Document:

Exhibit 10.1

Exhibit 10.1

 

UTi Worldwide Inc.

U.S.$55,000,000 8.06% Senior Unsecured Guaranteed Notes

due August 9, 2014

 

Note Purchase Agreement

 

Dated as of July 9, 2009

 

 

 

 

Table of Contents

	 	 	 	 	 
	Section Heading	 	Page	 
	 
	 	 	 	 
	Section 1. Authorization of Notes
	 	 	1	 
	 
	 	 	 	 
	Section 1.1. Authorization of Notes
	 	 	1	 
	Section 1.2. Guarantee Agreement
	 	 	1	 
	 
	 	 	 	 
	Section 2. Sale and Purchase of Notes
	 	 	1	 
	 
	 	 	 	 
	Section 3. Closing
	 	 	2	 
	 
	 	 	 	 
	Section 4. Conditions to Closing
	 	 	2	 
	 
	 	 	 	 
	Section 4.1. Representations and Warranties
	 	 	2	 
	Section 4.2. Performance; No Default
	 	 	2	 
	Section 4.3. Compliance Certificates
	 	 	2	 
	Section 4.4. Opinions of Counsel
	 	 	3	 
	Section 4.5. Purchase Permitted By Applicable Law, Etc.
	 	 	3	 
	Section 4.6. Sale of Other Notes
	 	 	4	 
	Section 4.7. Payment of Special Counsel Fees
	 	 	4	 
	Section 4.8. Private Placement Number
	 	 	4	 
	Section 4.9. Changes in Corporate Structure
	 	 	4	 
	Section 4.10. Acceptance of Appointment to Receive Service of Process
	 	 	4	 
	Section 4.11. Funding Instructions
	 	 	4	 
	Section 4.12. Proceedings and Documents
	 	 	4	 
	Section 4.13. Subsidiary Guarantee Agreement
	 	 	4	 
	Section 4.14. Existing Credit Agreement
	 	 	4	 
	 
	 	 	 	 
	Section 5. Representations and Warranties of the Obligors
	 	 	5	 
	 
	 	 	 	 
	Section 5.1. Organization; Power and Authority
	 	 	5	 
	Section 5.2. Authorization, Etc.
	 	 	5	 
	Section 5.3. Disclosure
	 	 	5	 
	Section 5.4. Organization and Ownership of Shares of Subsidiaries; Affiliates
	 	 	6	 
	Section 5.5. Financial Statements; Material Liabilities
	 	 	7	 
	Section 5.6. Compliance with Laws, Other Instruments, Etc.
	 	 	7	 
	Section 5.7. Governmental Authorizations, Etc.
	 	 	7	 
	Section 5.8. Litigation; Observance of Agreements, Statutes and Orders
	 	 	8	 
	Section 5.9. Taxes
	 	 	8	 
	Section 5.10. Title to Property; Leases
	 	 	8	 
	Section 5.11. Licenses, Permits, Etc.
	 	 	9	 
	Section 5.12. Compliance with ERISA; Non-U.S. Plans
	 	 	9	 
	Section 5.13. Private Offering by the Company
	 	 	10	 
	Section 5.14. Use of Proceeds; Margin Regulations
	 	 	10	 

 

-i-

 

	 	 	 	 	 
	Section Heading	 	Page	 
	 
	Section 5.15. Existing Indebtedness; Future Liens
	 	 	11	 
	Section 5.16. Foreign Assets Control Regulations, Etc.
	 	 	12	 
	Section 5.17. Status under Certain Statutes
	 	 	12	 
	Section 5.18. Environmental Matters
	 	 	12	 
	Section 5.19. Ranking of Obligations
	 	 	13	 
	Section 5.20. Obligor Group
	 	 	13	 
	Section 5.21. CASS Reserve
	 	 	13	 
	Section 5.22. Labor Matters
	 	 	13	 
	Section 5.23. Insolvency
	 	 	13	 
	Section 5.24. Taiwan Guarantor
	 	 	14	 
	Section 5.25. Lake States Trucking
	 	 	14	 
	 
	 	 	 	 
	Section 6. Representations of the Purchaser
	 	 	14	 
	 
	 	 	 	 
	Section 6.1. Purchase for Investment
	 	 	14	 
	Section 6.2. Source of Funds
	 	 	14	 
	Section 6.3. Accredited Investor
	 	 	15	 
	 
	 	 	 	 
	Section 7. Information as to Company
	 	 	16	 
	 
	 	 	 	 
	Section 7.1. Financial and Business Information
	 	 	16	 
	Section 7.2. Officer’s Certificate
	 	 	19	 
	Section 7.3. Visitation
	 	 	20	 
	Section 7.4. Limitation on Disclosure Obligation
	 	 	20	 
	 
	 	 	 	 
	Section 8. Payment and Prepayment of the Notes
	 	 	21	 
	 
	 	 	 	 
	Section 8.1. Required Prepayments
	 	 	21	 
	Section 8.2. Optional Prepayments with Make-Whole Amount
	 	 	21	 
	Section 8.3. Prepayment for Tax Reasons
	 	 	22	 
	Section 8.4. Prepayment of Notes upon Change of Control
	 	 	23	 
	Section 8.5. Allocation of Partial Prepayments
	 	 	24	 
	Section 8.6. Maturity; Surrender, Etc.
	 	 	24	 
	Section 8.7. Purchase of Notes
	 	 	24	 
	Section 8.8. Make-Whole Amount and Modified Make-Whole Amount
	 	 	24	 
	Section 8.9. Prepayment in Connection with Sales of Assets
	 	 	26	 
	 
	 	 	 	 
	Section 9. Affirmative Covenants
	 	 	26	 
	 
	 	 	 	 
	Section 9.1. Compliance with Law
	 	 	26	 
	Section 9.2. Insurance
	 	 	27	 
	Section 9.3. Maintenance of Properties
	 	 	27	 
	Section 9.4. Payment of Taxes and Claims
	 	 	27	 
	Section 9.5. Corporate Existence, Etc.
	 	 	27	 
	Section 9.6. Books and Records
	 	 	28	 
	Section 9.7. Priority of Obligations
	 	 	28	 
	Section 9.8. Minimum Interest Charge Coverage
	 	 	28	 
	Section 9.9. Dividend Capture from South Africa
	 	 	28	 

 

-ii-

 

	 	 	 	 	 
	Section Heading	 	Page	 
	 
	Section 9.10. Additional Obligors and Collateral
	 	 	28	 
	Section 9.11. Release of Subsidiary Guarantors
	 	 	29	 
	Section 9.12. Guarantor Cover Ratio
	 	 	30	 
	Section 9.13. Group Structure
	 	 	31	 
	Section 9.14. CASS Agreement
	 	 	31	 
	Section 9.15. Additional Restrictions
	 	 	31	 
	Section 9.16. Post-Closing Obligations
	 	 	33	 
	 
	 	 	 	 
	Section 10. Negative Covenants
	 	 	33	 
	 
	 	 	 	 
	Section 10.1. Transactions with Affiliates
	 	 	33	 
	Section 10.2. Consolidated Net Worth
	 	 	33	 
	Section 10.3. Consolidated Total Debt Coverage
	 	 	33	 
	Section 10.4. Priority Debt
	 	 	33	 
	Section 10.5. Liens
	 	 	34	 
	Section 10.6. Subsidiary Indebtedness
	 	 	35	 
	Section 10.7. Merger, Consolidation, Etc.
	 	 	37	 
	Section 10.8. Sale of Assets
	 	 	37	 
	Section 10.9. Line of Business
	 	 	39	 
	Section 10.10. Terrorism Sanctions Regulations
	 	 	39	 
	Section 10.11. Subsidiaries in South Africa
	 	 	39	 
	Section 10.12. [Reserved]
	 	 	39	 
	Section 10.13. Capital Leases
	 	 	39	 
	Section 10.14. Lake States Trucking
	 	 	39	 
	Section 10.15. Fixed Charges Coverage Ratio
	 	 	39	 
	 
	 	 	 	 
	Section 11. Events of Default
	 	 	39	 
	 
	 	 	 	 
	Section 12. Remedies on Default, Etc.
	 	 	42	 
	 
	 	 	 	 
	Section 12.1. Acceleration
	 	 	42	 
	Section 12.2. Other Remedies
	 	 	43	 
	Section 12.3. Rescission
	 	 	43	 
	Section 12.4. No Waivers or Election of Remedies, Expenses, Etc.
	 	 	43	 
	Section 12.5. Executive Proceedings
	 	 	44	 
	 
	 	 	 	 
	Section 13. Tax Indemnification
	 	 	45	 
	 
	 	 	 	 
	Section 14. Registration; Exchange; Substitution of Notes
	 	 	48	 
	 
	 	 	 	 
	Section 14.1. Registration of Notes
	 	 	48	 
	Section 14.2. Transfer and Exchange of Notes
	 	 	48	 
	Section 14.3. Replacement of Notes
	 	 	48	 
	Section 14.4. Representations of Transferee
	 	 	49	 

 

-iii-

 

	 	 	 	 	 
	Section Heading	 	Page	 
	 
	Section 15. Payments on Notes
	 	 	49	 
	 
	 	 	 	 
	Section 15.1. Place of Payment
	 	 	49	 
	Section 15.2. Home Office Payment
	 	 	49	 
	 
	 	 	 	 
	Section 16. Expenses, Etc.
	 	 	50	 
	 
	 	 	 	 
	Section 16.1. Transaction Expenses
	 	 	50	 
	Section 16.2. Certain Taxes
	 	 	50	 
	Section 16.3. Survival
	 	 	50	 
	 
	 	 	 	 
	Section 17. Survival of Representations and Warranties; Entire Agreement
	 	 	50	 
	 
	 	 	 	 
	Section 18. Amendment and Waiver
	 	 	51	 
	 
	 	 	 	 
	Section 18.1. Requirements
	 	 	51	 
	Section 18.2. Solicitation of Holders of Notes
	 	 	51	 
	Section 18.3. Binding Effect, Etc.
	 	 	51	 
	Section 18.4. Notes Held by Obligors, Etc.
	 	 	52	 
	 
	 	 	 	 
	Section 19. Notices; English Language
	 	 	52	 
	 
	 	 	 	 
	Section 20. Reproduction of Documents
	 	 	53	 
	 
	 	 	 	 
	Section 21. Confidential Information
	 	 	53	 
	 
	 	 	 	 
	Section 22. Substitution of Purchaser
	 	 	54	 
	 
	 	 	 	 
	Section 23. Subsidiary Guarantee Agreement
	 	 	54	 
	 
	 	 	 	 
	Section 23.1. Guarantee and Indemnity
	 	 	54	 
	Section 23.2. Continuing Guarantee
	 	 	55	 
	Section 23.3. Reinstatement
	 	 	55	 
	Section 23.4. Waiver of Defenses
	 	 	55	 
	Section 23.5. Immediate Recourse
	 	 	57	 
	Section 23.6. Appropriations
	 	 	57	 
	Section 23.7. Non-competition
	 	 	57	 
	Section 23.8. Release of Subsidiary Guarantors’ Right of Contribution
	 	 	58	 
	Section 23.9. Releases
	 	 	58	 
	Section 23.10. Marshaling
	 	 	59	 
	Section 23.11. Liability
	 	 	59	 
	Section 23.12. Character of Obligation
	 	 	59	 
	Section 23.13. Election to Perform Obligations
	 	 	61	 
	Section 23.14. No Election
	 	 	61	 
	Section 23.15. Severability
	 	 	61	 
	Section 23.16. Other Enforcement Rights
	 	 	61	 

 

-iv-

 

	 	 	 	 	 
	Section Heading	 	Page	 
	 
	Section 23.17. Restoration of Rights and Remedies
	 	 	62	 
	Section 23.18. Survival
	 	 	62	 
	Section 23.19. Miscellaneous
	 	 	62	 
	Section 23.20. Limitation
	 	 	62	 
	Section 23.21. Written Notice
	 	 	63	 
	Section 23.22. Unenforceability of Obligations
	 	 	63	 
	Section 23.23. Contribution
	 	 	63	 
	Section 23.24. Additional Security
	 	 	63	 
	Section 23.25. Limitations – Belgium
	 	 	64	 
	Section 23.26. Limitations – Spain
	 	 	64	 
	Section 23.27. Limitations – Hong Kong
	 	 	64	 
	Section 23.28. Limitations – Germany
	 	 	64	 
	Section 23.29. Limitations – the Netherlands
	 	 	66	 
	Section 23.30. U.S. Guarantors
	 	 	66	 
	Section 23.31. Limitations – UK
	 	 	67	 
	Section 23.32. Limitation on Pyramid Freight
	 	 	67	 
	Section 23.33. Irish Obligors
	 	 	67	 
	Section 23.34. Limitations – Singapore
	 	 	67	 
	 
	 	 	 	 
	Section 24. Miscellaneous
	 	 	68	 
	 
	 	 	 	 
	Section 24.1. Successors and Assigns
	 	 	68	 
	Section 24.2. Payments Due on Non-Business Days
	 	 	68	 
	Section 24.3. Accounting Terms
	 	 	68	 
	Section 24.4. Severability
	 	 	69	 
	Section 24.5. Construction, Etc.
	 	 	69	 
	Section 24.6. Counterparts
	 	 	69	 
	Section 24.7. Governing Law
	 	 	69	 
	Section 24.8. Jurisdiction and Process; Waiver of Jury Trial
	 	 	69	 
	Section 24.9. Obligation to Make Payment in Dollars
	 	 	70	 

 

-v-

 

	 	 	 	 	 
	Schedule A*

	 	—
	 	Information Relating to Purchasers
	 
	 	 	 	 
	Schedule B

	 	—
	 	Defined Terms
	 
	 	 	 	 
	Exhibit 1*

	 	—
	 	Form of 8.06% Senior Unsecured Guaranteed Note due August 9, 2014
	 
	 	 	 	 
	Exhibit 4.4(a)(i), 
(ii), (iii) and (iv)*

	 	—
	 	Form of Opinion of U.S. Counsel to the Obligors
	 
	 	 	 	 
	Exhibit 4.4(a)(v),
and (vi)*

	 	—
	 	Form of Opinion of British Virgin Islands Counsel
	 
	 	 	 	 
	Exhibit 4.4(a)(vii)*

	 	—
	 	Form of Opinion of Australian Counsel
	 
	 	 	 	 
	Exhibit 4.4(a)(viii),
and (ix)*

	 	—
	 	Form of Opinion of Canadian Counsel
	 
	 	 	 	 
	Exhibit 4.4(a)(x)*

	 	—
	 	Form of Opinion of Belgian Counsel
	 
	 	 	 	 
	Exhibit 4.4(a)(xi)*

	 	—
	 	Form of Opinion of German Counsel
	 
	 	 	 	 
	Exhibit 4.4(a)(xii)*

	 	—
	 	Form of Opinion of Hong Kong Counsel
	 
	 	 	 	 
	Exhibit 4.4(a)(xiii)*

	 	—
	 	Form of Opinion of Dutch Counsel
	 
	 	 	 	 
	Exhibit 4.4(a)(xiv)*

	 	—
	 	Form of Opinion of Netherlands Antilles Counsel
	 
	 	 	 	 
	Exhibit 4.4(a)(xv)*

	 	—
	 	Form of Opinion of Spanish Counsel
	 
	 	 	 	 
	Exhibit 4.4(a)(xvi)*

	 	—
	 	Form of Opinion of Taiwan Counsel
	 
	 	 	 	 
	Exhibit 4.4(a)(xvii)*

	 	—
	 	Form of Opinion of English Counsel
	 
	 	 	 	 
	Exhibit 4.4(a)(xviii)*

	 	—
	 	Form of Opinion of Singapore Counsel
	 
	 	 	 	 
	Exhibit 4.4(a)(xix)*

	 	—
	 	Form of Opinion of Irish Counsel
	 
	 	 	 	 
	Exhibit 4.4(a)(xx)*

	 	—
	 	Form of Opinion of New Zealand Counsel
	 
	 	 	 	 
	Exhibit 4.4(a)(xxi)*

	 	—
	 	Form of Opinion of Arizona Counsel
	 
	 	 	 	 
	Exhibit 4.4(b)*

	 	—
	 	Form of Opinion of Special Counsel to the Purchasers
	 
	 	 	 	 
	Exhibit 9.10*

	 	—
	 	Form of Joinder Agreement
	 
	 	 	 	 

 

-vi-

 

	 	 	 	 	 
	Exhibit 14.4*

	 	—
	 	Certificate of Transferee
	 
	 	 	 	 
	Schedule 5.3*

	 	—
	 	Disclosure Materials
	 
	 	 	 	 
	Schedule 5.4*

	 	—
	 	Subsidiaries of the Company and Ownership of Subsidiary Stock
	 
	 	 	 	 
	Schedule 5.5*

	 	—
	 	Financial Statements
	 
	 	 	 	 
	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.$55,000,000 8.06% Senior Unsecured Guaranteed Notes

due August 9, 2014

July 9, 2009

To Each of the Purchasers Listed in

Schedule A Hereto:

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 each of the purchasers whose names appear at the end hereof (each a
“Purchaser” and collectively the “Purchasers”) as follows:

Section 1. Authorization of Notes.

Section 1.1. Authorization of Notes. The Company will authorize the issue and sale of
U.S.$55,000,000 aggregate principal amount of its 8.06% Senior Unsecured Guaranteed Notes due
August 9, 2014 (the “Notes,” such term to include any such notes issued in substitution therefor
pursuant to Section 14). The Notes shall be substantially in the form set out in Exhibit 1.
Certain capitalized and other terms used in this Agreement are defined in Schedule B; and
references to a “Schedule” or an “Exhibit” are, unless otherwise specified, to a Schedule or an
Exhibit attached to this Agreement.

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

Section 2. Sale and Purchase of Notes.

Subject to the terms and conditions of this Agreement, the Company will issue and sell to each
Purchaser and each Purchaser will purchase from the Company, at the Closing provided for in Section
3, Notes in the principal amount specified opposite such Purchaser’s name in Schedule A at the
purchase price of 100% of the principal amount thereof. The Purchasers’
obligations hereunder are several and not joint obligations and no Purchaser shall have any
liability to any Person for the performance or non-performance of any obligation by any other
Purchaser hereunder.

 

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Note Purchase Agreement

Section 3. Closing.

The sale and purchase of the Notes to be purchased by each Purchaser shall occur at the
offices of Chapman and Cutler LLP, 111 West Monroe Street, Chicago, Illinois 60603, at 10:00 a.m.,
Chicago time, at a closing (the “Closing”) on July 9, 2009 or on such other Business Day thereafter
on or prior to July 10, 2009 as may be agreed upon by the Company and the Purchasers. At the
Closing, the Company will deliver to each Purchaser the Notes to be purchased by such Purchaser in
the form of a single Note (or such greater number of Notes in denominations of at least
U.S.$100,000 as such Purchaser may request) dated the date of the Closing and registered in such
Purchaser’s name (or in the name of its nominee), against delivery by such Purchaser to the Company
or its order of immediately available funds in the amount of the purchase price therefor by wire
transfer of immediately available funds for the account of the Company to account number 5800502238
at Bank of America, 135 South LaSalle Street, Chicago, Illinois 60661, Account Name: UTi, United
States Inc., ABA (Wire): 026-009-593, ABA (ACH): 071-000-039, Swift Code: BOFAUS3N. If at the
Closing the Company shall fail to tender such Notes to any Purchaser as provided above in this
Section 3, or any of the conditions specified in Section 4 shall not have been fulfilled to such
Purchaser’s satisfaction, such Purchaser shall, at its election, be relieved of all further
obligations under this Agreement, without thereby waiving any rights such Purchaser may have by
reason of such failure or such nonfulfillment.

Section 4. Conditions to Closing.

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

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

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

Section 4.3. Compliance Certificates.

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

 

-2-

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Note Purchase Agreement

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

Section 4.4. Opinions of Counsel. Such Purchaser shall have received opinions in form and
substance reasonably satisfactory to such Purchaser, dated the date of the Closing (a) from (i)
Paul, Hastings, Janofsky & Walker LLP, U.S. counsel for the Obligors, (ii) Tonkon Torp LLP, Oregon,
counsel for the Obligors, (iii) Dibble Law Offices, South Carolina counsel for the Obligors,
(iv) Poore, Roth & Robinson, P.C., Montana counsel for the Obligors, (v) Harney Westwood & Riegels,
British Virgin Islands counsel for the Obligors, (vi) Walkers, British Virgin Islands counsel for
the Purchasers, (vi) Piper Alderman, Australian counsel, (viii) WeirFoulds, Ontario, Canadian
counsel, (ix) Cox & Palmer, New Brunswick, Canadian counsel, (x) Gerard & Associates, Belgium
counsel, (xi) Latham & Watkins LLP, German counsel, (xii) Latham & Watkins LLP, Hong Kong counsel
for the Purchasers, (xiii) Boekel De Nerée, Dutch counsel, (xiv) Spigthoff, Netherlands Antilles
counsel, (xv) Garrido-Lestache Burdiel Abogados, Spanish counsel, (xvi) Baker & McKenzie, Taiwan
counsel, (xvii) Latham & Watkins LLP, English counsel, (xviii) Baker & McKenzie, Wong & Leow,
Singapore counsel, (xix) McCann Fitzgerald Solicitors, Irish counsel, (xx) Bell Gully, New Zealand
counsel and (xxi) Snell & Wilmer LLP, Arizona Counsel, 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 such Purchaser or its counsel may reasonably request (and the
Obligors hereby instruct their counsel to deliver such opinions to the Purchasers) and (b) from (i)
Chapman and Cutler LLP, the Purchasers’ special counsel in connection with such transactions,
substantially in the form set forth in Exhibit 4.4(b) and covering such other matters incident to
such transactions as such Purchaser may reasonably request.

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

 

-3-

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Note Purchase Agreement

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

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

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

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

Section 4.10. Acceptance of Appointment to Receive Service of Process. Such Purchaser shall
have received evidence of the acceptance by Corporation Service Company of the appointment and
designation provided for by Section 24.8(e) for the period from the date of the Closing to August
9, 2015 (and the payment in full of all fees in respect thereof).

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

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

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

Section 4.14. Existing Credit Agreement. A portion of the proceeds of the issuance of the
Notes shall be used to pay off in full all loans due and owing under the Existing Credit Agreement
and the Existing Credit Agreement will be terminated upon such payment and the issuance of letters
of credit under the LC Agreement to support letters of credit outstanding under the Existing Credit
Agreement.

 

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	UTi Worldwide Inc.
	 	Note Purchase Agreement

Section 5. Representations and Warranties of the Obligors.

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

Section 5.1. Organization; Power and Authority. Each Obligor is a corporation or other legal
entity duly incorporated or organized, validly existing and, where legally applicable, in good
standing under the laws of its jurisdiction of incorporation, and is duly qualified as a foreign
corporation or other legal entity, where applicable, and, where legally applicable, is in good
standing in each jurisdiction in which such qualification is required by law, other than those
jurisdictions as to which the failure to be so qualified or in good standing would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each
Obligor has the corporate (or other 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, and upon execution and delivery thereof each
Note will constitute, a legal, valid and binding obligation of each Obligor party thereto
enforceable against such Obligor in accordance with its terms, except as such enforceability may be
limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws
affecting the enforcement of creditors’ rights generally and (ii) general principles of equity
(regardless of whether such enforceability is considered in a proceeding in equity or at law).

Section 5.3. Disclosure. The Obligors, through their agent, RBS Global Banking & Markets,
have delivered to each Purchaser a copy of a Private Placement Memorandum, dated 27 May 2009 (the
“Memorandum”), relating to the
transactions contemplated hereby. The Memorandum fairly describes, in all material respects, the
general nature of the business and principal properties of the Obligors and their Subsidiaries.
This Agreement, the Memorandum and the documents, certificates or other writings delivered to the
Purchasers by or on behalf of the Obligors in connection with the transactions contemplated hereby
and identified in Schedule 5.3, and the financial statements listed in Schedule 5.5 (this
Agreement, the Memorandum and such documents, certificates or other writings identified in Schedule
5.3 and financial statements identified in Schedule 5.5 being referred to, collectively, as the
“Disclosure Documents”), taken as a whole, do not contain any untrue statement of a material fact
or omit to state any material fact necessary to make the statements therein not misleading in light
of the circumstances under which they were made. Except as disclosed in the Disclosure Documents,
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. There is no fact known to any
Obligor that would reasonably be expected to have a Material Adverse Effect that has not been set
forth herein or in the Disclosure Documents.

 

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	 	Note Purchase Agreement

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

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

(c) Each Subsidiary (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.

(d) 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 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).

(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 Obligors, the Company and such other Obligors are members
of the same group of companies constituting 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.

 

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	UTi Worldwide Inc.
	 	Note Purchase Agreement

(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.

Section 5.5. Financial Statements; Material Liabilities. (a) The Obligors have delivered to
each Purchaser 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). The Obligors and their Subsidiaries do not
have any Material liabilities that are not disclosed on such financial statements or otherwise
disclosed in the Disclosure Documents.

Section 5.6. Compliance with Laws, Other Instruments, Etc. The execution, delivery and
performance by each Obligor of the Financing Agreements to which it is a party will not (a)
contravene, result in any breach of, or constitute a default under, or result in the creation of
any Lien in respect of any property of any Obligor or any Subsidiary under, any indenture,
mortgage, deed of trust, loan, purchase or credit agreement, lease, corporate charter, memorandum
and articles of association, regulations or by-laws, or any other agreement or instrument to which
any Obligor or any Subsidiary is bound or by which any Obligor or any Subsidiary or any of their
respective properties may be bound or affected, (b) conflict with or result in a breach of any of
the terms, conditions or provisions of any order, judgment, decree, or ruling of any court,
arbitrator or Governmental Authority applicable to any Obligor or any Subsidiary, except for such
conflicts or breaches that would not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect or (c) violate any provision of any statute or other
rule or regulation of any Governmental Authority applicable to any Obligor or any Subsidiary, in
each case, except for such contraventions, breaches, defaults, Liens, conflicts and violations that
would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect.

Section 5.7. Governmental Authorizations, Etc. Except as disclosed in Schedule 5.7, assuming
that the representations of the Purchasers in Sections 6.1 and 6.3 are true and correct, 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 for the filing of a notice on Form D with the SEC. Except as disclosed in Schedule 5.7, it
is not necessary to ensure the legality, validity, enforceability or admissibility into evidence in
the Applicable Jurisdiction of any Financing Agreement that any thereof or any other document be
filed, recorded or enrolled with any Governmental Authority, or that any such agreement or document
be stamped with any stamp, registration or similar transaction tax.

 

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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, would reasonably be expected to have a Material
Adverse Effect.

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

Section 5.9. Taxes. 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) the amount of which is not individually or in the aggregate Material or
(ii) the amount, applicability or validity of which is currently being contested in good faith by
appropriate proceedings and with respect to which such Obligor or a Subsidiary, as the case may be,
has established adequate reserves in accordance with applicable generally accepted accounting
principles (which shall be GAAP in the case of the Company). 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.

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

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

 

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	 	Note Purchase Agreement

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

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

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

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

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

 

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	UTi Worldwide Inc.
	 	Note Purchase Agreement

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

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

Section 5.13. Private Offering by the Company. No Obligor nor anyone acting on its behalf has
offered the Notes, the Subsidiary Guarantee Agreement or any similar securities for sale to, or
solicited any offer to buy any of the same from, or otherwise approached or negotiated in respect
thereof with, any person other than the Purchasers and not more than fifty-five (55) other
Institutional Investors, each of which has been offered the Notes at a private sale for investment.
No Obligor nor anyone acting on its behalf has taken, or will take, any action that would subject
the issuance or sale of the Notes or the Subsidiary Guarantee Agreement to the registration
requirements of Section 5 of the Securities Act or to the registration requirements of any
securities or blue sky laws of any applicable jurisdiction.

Section 5.14. Use of Proceeds; Margin Regulations. The Company will apply the proceeds of the
sale of the Notes 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.
No part of the proceeds from the sale of the Notes hereunder will be used, directly or indirectly,
for the purpose of buying or carrying any 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.

 

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	UTi Worldwide Inc.
	 	Note Purchase Agreement

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”). No Obligor nor any Subsidiary is in default and no waiver of
default is currently in effect, in the payment of any principal or interest on any Indebtedness of
any Obligor or such Subsidiary and no event or condition exists with respect to
any Indebtedness of any Obligor or any Subsidiary that would permit (or that with notice or the
lapse of time, or both, would permit) one or more Persons to cause such Indebtedness to become due
and payable before its stated maturity or before its regularly scheduled dates of payment, except
for such defaults (other than payment defaults), events or conditions in a single credit facility
in an amount less than U.S.$5,000,000 (or its equivalent in any other currency) or under multiple
credit facilities which in the aggregate are less than U.S.$20,000,000 (or its equivalent in any
other currency) that would not, individually or in the aggregate, have a Material Adverse Effect.

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

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

 

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

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

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

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

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

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

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

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

 

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

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

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

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

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

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

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

(a) no 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.

 

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	UTi Worldwide Inc.
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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 and the LC Agreement.

Section 6. Representations of the Purchaser.

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

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

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

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

(c) the Source is either (i) an insurance company pooled separate account, within the
meaning of PTE 90-1 or (ii) a bank collective investment fund, within the meaning of the PTE
91-38 and no employee benefit plan or group of plans maintained by the same employer or
employee organization beneficially owns more than 10% of all assets allocated to such pooled
separate account or collective investment fund; or

 

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

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

(f) the Source is a governmental plan; or

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

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

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

 

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Section 7. Information as to Company.

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

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

(i) 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

 

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

(B) a report of such registered public accounting firm accountants stating that
they have reviewed this Agreement and stating further whether, in connection with
their audit, they have become aware of any condition or event
that then constitutes a Default or Event of Default or that caused them to believe
the Company failed to comply with the terms, conditions, provisions or conditions of
Sections 9.8, 9.12. 10.2 through and including 10.4, 10.13 and 10.15 in as far as
they related to financial and accounting matters, and if they are aware that any
such condition or event then exists, specifying the nature and period of the
existence thereof (it being understood that such accountants shall not be liable to
any Purchaser, directly or indirectly, for any failure to obtain knowledge of any
Default or Event of Default); and

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

(c) SEC and Other Reports — promptly upon their becoming available, one copy of (i)
each financial statement, report, circular, notice or proxy statement or similar document
(including any form of compliance certificate related to the 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 such holder), and each prospectus and all amendments thereto filed by any Obligor or any
Subsidiary with the SEC or any similar Governmental Authority or securities exchange and of
all press releases and other statements made available generally by any Obligor or any
Subsidiary to the public concerning developments that are Material; provided that the
Company shall be deemed to have made deliveries required under this Section 7.1(c)(ii) if it
shall have timely made such documents available on “EDGAR” and on its home page on the
worldwide web (at the date of this Agreement located at http//www.go2uti.com) and shall have
given each holder of Notes notice of its availability on EDGAR and on its home page in
connection with each delivery promptly after such documents become available on EDGAR;

 

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(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, a written notice specifying the details of such litigation, arbitration or
administrative proceeding.

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

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

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

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

 

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

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

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

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

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

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

 

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	 	Note Purchase Agreement

(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 each holder of
Notes that is an Institutional Investor:

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

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

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

 

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	 	Note Purchase Agreement

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

Section 8. Payment and Prepayment of the Notes.

Section 8.1. Required Prepayments. On February 9, 2012 and on each February 9 and each August
9 thereafter to and including February 9, 2014, the Company will prepay U.S.$9,166,666 principal
amount (or such lesser principal amount as shall then be outstanding) of the Notes at par and
without payment of the Make-Whole Amount or any premium, provided that upon any partial prepayment
of the Notes pursuant to Sections 8.2, 8.3, 8.4 or 8.9, the principal amount of each required
prepayment of the Notes becoming due under this Section 8.1 on and after the date of such
prepayment shall be
reduced in the same proportion as the aggregate unpaid principal amount of the Notes is reduced as
a result of such prepayment.

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

 

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	 	Note Purchase Agreement

Section 8.3. Prepayment for Tax Reasons. If at any time as a result of a Change in Tax Law
(as defined below) the Company is or becomes obligated to make any Additional Payments (as defined
below) in respect of any payment of interest on account of any of the Notes in an aggregate amount
for all affected Notes equal to 5% or more of the aggregate amount of such interest payment on
account of all of the Notes, the Company may give the holders of all affected Notes irrevocable
written notice (each, a “Tax Prepayment Notice”) of the prepayment of such affected Notes on a
specified prepayment date (which shall be a Business Day not less than 30 days nor more than 60
days after the date of such notice) and the circumstances giving rise to the obligation of the
Company to make any Additional Payments and the amount thereof and stating that all of the affected
Notes shall be prepaid on the date of such prepayment at 100% of the principal amount so prepaid
together with interest accrued thereon to the date of such prepayment plus an amount equal to the
Modified Make-Whole Amount for each such Note, except in the case of an affected Note if the holder
of such Note shall, by written notice given to the Company no more than 20 days after receipt of
the Tax Prepayment Notice, reject such prepayment of such Note (each, a “Rejection Notice”). Such
Tax Prepayment Notice shall be accompanied by a certificate of a Senior Financial Officer as to the
estimated Modified Make-Whole Amount due in connection with such prepayment (calculated as if the
date of such notice were the date of the prepayment), setting forth the details of such
computation. The form of Rejection Notice shall also accompany the Tax Prepayment Notice and shall
state with respect to each Note covered thereby that
execution and delivery thereof by the holder of such Note shall operate as a permanent waiver of
such holder’s right to receive the Additional Payments arising as a result of the circumstances
described in the Tax Prepayment Notice in respect of all future payments of interest on such Note
(but not of such holder’s right to receive any Additional Payments that arise out of circumstances
not described in the Tax Prepayment Notice or which exceed the amount of the Additional Payment
described in the Tax Prepayment Notice), which waiver shall be binding upon all subsequent
transferees of such Note. The Tax Prepayment Notice having been given as aforesaid to each holder
of the affected Notes, the principal amount of such Notes together with interest accrued thereon to
the date of such prepayment plus the Modified Make-Whole Amount shall become due and payable on
such prepayment date, except in the case of Notes the holders of which shall timely give a
Rejection Notice as aforesaid. Two Business Days prior to such prepayment, the Company shall
deliver to each holder of a Note being so prepaid a certificate of a Senior Financial Officer
specifying the calculation of such Modified Make-Whole Amount as of such prepayment date. In the
event the Company shall incorrectly compute the Modified Make-Whole Amount payable in connection
with any Note to be prepaid pursuant to this Section 8.3, the holder of such Note shall not be
bound by such incorrect computation, but instead, shall be entitled to receive an amount equal to
the correct Modified Make-Whole Amount, if any, computed in compliance with the terms of this
Agreement.

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

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

 

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	 	Note Purchase Agreement

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

Section 8.4. Prepayment of Notes upon Change of Control.

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

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

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

 

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(d) Prepayment. Prepayment of the Notes to be prepaid pursuant to this Section 8.4 shall be
at 100% of the principal amount of such Notes, together with interest on such Notes accrued to the
date of prepayment, but without Make-Whole Amount. The prepayment shall be made on the Proposed
Prepayment Date.

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

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

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

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

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

“Applicable Percentage” In the case of a computation of the Modified Make-Whole Amount
for purposes of Section 8.3 means 1.00% (100 basis points), and in the case of a computation
of the Make-Whole Amount for any other purpose means .50% (50 basis points).

 

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	UTi Worldwide Inc.
	 	Note Purchase Agreement

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

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

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

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

 

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	 	Note Purchase Agreement

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

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

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

Section 9. Affirmative Covenants.

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

Section 9.1. Compliance with Law. Without limiting Section 10.10, the Obligors will, and will
cause each of their Subsidiaries to, comply with all laws, ordinances or governmental rules or
regulations to which each of them is subject, including, without limitation, ERISA, the USA Patriot
Act and Environmental Laws, and will obtain and maintain in effect all licenses, certificates,
permits, franchises and other governmental authorizations necessary to the ownership of their
respective properties or to the conduct of their respective businesses, in each case to the extent
necessary to ensure that non-compliance with such laws, ordinances or governmental rules or
regulations or failures to obtain or maintain in effect such licenses, certificates, permits,
franchises and other governmental authorizations would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.

 

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	 	Note Purchase Agreement

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

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

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

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

 

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	 	Note Purchase Agreement

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

Section 9.7. Priority of Obligations. The Obligors will ensure that their payment obligations
under the Financing Agreements will at all times rank at least pari passu, without preference or
priority, with all other unsecured and unsubordinated Indebtedness of the Obligors except for
obligations mandatorily preferred by law applying to companies generally. Notwithstanding the
foregoing, at all times, the Company’s payment obligations under the Notes and the payment
obligations of the Subsidiary Guarantors under the Subsidiary Guarantee Agreement will rank at
least pari passu, without preference or priority, with the respective obligations of the Company
and the Subsidiary Guarantors under (i) the Existing Financing Agreements, (ii) the LC Agreement
and (iii) any other Indebtedness of the Company or any Subsidiary Guarantor that provides for more
than U.S.$25,000,000 (or its equivalent in any other currency) in principal amount of borrowings or
availability. 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 holders of the Notes provided no Default or
Event Default has occurred or would result from the provision of such cash collateral (except for
any default or event of default under section 1.3(e) of the LC Agreement that triggers the
obligation to cash collateralize outstanding letters of credit thereunder that would constitute a
Default or Event of Default under Section 11(f) only, provided, that the provision of such cash
collateral would remedy such default or event of default under 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 so long as the Company is required to maintain the same ratio under the LC
Agreement, and, subject to Section 9.15, at all other times, 3.75 to 1.00.

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

Section 9.10. Additional Obligors. (a) The Company (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 or the Existing 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.

 

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	UTi Worldwide Inc.
	 	Note Purchase Agreement

(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 each holder 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 each
holder a legal opinion (from legal counsel approved by the Required Holders acting
reasonably) confirming (1) the due execution and delivery of such Joinder Agreement, and the
validity and enforceability of the obligations of the relevant Subsidiary Guarantor under
such Joinder Agreement and this Agreement subject to such exceptions, assumptions and
qualifications as are substantially similar to those delivered with respect to the
obligations of the Subsidiary Guarantors as of the date of Closing and (2) such other
matters as the Required Holders may reasonably request so long as such opinions are
substantially similar in scope to the opinions delivered in connection with the Closing of
this Agreement. The Company shall cause such additional Subsidiary Guarantor to deliver
such other closing showings as may be reasonably requested by the Required Holders
substantially similar in scope to the closing showings delivered by the original Subsidiary
Guarantors at the Closing.

Section 9.11. Release of Subsidiary Guarantors. Upon notice by the Company to each holder of
a Note (which notice shall contain a certification by the Company as to the applicable matters
specified below), a Subsidiary shall cease to be an Obligor under this Agreement if such Subsidiary
has been, or will be concurrently, released as a borrower, guarantor or other obligor under the LC
Agreement and 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), provided, that, both immediately before and after giving effect to any
such release (x) no Default or Event of Default shall have occurred and be continuing and (y) other
than the payment of reasonable legal fees, no consideration was granted to any agent or lender
under the LC Agreement or the Existing 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.

 

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	UTi Worldwide Inc.
	 	Note Purchase Agreement

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.

As used in this Section 9.12, the term “Subsidiary Guarantor” shall not include any Subsidiary
Guarantor with respect to which (A) the Subsidiary Guaranty of such Subsidiary Guarantor for any
reason, other than the satisfaction in full of all amounts due and owing hereunder and under the
Notes, 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, (B) 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
(C) 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 has knowledge of the occurrence of any of the
events set forth in clauses (A) through (C) 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 LC Agreement) 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 each holder pursuant to Section 7.1(h);
and

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

(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;

 

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	UTi Worldwide Inc.
	 	Note Purchase Agreement

(iii) the contribution of a Subsidiary Guarantor will:

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

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

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

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

Section 9.14. CASS Agreement. 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. 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
holders of the Notes 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 holders of the Notes promptly upon entering into the Reference Agreement,
including with such copy a notice to the holders of the date on which such Additional
Covenants became or will become effective, provided that the failure of the Company to
provide a copy of such Additional Covenants to the holders shall not adversely affect the
automatic incorporation of the Additional Covenants into this Agreement as provided above in
this Section 9.15; and

 

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	UTi Worldwide Inc.
	 	Note Purchase Agreement

(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
holders, 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 any holder may produce a draft
for the consideration of the Company and the other holders. Any Memorialization executed and
delivered by the Company and by the Required Holders (or all holders if pursuant to Section 18.1
the relevant amendment would require the consent of all holders) 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 holders 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 9.15.

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 9.15 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 and
replace 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 9.15 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 9.15 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 9.15.

 

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	 	Note Purchase Agreement

Section 9.16. Post-Closing Obligations. Within 20 days from the Closing Date, or such other
date to which the Purchasers expressly agree, the Company, on behalf of itself, each Spanish
Obligor, and the Purchasers shall have formalized the ratification of the position of the Spanish
Obligors 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 Procedure 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 each Purchaser an authorized copy (primera copia
autorizada) of that deed.

Section 10. Negative Covenants.

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

Section 10.1. Transactions with Affiliates. The Obligors will not and will not permit any
Subsidiary to enter into directly or indirectly any transaction or group of related transactions
(including, without limitation, the purchase, lease, sale or exchange of properties of any kind or
the rendering of any service) with any Affiliate (other than the Obligors or another Subsidiary
which is not a member of the South African Group), except in the ordinary course and pursuant to
the reasonable requirements of such Obligor’s or such Subsidiary’s business and upon fair and
reasonable terms no less favorable to the Obligors or such Subsidiary than would be obtainable in a
comparable arm’s-length transaction with a Person not an Affiliate.

Section 10.2. Consolidated Net Worth. The Company will ensure that Consolidated Net Worth is
not, as of the end of any fiscal quarter in each fiscal year beginning with the fiscal quarter
ended July 31, 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 is not, at the end of each Measurement Period
greater than, 3.00 to 1.00 so long as the Company is required to maintain the same ratio under the
LC Agreement, and, subject to Section 9.15, at all other times, 3.25 to 1.00.

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

 

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	UTi Worldwide Inc.
	 	Note Purchase Agreement

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;

(g) any Lien granted pursuant to the Financing Agreements and any Lien granted pursuant
to the Existing Financing Agreements or the LC Agreement to the extent an equal and ratable
Lien is granted to the holders of the Notes 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;

 

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(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;

(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.

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;

 

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(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 U.S.$100,000,000 (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 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.

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.

 

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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) so long as the Company is required to maintain the same under the LC Agreement,
and, subject to Section 9.15, at all other times, South African Rand 1,500,000,000 (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) so long as the Company is required to maintain the same under
the LC Agreement, and, subject to Section 9.15, at all other times, South African Rand
1,150,000,000 (or its equivalent).

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

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

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

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

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

(a) Dispositions in the ordinary course of business;

 

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

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

 

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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 as described in the Memorandum.

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

Section 10.11. Subsidiaries in South Africa. No Subsidiary of the Company incorporated in
South Africa may become an obligor or guarantor under the LC Agreement or Existing 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. [Reserved].

Section 10.13. 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 10.14. 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% of the Group’s assets or income.

Section 10.15. 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 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 principal or Make-Whole Amount or
Modified Make-Whole Amount, if any, on any Note when the same becomes due and payable,
whether at maturity or at a date fixed for prepayment or by declaration or otherwise; or

 

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

(c) (i) any Subsidiary Guarantor defaults in the performance of or compliance with any
term contained in Section 23, or (ii) any Obligor defaults in the performance of or
compliance with any term contained in Section 7.1(d) or Sections 9.8, 9.12, 10.1 through
10.10, inclusive or Sections 10.13 or 10.15; or

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

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

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

 

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(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; or

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

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

 

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(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.

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

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

(c) If any Event of Default described in Section 11(a) or (b) has occurred and is continuing,
any holder or holders of Notes at the time outstanding affected by such Event of Default may at any
time, at its or their option, by notice or notices to any Obligor, declare all the Notes held by it
or them to be immediately due and payable.

 

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

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

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

Section 12.4. No Waivers or Election of Remedies, Expenses, Etc. No course of dealing and no
delay on the part of any holder of any Note in exercising any right, power or remedy shall operate
as a waiver thereof or otherwise prejudice such holder’s rights, powers or remedies. No right,
power or remedy conferred by this Agreement, any Note or any other Financing Agreement upon any
holder thereof shall be exclusive of any other right, power or remedy referred to herein or therein
or now or hereafter available at law, in equity, by statute or otherwise. Without limiting the
obligations of the Company under Section 16, the Company will pay to the holder of each Note on
demand such further amount as shall be sufficient to cover all costs and expenses of such holder
incurred in any enforcement or collection under this Section 12, including, without limitation,
reasonable attorneys’ fees, expenses and disbursements and any registration duty.

 

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Section 12.5. Executive Proceedings.

(a) At the discretion of the holders of the Notes, the ratification of the position of each
Spanish Obligor as a Subsidiary Guarantor under this Agreement shall be formalized in 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.

(b) Upon enforcement, the sum payable by any Spanish Obligor shall be the principal amount
outstanding under all Notes issued hereunder together with all accrued interest and Make-Whole
Amount, if any, on such Notes. For the purposes of Articles 571 et seq. of the Civil Procedural
Law, the Obligors and the holders of the Notes expressly agree 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 holders of the Notes that the determination of the debt to be
claimed through the executive proceedings shall be effected by the holders of the Notes 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 holders of
the Notes 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 holders of the Notes 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 the holders of the Notes to request and
obtain certificates and documents, including second or further copies of the deed in which the
ratification of the position of the Spanish Obligors as Subsidiary Guarantors under this Agreement
is formalized, issued by the notary who has formalized the ratification of the position of the
Spanish Obligors 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 of 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.

 

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Section 13. Tax Indemnification.

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

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

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

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

 

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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 any holder of a Note not resident in the United States of America or any other
jurisdiction in which an original Purchaser is resident for tax purposes on the date of the Closing
(the “Original Jurisdiction”) in excess of the amounts that the Obligors would be obligated to pay
if such holder had been a resident of the United States of America or the Original Jurisdiction, as
applicable, for purposes of, and eligible for the benefits of, any double taxation treaty from time
to time in effect between the United States of America or the Original Jurisdiction, as applicable,
and the relevant Taxing Jurisdiction, or (ii) to any holder of a Note registered in the name of a
nominee if under the law of the relevant Taxing Jurisdiction (or the current regulatory
interpretation of such law) securities held in the name of a nominee do not qualify for an
exemption from the relevant Tax and the Obligors shall have given timely notice of such law or
interpretation to such holder.

By acceptance of any Note, the holder of such Note agrees, subject to the limitations of
clause (b) above, that it will from time to time with reasonable promptness (x) duly complete and
deliver to or as reasonably directed by an Obligor all such forms, certificates, documents and
returns provided to such holder by such Obligor (collectively, together with instructions for
completing the same, “Forms”) required to be filed by or on behalf of such holder in order to avoid
or reduce any such Tax pursuant to the provisions of an applicable statute, regulation or
administrative practice of the relevant Taxing Jurisdiction or of a tax treaty between the United
States and such Taxing Jurisdiction and (y) provide an Obligor with such information with respect
to such holder as such Obligor may reasonably request in order to complete any such Forms, provided
that nothing in this Section 13 shall require any holder to provide information with respect to any
such Form or otherwise if in the opinion of such holder such Form or disclosure of information
would involve the disclosure of tax return or other information that is confidential or proprietary
to such holder, and provided further that each such holder shall be deemed to have complied with
its obligation under this paragraph with respect to any Form if such Form shall have been duly
completed and delivered by such holder to an Obligor or mailed to the appropriate taxing authority
(which shall be deemed to occur when such Form is submitted to the United States Internal Revenue
Service in accordance with instructions contained in such Form), whichever is applicable, within 60
days following a written request of an Obligor (which request shall be accompanied by copies of
such Form and English translations of any such Form not in the English language) and, in the case
of a transfer of any Note, at least 90 days prior to the relevant interest payment date.

 

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

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

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

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

If an Obligor makes payment to or for the account of any holder of a Note and such holder is
entitled to a refund of the Tax to which such payment is attributable upon the making of a filing
(other than a Form described above), then such holder shall, as soon as practicable after receiving
written request from such Obligor (which shall specify in reasonable detail and supply the refund
forms to be filed) use reasonable efforts to complete and deliver such refund forms to or as
directed by the Obligors, subject, however, to the same limitations with respect to Forms as are
set forth above.

 

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

Section 14. Registration; Exchange; Substitution of Notes.

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

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

Section 14.3. Replacement of Notes. Upon receipt by the Company of evidence reasonably
satisfactory to it of the ownership of
and the loss, theft, destruction or mutilation of any Note (which evidence shall be, in the case of
an Institutional Investor, notice from such Institutional Investor of such ownership and such loss,
theft, destruction or mutilation), and

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

 

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

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

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

Section 15. Payments on Notes.

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

Section 15.2. Home Office Payment. So long as any Purchaser or its nominee shall be the
holder of any Note, and notwithstanding anything contained in Section 15.1 or in such Note to the
contrary, the Company will pay all sums becoming due on such Note for principal, Make-Whole Amount
or Modified Make-Whole Amount, if any, and interest by the method and at the address specified for
such purpose below such Purchaser’s name in Schedule A, or by such other method or at such other
address as such Purchaser shall have from time to time specified to the Company in writing for such
purpose, without the presentation or surrender of such Note or the making of any notation thereon,
except that upon written request of the Company made concurrently with or reasonably promptly after
payment or prepayment in full of any Note, such Purchaser shall surrender such Note for
cancellation, reasonably promptly after any such request, to the Company at its principal executive
office or at the place of payment most recently designated by the Company pursuant to Section 15.1.
Prior to any sale or other disposition of any Note held by a Purchaser or its nominee, such
Purchaser will, at its election, either endorse thereon the amount of principal paid
thereon and the last date to which interest has been paid thereon or surrender such Note to the
Company in exchange for a new Note or Notes pursuant to Section 14.2. The Company will afford the
benefits of this Section 15.2 to any Institutional Investor that is the direct or indirect
transferee of any Note purchased by a Purchaser under this Agreement and that has made the same
agreement relating to such Note as the Purchasers have made in this Section 15.2.

 

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Section 16. Expenses, Etc.

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

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

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

Section 17. Survival of Representations and Warranties; Entire Agreement.

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

 

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Section 18. Amendment and Waiver. 

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

Section 18.2. Solicitation of Holders of Notes.

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

(b) Payment. No Obligor will directly or indirectly pay or cause to be paid any remuneration,
whether by way of supplemental or additional interest, fee or otherwise, or grant any security or
provide other credit support, to any holder of Notes as consideration for or as an inducement to
the entering into by any holder of Notes of any waiver or amendment of any of the terms and
provisions hereof unless such remuneration is concurrently paid, or security is concurrently
granted or other credit support concurrently provided, on the same terms, ratably to each holder of
Notes then outstanding even if such holder did not consent to such waiver or amendment.

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

 

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

Section 19. Notices; English Language.

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

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

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

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

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

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.

 

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Section 20. Reproduction of Documents.

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

Section 21. Confidential Information.

For the purposes of this Section 21, “Confidential Information” means information delivered to
any Purchaser by or on behalf of any Obligor or any Subsidiary in connection with the transactions
contemplated by or otherwise pursuant to this Agreement that is proprietary in nature and that was
clearly marked or labeled or otherwise adequately identified when received by such Purchaser as
being confidential information of such Obligor or such Subsidiary, provided that such term does not
include information that (a) was publicly known or otherwise
known to such Purchaser prior to the time of such disclosure, (b) subsequently becomes
publicly known through no act or omission by such Purchaser or any person acting on such
Purchaser’s behalf, (c) otherwise becomes known to such Purchaser other than through disclosure by
such Obligor or such Subsidiary or (d) constitutes financial statements delivered to such Purchaser
under Section 7.1 that are otherwise publicly available. Each Purchaser will maintain the
confidentiality of such Confidential Information in accordance with procedures adopted by such
Purchaser in good faith to protect confidential information of third parties delivered to such
Purchaser, provided that such Purchaser may deliver or disclose Confidential Information to (i) its
directors, trustees, officers, employees and attorneys (to the extent such disclosure reasonably
relates to the administration of the investment represented by its Notes), and provided such
Purchasers advise such Person of the confidential nature of such information, (ii) its financial
advisors, other professional advisors, agents and affiliates who agree to hold confidential the
Confidential Information substantially in accordance with the terms of this Section 21, (iii) any
other holder of any Note, (iv) any Institutional Investor to which it sells or offers to sell such
Note or any part thereof or any participation therein (if such Person has agreed in writing prior
to its receipt of such Confidential Information to be bound by the provisions of this Section 21),
(v) any Person from which it offers to purchase any security of an Obligor (if such Person has
agreed in writing prior to its receipt of such Confidential Information to be bound by the
provisions of this Section 21), (vi) any federal or state regulatory authority having jurisdiction
over such Purchaser, (vii) the NAIC or the SVO or, in each case, any similar organization, or any
nationally recognized rating agency that requires access to information about such Purchaser’s
investment portfolio, or (viii) any other Person to which such delivery or disclosure may be
necessary or appropriate (w) to effect compliance with any law, rule, regulation or order
applicable to such Purchaser, (x) in response to any subpoena or other legal process, (y) in
connection with any litigation to which such Purchaser is a party or (z) if an Event of Default has
occurred and is continuing, to the extent such Purchaser may reasonably determine such delivery and
disclosure to be necessary or appropriate in the enforcement or for the protection of the rights
and remedies under such Purchaser’s Notes, this Agreement and the other Financing Agreements. Each
holder of a Note, by its acceptance of a Note, will be deemed to have agreed to be bound by and to
be entitled to the benefits of this Section 21 as though it were a party to this Agreement. On
reasonable request by the Company in connection with the delivery to any holder of a Note of
information required to be delivered to such holder under this Agreement or requested by such
holder (other than a holder that is a party to this Agreement or its nominee), such holder will
enter into an agreement with the Company embodying the provisions of this Section 21.

 

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Section 22. Substitution of Purchaser.

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

Section 23. Subsidiary Guarantee Agreement. 

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

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

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

 

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

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

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

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

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

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

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

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

 

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

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

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

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

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

 

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(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 any holder of Notes (or any trustee or agent on its behalf) to proceed against
or enforce any other right or security or claim payment from any person before claiming from that
Subsidiary Guarantor under this Section 23.

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

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

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

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

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

Section 23.7. Non-competition. Unless:

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

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

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

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

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

 

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

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

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

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

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

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

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

(a) compromise or settle, renew or extend the period of duration or the time for the
payment, or discharge the performance of, or may refuse to, or otherwise not, enforce, or
may, by action or inaction, release all or any one or more parties to, this Agreement;

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

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

 

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

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

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

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

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

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

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

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

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

Section 23.12. Character of Obligation. The Guaranty set forth in this Section 23 is a
primary and original obligation of each Subsidiary Guarantor and is an absolute, unconditional,
continuing and irrevocable guarantee of payment and performance (and not of collectibility) and
shall remain in full force and effect until the full, final and indefeasible payment in cash of the
Guaranteed Obligations without respect to future changes in conditions, except as provided in
Section 9.11.

 

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

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

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

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

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

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

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

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

Section 23.15. Severability. Each of the rights and remedies granted under this Section 23 to
the holder of Notes in respect of the Notes held by such holder may be exercised by such holder
without notice by such holder to, or the consent of or any other action by, any other holder of
Notes.

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

 

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

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

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

If an Event of Default exists, then the holders of Notes shall have the right to declare all
of the Guaranteed Obligations to be, and such Guaranteed Obligations shall thereupon become,
forthwith due and payable, without any presentment, demand, protest or other notice of any kind,
all of which have been expressly waived by the Company and the Subsidiary Guarantors, and
notwithstanding any stay, injunction or other prohibition preventing such declaration (or such
Guaranteed Obligations from becoming automatically due and payable) as against the Company. In any
such event, the holders of Notes shall have immediate recourse to such Subsidiary Guarantor to the
fullest extent set forth herein.

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

 

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

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

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

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

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

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

Section 23.23. Contribution. To the extent of any payments made under this Subsidiary
Guarantee Agreement, each Subsidiary Guarantor making such payment shall have a right of
contribution from the other Subsidiary Guarantors, but such Subsidiary Guarantor covenants and
agrees that such right of contribution shall be subordinate in right of payment to the rights of
the holders of the Notes for which full payment has not been made or provided for and, to that end,
such Subsidiary Guarantor agrees not to claim or enforce any such right of contribution unless and
until all of the Notes and all other sums due and payable under the Agreement have been fully and
irrevocably paid and discharged.

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

 

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Section 23.25. Limitations — Belgium. This guarantee does not apply to any liability to the
extent it would result in this guarantee constituting unlawful financial assistance under Articles
329, 430 and/or 629 of the Belgian Corporate Code (Code des Sociétés).

Section 23.26. Limitations — Spain. This guarantee does not apply to any liability to the
extent it would result in this guarantee constituting unlawful financial assistance under Article
81 of the Spanish Joint Stock Company Law (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). Further, the maximum amount of any guarantee provided by a Spanish Obligor shall be
limited to the amount that would make the net worth of the Spanish Guarantor reduce to two thirds
of its share capital, or, in any case, to the amount that would render the Spanish Obligor unable
to pay its debts as they fall due or need to enter into negotiations with its creditors and/or file
for the opening of bankruptcy (concurso) proceedings minus one euro.

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

Section 23.28. Limitations — Germany. (a) Each holder of Notes agrees that its right to
enforce any guarantee or indemnity granted by a Subsidiary Guarantor incorporated in Germany which
is constituted in the form of a limited partnership (Kommanditgesellschaft) with a limited
liability company (Gesellschaft mit 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 (Handelsgesetbuch) less
the Relevant German Obligor’s or in the case of a GmbH & Co. KG, such Relevant German Obligor’s
general partner’s, liabilities (the calculation of which shall take into account the captions
reflected in §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 shares
for its own shares, the “Protected Capital”) (Begruendung einer Unterbilanz) or (ii) where the
amount of the Relevant German Obligor’s Net Assets (or the Net Assets of its general partner if the
Relevant German Obligor is a GmbH & Co. KG) are already less than its Protected Capital causing
such amount to be further reduced (Vertiefung einer Unterbilanz).

 

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(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 Required
Holders 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.

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

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

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

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

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

(i) the enforcement of the guarantee to the extent such guarantee guarantees
obligations of a Subsidiary Guarantor incorporated in Germany itself or obligations of any
of its 100% owned subsidiaries or

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

 

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	 	Note Purchase 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.

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

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

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

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

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

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

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

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

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

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

 

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	 	Note Purchase Agreement

(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 23.30(b) is made by each U.S. Guarantor on the date of this Agreement;

(ii) in Section 23.30(d) is made on the date of this Agreement by each U.S. Guarantor
on an individual basis or in the case of a U.S. Guarantor that has Subsidiaries that are
also Subsidiary Guarantors, on the basis of the consolidated assets and liabilities of that
U.S. Guarantor and its Subsidiaries that are Subsidiary Guarantors.

(iii) in this Section 23.30 is deemed to be repeated whenever a representation is
deemed to by repeated under any Financing Agreement; and

(iv) in this Section 23.30 is, when repeated, applied to the circumstances existing at
the time of repetition.

Section 23.31. Limitations — UK. This guarantee 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.

Section 23.32. Limitation on Pyramid Freight. Under this Section 23.31 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 23.31, 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 23.33. Irish Obligors. Each holder of Notes 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 guarantee constituting unlawful financial
assistance within the meaning of Section 76 of the Companies Act (Cap 50) of the Statutes of the
Republic of Singapore.

 

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	UTi Worldwide Inc.
	 	Note Purchase Agreement

Section 24. Miscellaneous.

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

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

Section 24.3. Accounting Terms. (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.

(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 holders of Notes 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 holders of the Notes 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 holders of Notes pursuant to Section 7.1(a) or (b) shall include detailed reconciliations
reasonably satisfactory to the Required Holders as to the effect of such change in GAAP.

 

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	UTi Worldwide Inc.
	 	Note Purchase Agreement

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. Governing Law. This Agreement and (except as otherwise expressly stated
therein) the other Financing Agreements shall be construed and enforced in accordance with, and the
rights of the parties shall be governed by, the law of the State of New York excluding
choice-of-law principles of the law of such State that would permit the application of the laws of
a jurisdiction other than such State.

Section 24.8. Jurisdiction and Process; Waiver of Jury Trial. (a) Each Obligor irrevocably
submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the
Borough of Manhattan, The City of New York, over any suit, action or proceeding arising out of or
relating to this Agreement, the Notes or any other Financing Agreement. To the fullest extent
permitted by applicable law, each Obligor irrevocably waives and agrees not to assert, by way of
motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such
court, any objection that it may now or hereafter have to the laying of the venue of any such suit,
action or proceeding brought in any such court and any claim that any such suit, action or
proceeding brought in any such court has been brought in an inconvenient forum.

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

 

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	UTi Worldwide Inc.
	 	Note Purchase Agreement

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

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

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

(f) The Parties hereto hereby waive trial by jury in any action brought on or with respect
to this agreement, the notes or any other document executed in connection herewith or
therewith.

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

* * * * *

 

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	UTi Worldwide Inc.
	 	Note Purchase 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.
	 	Note Purchase Agreement

	 	 	 	 	 

	 	 	 	 	 
	 	UTi (Aust) Pty Limited

 	 
	 	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, Inc.

 	 
	 	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 Worldwide Inc.
	 	Note Purchase Agreement

	 	 	 	 	 
	 	UTi Deutschland GmbH

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 	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 Worldwide Inc.
	 	Note Purchase Agreement

	 	 	 	 	 
	 	UTi (Taiwan) Limited

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 	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 Worldwide Inc.
	 	Note Purchase Agreement

	 	 	 	 	 

	 	 	 	 	 
	 	UTi Brokerage, Inc.

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

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 	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 	 
	 	 	 	 

 

 

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Note Purchase Agreement

	 	 	 	 	 
	 	Triple Express, Inc.

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

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 	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 	 
	 	 	 	 

 

 

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Note Purchase Agreement

	 	 	 	 	 
	 	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 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 Worldwide Inc.
	 	Note Purchase Agreement

	 	 	 	 	 
	 	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 New Zealand Ltd.

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 

 

 

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Note Purchase Agreement

	 	 	 	 	 
	 	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/ Matthew J. Tachouet
 

	 
	 

	 	 
	 	Address: 	 100 Oceangate, Ste 1500

 Long Beach, CA 90802
	 
	 

	 	 
	 	Name:	
  Matthew J. Tachouet
	 
	 

	 	 
	 	Occupation:	
  Controller	 

 

 

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Note Purchase Agreement

	 	 	 	 	 
	 	UTi Worldwide (Singapore) Pte Ltd.

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 

 

 

 

 
			
	 	 	 
	UTi Worldwide Inc.
	 	Note Purchase Agreement

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

	 	 	 	 	 	 	 	 	 
	 	 	Connecticut General Life Insurance
Company	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	Cigna Investments, Inc. (authorized agent)	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Robert W. Eccles
 

Name: Robert W. Eccles

Title:   Senior Managing Director
	 	 

 

 

 

 
			
	 	 	 
	UTi Worldwide Inc.
	 	Note Purchase Agreement

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

	 	 	 	 	 
	 	RiverSource Life Insurance Company

 	 
	 	By:  	/s/  Thomas W. Murphy
 	 
	 	 	Name:  	Thomas W. Murphy 	 
	 	 	Title:  	Vice President - Investments 	 
	 
	 	RiverSource Life Insurance Co. of New
York

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

 

 

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Note Purchase Agreement

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

	 	 	 	 	 
	 	The Guardian Life Insurance Company of
America

 	 
	 	By:  	/s/  Ellen I. Whittaker
 	 
	 	 	Name:  	Ellen I. Whittaker 	 
	 	 	Title:  	Senior Director, Private Placements 	 
	 

 

 

 

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, Belgium, New
Zealand, Ireland, Singapore, and the United Kingdom.

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

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

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

Schedule B

(to Note Purchase Agreement)

 

 

 

“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.

“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” is defined in Section 3.

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

“Company” means UTi Worldwide Inc., 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

 

(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.

 

B-3

 

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

(a) any moneys borrowed;

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

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

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

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

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

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

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

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

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

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

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

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

 

B-4

 

“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.

“Disposition Prepayment Date” is defined in Section 8.9.

“Disposition Response Date” is defined in Section 8.9.

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

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

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

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

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

“Dutch Civil Code” means the Burgerlijk Wetboek.

“Dutch Obligor” means an Obligor incorporated or formed in the Netherlands.

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

 

B-5

 

“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.

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

“Final Maturity Date” means August 9, 2014.

“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.

“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).

“French Commercial Code” means the Code de Commerce.

“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.

 

B-6

 

“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

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

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

“Group” means the Company and its Subsidiaries.

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

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

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

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

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

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

 

B-7

 

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.

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

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

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

“inability to pay its debts” where it relates to a German Obligor includes that person being
in a state of 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,

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

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

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

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

 

B-8

 

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

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

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

“insolvent” where it relates to a German Obligor includes illiquidity (Zahlungsunfähigkeit) an
imminent inability to pay debts as they fall due (drohende Zahlungsunfähigkeit) and
overindebtedness (Überschuldung).

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

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

“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 Letter of Credit Agreement dated July 9, 2009 for
the Company and other obligors parties thereto, ABN Amro NV and The Royal Bank of Scotland plc as
such Agreement is amended, modified, replaced or refinanced from time to time, (ii) the Nedbank LC
Agreement, and (iii) LC Agreement shall also mean any subsequent agreement entered into by the
Company, which is similar to the LC Agreement or which constitutes the Company’s main credit
facility.

“lease” where it relates to a French Subsidiary includes an opération de crédit-bail.

“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

 

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

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

“Lien” where it relates to a French Subsidiary includes any type of security (sûreté réelle)
and transfer by way of security.

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

“Make-Whole Amount” is defined in Section 8.8.

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

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

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

“Memorandum” is defined in Section 5.3.

“Modified Make-Whole Amount” is defined in Section 8.8.

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

 

B-10

 

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

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

“Nedbank LC Agreement” means the Letter of Credit Agreement dated as of July 9, 2009 among the
Company, each subsidiary guarantor party thereto and Nedbank Limited, acting through its London
Branch, all as amended, modified, replaced or refinanced from time to time.

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

“Notes” is defined in Section 1.

“Obligors” means the Company and the Subsidiary Guarantors.

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

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

 

B-11

 

“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.

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

“Purchaser” is defined in the first paragraph of this Agreement.

“Pyramid Freight” means Pyramid Freight BVI and Pyramid Freight, South Africa.

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

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

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

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

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

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

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

 

B-12

 

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

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

“Refinancing Indebtedness” means any Refinancing by the Company or any Subsidiary of the
Indebtedness incurred in accordance with Section 10.6 (other than pursuant to clause (a), (d), (e),
(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 stated maturity of the Notes); provided that (a) if
such Subordinated Indebtedness being Refinanced is Indebtedness solely of the Company or a
Subsidiary Guarantor, then such Refinancing Indebtedness shall be Indebtedness solely of the
Company or such Subsidiary Guarantor and (b) such Refinancing Indebtedness shall be
subordinate to the Notes or in the case of any Subsidiary Guarantor, such Subsidiary
Guarantee Agreement, at least to the same extent and in the same manner as the Indebtedness
being Refinanced.

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

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

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

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

 

B-13

 

“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.

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

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

 

B-14

 

“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,

(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,

 

B-15

 

(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,

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

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

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

 

B-16

 

(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),

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

(xxxxi) UTi New Zealand Ltd., a company formed under the laws of New Zealand,

(xxxxii) UTi Ireland Limited, a company organized under the laws of Ireland, and

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

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

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

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

“Taiwan Guarantor” means a Subsidiary Guarantor incorporated or formed in Taiwan.

“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.

 

B-17

 

“Taxing Jurisdiction” is defined in Section 13.

“Threshold CNW Amount” is defined in Section 10.2.

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

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

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

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

“winding-up, administration or dissolution” where it relates to a French Subsidiary includes a
redressement judiciaire, cession totale de l’enterprise or liquidation judiciaire or a procédure de
sauvegade unde Livre Sixiene of the French Commercial Code.

 

B-18Exhibit 10.2

EXHIBIT 10.2

 

UTi WORLDWIDE INC.

U.S.$110,000,000 LETTER OF CREDIT FACILITIES

 

LETTER OF CREDIT AGREEMENT

 

Dated as of July 9, 2009

 

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	SECTION HEADING	 	PAGE	 
	 
	 	 	 	 
	SECTION 1 PERFORMANCE-BASED LETTERS OF CREDIT
	 	 	1	 
	 
	 	 	 	 
	Section 1.1 Issuance of Performance-Based Letters of Credit
	 	 	1	 
	Section 1.2 Conditions to Each Issuance after Closing
	 	 	2	 
	Section 1.3 Performance-Based Letters of Credit in Optional Currency
	 	 	2	 
	 
	 	 	 	 
	SECTION 2 FINANCIAL LETTER OF CREDIT
	 	 	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
	 	 	7	 
	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
	 	 	9	 
	 
	 	 	 	 
	SECTION 4 CONDITIONS TO CLOSING
	 	 	9	 
	 
	 	 	 	 
	Section 4.1 Representations and Warranties
	 	 	9	 
	Section 4.2 Performance; No Default
	 	 	9	 
	Section 4.3 Compliance Certificates
	 	 	9	 
	Section 4.4 Opinions of Counsel
	 	 	10	 
	Section 4.5 Issuance Permitted By Applicable Law, Etc.
	 	 	10	 
	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
	 	 	11	 
	Section 4.11 [Intentionally Omitted]
	 	 	11	 
	Section 4.12 Proceedings and Documents
	 	 	11	 
	Section 4.13 Subsidiary Guarantee Agreement
	 	 	11	 
	Section 4.14 Existing Credit Agreement
	 	 	11	 
	Section 4.15 No Material Adverse Effect
	 	 	11	 
	Section 4.16 Leverage Ratio
	 	 	11	 
	Section 4.17 USA Patriot Act
	 	 	11	 
	Section 4.18 Solvency Certificate
	 	 	11	 

 

i

 

	 	 	 	 	 
	SECTION HEADING	 	PAGE	 
	 
	 	 	 	 
	SECTION 5 REPRESENTATIONS AND WARRANTIES OF THE OBLIGORS
	 	 	12	 
	 
	 	 	 	 
	Section 5.1 Organization; Power and Authority
	 	 	12	 
	Section 5.2 Authorization, Etc.
	 	 	12	 
	Section 5.3 Disclosure
	 	 	12	 
	Section 5.4 Organization and Ownership of Shares of Subsidiaries; Affiliates
	 	 	13	 
	Section 5.5 Financial Statements; Material Liabilities
	 	 	14	 
	Section 5.6 Compliance with Laws, Other Instruments, Etc.
	 	 	14	 
	Section 5.7 Governmental Authorizations, Etc.
	 	 	14	 
	Section 5.8 Litigation; Observance of Agreements, Statutes and Orders
	 	 	14	 
	Section 5.9 Taxes
	 	 	15	 
	Section 5.10 Title to Property; Leases
	 	 	15	 
	Section 5.11 Licenses, Permits, Etc.
	 	 	16	 
	Section 5.12 Compliance with ERISA; Non-U.S. Plans
	 	 	16	 
	Section 5.13 [Intentionally Omitted]
	 	 	17	 
	Section 5.14 Use of Proceeds; Margin Regulations
	 	 	17	 
	Section 5.15 Existing Indebtedness; Future Liens
	 	 	18	 
	Section 5.16 Foreign Assets Control Regulations, Etc.
	 	 	18	 
	Section 5.17 Status under Certain Statutes
	 	 	19	 
	Section 5.18 Environmental Matters
	 	 	19	 
	Section 5.19 Ranking of Obligations
	 	 	19	 
	Section 5.20 Obligor Group
	 	 	20	 
	Section 5.21 CASS Reserve
	 	 	20	 
	Section 5.22 Labor Matters
	 	 	20	 
	Section 5.23 Insolvency
	 	 	20	 
	Section 5.24 Taiwan Guarantor
	 	 	20	 
	Section 5.25 Lake States Trucking
	 	 	20	 
	 
	 	 	 	 
	SECTION 6 [INTENTIONALLY OMITTED]
	 	 	21	 
	 
	 	 	 	 
	SECTION 7 INFORMATION AS TO COMPANY
	 	 	21	 
	 
	 	 	 	 
	Section 7.1 Financial and Business Information
	 	 	21	 
	Section 7.2 Officer’s Certificate
	 	 	24	 
	Section 7.3 Visitation
	 	 	24	 
	Section 7.4 Limitation on Disclosure Obligation
	 	 	25	 
	 
	 	 	 	 
	SECTION 8 [INTENTIONALLY OMITTED]
	 	 	25	 
	 
	 	 	 	 
	SECTION 9 AFFIRMATIVE COVENANTS
	 	 	25	 
	 
	 	 	 	 
	Section 9.1 Compliance with Law
	 	 	25	 
	Section 9.2 Insurance
	 	 	26	 
	Section 9.3 Maintenance of Properties
	 	 	26	 
	Section 9.4 Payment of Taxes and Claims
	 	 	26	 
	Section 9.5 Corporate Existence, Etc.
	 	 	26	 

 

ii

 

	 	 	 	 	 
	SECTION HEADING	 	PAGE	 
	 
	 	 	 	 
	Section 9.6 Books and Records
	 	 	26	 
	Section 9.7 Priority of Obligations
	 	 	27	 
	Section 9.8 Minimum Interest Charge Coverage
	 	 	27	 
	Section 9.9 Dividend Capture from South Africa
	 	 	27	 
	Section 9.10 Additional Guarantors
	 	 	27	 
	Section 9.11 Release of Subsidiary Guarantors
	 	 	28	 
	Section 9.12 Guarantor Cover Ratio
	 	 	29	 
	Section 9.13 Group Structure
	 	 	30	 
	Section 9.14 CASS Agreement
	 	 	30	 
	Section 9.15 Further Assurances
	 	 	30	 
	Section 9.16 Additional Restrictions
	 	 	30	 
	Section 9.17 “Know Your Customer” checks
	 	 	32	 
	Section 9.18 Post-Closing Obligations
	 	 	32	 
	 
	 	 	 	 
	SECTION 10 NEGATIVE COVENANTS
	 	 	32	 
	 
	 	 	 	 
	Section 10.1 Transactions with Affiliates
	 	 	32	 
	Section 10.2 Consolidated Net Worth
	 	 	33	 
	Section 10.3 Consolidated Total Debt Coverage
	 	 	33	 
	Section 10.4 Priority Debt
	 	 	33	 
	Section 10.5 Liens
	 	 	33	 
	Section 10.6 Subsidiary Indebtedness
	 	 	35	 
	Section 10.7 Merger, Consolidation, Etc.
	 	 	36	 
	Section 10.8 Sale of Assets
	 	 	37	 
	Section 10.9 Line of Business
	 	 	38	 
	Section 10.10 Terrorism Sanctions Regulations
	 	 	38	 
	Section 10.11 Subsidiaries in South Africa
	 	 	38	 
	Section 10.12 Capital Leases
	 	 	38	 
	Section 10.13 Lake States Trucking
	 	 	38	 
	Section 10.14 [Reserved]
	 	 	38	 
	Section 10.15 Acquisitions
	 	 	38	 
	Section 10.16 No Further Negative Pledges
	 	 	39	 
	Section 10.17 Restricted Payments
	 	 	39	 
	Section 10.18 Amendments or Waivers of Organizational Documents
	 	 	39	 
	Section 10.19 Fiscal Year
	 	 	40	 
	Section 10.20 Fixed Charges Coverage Ratio
	 	 	40	 
	 
	 	 	 	 
	SECTION 11 EVENTS OF DEFAULT
	 	 	40	 
	 
	 	 	 	 
	SECTION 12 REMEDIES ON DEFAULT, ETC.
	 	 	43	 
	 
	 	 	 	 
	Section 12.1 Acceleration
	 	 	43	 
	Section 12.2 Other Remedies
	 	 	43	 
	Section 12.3 [Intentionally Omitted]
	 	 	43	 
	Section 12.4 No Waivers or Election of Remedies, Expenses, Etc.
	 	 	43	 
	Section 12.5 Executive Proceedings in Spain
	 	 	44	 

 

iii

 

	 	 	 	 	 
	SECTION HEADING	 	PAGE	 
	 
	 	 	 	 
	SECTION 13 TAX INDEMNIFICATION
	 	 	44	 
	 
	 	 	 	 
	SECTION 14 ASSIGNMENT AND PARTICIPATION
	 	 	48	 
	 
	 	 	 	 
	Section 14.1 [Intentionally Omitted]
	 	 	48	 
	Section 14.2 Assignment and Participation
	 	 	48	 
	Section 14.3 [Intentionally Omitted]
	 	 	48	 
	Section 14.4 [Intentionally Omitted]
	 	 	48	 
	 
	 	 	 	 
	SECTION 15 PAYMENTS GENERALLY
	 	 	49	 
	 
	 	 	 	 
	Section 15.1 Place of Payment
	 	 	49	 
	Section 15.2 [Intentionally Omitted]
	 	 	49	 
	Section 15.3 Set-off
	 	 	49	 
	 
	 	 	 	 
	SECTION 16 EXPENSES, ETC.
	 	 	49	 
	 
	 	 	 	 
	Section 16.1 Transaction Expenses
	 	 	49	 
	Section 16.2 Indemnification
	 	 	49	 
	Section 16.3 Certain Taxes
	 	 	50	 
	Section 16.4 Survival
	 	 	50	 
	 
	 	 	 	 
	SECTION 17 SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT
	 	 	50	 
	 
	 	 	 	 
	SECTION 18 AMENDMENT AND WAIVER
	 	 	51	 
	 
	 	 	 	 
	Section 18.1 Requirements
	 	 	51	 
	Section 18.2 Solicitation of Issuing Banks
	 	 	51	 
	Section 18.3 Binding Effect, Etc.
	 	 	51	 
	Section 18.4 Reference to Issuing Banks
	 	 	51	 
	 
	 	 	 	 
	SECTION 19 NOTICES; ENGLISH LANGUAGE
	 	 	52	 
	 
	 	 	 	 
	SECTION 20 REPRODUCTION OF DOCUMENTS
	 	 	52	 
	 
	 	 	 	 
	SECTION 21 CONFIDENTIAL INFORMATION
	 	 	53	 
	 
	 	 	 	 
	SECTION 22 [INTENTIONALLY OMITTED]
	 	 	54	 
	 
	 	 	 	 
	SECTION 23 SUBSIDIARY GUARANTEE AGREEMENT
	 	 	54	 
	 
	 	 	 	 
	Section 23.1 Guarantee and Indemnity
	 	 	54	 
	Section 23.2 Continuing Guarantee
	 	 	54	 

 

iv

 

	 	 	 	 	 
	SECTION HEADING	 	PAGE	 
	 
	 	 	 	 
	Section 23.3 Reinstatement
	 	 	54	 
	Section 23.4 Waiver of Defenses
	 	 	55	 
	Section 23.5 Immediate Recourse
	 	 	56	 
	Section 23.6 Appropriations
	 	 	56	 
	Section 23.7 Non-competition
	 	 	56	 
	Section 23.8 Release of Subsidiary Guarantors’ Right of Contribution
	 	 	57	 
	Section 23.9 Releases
	 	 	57	 
	Section 23.10 Marshaling
	 	 	58	 
	Section 23.11 Liability
	 	 	58	 
	Section 23.12 Character of Obligation
	 	 	58	 
	Section 23.13 Election to Perform Obligations
	 	 	60	 
	Section 23.14 No Election
	 	 	60	 
	Section 23.15 [Intentionally Omitted]
	 	 	60	 
	Section 23.16 Other Enforcement Rights
	 	 	60	 
	Section 23.17 Restoration of Rights and Remedies
	 	 	60	 
	Section 23.18 Survival
	 	 	60	 
	Section 23.19 Miscellaneous
	 	 	61	 
	Section 23.20 Limitation
	 	 	61	 
	Section 23.21 Written Notice
	 	 	61	 
	Section 23.22 Unenforceability of Obligations
	 	 	62	 
	Section 23.23 Contribution
	 	 	62	 
	Section 23.24 Additional Security
	 	 	62	 
	Section 23.25 Limitations — UK
	 	 	62	 
	Section 23.26 Limitations — Spain
	 	 	62	 
	Section 23.27 Limitations — Hong Kong
	 	 	62	 
	Section 23.28 Limitations — Germany
	 	 	63	 
	Section 23.29 Limitations — the Netherlands
	 	 	64	 
	Section 23.30 U.S. Guarantors
	 	 	64	 
	Section 23.31 Limitation on Pyramid Freight
	 	 	66	 
	Section 23.32 Limitations — Belgium
	 	 	66	 
	Section 23.33 Irish Obligors
	 	 	66	 
	Section 23.34 Limitations — Singapore
	 	 	66	 
	 
	 	 	 	 
	SECTION 24 MISCELLANEOUS
	 	 	66	 
	 
	 	 	 	 
	Section 24.1 Successors and Assigns
	 	 	66	 
	Section 24.2 Payments Due on Non-Business Days
	 	 	66	 
	Section 24.3 Accounting Terms
	 	 	66	 
	Section 24.4 Severability
	 	 	67	 
	Section 24.5 Construction, Etc.
	 	 	67	 
	Section 24.6 Counterparts
	 	 	67	 
	Section 24.7 Governing Law
	 	 	67	 
	Section 24.8 Jurisdiction and Process; Waiver of Jury Trial
	 	 	67	 
	Section 24.9 Obligation to Make Payment in Dollars
	 	 	69	 

 

v

 

	 	 	 	 	 
	SCHEDULE A*

	 	—
	 	Information Relating to Issuing Banks
	 
	 	 	 	 
	SCHEDULE B

	 	—
	 	Defined Terms
	 
	 	 	 	 
	EXHIBIT 1

	 	—
	 	[Intentionally Omitted]
	 
	 	 	 	 
	EXHIBIT 1.1*

	 	—
	 	Form of Closing Date Performance-Based LC
	 
	 	 	 	 
	EXHIBIT 1.2*

	 	—
	 	Issuance Notice
	 
	 	 	 	 
	EXHIBIT 2*

	 	—
	 	Form of Financial LC
	 
	 	 	 	 
	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
	 
	 	 	 	 
	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

 

vi

 

	 	 	 	 	 
	EXHIBIT 14.4

	 	—
	 	[Intentionally Omitted]
	 
	 	 	 	 
	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.$110,000,000 LETTER OF CREDIT FACILITIES

July 9, 2009

To Each of the Issuing Banks Listed in

Schedule A Hereto:

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 ABN, in its capacity as Performance-Based LC Issuing Bank, and RBS, in its
capacity as Financial LC Issuing Bank, as follows:

SECTION 1 PERFORMANCE-BASED LETTERS OF CREDIT

Section 1.1 Issuance of Performance-Based Letters of Credit

During the period from the Closing Date to but excluding the earlier of (i) the
Performance-Based LC Maturity Date and (ii) the date of termination pursuant to Section 12.1,
subject to the terms and conditions hereof, the Performance-Based LC 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
$29,629,276.63 for the account of the Company in the form attached hereto as Exhibit 1.1 (the
“Closing Date Performance-Based 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
Performance-Based Letters of Credit (including the Closing Date Performance-Based Letter of Credit
and any Performance-Based 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 Performance-Based 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 Performance-Based LC Issuing Bank. Subject to the foregoing, the
Performance-Based LC 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 Performance-Based Letter of Credit after the
Closing Date, it shall deliver to the Performance-Based LC Issuing Bank an Issuance Notice no later
than 2:00 p.m. (New York City time) at least three (3) Business Days, or such shorter period as may
be agreed to by the Performance-Based LC 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 Performance-Based LC Issuing Bank shall issue the
requested Performance-Based Letter of Credit only in accordance with the Performance-Based LC
Issuing Bank’s standard operating procedures.

 

1

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Letter of Credit Agreement

Section 1.2 Conditions to Each Issuance after Closing

The obligation of the Performance-Based LC Issuing Bank to issue any Performance-Based 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 Performance-Based LC 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) each Issuing Bank’s obligation to
issue Letters of Credit shall (a) 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 (b) not subject such 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 Performance-Based Letter of
Credit that would constitute an Event of Default or a Default; and

(iv) on or before the date of issuance of any Performance-Based Letter of Credit, the
Performance-Based LC 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 Performance-Based LC Issuing Bank shall be entitled, but not obligated, to request and
receive, prior to the issuance of a Performance-Based 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
Performance-Based LC Issuing Bank such request is warranted under the circumstances.

Section 1.3 Performance-Based Letters of Credit in Optional Currency

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

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

 

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	UTi Worldwide Inc.
	 	Letter of Credit Agreement

(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 Performance-Based LC 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.

(d) If a Performance-Based Letter of Credit is denominated in an Optional Currency, the
Performance-Based LC Issuing Bank must at monthly intervals after the date of this Agreement (on a
Business Day chosen by the Performance-Based LC Issuing Bank in its sole discretion) recalculate
the U.S. Dollar Amount of that Performance-Based Letter of Credit by notionally converting the
outstanding amount of that Performance-Based Letter of Credit into US Dollars on the basis of the
Performance-Based LC Issuing Bank’s Spot Exchange Rate on the date of calculation.

(e) The Company must, if requested by the Performance-Based LC 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 Performance-Based Letter of Credit are made in order to
prevent the U.S. Dollar Amount of all of the Performance-Based 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 FINANCIAL LETTER OF CREDIT

Subject to the terms and conditions hereof, the Financial LC Issuing Bank agrees to issue a
standby letter of credit to ABN AMRO Bank N.V. in the face amount of $43,502,552.38 for the account
of the Company with an expiration date of December 31, 2009 (as it may be extended pursuant to the
terms thereof), in the form attached hereto as Exhibit 2. The Financial LC Issuing Bank will not
be obligated to issue any other Letters of Credit.

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 applicable 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 each Issuing Bank, the Company assumes all risks of the acts and omissions of, or
misuse of the Letters of Credit issued by such Issuing Bank, by the respective beneficiaries of
such Letters of Credit. In furtherance and not in limitation of the foregoing, no Issuing Bank
shall 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

 

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	UTi Worldwide Inc.
	 	Letter of Credit Agreement

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 applicable 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 such Issuing Bank’s rights or powers hereunder. Without limiting
the foregoing and in furtherance thereof, any action taken or omitted by an 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 such 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 Banks for any liability
arising solely out of the bad faith, gross negligence or willful misconduct of such Issuing Bank.

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

In the event an Issuing Bank has determined to honor a drawing under a Letter of Credit, it
shall immediately notify the Company, and the Company shall reimburse such 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. (New York City 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. (New York City 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 Banks from time to time.

Fax: 44 1481 245 100

With a copy to:

Craig Braun

Fax: 562-552-9496

Lawrence Samuels

Fax: 562-552-9489

 

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	UTi Worldwide Inc.
	 	Letter of Credit Agreement

Section 3.3 Obligations Absolute

The obligation of the Company to reimburse an Issuing Bank for drawings honored under the
Letters of Credit issued by it and the obligations of the Issuing Banks 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 any 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),
such Issuing Bank or any other Person or, in the case of an 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 an
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 such Issuing Bank under the applicable
Letter of Credit shall not have constituted bad faith, gross negligence or willful misconduct of
such Issuing Bank under the circumstances in question.

Section 3.4 Interest and Fees

(a) The Company agrees to pay to each Issuing Bank, with respect to drawings honored under any
Letter of Credit issued by such Issuing Bank, interest on the amount paid by such 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 Base Rate plus 5.00% per annum. Interest payable
pursuant to this Section 3.4(a) shall be computed on the basis of a 365/366-day year for the actual
number of days elapsed in the period during which it accrues, and shall be payable on demand or on
the Reimbursement Date.

(b) The Company agrees to pay to the Performance-Based LC Issuing Bank:

(i) commitment fees equal to (1) the average of the daily difference between (A)
Maximum Draw Amount with respect to the Performance-Based Letters of Credit, and (B) the
Performance-Based LC Usage, times (2) 0.75% per annum during the period
from the Closing Date to but excluding the earliest of (i) the Performance-Based LC
Maturity Date, (ii) the date of termination of the Performance-Based LC Issuing Bank’s
commitments pursuant to Section 12.1 and (iii) the date that the Performance-Based LC
Commitment is no longer in effect, all Obligations have been paid in full and the
Performance-Based Letters of Credit have been cancelled or have expired or the Company has
provided Credit Support with respect thereto;

 

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	UTi Worldwide Inc.
	 	Letter of Credit Agreement

(ii) with respect to each outstanding Performance-Based Letter of Credit, letter of
credit fees equal to the greater of (A) (1) 3.85% per annum, times (2) the daily maximum
amount available to be drawn under such outstanding Performance-Based Letter of Credit
(regardless of whether any conditions for drawing could then be met and determined as of the
close of business on any date of determination) and (B) $75.00, for each calendar quarter
ended after the Closing Date; and

(iii) such documentary, processing, correspondent and other usual and customary fees
and charges for any issuance, amendment, transfer or payment of a Performance-Based Letter
of Credit as are in accordance with the Performance-Based LC 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.

All fees referred to in this Section 3.4(b) shall be calculated on the basis of a 360-day year
and the actual number of days elapsed and shall be payable quarterly in arrears on March 31, June
30, September 30 and December 31 of each year, commencing on the first such date to occur after the
Closing Date, on the Performance-Based LC Maturity Date and any date on which the Performance-Based
Letters of Credit have been cancelled or the Company has provided Credit Support with respect
thereto.

(c) The Company agrees to pay to the Financial LC Issuing Bank:

(i) letter of credit fees equal to (1) the Applicable Percentage, times (2) the maximum
aggregate amount available to be drawn under the Financial Letter of Credit (regardless of
whether any conditions for drawing could then be met and determined as of the close of
business on any date of determination); and

(ii) such documentary and processing charges for any issuance, amendment, transfer or
payment of the Financial Letter of Credit as are in accordance with the Performance-Based LC
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.

All fees referred to in this Section 3.4(c) shall be calculated on the basis of a 360-day year
and the actual number of days elapsed and shall be payable quarterly in arrears on March 31, June
30, September 30 and December 31 of each year, commencing on the first such date to occur after the
Closing Date, on the Financial LC Maturity Date and on any date on which the Financial Letter of
Credit has been cancelled or the Company has provided Credit Support with respect thereto.

 

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	UTi Worldwide Inc.
	 	Letter of Credit Agreement

(d) 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 200
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 200 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(d) 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 Banks.

(e) If the Company provides Credit Support with respect to any part of a Letter of Credit then
the letter of credit fee pursuant to Sections 3.4(b)(ii) or 3.4(c)(i), as applicable, shall
continue to be payable until the expiry or termination 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);

(ii) the maximum amount payable under the Letter of Credit is reduced or cancelled in
accordance with its terms;

(iii) the relevant Letter of Credit has been returned to the relevant Issuing Bank and
the relevant Issuing Bank is satisfied that it has no further liability under that Letter of
Credit; or

(iv) the relevant Issuing Bank is otherwise satisfied that it has no further liability
under that Letter of Credit.

The amount by which a Letter of Credit is repaid or prepaid under sub-paragraphs (i) and (ii)
above is the amount of the relevant cash collateral or a backstop letter of credit, reduction or
cancellation.

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

(i) payment of an amount sufficient to provide the relevant 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 relevant 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 relevant
Issuing Bank for which the cash collateral is provided under this clause;

 

7

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Letter of Credit Agreement

(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 relevant
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 relevant
Issuing Bank; or

(ii) receipt of a backstop letter of credit in a face amount sufficient to provide the
relevant 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 relevant 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.

Section 3.6 Maturity

(a) On or prior to the Business Day prior to the Performance-Based LC 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 Performance-Based Letter of Credit that is
anticipated to remain outstanding after the Performance-Based LC Maturity Date.

(b) On or prior to the Business Day prior to the Financial LC 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 the Financial Letter of Credit that is anticipated to remain
outstanding after the Financial LC Maturity Date.

Section 3.7 Evidence of Debt

Each Issuing Bank shall maintain on its internal records an account or accounts evidencing the
Indebtedness of the Company to such 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, neither Issuing Bank shall 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 applicable 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 such Issuing Bank would otherwise contravene any law of Ireland.

 

8

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Letter of Credit Agreement

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 Banks, the Company shall ensure that sufficient Credit Support is provided to the
Issuing Banks pursuant to Section 3.5 with respect to all outstanding Letters of Credit.

SECTION 4 CONDITIONS TO CLOSING.

Each 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.

Section 4.3 Compliance Certificates

(a) Officer’s Certificate. Each Obligor shall have delivered to such 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 such 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.

 

9

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Letter of Credit Agreement

Section 4.4 Opinions of Counsel
Such Issuing Bank shall have received opinions in form and substance reasonably satisfactory
to such 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 Banks, (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 Banks, (xii) Latham & Watkins LLP, Hong Kong counsel for the Issuing Banks, (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 Banks, (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 such Issuing Bank
or its counsel may reasonably request (and the Obligors hereby instruct their counsel to deliver
such opinions to the Issuing Banks).

Section 4.5 Issuance Permitted By Applicable Law, Etc.

On the date of the Closing, each Issuing Bank’s obligation to issue Letters of Credit shall
(a) 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 (b) not subject such 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. If requested by such Issuing Bank, such Issuing
Bank shall have received an Officer’s Certificate certifying as to such matters of fact as such
Issuing Bank may reasonably specify to enable such Issuing Bank to determine whether such issuance
is so permitted.

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 Banks’ 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 and (ii) the fees payable by the Company under the
Commitment and Fee Letters.

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 Banks on or prior to the date of the Commitment and Fee Letters.

 

10

 

 
			
	 	 	 
	UTi Worldwide Inc.
	 	Letter of Credit Agreement

Section 4.10 Acceptance of Appointment to Receive Service of Process
Such Issuing Bank shall have received evidence of the acceptance by Corporation Service
Company of the appointment and designation provided for by Section 24.8(e) for the period from the
date of the Closing to July 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 such Issuing Bank and its special counsel, and such 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 such Issuing Bank or such special counsel may
reasonably request.

Section 4.13 Subsidiary Guarantee Agreement. Each Subsidiary Guarantor shall have executed and delivered (and each 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
Banks all documents or instruments necessary to release all guarantees with respect to such
Existing Credit Agreement and (iv) made arrangements satisfactory to the Issuing Banks 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.

Section 4.15 No Material Adverse Effect
Since the date of the Commitment and Fee Letters, 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 Banks 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
Banks) was not greater than 2.50:1.00 for the twelve-month period ended as of April 30, 2009.

Section 4.17 USA Patriot Act
The Issuing Banks shall have received all documentation and other information required by bank
regulatory authorities under applicable “know your customer” and anti-money laundering rules and
regulations, including without limitation the USA Patriot Act.

Section 4.18 Solvency Certificate
The Issuing Banks shall have received a solvency certificate from the chief financial officer
of the Company in form and substance satisfactory to the Issuing Banks.

 

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	UTi Worldwide Inc.
	 	Letter of Credit Agreement

SECTION 5 REPRESENTATIONS AND WARRANTIES OF THE OBLIGORS

Each Obligor, jointly and severally, represents and warrants to each 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).

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 Banks 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 Banks 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.

 

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	UTi Worldwide Inc.
	 	Letter of Credit Agreement

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.

(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.

 

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	 	Letter of Credit Agreement

Section 5.5 Financial Statements; Material Liabilities
(a) The Obligors have delivered to each 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.

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.

 

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(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.

No liability for any Tax, directly or indirectly, imposed, assessed, levied or collected by or
for the account of any Governmental Authority of any Applicable Jurisdiction or any political
subdivision thereof will be incurred by any Obligor or any 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.

 

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	 	Letter of Credit Agreement

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

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

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

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

(b) 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.

 

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	 	Letter of Credit Agreement

(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 Performance-Based Letters of Credit will only be (i) 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 and (ii) issued after the Closing Date for the account of the Company
to 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 Performance-Based 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.

(b) The Financial Letter of Credit will only be available on the Closing Date to backstop the
financial letters of credit issued by ABN for the account of the Company under the Existing Credit
Agreement.

(c) The Company will apply the proceeds of the sale of the Notes (i) to 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.

 

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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.

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

 

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

(c) The Letters of Credit issued hereunder will not be used, directly or indirectly, for any
payments to any governmental official or employee, political party, official of a political party,
candidate for political office, or anyone else acting in an official capacity, in order to obtain,
retain or direct business or obtain any improper advantage, in violation of the United States
Foreign Corrupt Practices Act of 1977, as amended, assuming in all cases that such Act applies to
the Obligors.

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

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

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

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

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

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.

 

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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.

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 each 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

 

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(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

(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 any 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 such 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 each
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;

 

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(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.

(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 any such Issuing Bank;

 

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

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

(a) No Default — if no Default or Event of Default then exists, at the expense of such
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 any Issuing Bank, the Obligors will provide such 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 such 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 Performance-Based 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, the USA Patriot Act and Environmental Laws, and will
obtain and maintain in effect all licenses, certificates, permits, franchises and other
governmental authorizations necessary to the ownership of their respective properties or to the
conduct of their respective businesses, in each case to the extent necessary to ensure that
non-compliance with such laws, ordinances or governmental rules or regulations or failures to
obtain or maintain in effect such licenses, certificates, permits, franchises and other
governmental authorizations would not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect.

 

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

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

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

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

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 Banks 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.

 

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(c) The Company agrees that:

(i) within 10 days following execution of a Joinder Agreement it will provide at least
one original and to each 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 each
Issuing Bank a legal opinion (from legal counsel approved by the Issuing Banks 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 Banks 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 Banks
substantially similar in scope to the closing showings delivered by the original Subsidiary
Guarantors at the Closing.

(d) The Company shall, by not less than 3 Business Days’ prior written notice to each Issuing
Bank, notify each 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 each 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 each Issuing Bank supply, or procure the
supply of, such documentation and other evidence as is reasonably requested by each Issuing Bank in
order for each 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 each 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
Banks.

 

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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.

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 each 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;

 

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(iii) the contribution of a Subsidiary Guarantor will:

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

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

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

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

Section 9.14 CASS Agreement
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 an Issuing Bank, each Obligor will, at
its expense, promptly execute, acknowledge and deliver such further documents and do such other
acts and things as an 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 an 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 Banks 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 Banks promptly upon entering into the Reference Agreement, including with such copy a
notice to the Issuing Banks, provided that the failure of the Company to provide a copy of such
Additional Covenants to the Issuing Banks 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 Banks, 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 any Issuing Bank may
produce a draft for the consideration of the Company and the other Issuing Banks. Any
Memorialization executed and delivered by the Company and by the Issuing Banks 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 Banks 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 Banks expressly
agree, the Company, on behalf of itself, each Spanish Obligor, and the Issuing Banks 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 each Issuing Bank an authorized copy (primera copia autorizada) of that deed.

SECTION 10 NEGATIVE COVENANTS

Each Obligor, jointly and severally, covenants that so long as any Performance-Based 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 Banks 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 each 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 each Issuing Bank an opinion of internationally
recognized independent counsel, or other independent counsel reasonably satisfactory to the Issuing
Banks, 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.

 

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

(a) Dispositions in the ordinary course of business;

(b) Dispositions by a Subsidiary to the Company or a Wholly-Owned Subsidiary which is not a
member of the South African Group or Pyramid Freight BVI 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 Banks without in each case obtaining the prior written
consent of the Issuing Banks 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
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 Banks, (ii) the obligation of the Performance-Based LC 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 applicable Issuing Bank shall be unconditionally and irrevocably
released from any and all obligations thereunder without any further action by such 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, any Issuing Bank at the time outstanding may proceed to protect and enforce the rights of
such Issuing Bank 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 any Issuing Bank in exercising any right,
power or remedy shall operate as a waiver thereof or otherwise prejudice such Issuing Bank’s
rights, powers or remedies. No right, power or remedy conferred by this Agreement or any other
Financing Agreement upon any 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 each Issuing Bank on demand such further amount as shall be sufficient to cover all costs and
expenses of such Issuing Bank incurred in any enforcement or collection under this Section 12,
including, without limitation, reasonable attorneys’ fees, expenses and disbursements.

 

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Section 12.5 Executive Proceedings in Spain

(a) At the discretion of Issuing Banks, the ratification of the position of each Spanish
Obligor as 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.

(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 each 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
Banks expressly agree 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 Banks that the determination of the debt to be claimed
through the executive proceedings shall be effected by each 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 Banks
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 each 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
each Issuing Bank such additional amounts as may be necessary in order that the net amounts paid to
such 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 such 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 such Issuing Bank (or a fiduciary, settlor, beneficiary, member of, shareholder
of, or possessor of a power over, such Issuing Bank, if such 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, such 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 such 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 such 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 such Issuing Bank’s reasonable judgment) impose any unreasonable burden (in time, resources or
otherwise) on such 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 such Issuing Bank, and provided further that such 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 such 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 any Issuing Bank not resident in the United States of America or any other
jurisdiction in which an original Issuing Bank is resident for tax purposes on the date of the
Closing (the “Original Jurisdiction”) in excess of the amounts that the Obligors would be obligated
to pay if such Issuing Bank had been a resident of the United States of America or the Original
Jurisdiction, as applicable, for purposes of, and eligible for the benefits of, any double taxation
treaty from time to time in effect between the United States of America or the Original
Jurisdiction, as applicable, and the relevant Taxing Jurisdiction, or (ii) to any 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 such Issuing Bank.

Each 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 such Issuing Bank by
such Obligor (collectively, together with instructions for completing the same, “Forms”) required
to be filed by or on behalf of such 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 States or the Original Jurisdiction and
such Taxing Jurisdiction and (y) provide an Obligor with such information with respect to such
Issuing Bank as such Obligor may reasonably request in order to complete any such Forms, provided
that nothing in this Section 13 shall require any Issuing Bank to provide information with respect
to any such Form or otherwise if in the opinion of such Issuing Bank such Form or disclosure of
information would involve the disclosure of tax return or other information that is confidential or
proprietary to such Issuing Bank, and provided further that each such 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 such Issuing Bank to an Obligor or mailed to the
appropriate taxing authority (which shall be deemed to occur when such Form is submitted to the
United States Internal Revenue Service in accordance with instructions contained in such Form),
whichever is applicable, within 60 days following a written request of an Obligor (which request
shall be accompanied by copies of such Form and English translations of any such Form not in the
English language) and, in the case of a transfer of 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 each 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 any Issuing Bank’s obligation to issue Letters
of Credit hereunder the Company will furnish the transferee of such 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 such Issuing Bank at its sole discretion determines that it has received or
been granted a refund of such Taxes, such 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 such 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, no Issuing Bank shall be under any obligation to claim relief from its corporate
profits or similar tax liability in respect of such Tax in priority to any other claims, reliefs,
credits or deductions available to it or (other than as set forth in clause (b) above) oblige any
Issuing Bank to disclose any information relating to its tax affairs or any computations in respect
thereof.

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

Section 14.1 [Intentionally Omitted]

Section 14.2 Assignment and Participation

(a) Each 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, in each
case, so long as no Event of Default has occurred and is continuing, with the consent of the
Company (such consent not to be unreasonably withheld or delayed); provided that the Company’s
consent will not be required in the case of assignments to an Affiliate of the Issuing Bank.

(b) In addition, at any time, each Issuing Bank may, without the consent of the Company, sell
participations to one or more banks or other entities (a “Participant”) in all or a portion of such
Issuing Bank’s rights and obligations under this Agreement; provided that (i) the participating
Issuing Bank’s obligations under this Agreement shall remain unchanged, (ii) the participating
Issuing Bank shall remain solely responsible to the Company for the performance of such
obligations, and (iii) the Company shall continue to deal solely and directly with the
participating Issuing Bank in connection with such Issuing Bank’s rights and obligations under this
Agreement. Any agreement or instrument pursuant to which an Issuing Bank sells such a
participation shall provide that the relevant Issuing Bank shall retain the sole right to enforce
this Agreement and to approve any amendment, modification or waiver of any provision of this
Agreement; provided that such agreement or instrument may provide that such Issuing Bank will not,
without the consent of each Participant, agree to any amendment, modification or waiver which (x)
has the effect of increasing the Maximum Draw Amount, reducing the rate of interest, letter of
credit fees, commitment fees or any other amount payable to such Issuing Bank hereunder or under
any other Financing Agreement, extending the applicable termination date, and releasing all or
substantially all of the Subsidiary Guarantors or all or substantially all of the value of the
Guaranty from the Guaranty or all or substantially all of any Credit Support provided under this
Agreement and (y) directly affects such Participant (it being understood that a waiver of any
Default or Event of Default shall not constitute a change in the terms of such participation, and
that an increase in the Maximum Draw Amount shall be permitted without consent of any Participant
if the Participant’s participation is not increased as a result thereof). The Company agrees that
each Participant shall be entitled to the benefits of Sections 16.1, 16.2 and 16.3 to the same
extent as if it were an Issuing Bank; provided, that no Participant shall be entitled to receive
any greater amount pursuant to such subsections than the participating Issuing Bank would have been
entitled to receive in respect of the amount of the participation transferred by the participating
Issuing Bank to such Participant had no such transfer occurred. To the extent permitted by law,
each Participant also shall be entitled to the benefits of Section 15.3 as though it were an
Issuing Bank.

Section 14.3 [Intentionally Omitted]

Section 14.4 [Intentionally Omitted]

 

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SECTION 15 PAYMENTS GENERALLY

Section 15.1 Place of Payment
Payments made hereunder shall be made in New York, New York at the principal office of The
Royal Bank of Scotland plc. The Company may at any time, by notice to each Issuing Bank, change
the place of payments hereunder so long as such place of payment shall be either the principal
office of the Company in such jurisdiction or the principal office of a bank or trust company in
such jurisdiction.

Section 15.2 [Intentionally Omitted]

Section 15.3 Set-off. An Issuing Bank may set off any matured obligation owed to it by an Obligor under the
Financing Agreements (to the extent beneficially owned by that Issuing Bank) against any obligation
(whether or not matured) owed by that 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 reasonable attorneys’ fees of one special counsel and, if reasonably
required by the Issuing Banks, local or other counsel) incurred by the Issuing Banks 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 each Issuing Bank harmless from, all claims in respect of any fees, costs or
expenses, if any, of brokers and finders.

Section 16.2 Indemnification

(a) The Company shall indemnify each 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
an 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.

 

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(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 each 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) which Issuing Bank may incur or be subject to as a
consequence, direct or indirect, of (i) the issuance of any Letter of Credit by an Issuing Bank,
other than as a result of (1) the bad faith, gross negligence or willful misconduct of an Issuing
Bank or (2) the wrongful dishonor by an Issuing Bank of a proper demand for payment made under any
Letter of Credit issued by it, or (ii) the failure of an 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.

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 each 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.

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 any 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
such Issuing Bank or any other 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 each Issuing Bank and the Obligors and supersede all prior agreements and understandings
relating to the subject matter hereof.

 

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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 Banks.

Section 18.2 Solicitation of Issuing Banks

(a) Solicitation. The Company will provide each 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 such 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 each Issuing Bank promptly following the date on which it is executed and delivered
by, or receives the consent or approval of, the requisite Issuing Bank.

(b) Payment. No Obligor will directly or indirectly pay or cause to be paid any remuneration,
whether by way of supplemental or additional interest, fee or otherwise, or grant any security or
provide other credit support, to any Issuing Bank as consideration for or as an inducement to the
entering into by any Issuing Bank of any waiver or amendment of any of the terms and provisions
hereof unless such remuneration is concurrently paid, or security is concurrently granted or other
credit support concurrently provided, on the same terms, ratably to each Issuing Bank even if such
Issuing Bank did not consent to such waiver or amendment.

Section 18.3 Binding Effect, Etc.
Any amendment or waiver consented to as provided in this Section 18 applies equally to all
Issuing Banks and is binding upon them 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.

Section 18.4 Reference to Issuing Banks
Upon the termination or expiration of the Financial Letter of Credit or provision of Credit
Support with respect to the Financial Letter of Credit, any consent, approval or waiver of an
Issuing Bank required hereunder shall be deemed to refer only to the Performance-Based Letter of
Credit Issuing Bank (and its successors and assignees).

 

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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 an Issuing Bank or its nominee, to such Issuing Bank or nominee at the
address specified for such communications in Schedule A, or at such other address as such
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 each 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 any
Issuing Bank at the Closing, and (c) financial statements, certificates and other information
previously or hereafter furnished to any Issuing Bank, may be reproduced by such Issuing Bank by
any photographic, photostatic, electronic, digital or other similar process and such 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 such 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 or any other
Issuing Bank 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
any 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 such
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 such
Issuing Bank prior to the time of such disclosure, (b) subsequently becomes publicly known through
no act or omission by such Issuing Bank or any person acting on such Issuing Bank’s behalf, (c)
otherwise becomes known to such Issuing Bank other than through disclosure by such Obligor or such
Subsidiary or (d) constitutes financial statements delivered to such Issuing Bank under Section 7.1
that are otherwise publicly available. Each Issuing Bank will maintain the confidentiality of such
Confidential Information in accordance with procedures adopted by such Issuing Bank in good faith
to protect confidential information of third parties delivered to such Issuing Bank, provided that
such 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 Banks hereunder), and provided such Issuing Banks
advise such Person of the confidential nature of such information, (ii) its financial advisors,
other professional advisors, agents and affiliates who agree to hold confidential the Confidential
Information substantially in accordance with the terms of this Section 21, (iii) any other Issuing
Bank, (iv) any assignee or any participant 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), (v) any Person from which it offers to purchase any
security of an Obligor (if such Person has agreed in writing prior to its receipt of such
Confidential Information to be bound by the provisions of this Section 21), (vi) any federal or
state regulatory authority having jurisdiction over such Issuing Bank, (vii) the NAIC or any
similar organization, or any nationally recognized rating agency that requires access to
information about such 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 such Issuing Bank, (x) in response to any subpoena or other
legal process, (y) in connection with any litigation to which such Issuing Bank is a party or (z)
if an Event of Default has occurred and is continuing, to the extent such 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. Each 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 any Issuing Bank of information required to be
delivered to such Issuing Bank under this Agreement or requested by such Issuing Bank (other than
an Issuing Bank that is a party to this Agreement or its nominee), such 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 each Issuing Bank punctual performance by each Obligor of all its
obligations under the Financing Agreements;

(b) undertakes with each 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 Banks pay that amount as if it were the principal obligor in respect of that amount;
and

(c) indemnifies each Issuing Bank immediately on demand against any loss or liability suffered
by that 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 Banks 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
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.

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

 

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Section 23.4 Waiver of Defenses
(a) The obligations of each Subsidiary Guarantor under this Section 23 will not be affected by
any act, omission or thing which, but for this provision, would reduce, release or prejudice any of
its obligations under this Section 23 (whether or not known to it or any 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 each 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 each Issuing Bank to ascertain the amount of the
Guaranteed Obligations at any reasonable time;

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

(xiii) the defense of the “single action” rule or any similar right or protection, and
the right by statute or otherwise to require any 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 Banks by such Subsidiary Guarantor; and

 

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(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 any 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, each 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 that 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 Banks, acting reasonably, otherwise direct,

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

(i) be subrogated to any rights, security or moneys held, received or receivable by any
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;

 

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(iii) claim, rank, prove or vote as a creditor of any Obligor or its estate in
competition with any 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
Banks on a pro rata basis any payment or distribution or benefit of security received by it
contrary to this Section 23 or in accordance with any directions given by the Issuing Banks under
this Section 23.

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

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

(b) each other Subsidiary Guarantor will waive any rights it may have by reason of the
performance of its obligations under the Financing Agreements to take the benefit (in whole or in
part and whether by way of subrogation or otherwise) of any right of any 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, each 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;

(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;

 

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

Section 23.12 Character of Obligation
The Guaranty set forth in this Section 23 is a primary and original obligation of each
Subsidiary Guarantor and is an absolute, unconditional, continuing and irrevocable guarantee of
payment and performance (and not of collectibility) and shall remain in full force and effect until
the full, final and indefeasible payment in cash of the Guaranteed Obligations without respect to
future changes in conditions, except as provided in Section 9.11.

The obligations of each Subsidiary Guarantor under this Subsidiary Guarantee Agreement and the
rights of the Issuing Banks 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.

 

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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;

(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.

 

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

Section 23.14 No Election
Each 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 each
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 such Issuing Bank to proceed in any other form of action or
proceeding or against other parties unless such Issuing Bank has expressly waived such right in
writing. Specifically, but without limiting the generality of the foregoing, no action or
proceeding by any Issuing Bank against the Company or any Subsidiary Guarantor under any document
or instrument evidencing obligations of the Company or such Subsidiary Guarantor to such 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 such 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 [Intentionally Omitted]

Section 23.16 Other Enforcement Rights
Each 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.

Section 23.17 Restoration of Rights and Remedies
If any 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 such Issuing Bank, then and in every such case each such
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 such 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.

 

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

If an Event of Default exists, then the Issuing Banks 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 Banks 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.

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 any Issuing
Bank (notwithstanding any stay, injunction or other prohibition preventing any notice, demand or
acceleration).

 

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Section 23.22 Unenforceability of Obligations
As a separate and continuing undertaking, each Subsidiary Guarantor unconditionally and
irrevocably undertakes to each 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 any 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 concerned immediately on demand against the amount
which such 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 Banks 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 any 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 s678 of the Companies Act 1985.

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.

 

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Section 23.28 Limitations — Germany
(a) Each 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
Banks 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.

(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 Banks (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

 

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(ii) within ten (10) Business Days from the date the Issuing Banks have contested the
Management Determination the Issuing Banks 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 Banks 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 any 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.

(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

 

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(iii) each 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) Each 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 each 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.

(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.

 

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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. Each 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.

 

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(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 Banks 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 Banks 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
Banks pursuant to Section 7.1(a) or (b) shall include detailed reconciliations reasonably
satisfactory to the Issuing Banks 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 Governing Law This Agreement and (except as otherwise expressly stated therein) the other Financing
Agreements shall be construed and enforced in accordance with, and the rights of the parties shall
be governed by, the law of the State of New York excluding choice-of-law principles of the law of
such State that would permit the application of the laws of a jurisdiction other than such State.

Section 24.8 Jurisdiction and Process; Waiver of Jury Trial (a) Each Obligor irrevocably submits to the non-exclusive jurisdiction of any New York State
or federal court sitting in the Borough of Manhattan, The City of New York, over any suit, action
or proceeding arising out of or relating to this Agreement or any other Financing Agreement. To
the fullest extent permitted by applicable law, each Obligor irrevocably waives and agrees not to
assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the
jurisdiction of any such court, any objection that it may now or hereafter have to the laying of
the venue of any such suit, action or proceeding brought in any such court and any claim that any
such suit, action or proceeding brought in any such court has been brought in an inconvenient
forum.

 

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

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

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

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

(f) 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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Section 24.9 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 any 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 such 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 such Issuing Bank, each Obligor agrees, jointly and severally, to the
fullest extent permitted by law, to indemnify and save harmless such 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
such 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.

* * * * *

 

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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.
	 	Letter of Credit Agreement

	 	 	 	 	 
	 	UTi (Aust) PTY LIMITED, ABN 48006 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, Inc.

 	 
	 	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.
	 	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 Inegrados SLI, S.A.

 	 
	 	By:  	/s/  Craig Braun
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 	Unión de Servicis 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.
	 	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.
	 	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.
	 	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.
	 	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.
	 	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.
	 	Letter of Credit Agreement

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

	 	 	 	 	 
	 	ABN AMRO BANK N.V., as Performance-Based 

LC Issuing Bank

 	 
	 	By:  	/s/  Michele Costello
 	 
	 	 	Name:  	Michele Costello 	 
	 	 	Title:  	Director 	 
	 	 	 
	 	By:  	                                              /s/  Nick Zorin
 	 
	 	 	Name:  	Nick Zorin 	 
	 	 	Title:  	Assistant Vice President 	 

 

 

 

	 	 	 	 	 

			
	 	 	 
	UTi Worldwide Inc.
	 	Letter of Credit Agreement

	 	 	 	 	 
	 	THE ROYAL BANK OF SCOTLAND PLC, as 

Financial LC Issuing Bank

 	 
	 	By:  	/s/  L. Peter Yetman
 	 
	 	 	Name:  	L. Peter Yetman 	 
	 	 	Title:  	Senior Vice President 	 
	 

 

 

 

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).

“ABN” means ABN AMRO Bank N.V.

“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.

“Applicable Percentage” means a percentage, per annum, determined by reference to the date of
cash collateralization pursuant to Section 3.5, if any, with respect to the Financial Letter of
Credit from time to time as set forth below:

	 	 	 	 	 
	Date/Cash Collateral Status With Respect to the Financial Letter of Credit	 	Applicable Percentage	 
	From the Closing Date to and including November 1, 2009/No Cash Collateral provided
	 	 	4.50	%
	From November 2, 2009 to and including December 31, 2009/No Cash Collateral provided
	 	 	6.00	%
	At all times/to the extent a Cash Collateral is provided
	 	 	0.50	%

SCHEDULE B

(to Letter of Credit Agreement)

 

 

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Letter of Credit Agreement

“Base Rate” means, for any day, a rate per annum equal to the greater of (i) the Prime Rate in
effect on such day and (ii) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1%.
Any change in the Base Rate due to a change in the Prime Rate or the Federal Funds Effective Rate
shall be effective on the effective date of such change in the Prime Rate or the Federal Funds
Effective Rate, respectively.

“Business Day” means any day other than a Saturday, a Sunday or a day on which commercial
banks in New York, New York or British Virgin Islands are required or authorized to be closed.

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

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

“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.

“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.

 

B-2 

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Letter of Credit Agreement

“Closing” means the date on which the Closing Date Performance-Based LC and the Financial
Letter of Credit are issued.

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

“Closing Date Performance-Based 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.

“Commitment and Fee Letters” means (i) the Commitment and Fee Letter dated as of May 21, 2009
between ABN AMRO Bank N.V. and the Company with respect to the $50,000,000 Committed Letter of
Credit Facility and (ii) the Commitment and Fee Letter dated as of May 21, 2009 between The Royal
Bank of Scotland plc and the Company with respect to the $60,000,000 Declining Commitment Letter of
Credit Facility.

“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) 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-3 

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Letter of Credit Agreement

(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);

(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;

 

B-4 

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Letter of Credit Agreement

(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.

“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.

 

B-5 

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Letter of Credit Agreement

“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.

“Federal Funds Effective Rate” means for any day, the rate per annum (expressed, as a decimal,
rounded upwards, if necessary, to the next higher 1/100 of 1%) equal to the weighted average of the
rates on overnight Federal funds transactions with members of the Federal Reserve System arranged
by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the
Business Day next succeeding such day; provided, (i) if such day is not a Business Day, the Federal
Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day
as so published on the next succeeding Business Day, and (ii) if no such rate is so published on
such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate
charged to the Issuing Banks on such day on such transactions as determined by the Issuing Banks.

“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.

“Financial LC Issuing Bank” means RBS as Issuing Bank of the Financial Letter of Credit
hereunder, together with its permitted successors and assigns in such capacity.

 

B-6 

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Letter of Credit Agreement

“Financial LC Maturity Date” means December 31, 2009.

“Financial Letter of Credit” means the Letter of Credit issued pursuant to Section 2.

“Financing Agreements” means this Agreement, the Subsidiary Guarantee Agreement and the
Commitment and Fee Letters, 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-7 

 

			
	 	 	 
	UTi Worldwide Inc.
	 	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

(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.

 

B-8 

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Letter of Credit Agreement

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.

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.

 

B-9 

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Letter of Credit Agreement

“Issuance Notice” means an Issuance Notice substantially in the form of Exhibit 1.1.

“Issuing Banks” means the Financial LC Issuing Bank and the Performance-Based LC Issuing Bank.

“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 NedBank 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.

“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.

“Letter of Credit” means a standby letter of credit or bank guarantee issued or to be issued
by an Issuing Bank pursuant to this Agreement in the form attached as Exhibit 1.1 or Exhibit 2 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).

 

B-10 

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Letter of Credit Agreement

“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.

“Maximum Draw Amount” means (a) $50,000,000 in the case of Performance-Based Letters of Credit
and (b) $60,000,000 in the case of the Financial Letter of Credit.

“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).

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

“NedBank LC Agreement” means that certain Letter of Credit Agreement dated as of July 9, 2009
among the Company, the subsidiary guarantors described therein and Nedbank Limited, acting through
its London Branch, all as amended, modified, replaced or refinanced from time to time.

“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.

 

B-11 

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Letter of Credit Agreement

“Obligations” means all obligations of every nature of each Obligor from time to time owed to
the Issuing Banks (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 Performance-Based LC
Issuing Bank is permitted to issue under all applicable laws and regulations applicable to it and
that is reasonably acceptable to the Performance-Based LC 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.

“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.

“Performance-Based Letter of Credit” means a Letter of Credit issued pursuant to Section 1.

“Performance-Based LC Commitment” means the commitment of the Performance-Based LC Issuing
Bank to issue the Performance-Based Letters of Credit after the Closing Date provided, however,
that the aggregate amount of such Performance-Based Letters of Credit (including the Closing Date
Performance-Based LC and any Performance-Based Letters of Credit for which the Company has provided
Credit Support) shall not exceed the Maximum Draw Amount.

 

B-12 

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Letter of Credit Agreement

“Performance-Based LC Issuing Bank” means ABN as Issuing Bank of Performance-Based Letters of
Credit hereunder, together with its permitted successors and assigns in such capacity.

“Performance-Based LC Maturity Date” means the second anniversary of the Closing Date.

“Performance-Based 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 Performance-Based Letters of Credit then outstanding, and (ii) the aggregate amount of
all drawings under Performance-Based Letters of Credit honored by the Performance-Based LC Issuing
Bank and not theretofore reimbursed by or on behalf of the Company.

“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.

“Prime Rate” means the rate of interest per annum that RBS announces from time to time as its
prime lending rate, as in effect from time to time. The Prime Rate is a reference rate and does
not necessarily represent the lowest or best rate actually charged to any customer. RBS or any
other Issuing Bank may make commercial loans or other loans at rates of interest at, above or below
the Prime Rate.

“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.

 

B-13 

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Letter of Credit Agreement

“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).

“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” means The Royal Bank of Scotland plc.

“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.

 

B-14 

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Letter of Credit Agreement

“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).

“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-15 

 

			
	 	 	 
	UTi Worldwide Inc.
	 	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,

 

B-16 

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Letter of Credit Agreement

(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,

(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,

 

B-17 

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Letter of Credit Agreement

(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,

(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

 

B-18 

 

			
	 	 	 
	UTi Worldwide Inc.
	 	Letter of Credit Agreement

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

“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.

“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.

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

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

 

B-19

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