EXHIBIT K

                                 REVOLVING NOTE
                                 --------------


$3,250,000                                                          May 31, 2000
                                                         Los Angeles, California



                  FOR VALUE RECEIVED, the undersigned promises to pay to the
order of UNION BANK OF CALIFORNIA, N.A. (the "Lender") the principal amount of
Three Million Two Hundred Fifty Thousand Dollars ($3,250,000), or such lesser
aggregate amount of Revolving Loans as may be pursuant to the Loan Agreement
referred to below, payable as hereinafter set forth. The undersigned promises to
pay interest on the principal amount hereof remaining unpaid from time to time
from the date hereof until the date of payment in full, payable as hereinafter
set forth.

                  Reference is made to the Term Loan Agreement, dated as of June
3, 1999, by and between the undersigned, as Borrower, and the Lender, as Lender
(as amended, extended, renewed, supplemented or otherwise modified from time to
time, the "Loan Agreement"). Terms defined in the Loan Agreement and not
otherwise defined herein are used herein with the respective meanings given
those terms in the Loan Agreement. This is the Revolving Note referred to in the
Loan Agreement, and the holder thereof is entitled to all of the rights,
remedies, benefits and privileges provided for in the Loan Agreement as
originally executed or as it may from time to time be supplemented, modified or
amended. The Loan Agreement, among other things, contains provisions for
acceleration of the maturity hereof upon the happening of certain stated events
upon the terms and conditions therein specified.

                  The principal indebtedness evidenced by this Revolving Note
shall be payable as provided in the Loan Agreement and in any event on the
Revolving Commitment Maturity Date.

                  Interest shall be payable on the outstanding daily unpaid
principal amount of each Revolving Loan hereunder from the date thereof until
payment in full and shall accrue and be payable at the rates and on the dates
set forth in the Loan Agreement both before and after default and before and
after maturity and judgment, with interest on overdue principal and interest to
bear interest at the rate set forth in Section 3.7 of the Loan Agreement, to the
fullest extent permitted by applicable Law.

                  Each payment hereunder shall be made to Lender at Lender's
Office immediately available funds not later than 11:00 a.m. (California time)
on the day of payment (which must be a Banking Day). All payments received after
11:00 a.m. (California time) on any particular Banking Day shall be deemed
received on the next succeeding Banking Day. All payments shall be made in
lawful money of the United States of America.

                  Lender shall use its best efforts to keep a record of
Revolving Loans made by it and payments of principal and interest received by it
with respect to this Revolving Note, and such record shall be presumptive
evidence of the amounts owing under this Revolving Note.

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                  The undersigned hereby promises to pay all costs and expenses
of any rightful holder hereof incurred in collecting the undersigned's
obligations hereunder or in enforcing or attempting to enforce any of such
holder's rights hereunder, including reasonable attorney's fees and
disbursements, whether or not an action is filed in connection therewith.

                  The undersigned hereby waives presentment, demand for payment,
dishonor, notice of dishonor, protest, notice of protest and any other notice or
formality, to the fullest extent permitted by applicable Laws.

                  THIS REVOLVING NOTE SHALL BE DELIVERED TO AND ACCEPTED BY
LENDER IN THE STATE OF CALIFORNIA, AND SHALL BE GOVERNED BY, AND CONSTRUED AND
ENFORCED IN ACCORDANCE WITH, THE LOCAL LAWS THEREOF.

                                   SVI HOLDINGS, INC.,
                                   a Nevada Corporation



                                   By: /s/ David L. Reese
                                       ----------------------------------------

                                   Name: David L. Reese
                                         --------------------------------------

                                   Title: C.F.O.
                                          -------------------------------------


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                       ADVANCES AND PAYMENTS OF PRINCIPAL
                           (Alternate Base Rate Loans)
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           Amount of          Amount of          Unpaid             Notation
Date       Revolving Loan     Principal Paid     Principal Paid     Made By
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                       ADVANCES AND PAYMENTS OF PRINCIPAL
                             (Eurodollar Rate Loans)
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           Amount of            Euro Dollar     Unpaid                  Notation
Date       Revolving Loan       Period          Principal Balance       Made By
----       --------------       ------          -----------------       -------

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