bank copies of the consolidated financial statements of the Company listed on Schedule 5.5.
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 and the absence of footnotes). As
of the Closing Date, the Obligors and their Subsidiaries do not have any Material liabilities that
are not disclosed on such financial statements or otherwise disclosed in Schedule 5.3.

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.

 

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	 	Nedbank Letter of Credit Agreement

Section 5.7 Governmental Authorizations, Etc. Except as disclosed in Schedule 5.7, as of the
Closing Date, 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
America. 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) 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, based on the
facts known to the Company, 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, based on
the facts known to the Company, would reasonably be expected to have a Material Adverse Effect.

Section 5.9 Taxes Except as set forth on Schedule 5.9, 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) for purposes of making this representation on the Closing Date, the
amount of which is not individually or in the aggregate Material (or for purposes of making this
representation after the Closing Date, the amount that would reasonably be expected to have a
Material Adverse Effect) 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). Except
as set forth on Schedule 5.9, 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.

 

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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 the Issuing Bank as a result of the
execution or delivery of the Financing Agreements and, as of the Closing Date, 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.

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 or as otherwise not prohibited hereby), 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.

 

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(b) As of the Closing Date, 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. As of the Closing Date, 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 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 that
individually or in the aggregate is Material.

(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 by the Obligors and the issuance of
the Letters of Credit for the benefit of the Company 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.

(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 [Intentionally Omitted]

Section 5.14 Use of Proceeds; Margin Regulations (a) The Letters of Credit will only (i) be
available on the Closing Date to backstop the performance-based letters of credit issued by ABN for
the account of the Company under the Existing Credit Agreement, (ii) consist of the Existing
Letters of Credit, each of which shall be deemed to be issued hereunder, and (iii) with respect to
new performance-based Letters of Credit issued after the Closing Date for the account of the
Company, support the general corporate purposes of the Company and its Subsidiaries, Joint Ventures
and entities of which the Company, either directly or indirectly, owns 50% or less of the
outstanding equity interests; provided that Letters of Credit will not be outstanding for the
benefit of the Joint Ventures and entities of which the Company, either directly or indirectly,
owns 50% or less of the outstanding equity interests in an aggregate face amount exceeding
$3,000,000 at any time; provided further that for the avoidance of doubt, Letters of Credit will
only be available in an aggregate face amount up to the Maximum Draw Amount.

 

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(b) The Company will apply the proceeds of the sale of the Notes to (i) repay the loans under
the Existing Credit Agreement in their entirety, (ii) for working capital and (iii) for other
corporate purposes. The application of such proceeds will not result in a violation of any
financial assistance laws under any Applicable Jurisdiction. The Letters of Credit hereunder will
not be used, directly or indirectly, for the purpose of buying or carrying any 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% 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% 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 Indebtedness of (or the commitment to extend credit to) the Obligors and their
Subsidiaries other than Indebtedness under the Existing Financing Agreements, the Existing Credit
Agreement and 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, 2009 (including the 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.$250,000,000 senior credit facility which is to be repaid concurrently with the Closing and
amounts related to permitted earnout arrangements specified in Schedule 5.15 (“Permitted Earnout
Arrangements”). As of the Closing Date, 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.

 

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(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) Except as set forth in Schedule 5.15, as of the Closing Date, 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 LC Agreement, the Existing
Financing Agreements and the Notes Financing Agreements, which limits the amount of, or otherwise
imposes restrictions on the incurring of, Indebtedness of such Obligor.

Section 5.16 [Intentionally Omitted]

Section 5.17 [Intentionally Omitted]

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.

Section 5.19 Ranking of Obligations The Company’s payment obligations with respect to the
Letters of Credit 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 any applicable law applying to companies generally.

Section 5.20 Obligor Group Each Subsidiary of the Company which is a borrower or guarantor under the LC Agreement, the
Existing Financing Agreements or the Notes Financing Agreements as of the date hereof is a
Subsidiary Guarantor hereunder.

 

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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) As of the Closing Date, 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 Obligor, is unable, or is deemed to be unable for the purposes of any applicable law,
or admits or has admitted its inability, to pay its debts as and when they fall due or has
suspended, or announced an intention to suspend, making payments on any of its debts;

(b) no Obligor, by reason of actual or anticipated financial difficulties has begun
negotiations with one or more of its creditors with a view to rescheduling or restructuring any of
its Indebtedness; and

(c) no moratorium has been declared in respect of any Indebtedness of any Obligor.

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.

Section 5.25 Lake States Trucking Lake States 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) assets that do not constitute more than 2.0% of the Group’s assets or
income, and (iii) incurring Indebtedness under the Financing Agreements, the Existing Financing
Agreements, the LC Agreement and the Notes Financing Agreements.

 

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SECTION 6 [INTENTIONALLY OMITTED]

SECTION 7 INFORMATION AS TO COMPANY

Section 7.1 Financial and Business Information The Company shall deliver to the Issuing Bank
(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) a consolidated balance sheet 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,

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 by

(A) an opinion thereon of an independent registered public accounting firm of
recognized international standing without any Impermissible Qualification, 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

 

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(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, 10.13 and 10.20 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 the Issuing Bank,
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 LC 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 the Issuing Bank), 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 date of this Agreement
located at http//www.go2uti.com) and shall have given the Issuing Bank 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, provide a written notice specifying the details of such litigation,
arbitration or administrative proceeding.

 

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(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

(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 as from time to time may be reasonably requested by the Issuing Bank;

(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.

 

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Section 7.2 Officer’s Certificate Each set of financial statements delivered to the Issuing
Bank 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, 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 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 the Issuing Bank:

(a) No Default — if no Default or Event of Default then exists, at the expense of the Issuing
Bank 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.

 

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Section 7.4 Limitation on Disclosure Obligation The Obligors shall not be required to
disclose the following information pursuant to Section 7.1(d)(ii), 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.

Promptly after a request therefor from the Issuing Bank, the Obligors will provide the Issuing Bank
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 the Issuing Bank under
circumstances described in this Section 7.4.

SECTION 8 [INTENTIONALLY OMITTED]

SECTION 9 AFFIRMATIVE COVENANTS

Each Obligor, jointly and severally, covenants that so long as any LC Commitment is in effect
and until payment in full of all Obligations and cancellation or expiration of all Letters of
Credit or provision of Credit Support with respect to all Letters of Credit:

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, 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, 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.

 

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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.

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.

 

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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 with respect to the Letters of Credit
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 Existing Financing Agreements, the LC Agreement
and the Notes Financing Agreements. Notwithstanding the foregoing, in the event that the Company
is required to cash collateralize the letters of credit under the LC Agreement, the Company may
provide up to U.S.$15,000,000 (or its equivalent in any other currency) as cash collateral to
collateralize such letters of credit without providing collateral to the Issuing Bank hereunder;
provided (i) no Default or Event Default has occurred or would result from the provision of such
cash collateral (other than any default or event of default caused by the Company’s failure to
comply with Section 1.3(e) of the LC Agreement) and (ii) such cash collateralization is made
pursuant to Section 1.3(e) of the LC 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 4.00 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 Guarantors (a) The Company (i) 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 LC Agreement, the Existing Financing Agreements or the Notes Financing
Agreements, substantially concurrently, and (ii) may cause any Subsidiary of the Company 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 at least
one original and to the Issuing Bank a copy 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 the
Issuing Bank a legal opinion (from legal counsel approved by the Issuing Bank acting
reasonably) confirming (1) the due execution and delivery of such Joinder 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 Issuing Bank 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 Issuing Bank substantially
similar in scope to the closing showings delivered by the original Subsidiary Guarantors at
the Closing.

 

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(d) The Company shall, by not less than 3 Business Days’ prior written notice to the Issuing
Bank, notify the Issuing Bank of its intention to request that one of its Subsidiaries becomes an
Additional Guarantor pursuant to this Section 9.10.

(e) Following the giving of any notice pursuant to paragraph (d) above, if the accession of
such Additional Guarantor obliges the Issuing Bank to comply with “know your customer” or similar
identification procedures in circumstances where the necessary information is not already available
to it, the Company shall promptly upon the request of the Issuing Bank supply, or procure the
supply of, such documentation and other evidence as is reasonably requested by the Issuing Bank in
order for the Issuing Bank or any prospective new Issuing Bank to carry out and be satisfied it has
complied with all necessary “know your customer” or other
similar checks under all applicable laws and regulations pursuant to the accession of such
Subsidiary to this Agreement as an Additional Guarantor.

Section 9.11 Release of Subsidiary Guarantors (i) Upon notice by the Company to the Issuing
Bank (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 (or will be concurrently) released as a borrower, guarantor or other obligor under the LC
Agreement, the Existing Financing Agreements (and so long as the Existing Financing Agreements
remain in place and such provision is contained therein 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) and the Notes Financing Agreements, 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 Issuing Bank under the LC Agreement, the Existing
Financing Agreements or the Notes Financing Agreements, 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 or (ii) a Subsidiary shall cease to be an Obligor under this Agreement if the release
of such Obligor is consented to by the Issuing Bank.

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.

 

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As used in this Section 9.12, the term “Subsidiary Guarantor” shall not include any Subsidiary
Guarantor with respect to which (i) the Subsidiary Guaranty of such Subsidiary Guarantor for any
reason, other than the satisfaction in full of all Obligations, has ceased to be in full force and
effect (other than in accordance with its terms) or shall be declared to be null and void or such
Subsidiary Guarantor shall repudiate its obligations thereunder, (ii) such Subsidiary Guarantor
shall contest the validity or enforceability of any Financing Agreement in writing or deny in
writing that it has any further liability thereunder or (iii) it becomes unlawful for such
Subsidiary Guarantor to perform its obligations under this Agreement or any other Financing
Agreement (other than as set forth therein).

Notwithstanding anything to the contrary contained in this Section 9.12, in the event that the
Company fails to comply with the requirements of this Section 9.12, the Company shall have the
right, until thirty calendar days after the Company obtains knowledge of the occurrence of any of
the events set forth in clauses (i) through (iii) of the paragraph above, to cure such failure by
providing one or more replacement Subsidiary Guarantors in accordance with Section 9.10.

(b) The Company will ensure that the aggregate contribution of the Subsidiary Guarantors to
Consolidated EBITDA shall at all times be at least equal to the aggregate contribution of the
Subsidiary Guarantors (as defined in the Notes Financing Agreements) to Consolidated EBITDA.

(c) For the purpose of paragraphs (a) and (b) 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 the Issuing Bank 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;

(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;

(iii) the contribution of a Subsidiary Guarantor will:

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

 

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(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 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.

Section 9.15 Further Assurances At any time or from time to time upon the request of the
Issuing Bank, each Obligor will, at its expense, promptly execute, acknowledge and deliver such
further documents and do such other acts and things as the Issuing Bank may reasonably request in
order to effect fully the purposes of the Financing Agreements. In furtherance and not in
limitation of the foregoing, each Obligor shall take such actions as the Issuing Bank may
reasonably request from time to time to ensure that the Obligations are guarantied by the
Subsidiary Guarantors.

Section 9.16 Additional Restrictions If at any time the Company or any Subsidiary Guarantor
is a party to or shall enter into any agreement, instrument or other document with respect to any
Indebtedness that provides for more than U.S.$25,000,000 (or its equivalent in any other currency)
in principal amount of borrowings or availability, including, without limitation, any amendment to
or modification or replacement of an agreement existing on the date of Closing (a “Reference
Agreement”), or any subsequent amendment or modification to any such Reference Agreement (or waiver
or consent modifying the terms of any Reference Agreement), which Reference Agreement includes
financial covenants (whether expressed in ratios or as numerical or dollar thresholds in respect of
future financial performance or condition), including such financial covenants which are expressed
as “events of default”, in each case which are not otherwise included in this Agreement (herein
referred to as “New Covenants”) or which would be more beneficial to the Issuing Bank than relevant
similar covenants or like provisions contained in this Agreement (herein referred to as “Improved
Covenants” and, together with New Covenants, “Additional Covenants”), then such Additional
Covenants and all related provisions and definitions shall be deemed incorporated by reference into
Section 7.2(a), Section 10 and Section 11(c) of this Agreement, mutatis mutandi, as if set forth
fully in this Agreement effective as of the date when such Additional Covenants became effective
under the applicable Reference Agreement. The Company shall

(1) provide a copy of such Additional Covenants and all related provisions and definitions to
the Issuing Bank promptly upon entering into the Reference Agreement, including with such copy a
notice to the Issuing Bank, provided that the failure of the Company to provide a copy of such
Additional Covenants to the Issuing Bank shall not adversely affect the automatic incorporation of
the Additional Covenants into this Agreement as provided above in this Section 9.16; and

 

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(2) as promptly as possible following delivery of such copy, provide the draft of a statement
of incorporation (a “Memorialization”) to be executed by the Company and the Issuing Bank, which
Memorialization shall set out the terms of the Additional Covenants and
related provisions and definitions as incorporated into this Agreement, with all appropriate
changes required in connection with incorporating the Additional Covenants mutatis mutandi.

If the Company fails to provide a draft of a Memorialization, then the Issuing Bank may
produce a draft for the consideration of the Company. Any Memorialization executed and delivered
by the Company and by the Issuing Bank shall be good and sufficient evidence of the terms of any
such Additional Covenant as incorporated into this Agreement, provided that the failure of the
Issuing Bank and the Company to execute and deliver any Memorialization shall not adversely affect
the automatic incorporation of the Additional Covenants into this Agreement as provided above in
this Section 9.16.

Notwithstanding the foregoing, provided that no Default or Event of Default has occurred and
is then continuing, (A) if any Additional Covenant that has been incorporated herein pursuant to
this Section 9.16 is subsequently amended or modified in the relevant Reference Agreement with the
effect that such Additional Covenant is made less restrictive on the Company, such Additional
Covenant, as amended or modified, shall be deemed incorporated by reference into this Agreement
replacing such Additional Covenant as originally incorporated, mutatis mutandi, as if set forth
fully in this Agreement, effective beginning on the date on which such amendment or modification is
effective under the relevant Reference Agreement and (B) if any Additional Covenant that has been
incorporated herein pursuant to this Section 9.16 is subsequently removed or terminated from the
relevant Reference Agreement or the Company and its Subsidiary Guarantors are otherwise no longer
required to comply therewith under the relevant Reference Agreement, the Company and its
Subsidiaries, beginning on the effective date such Additional Covenant is removed or terminated
from the relevant Reference Agreement or the Company and its Subsidiary Guarantors are otherwise no
longer required to comply with such Additional Covenant, shall no longer be or remain obligated to
comply with such Additional Covenant hereunder; provided, however, that in no event shall an
Improved Covenant be amended, modified, terminated or removed pursuant to this Section 9.16 such
that it is made less restrictive on the Company than the form of the relevant similar covenant or
like provision in this Agreement that it replaced, amended or modified, it being the intent of this
Agreement in such cases to return such covenants or provisions, upon the date of such amendment,
modification, termination or removal, to the text of such covenant or provision as it existed
immediately prior to the incorporation of such Improved Covenant pursuant to this Section 9.16.

 

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Section 9.17 “Know Your Customer” checks If:

(i) The introduction of or any change in (or in the interpretation, administration or
application of) any law or regulation made after the date of this Agreement;

(ii) any change in the status of an Obligor after the date of this Agreement; or

(iii) a proposed assignment or transfer by the Issuing Bank of any of its rights and
obligations under this Agreement in accordance with Section 14.2,

obliges the Issuing Bank (or, in the case of paragraph (iii) above, any prospective Issuing Bank)
to comply with “know your customer” or similar identification procedures in circumstances where the
necessary information is not already available to it, each Obligor shall promptly upon the request
of the Issuing Bank supply, or procure the supply of, such documentation and other evidence as is
reasonably requested by the Issuing Bank (or, in the case of the event described in paragraph (iii)
above, any prospective new Issuing Bank to carry out and be satisfied it has complied with all
necessary “know your customer” or similar checks under all applicable laws and regulations pursuant
to the transactions contemplated in the Financing Agreements.

Section 9.18 Post-Closing Obligations

Within 20 days from Closing Date, or such other date to which the Issuing Bank expressly
agree, the Company, on behalf of itself, each Spanish Obligor, and the Issuing Bank shall have
formalized the ratification of the position of each Spanish Obligor as Subsidiary Guarantors under
this Agreement into a public document (escritura pública) for the purposes of article 517,
paragraph 2, number 4 of the Spanish Civil Procedural Law (Ley 1/2000 de 7 de enero, Ley de
Enjuiciamiento Civil) (the “Civil Procedural Law”) before a Spanish notary public, at the expense
of the Company. Within two Business Days from the execution of the notarial deed, the Company shall
have supplied to the Issuing Bank a copy (primera copia autorizada) of that deed.

SECTION 10 NEGATIVE COVENANTS

Each Obligor, jointly and severally, covenants that so long as any LC Commitment is in effect
and until payment in full of all Obligations and cancellation, expiration or cash collateralization
of all Letters of Credit or receipt of a backstop letter of credit with respect to all Letters of
Credit:

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
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.

 

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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, 2009, less than U.S.$637,049,000 (the “Threshold CNW Amount”) plus:

(a) (from and including the last day of the fiscal year of the Company ending January 31,
2010) 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 (the “Leverage Ratio”) is not, at the end of
each Measurement Period, greater than 3.00 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;

(d) any Lien in column 11 (Security) of Schedule 5.15;

(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;

 

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(g) any Lien granted pursuant to the Financing Agreements and any Lien granted pursuant to the
Existing Financing Agreements, the LC Agreement or the Notes Financing Agreements to the extent an
equal and ratable Lien is granted to the Issuing Bank to the extent required by Section 9.7;

(h) any Lien constituted by the Cession in Security Agreement and in respect of a New Zealand
Obligor, any “security interest” as defined in section 17(1)(b) of the Personal Property Securities
Act 1999 (NZ) which does not secure payment or performance of any obligation;

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

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

(k) 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;

(l) 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;

(m) 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; and

(n) if and so long as on the date such Liens are granted 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 (m) 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.

 

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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 LC 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 (or the commitment to extend credit to) a Subsidiary on the date of
Closing and identified in Schedule 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, an Obligor 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 South African Rand 1,000,000,000 (or its equivalent in any other
currency) at any time;

(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;

(k) any Indebtedness consisting of direct obligations or Guaranties of the Existing Financing
Agreements and the Notes Financing Agreements by Subsidiaries of the Company which Subsidiaries
also guarantee the obligations of the Company under the Financing Agreements; and

(l) 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.

 

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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 the Issuing Bank its assumption of the due and punctual
performance and observance of each covenant and condition of this Agreement and (ii) such
corporation shall have caused to be delivered to the Issuing Bank an opinion of internationally
recognized independent counsel, or other independent counsel reasonably satisfactory to the Issuing
Bank, to the effect that all agreements or instruments effecting such 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.

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;

 

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(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 and Dispositions by a Subsidiary which is
a member of the South African Group to a Subsidiary which is a member of the South African Group or
Pyramid Freight BVI; and

(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 (other than Senior 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 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.

 

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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.

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 LC Agreement, Existing Financing Agreements or
Notes Financing Agreements. 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 Capital Leases Capital Leases of the Company and its Subsidiaries will not, at
any time, exceed in the aggregate U.S.$90,000,000 (or its equivalent in any other currency).

Section 10.13 Lake States Trucking

So long as Lake States Trucking, Inc. remains a Subsidiary Guarantor, it will not carry out
any business other than incurring Indebtedness under the Financing Agreements, the Existing
Financing Agreements and the LC Agreement or hold any assets other than assets that do not
constitute more than 2.0% of the Group’s assets or income.

Section 10.14 [Reserved]

Section 10.15 Acquisitions No Obligor shall, nor shall it permit any of its Subsidiaries to,
directly or indirectly, make any acquisition except:

(a) 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;

(b) acquisition by Span America Holding Company, Inc. of all or a portion of Excel MPL-AVBA &
Co.’s shares of Ema, United States, Inc. on the terms set forth in the Shareholder Agreement dated
May 25, 2007, by Span America Holding Company, Inc. and Excel MPL-AVBA & Co., as amended from time
to time;

 

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(c) acquisition by UTi (Netherlands) Holdings B.V. of ZIM Integrated Shipping Services Ltd.’s
shares of UTi Logistics Israel Ltd. on the terms set forth in the Shareholder Agreement dated April
26, 2007, by and among UTi (Netherlands) Holdings B.V., ZIM Integrated Shipping Services Ltd. and
UTi Logistics Israel Ltd., as amended from time to time, and

(d) acquisitions made by an Obligor or any of its Subsidiaries not otherwise permitted under
sub-paragraphs (a) and (b) where the consideration in respect of that acquisition 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 such acquisitions does not exceed
US$100,000,000 in the aggregate for any twelve-month period; provided:

(i) immediately after completing that acquisition the Company is in compliance with the
financial covenants set forth in Sections 9.8 and 10.3 on a pro forma basis after giving
effect to such acquisition as of the last quarter most recently ended; and

(ii) immediately prior to, and after giving effect thereto, no Default or Event of
Default shall have occurred and be continuing or would result therefrom.

Section 10.16 No Further Negative Pledges Except with respect to (a) specific property
encumbered to secure payment of particular Indebtedness or to be sold pursuant to an executed
agreement with respect to a permitted Disposition and (b) restrictions in the Financing Agreements,
the LC Agreement, the Existing Financing Agreements, the Notes Financing Agreements, the agreements
evidencing Indebtedness listed on Schedule 5.15 by reason of customary provisions restricting
assignments, subletting or other transfers contained in leases, licenses and similar agreements
entered into in the ordinary course of business (provided that such restrictions are limited to the
property or assets secured by such Liens or the property or assets subject to such leases, licenses
or similar agreements, as the case may be) no Obligor shall enter into any agreement prohibiting
the creation or assumption of any Lien upon any of its properties or assets, whether now owned or
hereafter acquired to the extent it would prohibit the granting of a lien required by Section 3.5
or Section 9.7 hereof.

Section 10.17 Restricted Payments The Company will not through any manner or means or through any other Person to, directly or
indirectly, declare, pay or make 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 or repay or distribute any
dividend or share premium reserve (collectively, “Distributions”), except that (a) the Company may
make Distributions in an amount not to exceed US$15,000,000 (or its equivalent) in any fiscal year
of the Company and (b) the Company may declare and pay dividends with respect to its capital stock
payable solely in additional shares of its capital stock.

Section 10.18 Amendments or Waivers of Organizational Documents The Obligors will not agree
to any material amendment, restatement, supplement or other modification to, or waiver of, any of
its Organizational Documents after the Closing Date in a manner materially adverse to the Issuing
Bank without in each case obtaining the prior written consent of the Issuing Bank to such
amendment, restatement, supplement or other modification or waiver.

 

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Section 10.19 Fiscal Year The Obligors will not and will not permit any Subsidiary to change
its fiscal year end from January 31.

Section 10.20 Fixed Charges Coverage Ratio The Company will not, as of the end of any
Measurement Period, permit the Fixed Charges Coverage Ratio to be less than 1.75 to 1.00 on or
prior to July 31, 2010 or 2.00 to 1.00 at any time thereafter.

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 reimbursement obligation with respect to any
Letter of Credit when the same becomes due and payable, whether at maturity or by declaration or
otherwise; or

(b) any Obligor defaults in the payment of any interest, any commitment fee or any fee with
respect to any Letter of Credit or any amount payable pursuant to Section 13 or otherwise pursuant
to this Agreement 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 Section
10.16 through 10.20, inclusive, or (iii) the Company delivers audited financial statements with an
Impermissible Qualification; 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 Issuing Bank (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

 

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(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 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, winding-up, for liquidation or to take advantage of any
bankruptcy, insolvency, reorganization, winding-up, moratorium or other similar law of any
jurisdiction, (iii) makes an assignment, composition or arrangement for the benefit of its
creditors, (iv) consents to the appointment of a liquidator, custodian, receiver, administrative
receiver or administrator, 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 liquidator, custodian,
receiver, administrative receiver or administrator, trustee or other officer with similar powers
with respect to it or with respect to any substantial part of its assets or 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 (unless (x)
such petition is a winding-up petition instructed under the laws of England and Wales which is
vexatious or frivolous, in which case such period shall be shortened to 14 days or (y) any such
other petition, proceedings or other action is instigated under the laws of England and Wales, in
which case such period shall be shortened to zero 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) and (y) 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

 

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(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 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; or

(m) a Material Adverse Effect has occurred; provided that in the event that the
Company fails to comply with clause (b) or (c) of the definition of “Material Adverse Effect” with
respect to a Subsidiary Guarantor, the Company shall have the right, until thirty calendar days
after obtaining knowledge of the occurrence of such event, to cure such failure by providing one or
more replacement Subsidiary Guarantors in accordance with Section 9.10 and such Material Adverse
Effect shall not be a Default or Event of Default until such 30 calendar day period has expired
without cure.

 

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As used in Section 11(k), 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) or (i) (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, (i) all of the Obligors’ liabilities and obligations
hereunder shall automatically become immediately due and payable without any election or action on
the part of the Issuing Bank, (ii) the obligation of the Issuing Bank to issue any additional
Letters of Credit shall immediately terminate and (iii) an amount equal to 105% of the maximum
amount that may at any time be drawn under all Letters of Credit then outstanding (regardless of
whether any beneficiary under any such Letter of Credit shall have presented, or shall be entitled
at such time to present, the drafts or other documents or certificates required to draw under such
Letters of Credit) shall immediately become due and payable and held in accordance with Section
3.5, in each case without presentment, demand, protest or other requirements of any kind, all of
which are hereby expressly waived by each Obligor. Upon any such termination of a Letter of Credit
outstanding hereunder, the Issuing Bank shall be unconditionally and irrevocably released from any
and all obligations thereunder without any further action by the Issuing Bank, Beneficiary, the
Obligor or any other Person.

Section 12.2 Other Remedies If any Default or Event of Default has occurred and is
continuing, and irrespective of whether any Letters of Credit have become or have been declared
immediately due and payable under Section 12.1, the Issuing Bank at the time outstanding may
proceed to protect and enforce
its rights 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 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 [Intentionally Omitted]

Section 12.4 No Waivers or Election of Remedies, Expenses, Etc. No course of dealing and no
delay on the part of the Issuing Bank in exercising any right, power or remedy shall operate as a
waiver thereof or otherwise prejudice the Issuing Bank’s rights, powers or remedies. No right,
power or remedy conferred by this Agreement or any other Financing Agreement upon the Issuing Bank
thereof shall be exclusive of any other right, power or remedy 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 Issuing Bank on demand
such further amount as shall be sufficient to cover all costs and expenses of the Issuing Bank
incurred in any enforcement or collection under this Section 12, including, without limitation,
attorneys’ fees, expenses and disbursements.

Section 12.5 Executive Proceedings

(a) At the discretion of Issuing Bank, the ratification of the position of each Spanish
Obligor as Subsidiary Guarantors under this Agreement shall be formalized into a Spanish public
document (escritura pública), so that it has the status of a notarial document of loan for all
purposes contemplated in Article 517, paragraph 2, number 4 of the Civil Procedural Law.

 

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(b) Upon enforcement, the sum payable by any Spanish Obligor shall be the total aggregate
amount of the entries made of the accounts maintained by Issuing Bank pursuant to Section 3.7. For
the purposes of Articles 571 et seq. of the Civil Procedural Law, the Obligors and the Issuing Bank
expressly agrees that such balances shall be considered as due, liquid and payable and may be
claimed pursuant to the same provisions of such law.

(c) For the purposes of Articles 571 et seq. of the Civil Procedural Law, it is expressly
agreed by the Obligors and the Issuing Bank that the determination of the debt to be claimed
through the executive proceedings shall be effected by the Issuing Bank by means of the appropriate
certificate evidencing the balances shown in the relevant account(s) referred to in paragraph (b)
above. By virtue of the foregoing, to exercise executive action by the Issuing Bank it will be
sufficient to deliver (i) an original notarial first or authentic copy of this Agreement, (ii) the
notarial document (acta notarial) which incorporates the certificate issued by the Issuing Bank of
the amount due by any Spanish Obligor including an excerpt of the credits and debits, including the
interest applied, which appear in the relevant account(s) referred to in paragraph (b) above,
evidencing that the determination of the amounts due and payable by the
Spanish Obligor has been calculated as agreed in this Agreement and that such amounts coincide
with the balance of such accounts, and (iii) a notarial document (acta notarial) evidencing that
the Obligors have been served notice of the amount that is due and payable.

(d) The amount of the balances so established shall be notified to the Obligors in an
attestable manner at least three days in advance of exercising the executive action set out in
paragraph (c) above.

(e) The Spanish Obligors hereby expressly authorize Issuing Bank to request and obtain
certificates and documents, including second or further copies of the deed in which the position of
each Spanish Obligor as Subsidiary Guarantors under this Agreement is formalized, issued by the
notary who has formalized the position of each Spanish Obligor as Subsidiary Guarantors under this
Agreement in order to evidence its compliance with the entries of his registry-book and the
relevant entry date for the purpose Article 517, paragraph 2, number 4 of the Civil Procedural Law.
The cost of such certificates and documents will be for the account of the Obligors.

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.

 

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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
the Issuing Bank such additional amounts as may be necessary in order that the net amounts paid to
the Issuing Bank 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 the Issuing Bank 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 the Issuing Bank (or a fiduciary, settlor, beneficiary, member of, shareholder
of, or possessor of a power over, the Issuing Bank, if the Issuing Bank is an estate, trust,
partnership or corporation or any Person other than the Issuing Bank to whom the Letters of Credit
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 Letter of Credit or the receipt of
payments thereunder or in respect thereof, including, without limitation, the Issuing Bank (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 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 the Issuing Bank
(following a written request by an Obligor) in the filing with the relevant Taxing Jurisdiction of
Forms (as defined below) that are required to be filed by the Issuing Bank 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 the Issuing Bank’s reasonable judgment) impose any unreasonable burden (in time, resources or
otherwise) on the Issuing Bank 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 the Issuing Bank, and provided further that the Issuing Bank
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 the Issuing
Bank 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

 

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(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 the Issuing Bank if the Issuing Bank is not resident for tax purposes (and does not
have a permanent establishment subject to corporation tax with which its participation in the
Financing Agreements is effectively connected) in the United Kingdom and is not resident for tax
purposes (and does not have a permanent establishment subject to corporation tax with which its
participation in the Financing Agreements is effectively connected) in any other jurisdiction in
which the original Issuing Bank is resident (or has a permanent establishment with which its
participation in the Financing Agreements is effectively connected) 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 the Issuing Bank had been resident for tax purposes (or had a permanent
establishment subject to corporation tax with which its participation in the Financing Agreements
was effectively connected) in the United Kingdom 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 Kingdom or the Original Jurisdiction, as applicable, and the relevant
Taxing Jurisdiction, or (ii) to the Issuing Bank 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 the Issuing Bank.

The Issuing Bank 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 the Issuing
Bank by such Obligor (collectively, together with instructions for completing the same,
“Forms”) required to be filed by or on behalf of the Issuing Bank 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 Kingdom or the Original
Jurisdiction and such Taxing Jurisdiction and (y) provide an Obligor with such information with
respect to the Issuing Bank as such Obligor may reasonably request in order to complete any such
Forms, provided that nothing in this Section 13 shall require the Issuing Bank to provide
information with respect to any such Form or otherwise if in the opinion of the Issuing Bank such
Form or disclosure of information would involve the disclosure of tax return or other information
that is confidential or proprietary to the Issuing Bank, and provided further that the Issuing Bank
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 the Issuing Bank to an Obligor or
mailed to the appropriate taxing authority, 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 all or a portion of its rights and obligations under this Agreement, at least 90 days prior to
the relevant interest payment date.

On or before the date of the Closing the Company will furnish the Issuing Bank 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 the Issuing Bank’s obligation to issue Letters
of Credit hereunder the Company will furnish the transferee of the Issuing Bank’s obligation to
issue Letters of Credit hereunder with copies of any Form and English translation then required.

 

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If any payment is made by an Obligor to or for the account of the Issuing Bank after deduction
for or on account of any Taxes, and increased payments are made by such Obligor pursuant to this
Section 13, then, if the Issuing Bank at its sole discretion determines that it has received or
been granted a refund of such Taxes, the Issuing Bank 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 the Issuing Bank 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 Issuing Bank to arrange its tax affairs in whatever manner it thinks fit and, in
particular, the Issuing Bank shall not 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 the
Issuing Bank to disclose any information relating to its tax affairs or any computations in respect
thereof.

The Obligors will furnish the Issuing Bank, 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 the Issuing Bank.

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 Issuing Bank, and the Issuing
Bank pays such liability, then such Obligor will promptly reimburse the Issuing Bank 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 the Issuing Bank 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 the Issuing Bank and the Issuing Bank is
entitled to a refund of the Tax to which such payment is attributable upon the making of a filing
(other than a Form described above), then the Issuing Bank 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 in full of all
amounts payable under this Agreement and the other Financing Agreements and cancellation or
expiration of all Letters of Credit, or provision of Credit Support with respect to all Letters of
Credit and the provisions of this Section 13 shall also apply to successive transferees of all or a
portion of the Issuing Bank’s rights and obligations under this Agreement.

 

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SECTION 14 ASSIGNMENT

Section 14.1 [Intentionally Omitted]

Section 14.2 Assignment

The Issuing Bank may assign all or a portion of its rights and obligations under this
Agreement and/or sell or otherwise dispose of all or a portion of any of its claims in any case,
proceeding or other action commenced by or against the Obligors under any existing or future law of
any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief
of debtors, seeking to have an order for relief entered with respect to it or seeking to adjudicate
it a bankrupt or insolvency, or seeking reorganization, arrangement, adjustment, winding up,
liquidation, dissolution, composition or other relief with respect to it or its debts.

Section 14.3 [Intentionally Omitted]

Section 14.4 [Intentionally Omitted]

SECTION 15 PAYMENTS GENERALLY

Section 15.1 Place of Payment Payments made hereunder shall be made in London, England at the
principal office of Nedbank Limited, acting through its London Branch.

Section 15.2 [Intentionally Omitted]

Section 15.3 Set-off The Issuing Bank may set off any matured obligation owed to it by an
Obligor under the Financing Agreements (to the extent beneficially owned by the Issuing Bank)
against any obligation (whether or not matured) owed by the Issuing Bank to an Obligor, regardless
of the place of payment, booking branch or currency of either obligation. If the obligations are in
different currencies, the Issuing Bank may convert either obligation at a market rate of exchange
in its usual course of business for the purpose of the set-off.

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 attorneys’ fees of one special
counsel and, if reasonably required by the Issuing Bank, local or other counsel) incurred by the
Issuing Bank 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 an
Issuing Bank, and (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. The
Company will pay, and will save the Issuing Bank harmless from, all claims in respect of any fees,
costs or expenses, if any, of brokers and finders.

 

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Section 16.2 Indemnification

(a) The Company shall indemnify the Issuing Bank, and each such Person’s Affiliates and the
partners, directors, officers, employees, agents and advisors of such Person and of such Person’s
Affiliates (each such Person being called an “Indemnitee”) against, and hold each Indemnitee
harmless from, any and all losses, claims, damages, liabilities and related expenses, including the
fees, charges and disbursements of any outside counsel for any Indemnitee, incurred by or asserted
against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or
delivery of this Agreement, any other Financing Agreements or any agreement or instrument
contemplated hereby or thereby, the performance by the parties hereto of their respective
obligations hereunder or the consummation of the transactions contemplated
hereby or thereby, (ii) any Letter of Credit or the use or proposed use of the proceeds
therefrom (including any refusal by the Issuing Bank to honor a demand for payment under a Letter
of Credit if the documents presented in connection with such demand do not strictly comply with the
terms of such Letter of Credit) or (iii) any actual or prospective claim, litigation, investigation
or proceeding relating to any of the foregoing, whether based on contract, tort or any other
theory, whether brought by a third party or by the Company or any other Obligor, and regardless of
whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any
Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related
expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to
have resulted from the bad faith, gross negligence or willful misconduct of such Indemnitee.

(b) Without duplication of any obligation of the Company under Section 16.2(a), in addition to
amounts payable as provided herein, the Company hereby agrees to protect, indemnify, pay and save
harmless the Issuing Bank from and against any and all claims, demands, liabilities, damages,
losses, costs, charges and expenses (including reasonable fees, expenses and disbursements of
counsel and allocated costs of internal counsel) that the Issuing Bank may incur or be subject to
as a consequence, direct or indirect, of (i) the issuance of any Letter of Credit by the Issuing
Bank, other than as a result of (1) the bad faith, gross negligence or willful misconduct of the
Issuing Bank or (2) the wrongful dishonor by the Issuing Bank of a proper demand for payment made
under any Letter of Credit issued by it, or (ii) the failure of the Issuing Bank to honor a drawing
under any such Letter of Credit as a result of any act or omission, whether rightful or wrongful,
of any present or future de jure or de facto government or Governmental Authority.

(c) Any Indemnitee may rely on this Section 16.2, subject to Section 24.7 and the provisions
of the Third Parties Act.

Section 16.3 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 assignment
or transfer) or the enforcement of any of the Obligations 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 the Issuing Bank 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.

 

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Section 16.4 Survival The obligations of the Obligors under this Section 16 will survive the
payment or transfer of all or a portion of the Issuing Bank’s rights and obligations under this
Agreement, the
enforcement, amendment or waiver of any provision of any Financing Agreement, and the
termination of any Financing Agreement.

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 the Issuing Bank or portion thereof or
interest therein and the payment with respect to the Letters of Credit, and may be relied upon by
any subsequent Issuing Bank, regardless of any investigation made at any time by or on behalf of
the Issuing Bank. 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 the Issuing Bank 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 and the other Financing Agreements may be amended,
and the observance of any term hereof 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
Issuing Bank.

Section 18.2 Solicitation of Issuing Bank

(a) Solicitation The Company will provide the Issuing Bank (irrespective of the amount of
Letters of Credit then issued by it) with sufficient information, sufficiently far in advance of
the date a decision is required, to enable the Issuing Bank to make an informed and considered
decision with respect to any proposed amendment, waiver or consent in respect of any of the
provisions hereof 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 the Issuing Bank promptly following the date on which it is executed and delivered
by, or receives the consent or approval of the Issuing Bank.

Section 18.3 Binding Effect, Etc. Any amendment or waiver consented to as provided in this
Section 18 is binding upon the Issuing Bank and upon each future Issuing Bank and upon the
Obligors. 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 any Issuing Bank nor any delay
in exercising any rights hereunder shall operate as a waiver of any rights of any Issuing Bank. 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.

 

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Section 18.4 [Intentionally Omitted]

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 the Issuing Bank or its nominee, to the Issuing Bank or nominee at the
address specified for such communications in Schedule A, or at such other address as the
Issuing Bank or nominee shall have specified to the Company in writing, or

(ii) 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 Issuing Bank in writing; provided that notices
pursuant to Section 3.2 shall be sent to the address provided therein.

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

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 the
Issuing Bank at the Closing, and (c) financial statements, certificates and other information
previously or hereafter furnished to the Issuing Bank, may be reproduced by the Issuing Bank by any
photographic, photostatic, electronic, digital or other similar process and the Issuing Bank 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 the Issuing Bank 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 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.

 

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SECTION 21 CONFIDENTIAL INFORMATION

For the purposes of this Section 21, “Confidential Information” means information delivered to
the Issuing Bank 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 the
Issuing Bank 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 the
Issuing Bank prior to the time of such disclosure, (b) subsequently becomes publicly known through
no act or omission by the Issuing Bank or any person acting on the Issuing Bank’s behalf, (c)
otherwise becomes known to the Issuing Bank other than through disclosure by such Obligor or such
Subsidiary or (d) constitutes financial statements delivered to the Issuing Bank under Section 7.1
that are otherwise publicly available. The Issuing Bank will maintain the confidentiality of such
Confidential Information in accordance with procedures it has adopted in good faith to protect
confidential information of third parties delivered to it, provided that the Issuing Bank may
deliver or disclose Confidential Information to (i) its directors, trustees, officers, employees
and attorneys (to the extent such disclosure reasonably relates to the Letters of Credit and the
obligations of the Issuing Bank hereunder), and provided the Issuing Bank 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 assignee with respect to the Issuing Bank’s
obligations hereunder (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), (iv) 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),
(v) any federal or state regulatory authority having jurisdiction over the Issuing Bank, (vi) the
NAIC or any similar organization, or any nationally recognized rating agency that requires access
to information about the Issuing Bank’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 the Issuing Bank, (x) in response to any subpoena or other
legal process, (y) in connection with any litigation to which the Issuing Bank is a party or (z) if
an Event of Default has occurred and is continuing, to the extent the Issuing Bank 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 this Agreement and the other Financing Agreements. The
Issuing Bank 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 the Issuing Bank of information required to be delivered to it
under this Agreement or requested by it (other than an Issuing Bank that is a party to this
Agreement or its nominee), the Issuing Bank will enter into an agreement with the Company embodying
the provisions of this Section 21.

 

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SECTION 22 [INTENTIONALLY OMITTED]

SECTION 23 SUBSIDIARY GUARANTEE AGREEMENT

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

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

(b) undertakes with the Issuing Bank to pay as primary obligor and not as surety, principal,
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 Issuing Bank pay that amount as if it were the principal obligor in respect of that amount; and

(c) indemnifies the Issuing Bank immediately on demand against any cost, loss or liability
suffered by the Issuing Bank 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 Issuing Bank would otherwise have been entitled to recover.

Section 23.2 Continuing Guarantee (a) This Subsidiary Guarantee Agreement 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
costs, losses and liabilities against which each Subsidiary Guarantor indemnifies the Issuing Bank
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 and the Issuing Bank shall be entitled to recover the value or amount of that
security or payment from each Obligor, as if the payment, discharge, avoidance or reduction had not
occurred.

 

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(b) The Issuing Bank 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 the Issuing Bank). 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, novation, supplement, extension or reinstatement (however
fundamental and of whatever nature) 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 issuance of Letters of Credit 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 the Issuing Bank 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 the Issuing Bank to ascertain the amount of the
Guaranteed Obligations at any reasonable time;

 

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(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 the Issuing Bank 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
Issuing Bank 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
excusión, orden y división) under Article 1830 et seq. of the Spanish Civil Code.

(c) Each Belgian Obligor waives any right of discussion or division (bénéfice de discussion et
de division) under article 2021 and 2026 of the Belgian Civil Code.

Section 23.5 Immediate Recourse (a) Each Subsidiary Guarantor waives any right it may have of
first requiring the Issuing Bank (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, the
Issuing Bank (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 the Issuing Bank (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 Issuing Bank, acting reasonably, otherwise direct,

 

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

 

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(b) assign, sell or transfer, or otherwise dispose of, any one or more of the Letters of
Credit and Obligations hereunder;

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

(d) amend, modify or supplement in any manner and at any time (or from time to time) this
Agreement including, without limitation, by any increase in the amount of the Obligations or any
Letter of Credit 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 Letters of Credit or Obligations
hereunder; 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) the Issuing Bank 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 the Issuing Bank, 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.

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 the Issuing Bank of whatever remedies the Issuing Bank may have
against the Company or the enforcement of any Lien or realization upon any security the Issuing
Bank may at any time possess.

 

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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, except as provided in Section 9.11.

The obligations of each Subsidiary Guarantor under this Subsidiary Guarantee Agreement and the
rights of the Issuing Bank 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;

(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;

 

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(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 The Issuing Bank 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 the Issuing Bank 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 the Issuing Bank to proceed
in any other form of action or proceeding or against other parties unless the Issuing Bank has
expressly waived such right in writing. Specifically, but without limiting the generality of the
foregoing, no action or proceeding by the Issuing Bank against the Company or any Subsidiary
Guarantor under any document or instrument evidencing obligations of the Company or such Subsidiary
Guarantor to the Issuing Bank shall serve to diminish the liability of such Subsidiary Guarantor
under this Agreement (including, without limitation, this Section 23) except to the extent
that the Issuing Bank 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 Subsidiary Guarantor Intent Without prejudice to the generality of Section
23.4, each Subsidiary Guarantor expressly confirms that it intends that this Subsidiary Guarantee
Agreement shall extend from time to time to any (however fundamental) variation, increase,
extension or addition of or to any of the Financing Agreements and/or any Letter of Credit facility
under any of the Financing Agreements.

Section 23.16 Other Enforcement Rights The Issuing Bank 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.

 

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Section 23.17 Restoration of Rights and Remedies If the Issuing Bank 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 the
Issuing Bank, then and in every such case the Issuing Bank, 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 the Issuing Bank 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 payment in full of all amounts payable under this Agreement and the
other Financing Agreements and cancellation, expiration or cash collateralization of all Letters of
Credit or receipt of a backstop letter of credit with respect to all Letters of Credit.

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 the Issuing Bank 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
the Issuing Bank.

If an Event of Default exists, then the Issuing Bank 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 Guaranteed Obligations
from becoming automatically due and payable) as against the Company. In any such event, the
Issuing Bank shall have immediate recourse to such Subsidiary Guarantor to the fullest extent set
forth herein.

Section 23.20 Limitation Anything herein 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.

 

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Section 23.21 Written Notice Notwithstanding any other provision of this Section 23, in the
event of any acceleration of the Obligations 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 the Issuing Bank (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 the Issuing Bank 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 the Issuing
Bank, 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 Issuing Bank immediately on demand against the amount which the
Issuing Bank 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 Issuing Bank 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 sums due and
payable under this Agreement have been fully and irrevocably paid and discharged.

Section 23.24 Additional Security This Subsidiary Guarantee Agreement is in addition to and
is not in any way prejudiced by any other security now or subsequently held by the Issuing Bank.

Section 23.25 Limitations — UK This Subsidiary Guarantee Agreement does not apply to any
liability to the extent that it would result in this Subsidiary Guarantee Agreement constituting
unlawful financial assistance within the meaning of s151 of the Companies Act 1985.

 

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Section 23.26 Limitations — Spain This Subsidiary Guarantee Agreement does not apply to any
liability to the extent it would result in this Subsidiary Guarantee Agreement constituting
unlawful financial assistance under Article 81 of the Spanish Joint Stock Company Law (Real Decreto
Legislativo 1564/1989, de 22 de Diciembre, por el que se aprueba el Texto Refundido de la Ley de
Sociedades Anónimas) and/or under Article 40.5 of the Spanish Private Limited Companies Law (Ley
2/1995, de 23 de marzo, de Sociedades de Responsabilidad Limitada).

Section 23.27 Limitations — Hong Kong This Subsidiary Guarantee Agreement does not apply to any liability to the extent it would
result in this Subsidiary Guarantee Agreement 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) The Issuing Bank 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 beschränkter Haftung) as general partner (GmbH & Co. KG) or a limited
liability company (Gesellschaft mit beschränkter 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 §15
of the German Stock Corporation Act (Aktiengesetz) of such Relevant German Obligor, 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 §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 §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 (Rücklage für eigene Anteile) (the aggregate of the registered share capital and the
reserves for its own shares, the “Protected Capital”) (Begüendung 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 the calculation of the amounts to which enforcement is limited, the
following balance sheet items shall be adjusted as follows:

(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 Issuing
Bank and which is made out of retained earnings (Kapitalerhöhug 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.

 

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(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 Issuing Bank (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 Issuing Bank have contested the
Management Determination the Issuing Bank 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 Issuing Bank 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 100% owned subsidiaries or

(ii) the enforcement of any claim of the Issuing Bank 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 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.

 

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(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) the Issuing Bank 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) The Issuing Bank 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.

(d) Each U.S. Guarantor represents and warrants to the Issuing Bank 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.

 

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(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 23.31 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.

Section 23.32 Limitations — Belgium This Subsidiary Guarantee Agreement does not apply to
any liability to the extent it would result in this Subsidiary Guarantee Agreement constituting
unlawful financial assistance under Articles 329, 430 and/or 629 of the Belgian Corporate Code
(Code des Sociétés).

Section 23.33 Irish Obligors The Issuing Bank agrees that the liability of each Irish
Obligor under this Section 23 does not apply or extend to any liability to the extent that it would
result in this Subsidiary Guarantee Agreement constituting unlawful financial assistance within the
meaning of Section 60 (as amended) of the Companies Act 1963 of Ireland.

Section 23.34 Limitations — Singapore This Subsidiary Guarantee Agreement does not apply to
any liability to the extent it would result in this Subsidiary Guarantee Agreement constituting
unlawful financial assistance within the meaning of Section 76 of the Companies Act (Cap 50) of the
Statutes of the Republic of Singapore.

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 Issuing Bank) whether so expressed or not.

Section 24.2 Payments Due on Non-Business Days Anything in this Agreement or in any other Financing Agreement to the contrary
notwithstanding, any payment required hereunder 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.

Section 24.3 Accounting Terms (a) 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 or in any
other Financing Agreement shall be made in accordance with GAAP, and all financial statements shall
be prepared in accordance with GAAP. For purposes of determining compliance with the financial
covenants contained in this Agreement or any other Financing Agreement, any election by the Company
to measure an item of Indebtedness using fair value (as permitted by Statement of Financial
Accounting Standards No. 159 or any similar accounting standard) shall be disregarded and such
determination shall be made as if such election had not been made.

 

64

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Nedbank Letter of Credit Agreement

(b) Notwithstanding the foregoing, if there is a change in GAAP after the date of this
Agreement, the result of which is to cause the Company to be in default in respect of any financial
covenant contained in Section 9 or Section 10, then such default shall be stayed and no Default or
Event of Default shall occur hereunder. The Company shall then, in consultation with its
independent accountants, negotiate in good faith with the Issuing Bank for a period of at least 90
days to make any necessary adjustments to such covenant or any component of financial computations
used to calculate such covenant to provide the Issuing Bank with substantially the same protection
as such covenant provided prior to the relevant change in GAAP. During such 90-day period and in
the event that no agreement is reached by the end of such 90-day negotiation period, then the
Company’s compliance with such covenant shall be determined on the basis of GAAP in effect at the
date of this Agreement and each subsequent set of financial statements delivered to the Issuing
Bank pursuant to Section 7.1(a) or (b) shall include detailed reconciliations reasonably
satisfactory to the Issuing Bank as to the effect of such change in 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 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 Third Party Rights (a) Unless expressly provided to the contrary in a Financing
Document, a person who is not a party has no right under the Contracts (Rights of Third Parties)
Act 1999 (the “Third Parties Act”) to enforce or to enjoy the benefit of any term of this
Agreement.

 

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	UTi Worldwide Inc.
	 	Nedbank Letter of Credit Agreement

(b) Notwithstanding any term of any Financing Agreement, the consent of any person who is not
a party is not required to rescind or vary this Agreement at any time.

Section 24.8 Governing Law This Agreement and any non-contractual obligations arising out of
or in connection with it are governed by English law.

Section 24.9 Jurisdiction and Process; Waiver of Jury Trial (a) Jurisdiction.

(i) The courts of England have exclusive jurisdiction to settle any dispute arising out
of or in connection with this Agreement (including a dispute relating to the existence,
validity or termination of this Agreement or any non-contractual obligation arising out of
or in connection with this Agreement) (a “Dispute”).

(ii) The Parties agree that the courts of England are the most appropriate and
convenient courts to settle Disputes and accordingly no party to this Agreement will argue
to the contrary.

(iii) This Section 24.9(a) is for the benefit of the Issuing Bank only. As a result,
the Issuing Bank shall not be prevented from taking proceedings relating to a Dispute in any
other courts with jurisdiction. To the extent allowed by law, the Issuing Bank may take
concurrent proceedings in any number of jurisdictions

(b) Service of Process. Without prejudice to any other mode of service allowed under any
relevant law, each Obligor (other than an Obligor incorporated in England and Wales):

(i) irrevocably appoints UTi Worldwide (UK) Limited as its agent for service of process
in relation to any proceedings before the English courts in connection with any Financing
Agreement; and

(ii) agrees that failure by a process agent to notify the relevant Obligor of the
process will not invalidate the proceedings concerned.

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

 

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	 	Nedbank Letter of Credit Agreement

Section 24.10 Obligation to Make Payment in Dollars Any payment on account of an amount that
is payable hereunder or under any other Financing Agreement in Dollars which is made to or for the
account of the Issuing Bank 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 or such other
Financing Agreements only to the extent of the amount of Dollars which the Issuing Bank 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 the Issuing Bank,
each Obligor agrees, jointly and severally, to the fullest extent permitted by law, to indemnify
and save harmless the Issuing Bank 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 and the other Financing Agreements, shall give rise to a separate and independent cause
of action, shall apply irrespective of any indulgence granted by the Issuing Bank 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 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.

This Agreement has been entered into on the dated stated at the beginning of this Agreement.

*   *   *   *   *

 

67

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Nedbank Letter of Credit Agreement

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/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 

 

 

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Nedbank Letter of Credit Agreement

	 	 	 	 	 
	 	UTi (Aust) Pty Limited, ABN 48 006 734 747

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 	UTi Africa Services Limited

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 	Unigistix Inc.

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 	UTi, Canada, IncC.

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 	UTi Canada Holdings, Inc.

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 	Span Manufacturing Limited

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 	UTi Deutschland GmbH

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 

 

 

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Nedbank Letter of Credit Agreement

	 	 	 	 	 
	 	UTi (HK) Ltd.

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 	UTi Nederland B.V.

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 	Servicios Logisticos Integrados SLI, S.A.

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 	Unión de Servicios Logísticos Integrados, S.A.

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 	UTi Spain S.A.

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 	UTi (Taiwan) Limited

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 

 

 

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Nedbank Letter of Credit Agreement

	 	 	 	 	 
	 	UTi Logistics (Taiwan) Ltd.

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 	UTi Worldwide (UK) Limited

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 	UTi, (U.S.) Holdings, Inc.

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 	UTi, United States, Inc.

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 	UTi, Services, Inc.

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 	UTi Brokerage, Inc.

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 	UTi Logistics, Inc.

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 

 

 

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Nedbank Letter of Credit Agreement

	 	 	 	 	 
	 	Vanguard Cargo Systems, Inc.

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 	UTi Integrated Logistics, Inc.,

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 	Market Industries, Ltd.

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 	Market Transport, Ltd.

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 	Triple Express, Inc.

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 	InTransit, Inc.

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 

 

 

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Nedbank Letter of Credit Agreement

	 	 	 	 	 
	 	Market Logistics Services, Ltd.

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 	Market Logistics Brokerage, Ltd.

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 	Sammons Transportation, Inc.

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 	Lake States Trucking, Inc.

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 	Concentrek, Inc.

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 	United Express, Ltd.

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 	African Investments B.V.

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 

 

 

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Nedbank Letter of Credit Agreement

	 	 	 	 	 
	 	UTi Asia Pacific Limited

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 	Goddard Company Limited

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 	UTi International Inc.

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 	UTi (N.A.) Holdings N.V.

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 	UTi (Netherlands) Holdings B.V.

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 	Pyramid Freight (Proprietary) Limited

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 	UTi Logistics N.V.

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 

 

 

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Nedbank Letter of Credit Agreement

	 	 	 	 	 
	 	UTi New Zealand Ltd.

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 	UTi Worldwide (Singapore) Pte Ltd.

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 

	 	 	 	 	 
	 	UTi Ireland Limited

Signed, Sealed and Delivered by

 	 
	 	/s/ Craig Braun
 	 
	 	Craig Braun, 	 
	 	duly appointed attorney

for and on behalf of

UTi IRELAND LIMITED

in the presence of: 	 

	 	 	 	 	 
	 	 	 
	 	Witness: 	/s/  Joe Moyer
 	 
	 	 	Name: Joe Moyer 	 
	 	 	Address:  Long Beach, CA

Occupation:  Assistant Controller 	 

 

 

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Nedbank Letter of Credit Agreement

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

	 	 	 	 	 	 	 	 	 
	 	 	NEDBANK LIMITED, acting through its London Branch, as Issuing Bank	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Christo Roets
	 	/s/ Clive Stewart
	 	 
	 

	 	 
	 	 
	 	 
	 

	 	 	 	Name: Christo Roets

Title: Head: Corporate Banking

                     London
	 	Clive Stewart

Authorized Signatory	 	 

 

 

 

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).

“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 or any province
thereof, Germany, Hong Kong, the Netherlands, the Netherlands Antilles, Spain, Taiwan, the United
Kingdom, Belgium, New Zealand, Ireland and Singapore.

“Business Day” means any day other than a Saturday, a Sunday or a day on which commercial
banks in London, England, British Virgin Islands or South Africa 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.

“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., as
such is amended, restated or replaced from time to time.

SCHEDULE B

(to Letter of Credit Agreement)

 

 

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Nedbank Letter of Credit Agreement

“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) so long as the Existing Financing Agreements remain in place and such provision
is contained therein, a disposal of a material part of the Group.

“Closing” means July 9, 2009.

“Closing Date” means the date on which the Closing occurs.

“Closing Date Letter of Credit” is defined in Section 1.1.

“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., a BVI Business Company incorporated under the laws of the
British Virgin Islands with company number 141257 or any successor that becomes such in the manner
prescribed in Section 10.7.

“Confidential Information” is defined in Section 21.

“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-2

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Nedbank Letter of Credit Agreement

(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.

“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);

 

B-3

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Nedbank Letter of Credit Agreement

(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 Date” means the date of the issuing of a Letter of Credit.

“Credit Support” is defined in Section 3.5

“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.

“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 (Grundstücksteilung).

“Disposition” is defined in Section 10.8.

“Dispute” is defined in Section 24.9(a)(i).

 

B-4

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Nedbank Letter of Credit Agreement

“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,
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.

“Existing Credit Agreement” means that certain Credit Agreement dated July 13, 2006 between
and among the Company and the other obligors parties thereto and ABN AMRO Bank N.V. as global
facility agent, as amended from time to time on or prior to the date hereof.

“Existing Financing Agreements” means that certain Note Purchase Agreement dated as of July
13, 2006 between the Company, the subsidiary guarantors described therein and the purchasers of
notes signatory thereto, the notes issued thereunder and the guarantee provided therein, all as
amended, modified, replaced or refinanced from time to time.

“Existing Letters of Credit” is defined in Section 1.1.

 

B-5

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Nedbank Letter of Credit Agreement

“Final Maturity Date” means the Final Maturity Date (as defined in the Notes).

“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.

“Financing Agreements” means this Agreement and the Subsidiary Guarantee Agreement, in each
case, as amended, restated, modified, supplemented, replaced or refinanced from time to time.

“Fixed Charges” means, with respect to any Measurement Period, the sum (without duplication)
of (a) Consolidated Interest Payable for such period and (b) Lease Rentals for such period.

“Fixed Charges Coverage Ratio” means, for any Measurement Period, the ratio of (a)
Consolidated EBITDA for such Measurement Period plus Lease Rentals for such Measurement Period to
(b) Fixed Charges for such Measurement Period.

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

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

“GAAP” means generally accepted accounting principles, standards and practices as in effect
from time to time in the United States, provided that from and after the date on which the Company
is required or elects to adopt International Financial Reporting Standards (“IFRS”), GAAP shall
mean IFRS as in effect from time to time.

“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

(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

(iii) 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.

 

B-6

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Nedbank Letter of Credit Agreement

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

“IFRS” means International Financial Reporting Standards as in effect from time to time which
are adopted by the International Accounting Standards Board.

“Impermissible Qualification” means any qualification or exception set forth in the audit
opinion of the Company’s independent public accountant regarding the Company’s consolidated
financial statements

(1) which is of a “going concern”;

(2) which limits the scope of examination of matters relevant to such consolidated financial
statements in any material respect; or

 

B-7

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Nedbank Letter of Credit Agreement

(3) which relates to the accounting treatment or classification of any item in such
consolidated financial statements and which, as a condition to its removal, would require any
adjustment to such item the effect of which would be to cause a Default or Event of Default.

Notwithstanding the foregoing, the parties agree that an “Impermissible Qualification” shall
not be deemed to have occurred as a result of any qualification, limitation, treatment or
classification which

(a) is applied or imposed by the Company’s public accountants to public companies generally;

(b) results from the application or adoption of a new accounting pronouncement or IFRS; or

(c) which relates to the audit concerning internal control over financial reporting.

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

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

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

(e) 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);

(f) (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;

(g) 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);

(h) 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

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

 

B-8

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Nedbank Letter of Credit Agreement

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 illiquidity (Zahlungsunfähigkeit),
an imminent inability to pay debts as they fall due (drohende Zahlungsunfähigkeit) and
overindebtedness (Überschuldung).

“Irish Obligor” means an Obligor incorporated under the laws of Ireland.

“ISP” means, with respect to any Letter of Credit, the “International Standby Practices 1998”
published by the Institute of International Banking Law & Practice (or such later version thereof
as may be in effect at the time of issuance).

“Issuance Notice” means an Issuance Notice substantially in the form of Exhibit 1.2.

“Issuing Bank” means Nedbank Limited, acting through its London Branch.

“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.

“LC Agreement” means, collectively, (i) the RBS/ABN LC Agreement, and (ii) LC Agreement shall
also mean any subsequent agreement entered into by the Company, which is similar in scope and size
to the LC Agreement or which constitutes the Company’s main credit facility.

“LC Commitment” means the commitment of the Issuing Bank to issue Letters of Credit after the
Closing Date provided, however, that the aggregate amount of such Letters of Credit shall not
exceed the Maximum Draw Amount.

“LC Usage” means, as at any date of determination, the sum of (i) the maximum aggregate amount
which is, or at any time thereafter may become, available for drawing under all Letters of Credit
then outstanding, and (ii) the aggregate amount of all drawings under Letters of Credit honored by
the Issuing Bank and not theretofore reimbursed by or on behalf of the Company.

“Lease Rentals” means, with respect to any Measurement Period, the sum of the rental and other
obligations required to be paid during such period by a member of the Group as lessee under all
leases of real or personal property (other than Capital Leases), excluding any amount required to
be paid by the lessee (whether or not therein designated as rental or additional rental) on account
of maintenance and repairs, insurance, taxes, assessments, water rates and similar charges,
provided that, if at the date of determination, any such rental or other obligations (or portion
thereof) are contingent or not otherwise definitely determinable by the terms of the related lease,
the amount of such obligations (or such portion thereof) (i) shall be assumed to be equal to the
amount of such obligations for the period of 12 consecutive calendar months
immediately preceding the date of determination or (ii) if the related lease was not in effect
during such preceding 12-month period, shall be the amount estimated by a Senior Financial Officer
of the Company on a reasonable basis and in good faith.

 

B-9

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Nedbank Letter of Credit Agreement

“Letter of Credit” means a letter of credit or bank guarantee issued pursuant to Section 1 in
the form attached as Exhibit 1.1 or as otherwise agreed to by the Issuing Bank issuing such letter
of credit or bank guarantee.

“Leverage Ratio” as defined in Section 10.3.

“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, Issuing Bank 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).

“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.

“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, properties or prospects 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.

“Maturity Date” means the second anniversary of the Closing Date.

“Maximum Draw Amount” means $36,000,000.

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

“moratorium” where it relates to a Dutch Obligor includes surséance van betaling and “granted
a moratorium” includes surséance verleend.

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

 

B-10

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Nedbank Letter of Credit Agreement

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

“Nedbank” means Nedbank Limited, acting through its London Branch.

“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 Financing Agreements” means that certain Note Purchase Agreement dated as of July 9,
2009 between the Company, the subsidiary guarantors described therein and the purchasers of notes
signatory thereto, the notes issued thereunder and the guarantee provided therein, all as amended,
modified, replaced or refinanced from time to time.

“Notes” means the notes issued under the Notes Financing Agreements, all as amended, modified,
replaced or refinanced from time to time.

“Obligations” means all obligations of every nature of each Obligor from time to time owed to
the Issuing Bank (including former Issuing Banks), or any of them under any Financing Agreement,
whether for principal, interest (including interest which, but for the filing of a petition in
bankruptcy with respect to such Obligor, would have accrued on any Obligation, whether or not a
claim is allowed against such Obligor for such interest in the related bankruptcy proceeding),
reimbursement of amounts drawn under Letters of Credit, fees, expenses, indemnification or
otherwise.

“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.

“Optional Currency” means any of the following currencies: Australian dollar, Burundi Franc,
Pula (Botswana), Canadian dollar, Yuan Reenminbi (China), Columbia Peso, Euro, pound sterling, Hong
Kong dollar, Yen (Japan), South African Rand, Sri Lanka Rupee, Mauritius Rupee, Kwacha (Malawi),
Malaysian Ringat, New Zealand dollar, zloty (Poland), Swedish Krona, Singapore dollar, Baht
(Thailand), Turkish Lira and Zimbabwe dollar and any other currency that the Issuing Bank is
permitted to issue under all applicable laws and regulations applicable to it and that is
reasonably acceptable to the Issuing Bank.

“Organizational Documents” means (i) with respect to any corporation, its certificate or
articles of incorporation or organization, as amended, and its by-laws, as amended, (ii) with
respect to any limited partnership, its certificate of limited partnership, as amended, and its
partnership agreement, as amended, (iii) with respect to any general partnership, its partnership
agreement, as amended, (iv) with respect to any limited liability company, its articles of
organization, as amended, and its operating agreement, as amended and (v) with respect to any
Subsidiary not organized in the United States, the equivalent thereof in its jurisdiction of
incorporation or organization.

 

B-11

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Nedbank Letter of Credit Agreement

“Original Financial Statements” means the Form 10-K of the Company for the fiscal year-ended
January 31, 2009.

“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, company, body corporate, corporation, limited
liability company, association, trust, unincorporated organization, business entity or Governmental
Authority.

“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 (m) of Section 10.5; and
(ii) all other Indebtedness of all Subsidiaries not otherwise permitted pursuant to clauses (a)
through (k) 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.

“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).

 

B-12

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Nedbank Letter of Credit Agreement

“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.

“RBS/ABN LC Agreement” means that certain Letter of Credit Agreement dated as of July 9, 2009,
among UTi Worldwide Inc., ABN AMRO N.V. and The Royal Bank of Scotland plc, as amended, modified,
replaced or refinanced from time to time.

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

“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),
(f) 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 plus accrued and unpaid interest) (except to the extent such increases are otherwise
permitted pursuant to Section 10.6(l)); 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 Maturity Date); 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 Obligations 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.

“Reimbursement Date” is defined in Section 3.2.

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

 

B-13

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Nedbank Letter of Credit Agreement

“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 by the SEC and in any event shall
include each Subsidiary Guarantor.

“South African Facility” means the revolving credit facility dated as of July 9, 2009 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.

“Spanish Obligor” means an Obligor incorporated or formed in Spain.

“Spot Exchange Rate” means, at any date of determination thereof, the spot rate of exchange in
London that appears on the display page applicable to the relevant currency on the Telerate System
Incorporated Service (or such other page as may replace such page on such service for the purpose
of displaying the spot rate of exchange in London for the conversion of Dollars into the relevant
Optional Currency or the relevant Optional Currency into Dollars); provided that if there shall at
any time no longer exist such a page on such service, the spot rate of exchange shall be determined
by reference to another similar rate publishing service selected by the applicable Issuing Bank and
reasonably acceptable to the Company.

 

B-14

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Nedbank Letter of Credit Agreement

“Subordinated Indebtedness” means Indebtedness of the Company or any Subsidiary Guarantor that
is by its express terms subordinated in right of payment to the Obligations 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, a BVI 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) UTi Canada Holdings Inc., a corporation formed under the laws of Canada,

(vi) Span Manufacturing Limited, a corporation formed under the laws of Ontario,

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

(viii) UTi (HK) Limited, a corporation formed under the laws of Hong Kong,

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

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

 

B-15

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Nedbank Letter of Credit Agreement

(xi) Unión de Servicios Logísticos Integrados, S.A., Sociedad Unipersonal, a
corporation formed under the laws of Spain,

(xii) UTi Spain S.A., Sociedad Unipersonal, a corporation formed under the laws of
Spain,

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

(xiv) UTi Logistics (Taiwan) Ltd., 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) Vanguard Cargo Systems, Inc., a corporation formed under the laws of New York,

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

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

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

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

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

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

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

 

B-16

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Nedbank Letter of Credit Agreement

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

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

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

(xxxii) Concentrek, Inc., a corporation formed under the laws of Arizona,

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

(xxxiv) UTi Asia Pacific Limited, a BVI Business company incorporated under the laws of
the British Virgin Islands,

(xxxv) Goddard Company Limited, a BVI Business company incorporated formed under the
laws of the British Virgin Islands,

(xxxvi) UTi International Inc., a BVI 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,

(xxxix) Pyramid Freight (Proprietary) Limited, a BVI 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),

(xl) UTi Logistics N.V., a company formed under the laws of Belgium,

(xli) UTi New Zealand Ltd., a company organized under the laws of New Zealand;

(xlii) UTi Ireland Limited, a company organized under the laws of Ireland;

(xliii) UTi Worldwide (Singapore) Pte Ltd., a company organized under the laws of
Singapore; and

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

“Summary of Terms” means the Summary of Indicative Terms and Conditions dated as of July 1,
2009 with respect to the $36,000,000 Letter of Credit Facility.

 

B-17

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Nedbank Letter of Credit Agreement

“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.

“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.

“Third Party Rights” is defined in Section 24.7(a).

“Threshold CNW Amount” is defined in Section 10.2.

“trustee” related to a bankruptcy of a Dutch Obligor includes a curator.

“U.S. Dollar Amount” means (a) if a Letter of Credit is denominated in Dollars, its amount; or
(b) if a Letter of Credit denominated in an Optional Currency, its equivalent in Dollars calculated
on the basis of the relevant Issuing Bank’s Spot Exchange Rate on the date of determination for
that Letter of Credit.

“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.

“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 direct or indirect Wholly-Owned Subsidiary of the Company.

 

B-18Exhibit 10.4

Exhibit 10.4

FACILITIES AGREEMENT

Amongst

THE PARTIES LISTED IN PART IA OF SCHEDULE 1 HERETO

(in their capacities as Original WCF Lenders)

and

THE PARTIES LISTED IN PART IB OF SCHEDULE 1 HERETO

(in their capacities as Original Participating Lenders)

and

NEDBANK LIMITED

(acting through its CORPORATE BANKING DIVISION)

(in its capacity as Arranger and Facility Agent)

and

NEDBANK LIMITED

(in its capacity as Issuing Bank)

and

THE PARTIES LISTED IN PART II OF SCHEDULE 1 HERETO

(in their capacities as Original Borrowers)

and

THE PARTIES LISTED IN PART III OF SCHEDULE 1 HERETO

(in their capacities as Original Guarantors)

 

 

 

Table of Contents

	 	 	 	 	 
	1. PARTIES
	 	 	1	 
	2. DEFINITIONS AND INTERPRETATION
	 	 	2	 
	3. THE FACILITIES
	 	 	46	 
	4. PURPOSE
	 	 	48	 
	5. CONDITIONS OF UTILISATION
	 	 	49	 
	6. UTILISATION
	 	 	50	 
	7. EXISTING FACILITIES
	 	 	52	 
	8. REPAYMENT
	 	 	52	 
	9. PREPAYMENT AND CANCELLATION
	 	 	53	 
	10. INTEREST
	 	 	57	 
	11. INTEREST PERIODS
	 	 	60	 
	12. FEES
	 	 	61	 
	13. TAX GROSS UP AND INDEMNITIES
	 	 	62	 
	14. INCREASED COSTS
	 	 	67	 
	15. OTHER INDEMNITIES
	 	 	71	 
	16. MITIGATION BY THE WCF LENDERS
	 	 	72	 
	17. STANDBY LETTER OF CREDIT FACILITY
	 	 	73	 
	18. COSTS AND EXPENSES
	 	 	80	 
	19. GUARANTEE AND INDEMNITY
	 	 	81	 
	20. REPRESENTATIONS
	 	 	87	 
	21. INFORMATION UNDERTAKINGS
	 	 	94	 
	22. FINANCIAL COVENANTS
	 	 	100	 

 

 

 

	 	 	 	 	 
	23. GENERAL UNDERTAKINGS
	 	 	102	 
	24. EVENTS OF DEFAULT
	 	 	111	 
	25. CHANGES TO THE LENDERS
	 	 	118	 
	26. CHANGES TO THE OBLIGORS
	 	 	124	 
	27. ROLE OF THE FACILITY AGENT
	 	 	127	 
	28. CONDUCT OF BUSINESS BY THE FINANCE PARTIES
	 	 	137	 
	29. SHARING AMONG THE FINANCE PARTIES
	 	 	137	 
	30. PAYMENT MECHANICS
	 	 	140	 
	31. SET-OFF
	 	 	142	 
	32. CONFIDENTIALITY
	 	 	143	 
	33. NOTICES AND DOMICILIA
	 	 	146	 
	34. GENERAL
	 	 	150	 
	SCHEDULE
1 : IDENTITY OF PARTIES*
	 	 	165	 
	SCHEDULE
2 : ADVANCE CONDITION DOCUMENTS*
	 	 	168	 
	SCHEDULE 3 : ORIGINAL FACILITIES
	 	 	176	 
	SCHEDULE 4 : FORM OF ACCESSION UNDERTAKING*
	 	 	 	 
	SCHEDULE 5 : FORM OF COMPLIANCE CERTIFICATE*
	 	 	 	 
	SCHEDULE 6 : FORM OF TRANSFER CERTIFICATE*
	 	 	 	 
	SCHEDULE 7 : PERMITTED TRANSFEREES*
	 	 	 	 
	SCHEDULE 8 : FORM OF RESIGNATION LETTER*
	 	 	 	 
	SCHEDULE 9 : FORM OF INDEBTEDNESS COMPLIANCE CERTIFICATE*
	 	 	 	 
	SCHEDULE
10 : EXISTING FACILITES*
	 	 	 	 
	SCHEDULE 11 : FORM OF STANDBY LETTER OF CREDIT*
	 	 	 	 

 

* Schedule omitted

 

 

 

FACILITIES AGREEMENT

	1.	 	PARTIES

	1.1	 	The Parties to this Agreement are:

	1.1.1	 	THE PARTIES LISTED IN PART IA OF SCHEDULE 1 HERETO (in their capacities as Original WCF
Lenders);

	1.1.2	 	THE PARTIES LISTED IN PART IB OF SCHEDULE 1 HERETO (in their capacities as Original
Participating Lenders);

	1.1.3	 	NEDBANK LIMITED (acting through its CORPORATE BANKING division) (in its capacity as Arranger
and Facility Agent);

	1.1.4	 	NEDBANK LIMITED (in its capacity as Issuing Bank);

	1.1.5	 	THE PARTIES LISTED IN PART II OF SCHEDULE 1 HERETO (in their capacities as Original
Borrowers); and

	1.1.6	 	THE PARTIES LISTED IN PART III OF SCHEDULE 1 HERETO (in their capacities as Original
Guarantors).

	1.2	 	The Parties agree as set out below.

 

Page 1

 

	2.	 	DEFINITIONS AND INTERPRETATION

	2.1	 	In this Agreement, unless the context dictates otherwise, the words and expression set forth
shall bear the following meanings and cognate expressions shall bear corresponding meanings:

	2.1.1	 	“Accession Undertaking” means a document substantially in the form set out in Schedule 4
(Form of Accession Undertaking).

	2.1.2	 	“Additional Borrower” means a person which becomes an Additional Borrower in accordance with
clause 26 (Changes to the Obligors).

	2.1.3	 	“Additional Guarantor” means a company which becomes an Additional Guarantor in accordance
with clause 26 (Changes to the Obligors).

	2.1.4	 	“Advance Condition Documents” means all of the documents and other evidence listed in Part I
of Schedule 2 (Advance Condition Documents).

	2.1.5	 	“Advance Date” means 8 July 2009.

	2.1.6	 	“Agreement” means this Facilities Agreement and its Schedules.

	2.1.7	 	“Annual Total Debt Service Cover Ratio” means Free Cash Flow divided by Total Debt Service.

	2.1.8	 	“Applicable ABF Schedule” means, in respect of a Facility B Loan, the schedule relating to
such Facility B Loan and designated with the loan number (as specified in such Applicable ABF
Schedule) for such Facility B Loan, signed by the Borrower and the WCF Lenders in accordance
with the terms and conditions of the Asset Based Finance Facility Master Agreement.

	2.1.9	 	“Arranger” means Nedbank, in its capacity as Arranger of the Facilities.

 

Page 2

 

	2.1.10	 	“Asset Based Finance Facility Master Agreement” means the written agreement entitled “Asset
Based Finance Facility Master Agreement” concluded or to be concluded between the WCF Lenders,
the Facility Agent, the Borrowers and the Guarantors on or about the Signature Date pursuant
to which Facility B will be made.

	2.1.11	 	“Authorisation” means an authorisation, consent, approval, resolution, licence, exemption,
filing, notarisation or registration.

	2.1.12	 	“Authorised Signatory” means a person or persons duly authorised to bind an Obligor in terms
of the Finance Documents to which they are a party and in respect of whom an Obligor shall
have delivered to the Facility Agent certified specimens of such person’s or persons’
signature(s) together with evidence reasonably satisfactory to the Facility Agent that such
person is duly authorised to bind that Obligor and in respect of whom the Facility Agent has
not received notification in writing from that Obligor that such person or persons are no
longer so authorised to bind that Obligor.

	2.1.13	 	“Availability Period” means:

	2.1.13.1	 	in relation to Facility A, the period commencing on (and including) the Advance Date and
ending on (and including) the Termination Date of Facility A;

	2.1.13.2	 	in relation to Facility B, the period commencing on (and including) the Advance Date and
ending on (and including) the date falling 1 (one) month prior to the Termination Date of
Facility B; and

 

Page 3

 

	2.1.13.3	 	in relation to Facility C, for any year prior to the Facility C Final Date:

	2.1.13.3.1	 	the period commencing on (and including) 1 March of that year and ending on (and
including) 30 April of the same year; and

	2.1.13.3.2	 	the period commencing on (and including) 1 December of that year and ending on (and
including) 31 January of the following year.

	2.1.14	 	“Available Commitment” means, in relation to a Facility, a WCF Lender’s Commitment under
that Facility minus:

	2.1.14.1	 	the amount of its participation in any outstanding Loans under that Facility; and

	2.1.14.2	 	in relation to any proposed Utilisation, the amount of its participation in any Loans that
are due to be made under that Facility on or before the proposed Utilisation Date,

other than, in relation to any proposed Utilisation under a Facility, that WCF
Lender’s participation in any Loans that are due to be repaid or prepaid on or
before the proposed Utilisation Date.

	2.1.15	 	“Available Facility” means, in relation to a Facility, the aggregate for the time being of
each WCF Lender’s Available Commitment in respect of that Facility.

	2.1.16	 	“Borrower” means an Original Borrower or an Additional Borrower unless it has ceased to be a
Borrower in accordance with clause 26
(Changes to the Obligors) and “Borrowers” means, the context requires, all of
them.

 

Page 4

 

	2.1.17	 	“Borrower Group” means the Obligors and their subsidiaries for the time being (excluding
Portion 118 Rietfontein (Proprietary) Limited, Sisonke Partnership South Africa, Chronic
Solutions Company, Chiltrac (Proprietary) Limited South Africa, Sun Exco Investments
(Proprietary) Limited South Africa and their subsidiaries).

	2.1.18	 	“Breakage Costs” means the amount (if any) by which:

	2.1.18.1	 	the interest which a WCF Lender should have received for the period from the date of
receipt of all or any part of its participation in a Loan or Unpaid Sum to the last day of the
current Interest Period in respect of that Loan or Unpaid Sum, had the principal amount or
Unpaid Sum received been paid on the last day of that Interest Period;

exceeds:

	2.1.18.2	 	the amount which that WCF Lender would be able to obtain by placing an amount equal to the
principal amount or Unpaid Sum received by it on deposit with a leading bank in the
Johannesburg Interbank Market for a period starting on the Business Day following receipt or
recovery by the WCF Lender and ending on the last day of the current Interest Period.

	2.1.19	 	“Business Day” means a day (other than a Saturday, Sunday or an official public holiday in
South Africa within the meaning of the Public Holiday Act, 1994) on which banks generally are
open for business in Johannesburg.

 

Page 5

 

	2.1.20	 	“Cash Management Systems” means intra day cash pooling or cash concentration arrangements
maintained with one or more financial institutions which provide for the notional aggregation
of positive cash balances in bank accounts of the Borrower Group maintained with such
financial institutions and/or the notional set-off of such aggregate cash balances against
bank account deficits for the purposes of maximising the aggregate interest earned by the
Borrower Group and minimising the aggregate interest paid by the Borrower Group and which
provide for an end of day net cash positive position or zero position.

	2.1.21	 	“Cession in Security” means the written agreement entitled “Cession in Security” to be
concluded between Pyramid Freight SA and the Finance Parties pursuant to which Pyramid Freight
SA cedes its rights in respect of the loan agreements listed in Schedule 1 thereto in favour
of the Finance Parties as security for the obligations of Pyramid Freight SA under the Finance
Documents.

	2.1.22	 	“Change of Control” means, after the Signature Date, any person or group of persons who
exercise Control as at Signature Date, ceasing to have direct or indirect Control.

	2.1.23	 	“CIH” means Co-ordinated Investment Holdings (Proprietary) Limited (Registration No.
1998/003167/07), a private company duly incorporated according to the laws of South Africa.

	2.1.24	 	“CMH” means Co-ordinated Materials Handling (Proprietary) Limited (Registration No.
1996/002517/07), a private company duly incorporated according to the laws of South Africa.

	2.1.25	 	“Commitment” means a Facility A Commitment, a Facility B Commitment or a Facility C Amount.

 

Page 6

 

	2.1.26	 	“Compliance Certificate” means a certificate substantially in the form set out in Schedule 5
(Form of Compliance Certificate).

	2.1.27	 	“Control” means in relation to any company the shares of which are not listed on a stock
exchange, and where another company or legal entity or person (acting alone or together with
others pursuant to an agreement or understanding):

	2.1.27.1	 	holds or controls more than 50% (fifty percent) of the voting rights (taking into account
when such voting rights can be exercised) in that company; or

	2.1.27.2	 	has the right to appoint or remove the majority of that company’s board of directors; or

	2.1.27.3	 	has the power to ensure the majority of that company’s board of directors will act in
accordance with its wishes.

	2.1.28	 	“CP Satisfaction Date” means the date of the written notice given or to be given by the
Facility Agent pursuant to clause 5.1 (Initial conditions precedent).

	2.1.29	 	“Debtors” means, in relation to debtors of the Borrower Group incorporated or domiciled in
South Africa, all trade receivables and trade bills (but excluding credit balances, if any)
less provisions for bad and doubtful debts, debtors outstanding for longer than 90 (ninety)
days and inter-company debtors.

	2.1.30	 	“Debtors Cover Ratio” means, at any time, the ratio of Debtors to the proposed utilisation
of a Facility C Loan at that time.

 

Page 7

 

	2.1.31	 	“Default” means an Event of Default or any event or circumstance specified in clause 24
(Events of Default) which would (with the expiry of a grace period, the giving of notice, the
making of any determination under the Finance Documents or any combination of any of the
foregoing) be an Event of Default.

	2.1.32	 	“Default Interest Rate” means, in relation to any Interest Period relating to any Unpaid
Sum, the aggregate of the Interest Rate and the Default Margin.

	2.1.33	 	“Default Margin” means 300 (three hundred) basis points nacm.

	2.1.34	 	“Derivative Instrument” means a Facility A Loan made by way of a derivative instrument.

	2.1.35	 	“Direct Facility Instrument” means any Overdraft, Foreign Currency Account or any other
instrument agreed to by the WCF Lenders which may comprise a facility provided under Facility
A and “Direct Facility Instruments” means, as the context requires, all of them.

	2.1.36	 	“Direct Facilities Instrument Sub-limit” means the aggregate of the Direct Facility
Instruments, being R400 000 000 (Four Hundred Million Rand).

	2.1.37	 	“Discharge Date” means the date on which:

	2.1.37.1	 	all the Liabilities (other than contingent liabilities in respect of continuing
indemnities under the Finance Documents under which no claim has been made and which remain
undischarged) have been fully paid and discharged to the reasonable satisfaction of the
Facility Agent whether or not as a result of enforcement; and

 

Page 8

 

	2.1.37.2	 	the WCF Lenders have no commitment, obligation or liability (whether actual or contingent)
to lend money or provide other financial accommodation to any Obligor, under any Finance
Document.

	2.1.38	 	“Disposal” means a sale, lease, transfer or other disposal by a person of any asset,
undertaking or business (whether voluntary or involuntary and whether as a single transaction
or a series of transactions).

	 
	 	 	“EBITDA” means, in respect of any Measurement Period, consolidated operating
income before interest paid, after interest received, Tax, depreciation and
amortization of any intangible assets.

	2.1.39	 	“Encumbrance” means:

	2.1.39.1	 	any mortgage, pledge, lien, assignment or cession conferring security, hypothecation,
security interest, preferential right or trust arrangement or other encumbrance securing any
obligation of any person; or

	2.1.39.2	 	any arrangement under which money or claims to, or for the benefit of, a bank or other
account may be applied, set off or made subject to a combination of accounts so as to effect
discharge of any sum owed or payable to any person; or

	2.1.39.3	 	any other type of preferential agreement or arrangement (including any title transfer and
retention arrangement), the effect of which is the creation of a security interest.

 

Page 9

 

	2.1.40	 	“EURIBOR” means, in relation to any Foreign Currency Account in euro, the applicable Screen
Rate as of the Specified Time on the Quotation Day for the currency of that Foreign Currency
Account and a period comparable to the Interest Period of that Foreign Currency Account.

	2.1.41	 	“Event of Default” means any event or circumstance specified as such in clause 24 (Events of
Default).

	2.1.42	 	“Existing ABF Facility Master Agreements” means:

	2.1.42.1	 	the Existing Sun Couriers Master Agreement; and

	2.1.42.2	 	the Existing UTi Mounties Master Agreement.

	2.1.43	 	“Existing Facilities” means the facilities and instruments set out in Schedule 10 (Existing
Facilities), issued by the Issuing Bank for the account of or on behalf of the Borrower(s)
pursuant to the Existing Letter of Credit Agreement and the Existing ABF Facility Master
Agreements that are outstanding on the CP Satisfaction Date.

	2.1.44	 	“Existing Letters of Credit Agreement” means the written agreement dated 13 July 2006 in
relation to the US$250,000,000 Credit Facility for UTi Worldwide arranged by ABN Amro Bank
N.V. and Lasalle Bank National Association, with Nedbank as South African Facility Agent (as
defined therein).

	2.1.45	 	“Existing Sun Couriers Master Agreement” means the written agreement dated 5 July 2007
concluded between Nedbank and UTi SA trading as Sun Couriers.

 

Page 10

 

	2.1.46	 	“Existing UTi Mounties Master Agreement” means the written agreement dated 13 July 2007
concluded between Nedbank and UTi SA trading as UTi Mounties.

	2.1.47	 	“Facility” means Facility A, Facility B or Facility C and “Facilities” means all of them.

	2.1.48	 	“Facility A” means the revolving loan facility made available under this Agreement as
described in clause 3 (The Facilities) which may be availed of by way of Direct Facility
Instruments and/or Indirect Facility Instruments.

	2.1.49	 	“Facility A Commitment” means:

	2.1.49.1	 	in relation to an Original WCF Lender, the amount set opposite its name under the heading
“Facility A Commitment” in Part I of Schedule 3 (Original Facilities) (as varied by any
transfer, assignment, novations or other amendments made in accordance with the terms of the
Finance Documents); and

	2.1.49.2	 	in relation to any person becoming a WCF Lender after the Signature Date, the amount of
any Facility A Commitment transferred to it under this Agreement (as varied by any transfer,
assignment, novations or other amendments made in accordance with the terms of the Finance
Documents),

	 	 	to the extent not cancelled, reduced or transferred by it under this Agreement.

	2.1.50	 	“Facility A Loan” means a loan made or to be made under Facility A or the principal amount
outstanding for the time being of that loan.

 

Page 11

 

	2.1.51	 	“Facility A Final Repayment Date” means the 3rd (third) anniversary of the
Advance Date.

	2.1.52	 	“Facility Agent” means Nedbank, in its capacity as facility agent on behalf of the WCF
Lenders.

	2.1.53	 	“Facility B” means the revolving asset based finance facility made available under the Asset
Based Finance Facility Agreements and this Agreement as described in clause 3 (The
Facilities).

	2.1.54	 	“Facility B Commitment” means:

	2.1.54.1	 	in relation to an Original WCF Lender, the amount set opposite its name under the heading
“Facility B Commitment” in Part I of Schedule 3 (Original Facilities) (as varied by any
transfer, assignment, novations or other amendments made in accordance with the terms of the
Finance Documents); and

	2.1.54.2	 	in relation to any person becoming a WCF Lender after the Signature Date, the amount of
any Facility B Commitment transferred to it under this Agreement,

	 	 	to the extent not cancelled, reduced or transferred by it under this Agreement.

	2.1.55	 	“Facility B Loan” means a loan made or to be made under Facility B or the principal amount
outstanding for the time being of that loan.

	2.1.56	 	“Facility B Final Repayment Date” means the 5th (fifth) anniversary of the
Advance Date.

 

Page 12

 

	2.1.57	 	“Facility C” means the uncommitted seasonal customs facility made available under this
Agreement as described in clause 3 (The Facilities).

	2.1.58	 	“Facility C Final Date” means the 3rd (third) anniversary of the Advance Date.

	2.1.59	 	“Facility C Loan” means a loan made or to be made under Facility C or the principal amount
outstanding for the time being of that loan.

	2.1.60	 	“Facility C Amount” means, once the necessary credit approval has been granted in relation
to a Facility C Loan in accordance with this Agreement:

	2.1.60.1	 	in relation to an Original WCF Lender, the amount approved by the internal credit
committee of that WCF Lender, up to a maximum of the amount set opposite its name under the
heading “Facility C Uncommitted Amount” in Part II of Schedule 3 (Original Facilities) (as
varied by any transfer, assignment, novations or other amendments made in accordance with the
terms of the Finance Documents); and

	2.1.60.2	 	in relation to any person becoming a WCF Lender after the Signature Date, the amount of
any Facility C Amount transferred to it under this Agreement,

	 	 	to the extent not cancelled, reduced or transferred by it under this Agreement.

	2.1.61	 	“Facility Outstandings” means at any time and in respect of any WCF Lender, the aggregate
amount at that time of all amounts of capital, accrued and unpaid interest, Breakage Costs and
any other amounts due and payable to that WCF Lender at that time under the Finance Documents.

 

Page 13

 

	2.1.62	 	“Fee Letter” means any letter or letters dated on or about the Signature Date between the
WCF Lenders or the Issuing Bank and a Borrower (or the Facility Agent and a Borrower) setting
out any of the fees referred to in clause 12 (Fees).

	2.1.63	 	“Financial Close Date” means the date which is the earlier of:

	2.1.63.1	 	the CP Satisfaction Date; or

	2.1.63.2	 	the date on which a Loan is made under this Agreement.

	2.1.64	 	“Finance Documents” means collectively:

	2.1.64.1	 	this Agreement;

	2.1.64.2	 	the Asset Based Finance Facility Master Agreement;

	2.1.64.3	 	the Subordination Agreement;

	2.1.64.4	 	the Cession in Security;

	2.1.64.5	 	any Applicable ABF Schedule;

	2.1.64.6	 	any Fee Letter;

	2.1.64.7	 	any Accession Undertaking;

	2.1.64.8	 	any Transfer Certificate;

 

Page 14

 

	2.1.64.9	 	any Resignation Letter;

	2.1.64.10	 	any document issued or agreement entered into pursuant to an Indirect Facility
Instrument;

	2.1.64.11	 	any other document designated as such in writing by the Facility Agent and a Borrower;
and

	2.1.64.12	 	any amendment agreement to any of the Finance Documents referred to in clauses 2.1.64.1
to 2.1.64.11 (both inclusive),

	 	 	and “Finance Document” means, as the context requires, any of them.

	2.1.65	 	“Finance Parties” means collectively:

	2.1.65.1	 	the Facility Agent; and

	2.1.65.2	 	each WCF Lender,

	 	 	and “Finance Party” means, as the context requires, any of them.

	2.1.66	 	“Financial Covenants” means the financial covenants and ratios set out in clause 22
(Financial Covenants).

	2.1.67	 	“Financial Indebtedness” means (without double counting) any indebtedness for or in respect
of:

	2.1.67.1	 	moneys borrowed;

	2.1.67.2	 	any amount raised by acceptance under any acceptance credit facility or dematerialised
equivalent;

 

Page 15

 

	2.1.67.3	 	any amount raised pursuant to any note purchase facility or the issue of bonds, notes,
debentures, loan stock, redeemable preference shares or any similar instrument;

	2.1.67.4	 	the amount of any liability in respect of any lease or hire purchase contract which would,
in accordance with GAAP, be treated as a finance or capital lease;

	2.1.67.5	 	receivables sold or discounted (other than any receivables to the extent they are sold on
a non-recourse basis);

	2.1.67.6	 	the amount of any liability in respect of any purchase price for assets or services the
payment of which is deferred for any period in excess of 6 (six) months where the deferral of
such price is either:

	2.1.67.6.1	 	used primarily as a method of raising credit; or

	2.1.67.6.2	 	not made in the ordinary course of business;

	2.1.67.7	 	any agreement or option to re-acquire an asset if one of the primary reasons for entering
into such agreement or option is to raise finance;

	2.1.67.8	 	any amount raised under any other transaction (including any forward sale or purchase
agreement) having the commercial effect of a borrowing;

 

Page 16

 

	2.1.67.9	 	any derivative transaction entered into in connection with protection against or benefit
from fluctuation in any rate or price
(and, when calculating the value of any derivative transaction, only the
marked to market value shall be taken into account);

	2.1.67.10	 	any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or
documentary letter of credit or any other instrument issued by a bank or financial
institution;

	2.1.67.11	 	(without double counting) the amount of any liability in respect of any guarantee or
indemnity for any of the items referred to in clauses 2.1.67.1 to 2.1.67.10; and

	2.1.67.12	 	indebtedness pursuant to the definition of “Indebtedness” under the Original Note
Purchase Agreement and the Second Note Purchase Agreement.

	2.1.68	 	“Financial Year” means, at any time the Financial Year of each member of the Borrower Group
ending on 31 January in each year.

	2.1.69	 	“Foreign Currency Account” means a Facility A Loan made by way of foreign currency (CFC)
account.

	2.1.70	 	“Forward Exchange Contract” means a Facility A Loan made by way of a forward exchange
contract entered into on behalf of a Borrower.

	2.1.71	 	“Free Cash Flow” means EBITDA plus interest income, less Tax paid, plus/less changes in
working capital less capital expenditure incurred (including investments) plus/less movements
in non-cash items plus asset disposal proceeds and excluding draw downs under any bank
facilities.

 

Page 17

 

	2.1.72	 	“GAAP” means Generally Accepted Accounting Practise developed by the South African Institute
of Chartered Accountants as amended from time to time and as approved from time to time by the
Accounting Practices Board (including IFRS).

	2.1.73	 	“Gross Debt” means all debts and all debts of an interest bearing nature of the Borrower
Group including contingent liabilities, redeemable preference shares, redeemable debentures,
and all and any interest obligations or other obligations which are in a substance of a
substantially similar nature to interest bearing debt which are payable in terms of any off
balance sheet financing structure.

	2.1.74	 	“Guarantor” means an Original Guarantor or an Additional Guarantor.

	2.1.75	 	“IFRS” means international accounting standards within the meaning of the IAS Regulation
1606/2002 to the extent applicable to the relevant financial statements.

	2.1.76	 	“IHD Put Option” means the put option granted to Kagiso Sisonke Empowerment Trust South
Africa by Pyramid Freight SA to put their 25,1% (twenty-five comma one percent) share of
Sisonke Partnership South Africa to Pyramid Freight SA in 2010.

	2.1.77	 	“Ilanga Freight” means Ilanga Freight (Proprietary) Limited (Registration No.
1989/004006/07), a private company duly incorporated according to the laws of South Africa.

	2.1.78	 	“Indebtedness” shall be widely construed so as to include any obligation (whether incurred
as principal or surety) for the payment or repayment of money, whether present or future,
actual or contingent, but without duplication.

 

Page 18

 

	2.1.79	 	“Indebtedness Compliance Certificate” means a certificate substantially in the form set out
in Schedule 9 (Form of Indebtedness Compliance Certificate).

	2.1.80	 	“Indirect Facility Instrument” means any Letter of Guarantee, Letter of Credit, Forward
Exchange Contract and Derivative Instrument issued for a period not exceeding 12 (twelve)
months from date of issue (unless agreed to by the Facility Agent in writing) which may
comprise a facility provided under Facility A and “Indirect Facility Instruments” means, as
the context requires, all of them.

	2.1.81	 	“Indirect Facility Instruments Sub-limit” means the aggregate of the Indirect Facilities,
being R250 000 000 (Two Hundred and Fifty Million Rand).

	2.1.82	 	“Intellectual Property Rights” means all know-how, patents, trade marks, designs, trading
names, copyright, logos, brands and other intellectual property rights (in each case whether
registered or not and including all applications for the same).

	2.1.83	 	“Intercompany Loans” means any loans or facilities made available by any member of the
Borrower Group or its affiliates to any other member of the Borrower Group or its affiliates.

	2.1.84	 	“Interest Bearing Debt” means any Indebtedness of a member of the Borrower Group (including
accrued interest), from time to time, in respect of:

	2.1.84.1	 	money borrowed at banks and any other financial institutions (including, but not limited
to, the Facilities);

 

Page 19

 

	2.1.84.2	 	any debenture, bond, note, loan stock or other debt security with the exception of any
unsecured, subordinated (on terms and conditions approved in advance and in writing by the
Facility Agent), variable rate debentures issued or to be issued by a member of the Borrower
Group in terms of a debenture trust deed of such member of the Borrower Group which debenture
trust deed has been approved in advance and in writing by the Facility Agent;

	2.1.84.3	 	any acceptance credit;

	2.1.84.4	 	receivables sold or discounted (otherwise than on a non-recourse basis);

	2.1.84.5	 	the acquisition cost of any asset to the extent payable after the time of acquisition or
possession of the person liable and to the extent payable during the Term where the deferred
payment is arranged primarily as a method of raising finance or financing the acquisition of
that asset;

	2.1.84.6	 	any lease entered into primarily as a method of raising finance or financing the
acquisition of the asset leased, excluding operating leases and rental agreements; and/or

	2.1.84.7	 	any amount raised under any other transaction having the commercial effect of a borrowing
or raising of money,

	 	 	but excluding:

	2.1.84.8	 	Shareholder Loans and Intercompany Loans which are subordinated to the claims of the
Finance Parties on terms and
conditions relating to such subordination, to the satisfaction of the
Facility Agent; and

 

Page 20

 

	2.1.84.9	 	obligations incurred or owed to trade creditors in the normal ordinary and regular course
of business.

	2.1.85	 	“Interest Cover Ratio” means:

	2.1.85.1	 	consolidated EBITDA;

	2.1.85.2	 	divided by total interest paid,

	 	 	for each period of 12 (twelve) months prior to each Measurement Date.

	2.1.86	 	“Interest Period” means, in relation to a Loan, each period determined in accordance with
clause 11 (Interest Periods) and, in relation to an Unpaid Sum, each period determined in
accordance with clause 10.3 (Default interest).

	2.1.87	 	“Interest Rate” means, subject to clause 10.5 (Market and Rate disruption):

	2.1.87.1	 	in relation to Direct Facility Instruments:

	2.1.87.1.1	 	in respect of Overdrafts, the percentage rate of the Prime Rate less 100 (one hundred)
basis points all expressed on a nacm basis;

	2.1.87.1.2	 	in respect of Foreign Currency Accounts, the aggregate of the Relevant Rate, the WCF
Lenders’ cost of funds (to the extent not already taken into account in the Relevant Rate) and
the Margin, all expressed on a nacm basis; and

 

Page 21

 

	2.1.87.1.3	 	in respect of any other Direct Facility Instrument, shall be a percentage rate agreed
upon in writing by the WCF Lenders and the Borrowers;

	2.1.87.2	 	in relation to Indirect Facility Instruments, shall be a percentage rate agreed upon in
writing by the WCF Lenders and the Borrowers;

	2.1.87.3	 	in relation to Facility B, the percentage rate of the Prime Rate less 100 (one hundred)
basis points all expressed on a nacm basis;

	2.1.87.4	 	in relation to Facility C, the rate agreed upon in writing by the WCF Lenders and the
Borrowers.

	2.1.88	 	“Issuing Bank” means Nedbank Limited (Registration No. 1951/000009/06), in its capacity as
issuing bank under the Standby Letter of Credit Facility.

	2.1.89	 	“Lender” means a WCF Lender or a Participating Lender and “Lenders” means, as the context
requires, all of them.

	2.1.90	 	“Letter of Credit” means a Facility A Loan made by way of a letter of credit issued by the
WCF Lenders in response to the receipt by the WCF Lender of a request from a Borrower.

	2.1.91	 	“Letter of Guarantee” means a Facility A Loan made by way of a letter of guarantee issued by
the WCF Lenders in response to the receipt by the WCF Lender of a request from a Borrower.

 

Page 22

 

	2.1.92	 	“Liabilities” means all present and future liabilities and obligations at any time of a
Borrower to the Finance Parties under the Finance Documents.

	2.1.93	 	“LIBOR” means, in relation to any Foreign Currency Account, other than a Foreign Currency
Account in euro, the applicable Screen Rate as of the Specified Time on the Quotation Day for
the currency of that Foreign Currency Account and a period comparable to the Interest Period
of that Foreign Currency Account.

	2.1.94	 	“Loan” means a Facility A Loan, a Facility B Loan or a Facility C Loan and “Loans” means, as
the context requires, all of them.

	2.1.95	 	“Majority WCF Lenders” means:

	2.1.95.1	 	if there are no Loans then outstanding, a WCF Lender or WCF Lenders whose Commitments
aggregate more than 67% of the aggregate of the Total Commitments and the Facility C Amount
(or, if the Total Commitments and the Facility C Amount have been reduced to zero, aggregated
more than 67% of the Total Commitments and/or the Facility C Amount, as applicable,
immediately prior to the reduction); or

	2.1.95.2	 	at any other time, a WCF Lender or WCF Lenders whose participations in the Loans then
outstanding aggregate more than 67% of all the Loans then outstanding.

	2.1.96	 	“Margin” means, in relation to Facility A, in respect of Foreign Currency Accounts, 300
(three hundred) basis points per annum.

 

Page 23

 

	2.1.97	 	“Market Disruption Event” has the meaning given thereto in clause 10.5 (Market and Rate
disruption).

	2.1.98	 	“Material Adverse Effect” means any event, matter or circumstance (or combination of events,
matters or circumstances) which has or may have a material adverse effect on:

	2.1.98.1	 	the condition (financial or otherwise) of the business or prospects of the Obligors or any
of their affiliates or any one of them; or

	2.1.98.2	 	the ability of an Obligor or any of its affiliates to perform its payment or other
material obligations under any agreement to which it is a party or under any Finance Document
to which it is a party; or

	2.1.98.3	 	the legality, validity and/or enforceability of the Finance Documents or any of them or
the rights or remedies of the Finance Parties thereunder.

	2.1.99	 	“Material Subsidiary” means any member of the Borrower Group which is incorporated in South
Africa and whose gross assets, turnover or EBIDTA (in each case calculated excluding
intra-group items and reference to the annual consolidated accounts of the Borrower Group)
represents 10% (ten percent) or more of the consolidated gross assets, turnover or EBITDA of
the Borrower Group.

	2.1.100	 	“Measurement Date” means the last day of each Financial Year of the Borrower Group and the
last day of each financial half year of the Borrower Group throughout the Term.

 

Page 24

 

	2.1.101	 	“Measurement Period” means each period of 12 (twelve) months trailing (preceding) a
Measurement Date.

	2.1.102	 	“nacm” means nominal annual compounded monthly in arrears.

	2.1.103	 	“Nedbank” means Nedbank Limited (acting through Corporate Banking division) (Registration
No. 1951/000009/06), a public company and registered bank duly incorporated according to the
laws of South Africa.

	2.1.104	 	“Obligor” means a Borrower or a Guarantor and “Obligors” means, as the context requires,
all of them.

	2.1.105	 	“OFAC List” means the Specially Designated Nationals and Blocked Persons List, as published
by the United States Department of the Treasury Office of Foreign Asset Control from time to
time, and available on the Internet at the following website:
http://www.treas.gov/offices/enforcement/ofac/sdn/index.html or any official successor
website.

	2.1.106	 	“OFAC Sanctions” means sanctions imposed from time to time by the United States Department
of the Treasury Office of Foreign Asset Control.

	2.1.107	 	“Original Borrower” means each of the parties listed in Part II of Schedule 1 (Identity of
Parties) hereto and “Original Borrowers” means, as the context requires, all of them.

	2.1.108	 	“Original Financial Statements” means the audited consolidated annual financial statements
of each of Pyramid Freight SA and UTi SA
for the financial year ended 31 January 2008 prepared in accordance with GAAP.

 

Page 25

 

	2.1.109	 	“Original Guarantors” means those parties listed in Part III of Schedule 1 (Identity of
Parties) and “Original Guarantor” means, as the context requires, any of them.

	2.1.110	 	“Original Note Purchase Agreement” means the written agreement entitled “Note Purchase
Agreement” dated 13 July 2006 pursuant to which UTi Worldwide issued the US$200 000 000 6.31%
Senior Unsecured Guaranteed Notes due 13 July 2011, in the form as at 13 July 2006.

	2.1.111	 	“Original Participating Lender” means each of the parties listed in Part IB of Schedule 1
(Identity of Parties) hereto and “Original Participating Lenders” means, as the context
requires, all of them.

	2.1.112	 	“Original WCF Lender” means each of the parties listed in Part IA of Schedule 1 (Identity
of Parties) hereto and “Original WCF Lenders” means, as the context requires, all of them.

	2.1.113	 	“Overdraft” means a Facility A Loan made by way of bank overdraft.

	2.1.114	 	“Participating Lenders” means:

	2.1.114.1	 	each Original Participating Lender; and

 

Page 26

 

	2.1.114.2	 	any person who has become a Party in accordance with clause 25 (Changes to the Lenders),

	 	 	which in each case has not ceased to be a Party in accordance with the terms of
this Agreement and “Participating Lender” means, as the context requires, any of
them.

	2.1.115	 	“Parties” means:

	2.1.115.1	 	the Borrowers;

	2.1.115.2	 	the WCF Lenders;

	2.1.115.3	 	the Issuing Bank;

	2.1.115.4	 	the Participating Lenders;

	2.1.115.5	 	the Guarantors;

	2.1.115.6	 	the Facility Agent,

	 	 	and “Party” means, as the context requires, any of them.

	2.1.116	 	“Permitted Cash Management System” means the Cash Management System of Nedbank.

	2.1.117	 	“Permitted Disposal” means any Disposal made in the ordinary course of business.

	2.1.118	 	“Permitted Encumbrance” means:

	2.1.118.1	 	any Encumbrance arising under a Permitted Cash Management System; or

 

Page 27

 

	2.1.118.2	 	any lien arising by operation of law and in the ordinary course of business but not as a
result of any default or omission; or

	2.1.118.3	 	any Encumbrance arising in connection with any retention of title arrangement entered
into in the ordinary course of its business in respect of property delivered but not fully
paid for but not as a result of any default or omission by a Borrower; or

	2.1.118.4	 	any Encumbrance securing a Loan or Guarantee in accordance with the provisions of the
Finance Documents; or

	2.1.118.5	 	any Encumbrance arising pursuant to Section 10.5 (Liens) of the Original Note Purchase
Agreement; or

	2.1.118.6	 	any Encumbrance arising pursuant to Section 10.5 (Liens) of the Second Note Purchase
Agreement; or

	2.1.118.7	 	any Encumbrance created with the prior written approval of the Facility Agent.

	2.1.119	 	“Permitted Indebtedness” means any indebtedness:

	2.1.119.1	 	incurred under any Finance Document;

	2.1.119.2	 	incurred from trade creditors in the ordinary course of business;

	2.1.119.3	 	which was incurred prior to the Signature Date which has been disclosed:

	2.1.119.3.1	 	in writing to the Facility Agent prior to the Signature Date; or

 

Page 28

 

	2.1.119.3.2	 	in the Original Financial Statements,

	 	 	if the capital amount or the original facility is not increased after the
Signature Date;

	2.1.119.4	 	which is a Subordinated Debt;

	2.1.119.5	 	incurred by any member of the Borrower Group incorporated or domiciled in South Africa
from UTi Worldwide or any of its subsidiaries not incorporated in South Africa, provided that:

	2.1.119.5.1	 	such indebtedness shall constitute Subordinated Debt; and

	2.1.119.5.2	 	the prior written approval of the Exchange Control Department of the South African
Reserve Bank shall have been obtained in respect of such indebtedness.

	2.1.119.6	 	incurred pursuant to any Permitted Treasury Transaction;

	2.1.119.7	 	incurred pursuant to “Subsidiary Indebtedness” under section 10.6 of the Original Note
Purchase Agreement;

	2.1.119.8	 	incurred pursuant to “Subsidiary Indebtedness” under Section 10.6 of the Second Note
Purchase Agreement; or

	2.1.119.9	 	incurred with the prior written approval of the Facility Agent.

	2.1.120	 	“Permitted Loans” means any loan or loans:

	2.1.120.1	 	made by any member of the Borrower Group which is a Borrower under this Agreement to a
member of the Borrower Group which is not a Borrower under this Agreement, provided that the
aggregate amount of such loans shall not exceed R50 000 000 (Fifty
Million Rand) during the Term; and

 

Page 29

 

	2.1.120.2	 	which constitute Intercompany Loans and under which each party thereto is a Borrower
under this Agreement and are Subordinated Debt.

	2.1.121	 	“Permitted Transferees” means any person listed in Schedule 7 (Permitted Transferees).

	2.1.122	 	“Permitted Treasury Transaction” means any Treasury Transaction entered into from time to
time by a Borrower with any provider pursuant to any hedging arrangements.

	2.1.123	 	“Prime Rate” means the publicly quoted basic rate of interest per annum, compounded monthly
in arrears and calculated on a 365 day year (irrespective of whether or not the year is a leap
year) from time to time published by Nedbank as being their prime overdraft rate as certified
by any manager of such bank, whose appointment and designation need not be proved.

	2.1.124	 	“Pro Rata Share” means, in respect of the Standby Letter of Credit Facility, the proportion
which a Participating Lender’s aggregate share of the Standby Letter of Credit Facility
compared to all of the Standby Letter of Credit Facility.

	2.1.125	 	“Pyramid BVI” means Pyramid Freight (Proprietary) Limited (Registration No. 530960), a
company duly incorporated according to the laws of the British Virgin Islands.

 

Page 30

 

	2.1.126	 	“Pyramid Freight SA” means the South African branch of Pyramid BVI whose memorandum of
association is to be lodged with the Registrar of Companies under clause 23.17 and as a
consequence of which Pyramid BVI will become an “external company” in accordance with the
Companies Act, 1973.

	2.1.127	 	“Quotation Day” means, in relation to any Interest Period for which an Interest Rate is to
be determined

	2.1.127.1	 	if the currency is sterling, the first day of that Interest Period;

	2.1.127.2	 	in relation to any other currency, 2 (two) Business Days before the first Business Day
for that period, unless market practice differs, in which case the Quotation Day will be
determined by the Facility Agent in accordance with market practice in the Relevant Interbank
Market (and if quotations would normally be given by leading banks in the Relevant Interbank
Market on more than one day, the Quotation Day will be the last of those days).

	2.1.128	 	“Rand” and “R” means South African Rand, the lawful currency of South Africa.

	2.1.129	 	“Rate Disruption Event” means, at any time, the percentage rate of the Repo Rate is greater
than the percentage rate of the Prime Rate.

	2.1.130	 	“Refinancing” means the incurral by the Borrowers of Indebtedness for the purposes of
funding the repayment of the Facility Outstandings.

 

Page 31

 

	2.1.131	 	“Reference Banks” means, in relation to LIBOR the principal London offices of HSBC plc,
Standard Chartered Bank, London Branch and JP Morgan Chase Bank N.A., London Branch and, in
relation to
EURIBOR, the principal office in HSBC plc, BNP Paribas and Dresdner Bank AG or
such other banks as may be appointed by the Facility Agent in consultation with
the Borrowers.

	2.1.132	 	“Relevant Rate” means LIBOR, or in relation to a Foreign Currency Account in euro, EURIBOR.

	2.1.133	 	“Relevant Interbank Market” means in relation to euro, the European interbank market and,
in relation to any other currency, the London interbank market.

	2.1.134	 	“Repayment Date” means:

	2.1.134.1	 	in relation to a Facility A Loan (excluding Overdrafts), the date agreed upon in writing
by the WCF Lenders and the Borrowers;

	2.1.134.2	 	in relation to Overdrafts, the Facility A Final Repayment Date;

	2.1.134.3	 	in relation to a Facility B Loan, the date agreed upon in writing by the WCF Lenders and
the Borrowers under the Asset Based Finance Facility Master Agreement; and

	2.1.134.4	 	in relation to a Facility C Loan, the date falling 1 (one) month after that Facility C
Loan was made to the relevant Borrower.

	2.1.135	 	“Repeating Representations” means each of the representations set out in clause 20
(Representations).

	2.1.136	 	“Repo Rate” means the interest rate at which commercial banks in South Africa can borrow
money from the South African Reserve Bank.

 

Page 32

 

	2.1.137	 	“Resignation Letter” means a letter substantially in the form set out in Schedule 8 (Form
of Resignation Letter).

	2.1.138	 	“Sanctioned Entity” means any person or country that:

	2.1.138.1	 	is listed in any Sanction List;

	2.1.138.2	 	is subject to OFAC Sanctions or UK Sanctions.

	2.1.139	 	“Sanction List” means any of the sanction lists of Her Majesty’s Treasury in the United
Kingdom of Britain and Northern Ireland, the Bank of England, the Office of Foreign Asset
Control and/or the United Nations Security Council (each as amended, supplemented or
substituted from time to time) and includes without limitation the OFAC List and the
consolidated list of financial sanctions targets published by the Bank of England.

	2.1.140	 	“Sanctioned Transaction” means:

	2.1.140.1	 	the use of the proceeds of the Facilities for the purpose of financing (or otherwise
making funding available), directly or indirectly, the activities of any person or entity
which is a Sanctioned Entity; or

	2.1.140.2	 	the contribution or otherwise making available of the proceeds of the Facilities to any
person or entity if a Borrower or any member of the Borrower Group, as the case may be, has
actual knowledge that such party intends to use such proceeds for the purpose of financing the
activities of any person or entity which is a Sanctioned Entity,

	 	 	to the extent that such financing would be prohibited by OFAC Sanctions and/or
UK Sanctions if conducted by a person in the United States of America or the
United Kingdom.

 

Page 33

 

	2.1.141	 	“Screen Rate” means:

	2.1.141.1	 	in relation to LIBOR, the British Bankers’ Association Interest Settlement Rate for the
relevant currency and period; and

	2.1.141.2	 	in relation to EURIBOR, the percentage rate per annum determined by the Banking
Federation of the European Union for the relevant period,

	 	 	displayed on the appropriate page of the Reuters screen. If the agreed page is
replaced or service ceases to be available, the Facility Agent may specify
another page or service displaying the appropriate rate after consultation with
the Borrowers and the WCF Lenders.

	2.1.142	 	“Second Note Purchase Agreement” means the written agreement entitled “Note Purchase
Agreement” dated on or about 8 July 2009 pursuant to which UTi Worldwide issues the US$55 000
000 8.06% Senior Unsecured Guaranteed Notes due August 2014, in the form as at 8 July 2009.

	2.1.143	 	“Shareholder Loans” means any loans or facilities made available by any shareholder to any
member of the Borrower Group.

	2.1.144	 	“Signature Date” means the date of signature of the Party last signing this Agreement in
time.

 

Page 34

 

	2.1.145	 	“Standby Letter of Credit” means a letter of credit described in clause 17 (Standby Letter
of Credit Facility) in the form attached hereto as Schedule 11 (Form of Standby Letter of
Credit).

	2.1.146	 	“Standby Letter of Credit Facility” means the Standby Letter of Credit facility described
in clause 17 (Standby Letter of Credit Facility).

	2.1.147	 	“Sub Assembly” means UTi-CMH Sub Assembly (Proprietary) Limited (Registration No.
2004/024931/07), a private company duly incorporated according to the laws of South Africa.

	2.1.148	 	“Subordinated Debt” means any Financial Indebtedness or Shareholder Loans or Intercompany
Loans which have been subordinated to the claims of the Finance Parties under the Finance
Documents on terms and conditions to the satisfaction of the Facility Agent.

	2.1.149	 	“Subordination Agreement” means the written agreement entitled “Subordination Agreement”
concluded or to be concluded between the WCF Lenders, the Participating Lenders, the Facility
Agent, the Issuing Bank, UTi Worldwide, the Borrowers and the Guarantors on or about the
Signature Date.

	2.1.150	 	“Tax” means any tax, levy, impost, duty or other charge or withholding of a similar nature
(including any penalty or interest payable in connection with any failure to pay or any delay
in paying any of the same).

 

Page 35

 

	2.1.151	 	“Term” means the period commencing on the Signature Date and ending on the Discharge Date.

	2.1.152	 	“Termination Date” means:

	2.1.152.1	 	in relation to Facility A, the later of the Facility A Final Repayment Date and a
Repayment Date;

	2.1.152.2	 	in relation to Facility B, the later of the Facility B Final Repayment Date and a
Repayment Date; and

	2.1.152.3	 	in relation to Facility C, the Facility C Final Date.

	2.1.153	 	“Total Commitments” means the aggregate of the Total Facility A Commitments and the Total
Facility B Commitments, being R800 000 000 (Eight Hundred Million Rand) at the Signature Date.

	2.1.154	 	“Total Debt Coverage Ratio” means Gross Debt divided by consolidated EBITDA.

	2.1.155	 	“Total Debt Service” means all required interest or capital repayments paid or payable for
the relevant Measurement Period on all Interest Bearing Debt.

	2.1.156	 	“Total Facility A Commitments” means the aggregate of the Facility A Commitments, being
R650 000 000 (Six Hundred and Fifty Million Rand) at the Signature Date.

	2.1.157	 	“Total Facility B Commitments” means the aggregate of the Facility B Commitments, being
R150 000 000 (One Hundred and Fifty Million Rand) at the Signature Date.

 

Page 36

 

	2.1.158	 	“Total Facility C Uncommitted Amount” means an amount up to R400 000 000 (Four Hundred
Million Rand) at the Signature Date.

	2.1.159	 	“Transfer Certificate” means a certificate substantially in the form set out in Schedule 6
(Form of Transfer Certificate) or any other form agreed between the Facility Agent and a
Borrower.

	2.1.160	 	“Transfer Date” means, in relation to a transfer, the later of:

	2.1.160.1	 	the proposed Transfer Date specified in the Transfer Certificate; and

	2.1.160.2	 	the date on which the Facility Agent executes the Transfer Certificate.

	2.1.161	 	“Treasury Transaction” means any derivative transaction entered into in connection with
protection against or benefit from fluctuation in any rate or price in terms of a Borrower’s
hedging policies as disclosed to the Facility Agent on or before the Signature Date.

	2.1.162	 	“UK Sanctions” means sanctions imposed from time to time by HM Treasury in the United
Kingdom of Britain and Northern Ireland and/or the Bank of England.

	2.1.163	 	“Unpaid Sum” means any sum due and payable but unpaid by a Borrower under the Finance
Documents.

	2.1.164	 	“UTi SA” means UTi SA (Proprietary) Limited (Registration No. 2004/015747/07), a private
company duly incorporated according to the laws of South Africa.

 

Page 37

 

	2.1.165	 	“UTi SA Buy-back Condition” means the consent by UTi Empowerment Trust South Africa to sell
to Pyramid Freight so much of its shareholding in UTi SA as Pyramid Freight SA may determine
in the event that:

	2.1.165.1	 	the South African Government introduces any amendments to prevailing black economic
empowerment charters and/or legislation; or

	2.1.165.2	 	the practice in respect of black economic empowerment changes, which change would have
the effect of UTi SA no longer requiring to comply with the applicable black economic
empowerment charter or of reducing the criteria for UTi SA’s compliance with the applicable
black economic empowerment charter.

	2.1.166	 	“UTi Worldwide” means UTi Worldwide Inc. (Registration No. 14127), a company duly
incorporated according to the laws of the British Virgin Islands.

	2.1.167	 	“Utilisation” means a utilisation of a Facility.

	2.1.168	 	“Utilisation Date” means the date of a Utilisation, being the date on which the relevant
Loan is to be made.

	2.1.169	 	“VAT” means value added tax as provided for in the Value Added Tax Act 1991 and any other
tax of a similar nature.

	2.1.170	 	“WCF Lenders” means:

	2.1.170.1	 	each Original WCF Lender; and

 

Page 38

 

	2.1.170.2	 	any person who has become a Party in accordance with clause 25 (Changes to the Lenders),

	 	 	which in each case has not ceased to be a Party in accordance with the terms of
this Agreement and “WCF Lender” means, as the context requires, any of them.

	2.2	 	All accounting expressions which are not otherwise defined in this Agreement shall be
construed in accordance with GAAP.

	2.3	 	A document in an “agreed form” is a document which has been initialled as such on or before
the Signature Date for the purposes of identification by or on behalf of a Borrower and the
Facility Agent or, if not so initialled, is in form and substance reasonably satisfactory to
the Facility Agent.

	2.4	 	Any reference in this Agreement to:

	2.4.1	 	an “affiliate” means, in relation to any person, a subsidiary of that person or a holding
company of that person or any other subsidiary of that holding company;

	2.4.2	 	an “amendment” includes a supplement, novation or re-enactment and “amended” is to be
construed accordingly;

	2.4.3	 	“arm’s length” means terms that are fair and reasonable to the counterparty of a transaction
and no more or less favourable to the other party to the relevant transaction as could
reasonably be expected to be obtained in a comparable arm’s length transaction with a person
that is not the ultimate holding company of such counterparty or an entity of which such
counterparty or its ultimate holding company has direct or
indirect control, or owns directly or indirectly more than 20% (twenty percent) of the share
capital or similar rights of ownership;

 

Page 39

 

	2.4.4	 	“assets” includes properties, revenues and rights of every description;

	2.4.5	 	“associate” shall be construed in accordance with GAAP;

	2.4.6	 	“audited” means, in respect of any financial statement those financial statements as audited
by the Auditors;

	2.4.7	 	“authorisations” mean any authorisation, consent, registration, filing, agreement,
notarisation, certificate, licence, approval, resolution, permit and/or authority or any
exemption from any of the aforesaid, by, with or from any authority (including, without
limitation, any approvals required from the South African Reserve Bank in relation to any
Finance Document or any transaction contemplated under any Finance Document);

	2.4.8	 	“authority” means any government or governmental, administrative, fiscal or judicial
authority, body, court, department, commission, tribunal, registry or any stated owned or
controlled authority which principally performs governmental functions;

	2.4.9	 	a “calendar month” shall be construed as a named month, i.e. January, February, March,
April, May, June, July, August, September, October, November and December;

	2.4.10	 	a “clause” shall, subject to any contrary indication, be construed as a reference to a
clause hereof;

 

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	2.4.11	 	“continuing”, in the context of a Default, means that such Default has not been remedied or
waived;

	2.4.12	 	“control” means, in relation to any company or similar organisation or person, the power
(whether by way of ownership of shares, proxy, contract, agency or otherwise) to:

	2.4.12.1	 	cast, or control the casting of, more than one-half of the maximum number of votes that
might be cast at a general meeting of that person;

	2.4.12.2	 	appoint or remove all, or the majority, of the directors or other equivalent officers of
that person; or

	2.4.12.3	 	give directions with respect to the operating and financial policies of that person which
the directors or other equivalent officers of that person are obliged to comply with;

	2.4.13	 	a “holding company” shall be construed in accordance with the Companies Act, 1973;

	2.4.14	 	the words “including” and “in particular” are used by way of illustration or emphasis only
and shall not be construed as, nor shall they take effect as, limiting the generality of any
of the preceding words;

	2.4.15	 	“indebtedness” shall be construed so as to include any obligation (whether incurred as
principal or as surety) for the payment or repayment of money, whether present or future,
actual or contingent;

 

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	2.4.16	 	“law” shall be construed as any law (including statutory, common or customary law), statute,
constitution, decree, judgment, treaty, regulation, directive, by-law, order, other
legislative measure, directive, requirement of any government, supranational, local
government, statutory or regulatory or self-regulatory or similar body or authority or court
and the common law, as amended, replaced, re-enacted, restated or reinterpreted from time to
time;

	2.4.17	 	a “month” means a reference to a period starting on one day in a calendar month and ending
on the numerically corresponding day but one in the next calendar month, except that:

	2.4.17.1	 	if the numerically corresponding day is not a Business Day, that period shall end on the
next Business Day in that calendar month in which that period is to end if there is one, or if
there is not, on the directly preceding Business Day; and

	2.4.17.2	 	if there is no numerically corresponding day in the calendar month in which that period is
to end, that period shall end on the last Business Day in that calendar month;

	2.4.18	 	the words “other” and “otherwise” shall not be construed eiusdem generis with any foregoing
words where a wider construction is possible;

	2.4.19	 	a “person” shall be construed as a reference to any person, firm, company, corporation,
government, state or agency of a state or any association or partnership (whether or not
having separate legal personality) of two or more of the foregoing;

 

Page 42

 

	2.4.20	 	a “regulation” means any regulation, rule, official directive of any governmental,
inter-governmental or supranational body, agency, department or regulatory, self-regulatory or
other authority or organisation;

	2.4.21	 	“repay” (or any derivative form of that word) includes “prepay” (or any derivative form of
that word);

	2.4.22	 	“security interest” means any mortgage, pledge, lien, charge, assignment, cession,
hypothecation or security interest or any other agreement or arrangement having the effect of
conferring security;

	2.4.23	 	a “Schedule” shall, subject to any contrary indication, be construed as a reference to a
Schedule hereof;

	2.4.24	 	a “subsidiary” shall be construed in accordance with the Companies Act, 1973.

	2.5	 	Unless inconsistent with the context or save where the contrary is expressly indicated in
this Agreement:

	2.5.1	 	if any provision in a definition is a substantive provision conferring rights or imposing
obligations on any Party, notwithstanding that it appears only in an interpretation clause,
effect shall be given to it as if it were a substantive provision of this Agreement;

	2.5.2	 	when any number of days is prescribed in this Agreement, same shall be reckoned inclusively
of the first and exclusively of the last day unless the last day falls on a day which is not a
Business Day, in which case the last day shall be the next succeeding Business Day;

 

Page 43

 

	2.5.3	 	in the event that the day for payment of any amount due in terms of this Agreement should
fall on a day which is not a Business Day, the relevant day for payment shall be the
immediately succeeding Business Day;

	2.5.4	 	in the event that the day for performance of any obligation (other than a payment
obligation) to be performed in terms of this Agreement should fall on a day which is not a
Business Day, the relevant day for performance shall be the immediately succeeding Business
Day;

	2.5.5	 	any reference in this Agreement to an enactment is to that enactment as at the Signature
Date and as amended or re-enacted from time to time;

	2.5.6	 	any reference in this Agreement or any other agreement or document shall be construed as a
reference to this Agreement or, as the case may be, such other agreement or document as same
may have been, or may from time to time be, amended, varied, novated or supplemented;

	2.5.7	 	except as expressly provided for in this Agreement, no provision of this Agreement
constitutes a stipulation for the benefit of any person who is not a Party to this Agreement;

	2.5.8	 	a reference to a Party includes that Party’s lawful successors-in-title and permitted
assigns;

	2.5.9	 	where any Party is required to provide any consent or approval or agree to the actions of
any other Party, the request for such consent or approval or agreement shall be in writing and
such consent or approval or agreement shall be in writing and shall not be unreasonably
withheld or delayed.

 

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	2.6	 	The headings to the clauses and Schedules of this Agreement are for reference purposes only
and shall in no way govern or affect the interpretation of nor modify nor amplify the terms of
this Agreement nor any clause or Schedule thereof.

	2.7	 	Unless inconsistent with the context, an expression in this Agreement which denotes:

	2.7.1	 	any one gender includes the other genders;

	 
	2.7.2	 	a natural person includes an artificial person and vice versa; and

	 
	2.7.3	 	the singular includes the plural and vice versa.

	2.8	 	The Schedules to this Agreement form an integral part thereof and words and expressions
defined in this Agreement shall bear, unless the context otherwise requires, the same meaning
in such Schedules. To the extent that there is any conflict between the Schedules to this
Agreement and the provisions of this Agreement, the provisions of this Agreement shall
prevail.

	2.9	 	Where any term is defined within the context of any particular clause in this Agreement, the
term so defined, unless it is clear from the clause in question that the term so defined has
limited application to the relevant clause, shall bear the same meaning as ascribed to it for
all purposes in terms of this Agreement, notwithstanding that that term has not been defined
in any interpretation clause.

	2.10	 	The rule of construction, in the event of ambiguity, that the contract shall be interpreted
against the Party responsible for the drafting thereof, shall not apply in the interpretation
of this Agreement.

 

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	2.11	 	This Agreement shall to the extent permitted by applicable law be binding on and enforceable
by the administrators, trustees, permitted assigns or liquidators of the Parties as fully and
effectually as if they had signed this Agreement in the first instance and reference to any
Party shall be deemed to include such Party’s administrators, trustees, permitted assigns or
liquidators, as the case may be.

	2.12	 	The use of any expression in this Agreement covering a process available under South African
law such as winding-up (without limitation eiusdem generis) shall, if any of the Parties to
this Agreement is subject to the law of any other jurisdiction, be construed as including any
equivalent or analogous proceedings under the law of such other jurisdiction.

	2.13	 	Where figures are referred to in numerals and in words in this Agreement, if there is any
conflict between the two, the words shall prevail.

	2.14	 	No prior drafts of any Finance Document, any mandate letter or any term sheet shall be
admissible as evidence in any proceedings brought to determine any dispute arising out of this
Agreement between the Parties.

	3.	 	THE FACILITIES

	3.1	 	The Facilities

	3.1.1	 	Subject to the terms of this Agreement, the WCF Lenders make available to the Borrowers:

	3.1.1.1	 	a Rand revolving loan facility in an aggregate amount equal to the Total Facility A
Commitments provided that:

	3.1.1.1.1	 	in respect of Direct Facility Instruments, the aggregate of all Loans made and all other
amounts outstanding thereunder shall not at any time exceed the Direct Facility Instruments
Sub-limit; and

 

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	3.1.1.1.2	 	in respect of Indirect Facility Instruments, the aggregate of all Loans made and all
other amounts outstanding thereunder shall not at any time exceed the Indirect Facility
Instruments Sub-limit;

	3.1.1.2	 	a Rand revolving asset based finance facility in an aggregate amount equal to the Total
Facility B Commitments upon the terms and conditions of the Asset Based Finance Facility
Agreements; and

	3.1.1.3	 	an uncommitted seasonal customs facility in an aggregate amount equal to the Total Facility
C Uncommitted Amount.

	3.1.2	 	Facility A may be availed of by way of Direct Facility Instruments and Indirect Facility
Instruments.

	3.1.3	 	Indirect Facility Instruments shall be in such format as may reasonably be acceptable to the
WCF Lenders and shall have expiry dates not exceeding 12 (twelve) months from the date of
issue unless agreed to by the WCF Lenders.

	3.2	 	Finance Parties’ rights and obligations

	3.2.1	 	The obligations of each Finance Party under the Finance Documents are several. Failure by a
Finance Party to perform its obligations under the Finance Documents does not affect the
obligations of any other Party
under the Finance Documents. No Finance Party is responsible for the
obligations of any other Finance Party under the Finance Documents.

 

Page 47

 

	3.2.2	 	The rights of each Finance Party under or in connection with the Finance Documents are
separate and independent rights and any debt arising under the Finance Documents to a Finance
Party from a Borrower shall be a separate and independent debt.

	3.2.3	 	A Finance Party may, except as otherwise stated in the Finance Documents, separately enforce
its rights under the Finance Documents.

	4.	 	PURPOSE

	4.1	 	Purpose

	 
	 	 	Each Borrower shall apply all amounts borrowed by it under the Facilities towards:

	4.1.1	 	in respect of Facility A, its general corporate purposes;

	 
	4.1.2	 	in respect of Facility B, funding its asset based requirements;

	 
	4.1.3	 	in respect of Facility C, its customs and excise obligations only.

	4.2	 	Monitoring

	 
	 	 	No Finance Party is bound to monitor or verify the application of any amount borrowed
pursuant to the Finance Documents.

 

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	5.	 	CONDITIONS OF UTILISATION

	5.1	 	Initial conditions precedent

	 
	 	 	No Borrower may utilise any Facility unless the Facility Agent has received all of the
Advance Condition Documents in form and in substance satisfactory to the Facility
Agent. The Facility Agent shall notify the Borrowers and the WCF Lenders promptly
upon being so satisfied.

	5.2	 	Further conditions precedent

	 
	 	 	The WCF Lenders will only be obliged to comply with clause 6.2 (WCF Lender’s
Participation) if on the proposed Utilisation Date:

	5.2.1	 	no Default is continuing or would result from the proposed Loan;

	5.2.2	 	the Repeating Representations to be made by a Borrower are true in all material respects;

	5.2.3	 	at all times and including the Facilities:

	5.2.3.1	 	the aggregate total Financial Indebtedness (excluding any Financial Indebtedness in respect
of Facility C) of the Borrowers as contemplated under clause 2.1.67.12 does not exceed R1 000
000 000 (One Billion Rand); or

	5.2.3.2	 	the aggregate amount of Interest Bearing Debt of the Borrowers does not exceed R650 000 000
(Six Hundred and Fifty Million Rand) (excluding any Interest Bearing Debt in respect of
Facility C); and

 

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	5.2.4	 	in the case of a Facility C Loan only:

	5.2.4.1	 	the prior approval of the WCF Lenders’ internal credit committee has been obtained; and

	5.2.4.2	 	the Debtors Cover Ratio on a date which is 10 (ten) Business Days prior to the proposed
Utilisation Date, is not less than 2 times; or

	5.2.4.3	 	credit support has been provided in relation to such Facility C Loan to the satisfaction of
the WCF Lenders.

	6.	 	UTILISATION

	6.1	 	Utilisation

	6.1.1	 	A Borrower may utilise a Facility on or after the CP Satisfaction Date during the relevant
Availability Period, provided that:

6.1.1.1 in respect of an Indirect Facility Instrument:

	6.1.1.1.1	 	such Borrower shall notify the Facility Agent not less than 3 (three) Business Days prior
to the proposed Utilisation Date (the “Utilisation Notice”);

	6.1.1.1.2	 	the proposed Utilisation Date is a Business Day; and

	6.1.1.1.3	 	the Utilisation Notice shall identify the Indirect Facility Instrument and set out all
relevant information the WCF Lenders may require in respect of the Indirect Facility
Instrument; and

 

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	6.1.1.2	 	in respect of a Facility C Loan:

	6.1.1.2.1	 	a Borrower shall, by written notice, notify the Facility Agent not less than 10 (ten)
Business Days prior to the proposed Utilisation Date;

	6.1.1.2.2	 	the proposed Utilisation Date is a Business Day; and

	6.1.1.2.3	 	together with such notification deliver a complete Debtors age analysis in relation to
the South African Borrower Group dated as of the date of such notice together with any other
information requested by the WCF Lenders.

	6.1.2	 	Any drawdown or payment made by the WCF Lenders, in accordance with the terms and conditions
under the Asset Based Finance Facility Master Agreement and an Applicable ABF Schedule shall
constitute a Facility B Loan.

	6.2	 	WCF Lender’s Participation

	6.2.1	 	If the conditions set out in this Agreement have been met, each WCF Lender shall make its
participation in each Loan available by the Utilisation Date.

	6.2.2	 	The amount of each WCF Lender’s participation in each Loan will be equal to the proportion
borne by its Available Commitment to the Available Facility immediately prior to making the
Loan.

	6.2.3	 	The Agent shall notify each WCF Lender of the amount of each Loan and the amount of its
participation in that Loan.

 

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	6.3	 	Cancellation of Commitment

	6.3.1	 	The Total Facility A Commitments shall be immediately cancelled at the end of the
Availability Period for Facility A.

	6.3.2	 	The Total Facility B Commitments shall be immediately cancelled at the end of the
Availability Period for Facility B.

	7.	 	EXISTING FACILITIES

	7.1	 	The Parties record that the Issuing Bank has issued the Existing Facilities pursuant to the
Existing Letters of Credit Agreement and the Existing ABF Master Agreements.

	7.2	 	The Parties agree that the Existing Facilities shall be assumed under this Agreement and
deemed to be issued under this Agreement on the CP Satisfaction Date and shall constitute a
Utilisation under Facility A and Facility B, as the case may be and as applicable, on the CP
Satisfaction Date.

	8.	 	REPAYMENT

	8.1	 	Repayment of Facility A Loans

	 
	 	 	Each Borrower which has drawn a Facility A Loan shall repay that Loan on the Repayment
Date.

	 
	8.2	 	Repayment of Facility B Loans

	 
	 	 	Each Borrower which has drawn a Facility B Loan shall repay that Loan in accordance
with the terms and conditions of the Asset Based Finance Facility Master Agreement and
the relevant Applicable ABF Schedule.

 

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	8.3	 	Repayment of Facility C Loans

	 
	 	 	Each Borrower which has drawn a Facility C Loan shall repay that Loan on the Repayment
Date.

	9.	 	PREPAYMENT AND CANCELLATION

	9.1	 	Mandatory Repayment: Illegality

	 
	 	 	If it becomes unlawful in any applicable jurisdiction for a WCF Lender to perform any
of its obligations as contemplated by this Agreement or to fund or maintain its
participation in any Loan:

	9.1.1	 	that WCF Lender shall promptly notify the Facility Agent upon becoming aware of that event
and the Facility Agent shall thereafter notify the Borrowers and the other WCF Lenders;

	9.1.2	 	upon the Facility Agent notifying the Borrowers, the Commitment of that WCF Lender will be
immediately cancelled; and

	9.1.3	 	each Borrower shall repay that WCF Lender’s participation in the Loans made to that Borrower
on the last day of the Interest Period for each Loan occurring after the Facility Agent has
notified the Borrower or, if earlier, the date specified by the WCF Lender in the notice
delivered to the Facility Agent (being no earlier than the last day of any applicable grace
period permitted by law).

 

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	9.2	 	Mandatory Repayment: Change of Control

	9.2.1	 	If a Change of Control in respect of each of Pyramid BVI and Pyramid Freight SA occurs:

	9.2.1.1	 	Pyramid Freight SA shall, promptly after becoming aware of the same, notify the Facility
Agent;

	9.2.1.2	 	upon the Facility Agent receiving notice from Pyramid Freight SA, the Facility Agent shall
notify the Borrowers that the Facilities will be immediately cancelled and the WCF Lenders
shall not thereafter be obliged to participate in the making of any further Loans; and

	9.2.1.3	 	the Borrowers shall repay the Facility Outstandings no later than 5 (five) Business Days
after the date of receipt by the Borrowers of the written notice from the Facility Agent
pursuant to clause 9.2.1.2.

	9.3	 	Refinancing

	 
	 	 	In the event that the Borrowers implement a Refinancing with a registered bank or
financial institution (directly or indirectly) within 18 (eighteen) months of the
Advance Date, the Borrowers shall pay to the WCF Lenders a refinancing penalty fee
equal to 100 (one hundred) basis point of the aggregate value of the Facilities.

	 
	9.4	 	Voluntary Prepayment of Facility A Loans

	 
	 	 	A Borrower to which a Loan has been made utilising a Direct Facility Instrument may at
any time prepay the whole or any part of a Facility A Loan.

 

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	9.5	 	Voluntary prepayment of Facility B Loans

	9.5.1	 	A Borrower to which a Facility B Loan has been made shall prepay that Facility B Loan in
accordance with, and subject to, the terms and conditions of the Asset Based Finance Facility
Master Agreement.

	9.5.2	 	Any prepayment of a Facility B Loan shall, if permitted under the Asset Based Finance
Facility Master Agreement, only be made out of Free Cash Flow.

	9.6	 	Right of repayment and cancellation in relation to a single WCF Lender

	9.6.1	 	If:

	9.6.1.1	 	any sum payable to any WCF Lender by a Borrower is required to be increased under clause
13.2 (Tax gross-up); or

	9.6.1.2	 	any WCF Lender claims indemnification from a Borrower under clause 13.3 (Tax indemnity) and
clause 14.1 (Increased costs),

	 	 	such Borrower may, whilst the circumstance giving rise to the requirement for
indemnification continues, give the Facility Agent not less than 30 (thirty)
days prior written notice of cancellation of the Commitment of that WCF Lender
and its intention to procure the repayment of that WCF Lender’s participation in
the Loans.

	 
	9.6.2	 	On receipt of a notice referred to in clause 9.6.1 above, the Commitment of that WCF Lender
shall immediately be reduced to zero.

	 
	9.6.3	 	On the last day of each Interest Period which ends after the Borrower’s notice under clause
9.6.1 has taken effect, each Borrower to which a
Loan is outstanding shall repay that WCF Lender’s participation in that Loan.

 

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	9.7	 	Restrictions

	9.7.1	 	Any notice of cancellation or prepayment given by any Party under this clause 9 (Prepayment
and Cancellation) shall be irrevocable and, unless a contrary indication appears in this
Agreement, shall specify the date or dates upon which the relevant cancellation or prepayment
is to be made and the amount of that cancellation or prepayment.

	9.7.2	 	Any prepayment under this Agreement shall be made together with accrued interest on the
amount prepaid and, subject to any Breakage Costs, without premium or penalty.

	9.7.3	 	Unless a contrary indication appears in this Agreement, any part of a Facility which is
prepaid may be reborrowed in accordance with the terms of this Agreement.

	9.7.4	 	The Borrowers shall not repay or prepay all or any part of the Loans or cancel all or any
part of the Commitments except at the times and in the manner expressly provided for in this
Agreement.

	9.7.5	 	No amount of the Total Commitments or the Total Facility C Uncommitted Amount cancelled
under this Agreement may be subsequently reinstated.

	9.7.6	 	If the Facility Agent receives a notice under this clause 9 (Prepayment and Cancellation),
it shall promptly forward a copy of that notice to either the Borrowers or the affected WCF
Lenders, as appropriate.

 

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	9.8	 	Breakage Costs

	9.8.1	 	If any repayment or prepayment of all or any part of the Loans (whether voluntary or
mandatory) or any payment of any Unpaid Sum is made otherwise than on the last day of an
Interest Period then the Borrowers shall pay to the Facility Agent for the account of each WCF
Lender participating in the Loans or to whom that Unpaid Sum is owed within 3 (three) Business
Days of demand by the Facility Agent (together with a copy of the applicable certificate(s)
delivered to the Facility Agent under clause 9.8.2) a sum equal to the Breakage Costs
applicable thereto.

	9.8.2	 	Each WCF Lender shall, as soon as reasonably practicable after demand by the Facility Agent
but in any event within 5 (five) Business Days of such demand (and in any event prior to the
Facility Agent making a demand for the same under clause 9.8.1), provide a certificate
confirming in reasonable detail the amount of its Breakage Costs for any Interest Period in
which they accrue. Each such certificate shall promptly be delivered to the Borrowers by the
Facility Agent.

	10.	 	INTEREST

	10.1	 	Calculation of interest

	10.1.1	 	Interest shall accrue on each Loan at the Interest Rate.

	10.1.2	 	Interest on each Loan during each Interest Period shall:

	10.1.2.1	 	accrue on a day-to-day basis;

 

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	10.1.2.2	 	be calculated inclusive of the first and exclusive of the last day of such Interest
Period, on the actual number of days elapsed and, for the purposes of calculation, based on a
365 (three hundred and sixty five) day year, irrespective of whether the year is a leap year
or not; and

	10.1.2.3	 	to the extent not paid on the last day of an Interest Period, be capitalised on the last
day of that Interest Period.

	10.2	 	Payment of interest

	 
	 	 	The Borrower to which a Loan has been made shall pay accrued interest on that Loan on
the last day of each Interest Period.

	10.3	 	Default interest

	10.3.1	 	If an Obligor fails to pay any amount payable by it under a Finance Document on its due date
and that failure results in an Event of Default, interest shall accrue on the overdue amount
from the date of the occurrence of the Event of Default up to the date of actual payment (both
before and after judgment) at the Default Interest Rate for successive Interest Periods, each
of a duration selected by the Facility Agent (acting reasonably). Any interest accruing under
this clause 10.3 (Default interest) shall be immediately payable by the relevant Obligor on
demand by the Facility Agent.

	10.3.2	 	Default interest (if unpaid) arising on an overdue amount will be compounded with the
overdue amount at the end of each Interest Period applicable to that overdue amount but will
remain immediately due and payable.

 

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	10.4	 	Notification of rates of interest

	 
	 	 	The Facility Agent shall promptly notify the WCF Lenders and the Borrowers of the
determination of a rate of interest under this Agreement.

	10.5	 	Market and Rate disruption

	10.5.1	 	If a Market Disruption Event occurs in relation to a Foreign Currency Account for any
Interest Period, then the rate of interest on each WCF Lender’s share of that Foreign Currency
Account, as applicable, for the Interest Period shall be the percentage rate per annum which
is the sum of:

	10.5.1.1	 	the Interest Rate; and

	10.5.1.2	 	the rate notified to the Facility Agent by that WCF Lender as soon as practicable and in
any event before interest is due to be paid in respect of that Interest Period, to be that
which expresses as a percentage rate per annum the cost to that WCF Lender of funding its
participation in that Foreign Currency Account, as applicable, from whatever source it may
reasonably select.

	10.5.2	 	In this Agreement “Market Disruption Event” means:

	10.5.2.1	 	at or about noon on the Quotation Day for the relevant Interest Period the Screen Rate is
not available and none or only one of the Reference Banks supplies a rate to the Agent to
determine LIBOR or, if applicable, EURIBOR for the relevant currency and Interest Period; or

 

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	10.5.2.2	 	before close of business in London on the Quotation Day for the relevant Interest Period,
the Facility Agent receives notifications from a WCF Lender or WCF Lenders (whose
participations in a Overdraft or Facility B Loan, as applicable, exceed 30% (thirty percent)
of Overdraft or Facility B Loan, as applicable) that the cost to it of obtaining matching
deposits in the Relevant Interbank Market would be in excess of LIBOR or, if applicable,
EURIBOR.

	10.5.3	 	If a Rate Disruption Event occurs in relation to any Overdrafts or any Facility B Loan, as
the case may be, and for so long as it is continuing, then the Interest Rate on each WCF
Lender’s share of that Overdraft or Facility B Loan, as applicable, shall be:

	10.5.3.1	 	in respect of Overdrafts, the percentage rate of the Repo Rate plus 250 (two hundred
fifty) basis points all expressed on a nacm basis; and

	10.5.3.2	 	in relation to Facility B Loans, the percentage rate of the Repo Rate plus 250 (two
hundred and fifty) basis points all expressed on a nacm basis.

	11.	 	INTEREST PERIODS

	11.1	 	Interest Periods

	11.1.1	 	Subject to this clause 11 (Interest Periods) and in respect of a Loan, the Interest Period
shall be 1 (one) month or any other period agreed between the Borrower and the Facility Agent
(acting on the instructions of all the WCF Lenders).

 

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	11.1.2	 	An Interest Period for a Loan shall not extend beyond the Termination Date applicable to its
Facility.

	11.1.3	 	Each Interest Period for Loan shall start on the Utilisation Date or (if already made) on
the last day of its preceding Interest Period.

	11.2	 	Non-Business Days

	 
	 	 	If an Interest Period would otherwise end on a day which is not a Business Day, that
Interest Period will instead end on the next Business Day.

	12.	 	FEES

	12.1	 	Commitment fee

	 
	 	 	The Borrower shall pay to the Facility Agent (for the account of the WCF Lenders) a
commitment fee in the amount and at the times agreed in a Fee Letter.

	12.2	 	Agency fee

	 
	 	 	The Borrowers shall pay to the Facility Agent (for its own account) an agency fee in
the amount and at the times agreed in a Fee Letter.

	12.3	 	Standby Letter of Credit

	 
	 	 	The Borrowers shall pay to the Issuing Bank an issuing bank fee, as well as a
commitment fee and a quarterly commission in the amount and at the times agreed in a
Fee Letter.

 

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	13.	 	TAX GROSS UP AND INDEMNITIES

	13.1	 	Definitions

	13.1.1	 	In this clause 13 (Tax Gross Up and Indemnities):

	13.1.1.1	 	“Protected Party” means a Finance Party which is or will be subject to any liability, or
required to make any payment, for or on account of Tax in relation to a sum received or
receivable (or any sum deemed for the purposes of Tax to be received or receivable) under a
Finance Document.

	13.1.1.2	 	“Tax Credit” means a credit against, relief or remission for, or repayment of, any Tax.

	13.1.1.3	 	“Tax Deduction” means a deduction or withholding for or on account of Tax from a payment
under a Finance Document.

	13.1.1.4	 	“Tax Payment” means either the increase in a payment made by an Obligor to a Finance Party
under clause 13.2 (Tax gross-up) or a payment under clause 13.3 (Tax indemnity).

	13.1.2	 	In this clause 13 (Tax Gross Up and Indemnities) a reference to “determines” or “determined”
means a determination made in the absolute good faith discretion of the person making the
determination.

	13.2	 	Tax gross-up

	13.2.1	 	Each Obligor shall make all payments to be made by it under the Finance Documents without
any Tax Deduction, unless a Tax Deduction is required by law.

 

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	13.2.2	 	Each Obligor or a Finance Party shall, promptly upon becoming aware that an Obligor must
make a Tax Deduction (or that there is or will be any change in the rate or the basis of a Tax
Deduction), notify the Facility Agent accordingly. If the Facility Agent receives such
notification from a Finance Party it shall notify that Obligor.

	13.2.3	 	If a Tax Deduction is required by law to be made by a Finance Party with respect to a
payment to any other Finance Party which represents an amount or amounts received by that
person from an Obligor, such Obligor shall pay directly to that other Finance Party an amount
which (after making any required Tax Deduction) leaves an amount equal to the payment which
would have been due if no Tax Deduction had been required.

	13.2.4	 	If a Tax Deduction is required by law to be made by an Obligor, the amount of the payment
due from such Obligor shall be increased to an amount which (after making any Tax Deduction)
leaves an amount equal to the payment which would have been due if no Tax Deduction had been
required.

	13.2.5	 	If an Obligor is required to make a Tax Deduction, such Obligor shall make that Tax
Deduction and any payment required in connection with that Tax Deduction within the time
allowed and in the minimum amount required by law.

	13.2.6	 	Within 30 (thirty) days of making either a Tax Deduction or any payment required in
connection with that Tax Deduction, the Obligor shall deliver to the Facility Agent for the
Finance Party entitled to the payment an original receipt (or a copy, certified as a true copy
by that Obligor, of such receipt) issued by the relevant taxation or other authority which
evidences to that Finance Party that the Tax Deduction
has been made or (as applicable) that
any appropriate payment has been paid
to the relevant taxing authority.

 

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	13.3	 	Tax indemnity

	13.3.1	 	Each Obligor shall (within 3 (three) Business Days of demand by the Facility Agent) pay to a
Protected Party an amount equal to the loss, liability or cost which that Protected Party
determines will be or has been (directly or indirectly) suffered for or on account of Tax by
that Protected Party in respect of a Finance Document.

	13.3.2	 	Clause 13.3.1 above shall not apply:

	13.3.2.1	 	with respect to any Tax assessed on a Finance Party:

	13.3.2.1.1	 	under the law of the jurisdiction in which that Finance Party is incorporated or, if
different, the jurisdiction (or jurisdictions) in which that Finance Party is treated as
resident for tax purposes; or

	13.3.2.1.2	 	under the law of the jurisdiction in which that Finance Party performs its obligations
under this Agreement 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 (but not any sum deemed to be received or
receivable) by that Finance Party; or

	13.3.2.2	 	to the extent a loss, liability or cost is compensated for by an increased payment under
clause 13.2 (Tax gross-up).

 

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	13.3.3	 	A Protected Party making, or intending to make a claim under clause 13.3.1 shall promptly
notify the Facility Agent of the event which will give, or has given, rise to the claim,
following which the Facility Agent shall notify the Obligors.

	13.3.4	 	A Protected Party shall, on receiving a payment from an Obligor under this clause 13, notify
the Facility Agent.

	13.4	 	Tax Credit

	13.4.1	 	If an Obligor makes a Tax Payment and the relevant Finance Party determines that:

	13.4.1.1	 	a Tax Credit is attributable to an increased payment of which that Tax Payment forms part,
or to that Tax Payment; and

	13.4.1.2	 	that Finance Party has obtained, utilised and retained that Tax Credit,

	 	 	that Finance Party shall pay an amount to that Obligor which that Finance Party
determines will leave it (after that payment) in the same after-Tax position as
it would have been in the case had the Tax Payment not been required to be made
by that Obligor.

	13.5	 	Stamp Taxes

	 
	 	 	Each Borrower shall pay and, within 3 (three) Business Days of demand, indemnify each
Finance Party against any properly incurred cost, loss or liability that Finance Party
incurs in relation to all stamp duty, registration and other similar Taxes payable in
respect of any Finance Document.

 

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	13.6	 	Value-Added Tax

	13.6.1	 	All amounts set out, or expressed to be payable under a Finance Document by any Party to a
Finance Party which (in whole or in part) constitute the consideration for VAT purposes shall
be deemed to be exclusive of any VAT which is chargeable on such supply, and accordingly,
subject to clause 13.6.3 below, if VAT is chargeable on any supply made by any Finance Party
to any Party under a Finance Document, that Party shall pay to the Finance Party (in addition
to and at the same time as paying the consideration) an amount equal to the amount of the VAT
(and such Finance Party shall promptly provide an appropriate VAT invoice to such Party).

	13.6.2	 	If VAT is chargeable on any supply made by any Finance Party (the “Supplier”) to any other
Finance Party (the “Recipient”) under a Finance Document, and any Party (the “Relevant Party”)
is required by the terms of any Finance Document to pay an amount equal to the consideration
for such supply to the Supplier (rather than being required to reimburse the Recipient in
respect of that consideration), such Party shall also pay to the Supplier (in addition to and
at the same time as paying such amount) an amount equal to the amount of such VAT. The
Recipient will promptly pay to the Relevant Party an amount equal to any credit or repayment
from the relevant tax authority which it reasonably determines relates to the VAT chargeable
on that supply.

	13.6.3	 	Where a Finance Document requires any Party to reimburse a Finance Party for any costs or
expenses, that Party shall also at the same time pay and indemnify the Finance Party against
all VAT incurred by the Finance Party in respect of the costs or expenses to the extent that
the Finance Party reasonably determines that neither it nor any other member of any group of
which it is a member for VAT purposes is
entitled to credit or repayment from the relevant tax authority in respect of
the VAT.

 

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	14.	 	INCREASED COSTS

	14.1	 	Increased costs

	14.1.1	 	If any of the following occurs at any time after the Signature Date but before the Discharge
Date:

	14.1.1.1	 	the adoption, change, amendment, variation, replacement or change in interpretation of any
law or of any authorisation, with which any Finance Party is required to comply, or any change
in any circumstances occurs or any duty is imposed; and/or

	14.1.1.2	 	any directive, announcement, requirement, request or guidance (whether or not having the
force of law) of any central, federal or reserve bank or any other fiscal, monetary,
regulatory or other authority (but excluding optional compliance therewith); and/or

	14.1.1.3	 	a requirement by any statutory or monetary authority to pay Taxes (excluding any Tax on
income, profits, gains and capital), levies or other amounts whatsoever or to maintain special
deposits or reserve assets, in addition to those currently paid or maintained or reserved by
any Finance Party (but excluding optional compliance therewith); and/or

	14.1.1.4	 	any mandatory compliance by any Finance Party with any reserve, cash ratio, special
deposit or liquidity requirements (or any other similar requirements) in respect of this
Agreement in addition to those reasonably anticipated by any Finance Party; and/or

 

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	14.1.1.5	 	any mandatory compliance by any Finance Party with any capital adequacy or similar
requirements howsoever arising, including as a result of an increase in the amount of the
qualifying capital to be allocated to the amount advanced under any Finance Document or of a
change of weighting of the commitment under any Finance Document,

	 
	 	 	which is of general application to institutions registered and conducting the
business of a bank in terms of the Banks Act, 1990; and/or

	14.1.1.6	 	any Finance Party which did not do so prior to the Signature Date mandatorily complies
with or applies the provisions of the International Convergence of Capital Measurement and
Capital Standards (A Revised Framework) (i.e., Basel II) or any interpretation, implementation
or administration thereof,

	 	 	which:

	14.1.1.7	 	subjects any Finance Party to any Tax (excluding any Tax on income, profits, gains and
capital), duty or similar charge in respect of its obligations to provide or maintain the
Facility or changes the basis of the taxation of payments to any Finance Party of the capital
of or interest on any Facility or in respect of any other amounts due under any of the Finance
Documents or in respect of any Facility; or

	14.1.1.8	 	imposes, modifies or deems applicable to capital or reserve requirements or similar
requirements in respect of the Facility or imposes on any Finance Party any other requirements
or conditions affecting its obligations to make or maintain any Facility,

 

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to any Finance Party, then at the election of that Finance Party (if it is also
a WCF Lender):

	14.1.1.9	 	or in the case of a Finance Party which is not a WCF Lender, within 30 (thirty) days of a
written demand by the Facility Agent, the Borrowers shall pay to the Facility Agent for the
account of that Finance Party an additional amount as is sufficient to compensate that Finance
Party for such Increased Costs; or

	14.1.1.10	 	in the case of any WCF Lender, that WCF Lender shall be entitled to increase the
applicable Margin of that Facility, in relation to that WCF Lender only, by such percentage as
is necessary to compensate that WCF Lender for such Increased Costs. The increase in the
applicable Margin pursuant to this clause 14.1.1.10 shall take effect from the date specified
in a written notice delivered by the Facility Agent to the Borrowers but in any event not less
than 30 (thirty) days after the date of such written notice.

	14.2	 	Increase cost claims

	14.2.1	 	A Finance Party intending to make a claim pursuant to clause 14.1 (Increased costs) shall
notify the Facility Agent of the event giving rise to the claim, following which the Facility
Agent shall promptly notify the Borrowers.

	14.2.2	 	Each Finance Party shall, as soon as practicable after a demand by the Facility Agent,
provide a certificate confirming the amount of its Increased Costs.

 

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	14.3	 	Exceptions

	 
	 	 	The provisions of this clause 14.1 (Increased costs) shall not apply to the extent
that any Increased Cost is:

	14.3.1	 	in relation to a Finance Party, attributable to that Finance Party complying with any
requirement specified in clause 14.1 (Increased costs) after the Signature Date with which it
was mandatorily required to comply prior to the Signature Date;

	14.3.2	 	compensated for under any other clause of this Agreement or would have been compensated for
but for an exception to that clause;

	14.3.3	 	attributable to a Tax Deduction required by law to be made by a Borrower;

	14.3.4	 	attributable to the gross negligence or the wilful breach by the relevant Finance Party of
any applicable law or regulation; or

	14.3.5	 	attributable to any default by the relevant Finance Party of any of its obligations under
the Finance Documents.

	14.4	 	In this clause 14 (Increased Costs):

	14.4.1	 	a reference to “Tax Deduction” has the meaning given to it in clause 13.1 (Definitions); and

	14.4.2	 	“Increased Costs” means:

	14.4.2.1	 	a reduction in the rate of return from any Facility or on a Finance Party’s (or its
affiliate’s) overall capital;

 

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	14.4.2.2	 	an additional or increased cost; or

	14.4.2.3	 	a reduction of any amount due and payable under any Finance Document,

	 	 	which is incurred or suffered by a Finance Party or any of its affiliates to the
extent that it is attributable to that Finance Party having entered into its
Commitment or funding or performing its obligations under any Finance Document.

	15.	 	OTHER INDEMNITIES

	15.1	 	Other Indemnities

	15.1.1	 	Each Borrower shall (or shall procure that each Obligor will), within 5 (five) Business Days
of demand, indemnify each Finance Party against any cost, loss or liability reasonably
incurred by that Finance Party as a result of:

	15.1.1.1	 	the occurrence of any Default or the operation of clause 24.16 (Acceleration);

	15.1.1.2	 	a failure by an Obligor to pay any amount due under a Finance Document on its due date,
including without limitation, any cost loss or liability arising as a result of clause 29
(Sharing among the Finance Parties);

	15.1.1.3	 	funding, or making arrangements to fund, its participation in any Loan requested by a
Borrower in a Utilisation but not made by reason of the operation of any one or more of the
provisions of this Agreement or any other Finance Document (other than by
reason of default or negligence by that Finance Party or, as applicable,
the Facility Agent alone); or

 

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	15.1.1.4	 	any Loan (or part of that Loan) not being prepaid in accordance with a notice of
prepayment given by a Borrower.

	15.1.2	 	A Finance Party intending to make a claim pursuant to clause 15.1.1 above shall notify the
Facility Agent in writing of the event giving rise to the claim and shall provide to the
Facility Agent particulars of the circumstances giving rise to a claim and a calculation of
the amount so claimed. Promptly upon receipt of any notice and particulars referred to in
clause 15.1.2, the Facility Agent shall deliver such notice and particulars to the Borrowers.

	15.2	 	Indemnity to the Facility Agent

	 
	 	 	Each Borrower shall promptly indemnify the Facility Agent against any cost, loss or
liability reasonably incurred by the Facility Agent (acting reasonably) as a result
of:

	15.2.1	 	investigating any event which it reasonably believes is a Default; or

	15.2.2	 	acting or relying on any notice, request or instruction which it reasonably believes to be
genuine, correct and appropriately authorised.

	16.	 	MITIGATION BY THE WCF LENDERS

	16.1	 	Mitigation

	16.1.1	 	Each Finance Party shall, in consultation with the Borrowers, take all reasonable steps to
mitigate any circumstances which arise and which would result in any amount becoming payable
under, or cancelled
pursuant to or which would result in an increase to any amount payable under,
any of clause 9.1 (Mandatory Repayment: Illegality), clause 13 (Tax Gross-Up and
Indemnities) or clause 14 (Increased Costs) (including (but not limited to)
transferring its rights and obligations under the Finance Documents to another
affiliate.

 

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	16.1.2	 	Clause 16.1.1 above does not in any way limit the obligations of any Obligor under the
Finance Documents.

	16.2	 	Limitation of Liability

	16.2.1	 	Each Borrower shall indemnify each Finance Party for all costs and expenses reasonably
incurred by that Finance Party as a result of steps taken by it under clause 16.1
(Mitigation).

	16.2.2	 	A Finance Party is not obliged to take any steps under clause 16.1 (Mitigation) if, in the
opinion of that Finance Party (acting reasonably), to do so might be prejudicial to it.

	17.	 	STANDBY LETTER OF CREDIT FACILITY

	17.1	 	The Borrower shall have the right to request the Issuing Bank to issue a standby letter of
credit counter-indemnified by the Participating Lenders on the terms and subject to the
conditions set out in this Agreement.

	17.2	 	Delivery of a Utilisation Request for the Standby Letter of Credit

	 
	 	 	A Borrower may request the Standby Letter of Credit to be issued to the WCF Lenders by
delivery to the Facility Agent of a duly completed utilisation request (the “SLC
Utilisation Request”) not later than 2 (two) days prior to the proposed Utilisation
Date (the “SLC Utilisation Date”).

 

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	17.3	 	Completion of an SLC Utilisation Request for the Standby Letter of Credit

	17.3.1	 	The SLC Utilisation Request for the Standby Letter of Credit is irrevocable and will not be
regarded as having been duly completed unless:

	17.3.1.1	 	it specifies that it is for the Standby Letter of Credit;

	 
	17.3.1.2	 	it identifies the Borrower of the Standby Letter of Credit;

	 
	17.3.1.3	 	the proposed SLC Utilisation Date is a Business Day;

	 
	17.3.1.4	 	the proposed beneficiaries are WCF Lenders;

	17.3.1.5	 	the amount on the Standby Letter of Credit is not less than the Total Facility A
Commitments;

	17.3.1.6	 	the form of Standby Letter of Credit is attached;

	17.3.1.7	 	the expiry date of the Standby Letter of Credit is on or prior to the Maturity Date; and

	17.3.1.8	 	the delivery instructions for the Standby Letter of Credit are specified.

	17.3.2	 	Only one Standby Letter of Credit may be requested.

 

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	17.4	 	Issue of the Standby Letter of Credit

	17.4.1	 	If the conditions set out in this Agreement have been met, the Issuing Bank shall issue the
Standby Letter of Credit on the SLC Utilisation Date.

	17.4.2	 	The amount of each Participating Lender’s share in the Standby Letter of Credit will be its
Pro Rata Share on the proposed SLC Utilisation Date.

	17.4.3	 	If the conditions set out in this Agreement have been met, the Issuing Bank must issue the
Standby Letter of Credit on the SLC Utilisation Date.

	17.5	 	Extension of the Standby Letter of Credit

	17.5.1	 	A Borrower may request that the Standby Letter of Credit issued on behalf of that Borrower
is extended by delivery to the Facility Agent of a notice specifying the proposed maturity
date (if any) 3 (three) Business Days prior to the maturity date of the Standby Letter of
Credit.

	17.5.2	 	The Facility Agent must promptly notify the Issuing Bank and each Participating Lender of
the details of the requested extension of the Standby Letter of Credit and the amount of its
share of the Standby Letter of Credit.

 

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	17.5.3	 	The terms of the extended Standby Letter of Credit shall be the same as those of the Standby
Letter of Credit immediately prior to its extension, except that:

	17.5.3.1	 	its amount may be less than the amount of the Standby Letter of Credit immediately prior
to its renewal; and

	17.5.3.2	 	its maturity date will be the date specified in the extension request (provided that the
new maturity date may not extend beyond a date falling 12 (twelve) months after the Maturity
Date, unless otherwise agreed by the Facility Agent).

	17.5.4	 	If the conditions set out in this Agreement have been met, the Issuing Bank shall amend and
re-issue the Standby Letter of Credit pursuant to an extension request.

	17.6	 	Immediately payable

	 
	 	 	If the Standby Letter of Credit or any amount outstanding under the Standby Letter of
Credit is expressed to be immediately payable, the Borrower that requested the issue
of the Standby Letter of Credit shall repay or prepay that amount immediately.

	17.7	 	Claims under a Standby Letter of Credit

	17.7.1	 	Each Borrower irrevocably and unconditionally authorises the Issuing Bank to pay any claim
made or purported to be made under a Standby Letter of Credit requested by it and which
appears on its face to be in order (a “Claim”).

	17.7.2	 	Each Borrower shall immediately on demand pay to the Facility Agent for the Issuing Bank an
amount equal to the amount of any Claim.

 

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	17.7.3	 	Each Borrower acknowledges that the Issuing Bank:

	17.7.3.1	 	is not obliged to carry out any investigation or seek any confirmation from any other
person before paying a Claim; and

	17.7.3.2	 	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.

	17.7.4	 	The obligations of a Borrower under this clause will not be affected by:

	17.7.4.1	 	the sufficiency, accuracy or genuineness of any claim or any other document; or

	17.7.4.2	 	any incapacity of, or limitation on the powers of, any person signing a claim or other
document.

	17.8	 	Indemnities

	17.8.1	 	Each Obligor indemnifies the Issuing Bank against any loss or liability which the Issuing
Bank incurs under or in connection with the Standby Letter of Credit, except to the extent
that the loss or liability is directly caused by the gross negligence or wilful misconduct of
the Issuing Bank or by an illegal issuance of the Standby Letter of Credit by the Issuing
Bank.

	17.8.2	 	Each Participating Lender indemnifies the Issuing Bank against its share of any loss or
liability which the Issuing Bank incurs under or in connection with the Standby 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 Issuing Bank
or by an illegal issuance of the Standby Letter of Credit by the Issuing Bank.

 

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	17.8.3	 	A Participating Lender’s share of the liability or loss referred to in clause 17.8.2 will be
its Pro Rata Share on the SLC Utilisation Date of the Standby Letter of Credit, adjusted to
reflect any subsequent cession, assignment and transfer under this Agreement.

	17.8.4	 	The Obligors must immediately on demand reimburse any Participating Lender for any payment
it makes to the Issuing Bank under this clause 17.8 (Indemnities).

	17.8.5	 	The obligations of each Obligor and each Participating Lender under this clause 17.8
(Indemnities) are continuing obligations and will extend to the ultimate balance of all sums
payable by that Obligor or that Participating Lender under or in connection with the Standby
Letter of Credit, regardless of any intermediate payment or discharge in whole or in part.

	17.8.6	 	The obligations of the Participating Lender or any Obligor under this clause 17 (Standby
Letter of Credit Facility) 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 17
(Standby Letter of Credit Facility) (whether or not to it or any other person), including:

	17.8.6.1	 	any time, waiver or consent granted to, or composition with, any Obligor, any beneficiary
under the Standby Letter of Credit or any other person;

	17.8.6.2	 	the release of any other Obligor or any other person under the terms of any composition or
arrangement with any creditor or any member of the Borrower Group;

 

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	17.8.6.3	 	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 Obligor,
any beneficiary under the Standby Letter of Credit or other person or 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;

	 
	17.8.6.4	 	any incapacity or lack of power, authority or legal personality of or dissolution or
change in the members or status of an Obligor, any beneficiary under the Standby Letter of
Credit or any other person;

	 
	17.8.6.5	 	any amendment (however fundamental) or replacement of a Finance Document, the Standby
Letter of Credit or any other document or security;

	 
	17.8.6.6	 	any unenforceability, illegality or invalidity of any obligation of any person under any
Finance Document, the Standby Letter of Credit or any other document or security; or

	 
	17.8.6.7	 	any insolvency or similar proceedings.

 

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	18.	 	COSTS AND EXPENSES

	18.1	 	Transaction Expenses

The Borrowers shall promptly on demand pay the Facility Agent the amount of all
reasonable or necessary costs and expenses (including legal fees payable to the legal
advisers Deneys Reitz Inc.) incurred by the Facility Agent and the WCF Lenders in
connection with:

	18.1.1	 	the negotiation, preparation, printing, execution and syndication of:

	 
	18.1.1.1	 	this Agreement, the other Finance Documents and the Advance Condition Documents; and

	 
	18.1.1.2	 	any other Finance Documents executed after the Signature Date;

	 
	18.1.2	 	any filing, notification, registration or recording in connection with any Finance Document;
and

	 
	18.1.3	 	any due diligence investigation conducted by the WCF Lenders prior to the Signature Date.

	18.2	 	Amendment Costs

Each Borrower shall promptly on demand pay the Facility Agent the amount of all
reasonable or necessary costs and expenses (including reasonable or necessary legal
fees) incurred by the Facility Agent or the other Finance Parties in connection with
any amendment, variation, supplement, replacement, novation, waiver or consent in
relation to any Finance Document save in respect of any such amendment, variation,
supplement, replacement, novation, waiver or consent requested by a Finance Party
other than as a result of any requirement of any applicable law.

	18.3	 	Enforcement Costs

Each Borrower shall promptly on demand pay to the Facility Agent (for the account of
each Finance Party) the amount of all costs and expenses (including legal fees on the
scale as between attorney and own client whether incurred before or after judgement)
incurred by that Finance Party (as notified by it to the Borrowers, with a copy to the
Facility Agent) in connection with the enforcement of, or the preservation of any
rights under, any Finance Document as a consequence of the occurrence of a Default.

 

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	19.	 	GUARANTEE AND INDEMNITY

	19.1	 	Guarantee

	19.1.1	 	Each Guarantor irrevocably and unconditionally jointly and severally:

	 
	19.1.1.1	 	guarantees to each Finance Party the punctual payment by each Borrower of any amount due
by that Borrower under or in connection with the Finance Documents;

	 
	19.1.1.2	 	undertakes with each Finance Party that whenever a Borrower does not pay any amount when
due under or in connection with any Finance Document, that Guarantor shall immediately on
demand pay that amount as if it was the principal obligor; and

	 
	19.1.1.3	 	indemnifies each Finance Party immediately on demand against any cost, 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 cost, loss or liability shall be equal to the amount
which that Finance Party would otherwise have been entitled to recover from a Borrower under
and in terms of the Finance Documents.

	19.2	 	Continuing guarantee

This guarantee is a continuing guarantee and will extend to the ultimate balance of
sums payable by any Obligor under the Finance Documents, regardless of any
intermediate payment or discharge in whole or in part.

 

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	19.3	 	Reinstatement

If any payment by an Obligor or any discharge given by a Finance Party (whether in
respect of the obligations of any Obligor or any security for those obligations or
otherwise) is avoided or reduced as a result of insolvency or any similar event:

	19.3.1	 	the liability of each Obligor shall continue as if the payment, discharge, avoidance or
reduction had not occurred; and

	19.3.2	 	each Finance Party shall be entitled to recover the value or amount of that security or
payment from each Obligor, as if the payment, discharge, avoidance or reduction had not
occurred.

	19.4	 	Waiver of defences

The obligations of each Guarantor under this clause 19 (Guarantee and Indemnity) will
not be affected by an act, omission, matter or thing which, but for this clause, would
reduce, release or prejudice any of its obligations under this clause (without
limitation and whether or not known to it or any Finance Party) including:

	19.4.1	 	any time, waiver or consent granted to, or composition with, any Obligor or other person;

	19.4.2	 	the release of any other Obligor or any other person under the terms of any composition or
arrangement with any creditor of any member of the Borrower Group;

 

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	19.4.3	 	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 Obligor or
other person or 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;

	19.4.4	 	any incapacity or lack of power, authority or legal personality of or dissolution or change
in the members or status of an Obligor or any other person;

	19.4.5	 	any amendment, novation, supplement, extension, restatement (however fundamental and whether
or not more onerous) or replacement of any
Finance Document or any other document or security including without limitation
any change in the purpose of, any extension of or any increase in the Facility
or the addition of any new facility under any Finance Document or other document
or security;

	19.4.6	 	any unenforceability, illegality or invalidity of any obligation of any person under any
Finance Document or any other document or security; or

	 
	19.4.7	 	any insolvency or similar proceedings.

	19.5	 	Immediate recourse

Each Guarantor waives any right it may have of first requiring any Finance Party to
proceed against or enforce any other rights or security or claim payment from any
person before claiming from that Guarantor under this clause 19 (Guarantee and
Indemnity). This waiver applies irrespective of any law or any provision of a Finance
Document to the contrary.

 

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	19.6	 	Appropriations

Until all amounts which may be or become payable 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:

	19.6.1	 	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) in respect of those amounts, or
apply and enforce the same in such manner and order as it sees fit (whether against those
amounts or otherwise) and no Guarantor shall be entitled to the benefit of the same; and

	19.6.2	 	hold in an interest-bearing suspense account any moneys received from any Guarantor or on
account of any Guarantor’s liability under this clause 19 (Guarantee and Indemnity).

	19.7	 	Deferral of Guarantors’ rights

	19.7.1	 	Until all amounts which may be or become payable by the Obligors under or in connection with
the Finance Documents have been irrevocably paid in full and unless the Facility Agent
otherwise directs, no Guarantor will exercise any rights which it may have by reason of
performance by it of its obligations under the Finance Documents:

	19.7.1.1	 	to be indemnified by an Obligor;

	19.7.1.2	 	to claim any contribution from any other guarantor of any Obligor’s obligations under the
Finance Documents; and/or

 

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	19.7.1.3	 	to take the benefit (in whole or in part and whether by way of subrogation or otherwise)
of any rights of the Finance Parties under the Finance Documents or of any other guarantee or
security taken pursuant to, or in connection with, the Finance Documents by any Finance Party,

provided that, in any winding-up of a Borrower, the provisions of this clause
19.7.1 will not prevent such Guarantor from filing a claim in estate of that
Borrower in respect of a payment made by such Guarantor under this clause 19
(Guarantee and Indemnity) in circumstances in which such Guarantor may otherwise
permanently lose its rights to make such claim against the estate of that
Borrower if a claim is not lodged at that time, provided that any amount
received by such Guarantor pursuant to such claim shall be subject to clause
19.7.2.

	19.7.2	 	If a Guarantor receives any benefit, payment or distribution in relation to such rights it
shall hold that benefit, payment or distribution to the extent necessary to enable all amounts
which may be or become payable to the Finance Parties by the Obligors under or in connection
with the Finance Documents to be repaid in full for the benefit of the Finance Parties and
shall promptly pay or transfer the same to the Facility Agent
or as the Facility Agent may direct for application in accordance
with clause 30 (Payment Mechanics) of this Agreement.

 

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	19.8	 	Release of Guarantors’ right of contribution

If any Guarantor (a “Retiring Guarantor”) ceases to be a Guarantor in accordance with
the terms of the Finance Documents for the purpose of any sale or other disposal of
that Retiring Guarantor then on the date such Retiring Guarantor ceases to be a
Guarantor:

	19.8.1	 	that Retiring Guarantor is released by each other Guarantor from any liability (whether
past, present or future and whether actual or contingent) to make a contribution to any other
Guarantor arising by reason of the performance by any other Guarantor of its obligations under
the Finance Documents; and

	19.8.2	 	each other Guarantor waives 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 rights of the Finance Parties under any Finance
Document or of any other security taken pursuant to, or in connection with, any Finance
Document where such rights or security are granted by or in relation to the assets of the
Retiring Guarantor.

	19.9	 	Additional security

This guarantee is in addition to and is not in any way prejudiced by any other
guarantee or security now or subsequently held by any Finance Party.

	19.10	 	Limitation of recourse

The Finance Parties acknowledge that they only have recourse against the assets of
Pyramid BVI located in South Africa and that they do not have recourse against any
assets of Pyramid BVI that are not located in South Africa. Notwithstanding any term
of this Agreement or any other Finance
Document (save for the Cession in Security), nothing in this Agreement or in any
Finance Document (save for the Cession in Security) will result in Pyramid BVI
(whether as Guarantor, Borrower or otherwise) being liable to apply assets not located
in South Africa in respect of this Agreement or under any other Finance Document (save
for the Cession in Security).

 

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	20.	 	REPRESENTATIONS

Each Obligor makes the representations and warranties set out in this clause 20
(Representations) to each Finance Party on the date of this Agreement.

	20.1	 	Status

	20.1.1	 	It is a corporation, duly incorporated and validly existing under the law of its
jurisdiction of incorporation.

	 
	20.1.2	 	It has the power to own its assets and carry on its business as it is being conducted.

	20.2	 	Binding obligations

The obligations expressed to be assumed by it in each Finance Document are, subject to
any general principles of law limiting its obligations which are specifically referred
to in any legal opinion delivered pursuant to clause 5 (Conditions of Utilisation) and
clause 26 (Changes to the Obligors), legal, valid, binding and enforceable
obligations.

	20.3	 	Non-conflict with other obligations

The entry into and performance by it of, and the transactions contemplated by, the
Finance Documents do not and will not conflict with:

	20.3.1	 	any law or regulation applicable to it;

	 
	20.3.2	 	its constitutional documents; or

	 
	20.3.3	 	any agreement or instrument binding upon it or any of its assets.

 

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	20.4	 	Power and authority

It has the power to enter into, perform and deliver, and has taken all necessary
action to authorise its entry into, performance and delivery of, the Finance Documents
to which it is party and the transactions contemplated by those Finance Documents.

	20.5	 	Validity and admissibility in evidence

All Authorisations required or desirable:

	20.5.1	 	to enable it lawfully to enter into, exercise its rights and comply with its obligations in
the Finance Documents to which it is a party and to ensure that the obligations expressed to
be assumed by it thereunder are legal, valid, binding and enforceable; and

	 
	20.5.2	 	to make the Finance Documents to which it is a party admissible in evidence in South Africa,

have been obtained and effected and are in full force and effect.

	20.6	 	Governing law and enforcement

	20.6.1	 	The choice of South African law as the governing law of the Finance Documents will be
recognised and enforced in its jurisdiction of incorporation.

	20.6.2	 	Any judgment obtained in South Africa in relation to a Finance Document will be recognised
and enforced in its jurisdiction of incorporation.

 

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	20.7	 	Solvency

	20.7.1	 	No Obligor is unable or has admitted its inability to pay its debts as they fall due or has
suspended making payments on any of its debts or, by reason or actual or anticipated financial
difficulties, commenced negotiations with one or more of its creditors generally with a view
to rescheduling its indebtedness.

	 
	20.7.2	 	Its assets, fairly valued, exceed its liabilities, fairly valued.

	 
	20.7.3	 	A moratorium has not been declared in respect of any of the indebtedness of any Obligor.

	20.8	 	Deduction of Tax

It is not required to make any deduction for or on account of Tax from any payment it
may make under any Finance Document.

	20.9	 	No filing or stamp taxes

Under the law of its jurisdiction of incorporation it is not necessary that the
Finance Documents be filed, recorded or enrolled with any court or other authority in
that jurisdiction or that any stamp, registration or similar tax be paid on or in
relation to the Finance Documents or the transactions contemplated by the Finance
Documents.

	20.10	 	No Default

	20.10.1	 	No Event of Default is continuing or will result from the making of any Utilisation.

 

Page 89

 

	20.10.2	 	No other event or circumstances is outstanding which constitutes a default under any other
agreement or instrument which is binding on it or to which its assets are subject which would
have a Material Adverse Effect.

	20.11	 	No Misleading Information

	20.11.1	 	Any factual information provided by any member of the Borrower Group and supplied to the
Finance Parties in connection with the Finance Documents was true and accurate in all material
respects as at its date (if any) at which it is stated.

	20.11.2	 	It has not knowingly withheld any information which, if disclosed, would reasonably be
expected materially and adversely to affect the decision of any WCF Lender to provide finance
to any Borrower.

	20.12	 	Financial statements

	20.12.1	 	The Original Financial Statements fairly represent the financial condition and operations
(consolidated in the case of the Original Borrowers) during the relevant financial year.

	20.12.2	 	There has been no material adverse change in its business or financial condition (or the
business or consolidated financial condition of the Borrower Group, in the case of the
Original Borrowers) since 31 January 2008.

 

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	20.13	 	Pari passu ranking

Its payment obligations under the Finance Documents rank at least pari passu with the
claims of all its other unsecured and unsubordinated creditors, except for obligations
mandatorily preferred by law applying to companies generally.

	20.14	 	No proceedings pending or threatened

No litigation, arbitration or administrative proceedings of or before any court
arbitral body or agency which might reasonably be expected to have a Material Adverse
Effect have been started or threatened against it.

	20.15	 	Authorisation

All Authorisations necessary for the conduct of the business, trade and ordinary
activities of each Borrower have been obtained or effected and are in full force and
effect.

	20.16	 	No Material Adverse Effect

No event or series of events has occurred, commenced or is threatened that (or the
continuation of which) will result in a Material Adverse Effect.

	20.17	 	Immunity

No Obligor nor any of its assets is entitled to any immunity from suit, execution,
attachment or other legal process in South Africa or elsewhere and the conclusion of
this Agreement constitute, and the exercise of its respective rights and the
performance and compliance with its obligations under this Agreement constitute,
private and commercial acts done and performed for private and commercial purposes.

 

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	20.18	 	Adverse consequences

No Obligor will suffer any adverse consequence due to the execution of the Finance
Documents or the implementation of the transactions pursuant thereto.

	20.19	 	Assets and Intellectual Property Rights

	20.19.1	 	It and each Obligor has good title to or validly leases or licenses all of the assets
necessary and material to carry on its business.

	20.19.2	 	It and each member of the Borrower Group own or has the legal right to use all the
Intellectual Property Rights which are material to the conduct of the business of the Borrower
Group taken as a whole, or are required by it in order for it to carry on the business in all
material
respects as it will conduct after the Signature Date, and it will not nor will
any of its subsidiaries, in carrying on its business, infringe any Intellectual
Property Rights of any third party in any way which is likely to have a Material
Adverse Effect.

	20.19.3	 	None of the Intellectual Property Rights which are material in the context of the business
of any member of the Borrower Group are, to its knowledge, being infringed nor, to its
knowledge, is there any threatened infringement of those Intellectual Property Rights, by any
third party which in any such case is likely to result in a Material Adverse Effect.

	20.19.4	 	All registered Intellectual Property Rights owned by it (or any subsidiary of it) and which
are material to the conduct of the business of any member of the Borrower Group are
subsisting, and all actions (including payment of all fees) required to maintain the same in
full force and effect have been taken.

 

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	20.20	 	Capped Amounts

At all times and including the Facilities:

	20.20.1	 	the aggregate total Financial Indebtedness (excluding any Financial Indebtedness in respect
of Facility C) of the Borrowers as contemplated under clause 2.1.67.12 does not exceed
R1 000 000 000 (One Billion Rand); or

	20.20.2	 	the aggregate amount of Interest Bearing Debt of the Borrowers does not exceed
R650 000 000 (Six Hundred and Fifty Million Rand) (excluding any Interest Bearing Debt in
respect of Facility C).

	20.21	 	Sanctioned Transaction

	20.21.1	 	The transactions contemplated by the Finance Documents are and shall not be a Sanctioned
Transaction.

	 
	20.21.2	 	No Obligor is a Sanctioned Entity.

	20.22	 	Repetition

The Repeating Representation are deemed to be made by each Borrower by reference to
the facts and circumstances then existing on:

	20.22.1.1	 	the date of each Utilisation and the first day of each Interest Period; and

 

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	20.22.1.2	 	in the case of an Additional Borrower, the day on which it becomes (or it is proposed
that it becomes) an Additional Borrower.

	21.	 	INFORMATION UNDERTAKINGS

The undertakings in this clause 21 (Information Undertakings) remain in force from the
Signature Date for so long as any amount is outstanding under the Finance Documents or any
Commitment is in force.

	21.1	 	Financial statements

Pyramid Freight SA shall supply to the Facility Agent in sufficient copies for all the
WCF Lenders:

	21.1.1	 	as soon as the same become available, but in any event within 150 (one hundred and fifty )
days after the end of each of its Financial Years:

	21.1.1.1	 	its audited consolidated financial statements for that Financial Year; and

	 
	21.1.1.2	 	the audited financial statements of each Obligor for that Financial Year; and

	21.1.2	 	as soon as the same become available, but in any event within 90 (ninety) days after the end
of each half of each of its Financial Years:

	21.1.2.1	 	its consolidated interim financial statements (in a form and substance acceptable to the
Facility Agent) for that financial half year; and

 

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	21.1.2.2	 	the consolidated interim financial statements (in a form and substance acceptable to the
Facility Agent) of each Obligor for that financial half year.

	21.2	 	Compliance Certificate

	21.2.1	 	Pyramid Freight SA shall supply to the Facility Agent, with each set of financial statements
and interim financial statements delivered pursuant to clause 21.1 (Financial statements), a
Compliance Certificate setting out (in reasonable detail) computations as to compliance with
clause 22 (Financial Covenants) as at the Measurements Date coinciding with the last day of
the financial year for which those financial statement or interim financial statements, as the
case may be, were drawn up.

	21.2.2	 	Each Compliance Certificate shall be signed by 2 (two) directors, one of which shall be the
finance director of the relevant Borrower.

	21.3	 	Indebtedness Compliance Certificate

	21.3.1	 	Pyramid Freight SA shall supply the Facility Agent with an Indebtedness Compliance
Certificate setting out (in reasonable detail) computations as to compliance with clause 5.2.3
within 45 (forty-five) days of the end of each quarterly financial period of UTi Worldwide.

	21.3.2	 	Each Indebtedness Compliance Certificate shall be signed by 2 (two) directors, one of which
shall be the finance director of the relevant Borrower.

 

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	21.4	 	Requirements as to financial statements

	21.4.1	 	Each set of financial statements and interim financial statements delivered by Pyramid
Freight SA pursuant to clause 21.1 (Financial statements) shall be certified by 2 (two)
directors, one of which shall be the finance director of the relevant Borrower as fairly
representing its financial condition as at the date as at which those financial statements
were drawn up.

	21.4.2	 	Each Borrower shall procure that each set of financial statements and interim financial
statements delivered pursuant to clause 21.1 (Financial statements) is prepared using GAAP and
the requirements of the Companies Act, 1973.

	21.4.3	 	Each Borrower shall procure that each set of financial statements and interim financial
statements delivered pursuant to clause 21.1 (Financial statements) is prepared using GAAP,
accounting practices and financial reference periods as promulgated by the Accounting
Practices Board consistent with those applied in the preparation of the Original Financial
Statements for Pyramid Freight SA and UTi SA unless, in relation to any set of financial
statements or interim financial statements, it notifies the Facility Agent that there has been
a change in GAAP, the accounting practices or reference periods and its auditors deliver to
the Facility Agent:

	21.4.3.1	 	a description of any change necessary for those financial statements to reflect the GAAP,
accounting practices and reference periods upon which the Original Financial Statements were
prepared; and

 

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	21.4.3.2	 	sufficient information, in form and substance as may be reasonably required by the
Facility Agent, to enable the WCF Lenders to determine whether clause 22 (Financial Covenants)
has been complied with and make an accurate comparison between the financial position
indicated in those financial statements and the Original Financial Statements.

	21.4.4	 	Any reference in this Agreement to those financial statements shall be construed as a
reference to those financial statements as adjusted to reflect the basis upon which the
Original Financial Statements were prepared.

	21.5	 	Information: miscellaneous

Each Borrower shall supply to the Facility Agent (in sufficient copies for all the WCF
Lenders, if the Facility Agent so requests):

	21.5.1	 	all documents dispatched by a Borrower to its shareholders (or any class of them) or its
creditors generally at the same time as they are dispatched;

	21.5.2	 	promptly upon becoming aware of them, the details of any litigation, arbitration or
administrative proceedings which are current, threatened or pending against any member of the
Borrower Group, and which might, if adversely determined, have a Material Adverse Effect; and

	21.5.3	 	promptly, such further information regarding the financial condition, business and
operations of any member of the Borrower Group as any Finance Party (through the Facility
Agent) may request.

 

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	21.6	 	Notification of default

	21.6.1	 	Each Obligor shall notify the Facility Agent of any Default (and the steps, if any, being
taken to remedy it) promptly upon becoming aware
of its occurrence (unless that Obligor is aware that a notification has already
been provided by another Obligor).

	21.6.2	 	Promptly upon a request by the Facility Agent, a Borrower shall supply to the Facility Agent
a certificate signed by 2 (two) directors one of which must be the finance director of a
Borrower certifying that no Default is continuing (or if a Default is continuing, specifying
the Default and the steps, if any, being taken to remedy it).

	21.7	 	Notification of Corporate Actions and Transactions

	21.7.1	 	Each Borrower shall give the Facility Agent not less than 30 (thirty) days prior written
notice of:

	21.7.1.1	 	any resolutions to be passed by the shareholders of that Borrower as special resolutions
to the extent that such resolutions will, if adopted, materially and adversely affect the
interests of the Finance Parties under the Finance Documents;

	21.7.1.2	 	any material changes in its accounting policies;

	 
	21.7.1.3	 	any change to the end of its Financial Year; and

	 
	21.7.1.4	 	any dismissal or replacement of its Auditors.

 

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	21.7.2	 	Each Obligor shall, simultaneously with any notice given to its shareholders, give the
Facility Agent notice of any resolutions to be passed by the shareholder of that Obligor as
special resolutions to the extent that such resolutions will, if adopted, materially adversely
affect the interests of the Finance Parties under the Finance Documents.

	21.8	 	Delivery of Information

	21.8.1	 	The Facility Agent will promptly deliver the information which it receives under this clause
21 to each Finance Party.

	21.8.2	 	Without prejudice to clause 33 (Notices and Domicilia), any documents to be delivered under
this clause 21 (Information Undertakings) may be delivered by a Borrower to the Facility Agent
(and by the Facility Agent to any Finance Party):

	21.8.2.1	 	by e-mail (in the case of a Finance Party only) where that Finance Party has expressly
agreed, by written notice to the Facility Agent, to receive such documents by e-mail and has
informed the Facility Agent of an e-mail address pursuant to clause 33 (Notices and
Domicilia), provided that, for this purpose, any such notification shall also be followed-up
by telefax; or

	21.8.2.2	 	to the extent that it becomes common practice in South Africa to do so and the Facility
Agent has agreed to do so and (as applicable) a Finance Party has expressly agreed, by written
notice to the Facility Agent (such agreement not to be unreasonably withheld or delayed), by
reference to a website, the address of which (and the location of the relevant documents at
such website) has been confirmed to such Party in accordance with clause 33 (Notices and
Domicilia).

 

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	21.8.3	 	If a Finance Party requests delivery to it of a paper copy of any document to be delivered
by a Borrower under this clause 21 (Information Undertakings) in place of an electronic copy
of such document, it shall notify the Facility Agent accordingly. The Facility Agent shall
request a Borrower in writing to provide such paper copies promptly upon receipt of any such
notice and such Borrower shall be obliged promptly to do so.

	21.9	 	Pyramid Freight SA and UTi SA Financial Statements

	21.9.1	 	Each of Pyramid Freight SA and UTi SA shall supply to the Facility Agent in sufficient
copies for all WCF Lenders its audited financial
statements for the period ended 31 January 2008 by no later than 30 July 2009.

	21.9.2	 	Each of Pyramid Freight SA and UTi SA shall supply to the Facility Agent, with its Original
Financial Statements delivered pursuant to clause 21.9.1, a certificate certifying that the
Original Financial Statements are prepared in accordance with GAAP.

	22.	 	FINANCIAL COVENANTS

	22.1	 	Financial Condition

	22.1.1	 	Pyramid Freight SA shall, and shall procure that each member of the Borrower Group will,
ensure that for so long as any amount is outstanding under the Finance Documents or any
Commitment is in force:

	22.1.1.1	 	the Interest Cover Ratio for each Measurement Period is at least 3.75 times; and

 

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	22.1.1.2	 	the Annual Total Debt Service Cover Ratio for each Measurement Period is at least 1.5
times; and

	22.1.1.3	 	the Total Debt Cover Ratio:

	22.1.1.3.1	 	for the first Measurement Period does not exceed 3.0 times; and

	 
	22.1.1.3.2	 	for each Measurement Period thereafter does not exceed 3.25 times.

	22.1.2	 	It is specifically recorded and agreed between the Parties that each member of the Borrower
Group’s obligation referred to in clause 22.1.1 is to ensure that each of the Financial
Covenants set out in clause 22.1.1
are met on each day in a Measurement Period but that such Financial Covenants
shall only be tested on each Measurement Date.

	22.1.3	 	The Financial Covenants shall be measured with regard to the consolidated financial position
of the Borrower Group. In regard to Obligors that are branches of companies incorporated
outside South Africa, the financial position of such Obligor shall be measured at branch
level.

	22.2	 	Financial Testing

The Financial Covenants shall be tested on each Measurement Date.

	22.3	 	Breach of a Financial Covenant

Immediately upon becoming aware of a breach of any of the Financial Covenants, a
member of the Borrower Group shall notify the Facility Agent (and provide such details
about the breach as the Facility Agent may reasonably request).

 

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	22.4	 	Calculation

	22.4.1	 	In the event of any dispute in respect of any calculation relating to the Financial
Covenants referred to in clauses 22.1.1.1 and 22.1.1.2 or any other calculations required in
respect of any Financial Covenant, such dispute shall be determined by independent auditors,
appointed by the Facility Agent (which auditors must be one of PricewaterhouseCoopers Inc.,
Ernst & Young, Deloitte or KPMG Inc.), acting as experts and not as arbitrators (taking into
account the terms and conditions of the Finance Documents), whose determination will, in the
absence of manifest error, be final and binding on all Parties.

	22.4.2	 	The cost of such independent auditors in resolving such dispute shall be paid by the parties
to the dispute in the proportion determined by such
auditors having regard to the merit, or lack thereof, of each side to the
dispute.

	23.	 	GENERAL UNDERTAKINGS

The undertakings in this clause 23 (General Undertakings) remain in force from the date of
this Agreement for so long as any amount is outstanding under the Finance Documents or any
Commitment is in force.

 

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	23.1	 	Authorisations

Each Obligor shall promptly:

	23.1.1	 	obtain, comply with and do all that is necessary to maintain in full force and effect; and

	 
	23.1.2	 	supply certified copies to the Facility Agent of,

any Authorisation (including without limitation any material licences) required under
any law or regulation of its jurisdiction of incorporation to enable it to perform its
obligations under the Finance Documents and to ensure the legality, validity,
enforceability or admissibility in evidence in its jurisdiction of incorporation of
any Finance Document.

	23.2	 	Compliance with laws

Each Obligor shall comply in all respects with all laws (including without limitation
environmental law) to which it may be subject.

	23.3	 	Insurance

	23.3.1	 	Each Obligor shall insure and keep insured all of its property and assets of an insurable
nature and which are customarily insured by companies in South Africa conducting a business
similar to that of that Obligor against loss, damage and other risks normally insured against
by
persons carrying on the same nature and type of business as that carried on by
that Obligor in sums which are prudent and appropriate in the context of that
Obligor’s business.

	23.3.2	 	Each Obligor shall promptly pay all premiums and do all other things necessary to maintain
the insurances required to be taken out and maintained by it pursuant to clause 23.3.1.

 

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	23.4	 	Negative pledge

Save for Permitted Encumbrances, no Obligor shall (and the Original Borrowers shall
ensure that no other member of the Borrower Group will) create or permit to subsist
any Encumbrance over any of its assets.

	23.5	 	Restrictions on Borrowings

No Obligor shall (and each Obligor shall ensure that no other member of the Borrower
Group will) assume, incur or permit to have outstanding any Financial Indebtedness
other than Permitted Indebtedness.

	23.6	 	Pari Passu Ranking

Each Obligor shall procure that its payment obligations under the Finance Documents
rank and will rank at least pari passu with claims of all its other unsecured and
unsubordinated creditors, except for obligations mandatorily preferred by law applying
to companies generally.

	23.7	 	Corporate Existence

Each Obligor shall maintain and preserve its corporate existence.

	23.8	 	Mergers, Disposals and Other Arrangements

	23.8.1	 	Subject to clause 23.8.2, no Obligor shall enter into:

	23.8.1.1	 	any transaction relating to any amalgamation, demerger, merger, consolidation,
acquisition, divestiture or corporate reconstruction;

 

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	23.8.1.2	 	enter into a single transaction or a series of transactions (whether related or not) and
whether voluntarily or involuntarily to Dispose of any assets; or

	23.8.1.3	 	any transaction relating the disposal of certain portions of the business, in accordance
with required future BEE transactions,

without the prior written consent of the Facility Agent which will not be
unreasonably withheld.

	23.8.2	 	Notwithstanding the provisions of clause 23.8.1.3, an Obligor shall be entitled to perform
any transaction relating to the IHD Put Option or the UTi SA Buy-back Condition.

	23.8.3	 	Notwithstanding the provisions of clause 23.8.1, an Obligor shall be entitled to perform any
of the acts set out in clause 23.8.1 for the purposes of a bona fide restructuring or
amalgamation within the Borrower Group, without insolvency, and pursuant to which the validity
and enforceability of the Finance Documents are preserved as binding upon the restructured or
amalgamated companies; provided that:

	23.8.3.1	 	the restructured or amalgamated companies shall be members of the Borrower Group;

	 
	23.8.3.2	 	such restructuring or amalgamation will not have a Material Adverse Effect;

	23.8.3.3	 	such restructuring or amalgamation does not result in any material adverse Tax
consequences for the relevant Obligor; and

 

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	23.8.3.4	 	the relevant Obligor has provided the Facility Agent with at least 15 (fifteen) days’
prior written notification thereof.

	23.9	 	Conduct of Business

Other than with the prior written consent of the Facility Agent, no Obligor shall
enter into any transaction with any person except on arm’s length terms (or terms more
favourable to the relevant Obligor than arm’s length terms).

	23.10	 	Taxation

Each Obligor shall duly and punctually pay and discharge all Taxes imposed upon it or
its assets within the time period allowed without incurring penalties, except to the
extent:

	23.10.1	 	that such payment is being contested in good faith;

	 
	23.10.2	 	adequate provisions are being maintained for those Taxes in accordance with GAAP; and

	 
	23.10.3	 	where such payment can be lawfully withheld.

	23.11	 	Loans and Guarantees

No Obligor shall:

	23.11.1	 	make any loan (other than Permitted Loans) or provide any form of credit or financial
accommodation to any other person;

	23.11.2	 	give or issue any guarantee, suretyship, indemnity, bond or letter of credit to or for the
benefit of, or in respect of liabilities or obligations of, any other person or assume any
liability (whether actual or contingent) of any other person (other than as contemplated by
the Finance Documents),

without the prior written consent of the Facility Agent.

 

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	23.12	 	Disposals

Save for Permitted Disposals, no Obligor shall make any Disposals.

	23.13	 	Change of business

Each Obligor shall procure that no substantial change is made to the general nature of
the business of such Obligor or the Borrower Group from that carried on at the
Signature Date.

	23.14	 	Sanctioned Transactions

Each Obligor shall not (and each Obligor will ensure that no member of the Borrower
Group will) commit a Sanctioned Transaction.

	23.15	 	Acquisitions

	23.15.1	 	Except as permitted under clause 23.15.2, no Obligor shall (and each Obligor shall ensure
that no member of the Borrower Group will):

	23.15.1.1	 	acquire a company or any shares or securities or a business or undertaking or assets (or,
in each case, any interest in any of them); or

	23.15.1.2	 	incorporate a company,

(each, a “Business Acquisition”).

 

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	23.15.2	 	Clause 23.15.1 shall not apply to any Business Acquisition if:

	23.15.2.1	 	no Default is continuing on the closing date for that Business Acquisition or would occur
as a result of that Business Acquisition;

	23.15.2.2	 	the acquired company, business or undertaking is engaged in a business substantially the
same as that carried on by the Borrower Group;

	23.15.2.3	 	the consideration (including associated costs and expenses) for that Business Acquisition
payable by an Obligor or any member of the Borrower Group and any Financial Indebtedness or
other assumed actual or contingent liability, in each case remaining in the acquired company
(or any such business) at the date of that Business Acquisition (when aggregated with the
consideration (including associated costs and expenses) for any other Business Acquisitions
paid or payable by that Obligor or any member of the Borrower Group and any Financial
Indebtedness or other assumed actual or contingent liability, in each case remaining in any
such acquired companies or businesses at the time of that Business Acquisition acquired
pursuant to any other Business Acquisitions made during the Term) does not exceed R10 000 000
(Ten Million Rand) per Business Acquisition; and

 

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	23.15.2.4	 	the consideration (including associated costs and expenses) for that Business Acquisition
payable by an Obligor or any member of the Borrower Group and any Financial Indebtedness or
other assumed actual or contingent liability, in each case remaining in the acquired company
(or any such business) at the date of that Business Acquisition (when aggregated with the
consideration
(including associated costs and expenses) for any other Business
Acquisitions paid or payable by that Obligor or any member of the
Borrower Group and any Financial Indebtedness or other assumed actual or
contingent liability, in each case remaining in any such acquired
companies or businesses at the time of that Business Acquisition acquired
pursuant to any other Business Acquisitions made during the Term), to the
extent that it:

	23.15.2.4.1	 	exceeds R10 000 000 (Ten Million Rand) per Business Acquisition; or

	23.15.2.4.2	 	exceeds in aggregate R80 000 000 (Eighty Million Rand) in any Financial Year,

	 	 	the prior written consent of the WCF Lenders has been obtained, which
consent shall not be unreasonably withheld or delayed.

	23.16	 	Capped Amounts

	 
	 	No Borrower shall make a Utilisation unless at all times and including the Facilities:

	23.16.1	 	the aggregate total Financial Indebtedness (excluding any Financial Indebtedness in respect
of Facility C) of the Borrowers as contemplated under clause 2.1.67.12 does not exceed
R1 000 000 000 (One Billion Rand); or

	23.16.2	 	the aggregate amount of Interest Bearing Debt of the Borrowers does not exceed
R650 000 000 (Six Hundred and Fifty Million Rand) (excluding any Interest Bearing Debt in
respect of Facility C).

 

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	23.17	 	Pyramid Freight SA

	23.17.1	 	Pyramid BVI shall procure that the memorandum of Pyramid BVI is registered by the South
African Registrar of Companies and that Pyramid Freight SA becomes an “external company” under
the Companies Act, 1973, within 30 days of the Signature Date or such other period agreed
between Pyramid BVI and the Facility Agent.

	23.17.2	 	Pyramid BVI shall:

	23.17.2.1	 	lodge a certified copy of the memorandum of association of Pyramid BVI together with all
necessary documents required in terms of the Companies Act, 1973 with the South African
Registrar of Companies in accordance with section 322 of the Companies Act, 1973 within 10
(ten) Business Days of the Signature Date; and

	23.17.2.2	 	promptly thereafter deliver proof of lodgement to the satisfaction of the Facility Agent
of the documents referred to in clause 23.17.2.1 above to the Facility Agent.

	23.17.3	 	Within 5 (five) Business Day of registration of the memorandum of association of Pyramid
BVI and receipt of the certificate of registration from the Registrar of Companies, Pyramid
BVI shall:

	23.17.3.1	 	procure that Pyramid Freight SA becomes an Additional Borrower mutatis mutandis in
accordance with clause 26.2 (Additional Borrowers) of this Agreement;

	23.17.3.2	 	deliver a legal opinion of Webber Wentzel in a form and substance acceptable to the
Facility Agent and the Original WCF Lenders that Pyramid Freight SA is an external company in
accordance with the laws of South Africa; and

 

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	23.17.3.3	 	deliver the Cession in Security, duly signed on behalf of Pyramid Freight SA.

	24.	 	EVENTS OF DEFAULT

Each of the events or circumstances set out in clause 24 (Events of Default) is an Event of
Default (save for clause 24.15 (Acceleration)).

	24.1	 	Non-payment

An Obligor does not pay on the due date any amount payable pursuant to a Finance
Document at the place and in the currency in which it is expressed to be payable
unless:

	24.1.1	 	its failure to pay is caused by administrative or technical error; and

	24.1.2	 	payment is made within 3 (three) Business Days of its due date.

	24.2	 	Financial covenants

Any requirement of clause 22 (Financial Covenants) is not satisfied.

	24.3	 	Other obligations

Subject to clause 24.17 (Remedy), an Obligor does not comply with any provision of the
Finance Documents (other than those referred to in clause 24.1 (Non-payment)).

 

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	24.4	 	Misrepresentation

Any representation or statement made or deemed to be made by an Obligor in the Finance
Documents or any other document delivered by or on behalf of any Obligor under or in
connection with any Finance Document is or proves to have been incorrect or misleading
in any material respect when made or deemed to be made.

	24.5	 	Cross default

	24.5.1	 	Any Financial Indebtedness of an Obligor is not paid when due nor within any originally
applicable grace period.

	24.5.2	 	Any Financial Indebtedness of an Obligor is declared to be or otherwise becomes due and
payable prior to its specified maturity as a result of an event of default (however
described).

	24.5.3	 	Any commitment for any Financial Indebtedness of an Obligor is cancelled or suspended by a
creditor of that Obligor as a result of an event of default (however described).

	24.5.4	 	Any creditor of an Obligor becomes entitled to declare any Financial Indebtedness of that
Obligor due and payable prior to its specified maturity as a result of an event of default
(however described).

	24.5.5	 	No Event of Default will occur under this clause 24.5 (Cross default) if the aggregate
amount of Financial Indebtedness or commitment for
Financial Indebtedness falling within 24.5.1 to 24.5.4 above is less than
R5 000 000 (Five Million Rand) (or its equivalent in any other currency or
currencies).

 

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	24.5.6	 	Any Financial Indebtedness of UTi Worldwide or any of its subsidiaries (excluding the
Obligors) is not paid when due nor within any originally applicable grace period.

	24.5.7	 	Any Financial Indebtedness of UTi Worldwide or any of its subsidiaries (excluding the
Obligors) is declared to be or otherwise becomes due and payable prior to its specified
maturity as a result of an event of default (however described).

	24.5.8	 	Any creditor of UTi Worldwide or any of its subsidiaries (excluding the Obligors) becomes
entitled to declare any Financial Indebtedness of UTi Worldwide or any of its subsidiaries
(excluding the Obligors) due and payable prior to its specified maturity as a result of an
event of default (however described).

	24.5.9	 	No Event of Default will occur under this clause 24.5 (Cross default) if the aggregate
amount of Financial Indebtedness or commitment for Financial Indebtedness falling within
24.5.6 to 24.5.8 above is less than US$5 000 000 (Five Million United States Dollars) (or its
equivalent in any other currency or currencies).

	24.6	 	Insolvency

	24.6.1	 	An Obligor and/or a Material Subsidiary is unable or admits inability to pay its debts as
they fall due, suspends making payments on any of its debts or, by reason of actual or
anticipated financial difficulties,
commences negotiations with one or more of its creditors with a view to
rescheduling any of its indebtedness.

 

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	24.6.2	 	The value of the assets of any Obligor and/or a Material Subsidiary is less than its
liabilities (taking into account contingent and prospective liabilities).

	24.6.3	 	A moratorium is declared in respect of any indebtedness of any Obligor and/or a Material
Subsidiary.

	24.7	 	Insolvency proceedings

Any corporate action, legal proceedings or other procedure or step is taken in
relation to:

	24.7.1	 	the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution,
administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or
otherwise) of any Obligor;

	24.7.2	 	a composition, compromise, assignment or arrangement with any creditor of any Obligor and/or
a Material Subsidiary;

	24.7.3	 	the appointment of a liquidator, receiver, administrative receiver, administrator,
compulsory manager or other similar officer in respect of any Obligor and/or a Material
Subsidiary or any of its assets; or

24.7.4 enforcement of any Encumbrance over any assets of any Obligor and/or a Material Subsidiary,

or any analogous procedure or step is taken in any jurisdiction.

 

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	24.8	 	Failure to comply with Final Judgment

An Obligor and/or a Material Subsidiary fails within 10 (ten) Business Days of the due
date to comply with or pay any sum due from it in excess of R2 000 000 (Two Million
Rand) under any material final judgment or any final order made or given by a court of
competence jurisdiction.

	24.9	 	Creditors’ process

Any expropriation, attachment, sequestration, distress or execution affects any asset
or assets of an Obligor and/or a Material Subsidiary having an aggregate value of in
excess of R2 000 000 (Two Million Rand) and is not discharged within 5 Business Days.

	24.10	 	Unlawfulness

It is or becomes unlawful for an Obligor to perform any of its obligations under the
Finance Documents.

	24.11	 	Repudiation

An Obligor repudiates a Finance Document or evidences an intention to repudiate a
Finance Document.

	24.12	 	Material Adverse Effect

Subject to clause 24.17 (Remedy), any event (or series of events) or circumstances
occurs (or any existing circumstances continues) which the Facility Agent (acting
reasonably and in good faith) believes is reasonably likely to result in a Material
Adverse Effect.

 

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	24.13	 	Authorisations

Any Authorisation (including without limitation any license) material to the business
of an Obligor is materially and adversely amended or is terminated or not renewed (in
each case, without a replacement being put in place with which the Facility Agent
(acting reasonably) is satisfied) or is otherwise adversely appealed or challenged or
an Obligor breaches (other than in relation to any breach or challenge which the
Facility Agent (acting reasonably) considers to be not material) any term or condition
of any such Authorisation.

	24.14	 	Cessation of Business

Any Obligor ceases to carry on the business which it undertakes at the Signature Date
or enters into any unrelated business.

	24.15	 	Financial Statement

Any material qualification on the financial statements of a Borrower by the Auditors
of that Borrower unless the qualification is rectified to the satisfaction of the WCF
Lenders within 21 (twenty-one) Business Days of written notice from the Facility
Agent.

 

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	24.16	 	Acceleration

If any Event of Default occurs which is continuing, the Facility Agent shall be
entitled (acting on the instructions of the Majority WCF Lenders) and without
prejudice to any other rights or remedies which the WCF Lenders may have under any of
the Finance Documents or otherwise in terms of law, by written notice to the
Borrowers:

	24.16.1	 	claim immediate payment of all Facility Outstandings (including but not limited to capital
and interest and amounts in respect of duties, fees and charges owing by the Borrowers to the
Finance Parties under the Facilities or any of the Finance Documents) regardless of whether or
not such amounts are then otherwise due and payable, all of which amounts shall, upon the
delivery of an Acceleration Notice, immediately become due and payable; and/or

	24.16.2	 	demand and be entitled to receive specific performance of the relevant obligation of the
Finance Documents (if any) breached by a Borrower; and/or

	24.16.3	 	cancel the whole or part of a Facility; and/or

	24.16.4	 	refuse to make payment of any further as yet undrawn funds, if any, available under the
Facilities, and/or

	24.16.5	 	claim payment from the Borrowers of any and all Breakage Costs, damages, costs and other
amounts incurred directly as a result of such Event of Default.

	24.17	 	Remedy

	24.17.1	 	No Event of Default under clause 24 (Events of Default) (other than that referred to in
clause 24.1 (Non-Payment)) will occur if the failure to comply or circumstance giving rise to
the same is capable of remedy and is remedied within 5 (five) days, or such further period as
the Facility Agent may agree in writing.

	24.17.2	 	For the purposes of clause 24.17.1, the events or circumstances referred to in clause 24.5
(Cross-Default), clause 24.6 (Insolvency), clause 24.7
(Insolvency Proceedings), clause 24.8 (Failure to comply with Final Judgement),
clause 24.9 (Creditors’ Process) and clause 24.10 (Unlawfulness) shall be deemed
to be incapable of remedy save to the extent set out therein.

 

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	25.	 	CHANGES TO THE LENDERS

	25.1	 	Cessions, assignments and transfers by the Lenders

Subject to clause 25.2 (Conditions of cessions, assignments or transfers), a Lender
(the “Existing Lender”) may:

	25.1.1	 	cede and/or assign any of its rights; or

	25.1.2	 	transfer by cession and delegation any of its rights and obligations,

under this Agreement and any corresponding rights or obligations under any other
Finance Document to:

	25.1.3	 	any Permitted Transferee without the consent of the Borrowers or any other Party; and

	25.1.4	 	any other person with the consent of the Borrowers, which consent shall not be unreasonably
withheld or delayed,

(any such Permitted Transferee or other person, the “New Lender”).

	25.2	 	Conditions of cessions, assignments or transfers

	25.2.1	 	The consent of the Borrowers is required for a cession and/or assignment referred to in
clause 25.1.1 or transfer by cession and delegation referred to in clause 25.1.2 by an
Existing Lender, unless the
cession and/or assignment referred to in clause 25.1.1 or transfer by cession
and delegation referred to in clause 25.1.2 is to another Lender or an affiliate
of a Lender or if an Event of Default is continuing and unwaived.

 

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	25.2.2	 	The consent of the Borrowers to a cession and/or assignment referred to in clause 25.1.1 or
transfer by cession and delegation referred to in clause 25.1.2 must not be unreasonably
withheld or delayed. Each Borrower will be deemed to have given its consent 5 (five) Business
Days after the Existing Lender has requested it unless consent is expressly refused by each
Borrower within that time.

	25.2.3	 	A cession and/or assignment referred to in clause 25.1.1 or a transfer by cession and
delegation referred to in clause 25.1.2 will only be effective on receipt by the Facility
Agent of:

	25.2.3.1	 	receipt by the Facility Agent of written confirmation from the New Lender (in form and
substance satisfactory to the Facility Agent) that the New Lender will assume the same
obligations to the other Finance Parties as it would have been under if it was a Lender;

	25.2.3.2	 	an Accession Undertaking duly completed and duly signed by the New Lender; and

	25.2.3.3	 	a Transfer Certificate duly completed and duly signed by the Existing Lender and the New
Lender.

 

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	25.2.4	 	If:

	25.2.4.1	 	a WCF Lender cedes, assigns or transfers any of its rights or obligations under the
Finance Documents; and

	25.2.4.2	 	as a result of circumstances existing as at the date on which the cession, assignment or
transfer, a Borrower would be obliged to make payment to the New Lender under clause 13 (Tax
Gross Up and Indemnities) and clause 14 (Increased Costs),

then the New Lender is only entitled to receive payment under that clause to the
same extent as the Existing Lender would have been if the cession, assignment,
transfer or change had not occurred.

	25.2.5	 	A transfer by cession and delegation will only be effective if the procedure set out in
Clause 25.4 (Procedure for transfer) is complied with.

	25.3	 	Limitation of responsibility of Existing Lenders

	25.3.1	 	Unless expressly agreed to the contrary, an Existing Lender makes no representation or
warranty and assumes no responsibility to a New Lender for:

	25.3.1.1	 	the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents
or any other documents;

	25.3.1.2	 	the financial condition of any Borrower;

	25.3.1.3	 	the performance and observance by any Borrower of its obligations under the Finance
Documents or any other documents; or

 

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	25.3.1.4	 	the accuracy of any statements (whether written or oral) made in or in connection with any
Finance Document or any other document,

	 	 	and any representations or warranties implied by law are excluded.

	25.3.2	 	Each New Lender confirms to the Existing Lender and the other Finance Parties that it:

	25.3.2.1	 	has made (and shall continue to make) its own independent investigation and assessment of
the financial condition and affairs of each Borrower and its related entities in connection
with its participation in this Agreement and has not relied exclusively on any information
provided to it by the Existing Lender in connection with any Finance Document; and

	25.3.2.2	 	will continue to make its own independent appraisal of the creditworthiness of each
Borrower and its related entities whilst any amount is or may be outstanding under the Finance
Documents or any Commitment is in force.

	25.3.3	 	Nothing in any Finance Document obliges an Existing Lender to:

	25.3.3.1	 	accept a re-transfer from a New Lender of any of the rights and obligations assigned or
transferred under this clause 25; or

	25.3.3.2	 	support any losses directly or indirectly incurred by the New Lender by reason of the
non-performance by any Borrower of its obligations under the Finance Documents or otherwise.

 

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	25.4	 	Procedure for transfer

	25.4.1	 	Subject to the conditions set out in clause 25.2 (Conditions of cessions, assignments or
transfers) a transfer is effected in accordance with clause 25.4.3 when the Agent executes an
otherwise duly completed Transfer Certificate and Accession Undertaking delivered to it by the
Existing Lender and/or the New Lender as the case may be. The Facility Agent shall, subject
to clause 25.4.2 as soon as reasonably practicable after receipt by it of a duly completed
Transfer Certificate and Accession Undertaking appearing on its face to comply with the terms
of this Agreement and delivered in accordance with the terms of this Agreement, execute that
Transfer Certificate and Accession Undertaking.

	25.4.2	 	The Facility Agent shall only be obliged to execute a Transfer Certificate and Accession
Undertaking delivered to it by the Existing Lender and the New Lender once it is satisfied it
has complied with all necessary “know your customer” or other similar checks under all
applicable laws and regulations in relation to the transfer to such New Lender.

	25.4.3	 	On the Transfer Date:

	25.4.3.1	 	to the extent that in the Transfer Certificate and Accession Undertaking the Existing
Lender seeks to transfer by cession and delegation its rights and obligations under the
Finance Documents each of the Borrowers and the Existing Lender shall be released from further
obligations towards one another under the Finance Documents and their respective rights
against one another under the Finance Documents shall be cancelled (being the “Discharged
Rights and Obligations”);

 

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	25.4.3.2	 	each of the Borrowers and the New Lender shall assume obligations towards one another
and/or acquire rights against one another which differ from the Discharged Rights and
Obligations only insofar as that Borrower and the New Lender have assumed and/or acquired the
same in place of that Borrower and the Existing Lender;

	25.4.3.3	 	the Facility Agent, the New Lender and other Lenders shall acquire the same rights and
assume the same obligations between themselves as they would have acquired and assumed had the
New Lender been a Lender with the rights and/or obligations acquired or assumed by it as a
result of the transfer and to that extent the Agent and the Existing Lender shall each be
released from further obligations to each other under the Finance Documents; and

	25.4.3.4	 	the New Lender shall become a Party as a “Lender”.

	25.5	 	Copy of Transfer Certificate and Accession Undertaking to Borrower

The Facility Agent shall, as soon as reasonably practicable after it has executed a
Transfer Certificate and Accession Undertaking, send to the Borrowers a copy of that
Transfer Certificate and Accession Undertaking.

	25.6	 	Disclosure of information

Any Lender may disclose to any of its affiliates and any other person:

	25.6.1	 	to (or through) whom that Lender assigns or transfers (or may potentially assign or
transfer) all or any of its rights and obligations under this Agreement;

 

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	25.6.2	 	with (or through) whom that Lender enters into (or may potentially enter into) any sub
participation in relation to, or any other transaction under which payments are to be made by
reference to, the Finance Documents or any Borrower; or

	25.6.3	 	to whom, and to the extent that, information is required to be disclosed by any applicable
law or regulation,

any information about any Borrower, the Borrower Group and the Finance Documents as
that Lender shall consider appropriate if, in relation to clauses 25.6.1 and 25.6.2,
the person to whom the information is to be given has entered into a Confidentiality
Undertaking.

	26.	 	CHANGES TO THE OBLIGORS

	26.1	 	Assignments and transfer by a Borrower

No Obligor may assign any of its rights or transfer any of its rights or obligations
under the Finance Documents.

	26.2	 	Additional Borrowers

	26.2.1	 	Subject to compliance with the provisions of Part II of Schedule 2 (Advance Condition
Documents) a Borrower may request that any of its wholly owned subsidiaries becomes an
Additional Borrower. That subsidiary shall become an Additional Borrower if:

	26.2.1.1	 	all the WCF Lenders approve the addition of that subsidiary;

	26.2.1.2	 	that Borrower delivers to the Facility Agent a duly completed and executed Accession
Undertaking;

 

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	26.2.1.3	 	that Borrower confirms that no Default is continuing or would occur as a result of that
subsidiary becoming an Additional Borrower; and

	26.2.1.4	 	the Facility Agent has received all of the documents and other evidence listed in Part II
of Schedule 2 (Advance Condition Documents) in relation to that Additional Borrower, each in
form and substance satisfactory to the Facility Agent.

	26.2.2	 	The Facility Agent shall notify the Borrowers and the WCF Lenders promptly upon being
satisfied that it has received (in form and substance satisfactory to it) all the documents
and other evidence listed in Part II of Schedule 2 (Advance Condition Documents).

	26.3	 	Resignation of a Borrower

	26.3.1	 	A Borrower may request that a Borrower (other than an Original Borrower) ceases to be a
Borrower by delivering to the Facility Agent a Resignation Letter.

	26.3.2	 	The Facility Agent shall accept a Resignation Letter and notify the Borrowers and the WCF
Lenders of its acceptance if:

	26.3.2.1	 	no Default is continuing or would result from the acceptance of the Resignation Letter
(and the relevant Borrower has confirmed this is the case); and

	26.3.2.2	 	the Borrower is under no actual or contingent obligations as a Borrower under any Finance
Documents,
whereupon that company shall cease to be a Borrower and shall have no further
rights or obligations under the Finance Documents.

 

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	26.4	 	Additional Guarantors

	26.4.1	 	Subject to compliance with the provisions of Part III of Schedule 2 (Advance Condition
Documents) a Borrower may request that any of its wholly owned subsidiaries becomes an
Additional Guarantor. That subsidiary shall become an Additional Guarantor if:

	26.4.1.1	 	all the WCF Lenders approve the addition of that subsidiary;

	26.4.1.2	 	that Borrower delivers to the Facility Agent a duly completed and executed Accession
Undertaking;

	26.4.1.3	 	that Borrower confirms that no Default is continuing or would occur as a result of that
subsidiary becoming an Additional Guarantor; and

	26.4.1.4	 	the Facility Agent has received all of the documents and other evidence listed in Part III
of Schedule 2 (Advance Condition Documents) in relation to that Additional Guarantor, each in
form and substance satisfactory to the Facility Agent.

	26.4.2	 	The Facility Agent shall notify the Borrowers and the WCF Lenders promptly upon being
satisfied that it has received (in form and substance satisfactory to it) all the documents
and other evidence listed in Part III of Schedule 2 (Advance Condition Documents).

 

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	26.5	 	Resignation of a Guarantor

	26.5.1	 	A Guarantor may request that a Guarantor (other than an Original Guarantor) ceases to be a
Guarantor by delivering to the Facility Agent a Resignation Letter.

	26.5.2	 	The Facility Agent shall accept a Resignation Letter and notify the Guarantors and the WCF
Lenders of its acceptance if:

	26.5.2.1	 	no Default is continuing or would result from the acceptance of the Resignation Letter
(and the relevant Guarantor has confirmed this is the case); and

	26.5.2.2	 	all the WCF Lenders have consented to the relevant Borrower’s request,

whereupon that company shall cease to be a Guarantor and shall have no further
rights or obligations under the Finance Documents.

	26.6	 	Repetition of Representations

Delivery of an Accession Undertaking constitutes confirmation by the relevant
subsidiary that the Repeating Representations are true and correct in relation to it
as at the date of delivery as if made by reference to the facts and circumstances then
existing.

	27.	 	ROLE OF THE FACILITY AGENT

	27.1	 	Appointment of the Facility Agent

	27.1.1	 	Each other Finance Party appoints the Facility Agent to act as its agent under and in
connection with the Finance Documents.

 

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	27.1.2	 	Each other Finance Party authorises the Facility Agent to exercise the rights, powers,
authorities and discretions specifically given to the Agent under or in connection with the
Finance Documents together with any other incidental rights, powers, authorities and
discretions.

	27.2	 	Duties of the Facility Agent

	27.2.1	 	The Facility Agent shall promptly forward to a Party the original or a copy of any document
which is delivered to the Facility Agent for that Party by any other Party.

	27.2.2	 	Except where a Finance Document specifically provides otherwise, the Facility Agent is not
obliged to review or check the adequacy, accuracy or completeness of any document it forwards
to another Party.

	27.2.3	 	If the Facility Agent receives notice from a Party referring to this Agreement, describing a
Default and stating that the circumstance described is a Default, it shall promptly notify the
Finance Parties.

	27.2.4	 	If the Facility Agent is aware of the non-payment of any principal, interest, commitment fee
or other fee payable to a Finance Party (other than the Facility Agent) under this Agreement
it shall promptly notify the other Finance Parties.

	27.2.5	 	The Facility Agent’s duties under the Finance Documents are solely mechanical and
administrative in nature.

	27.3	 	No fiduciary duties

	27.3.1	 	Nothing in this Agreement constitutes the Facility Agent as a trustee or fiduciary of any
other person.

 

Page 128

 

	27.3.2	 	The Facility Agent shall not be bound to account to any WCF Lender for any sum or the profit
element of any sum received by it for its own account.

	27.4	 	Business with the Borrower Group

The Facility Agent may accept deposits from, lend money to and generally engage in any
kind of banking or other business with any member of the Borrower Group.

	27.5	 	Rights and discretions of the Facility Agent

	27.5.1	 	The Facility Agent may rely on:

	27.5.1.1	 	any representation, notice or document believed by it to be genuine, correct and
appropriately authorised; and

	27.5.1.2	 	any statement made by a director, authorised signatory or employee of any person regarding
any matters which may reasonably be assumed to be within his knowledge or within his power to
verify.

	27.5.2	 	The Facility Agent may assume (unless it has received notice to the contrary in its capacity
as agent for the WCF Lenders) that:

	27.5.2.1	 	no Default has occurred (unless it has actual knowledge of a Default arising under clause
24.1 (Non-payment));

	27.5.2.2	 	any right, power, authority or discretion vested in any Party or the Majority WCF Lenders
has not been exercised; and

 

Page 129

 

	27.5.2.3	 	any notice or request made by the Borrower is made on behalf of and with the consent and
knowledge of all the Borrowers.

	27.5.3	 	The Facility Agent may engage, pay for and rely on the advice or services of any lawyers,
accountants, surveyors or other experts.

	27.5.4	 	The Facility Agent may act in relation to the Finance Documents through its personnel and
agents.

	27.5.5	 	The Facility Agent may disclose to any other Party any information it reasonably believes it
has received as agent under this Agreement.

	27.5.6	 	Notwithstanding any other provision of any Finance Document to the contrary, the Facility
Agent is not obliged to do or omit to do anything if it would or might in its reasonable
opinion constitute a breach of any law or regulation or a breach of a fiduciary duty or duty
of confidentiality.

	27.6	 	Majority WCF Lenders’ instructions

	27.6.1	 	Unless a contrary indication appears in a Finance Document, the Facility Agent shall (i)
exercise any right, power, authority or discretion vested in it as Facility Agent in
accordance with any instructions given to it by the Majority WCF Lenders (or, if so instructed
by the Majority WCF Lenders, refrain from exercising any right, power, authority or discretion
vested in it as Facility Agent) and (ii) not be liable for any act (or omission) if it acts
(or refrains from taking any action) in accordance with an instruction of the Majority WCF
Lenders.

 

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	27.6.2	 	Unless a contrary indication appears in a Finance Document, any instructions given by the
Majority WCF Lenders will be binding on all the Finance Parties.

	27.6.3	 	The Facility Agent may refrain from acting in accordance with the instructions of the
Majority WCF Lenders (or, if appropriate, the WCF Lenders) until it has received such security
as it may require for any cost, loss or liability (together with any associated VAT) which it
may incur in complying with the instructions.

	27.6.4	 	In the absence of instructions from the Majority WCF Lenders, (or, if appropriate, the WCF
Lenders) the Facility Agent may act (or refrain from taking action) as it considers to be in
the best interest of the WCF Lenders.

	27.6.5	 	The Facility Agent is not authorised to act on behalf of a WCF Lender (without first
obtaining that WCF Lender’s consent) in any legal or arbitration proceedings relating to any
Finance Document.

	27.7	 	Responsibility for documentation

The Facility Agent is not:

	27.7.1	 	responsible for the adequacy, accuracy and/or completeness of any information (whether oral
or written) supplied by the Facility Agent, any Obligor or any other person given in or in
connection with any Finance Document; or

	27.7.2	 	responsible for the legality, validity, effectiveness, adequacy or enforceability of any
Finance Document or any other agreement,
arrangement or document entered into, made or
executed in anticipation of or in connection
with any Finance Document.

 

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	27.8	 	Exclusion of liability

	27.8.1	 	Without limiting clause 27.8.2, the Facility Agent will not be liable for any action taken
by it under or in connection with any Finance Document, unless directly caused by its gross
negligence or wilful misconduct.

	27.8.2	 	No Party (other than the Facility Agent) may take any proceedings against any officer,
employee or agent of the Facility Agent in respect of any claim it might have against the
Facility Agent or in respect of any act or omission of any kind by that officer, employee or
agent in relation to any Finance Document and any officer, employee or agent of the Facility
Agent may rely on this clause.

	27.8.3	 	The Facility Agent will not be liable for any delay (or any related consequences) in
crediting an account with an amount required under the Finance Documents to be paid by the
Facility Agent if the Facility 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 the Facility Agent for that purpose.

	27.8.4	 	Nothing in this Agreement shall oblige the Facility Agent to carry out any “know your
customer” or other checks in relation to any person on behalf of any WCF Lender and each WCF
Lender confirms to the Facility Agent that it is solely responsible for any such checks it is
required to carry out and that it may not rely on any statement in relation to such checks
made by the Facility Agent.

 

Page 132

 

	27.9	 	WCF Lenders’ indemnity to the Facility Agent

Each WCF Lender shall (in proportion to its share of the aggregate of the Total
Commitments and the Facility C Amount or, if the Total Commitments and the Facility C
Amount are then zero, to its share of the Total Commitments or Facility C Amount, as
applicable, immediately prior to their reduction to zero) indemnify the Facility
Agent, within 3 (three) Business Days of demand, against any cost, loss or liability
incurred by the Facility Agent (otherwise than by reason of the Facility Agent’s gross
negligence or wilful misconduct) in acting as Facility Agent under the Finance
Documents (unless the Facility Agent has been reimbursed by a Borrower pursuant to a
Finance Document).

	27.10	 	Resignation of the Facility Agent

	27.10.1	 	The Facility Agent may resign and appoint one of its affiliates as successor by giving
notice to the other Finance Parties and the Borrowers.

	27.10.2	 	Alternatively the Facility Agent may resign by giving notice to the other Finance Parties
and the Borrowers, in which case the Majority WCF Lenders (after consultation with the
Borrowers) may appoint a successor Facility Agent.

	27.10.3	 	If the Majority WCF Lenders have not appointed a successor Facility Agent in accordance
with clause 27.10.2 above within 30 (thirty) days after notice of resignation was given, the
Facility Agent (after consultation with the Borrowers) may appoint a successor Facility Agent.

 

Page 133

 

	27.10.4	 	The retiring Facility Agent shall, 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 Facility
Agent under the Finance Documents.

	27.10.5	 	The Facility Agent’s resignation notice shall only take effect upon the appointment of a
successor.

	27.10.6	 	Upon the appointment of a successor, the retiring Facility Agent shall be discharged from
any further obligation in respect of the Finance Documents but shall remain entitled to the
benefit of this clause 27 (Role of the Facility Agent). Its successor and each of the other
Parties shall have the same rights and obligations amongst themselves as they would have had
if such successor had been an original Party.

	27.10.7	 	After consultation with the Borrowers, the Majority WCF Lenders may, by notice to the
Facility Agent, require it to resign in accordance with clause 27.10.2 above. In this event,
the Facility Agent shall resign in accordance with clause 27.10.2 above.

	27.11	 	Confidentiality

	27.11.1	 	In acting as agent for the Finance Parties, the Facility Agent shall be regarded as acting
through its agency division which shall be treated as a separate entity from any other of its
divisions or departments.

	27.11.2	 	If information is received by another division or department of the Facility Agent, it may
be treated as confidential to that division or department and the Facility Agent shall not be
deemed to have notice of it.

 

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	27.12	 	Relationship with the WCF Lenders

The Facility Agent may treat each WCF Lender as a WCF Lender, entitled to payments
under this Agreement unless it has received not less than 5 (five) Business Days prior
notice from that WCF Lender to the contrary in accordance with the terms of this
Agreement.

	27.13	 	Credit appraisal by the WCF Lenders

Without affecting the responsibility of any Borrower for information supplied by it or
on its behalf in connection with any Finance Document, each WCF Lender confirms to the
Facility Agent that it has been, and will continue to be, solely responsible for
making its own independent appraisal and investigation of all risks arising under or
in connection with any Finance Document including but not limited to:

	27.13.1	 	the financial condition, status and nature of each member of the Borrower Group;

	27.13.2	 	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document
and any other agreement, arrangement or document entered into, made or executed in
anticipation of, under or in connection with any Finance Document;

	27.13.3	 	whether that WCF Lender has recourse, and the nature and extent of that recourse, against
any Party or any of its respective assets under or in connection with any Finance Document,
the transactions contemplated by the Finance Documents or any other agreement, arrangement or
document entered into, made or executed in anticipation of, under or in connection with any
Finance Document; and

 

Page 135

 

	27.13.4	 	the adequacy, accuracy and/or completeness of any information provided by the Facility
Agent, any Party or by any other person under or in connection with any Finance Document, the
transactions contemplated by the Finance Documents or any other agreement, arrangement or
document entered into, made or executed in anticipation of, under or in connection with any
Finance Document.

	27.14	 	Facility Agent’s Management Time

Any amount payable to the Facility Agent under clause 15.2 (Indemnity to the Facility
Agent), clause 18 (Costs and Expenses) and clause 27.9 (WCF Lenders’ indemnity to the
Facility Agent) shall include the cost of utilising the Facility Agent’s management
time or other resources and will be calculated on the basis of such reasonable daily
or hourly rates as the Facility Agent may notify to the Borrowers and the WCF Lenders,
and is in addition to any fee paid or payable to the Facility Agent under clause 12
(Fees).

	27.15	 	Deduction from amounts payable by the Facility Agent

If any Party owes an amount to the Facility Agent under the Finance Documents the
Facility Agent may, after giving notice to that Party, deduct an amount not exceeding
that amount from any payment to that Party which the Facility Agent would otherwise be
obliged to make under the Finance Documents and apply the amount deducted in or
towards satisfaction of the amount owed. For the purposes of the Finance Documents
that Party shall be regarded as having received any amount so deducted.

 

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	28.	 	CONDUCT OF BUSINESS BY THE FINANCE PARTIES

No provision of this Agreement will:

	28.1	 	interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in
whatever manner it thinks fit;

	28.2	 	oblige any Finance Party to investigate or claim any credit, relief, remission or repayment
available to it or the extent, order and manner of any claim; or

	28.3	 	oblige any Finance Party to disclose any information relating to its affairs (tax or
otherwise) or any computations in respect of Tax.

	29.	 	SHARING AMONG THE FINANCE PARTIES

	29.1	 	Payments to Finance Parties

If a Finance Party (a “Recovering Finance Party”) receives or recovers any amount from
an Obligor or from any other party to a Finance Document other than in accordance with
clause 30 (Payment Mechanics) and applies that amount to a payment due under the
Finance Documents then:

	29.1.1	 	the Recovering Finance Party shall, within 3 (three) Business Day, notify details of the
receipt or recovery, to the Facility Agent;

	29.1.2	 	the Facility Agent shall determine whether the receipt or recovery is in excess of the
amount the Recovering Finance Party would have been paid had the receipt or recovery been
received or made by the Facility Agent and distributed in accordance with the entitlements of
the WCF Lenders under the Finance Documents; and

	29.1.3	 	the Recovering Finance Party shall, within 3 (three) Business Day of demand by the Facility
Agent, pay to the Facility Agent an amount (if any) (the “Sharing Payment”) equal to such
receipt or recovery less
any amount which the Facility Agent determines may
be retained by the Recovering Finance Party as its
share of any payment to be made.

 

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	29.2	 	Redistribution of payments

The Facility Agent shall treat the Sharing Payment as if it had been paid by the
relevant Obligor and distribute it between the WCF Lenders (other than the Recovering
Finance Party) as if it had been received by the Facility Agent in accordance with
clause 30 (Payment Mechanics).

	29.3	 	Recovering Finance Party’s rights

	29.3.1	 	On the distribution by the Facility Agent under clause 29.2 (Redistribution of payments),
the Recovering Finance Party will be subrogated to the rights of the WCF Lenders which have
shared in the redistribution to the extent of the Sharing Payment.

	29.3.2	 	If and to the extent that the Recovering Finance Party is not able to rely on its rights
under clause 29.3.1, a Borrower shall be liable to the Recovering Finance Party for a debt
equal to the Sharing Payment which is immediately due and payable, provided that the Borrower
shall not be liable under this clause 29.3 (Recovering Finance Party’s rights) for any amounts
in excess of the amounts for which it would otherwise be liable.

 

Page 138

 

	29.4	 	Reversal of Redistribution

If any part of the Sharing Payment received or recovered by a Recovering Finance Party
becomes repayable and is repaid by that Recovering Finance Party, then:

	29.4.1	 	each WCF Lender which has received a share of the relevant Sharing Payment pursuant to
clause 29.2 (Redistribution of payments) shall, upon request of the Facility Agent, pay to the
Facility Agent for account of that Recovering Finance Party an amount equal to the appropriate
part of its share of the Sharing Payment (together with an amount as is necessary to reimburse
that Recovering Finance Party for its proportions of any interest on the Sharing Payment which
that Recovering Finance Party is required to pay); and

	29.4.2	 	that Recovering Finance Party’s rights of subrogation in respect of any reimbursement shall
be cancelled and the Borrower will be liable to the reimbursing WCF Lender for the amount so
reimbursed.

	29.5	 	Exceptions

	29.5.1	 	This clause 29 (Sharing Among the Finance Parties) shall not apply to the extent that the
Recovering Finance Party would not, after making any payment pursuant to this clause 29
(Sharing Among the Finance Parties), have a valid and enforceable claim against the relevant
Obligor.

	29.5.2	 	A Recovering Finance Party is not obliged to share with any other WCF Lender any amount
which the Recovering Finance Party has received or recovered as a result of taking legal or
arbitration proceedings, if:

	29.5.2.1	 	it notified that other WCF Lender of the legal or arbitration proceedings; and

	29.5.2.2	 	that other WCF Lender had an opportunity to participate in those legal or arbitration
proceedings but did not do so as soon as
reasonably practicable having received notice and did not take separate
legal or arbitration proceedings.

 

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	30.	 	PAYMENT MECHANICS

	30.1	 	All payments to be made by any Obligor under this Agreement shall be governed by the
following provisions:

	30.1.1	 	all such payments shall be made to the Facility Agent (for the account of the WCF Lenders)
on the due date for such payment, to such bank account in South Africa as the Facility Agent
may designate by not less than 5 (five) Business Days’ written notice to the Borrowers;

	30.1.2	 	all such payments to be made by it to the Facility Agent (shall be made in Rand for value
for the account of the WCF Lenders) by no later than 10h00 on the due date for such payment;
and

	30.1.3	 	all such payments shall be made in immediately available, freely transferable, cleared funds
free and clear of set-off, deduction or counterclaim.

30.2 Distributions by the Facility Agent

Each payment received by the Facility Agent under the Finance Documents for another
Party shall, subject to clause 30.3 (Distributions to a Borrower) and Clause 30.4
(Clawback) be made available by the Facility Agent as soon as practicable after
receipt to the Party entitled to receive payment in accordance with this Agreement, to
such bank account as that Party may notify to the Facility Agent by not less than 5
(five) Business Days’ notice.

 

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	30.3	 	Distributions to a Borrower

	 	 	The Facility Agent may (with the consent of an Obligor or in accordance with clause 31
(Set-off)) apply any amount received by it for that Obligor in or towards payment (on
the date of receipt) of any amount due from that Obligor under the Finance Documents
or in or towards purchase of any amount of any currency to be so applied.

	30.4	 	Clawback

	30.4.1	 	Where a sum is to be paid to the Facility Agent under the Finance Documents for another
Party, the Facility Agent is not obliged to pay that sum to that other Party (or to enter into
or perform any related exchange contract) until it has been able to establish to its
satisfaction that it has actually received that sum.

	30.4.2	 	If the Facility Agent pays an amount to another Party and it proves to be the case that the
Facility Agent had not actually received that amount, then the Party to whom that amount (or
the proceeds of any related exchange contract) was paid by the Facility Agent shall on demand
refund the same to the Facility Agent together with interest on that amount from the date of
payment to the date of receipt by the Facility Agent, calculated by the Facility Agent to
reflect its cost of funds.

	30.5	 	Partial payments

	30.5.1	 	If the Facility Agent receives a payment that is insufficient to discharge all the amounts
then due and payable by an Obligor under the Finance Documents, the Facility Agent shall apply
that payment towards the obligations of that Obligor under the Finance Documents in the
following order:

	30.5.1.1	 	first, in or towards payment pro rata of any unpaid fees, costs and expenses of the
Facility Agent under the Finance Documents;

 

Page 141

 

	30.5.1.2	 	secondly, in or towards payment pro rata of any accrued interest, fee or commission due
but unpaid under this Agreement;

	30.5.1.3	 	thirdly, in or towards payment pro rata of any principal due but unpaid under this
Agreement; and

	30.5.1.4	 	fourthly, in or towards payment pro rata of any other sum due but unpaid under the Finance
Documents.

	30.5.2	 	The Facility Agent shall, if so directed by the Majority WCF Lenders, vary the order set out
in clauses 30.5.1.1 to 30.5.1.4.

	30.5.3	 	Clauses 30.5.1 and 30.5.2 will override any appropriation made by an Obligor.

	30.6	 	No set-off by Borrowers

	 	 	All payments to be made by an Obligor under the Finance Documents shall be calculated
and be made without (and free and clear of any deduction for) set-off or counterclaim.

	31.	 	SET-OFF

	 	 	A Finance Party may set off any matured obligation due from an Obligor under the Finance
Documents (to the extent beneficially owned by that Finance Party) against any matured
obligation owed by that Finance Party to an Obligor, regardless of the place of payment,
booking branch or currency of either obligation.

 

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	32.	 	CONFIDENTIALITY

	32.1	 	The Borrowers have disclosed the Confidential Information to the Finance Parties.

	32.2	 	In consideration of the disclosure of the Confidential Information by the Borrowers to the
Finance Parties, each Finance Party agrees that it:

	32.2.1	 	shall keep the Confidential Information confidential subject to the terms and conditions of
this clause 32 (Confidentiality);

	32.2.2	 	shall not use the Confidential Information or any part of it for any purpose other than for
the purpose of underwriting and arranging the Facility for the Borrowers and/or participating
in and/or syndicating the Facility (the “Purpose”);

	32.2.3	 	shall not disclose the Confidential Information or any part thereof to any person other
than:

	32.2.3.1	 	an authorised person and such Finance Party shall require that each such authorised person
shall comply with confidentiality provisions no less onerous than those contained in this
clause 32 (Confidentiality); and

	32.2.3.2	 	its professional advisers to the extent necessary for the Purpose and such Finance Party
shall use all reasonable endeavours to ensure that each such professional adviser acknowledges
and complies with the provisions of this clause 32 (Confidentiality);

 

Page 143

 

	32.2.4	 	shall not take any copies or make any summaries or transcripts of the whole or any part of
the Confidential Information save as is strictly necessary for the Purpose and all such
copies, summaries and transcripts shall be deemed to be, and shall be clearly identified as
being, Confidential Information;

	32.2.5	 	shall notify the Borrowers immediately it becomes aware that any Confidential Information
has been disclosed to or is in the possession of any person who is not an authorised person or
a professional adviser;

	32.2.6	 	shall keep all Confidential Information separate from its own documents in a safe and secure
place and shall treat all Confidential Information in a manner which is no less secure than
the manner in which it treats its own confidential and/or proprietary information; and

	32.2.7	 	shall, upon termination or at the written request of a Borrower, deliver up to that Borrower
or destroy or erase (as that Borrower may direct) any records of whatsoever nature in the
possession, custody or control of such Finance Party which contain any Confidential
Information or which are produced or received by such Finance Party in connection with the
Purpose save to the extent that such Finance Party is required to retain any such Confidential
Information by any applicable law, rule or regulation or by any competent judicial,
governmental, supervisory or regulatory body or in accordance with internal policy.

 

Page 144

 

	32.3	 	Notwithstanding any other provisions hereof, each Finance Party shall not be liable for
release or disclosure of, and the confidentiality obligations hereunder shall not apply to,
any Confidential Information that:

	32.3.1	 	is required by law or requested or required by any court of competent jurisdiction or by any
governmental or other regulatory authority to be disclosed;

32.3.2 is or becomes part of the public domain through no fault of such Finance Party;

	32.3.3	 	is known to such Finance Party prior to the disclosure by a Borrower without an obligation
to keep such Confidential Information confidential;

	32.3.4	 	is independently developed by such Finance Party without any breach of this clause 32
(Confidentiality) as evidenced by written records; or

	32.3.5	 	is approved for public release by any Borrower.

	32.4	 	Notwithstanding the termination for whatever reason of this Agreement, the obligations of
confidentiality under this clause 32 (Confidentiality) shall, unless otherwise agreed, continue
for a period of 5 (five) years from the date of disclosure of the Confidential Information or,
if later, the date of termination of this Agreement.

	32.5	 	All the Confidential Information shall be deemed to be (and all copies thereof or of any part
or parts thereof shall become upon the creation thereof) and shall remain the property of the
Borrowers. For the avoidance of doubt, should any summaries or transcripts that may be
produced by such Finance Party as permitted under clause 32.2.4 incorporate any information (the
“Proprietary Information”) which constitutes intellectual property of such Finance Party, then
such Proprietary Information shall remain the property of such Finance Party.

 

Page 145

 

	32.6	 	This clause 32 (Confidentiality) shall not operate as an assignment to each Finance Party of
any patents, copyrights, registered designs, unregistered designs, trade marks, trade names or
other rights of the Borrower Group or the Borrowers as may subsist in or be contained in or
reproduced in the Confidential Information and each Finance Party shall not, nor shall any
persons on its behalf, apply for any patent, or registration of any trademark or design or any
other intellectual property right, in respect of the Confidential Information or any part
thereof.

	33.	 	NOTICES AND DOMICILIA

	33.1	 	Notices

	33.1.1	 	Each Party chooses the addresses set out opposite its name below as its addresses to which
any written notice in connection with this Agreement may be addressed.

	33.1.1.1	 	Nedbank:

	 	 	 	 	 	 	 
	 	 	2nd Floor

Corporate Place, Block F

135 Rivonia Road

Sandown

2196	 	 
	 
	 	 	 	 	 	 
	 

	 	Telefax No.:
	 	
	 	 +2711 294 1333
	 

	 	Attention:
	 	
	 	 Head: Corporate
	 

	 	 	 	 	 	Banking Credit

 

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	33.1.1.2	 	Facility Agent:

	 	 	 	 	 	 	 
	 	 	2nd Floor

Corporate Place, Block F

135 Rivonia Road

Sandown

2196	 	 
	 
	 	 	 	 	 	 
	 

	 	Telefax No.:
	 	
	 	+2711 294 1333
	 

	 	Attention:
	 	
	 	Head: Corporate
	 

	 	 	 	 	 	Banking Credit

	33.1.1.3	 	Issuing Bank:

	 	 	 	 	 	 	 
	 	 	2nd Floor

Corporate Place, Block F

135 Rivonia Road

Sandown

2196	 	 
	 
	 	 	 	 	 	 
	 

	 	Telefax No.:
	 	
	 	+2711 294 1333
	 

	 	Attention:
	 	
	 	Head: Corporate
	 

	 	 	 	 	 	Banking Credit

	33.1.1.4	 	Original Borrowers:

	 	 	 	 	 	 	 
	 	 	UTi South Africa

2 Protea Road

Bedfordview

2008	 	 
	 
	 	 	 	 	 	 
	 

	 	Telefax No.:
	 	
	 	+2711 457 2606 
	 

	 	Attention:
	 	
	 	Damian McCann
	 
	 	 	 	 	 	 
	 	 	with a duplicate copy to:	 	 
	 
	 	 	 	 	 	 
	 	 	UTi Worldwide

100 Oceangate

Suite 1500

Long Beach
	 	 
	 

	 	CA 90802	 	 	 	 
	 

	 	USA	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Telefax No.:
	 	
	 	1 562 552 9489 
	 

	 	Attention:
	 	
	 	Lawrence Samuels

 

Page 147

 

	33.1.1.5	 	Original Guarantors:

	 	 	 	 	 	 	 
	 	 	UTi South Africa

2 Protea Road

Bedfordview

2008 
	 	 
	 
	 	 	 	 	 	 
	 

	 	Telefax No.:
	 	
	 	+2711 457 2606
	 

	 	Attention:
	 	
	 	Damian McCann
	 
	 	 	 	 	 	 
	 	 	with a duplicate copy to:	 	 
	 
	 	 	 	 	 	 
	 	 	UTi Worldwide

100 Oceangate

Suite 1500 

Long Beach

CA 90802

USA
	 	 
	 
	 	 	 	 	 	 
	 

	 	Telefax No.:
	 	
	 	1 562 552 9489
	 

	 	Attention:
	 	
	 	Lawrence Samuels

	33.1.2	 	Any notice or communication required or permitted to be given in terms of this Agreement
shall be valid and effective only if in writing but it shall be competent to give notice by
telefax transmitted to its telefax number set out opposite its name above.

	33.1.3	 	All notices from or to the Obligors shall be sent through the Facility Agent.

	33.1.4	 	Any Party may by written notice to the other Parties change its chosen physical addresses
and/or telefax number for the purposes of clause 33.1.1 to any other address(es) and/or telefax
number, provided that the change shall become effective on the fourteenth day after the
receipt of the notice by the addressee.

 

Page 148

 

	33.1.5	 	Any notice given in terms of this Agreement shall:

	33.1.5.1	 	if sent by a courier service be deemed to have been received by the addressee on the
7th (seventh) Business Day following the date of such sending;

	33.1.5.2	 	if delivered by hand be deemed to have been received by the addressee on the date of
delivery;

	33.1.5.3	 	if transmitted by facsimile be deemed to have been received by the addressee on the first
Business Day after the date of transmission,

	 	 	unless the contrary is proved.

	 
	33.1.6	 	Notwithstanding anything to the contrary herein contained, a written notice or communication
actually received by a Party shall be an adequate written notice or communication to it,
notwithstanding that it was not sent to or delivered at its chosen address and/or telefax
number.

	33.2	 	Domicilia

	33.2.1	 	Each of the Parties chooses
its address referred to in clause 33.1 as its domicilium citandi et
executandi at which documents in legal proceedings in connection with this Agreement may be
served.

	33.2.2	 	Any Party may by written notice to the other Party change its domicilium from time to time
to another address, not being a post office box or a poste restante, in South Africa; provided
that any such change shall only be effective on the fourteenth day after deemed receipt of the
notice by the other Party pursuant to clause 33.1.6.

 

Page 149

 

	34.	 	GENERAL

	34.1	 	Renunciation of Benefits

	 	 	Each Obligor renounces, to the extent permitted under applicable law, the benefits of
each of the legal exceptions of excussion, division, revision of accounts, no value
received, errore calculi (i.e., that there has been a wrong calculation of the debt of
the relevant Obligor), non causa debiti (i.e., that no just cause exists for the debt
of the relevant Obligor), non numeratae pecuniae (i.e. that the money has not been
paid to the relevant Obligor) and cession of actions, and declares that it understands
the meaning of each such legal exception and the effect of such renunciation.

	34.2	 	Accounts and Certificates

	 
	 	 	The entries made in the accounts maintained by each WCF Lender in connection with the
Facilities and/or any certificate issued, and signed by any manager or director (whose
appointment, designation and authority as such it shall not be necessary to prove) of
any WCF Lender or the Facility Agent shall, save for manifest error, be prima facie
proof of the amounts from time to time owing by any Obligor under this Agreement.

	34.3	 	Sole Agreement

	 	 	The Finance Documents constitute the sole record of the agreement between the Parties
in regard to the subject matter thereof.

	34.4	 	No Implied Terms

	 	 	No Party shall be bound by any express or implied term, representation, warranty,
promise or the like, not recorded in any Finance Document.

 

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	34.5	 	Amendments and Waivers

	34.5.1	 	Subject to clause 34.5.3, any term of this Agreement may be amended or waived only with the
consent of the Majority WCF Lenders and the Borrowers and any such amendment or waiver will be
binding on all Parties.

	34.5.2	 	The Facility Agent may effect, on behalf of any Finance Party, any amendment or waiver
permitted by clause 34.5.1.

	34.5.3	 	An amendment or waiver that has the effect of changing or which relates to:

	34.5.3.1	 	the definition of
“Majority WCF Lenders” in clause 2
(Definitions and Interpretation);

	34.5.3.2	 	an extension to the date of payment of any amount under the Finance Documents;

	34.5.3.3	 	an increase or a reduction in the applicable Margin or an increase or a reduction in the
amount of any payment of principal, interest, fees or commission payable;

34.5.3.4 an increase or decrease in or an extension of any Commitment;

	34.5.3.5	 	a change to clause 25 (Changes to the WCF Lenders) and
clause 26 (Changes to the Obligors);

	34.5.3.6	 	any provision which expressly requires the consent of all the WCF Lenders; or

 

Page 151

 

	34.5.3.7	 	clause 3.2 (Finance Parties’ rights and obligations),
clause 29 (Sharing Among the Finance Parties) or this clause 34.5 (Amendments and Waivers),

	 	 	shall not be made without the prior consent of all the WCF Lenders.

	34.5.4	 	An amendment or waiver which relates to the rights or obligations of the Facility Agent may
not be effected without the consent of the Facility Agent.

	34.6	 	Extensions and Waivers

	 	 	No latitude, extension of time or other indulgence which may be given or allowed by
any Party to any other Party in respect of the performance of any obligation hereunder
or enforcement of any right arising from this Agreement and no single or partial
exercise of any right by any Party shall under any circumstances be construed to be an
implied consent by such Party or operate as a waiver or a novation of, or otherwise
affect any of that Party’s rights in terms of or arising from this Agreement or estop
such Party from enforcing, at any time and without notice, strict and punctual
compliance with each and every provision or term of this Agreement.

	34.7	 	Further Assurances

	 	 	The Parties undertake at all times to do all such things, to perform all such acts and
to take all such steps and to procure the doing of all such things, the performance of
all such actions and the taking of all such steps as may be open to them and necessary
for the putting into effect or maintenance of the terms, conditions and import of this
Agreement.

 

Page 152

 

	34.8	 	Waiver of Defences

	 	 	The provisions of this Agreement will not be affected by an act, omission, matter or
thing which would reduce, release or prejudice the subordination and priorities in
this Agreement including:

	34.8.1	 	any time, waiver or consent granted to, or composition with any person;

	34.8.2	 	any incapacity or lack of power, authority or legal personality of or dissolution or change
in the members or status of any person;

	34.8.3	 	any amendment (however fundamental) or replacement of a Finance Document or any other
document or security;

	34.8.4	 	any unenforceability, illegality or invalidity of any obligation of any person under any
Finance Document or any other document or security.

	34.9	 	Independent Advice

	 	 	Each of the Parties acknowledges that they have been free to secure independent legal
and other advice as to the nature and effect of all of the provisions of the Finance
Documents and that they have either taken such independent legal and other advice or
dispensed with the necessity of doing so. Further, each of the Parties acknowledges
that all of the provisions of each Finance Document and the restrictions therein
contained are fair and reasonable in all the circumstances and are part of the overall
intention of the Parties in connection with the Finance Documents.

	34.10	 	Counterparts

	 	 	This Agreement may be executed in any number of counterparts and by different parties
thereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall
constitute one and the same agreement.

 

Page 153

 

	34.11	 	Waiver of Immunity

	 	 	Each Obligor waives generally all immunity it or its assets or revenues may otherwise
have in any jurisdiction, including immunity in respect of:

	34.11.1	 	the giving of any relief by way of interdict or order for specific performance or for the
recovery of assets or revenues; and

	34.11.2	 	the issue of any process against its assets or revenues for the enforcement of a judgement
or, in an action in rem, for the arrest, detention or sale of any of its assets and revenues.

	34.12	 	Governing Law

	 	 	The entire provisions of this Agreement shall be governed by and construed in
accordance with the laws of South Africa.

	34.13	 	Jurisdiction

	 	 	The Parties hereby irrevocably and unconditionally consent to the non-exclusive
jurisdiction of the High Court of South Africa (South Gauteng High Court, Johannesburg
division) (or any successor to that division) in regard to all matters arising from
this Agreement.

 

Page 154

 

	34.14	 	Severability

	 	 	Each provision in this Agreement is severable from all others, notwithstanding the
manner in which they may be linked together or grouped grammatically, and if in terms
of any judgment or order, any provision, phrase, sentence, paragraph or clause is found to be defective or unenforceable for
any reason, the remaining provisions, phrases, sentences, paragraphs and clauses shall
nevertheless continue to be of full force. In particular, and without limiting the
generality of the aforegoing, the Parties acknowledge their intention to continue to
be bound by this Agreement notwithstanding that any provision may be found to be
unenforceable or void or voidable, in which event the provision concerned shall be
severed from the other provisions, each of which shall continue to be of full force.

THE NEXT PAGE IS THE SIGNATURE PAGE

 

Page 155

 

	 	 	SIGNED at SANDTON on this the 9th day of JULY 2009.

	 	 	 	 	 
	 	For and on behalf of

NEDBANK LIMITED (acting through its

CORPORATE BANKING division) (as

Arranger, Original WCF Lender and

Original Participating Lender)

 	 
	 	/s/  D.G. Van Der Walt
 	 
	 	Name:  	D.G. Van Der Walt 	 
	 	Capacity:  Senior Credit Executive

Who warrants his authority hereto 	 

	 	 	 	 	 
	 	                           /s/  J P Fourie
 	 
	 	Name:  	J P Fourie 	 
	 	Capacity:  Sales Executive

Who warrants his authority hereto 	 

 

Page 156

 

	 	 	SIGNED at SANDTON on this the 9th day of JULY 2009.

	 	 	 	 	 
	 	For and on behalf of

NEDBANK LIMITED (as Facility Agent)

 	 
	 	/s/  G. Auret
 	 
	 	Name:  	G. Auret 	 
	 	Capacity:  Corporate Banking Divisional
Executive

Who warrants his authority hereto 	 

 

Page 157

 

	 	 	SIGNED at SANDTON on this the 9th day of JULY 2009.

	 	 	 	 	 
	 	For and on behalf of

NEDBANK LIMITED (as Issuing Bank)

 	 
	 	/s/  D.G. Van Der Walt
 	 
	 	Name:  	D.G. Van Der Walt    	 
	 	Capacity:  Senior Credit Executive

Who warrants his authority hereto 	 

	 	 	 	 	 
	 	/s/  J P Fourie
 	 
	 	Name:  	J P Fourie    	 
	 	Capacity:  Sales Executive

Who warrants his authority hereto 	 

 

Page 158

 

	 	 	SIGNED at SANDTON on this the 9th day of JULY 2009.

	 	 	 	 	 
	 	For and on behalf of 

UTi SA (PROPRIETARY) LIMITED (as

Original Borrower and Original Guarantor)

 	 
	 	/s/  Reginald Gavin Rimmer
 	 
	 	Name:  	Reginald Gavin Rimmer 	 
	 	Capacity:  Director 

Who warrants his authority hereto 	 

	 	 	 	 	 
	 	                           /s/  Gordon Caithness Abbey
 	 
	 	Name:  	Gordon Caithness Abbey 	 
	 	Capacity:  Director

Who warrants his authority hereto 	 

 

Page 159

 

	 	 	SIGNED at SANDTON on this the 9th day of JULY 2009.

	 	 	 	 	 
	 	For and on behalf of

PYRAMID FREIGHT (PROPRIETARY)

LIMITED acting through its South African

branch (as Original Guarantor)

 	 
	 	/s/  Reginald Gavin Rimmer
 	 
	 	Name:  	Reginald Gavin Rimmer 	 
	 	Capacity:  Director

Who warrants his authority hereto 	 

 

Page 160

 

	 	 	SIGNED at SANDTON on this the 9th day of JULY 2009.

	 	 	 	 	 
	 	For and on behalf of

CO-ORDINATED MATERIALS

HANDLING (PROPRIETARY) LIMITED 

(as Original Borrower and Original
Guarantor)

 	 
	 	/s/  Paul David Hamilton Marshall
 	 
	 	Name:  	Paul David Hamilton Marshall 	 
	 	Capacity:   Director 

Who warrants his authority hereto 	 

	 	 	 	 	 
	 	                           /s/  Reginald Gavin Rimmer
 	 
	 	Name:  	Reginald Gavin Rimmer 	 
	 	Capacity:  Director

Who warrants his authority hereto 	 

 

Page 161

 

	 	 	SIGNED at SANDTON on this the 9th day of JULY 2009.

	 	 	 	 	 
	 	For and on behalf of

CO-ORDINATED INVESTMENT

HOLDINGS (PROPRIETARY) LIMITED

(as Original Borrower and Original
Guarantor)

 	 
	 	/s/  Paul David Hamilton Marshall
 	 
	 	Name:  	Paul David Hamilton Marshall 	 
	 	Capacity:   Director 

Who warrants his authority hereto 	 

	 	 	 	 	 
	 	                           /s/  Reginald Gavin Rimmer
 	 
	 	Name:  	Reginald Gavin Rimmer 	 
	 	Capacity:  Director

Who warrants his authority hereto 	 

 

Page 162

 

	 	 	SIGNED at SANDTON on this the 9th day of JULY 2009.

	 	 	 	 	 
	 	For and on behalf of 

UTi — CMH SUB ASSEMBLY

(PROPRIETARY) LIMITED (as Original

Borrower and Original Guarantor)

 	 
	 	/s/  Paul David Hamilton Marshall
 	 
	 	Name:  	Paul David Hamilton Marshall 	 
	 	Capacity:   Director

Who warrants his authority hereto 	 

	 	 	 	 	 
	 	                           /s/  Reginald Gavin Rimmer
 	 
	 	Name:  	Reginald Gavin Rimmer 	 
	 	Capacity:  Director

Who warrants his authority hereto 	 

 

Page 163

 

	 	 	SIGNED at SANDTON on this the 9th day of JULY 2009.

	 	 	 	 	 
	 	For and on behalf of 

ILANGA FREIGHT (PROPRIETARY)

LIMITED (as Original Borrower and 

Original Guarantor)

 	 
	 	/s/  Dirk Jan Goedhart
 	 
	 	Name:  	Dirk Jan Goedhart 	 
	 	Capacity:  Director

Who warrants his authority hereto 	 

	 	 	 	 	 
	 	                           /s/  Vaunn Lionel Kelly
 	 
	 	Name:  	Vaunn Lionel Kelly 	 
	 	Capacity:  Director

Who warrants his authority hereto 	 

 

Page 164

 

SCHEDULE 3

ORIGINAL FACILITIES

Part I

Committed Facilities

	 	 	 	 	 	 	 	 	 
	Name of Original WCF Lender	 	Facility	 	 	Commitment	 
	Nedbank
	 	Facility A	 	 	R 650 000 000	 
	 
	 	Facility B	 	 	R 150 000 000	 

Part II

Uncommitted Facilities

	 	 	 	 	 
	Name of Original WCF Lender	 	Facility	 	Uncommitted
	Nedbank

	 	Facility C
	 	R 400 000 000

 

Page 176

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