Document:

Exhibit 4.1

 

 

 

FINANCE AGREEMENT

 

National
Australia Bank Limited

 

and

 

Hudson Global
Resources Group

 

DATED ..........................................................

 

    © National Australia Bank Limited (ABN 12 004 044 937), Melbourne, Australia

     

    

 

Table
of Contents

 

	Part A:	General Conditions	1
	1.	ABOUT THIS DOCUMENT	1
	2.	Facilities	23
	3.	Conditions Precedent	23
	4.	Repayment	25
	5.	Cancellation and Prepayment	25
	6.	Interest	26
	7.	Partners, responsible entities and trustees	27
	8.	Representations and Warranties	27
	9.	Undertakings	30
	10.	Financial Covenants and Hedging	35
	11.	Events of Default	36
	12.	Appointment of Consultants	38
	13.	Change of Control	39
	14.	Review	39
	15.	Open Treasury Transactions	41
	16.	Costs and Taxes	41
	17.	Fees	42
	18.	Payments	42
	19.	GST	43
	20.	Increased Costs	44
	21.	Economic Costs	44
	22.	Currency indemnity	44
	23.	Other Indemnities	45
	24.	Set-Off	45
	25.	Liability for Regulatory Events	45
	26.	GUARANTEE AND INDEMNITY	46
	27.	Power of Attorney	49
	28.	Assignment and Changes to the Obligors	49
	29.	Confidentiality	51
	30.	Communications and Notices	52
	31.	Accounts and Certificates	53
	32.	Accounting for Transactions	53
	33.	Statements of Account	54
	34.	Code of Banking Practice	54
	35.	General provisions	54
	36.	Governing Law and Jurisdiction	56
	37.	Acknowledgement	56
	Part B:	Details	57
	Facility 1 :  BANK GUARANTEE FACILITY	57
	Other Facilities	58
	Facility 2 :  NAB CORPORATE RECEIVABLES FACILITY	58
	Facility 3 :  BNZ Invoice Finance Facility	58

 

    © National Australia Bank Limited

     

    

 

	Part C:	Schedule	59
	Part D:	Trustee Provisions	65
	Part E:	Partnership Provisions	66
	Part F:	Responsible Entity Provisions	67
	Part G:	Property Conditions	68
	Part H:	Specific Conditions	69
	Bank Guarantee Facility Specific Conditions	69
	Annexure 1 : Verification Certificate	76
	Annexure 2 : Compliance Certificate	79
	Annexure 3 : Drawdown Notice	81
	Annexure 4 : Form of Accession Letter	82
	Annexure 5 : Form of Resignation Letter	84
	Annexure 6 : Conditions Precedent Required to be Delivered by an Additional Obligor	85
	ANNEXURE 7: FORM OF uTILISATION rEQUEST	86

 

    	© National Australia Bank Limited	 ii	 

     

    

  

This
Finance Agreement is dated the date shown on the front page and is made between:

 

NATIONAL
AUSTRALIA BANK LIMITED ABN 12 004 044 937 of Level 1, 800 Bourke Street, Docklands, Victoria 3008 (NAB);

 

Each
person listed as an original borrower in Item 1((Obligors and Group)) of Part C : Schedule (Original Borrower and
together the Original Borrowers);

 

Each
person (if any) listed as an original guarantor in Item 1((Obligors and Group)) of Part C: Schedule (Original Guarantor
and together the Original Guarantors); and

 

Each
person (if any) listed as an original personal guarantor in Item 1((Obligors and Group)) of Part C: Schedule (Original
Personal Guarantor and together the Original Personal Guarantors).

 

IT
IS AGREED as follows:

 

	Part
    A:	General
    Conditions

 

		1.	ABOUT
                                         THIS DOCUMENT

 

		1.1	Defined
                                         terms, interpretation rules and inconsistency

 

		(a)	Defined
                                         terms used in this document are set out in clause 1.3 (Definitions) and interpretation
                                         rules are set out in clause 1.4 (Interpretation). 

 

		(b)	Rules
                                         to govern any inconsistency between provisions of this document or between this document
                                         and other documents are set out in clause 1.5 (Inconsistency).

 

		1.2	This
                                         document

 

This
document is comprised of the following parts:

 

		(a)	General
                                         Conditions;

 

		(b)	Details;

 

		(c)	Schedule;

 

		(d)	Trustee
                                         Provisions;

 

		(e)	Partnership
                                         Provisions;

 

		(f)	Responsible
                                         Entity Provisions;

 

		(g)	Property
                                         Conditions;

 

		(h)	Specific
                                         Conditions; and

 

		(i)	Annexures
                                         (if any).

 

		1.3	Definitions

 

In
this document, capitalised terms have the following meanings:

 

Accession
Letter means a document substantially in the form set out in Annexure 4 (Form of Accession Letter).

 

    	© National Australia Bank Limited	1	 

     

    

 

 

Additional
Borrower means a company which becomes an Additional Borrower in accordance with clause 28 (Assignment and Changes to the
Obligors).

 

Additional
Guarantor means a company which becomes an Additional Guarantor in accordance with clause 28 (Assignment and Changes to
the Obligors).

 

Additional
Personal Guarantor means a person who becomes an Additional Personal Guarantor in accordance with clause 28 (Assignment
and Changes to the Obligors).

 

Affiliates
means, in respect of an entity, each Related Body Corporate and each Related Entity of that entity and each Subsidiary of
that entity (if not also a Related Body Corporate or a Related Entity of that entity).

 

Agency
means any government or any governmental, semi-governmental or judicial entity or other authority in any applicable jurisdiction. 
It also includes any self-regulatory organisation established under law in any applicable jurisdiction.

 

Amortisation
Schedule means, at any time, in respect of a Facility, the amortisation details specified in the Details (if any), as may
be amended or replaced.

 

Amount
Owing means all money which a Borrower (whether alone or not) is, or at any time may be, liable to pay NAB for any reason
whatsoever under or in connection with the Finance Documents including the aggregate face value of any unmatured bills, the maximum
amount payable by NAB under any Bank Guarantees or Letters of Credit and money by way of principal, interest, fees, Costs, indemnity,
charges, duties or expenses irrespective of whether the liability is:

 

		(a)	present
                                         or future;

 

		(b)	actual,
                                         prospective, contingent or otherwise;

 

		(c)	ascertained
                                         or unascertained;

 

		(d)	in
                                         existence before or comes into existence on or after the date of this document; or

 

		(e)	a
                                         combination of any or all of the above.

 

APAC
Group means , Hudson Highland (APAC) Pty Ltd, Hudson HoldCo (Hong Kong) Limited, Hudson Global Resources (Aust) Pty Ltd, Morgan
&Banks Holdings Australasia Pty Ltd, Hudson Global Resources (Hong Kong) Ltd, Hudson Global Resources (Singapore) Pte Ltd,
Hudson Global Resources (NZ) Limited and Hudson Recruitment (Shanghai) Limited.

 

Asset
Finance Facility means any Facility titled “Asset Finance Facility” in the Details.

 

ASIC
means the Australian Securities and Investments Commission.

 

ASX
means the Australian Securities Exchange.

 

Australian
Dollar Equivalent means, in respect of:

 

		(a)	the
                                         Facility Limit for a Facility at any time which is expressed in a foreign currency, the
                                         equivalent amount in Australian Dollars (when notionally converted by NAB at the rate
                                         of exchange used by NAB for the purpose, and at the time, of approving the Facility);
                                         and

 

		(b)	any
                                         other amount which is expressed in a foreign currency, the equivalent amount of the Balance
                                         Owing or other amount in Australian Dollars (as notionally converted by NAB at its prevailing
                                         spot rate of exchange).

 

    	© National Australia Bank Limited	2	 

     

    

  

Authorisation
means:

 

		(a)	any
                                         authorisation, consent, approval, resolution, licence, exemption, filing, lodgement or
                                         registration required by any Agency or any law; or

 

		(b)	in
                                         relation to anything which is prohibited or restricted by law if an Agency takes certain
                                         actions within a specified period, the expiry of that period without the Agency taking
                                         that action.

 

Authorised
Officer means, in respect of an Obligor, a person appointed by that Obligor to act as such for that Obligor under a Finance
Document to which it is expressed to be a party and whose specimen signature in that appointed capacity has been provided to NAB
and who has satisfied any required Client Identification Checks.

 

Availability
Period in respect of a Facility, has the meaning given to it in the Specific Conditions for that Facility.

 

Available
Facility in respect of a Facility, has the meaning given to it in the Specific Conditions for that Facility.

 

Balance
Owing:

 

		(a)	in
                                         respect of a Facility, other than a Facility listed in paragraph (b) or (c) below, means:

 

		(i)	for
                                         a Loan Account, at any time, the difference between all amounts credited and all amounts
                                         debited to that Loan Account at that time;

 

		(ii)	for
                                         a Drawing, at any time, the amount of the Drawing less any amounts of principal repaid
                                         in relation to the Drawing;

 

		(iii)	for
                                         a Facility with multiple Loan Accounts or Drawings, the sum of the amounts calculated
                                         by reference to paragraph (a) or (b) as appropriate for each such Loan Account or Drawing,

 

to
the extent that such amount is a debit balance. Where this amount is to be calculated for the end of a day, it includes all debits
and credits assigned to that day;

 

		(b)	in
                                         respect of a Credit Card Facility, at any time, means the unpaid balance (including fees
                                         and charges) on each “account” (as defined in the separate terms and conditions
                                         for the relevant Credit Card Facility) at that time; and

 

		(c)	in
                                         respect of an Asset Finance Facility, at any time, means the aggregate of:

 

		(i)	the
                                         “loan balance” under each “loan agreement” at that time; and

 

		(ii)	the
                                         amount calculated by NAB under each "lease agreement" and "hire purchase
                                         agreement" as representing the aggregate at that time of:

 

		(A)	the
                                         total "rental instalments" payable over the remaining part of the "term";
                                         plus 

 

		(B)	the
                                         "residual value" (if any); plus

 

		(C)	any
                                         other amount due and payable but not paid at that time; less

 

		(D)	the
                                         amount of interest attributed to the "rental instalments" falling due and payable
                                         after that time,

 

    	© National Australia Bank Limited	3	 

     

    

 

where
each term within inverted commas has the meaning given to it in the Master Asset Finance Agreement.

 

Bank
Guarantee means a bank guarantee, if any, issued by NAB under or in connection with this document.

 

Beneficiary
means any beneficiary under a Trust.

 

Bill
Facility means any Facility with the words “Bill Facility” in its title as stated in the Details.

 

Bill
Facility Component has the same meaning as set out in the Specific Conditions for a Bill Facility or in any applicable Drawdown
Notice.

 

Bill
Facility Component Limit has the same meaning as set out in the Specific Conditions for a Bill Facility or in any applicable
Drawdown Notice.

 

BNZ
means Bank of New Zealand (a company incorporated in New Zealand) and includes its successors in title, permitted assigns
and permitted transferees.

 

BNZ
Indemnity means the agreement dated on or about the date of this document between NAB and BNZ under which (among other things)
NAB indemnifies BNZ for any loss incurred under the BNZ Invoice Finance Facility Agreement.

 

BNZ
Invoice Finance Facility Agreement means the document entitled "Invoice Finance Facility Agreement" dated on or
about the date of this Financing Agreement between each Original Borrower and BNZ.

 

Borrower
means an Original Borrower or an Additional Borrower.

 

Business
Day means a day other than a Saturday, Sunday or public holiday in every state and territory of Australia.

 

Change
of Control has the meaning described in clause 13 (Change of Control).

 

Client
Identification Checks means, at any time, any client identification or similar checks or procedures required in connection
with any law or NAB’s policies and procedures from time to time.

 

Code
means the Code of Banking Practice (2013 version), including any supplement or variation to it provided NAB has agreed to
be bound by such replacement or variation.

 

Commercial
Consignment has the meaning given in the PPSA or the NZ PPSA, as the context requires.

 

Companies
Act means the Companies Act 1993 (NZ).

 

Compliance
Certificate means a certificate in substantially the form of Annexure 2 setting out (in reasonable detail) computations as
to compliance with clause 9(aa) (other undertakings or conditions subsequent) and clause 10.1 (Financial Covenants)
as at the applicable date or for the applicable period, signed by two directors of the Obligor (if the Obligor has more than one
director) or by the director of the Obligor (if the Obligor has only one director) and otherwise in form and substance satisfactory
to NAB.

 

Compliance
Committee means, in respect of a Scheme, the compliance committee of the Scheme established in accordance with Part 5C.5 of
the Corporations Act.

 

Compliance
Plan means, in respect of a Scheme, the plan complying with Part 5C.4 of the Corporations Act and lodged with ASIC under section
601EA of the Corporations Act.

 

    	© National Australia Bank Limited	4	 

     

    

 

Constitution
means, in respect of a Scheme, the constitution of the Scheme made by the Responsible Entity from time to time and, at the
date of this document, having the details set out in the Schedule.

 

Contested
Tax means a Tax payable by an Obligor where the Obligor:

 

		(a)	is
                                         contesting the liability in good faith and in accordance with proper procedures;

 

		(b)	is
                                         not required by applicable law to pay the Tax prior to contesting its liability; and

 

		(c)	has
                                         satisfied NAB that it has set aside sufficient reserves of liquid assets to pay the Tax
                                         and any fine, penalty or interest payable if the contest is unsuccessful.

 

Controller
has the meaning given to the term in the Corporations Act.

 

Corporations
Act means the Corporations Act 2001 (Cth).

 

Costs
means costs, charges, fees and expenses, including those incurred in connection with NAB’s internal and external legal
advisers (on a full indemnity basis) and professional consultants.

 

Credit
Card Facility means any Facility titled “NAB Qantas Business Card Facility” in the Details.

 

Custodian
means, at any time, the custodian of the Scheme Property from time to time and, at the date of this document, is the person
identified as such in the Schedule, if any.

 

Custody
Agreement means, in relation to a Scheme, the agreement between the Responsible Entity and the Custodian from time to time
and, as at the date of this document, the agreement described as such in the Schedule, if any.

 

Customer
Margin means, in respect of a Facility, the customer margin specified in the Details for that Facility or as otherwise agreed.

 

Daily
Interest Rate means, for any day:

 

		(a)	in
                                         relation to a Global Trade Finance Facility, the Interest Rate applying to the Facility
                                         or Drawing (as the case may be) on that day divided by 365 where the currency is Dollars,
                                         Pounds Sterling or Hong Kong Dollars and 360 in all other cases; and

 

		(b)	in
                                         relation to any other Facility (or any part of such a Facility), the Interest Rate applying
                                         to the Facility (or that part of the Facility) on that day divided by 365.

 

Deed
of Cross Guarantee means a deed substantially in the form of a pro forma deed issued or otherwise approved by ASIC in order
to satisfy ASIC class order eligibility requirements for relief from certain Corporations Act financial reporting obligations.

 

Default
means an Event of Default or a Potential Event of Default.

 

Default
Interest Rate means:

 

		(a)	in
                                         respect of a Facility, the default interest rate as formulated in accordance with the
                                         Details for that Facility; and

 

		(b)	in
                                         respect of any amount payable under a Finance Document that is not in respect of a particular
                                         Facility, such as a fee incurred in connection with engaging a professional consultant,
                                         the default interest rate under any Facility NAB may select,

 

or
as otherwise agreed or amended as contemplated in this document

 

    	© National Australia Bank Limited	5	 

     

    

 

Deposit
Letter means a security agreement in the form required by NAB from time to time which grants NAB an Encumbrance over a deposit
account.

 

Details
means, at any time, the details set out in Part B:(Details) of this document, as may be amended from time to time as
contemplated in this document.

 

Dollars
or $ means the lawful currency of Australia, unless otherwise stated in this document.

 

Drawdown
Date means:

 

		(a)	for
                                         a Facility other than a Bill Facility, the date on which a Drawing is made; and

 

		(b)	for
                                         a Bill Facility, the date on which a bill is accepted, discounted or endorsed under a
                                         Facility.

 

Drawdown
Notice means a notice in substantially the form of Annexure 3 requesting a Drawing or otherwise giving instructions in relation
to a Drawing, in the form and substance acceptable to NAB.

 

Drawdown
Schedule means, in respect of a Facility, the drawdown schedule specified in the Details for that Facility (if any) or any
drawdown schedule provided to the relevant Borrower by NAB.

 

Drawing
means, in respect of a Facility, a provision of financial accommodation (including, if applicable, the acceptance, discounting
and endorsement of bills and the issue of Bank Guarantees and Letters of Credit) under that Facility.

 

Economic
Costs means the Costs and losses incurred or suffered by NAB in connection with an Economic Event, including by reason of:

 

		(a)	a
                                         loss or reduction of profits or return and any loss of fees, charges and premium (which
                                         amount will be discounted back to the net present value at the rate equivalent to NAB’s
                                         cost of funds at that date); and

 

		(b)	the
                                         liquidation of deposits or other funds, or the termination or reversing of any swap or
                                         option agreement or other agreement or arrangement entered into by NAB (either generally
                                         in the course of NAB’s business or specifically in connection with a Facility)
                                         to fund or maintain a Facility or to hedge, fix or limit NAB’s effective cost of
                                         funding in relation to a Facility.

 

Economic
Event means, while a fixed rate (whether a fixed interest rate or a fixed yield rate) applies to a Facility, a Bill Facility
Component, a Loan Account or a Drawing or while a variable rate (whether a variable interest rate or a yield rate) applies to
a Bill Facility, a Market Rate Facility or a Range Amount, the occurrence of any of the following events:

 

		(a)	all
                                         or part of that Facility, Bill Facility Component, Loan Account, Drawing, Bill Facility,
                                         Market Rate Facility or Range Amount is repaid early (even if NAB agrees to the early
                                         repayment being made);

 

		(b)	that
                                         Facility, Bill Facility Component, Loan Account or Drawing, is re-priced by agreement
                                         from one fixed rate to another fixed rate or to another type of rate (such as a variable
                                         rate);

 

		(c)	that
                                         Facility, Facility Limit or Bill Facility Component Limit is cancelled, reduced or not
                                         fully drawn for any reason at any time before the Expiry Date;

 

		(d)	NAB
                                         is for any reason no longer obliged to accept, discount or endorse bills under the Facility
                                         or a bill is cancelled before its maturity date; or

 

    	© National Australia Bank Limited	6	 

     

    

 

		(e)	if
                                         the Borrower is in Default, or any part of the Amount Owing otherwise becomes repayable,
                                         and NAB elects to treat it as an Economic Event.

 

Encumbered
Property means any asset, property or right the subject of an Encumbrance under a Security Document.

 

Encumbrance
means:

 

		(a)	a
                                         security agreement, bill of sale, mortgage, charge, pledge, lien, trust or other security
                                         interest securing any obligation of any person and includes a security interest within
                                         the meaning of section 12 of the PPSA or section 17 of the NZ PPSA, as the context requires;

 

		(b)	any
                                         title retention arrangement;

 

		(c)	any
                                         right, interest, agreement, notice or arrangement which has the effect of giving another
                                         person a preference, priority or advantage over creditors including any arrangement under
                                         which money or the benefit of a bank or other account may be applied, set-off or made
                                         subject to a combination of accounts or not repayable in certain circumstances;

 

		(d)	any
                                         third party right or interest or any right arising as a consequence of the enforcement
                                         of a judgment;

 

		(e)	any
                                         right that a person (other than the owner) has to remove something from land (known as
                                         a profit á prendre), easement, public right of way, restrictive covenant, positive
                                         covenant, lease or licence to use or occupy;

 

		(f)	any
                                         right of set-off, assignment of income, garnishee order or monetary claim;

 

		(g)	equity,
                                         interest or writ of execution;

 

		(h)	any
                                         security deposit;

 

		(i)	any
                                         option; or

 

		(j)	any
                                         other agreement, notice or arrangement having a similar effect as any of the items set
                                         out in paragraphs (a) to (i) (inclusive) above,

 

or
any agreement or arrangement to create any of them or allow them to exist.

 

Event
of Default means any event or circumstance specified as such in this document or under any other Finance Document.

 

Expiry
Date means, in respect of a Facility, the expiry date (if any) specified in the Details for that Facility.

 

Facility
means each facility referred to in the Details.

 

Facility
Limit, at any time:

 

		(a)	in
                                         respect of a Facility (other than a Facility to which paragraph (b) below applies), means
                                         the facility limit specified in the Details for that Facility, as reduced, cancelled
                                         or varied from time to time in accordance with this document; and

 

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		(b)	in
                                         respect of a Facility with scheduled repayments or scheduled reductions of its facility
                                         limit, means the sum of:

 

		(i)	the
                                         facility limit specified in the Details for that Facility, as reduced, cancelled or varied
                                         from time to time in accordance with the document;

 

		(ii)	capitalised
                                         interest at that time; and

 

		(iii)	capitalised
                                         scheduled fees (which, for the avoidance of doubt, do not include contingent fees).

 

Fees
Guide means, as the case may be, NAB’s “Business Banking Fees – A guide to fees and charges” and/or
NAB’s “International trade services – A guide to Fees and Charges” booklet, each as amended or replaced
from time to time.

 

Finance
Document means each of the following:

 

		(a)	this
                                         document;

 

		(b)	each
                                         Invoice Finance Facility Agreement;

 

		(c)	each
                                         Compliance Certificate;

 

		(d)	each
                                         Hedging Agreement (if applicable);

 

		(e)	each
                                         Drawdown Notice, Utilisation Request, drawdown schedule and amortisation schedule (however
                                         described);

 

		(f)	each
                                         Transactional Specific Document;

 

		(g)	each
                                         Security Document;

 

		(h)	each
                                         Accession Letter;

 

		(i)	each
                                         Deposit Letter;

 

		(j)	each
                                         other document referred to in the “Other Conditions” section of the Details;

 

		(k)	any
                                         other document or agreement NAB and a Borrower agree in writing is a Finance Document,

 

and
each document, agreement or notice entered into, or given, under or for the purpose of amending, novating or acceding to, any
of the above.

 

Financial
Indebtedness means any indebtedness for or in respect of:

 

		(a)	moneys
                                         borrowed;

 

		(b)	any
                                         amount raised under any acceptance credit, or bill acceptance, discount or endorsement
                                         facility;

 

		(c)	any
                                         amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures,
                                         loan stock or any similar instrument;

 

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

 

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

 

		(f)	any
                                         redeemable shares where the holder has the right, or the right in certain conditions,
                                         to require redemption;

 

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

 

		(h)	consideration
                                         for the acquisition of assets or services payable more than 90 days after acquisition;

 

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

 

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

		(k)	the
                                         amount of any liability in respect of any guarantee or indemnity for any of the items
                                         referred to in paragraphs (a) to (j) above,

 

irrespective
of whether the indebtedness is:

 

		(l)	present
                                         or future;

 

		(m)	actual,
                                         prospective, contingent or otherwise;

 

		(n)	at
                                         any time ascertained or unascertained;

 

		(o)	owed
                                         or incurred alone or severally or jointly or both with any other person; or

 

		(p)	a
                                         combination of any of the above.

 

Financial
Statements means:

 

		(a)	a
                                         statement of comprehensive income (otherwise known as a statement of financial performance
                                         or profit and loss statement);

 

		(b)	a
                                         statement of financial position;

 

		(c)	a
                                         statement of cash flow; and

 

		(d)	a
                                         statement of changes in equity,

 

together
with any notes to those documents and any accompanying reports, statements, declarations and other documents or information.

 

Fixed
Rate Period means, in respect of a Facility or a Drawing, the period during which a specific interest rate or yield rate will
apply and will not change.

 

Foreign
Currency Overdraft Facility means any Facility titled “Foreign Currency Overdraft Facility” in the Details.

 

Form
of Verification Certificate means the form set out in Annexure 1.

 

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GAAP
means, in respect of an Obligor, accounting standards, principles and practices applying by law or otherwise which are generally
accepted and consistently applied in the relevant jurisdiction in which the Obligor is incorporated.

 

General
Conditions means the conditions set out in Part A (General Conditions) of this document.

 

Global
Trade Finance Facility means any Facility to which the Global Trade Finance Specific Conditions apply, as stated in the Details

 

Goods
has the meaning given in the PPSA or the NZ PPSA, as the context requires.

 

Governing
Law Jurisdiction means the jurisdiction specified as such in the Schedule.

 

GST
means Goods and Services Tax as imposed under a GST Act, as the context requires.

 

GST
Act means A New Tax System (Goods and Services Tax) Act 1999 (Cth) or the Goods and Services Tax Act 1985 (NZ), as the context
requires.

 

Guarantee
means (other than in clause ‎26 (Guarantee and Indemnity)) any guarantee, letter of credit, bond, indemnity or similar
assurance against loss, or any obligation, direct or indirect, actual or contingent, to purchase or assume any indebtedness of
any person or to make an investment in or loan to any person or to purchase assets of any person where, in each case, such obligation
is assumed in order to maintain or assist the ability of such person to meet its indebtedness or to assure any creditor against
loss.

 

Guarantor
means an Original Guarantor or an Additional Guarantor, unless it has ceased to be a Guarantor in accordance with clause 28
(Assignment and Changes to the Obligors).

 

Head
Company means the head company (as defined in the Tax Act) of a Tax Consolidated Group.

 

Hedging
Agreement means any agreement entered into or to be entered into with NAB to implement the hedging required under clause 10.3
(Hedging).

 

Hong
Kong Dollars or HKD means the lawful currency of the Hong Kong Special Administrative Region of the People’s
Republic of China, unless otherwise stated in this document.

 

Hudson
Parent means Hudson Global, Inc., a company incorporated under the laws of Delaware.

 

Increased
Costs has the meaning given to it under clause 20(b).

 

Indicator
Rate means, for any day, in respect of a Facility, the relevant type of indicator rate specified in the Details for that Facility
where the amount is as:

 

		(a)	advised
                                         in writing by NAB to the relevant Borrowers;

 

		(b)	published
                                         or otherwise advised by NAB from time to time on NAB’s website; and/or

 

		(c)	advertised
                                         by NAB in the local or national press.

 

Insolvency
Event means, in respect of a person, any of the following events:

 

		(a)	it
                                         is (or states it is) an insolvent under administration or insolvent (each as defined
                                         in the Corporations Act) or it breaches the solvency test (as set out in clause 4 of
                                         the Companies Act);

 

    	© National Australia Bank Limited	10	 

     

    

 

		(b)	it
                                         has an administrator, liquidator, provisional liquidator, Controller or any other kind
                                         of insolvency administrator appointed to it or to any part of its property, or they are
                                         or any part of its property is placed under any other formal or informal kind of insolvency
                                         administration;

 

		(c)	an
                                         application is made to a court for an order, or an order is made, that it be wound up;

 

		(d)	it
                                         resolves or take any action to wind up itself up, or otherwise dissolve itself, or it
                                         is otherwise wound up or dissolved, except to reconstruct or amalgamate while solvent
                                         on terms pre-approved by NAB in writing;

 

		(e)	execution
                                         or distress or any other process is levied or attempted or imposed against or over any
                                         of its undertaking, property or assets;

 

		(f)	a
                                         compromise, arrangement, assignment, moratorium or composition is proposed with, or becomes
                                         effective in relation to, its creditors or any class of its creditors (in each case,
                                         other than to carry out a reconstruction or amalgamation while solvent on terms approved
                                         by NAB in writing);

 

		(g)	an
                                         application or order has been made (and, in the case of an application, it is not stayed,
                                         withdrawn or dismissed within 5 Business Days), a resolution is passed, a proposal is
                                         put forward, a meeting is convened, or any other action is taken, in each case in connection
                                         with it, which is preparatory to or could result in any of the things referred to in
                                         paragraphs (a) to (f) (inclusive) above;

 

		(h)	it
                                         is taken (under section 459F of the Corporations Act) to have failed to comply with a
                                         statutory demand;

 

		(i)	it
                                         is the subject of an event described in section 459C(2)(b) or section 585 of the Corporations
                                         Act (or they make a statement from which NAB reasonably deduces it is so subject);

 

		(j)	it
                                         takes any step to obtain protection, or are granted protection, from creditors, under
                                         any applicable law;

 

		(k)	it
                                         is deregistered for whatever reason;

 

		(l)	it
                                         commits an act of bankruptcy within the meaning of Bankruptcy Act 1966 (Cth) or the Insolvency
                                         Act 2006 (NZ) (as applicable);

 

		(m)	it
                                         becomes a bankrupt as defined in Bankruptcy Act 1966 (Cth) or the Insolvency Act 2006
                                         (NZ) (as applicable) or action is taken which could result in that event;

 

		(n)	it
                                         is otherwise unable to pay its debts when they fall due; or

 

		(o)	something
                                         having a substantially similar effect to any of the things referred to in paragraphs
                                         (a) to (n) (inclusive) happens in connection with it under any law or in any jurisdiction.

 

Intellectual
Property means all trade secrets, confidential information, know-how, patents, trade marks, designs (whether registered or
unregistered), copyright, and computer programs.

 

Interest
Period means, in respect of a Facility, the period for which interest is calculated and charged as stated, or selected if
provided for, in this document or as otherwise agreed.

 

Interest
Rate means, at any time in respect of a Facility, the per annum rate of interest applicable to that Facility or part of that
Facility as formulated in accordance with the Details for that Facility or as otherwise agreed or amended as contemplated in this
document.

 

    	© National Australia Bank Limited	11	 

     

    

 

Interested
Person:

 

		(a)	has
                                         the meaning given to that term for the purposes of section 275 of the PPSA; or

 

		(b)	means
                                         the persons that may request information under section 177 of the NZ PPSA,

 

as
the context requires, and includes:

 

		(a)	any
                                         person granting an Encumbrance;

 

		(b)	a
                                         person with another Encumbrance in the same property in which NAB has an Encumbrance;

 

		(c)	if
                                         a person granting an Encumbrance is a body corporate, an auditor of that person;

 

		(d)	an
                                         execution creditor with an interest in the property in which NAB has an Encumbrance;

 

		(e)	an
                                         authorised representative of any of the above.

 

Invoice
Finance Facility Agreements means:

 

		(a)	the
                                         NAB Invoice Finance Facility Agreement; and

 

		(b)	the
                                         BNZ Invoice Finance Facility Agreement.

 

Lease
for a Term of More Than 1 Year has the meaning given to that term in the NZ PPSA.

 

Letter
of Credit means a documentary letter of credit or a standby letter of credit issued by NAB pursuant to a Facility.

 

Liquidity
Margin means, in respect of a Facility, at any time, the later of:

 

		(a)	the
                                         liquidity margin rate specified in the Details as at the date of this document; 
                                         and

 

		(b)	such
                                         other rate as:

 

		(i)	advised
                                         in writing by NAB to the relevant Borrowers;

 

		(ii)	published
                                         or otherwise advised by NAB from time to time on NAB’s website; and/or

 

		(iii)	advertised
                                         by NAB in the local or national press.

 

Loan
Account means an account with NAB for the purposes of recording transactions in connection with a Facility and includes, in
relation to an overdraft (including a Foreign Currency Overdraft Facility), the associated transaction account.

 

Mandatory
Prepayment Period means, in respect of a Review Event, the period specified as such in the Schedule which begins on the date
on which NAB gives notice to the Borrowers under clause 14.5(c).

 

Market
Rate Facility means any Facility titled “Market Rate Facility” in the Details.

 

Marketable
Security means:

 

		(a)	a
                                         “marketable security” as defined in the Corporations Act;

 

		(b)	a
                                         negotiable instrument;

 

    	© National Australia Bank Limited	12	 

     

    

 

		(c)	a
                                         unit or other interest in a trust, partnership or Registered Scheme; and

 

		(d)	a
                                         right or an option in respect of any of paragraphs (a), (b) or (c), whether issued or
                                         unissued.

 

Master
Asset Finance Agreement means a master asset finance agreement in NAB’s standard form.

 

Material
Adverse Effect means any material adverse effect (in the opinion of NAB) on:

 

		(a)	the
                                         assets, business, operations, affairs, property, condition (financial or otherwise) or
                                         prospects of any Obligor or of the Obligors taken as a whole;

 

		(b)	the
                                         ability of an Obligor to perform its obligations under any Finance Document to which
                                         it is expressed to be a party; or

 

		(c)	the
                                         validity, enforceability or priority of any Finance Document or an Encumbrance provided
                                         for by any Finance Document, or the rights or remedies of NAB under any Finance Document.

 

Material
Authorisation means, for an Obligor, any Authorisation required:

 

		(a)	to
                                         enable it to lawfully enter into and exercise its rights and comply with its obligations
                                         under each Finance Document to which it is expressed to be a party;

 

		(b)	to
                                         enable it to own its assets and to carry on its business;

 

		(c)	to
                                         make each Finance Document to which it is expressed to be a party admissible in evidence
                                         in its jurisdiction of incorporation.

 

Material
Documents means:

 

		(a)	each
                                         of the documents (if any) identified as such in the Schedule;

 

		(b)	the
                                         constitution of each Obligor that is a corporation;

 

		(c)	each
                                         Trust Deed (if any);

 

		(d)	each
                                         Partnership Document (if any);

 

		(e)	each
                                         Scheme Document (if any); and

 

		(f)	each
                                         other document NAB and a Borrower agree in writing is a Material Document.

 

NAB
Business Markets Facility means any Facility titled “NAB Business Markets - Flexible Rate Loan” in the Details.

 

NAB
Invoice Finance Facility Agreement means the document entitled "NAB Corporate Receivables Facility Agreement" dated
on or about the date of this Financing Agreement between each Original Borrower and NAB.

 

NAB
Qantas Business Card Facility Terms and Conditions means the NAB Qantas Business Card Facility Terms and Conditions included
in the NAB Qantas Business Card Facility brochure located on NAB’s website.

 

Negotiation
Period means, in respect of a Review Event, the period specified as such in the Schedule which begins on the date on which
NAB becomes aware of the occurrence of the Review Event.

 

    	© National Australia Bank Limited	13	 

     

    

 

Nominated
Account means, in respect of a Facility, the NAB account described in the Details as being the nominated account for that
Facility, or such other bank account nominated from time to time by the relevant Borrower and acceptable to NAB and, on the date
of this document, is the bank account described as such in the Details for that Facility.

 

NZ$
means the lawful currency of New Zealand.

 

NZ
Company means an Obligor that is a company incorporated in New Zealand.

 

NZ
PPSA means the Personal Property Securities Act 1999 (NZ).

 

Obligor
means a Borrower, Guarantor or Personal Guarantor.

 

Original
Obligor means an Original Borrower, Original Guarantor or Original Personal Guarantor.

 

Package
means any product with the words “Package” or “Multi-Option” in its name.

 

Partner
means, in respect of a Partnership, the relevant Obligor which is a partner in the Partnership.

 

Partnership
means, at any time, a partnership in respect of which an Obligor is a partner at that time and includes each partnership specified
in the Schedule.

 

Partnership
Agreement means, in respect of a Partnership, the instrument establishing, or setting out the terms of, the Partnership and
any other constituent documents relating to the Partnership.

 

Partnership
Documents means, in respect of a Partnership:

 

		(a)	the
                                         Partnership Agreement;

 

		(b)	any
                                         other documents described as such in the Schedule; and

 

		(c)	each
                                         other document which an Obligor and NAB agree in writing is a Partnership Document.

 

Partnership
Property means, in respect of a Partnership, all assets, rights, property and undertaking which are the subject of the Partnership:

 

		(a)	of
                                         whatever kind and wherever situated; and

 

		(b)	whether
                                         present or future.

 

Partnership
Provisions means the provisions set out in Part E: (Partnership Provisions).

 

Permitted
Disposal means any sale, lease, transfer or other disposal on arm’s length terms and for market consideration:

 

		(a)	made
                                         with NAB’s prior written consent;

 

		(b)	made
                                         in the ordinary course of the disposing entity's business and for the purpose of carrying
                                         on the disposing entity’s ordinary business;

 

		(c)	of
                                         assets in exchange for other assets comparable or superior as to type, value and quality
                                         and for a similar purpose;

 

		(d)	of
                                         obsolete or redundant vehicles, plant and equipment for cash;

 

		(e)	under
                                         a Permitted Encumbrance; or

 

    	© National Australia Bank Limited	14	 

     

    

 

		(f)	where
                                         the higher of the market value or consideration receivable for the sale, lease, transfer
                                         or other disposal (when aggregated with the higher of the market value or consideration
                                         receivable for any other sales, leases, transfers or other disposals in the relevant
                                         financial year, other than those permitted under the preceding paragraphs) does not exceed
                                         $250,000 (or its equivalent in another currency or currencies).

 

Permitted
Encumbrance means:

 

		(a)	any
                                         of the following entered into by an Obligor in the ordinary course of its business (as
                                         conducted on the date of the agreement):

 

		(i)	a
                                         Commercial Consignment of Goods under which that Obligor is the consignee;

 

		(ii)	a
                                         bailment, hiring arrangement or lease under which that Obligor is the bailee, hirer or
                                         lessee, that does not secure payment or performance of an obligation, but which is a
                                         PPS Lease;

 

		(iii)	retention
                                         of title terms in a contract for the supply of Goods to that Obligor,

 

		(b)	any
                                         Encumbrance created under a Finance Document;

 

		(c)	any
                                         Encumbrance created or subsisting with NAB’s prior written consent (as long as
                                         any conditions stipulated for that consent are complied with);

 

		(d)	any
                                         lien arising by operation of law (other than the PPSA or the NZ PPSA) and securing obligations
                                         which are not overdue;

 

		(e)	any
                                         other Encumbrance securing Financial Indebtedness the aggregate principal amount of which
                                         (when aggregated with the principal amount of any other indebtedness of any Obligor which
                                         has the benefit of an Encumbrance, other than any Encumbrance permitted under the preceding
                                         paragraphs) does not exceed $250,000 (or its equivalent in another currency or currencies)
                                         at any time; or

 

		(f)	any
                                         right of set-off created or subsisting under any service contract between an Obligor
                                         and any other person and entered into in the ordinary course of that Obligor’s
                                         business.

 

Permitted
Financial Indebtedness means any Financial Indebtedness:

 

		(a)	incurred
                                         or subsisting under a Finance Document; or

 

		(b)	incurred
                                         or subsisting with NAB’s prior written consent (unless the consent was conditional
                                         and any of the conditions are not complied with to the satisfaction of NAB); or

 

		(c)	comprising
                                         US Corporate Allocations accrued but not paid by the Obligors; or

 

		(d)	incurred
                                         or subsisting under any intercompany trade payables arrangement (provided such Financial
                                         Indebtedness is classified as a genuine current trade payable and confirmed as legitimate
                                         by Hudson Global Resources (Aust) Pty Limited’s external auditors on an ongoing
                                         basis); or

 

		(e)	incurred
                                         or subsisting under any loan provided by the parent company of the Original Obligors
                                         or any other member of the APAC Group provided such loans are subordinated on terms satisfactory
                                         to NAB; or

 

		(f)	incurred
                                         or subsisting in the ordinary course of trading on arm’s length terms, the aggregate
                                         outstanding principal amount of which (when aggregated with any other such Financial
                                         Indebtedness, other than any Financial Indebtedness permitted under the preceding paragraphs)
                                         does not exceed $250,000 (or its equivalent in another currency or currencies) at any
                                         time.

 

    	© National Australia Bank Limited	15	 

     

    

 

Personal
Guarantor means an Original Personal Guarantor or an Additional Personal Guarantor unless that person has ceased to be a Personal
Guarantor in accordance with clause 28 (Assignment and Changes to the Obligors).

 

Potential
Event of Default means any event or circumstance which would, with the lapse of time, the giving of notice, the making of
any determination under any Finance Document, the fulfilment of any condition or any combination of any of the foregoing, be an
Event of Default.

 

Pounds
Sterling or GBP means the lawful currency of the United Kingdom and its Crown dependencies unless otherwise stated
in this document.

 

PPS
Lease has the meaning given in the PPSA.

 

PPSA
Lease means a PPS Lease or a Lease for a Term of More Than 1 Year, as the context requires.

 

PPSA
means the Personal Property Securities Act 2009 (Cth).

 

Pricing
Period means, in respect of a Facility, the period set out in the Specific Conditions for that Facility (if applicable).

 

Pricing
Review has the meaning given to it in clause 14.1 (Pricing Review Events).

 

Property
Conditions means the conditions set out in Part G: (Property Conditions) of this document.

 

Range
Amount has the meaning as set out in the Specific Conditions for a NAB Business Markets Facility.

 

Receiver
means a receiver, receiver and manager or controller as defined in the Corporations Act, or a receiver as defined in the Receiverships
Act 1993 (NZ).

 

Recipient
has the meaning as given to it in a GST Act, as the context requires.

 

Registered
Scheme means a registered scheme as defined by the Corporations Act.

 

Regulatory
Event means any:

 

		(a)	change
                                         in, or introduction of a new, law or other form of regulation;

 

		(b)	change
                                         in, or introduction of a new, practice or policy of an Agency;

 

		(c)	investigation
                                         into an Obligor or any member of the APAC Group by an Agency;

 

		(d)	application
                                         for or grant of an injunction or order in respect of any Encumbrance, Facility or account
                                         held with NAB made by an Agency, or

 

		(e)	change
                                         in, or introduction of a new, code of practice or custom relating to the provision of
                                         any Service which a reasonable and prudent banker would comply with,

 

whether
in Australia or elsewhere, that applies or impacts in any way the provision of the Services to an Obligor.

 

Related
Body Corporate means, in respect of an entity, each related body corporate (as defined in the Corporations Act) of that entity.

 

    	© National Australia Bank Limited	16	 

     

    

 

Related
Entity means, in respect of an entity, each related entity (as defined in the Corporations Act) of that entity.

 

Repricing
Date, in respect of a Facility, has the meaning given to it in the Specific Conditions for that Facility (if any).

 

Resignation
Letter means a letter substantially in the form set out in Annexure 5 (Form of Resignation Letter).

 

Responsible
Entity means, in respect of a Scheme, the relevant Obligor which is a responsible entity of the Scheme.

 

Responsible
Entity Provisions means the provisions set out in Part F: (Responsible Entity Provisions).

 

Review
Event means each event specified as such in the Schedule.

 

Schedule
means the schedule in Part C: (Schedule) of this document.

 

Scheme
means, at any time, a Registered Scheme in respect of which an Obligor is a responsible entity and includes each Registered
Scheme specified in the Schedule.

 

Scheme
Documents means, in respect of a Scheme:

 

		(a)	the
                                         Constitution;

 

		(b)	the
                                         Compliance Plan;

 

		(c)	any
                                         other documents described as such in the Schedule; and

 

		(d)	each
                                         other document which an Obligor or the Responsible Entity and NAB agree in writing is
                                         a Scheme Document.

 

Scheme
Property means, in respect of a Scheme, the scheme property (as defined by the Corporations Act) of the Scheme.

 

Security
Documents means:

 

		(a)	each
                                         document, if any, specified as such in the Schedule or specified as such in an Accession
                                         Letter;

 

		(b)	each
                                         other document which creates an Encumbrance to secure the Amount Owing; and

 

		(c)	each
                                         Guarantee or Encumbrance granted in connection with this document.

 

Service
means any service NAB provides to the Borrower under or in relation to a Facility including making or processing any payment
or issuing any document.

 

Specific
Conditions means, at any time, the conditions set out in Part H: (Specific Conditions) of this document which apply
to each Facility (as stated in the Details of that Facility), as may be amended from time to time in accordance with this document.

 

Subsidiary
has the meaning given to it in the Corporations Act (or to the extent of any NZ Company, has the meaning given to that term
under the Companies Act), but as if body corporate includes any entity.  It also includes any entity required by GAAP to
be included in the consolidated annual financial report of an entity or which would be required if that entity were a corporation. 
A trust or Registered Scheme may be a Subsidiary (and a unit or other beneficial interest in the trust or Registered Scheme is
to be treated as a share accordingly) and an entity is to be treated as a Subsidiary of a trust or Registered Scheme as if that
trust or Registered Scheme were a corporation.

 

    	© National Australia Bank Limited	17	 

     

    

 

Supply
has the meaning given to it in the A New Tax System (Goods and Services Tax) Act 1999 (Cth).

 

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

 

Tax
Act means the Income Tax Assessment Act 1936 (Cth) or the Income Tax Assessment Act 1997 (Cth), as the context requires.

 

Tax
Consolidated Group means a “Consolidated Group” or a “MEC Group” (each having the meaning given to
it in the Tax Act).

 

Tax
Invoice has the meaning given to it in a GST Act, as the context requires.

 

Taxable
Supply has the meaning given to it in a GST Act, as the context requires.

 

Termination
Date means, in respect of a Facility, the date being the earlier of:

 

		(a)	the
                                         Expiry Date, if any, or the last day of a facility term specified for that Facility in
                                         the Details; and

 

		(b)	the
                                         date on which the Facility is cancelled in accordance with the terms of this document.

 

TFA
means a tax funding agreement between the members of a Tax Consolidated Group which includes:

 

		(a)	reasonably
                                         appropriate arrangements for the funding of tax payments by the Head Company having regard
                                         to the position of each member of the Tax Consolidated Group; and

 

		(b)	an
                                         undertaking from each member of the Tax Consolidated Group to compensate each other member
                                         of the Tax Consolidated Group adequately for loss of tax attributes (including tax losses
                                         and tax offsets) as a result of being a member of the Tax Consolidated Group; and

 

		(c)	an
                                         undertaking from the Head Company to pay all group liabilities (as described in section
                                         721-10 of the Tax Act) of the Tax Consolidated Group.

 

Threshold
Amount means the amount specified as such in the Schedule.

 

Transaction
Document means a Finance Document or a Material Document.

 

Transactional
Specific Documents means, in respect of a Facility, the standard form documents in connection with that Facility which NAB
requires an Obligor to execute or accept under or to establish that Facility.

 

Trust
means, at any time, a trust or settlement in respect of which an Obligor is a trustee at that time and includes each trust
specified in the Schedule.

 

Trust
Deed means, in respect of a Trust, the document establishing the Trust and any other constituent document relating to the
Trust.

 

    	© National Australia Bank Limited	18	 

     

    

 

Trust
Documents means, in respect of a Trust:

 

		(a)	the
                                         Trust Deed;

 

		(b)	all
                                         agreements or deeds between unitholders of the Trust;

 

		(c)	any
                                         other documents described as such in the Schedule; and

 

		(d)	each
                                         other document which an Obligor and NAB agree in writing is a Trust Document.

 

Trust
Property means, in respect of a Trust, all the rights, property and undertaking which are the subject of the Trust:

 

		(a)	of
                                         whatever kind and wherever situated; and

 

		(b)	whether
                                         present or future.

 

Trustee
means, in respect of a Trust, the relevant Obligor which is a trustee of the Trust.

 

Trustee
Provisions means the provisions set out in Part D: (Trustee Provisions).

 

TSA
means an agreement between the members of a Tax Consolidated Group which takes effect as a tax sharing agreement under section
721-25 of the Tax Act and complies with the Tax Act and any law in connection with the Tax Act.

 

US
Corporate Allocations means, in respect of a period, genuine corporate costs accrued in that period to Hudson Parent in connection
with services provided by Hudson Incorporated to the Borrowers during that period.

 

Utilisation
Request means a utilisation request in substantially the form of Annexure 7 requesting NAB to issue a Bank Guarantee, in the
form and substance acceptable to NAB.

 

		1.4	Interpretation

 

		(a)	Unless
                                         the contrary intention appears, in this document:

 

		(i)	a
                                         reference to an Annexure is a reference to an annexure to this document;

 

		(ii)	assets
                                         includes present and future properties, revenues, benefits and rights of every description
                                         and a reference to an asset includes any real or personal, present or future, tangible
                                         or intangible property or asset (including intellectual property) and any right, interest,
                                         revenue or benefit in, under or derived from the property or asset;

 

		(iii)	a
                                         reference to a clause in a Part of this document is a reference to a clause in
                                         the Part that the reference appears;

 

		(iv)	a
                                         Default (other than an Event of Default) is continuing if it has not been remedied
                                         to NAB’s satisfaction or waived by NAB in writing and an Event of Default is continuing
                                         if it has not been waived by NAB in writing;

 

		(v)	a
                                         reference to this document includes all Parts in this document;

 

		(vi)	a
                                         reference to a Finance Document, a Transaction Document or any other document
                                         is a reference to that Finance Document, Transaction Document or other document as amended,
                                         novated, supplemented, extended, replaced or restated;

 

    	© National Australia Bank Limited	19	 

     

    

 

		(vii)	the
                                         meaning of a term is not limited by specific examples introduced by including, for
                                         example, such as or any other similar term;

 

		(viii)	the
                                         word law includes common law, principles of equity, and laws made by parliament,
                                         listing rules or business rules of a financial market, any regulation, rule, official
                                         directive, request or guideline (whether or not having the force of law) of any Agency
                                         and if not having the force of law, with which responsible entities in the position of
                                         the relevant party would normally comply;

 

		(ix)	a
                                         provision of law is a reference to that provision as consolidated, amended, re-enacted,
                                         replaced or varied;

 

		(x)	NAB
                                         includes its successors in title, permitted assigns and permitted transferees;

 

		(xi)	a
                                         reference to a Part is a reference to a section headed "Part" in this
                                         document;

 

		(xii)	the
                                         word person includes an individual, a company, a corporation, a firm, a partnership,
                                         a joint venture, a body corporate, an unincorporated association, an authority and any
                                         combination of the foregoing;

 

		(xiii)	a
                                         reference to a particular person includes the person’s executors, administrators,
                                         successors and permitted substitutes (including persons taking by novation) and assigns;

 

		(xiv)	a
                                         reference to a group of persons is a reference to any two or more of them jointly and
                                         to each of them individually;

 

		(xv)	an
                                         agreement, representation or warranty in favour of two or more persons is for the benefit
                                         of them jointly and each of them individually;

 

		(xvi)	an
                                         agreement, representation or warranty, undertaking, obligation, covenant, indemnity or
                                         liability of or by two or more persons binds them jointly and each of them individually
                                         but an agreement, representation or warranty, undertaking, obligation, covenant, indemnity
                                         or liability of or by NAB binds NAB individually only;

		(xvii)	a
                                         reference to any thing (including an amount) is a reference to the whole and each part
                                         of it, but nothing in this clause 1.4 (Interpretation) implies that the performance
                                         of part of an obligation constitutes performance of the obligation;

		(xviii)	a
                                         reference to a time of day is a reference to the time in the Governing Law Jurisdiction;

 

		(xix)	a
                                         reference to a month means a calendar month and a reference to a quarter means a calendar
                                         quarter; and

 

		(xx)	nothing
                                         in this document is to be interpreted against a party on the ground that the party put
                                         it forward.

 

		(b)	Words
                                         importing the singular include the plural and vice versa.

 

		(c)	Words
                                         importing a gender include any gender.

 

		(d)	Headings
                                         (including those in brackets at the beginning of paragraphs) are for convenience only
                                         and do not affect the interpretation of this document.

 

    	© National Australia Bank Limited	20	 

     

    

 

		1.5	Inconsistency

 

		(a)	For
                                         the avoidance of doubt, this clause 1.5 (Inconsistency) takes precedence over
                                         all Finance Documents in relation to resolving any inconsistencies provided for in the
                                         sub-clauses below.

 

		(b)	Unless
                                         expressly stated otherwise, any inconsistency as between the terms of a Facility will
                                         be resolved, to the extent of the inconsistency, in the following order of priority:

 

		(i)	the
                                         Details (and where a Facility comprises part of a Package, the Details relating to the
                                         Package prevails over the Details relating to that Facility);

 

		(ii)	the
                                         Property Conditions (if any);

 

		(iii)	the
                                         Specific Conditions (if any) (and where a Facility comprises part of a Package, the Specific
                                         Conditions relating to the Package prevails over the Specific Conditions relating to
                                         that Facility);

 

		(iv)	any
                                         additional documents referred to in the “Other Conditions” section of the
                                         Details;

 

		(v)	the
                                         General Conditions and the Schedule; and

 

		(vi)	the
                                         relevant Fees Guide.

 

		(c)	Unless
                                         expressly stated otherwise, any inconsistency as between a provision in this document
                                         and a provision in any other Finance Document will be resolved, to the extent of the
                                         inconsistency, in the following order of priority:

 

		(i)	this
                                         document;

 

		(ii)	each
                                         Hedging Agreement;

 

		(iii)	each
                                         Invoice Finance Facility Agreement;

 

		(iv)	each
                                         Security Document; and

 

		(v)	each
                                         other Finance Document.

 

		(d)	Unless
                                         expressly stated otherwise, if there is any inconsistency between a provision in the
                                         separate terms and conditions applying to an Asset Finance Facility or a Credit Card
                                         Facility and the terms of this document, the separate terms and conditions for the Asset
                                         Finance Facility or Credit Card Facility (as the case may be) prevail to the extent of
                                         the inconsistency except that:

 

		(i)	the
                                         Facility Limit for the Asset Finance Facility or Credit Card Facility (as the case may
                                         be) may be changed in accordance with the Specific Conditions for a Multi-Option Facility;
                                         and

 

		(ii)	the
                                         provisions in this document relating to set-off will prevail.

 

		1.6	Personal
                                         Property Securities (PPS) law

 

		(a)	If:

 

		(i)	a
                                         PPS Law applies, or will at a future date apply to any of the Finance Documents or any
                                         of the transactions contemplated by them, or NAB determines that a PPS Law applies, or
                                         will at a future date apply, to any of the Finance Documents or any of the transactions
                                         contemplated by them; and

 

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		(ii)	in
                                         the opinion of NAB (acting reasonably), the PPS Law:

 

		(A)	adversely
                                         affects or would adversely affect NAB’s security position or the rights or obligations
                                         of NAB under or in connection with the Finance Documents; or

 

		(B)	enables
                                         or would enable NAB’s security position to be improved without adversely affecting
                                         the Obligors in a material respect,

 

		(C)	NAB
                                         may give notice to the Obligors requiring the Obligors to do anything (including amending
                                         any Finance Document or executing any new Finance Document) that in NAB’s opinion
                                         is reasonably necessary to ensure that, to the maximum possible extent, NAB’s security
                                         position, and rights and obligations, are not adversely affected as contemplated by clause
                                         1.6(a)(ii)(A) (or that any such adverse effect is overcome), or that NAB’s security
                                         position is improved as contemplated in clause 1.6(a)(ii)(B) and the Borrowers must comply
                                         with the requirements of that notice within the time stipulated in the notice.

 

		(b)	In
                                         this clause 1.6 (Personal Property Securities (PPS) law), PPS Law means:

 

		(i)	the
                                         PPSA;

 

		(ii)	the
                                         NZ PPSA;

 

		(iii)	any
                                         regulations made at any time under the PPSA or the NZ PPSA;

 

		(iv)	any
                                         provision of the PPSA or the NZ PPSA or regulations referred to in clause (iii);

 

		(v)	any
                                         amendment to any of the above, made at any time; or

 

		(vi)	any
                                         amendment made at any time to any other legislation as a consequence of a PPS Law referred
                                         to in clauses (i) to (v).

 

		(c)	The
                                         Obligors waive, to the extent permitted under the PPS Law, their right to receive any
                                         notices NAB is required to give under the PPS Law (including a notice of a verification
                                         statement).

 

		1.7	PPS
                                         Law policies and steps

 

Each
Obligor will promptly take all reasonable steps which are prudent for its business under or in relation to the PPSA and the NZ
PPSA (as applicable) including doing anything reasonably requested by NAB for that purpose. For example, the Obligor will:

 

		(a)	create
                                         and implement appropriate policies and systems; and

 

		(b)	where
                                         appropriate, take reasonable steps to identify security interests in its favour and to
                                         perfect and protect them, with the highest priority reasonably available.

 

		1.8	Change
                                         of details

 

Each
Obligor agrees to notify NAB at least 14 days before:

 

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		(a)	it
                                         (or if it is the trustee of a trust or a partner of a partnership, the trust or the partnership)
                                         changes its name;

 

		(b)	any
                                         ABN, ARBN or ARSN allocated to it (or if it is a trustee of a trust or a partner of a
                                         partnership, the trust or the partnership) changes, is cancelled or otherwise ceases
                                         to apply to it (or if it does not have an ABN, ARBN or ARSN, one is allocated, or otherwise
                                         starts to apply, to it); and

 

		(c)	it
                                         becomes trustee of a trust, or a partner of a partnership, not stated in this document.

 

		2.	Facilities

 

		2.1	The
                                         Facilities

 

Each
Facility is made available during its Availability Period on the terms set out in this document.

 

		2.2	Purpose
                                         and monitoring

 

The
Borrower must apply all Drawings under a Facility for the purpose specified for that Facility in the relevant Details or for any
other purpose that NAB approves in writing.  NAB is not bound to monitor or verify the application of any Drawings.

 

		3.	Conditions
                                         Precedent

 

		3.1	Initial
                                         conditions precedent

 

NAB's
obligation to provide the first Drawing under any Facility to any Borrower is subject to NAB first receiving the following documents,
each in form and substance satisfactory to NAB:

 

		(a)	(verification
                                         certificates)

 

		(i)	a
                                         certificate in relation to each Original Obligor incorporated in Australia duly signed
                                         by two directors of the Original Obligor (if the Original Obligor has more than one director)
                                         or by the director of the Original Obligor (if the Original Obligor has only one director)
                                         substantially in the form set out, and with the attachments referred to, in the Form
                                         of Verification Certificate and dated not earlier than 5 Business Days before the first
                                         Drawdown Date; and

 

		(ii)	a
                                         certificate in relation to each Original Obligor incorporated in New Zealand duly signed
                                         by two directors of the Original Obligor (if the Original Obligor has more than one director)
                                         or by the director of the Original Obligor (if the Original Obligor has only one director)
                                         substantially in a form acceptable to BNZ and dated not earlier than 5 Business Days
                                         before the first Drawdown Date; and

 

		(b)	(Finance
                                         Documents) each Finance Document duly executed by each party to that document;

 

		(c)	(Material
                                         Documents) (except for the constitution of each Obligor that is a corporation) a
                                         copy of each Material Document duly executed by each party to that document;

 

		(d)	(Taxes
                                         and registration) evidence that each Finance Document and each Material Document:

 

		(i)	which
                                         is registrable is in registrable form and is accompanied by all executed documents necessary
                                         to register them in each relevant jurisdiction; and

 

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		(ii)	has
                                         had all Taxes paid on it or, if not already paid, evidence that sufficient immediately
                                         available and transferable funds have been provided to NAB to enable the payment of any
                                         Taxes chargeable on it, together with all executed documents (including, where relevant,
                                         a statutory declaration regarding the location and value of assets) necessary to effect
                                         due payment of those Taxes;

 

		(e)	(Client
                                         Identification Checks) all documents and other information that NAB requires to enable
                                         NAB to complete any Client Identification Checks;

 

		(f)	(structure
                                         chart) a diagram showing the structure and ownership arrangements of the APAC Group
                                         and the Obligors;

 

		(g)	(valuations)
                                         any valuation required by NAB;

 

		(h)	(insurances)
                                         a certified copy of any insurance policy required by NAB and evidence that all insurances
                                         meet the requirements of the Finance Documents;

 

		(i)	(process
                                         agent appointment) evidence of the acceptance of appointment of a process agent located
                                         in Australia for each Obligor incorporated or located outside Australia; and

 

		(j)	(enquiries
                                         and searches) the results of NAB’s enquiries and searches.

 

		3.2	Further
                                         conditions precedent 

 

NAB
will only be required to provide a Drawing under a Facility if the following conditions are met:

 

		(a)	if
                                         a Drawdown Notice or Utilisation Request (however described) is required to be delivered
                                         in accordance with the Specific Conditions (or separate terms and conditions) for that
                                         Facility, NAB has received a Drawdown Notice or Utilisation Request (as applicable) completed
                                         and signed by the relevant Borrower;

 

		(b)	the
                                         proposed Drawdown Date is a date during the Availability Period for that Facility and
                                         the provision of the Drawing will not cause the Balance Owing for that Facility (when
                                         aggregated with the amount of the proposed Drawing) to exceed the Facility Limit for
                                         that Facility;

 

		(c)	on
                                         the date of any Drawdown Notice or Utilisation Request and on the proposed Drawdown Date:

 

		(i)	no
                                         Default, Change of Control or Review Event is, in NAB’s opinion, continuing or
                                         would result from the proposed Drawing being provided; and

 

		(ii)	each
                                         representation and warranty set out in clause 8.1 (Representations and Warranties) is
                                         correct and not misleading by reference to the then current facts and circumstances subsisting
                                         on each of those dates;

 

		(d)	all
                                         Costs due and payable to NAB as at the Drawdown Date under any Finance Document have
                                         been paid or will be paid out of the Drawing;

 

		(e)	each
                                         document listed as a “Specified Document” in the Schedule or any other conditions
                                         precedent specified in, or required under, any Finance Document have been satisfied or
                                         delivered (as the case may be) to NAB, each in form and substance satisfactory to NAB;

 

		(f)	any
                                         other document, opinion or assurance which NAB requires in connection with the entry
                                         into, delivery (if applicable) and performance of the transactions contemplated by, or
                                         for the validity and enforceability of, any Finance Document has been delivered to NAB,
                                         each in form and substance satisfactory to NAB; and

 

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		(g)	NAB
                                         has received, in form and substance satisfactory to it, all other information requested
                                         by NAB in accordance with each Finance Document.

 

		3.3	Certification
                                         of copies

 

Unless
otherwise required by NAB, each document specified in respect of an Obligor in clause 3.1 (Initial conditions precedent)
or clause 3.2 (Further conditions precedent) must be an original.  If NAB requires a certified copy of a document,
the copy must be certified by a director or secretary of that Obligor as true and complete as at a date no earlier than 5 Business
Days before the first Drawdown Date.

 

		4.	Repayment

 

		(a)	Each
                                         Borrower of a Facility must, in respect of that Facility, repay:

 

		(i)	each
                                         Drawing in the manner set out in the Specific Conditions or, if no Specific Conditions
                                         apply, the separate terms and conditions applying to that Facility; and

 

		(ii)	on
                                         demand, any amount by which the Balance Owing exceeds the Facility Limit,

 

together
with accrued interest calculated in accordance with the applicable Specific Conditions or, if no Specific Conditions apply, in
accordance with the separate terms and conditions applying to that Facility on the amount referred to in clauses (i) or (ii) (as
the case may be).

 

		(b)	Each
                                         Borrower of a Facility must repay the Amount Owing in respect of the Facility on its
                                         Termination Date.

 

		5.	Cancellation
                                         and Prepayment

 

		5.1	Cancellation

 

		(a)	A
                                         Borrower of a Facility may, in respect of that Facility, cancel the whole or any part
                                         of a Facility in accordance with the Specific Conditions or, if no Specific Conditions
                                         apply, the separate terms and conditions applying to that Facility.

 

		(b)	NAB
                                         may cancel, without notice to the Borrower, each Available Facility on the last day of
                                         the relevant Availability Period.

 

		(c)	NAB
                                         may otherwise cancel a Facility in accordance with the Specific Conditions or, if no
                                         Specific Conditions apply, the separate terms and conditions applying to that Facility.

 

		5.2	Prepayment

 

		(a)	A
                                         Borrower of a Facility may, in respect of that Facility, prepay the whole or any part
                                         of the Balance Owing under that Facility in accordance with the Specific Conditions or,
                                         if no Specific Conditions apply, the separate terms and conditions applying to that Facility.

 

		(b)	A
                                         Borrower of a Facility must, in respect of that Facility, prepay the Balance Owing under
                                         that Facility in the amounts and at the times specified under the heading “Mandatory
                                         Prepayment” in the Schedule.

 

		5.3	Illegality

 

If
NAB determines that it is or will become unlawful (or impossible in practice as a result of a change in law) in any jurisdiction
for NAB to perform any of its obligations under this document or to fund or maintain any Drawing or part of a Facility:

 

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		(a)	NAB
                                         will promptly notify the relevant Borrower upon becoming aware of that event;

 

		(b)	the
                                         Facility will be immediately cancelled; and

 

		(c)	the
                                         relevant Borrower must prepay the Amount Owing on the date specified by NAB in its notice.

 

		5.4	Restrictions

 

Unless
otherwise specified in this document:

 

		(a)	no
                                         amount cancelled may be subsequently reinstated;

 

		(b)	any
                                         prepayment under this document must be made together with:

 

		(i)	accrued
                                         interest on the amount prepaid calculated in accordance with the applicable Specific
                                         Conditions or, if no Specific Conditions apply, the separate terms and conditions applying
                                         to that Facility; and

 

		(ii)	the
                                         Economic Costs and fees incurred in relation to the prepayment (if any); and

 

		(c)	no
                                         Borrower may reborrow any part of a Facility that is prepaid.

 

		6.	Interest

 

		6.1	Interest

 

Each
Borrower of a Facility must, in respect of that Facility, pay interest on the Balance Owing in accordance with the Specific Conditions
or, if no Specific Conditions apply, the separate terms and conditions applying to that Facility.

 

		6.2	Default
                                         Interest

 

		(a)	If
                                         a Borrower fails to pay any amount payable by it under a Finance Document on its due
                                         date, interest will accrue on the overdue amount from the due date up to and including
                                         the date of actual payment (both before and after judgment) at the Default Interest Rate.

 

		(b)	If
                                         a Borrower exceeds a Facility Limit (even where NAB has approved the excess), NAB may
                                         charge, and the Borrower must pay, interest on the excess at the Default Interest Rate
                                         at the end of each day that an excess exists.

 

		(c)	Default
                                         interest is:

 

		(i)	for
                                         a Facility where interest is ordinarily debited from an account or accounts under that
                                         Facility, added to the Balance Owing for that Facility on each date on which interest
                                         is debited for that Facility;

 

		(ii)	for
                                         any other Facility, at NAB’s discretion, added to the overdue amount monthly and
                                         when the overdue amount is paid, or debited from the Nominated Account for that Facility
                                         (or, if permitted by this document, any other account held by the Borrower) on each date
                                         on which interest is debited for that Facility, unless NAB otherwise specifies; or

 

		(iii)	for
                                         any other amount payable under a Finance Document that is not in respect of a particular
                                         Facility, payable at such time as NAB selects.

 

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		7.	Partners,
                                         responsible entities and trustees

 

		7.1	Partners

 

If,
at any time, there is a Partnership, the terms and conditions set out in the Partnership Provisions apply to the relevant Obligor
which is a Partner of that Partnership.

 

		7.2	Responsible
                                         Entities

 

If,
at any time, there is a Scheme, the terms and conditions set out in the Responsible Entity Provisions apply to the relevant Obligor
which is the Responsible Entity of that Scheme.

 

		7.3	Trustees

 

If,
at any time, there is a Trust, the terms and conditions set out in the Trust Provisions apply to the relevant Obligor which is
a Trustee of that Trust.

 

		8.	Representations
                                         and Warranties

 

		8.1	Representations
                                         and Warranties

 

Each
Obligor makes the following representations and warranties on the date of this document:

 

		(a)	(incorporation)
                                         each Obligor (other than an Obligor who is a natural person) is a corporation, duly incorporated
                                         and validly existing under the laws of its jurisdiction of incorporation and is capable
                                         of suing and being sued;

 

		(b)	(power)
                                         each Obligor has full power, authority and legal right to own its assets and carry on
                                         its current and contemplated business;

 

		(c)	(binding
                                         obligations) subject to any necessary stamping and registration requirements, equitable
                                         principles and laws generally affecting creditors’ rights, the obligations expressed
                                         to be assumed by each Obligor in each Transaction Document to which it is expressed to
                                         be a party are legal, valid, binding and enforceable obligations;

 

		(d)	(no
                                         conflict) the execution, delivery (if applicable) and performance by each Obligor
                                         of each Transaction Document to which it is expressed to be a party and the transactions
                                         contemplated by those Transaction Documents do not and will not conflict with or violate:

 

		(i)	any
                                         law applicable to it;

 

		(ii)	any
                                         Material Document; or

 

		(iii)	any
                                         agreement or instrument binding upon it or any of its assets in any material respect,

 

and,
excluding the Finance Documents, in each case, do not and will not:

 

		(i)	create
                                         or impose any Encumbrance; or 

 

		(ii)	entitle
                                         a person to accelerate or cancel an obligation relating to Financial Indebtedness or
                                         constitute a default, cancellation event, prepayment event or similar event (however
                                         described) under any agreement relating to Financial Indebtedness whether immediately
                                         or after notice or lapse of time or both;

 

		(e)	(power
                                         and authority) each Obligor has full power to enter into, perform and deliver, and
                                         has taken all necessary action to authorise its entry into, delivery (if applicable)
                                         and performance of, each Transaction Document to which it is expressed to be a party
                                         and the transactions contemplated by those Transaction Documents;

 

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		(f)	(Authorisations)
                                         all Material Authorisations have been obtained and are in full force and effect;

 

		(g)	(benefit)
                                         each Obligor benefits by entering into and performing its obligations under each Transaction
                                         Document to which it is expressed to be a party;

 

		(h)	(Information,
                                         projections and disclosure):

 

		(i)	all
                                         Financial Statements, accounts, reports and any other information in connection with
                                         each Transaction Document to which it is expressed to be a party and the transactions
                                         contemplated by those Transaction Documents which have been furnished to NAB are true
                                         and accurate and not misleading (whether by its inclusion or by omission of other information);

 

		(ii)	any
                                         financial projections provided by, or on behalf of, it, the APAC Group or the Obligors,
                                         have been prepared by appropriately qualified persons and in good faith on the basis
                                         of recent historical information and on the basis of reasonable assumptions; and

 

		(iii)	each
                                         Obligor has disclosed all information and documents relating to it, its assets, each
                                         Transaction Document to which it is expressed to be a party and the transactions contemplated
                                         by each of them, which are material to NAB’s decision to enter into the Finance
                                         Documents;

 

		(i)	(no
                                         default):

 

		(i)	no
                                         Event of Default is continuing; and

 

		(ii)	no
                                         other event or circumstance is outstanding which constitutes a default under any other
                                         agreement or instrument which is binding on any Obligor, or to which its assets are subject,
                                         which could have a Material Adverse Effect;

 

		(j)	(solvency)
                                         no Insolvency Event has occurred in respect of any Obligor;

 

		(k)	(undisclosed
                                         relationships) except as disclosed to and agreed by NAB in writing, it has not entered
                                         into any other Transaction Document, and no Obligor holds any property:

 

		(i)	as
                                         a trustee;

 

		(ii)	as
                                         a partner of a partnership;

 

		(iii)	as
                                         a responsible entity of any Registered Scheme;

 

		(iv)	as
                                         an agent of an undisclosed principal; or

 

		(v)	in
                                         any other capacity for the benefit of any person;

 

		(l)	(Authorised
                                         Officers) any person specified as an Authorised Officer of an Obligor is authorised
                                         to sign any requests and other notices on its behalf and do all other things contemplated
                                         by the Transaction Documents to which it is expressed to be a party;

 

		(m)	not
                                         used;

 

		(n)	(investigation
                                         by Agency) no investigation by any Agency into all or part of the affairs of any
                                         Obligor is current in circumstances which could have a Material Adverse Effect;

 

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		(o)	(no
                                         immunity) no Obligor has, and no assets of any Obligor have immunity from the jurisdiction
                                         of a court or from legal process;

 

		(p)	(Financial
                                         Statements):

 

		(i)	the
                                         most recent Financial Statements (consolidated as required under applicable law) provided
                                         to NAB under, or in contemplation of, this document were prepared in accordance with
                                         GAAP consistently applied unless expressly disclosed to the contrary in those Financial
                                         Statements;

 

		(ii)	the
                                         most recent Financial Statements (consolidated as required under applicable law) provided
                                         to NAB under, or in contemplation of, this document give a true and fair view of:

 

		(A)	the
                                         financial position (including actual and contingent liabilities) of the relevant entities
                                         on a consolidated basis as at the date to which the Financial Statements relate; and

 

		(B)	the
                                         performance of those entities during the accounting period to which the Financial Statements
                                         relate; and
	 	 	 

		(iii)	there
                                         has been no material adverse change in the business or financial condition of any of
                                         the relevant entities since the last day of that accounting period to which the Financial
                                         Statements referred to in clauses (i) and (ii) relate;

 

		(q)	(tax
                                         consolidation):

 

		(i)	no
                                         Obligor is a member of a Tax Consolidated Group, other than a tax consolidated group
                                         comprising only members of the APAC Group for which Hudson Highland (APAC) Pty Ltd is
                                         the head company or such other tax consolidated group as disclosed to and consented to
                                         by NAB in writing; and

 

		(ii)	if
                                         an Obligor is a member of a Tax Consolidated Group, each member of the Tax Consolidated
                                         Group is a party to a TSA and a TFA;

 

		(r)	(cross-guarantee)
                                         no Obligor has executed, and no Obligor is currently seeking approval from ASIC to execute,
                                         a Deed of Cross Guarantee;

 

		(s)	(Taxes)
                                         each Obligor has complied with all laws in relation to Tax in all jurisdictions in which
                                         it is subject to Taxes and has paid all Taxes due and payable by it except those which
                                         are Contested Taxes;

 

		(t)	(insurances)
                                         all insurances required under the Finance Documents are in effect and current and meet
                                         the requirements of the Finance Documents, no Obligor has made any material misrepresentation
                                         or omission to its insurers and no Obligor is aware of any reason why any of the insurance
                                         policies may be terminated or why any insurers may refuse to pay a claim when made;

 

		(u)	(ownership)
                                         except where it has entered into a Finance Document or a Material Document in its capacity
                                         as Trustee or as Responsible Entity, each Obligor is the legal and beneficial owner of,
                                         and has good right and title to, all of its assets free from any Encumbrance other than
                                         a Permitted Encumbrance;

 

		(v)	(Security
                                         Documents) each Security Document is in full force and effect and the Encumbrance
                                         created under it has the priority contemplated in the Security Document;

 

		(w)	(Financial
                                         Indebtedness) no Financial Indebtedness subsists other than Permitted Financial Indebtedness;

 

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		(x)	(no
                                         benefit to related party) the execution and delivery by each Obligor of the Transaction
                                         Documents to which it is expressed to be a party, and the participation by it in any
                                         transaction in connection with the Transaction Documents to which it is expressed to
                                         be a party, will not violate or contravene Chapter 2E of the Corporations Act
                                         or any analogous provision in any applicable law of any applicable jurisdiction;

 

		(y)	(Intellectual
                                         Property) each Obligor owns, or has the right and license to use, all Intellectual
                                         Property necessary for the conduct of its business;

 

		(z)	(Marketable
                                         Securities) except as disclosed to and approved in writing by NAB, all Marketable
                                         Securities which are Encumbered Property are fully paid and there is no agreement, arrangement
                                         or understanding under which further Marketable Securities with rights of conversion
                                         to shares in any Obligor may be issued to any person; and

 

		(aa)	(other)
                                         each other representation or warranty (if any):

 

		(i)	set
                                         out, or as amended by any other provision, in this document; and

 

		(ii)	set
                                         out in each other Transaction Document to which it is expressed to be a party,

 

is
true and correct.

 

		8.2	Reliance
                                         and Repetition

 

		(a)	NAB
                                         has entered into each Finance Document to which it is expressed to be a party in reliance
                                         on the representations and warranties in this document and the other Finance Documents. The
                                         representations and warranties survive execution and delivery of the Finance Documents
                                         and the provision of financial accommodation under them.

 

		(b)	Each
                                         representation and warranty contained in a Finance Document is deemed to be repeated
                                         by each Obligor on:

 

		(i)	the
                                         date of each request for financial accommodation;

 

		(ii)	each
                                         Drawdown Date;

 

		(iii)	the
                                         last day of each Interest Period and Pricing Period (if applicable);

 

		(iv)	the
                                         date of each Compliance Certificate;

 

		(v)	the
                                         date on which any Amount Owing is paid to NAB; and

 

		(vi)	in
                                         the case of an Additional Obligor, the date on which the entity becomes (or it is proposed
                                         that the entity becomes) an Additional Obligor,

 

by
reference to the current facts and circumstances subsisting on that date.

 

		9.	Undertakings

 

Each
Obligor undertakes to:

 

		(a)	(notification)
                                         notify NAB immediately on becoming aware of: 

 

		(i)	any
                                         event which constitutes a Default (and the steps, if any, being taken to remedy it);

 

		(ii)	any
                                         breach of, or default under, any Material Document to which it is expressed to be a party;

 

    	© National Australia Bank Limited	30	 

     

    

 

		(iii)	any
                                         intention by it to exercise any right, power or remedy under any Material Document to
                                         which it is expressed to be a party as a consequence of any default under the Material
                                         Document;

 

		(iv)	any
                                         change in the Authorised Officers of any Obligor accompanied by the names, titles and
                                         specimen signatures of any new Authorised Officers;

 

		(v)	any
                                         Obligor changing its contact details for communications;

 

		(vi)	the
                                         details of any material litigation, arbitration, administrative or regulatory proceedings
                                         relating to it or any member of the APAC Group or of any material labour or industrial
                                         relations dispute affecting it or any member of the APAC Group which is current, pending
                                         or, to its knowledge, likely or threatened;

 

		(vii)	any
                                         change (actual or proposed) to ownership arrangements of any Obligor;

 

		(viii)	any
                                         Obligor:

 

		(A)	seeking
                                         the approval of ASIC in respect of, or executing, any Deed of Cross Guarantee; or

 

		(B)	amending
                                         or terminating a Deed of Cross Guarantee;

 

		(ix)	any
                                         proposal by any Agency to revoke or materially amend any Material Authorisation;

 

		(x)	the
                                         occurrence of any event or circumstance which has or is likely to have a Material Adverse
                                         Effect; and

 

		(xi)	any
                                         Obligor creating or acquiring or intending to create or acquire a Subsidiary;

 

		(b)	(information)
                                         provide NAB immediately with:

 

		(i)	all
                                         documents (including reports, accounts, notices and circulars) despatched by an Obligor
                                         to its creditors generally (or any class of them) at the same time as they are despatched
                                         (but only to the extent that such documents contain information regarding the financial
                                         condition of that Obligor);

 

		(ii)	such
                                         further information regarding the financial condition, business and operations of any
                                         Obligor as NAB may reasonably request; and

 

		(iii)	all
                                         material notices received by any Obligor from any Agency regarding matters which could
                                         have a Material Adverse Effect;

 

		(c)	(Authorisations):

 

		(i)	do
                                         all that is necessary to maintain in full force and effect any Material Authorisation;
                                         and

 

		(ii)	not
                                         do anything which would prevent the prompt renewal of any Authorisation or cause it to
                                         be renewed on less favourable terms;

 

		(d)	(comply
                                         with laws) comply with all laws to which it or its assets are subject;

 

		(e)	(change
                                         of business) ensure, and procure that, no significant change is made to the general
                                         nature of the business of any Obligor from that carried on at the date of this document;

 

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		(f)	(negative
                                         pledge) not create or permit to subsist any Encumbrance over any of its assets other
                                         than a Permitted Encumbrance;

 

		(g)	(acquisition
                                         subject to Encumbrance) except with the prior written consent of NAB, not acquire
                                         any asset which is subject to an Encumbrance or which becomes the subject of an Encumbrance
                                         on its acquisition;

 

		(h)	(disposals)
                                         not enter into a single transaction or a series of transactions (whether related or not
                                         and whether voluntary or involuntary) to sell, lease, license, transfer, grant an interest
                                         over, part with possession of or otherwise dispose of any asset or any interest in any
                                         asset other than a Permitted Disposal;

 

		(i)	(mergers)
                                         not enter into any amalgamation, demerger, merger or corporate reconstruction except
                                         a solvent amalgamation or a reconstruction on terms pre-approved by NAB in writing;

 

		(j)	(insurances):

 

		(i)	take
                                         out and maintain insurances with an independent and reputable insurer in the manner and
                                         to the extent stipulated by NAB or, if not stipulated by NAB, for the amounts and against
                                         risks which are in accordance with prudent business practice having regard to the nature
                                         of the business, assets and operations of the Obligors (including all insurances required
                                         by applicable law);

 

		(ii)	take
                                         out and maintain any further insurances as NAB may reasonably request;

 

		(iii)	disclose
                                         to each insurer all facts which are material to the insurer’s risk and comply with
                                         its obligations of utmost good faith to the insurer;

 

		(iv)	ensure
                                         that no material alteration is made to any policy, except with NAB’s prior written
                                         consent;

 

		(v)	ensure
                                         that each policy expressly notes NAB’s interests and, if required by NAB, names
                                         NAB as the sole loss payee;

 

		(vi)	as
                                         soon as practicable notify NAB if an event occurs which permits an insurance claim to
                                         be made or if an insurance claim is made or refused; and

 

		(vii)	promptly
                                         produce evidence satisfactory to NAB of current insurance cover (including a certified
                                         copy of each policy and schedule, certificate of currency or any variation made) or other
                                         details whenever NAB asks;

 

		(k)	(incurring
                                         Financial Indebtedness) not incur or permit to subsist any Financial Indebtedness
                                         other than Permitted Financial Indebtedness;

 

		(l)	(providing
                                         Financial Indebtedness) not be a creditor in respect of any Financial Indebtedness,
                                         other than Financial Indebtedness:

 

		(i)	provided
                                         to a Borrower or a Guarantor;

 

		(ii)	provided
                                         with the prior written consent of NAB;

 

		(iii)	provided
                                         to allow its customers to acquire goods or services on extended terms in the ordinary
                                         course of trading; or

 

		(iv)	provided
                                         by Hudson Global Resources (Aust) Pty Limited to a member of the APAC Group to support
                                         the working capital requirements of the APAC Group’s operations in China, Hong
                                         Kong and Singapore (provided such Financial Indebtedness is treated as a loan to a related
                                         party, classified as a genuine current receivable and confirmed as a legitimate instrument
                                         by Hudson Global Resources (Aust) Pty Limited’s external auditors on an ongoing
                                         basis).

 

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		(m)	(Taxes)
                                         pay all Taxes due and payable by it (other than Contested Taxes) and Taxes which are
                                         due and payable by it after final determination or settlement of a Contested Tax;

 

		(n)	(valuations)
                                         for Encumbered Property which is land, pay for any valuation which NAB may obtain at
                                         any time from a valuer approved and instructed by NAB, unless:

 

		(i)	NAB
                                         has obtained a valuation for that property at an Obligor’s cost within the previous
                                         two year period or such longer period as NAB may agree in its absolute discretion; and

 

		(ii)	no
                                         Default is subsisting and the valuation does not reveal that a Default is subsisting.

 

Nothing
in this clause prevents NAB from obtaining (at its own cost) any valuation of the Encumbered Property at any time that NAB requires;

 

		(o)	(Financial
                                         Statements and other documents to be delivered):

 

		(i)	deliver
                                         to NAB within the period stipulated in the Schedule, a copy of the Financial Statements
                                         and other documents stipulated in Item 7 of the Schedule;
	 	 	 

		(ii)	ensure
                                         the Financial Statements provided to NAB under this document:

 

		(A)	are
                                         certified by a director of the relevant Obligor as giving a true and fair view of the
                                         financial position and performance of the relevant Obligor or Group (as the case may
                                         be), in the case of financial position, as at the date stated in the Financial Statements,
                                         and, in the case of financial performance, for the period specified in the Schedule to
                                         which those Financial Statements relate;

 

		(B)	are
                                         prepared using GAAP consistently applied;

 

		(C)	give
                                         a true and fair view of the financial position and performance of the relevant entities
                                         on a consolidated basis, in the case of financial position, as at the date stated in
                                         the Financial Statements, and, in the case of financial performance, for the period to
                                         which those Financial Statements relate; and

 

		(D)	comply
                                         with any other requirement specified in the Schedule; and

 

		(iii)	not
                                         change its financial year without the prior written consent of NAB;

 

		(p)	(Compliance
                                         Certificate) deliver to NAB a Compliance Certificate with each set of Financial Statements,
                                         externally-prepared accounts and management accounts required under this document on
                                         the dates specified in item 7 of the Schedule;

 

		(q)	(tax
                                         consolidation) in respect of any Obligor that is a member of a Tax Consolidated Group
                                         (which has been disclosed to, and agreed to by, NAB in writing), ensure and procure that:

 

		(i)	a
                                         TSA and a TFA are maintained in full force and effect;

 

		(ii)	each
                                         member of the Tax Consolidated Group complies with the TSA and the TFA; and

 

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		(iii)	the
                                         Head Company gives the Australian Taxation Office a copy of the TSA within the period
                                         required by section 721-25(3)(b) of the Tax Act if the Australian Taxation Office gives
                                         it a notice requiring it to do so;

 

		(r)	(reduction
                                         of capital and financial assistance) except with the prior written consent of NAB,
                                         not do any of the following:

 

		(i)	redeem,
                                         buy-back, defease, retire or repay any of its share capital or resolve to do so;

 

		(ii)	provide
                                         any financial assistance in connection with the acquisition of shares in itself or in
                                         any of its holding companies or resolve to do so; or
	 	 	 

		(iii)	do
                                         anything analogous to clause (i) or (ii) above;

 

		(s)	(no
                                         partnership or joint venture) unless otherwise specified in a Finance Document, not
                                         enter into:

 

		(i)	any
                                         profit sharing arrangement in relation to any Encumbered Property; or

 

		(ii)	any
                                         partnership or joint venture with any other person,

 

without
NAB's prior written consent;

 

		(t)	(arm's
                                         length transactions) not enter into any transaction other than on arm’s length
                                         terms;

 

		(u)	(APAC
                                         Group debt) not release or waive any Financial Indebtedness owed by a member of the
                                         APAC Group other than Financial Indebtedness up to a maximum aggregate amount for all
                                         Obligors of $250,000;

 

		(v)	(constituent
                                         documents) not change its constituent documents without the prior written consent
                                         of NAB (such consent not to be unreasonably withheld unless the change could have a Material
                                         Adverse Effect);

 

		(w)	(Compliance
                                         and enforcement of Material Documents):

 

		(i)	comply
                                         with its obligations under each Material Document to which it is expressed to be a party
                                         in all material respects;

 

		(ii)	enforce
                                         each Material Document to which it is expressed to be a party and exercise its rights,
                                         authorities and discretions under those documents prudently and, while a Default is continuing,
                                         in accordance with the directions (if any) of NAB; and

 

		(iii)	use
                                         its best endeavours to keep the Material Documents valid and enforceable;

 

		(x)	(Variation
                                         of Material Documents) not:

 

		(i)	vary
                                         in any material respect;

 

		(ii)	avoid,
                                         discharge, rescind, release, surrender, terminate (other than by performance) or accept
                                         the repudiation of;

 

		(iii)	allow
                                         to expire (other than by effluxion of time);

 

		(iv)	do
                                         or permit anything which would entitle another party to do anything referred to in clause
                                         (ii) in relation to; or

 

    	© National Australia Bank Limited	34	 

     

    

 

		(v)	expressly
                                         or impliedly grant any material waiver, consent, time or indulgence under or in respect
                                         of,

 

a
Material Document;

 

		(y)	(Subsidiaries)
                                         except with the prior written consent of NAB, not acquire or permit to exist, a Subsidiary
                                         (other than a Subsidiary in existence as the date of this document disclosed to, and
                                         approved by NAB);

 

		(z)	(further
                                         assurances) promptly:

 

		(i)	do
                                         all such acts and execute all such documents as NAB may reasonably specify (and in such
                                         form as NAB may reasonably require) to:

 

		(A)	enable
                                         NAB to exercise its rights under or in connection with each Finance Document;

 

		(B)	bind
                                         each Obligor and any other person intended to be bound under a Finance Document;

 

		(C)	enable
                                         NAB to register any power of attorney or any similar power;

 

		(D)	perfect
                                         each Encumbrance created or intended to be created under the Security Documents or for
                                         the exercise of rights or remedies of NAB by or pursuant to any Finance Document or law;

 

		(E)	confer
                                         on NAB an Encumbrance over any right, property and asset of the Obligors intended to
                                         be conferred by or pursuant to the Security Documents;

 

		(F)	facilitate
                                         the realisation of assets, which are, or are intended to be subject of an Encumbrance;
                                         and

 

		(G)	demonstrate
                                         whether the Obligors are complying with each Finance Document to which they are expressed
                                         to be a party; and

 

		(ii)	take
                                         all action available to it as may be necessary for the purpose of creation, perfection,
                                         protection or maintenance of any Encumbrance conferred or intended to be conferred on
                                         NAB by or pursuant to any Finance Document; and

 

		(aa)	(other
                                         undertakings or conditions subsequent) comply with each other undertaking or condition
                                         subsequent set out, or as amended by any other provision, in this document.

 

		10.	Financial
                                         Covenants and Hedging

 

		10.1	Financial
                                         Covenants

 

Each
Borrower must comply with the financial covenants set out in the Schedule (if any) and in any other part of this document (if
any).

 

		10.2	Accounting
                                         Policy

 

		(a)	If,
                                         in the reasonable opinion of a Borrower or NAB, any changes to GAAP materially alter
                                         the effect of financial covenants referred to in clause 10.1 (Financial Covenants)
                                         or the related definitions, NAB will review the relevant covenants and definitions in
                                         consultation with the Borrower to determine whether any amendment is required to this
                                         document to take into account the change in GAAP so they have an effect comparable to
                                         that at the date of this document.

 

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		(b)	The
                                         Borrower acknowledges that, notwithstanding clause (a), NAB may determine, in its discretion,
                                         that no amendment to this document is required despite the change in GAAP.

 

		10.3	Hedging

 

Each
Obligor must comply with the hedging requirements set out in the Schedule (if any) and in any other part of this document (if
any).

 

		11.	Events
                                         of Default

 

		11.1	Events
                                         and circumstances

 

Each
of the following events or circumstances is an Event of Default:

 

		(a)	(payment
                                         default) an Obligor fails to pay any Amount Owing when due and payable to NAB at
                                         the place and in the currency in which it is expressed to be payable unless NAB is satisfied
                                         that the sole reason for such failure to pay is caused by administrative or technical
                                         error in the banking system generally which is beyond the control of that Obligor and
                                         payment is made within 2 Business Days after its due date;

 

		(b)	(financial
                                         covenants and hedging) an Obligor breaches any of the requirements referred to in
                                         clause 10.1 (Financial Covenants) or clause 10.3 (Hedging);

 

		(c)	(other
                                         defaults – non-remediable) an Obligor fails to perform and observe any obligation
                                         under, or any condition of any waiver or consent by NAB in connection with, any Finance
                                         Document to which it is expressed to be a party (other than those referred to in any
                                         other paragraph of clause ‎11.1 (Events and circumstances)) and the failure
                                         is not capable of remedy in NAB’s opinion;

 

		(d)	(other
                                         defaults – remediable) an Obligor fails to perform and observe any obligation
                                         under, or any condition of any waiver or consent by NAB in connection with, any Finance
                                         Document to which it is expressed to be a party (other than those referred to in any
                                         other paragraph of clause ‎11.1 (Events and circumstances)) and that failure
                                         is capable of remedy but is not remedied within 5 Business Days of NAB giving a notice
                                         specifying the failure to the Obligor or that Obligor becoming aware of the failure to
                                         comply, whichever is the earlier;

 

		(e)	(representations
                                         and warranties) a representation or warranty made or deemed to be repeated by an
                                         Obligor to NAB in a Finance Document to which it is expressed to be a party or any other
                                         document or information delivered by or on behalf of any Obligor under or in connection
                                         with any Finance Document to which it is expressed to be a party is incorrect or misleading
                                         when made or deemed to be repeated;

 

		(f)	(cross
                                         default):

 

		(i)	any
                                         Financial Indebtedness of an Obligor is not paid when due or within any applicable grace
                                         period;

 

		(ii)	any
                                         Financial Indebtedness of an Obligor or any member of the APAC Group becomes due and
                                         payable or is capable of being declared due and payable prior to its specified maturity;
                                         or

 

		(iii)	any
                                         commitment for any Financial Indebtedness of an Obligor is cancelled or suspended by
                                         a creditor of an Obligor as a result of an event of default or change of control (however
                                         described);

 

		(g)	(Insolvency
                                         Event) an Insolvency Event occurs in relation to an Obligor;

 

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		(h)	(enforcement
                                         proceedings) any expropriation, attachment, sequestration, distress or execution
                                         (or any analogous process in any jurisdiction) affects any asset of an Obligor having
                                         an aggregate value of at least the Threshold Amount and is not stayed or withdrawn within
                                         5 Business Days;

 

		(i)	(vitiation):

 

		(i)	a
                                         provision of a Finance Document is or becomes or is claimed by a party other than NAB
                                         to be wholly or partly invalid, void, voidable or unenforceable;

 

		(ii)	it
                                         becomes impossible for an Obligor to perform a material obligation under a Finance Document
                                         to which it is expressed to be a party; or

 

		(iii)	any
                                         party has a right to terminate due to breach or to rescind or avoid all or part of any
                                         Finance Document;

 

		(j)	(material
                                         adverse change) an event or series of events (whether or not related) occurs which,
                                         in NAB’s opinion, could have a Material Adverse Effect;

 

		(k)	(unlawfulness
                                         and invalidity) it is or becomes unlawful for an Obligor to perform any of its obligations
                                         under any Finance Document to which it is expressed to be a party, or any Finance Document
                                         ceases to be in full force and effect or is alleged to be ineffective;

 

		(l)	(repudiation)
                                         an Obligor repudiates any Finance Document to which it is expressed to be a party or
                                         evidences an intention to repudiate a Finance Document;

 

		(m)	not
                                         used;

 

		(n)	(cessation
                                         of business) any Obligor ceases or threatens to cease conducting its business, or
                                         a material part of it, or substantially changes the nature of its business, without NAB’s
                                         prior written consent;

 

		(o)	(investigation)
                                         a person is appointed under any law to investigate any part of the affairs of an Obligor
                                         or a member of the APAC Group and that investigation could have a Material Adverse Effect;

 

		(p)	(delisting,
                                         termination or suspension of listing) if any class of Marketable Securities of, or
                                         issued by, an Obligor is listed or quoted on any securities exchange (including the ASX),
                                         the listing or quotation of those Marketable Securities is removed from the official
                                         list of that securities exchange, is terminated or is suspended and remains suspended
                                         for a continuous period of 10 or more trading days;

 

		(q)	(fraud)
                                         NAB reasonably believes any Obligor has acted fraudulently;

 

		(r)	(status
                                         of Encumbrance):

 

		(i)	any
                                         Encumbrance over an asset of an Obligor is enforced or becomes capable of being enforced;

 

		(ii)	NAB
                                         loses the priority accorded to it under any Encumbrance created or intended to be created
                                         under a Security Document;

 

		(iii)	the
                                         value of any Encumbered Property materially decreases (as assessed by NAB);

 

		(iv)	any
                                         Agency compulsorily acquires all or a material part of any Encumbered Property, orders
                                         the sale or divesture of the Encumbered Property or takes any step for the purposes of
                                         doing, or proposes to do, any of those things; or

 

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		(v)	any
                                         native title claim is made or is proposed to be made in respect of any Encumbered Property;

 

		(s)	(death
                                         or incapacity) in respect of any Obligor that is a natural person, the Obligor dies
                                         or is declared by a competent authority to be insane or mentally incapacitated;

 

		(t)	(statutory
                                         management) an Obligor is declared at risk pursuant to the Corporations (Investigation
                                         and Management) Act 1989 (NZ), or a statutory manager is appointed or a step is taken
                                         with a view to any such appointment in respect of it under that Act (including a recommendation
                                         by any person to the Financial Markets Authority supporting such an appointment); and

 

		(u)	(other)
                                         any other event of default (however described) set out, or as amended by any provision,
                                         in this document or in any other Finance Document occurs.

 

		11.2	Consequences
                                         of an Event of Default

 

		(a)	If
                                         an Event of Default occurs and is continuing then, notwithstanding any other provision
                                         of this document, NAB may do any one or more of the following:

 

		(i)	treat
                                         all or any part of the Amount Owing as immediately due and payable or declare it to be
                                         payable on demand in which case it will be due and payable immediately or on demand,
                                         as the case may be;

 

		(ii)	cancel
                                         the whole or any part of a Facility or cancel all or any part of any Facility Limit in
                                         which case the cancellation will take effect immediately;

 

		(iii)	take
                                         any other action that NAB is permitted to take upon the occurrence of an Event of Default:

 

		(A)	under
                                         any other Finance Document; and

 

		(B)	in
                                         respect of a Facility, as may be set out in the Specific Conditions or, if no Specific
                                         Conditions apply, the separate terms and conditions applying to that Facility; and

 

		(iv)	exercise
                                         its right to appoint consultants under clause 12 (Appointment of Consultants).

 

		(b)	If
                                         NAB gives notice to the Borrowers that it has done anything under clause (a), each Borrower
                                         must comply with that notice but otherwise must continue to perform its obligations under
                                         each Finance Document to which it is expressed to be a party as if the notice had not
                                         been given, subject to any contrary directions from NAB.

 

		(c)	The
                                         Borrowers must, upon receipt of a notice that, pursuant to clause (a)(i), any part of
                                         the Amount Owing is due and payable, immediately pay that part of the Amount Owing declared
                                         due and payable within the period specified in the notice or if no period is specified,
                                         immediately.

 

		12.	Appointment
                                         of Consultants

 

		(a)	If
                                         NAB forms the opinion in its absolute discretion that a Default has occurred or that
                                         circumstances exist which could lead to a Default occurring, NAB may, and at NAB’s
                                         request an Obligor must, engage such accountancy, financial management and other consultants
                                         as NAB may nominate to investigate and report to NAB on the financial condition and business
                                         affairs of any Obligor and whether each Obligor has complied with each Finance Document
                                         to which it is expressed to be a party and to make recommendations to NAB relating to
                                         the manner in which the Obligors carry on their business.

 

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		(b)	Any
                                         engagement referred to in clause (a) (whether by NAB or an Obligor) will be at the Obligors’
                                         cost, and NAB may exercise its sole discretion to debit those costs from any account
                                         of an Obligor. The Obligor must pay to NAB immediately on demand any amount so debited.

 

		(c)	Each
                                         Obligor agrees to provide all assistance and information required by the consultants
                                         (including making all financial records available and giving access to all premises and
                                         records) to enable the consultants to conduct their examination promptly, completely
                                         and accurately.

 

		(d)	No
                                         Obligor is obliged to accept the recommendations of any consultant, and NAB will assume
                                         no liability with respect to any actions an Obligor takes, or does not take, as a result
                                         of those recommendations.

 

		13.	Change
                                         of Control

 

If:

 

		(a)	a
                                         person or group of persons acting in concert:

 

		(i)	become
                                         in a position to cast more than 50.1% of the maximum number of votes that might be cast
                                         at a general meeting of Hudson Parent; or

 

		(ii)	hold
                                         more than 50.1% of the issued share capital of Hudson Parent; or

 

		(b)	any
                                         Obligor ceases to be (whether directly or indirectly) a wholly owned Subsidiary of Hudson
                                         Parent,

 

the
Borrowers must promptly notify NAB upon becoming aware of that event and NAB may (in its absolute discretion):

 

		(c)	review
                                         pricing in respect of any Facility in accordance with clause 14 (Review); and/or
	 	 	 

		(d)	by
                                         giving written notice to the Borrowers:

 

		(i)	cancel
                                         the whole or any part of a Facility whereupon it will be immediately cancelled; and

 

		(ii)	declare
                                         that all or any part of the Amount Owing is due and payable on the date specified in
                                         NAB’s written notice whereupon it will be due and payable on the specified date.

 

		14.	Review

 

		14.1	Pricing
                                         Review Events

 

		(a)	NAB
                                         has the right to review the pricing applicable to a Facility (Pricing Review):

 

		(i)	at
                                         any time if NAB reasonably believes that there is a Default; or

 

		(ii)	as
                                         permitted under clause 13 (Change of Control).

 

		(b)	NAB
                                         may request a Borrower to provide information in connection with a Pricing Review and
                                         the Borrower must provide such information as soon as possible following receipt of the
                                         request.

 

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		14.2	Consequences
                                         of a Pricing Review

 

		(a)	Following
                                         a Pricing Review, NAB may, by giving written notice (including by way of revised terms
                                         and conditions for any Facility or by way of a revised Fees Guide) to the Borrowers and/or
                                         by way of publication on NAB’s website and/or advertisement in the local or national
                                         press:

 

		(i)	introduce
                                         a new fee, charge or premium or change an existing fee, charge or premium (including
                                         its amount, the way in which it is calculated and when it is charged); and

 

		(ii)	change
                                         the interest rate or yield rate applicable to a Facility including by changing or introducing
                                         a margin (including by making the margin positive or negative), or substituting a different
                                         indicator rate for the relevant indicator rate (except where the rate is a fixed rate).

 

		(b)	Where
                                         NAB gives the Borrowers notice under clause (a) by way of advertisement in the local
                                         or national press or by way of publication on NAB’s website, NAB will also endeavour
                                         to directly notify the Borrowers of the change although NAB will not be precluded from
                                         charging the new or adjusted pricing if it does not directly notify the Borrowers.

 

		(c)	An
                                         introduction or change of a matter specified in clause (a) takes effect on:

 

		(i)	the
                                         date specified in the relevant notice to the Borrowers; and/or

 

		(ii)	on
                                         the date specified in the relevant advertisement in the local or national press or in
                                         the publication on NAB’s website.

 

		14.3	Pricing
                                         Review Fee

 

		(a)	A
                                         review fee is payable to NAB immediately upon demand in respect of each Pricing Review
                                         in the amount set out in the relevant Details.

 

		(b)	NAB
                                         may exercise its sole discretion to debit the review fee from any account of a Borrower.
                                         The Borrower must pay to NAB immediately on demand any amount so debited.

 

		14.4	Review
                                         Event

 

Each
Borrower must promptly notify NAB after it becomes aware that a Review Event has occurred.

 

		14.5	Review
                                         Event Consequences

 

		(a)	Following
                                         the occurrence of a Review Event, the Obligors and NAB must enter into negotiations for
                                         a period of not less than the Negotiation Period, with a view to agreeing terms on which
                                         NAB would be prepared to offer to provide, fund or maintain all or any of the Facilities.

 

		(b)	If
                                         agreement is reached, the Obligors must do all acts and execute all documents as NAB
                                         requires to document, or to protect, preserve or secure NAB’s rights and interests
                                         under, such agreement.

 

		(c)	If
                                         agreement is not reached within the Negotiation Period or if (in the opinion of NAB)
                                         any of the Obligors does not do all acts and execute all documents as NAB requires to
                                         document, or to protect, preserve or secure for NAB’s rights and interests under,
                                         any agreement, NAB may by giving written notice to the Borrowers:

 

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		(i)	cancel
                                         the whole or any part of a Facility whereupon it will be immediately cancelled; and

 

		(ii)	declare
                                         that all or any part of the Amount Owing is due and payable whereupon it will be due
                                         and payable within the Mandatory Prepayment Period.

 

		(d)	If
                                         the Borrowers fail to prepay all amounts payable under clause (c) within the Mandatory
                                         Prepayment Period, that failure will constitute an Event of Default and NAB may exercise
                                         any of its rights set out in clause 11.2 (Consequences of an Event of Default)

 

		15.	Open
                                         Treasury Transactions

 

If
any Facility is terminated or cancelled in full or in part or if any part of the Balance Owing in respect of any Facility is permanently
prepaid or repaid or if any part of the Balance Owing in respect of any Facility becomes repayable before its stated maturity
date for any reason and if at that time there are any treasury related transactions in existence between NAB and any Borrower
(Open Positions) then:

 

		(a)	NAB
                                         may close out the Open Positions, by entering into opposite positions for the balance
                                         of the unexpired term, or by such other means as may be usual in the relevant market,
                                         and any such close out must be at market rates prevailing at the time;

 

		(b)	any
                                         Costs incurred by NAB in closing out Open Positions under clause (a) must be paid by
                                         the relevant Borrower to NAB immediately upon demand by NAB;

 

		(c)	any
                                         gain derived by NAB in closing out Open Positions under clause (a) will be credited to
                                         the relevant Borrower and set off against the Amount Owing by the relevant Borrower;
                                         and

 

		(d)	NAB
                                         will give the relevant Borrower reasonable particulars of the manner of close out of
                                         the Open Positions and the basis of calculation of any amounts payable by or to the relevant
                                         Borrower arising from that close out.

 

		16.	Costs
                                         and Taxes

 

		16.1	Bank’s
                                         Costs

 

Each
Borrower must pay to NAB immediately upon demand all Costs and Taxes of any nature incurred by NAB in connection with:

 

		(a)	the
                                         negotiation, preparation, execution, delivery, stamping, registration, completion, amendment,
                                         release and discharge of each Finance Document or the provision of any Drawing (whether
                                         payable directly or otherwise paid by NAB and regardless of the date on which it is due,
                                         payable and/or paid);

 

		(b)	preparing,
                                         registering and maintaining any financing statement or financing change statement (each
                                         as defined in the PPSA or the NZ PPSA, as the context requires) in relation to a Security
                                         Document, or taking any other action that in NAB’s opinion is necessary under clause
                                         1.6;

 

		(c)	the
                                         consideration and grant of any request for consent, approval or waiver by NAB under any
                                         Finance Document regardless of whether or not NAB gives the consent, approval or waiver
                                         sought;

 

		(d)	the
                                         preservation, exercise, enforcement or waiver of any power, right or remedy under any
                                         Finance Document, taking (or considering, preparing or attempting to take) any action
                                         in connection with any Finance Document or in connection with anything referred to in
                                         clause 23.1(d); and

 

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		(e)	any
                                         enquiry from an Agency involving an Obligor,

 

including:

 

		(f)	all
                                         Costs and Taxes of any nature incurred in connection with the remuneration of any administrator
                                         or Controller or similar persons appointed by NAB or anything done by any such persons
                                         appointed; and
	 	 	 

		(g)	any
                                         administration costs of NAB in relation to the matters described in clause (c).

 

		16.2	Obligors’
                                         Costs

 

Without
prejudice to clauses 12(b) and 14.3(b), each Obligor will be responsible for all of its own costs and expenses in connection with
the Finance Documents and the transactions contemplated by those documents.

 

		17.	Fees

 

		(a)	The
                                         Borrowers must pay to NAB the fees specified in the Schedule, at the times specified
                                         in the Schedule.

 

		(b)	In
                                         addition to the fees set out in the Schedule, the Borrowers must pay to NAB the other
                                         fees specified in the Details, the Specific Conditions (or, if none, the separate terms
                                         and conditions applying to a Facility) and the Fees Guide, in the manner and at the times
                                         specified in those documents.

 

		(c)	If
                                         a Balance Owing exceeds the relevant Facility Limit for any reason (even where NAB has
                                         approved the excess), fees may apply as detailed in the relevant Fees Guide.

 

		(d)	Unless
                                         otherwise agreed, fees are not charged on a pro-rata basis and, once incurred, charged
                                         or paid (as the case may be) are non-refundable in whole or in part.

 

		(e)	Fees
                                         that are payable when an event occurs may be debited when, or after, that event occurs
                                         and periodic fees (such as Service Fees) may be debited at any time during, or after,
                                         the period to which they relate.

 

		18.	Payments

 

		(a)	Subject
                                         to the Specific Conditions or, if no Specific Conditions apply, the separate terms and
                                         conditions applying to a Facility, all payments due by a Borrower to NAB must be made
                                         on the due date (or if no due date is specified, then on demand by NAB) unless such payment
                                         is due on a day that is not a Business Day in which case payment must be made on the
                                         next Business Day.

 

		(b)	All
                                         payments must be made in immediately available cleared funds and without set-off or counter-claim,
                                         and be free and clear of any deduction or withholding, unless required by law. 

 

		(c)	If
                                         a deduction or withholding is required by law, the relevant Borrower must:

 

		(i)	make
                                         that deduction and/or withholding, pay such amount in full to the appropriate Agency
                                         and deliver to NAB a copy of the receipt for the payment; and

 

		(ii)	increase
                                         its payment to NAB to an amount which will result in NAB receiving (after the deduction
                                         or withholding) the full amount which it would have received if no deduction or withholding
                                         had been required.

 

		(d)	All
                                         payments are payable in Dollars unless otherwise stated.

 

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		(e)	If
                                         NAB receives or recovers an amount in a currency other than that in which it is due:

 

		(i)	NAB
                                         may convert the amount received or recovered into the due currency (and if necessary
                                         convert through other currencies) on such day and at such rates as NAB considers appropriate.
                                         NAB may deduct from the amount it receives or recovers its usual costs in connection
                                         with the conversion; and

 

		(ii)	the
                                         Borrower satisfies its obligation to pay only to the extent of the amount of the due
                                         currency obtained from the conversion after deducting conversion costs.

 

		(f)	If
                                         NAB is debiting an amount from an account held by a Borrower, and that amount is in a
                                         currency other than that of the account, NAB may:

 

		(i)	convert
                                         the amount to be debited into the currency of the relevant account (and if necessary
                                         convert through other currencies) on such day and at such rates as NAB considers appropriate;
                                         and

 

		(ii)	debit
                                         from that account the amount so converted, plus the costs of conversion.

 

The
Borrower satisfies its obligation to pay only to the extent of the amount of the due currency obtained from the conversation after
deducting conversion costs.

 

		(g)	For
                                         the purposes of making payments under this document, a day ends at 4 p.m. in the Governing
                                         Law Jurisdiction.

 

		19.	GST

 

		(a)	Unless
                                         otherwise specified, all amounts referred to in a Finance Document are exclusive of GST.
                                          

 

		(b)	If
                                         GST is or will be imposed on any Supply made by NAB under or in connection with a Finance
                                         Document to a Recipient, where any amount or consideration (consideration) payable
                                         or to be provided by the Recipient under the Finance Document in relation to that Supply
                                         is exclusive of GST (GST-exclusive consideration), NAB may:

 

		(i)	increase
                                         the consideration payable by an additional amount on account of GST; or

 

		(ii)	otherwise
                                         recover from the Recipient an additional amount on account of GST.

 

		(c)	The
                                         additional amount on account of GST is to be calculated by multiplying the GST-exclusive
                                         consideration for the relevant Taxable Supply by the GST rate prevailing at the time
                                         of the Taxable Supply. 

 

		(d)	NAB
                                         will issue the Recipient with a Tax Invoice prior to seeking payment for the relevant
                                         Supply.

 

		(e)	Each
                                         Recipient indemnifies NAB against any loss or Costs incurred by NAB as a result of or
                                         in connection with NAB not receiving any additional amount on account of GST.

 

		20.	Increased
                                         Costs
	 	 	 

		(a)	Subject
                                         to clause (c), each Borrower must, immediately upon demand, pay for the amount of any
                                         Increased Costs incurred by NAB or any of its Affiliates as a result of:

 

		(i)	the
                                         introduction of or any change in (or in the interpretation or application of) any law;
                                         or

 

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		(ii)	compliance
                                         with any law,

 

made
after the date of this document including any law with regard to capital adequacy, prudential limits, liquidity, reserve assets,
banking or monetary controls or Tax.

 

		(b)	In
                                         this document, Increased Costs means:

 

		(i)	a
                                         reduction in the rate of return from any Facility or on the overall capital (including
                                         as a result of any reduction in the rate of return on capital as more capital is required
                                         to be allocated) of NAB or any of its Affiliates;

 

		(ii)	an
                                         additional or increased cost to NAB or any of its Affiliates of providing, funding or
                                         maintaining a Facility; or

 

		(iii)	a
                                         reduction of any amount due and payable under any Finance Document,

 

which
is incurred or suffered by NAB or any of its Affiliates to the extent attributable to NAB or any of its Affiliates funding or
performing its obligations under any Finance Document.

 

		(c)	Clause
                                         (a) does not apply to the extent any Increased Costs are compensated by the relevant
                                         Borrower under clause 18(c).

 

		21.	Economic
                                         Costs

 

		(a)	If
                                         an Economic Event occurs in relation to a Facility, NAB will determine the amount of
                                         Economic Costs incurred or suffered and will notify the relevant Borrower accordingly.

 

		(b)	Each
                                         Borrower, in respect of a Facility, must immediately pay to NAB all Economic Costs notified
                                         by NAB to the Borrower for payment.

 

		22.	Currency
                                         indemnity

 

		22.1	Payments

 

Each
Borrower indemnifies NAB against any Costs incurred by NAB as a result of a failure by an Obligor to pay any amount due under
a Finance Document on its due date in accordance with the terms of that Finance Document or in the relevant currency.

 

		22.2	Judgments
                                         and orders

 

		(a)	Clause
                                         (b) applies if a judgment or order is given by any court or tribunal for the payment
                                         of any Amount Owing to NAB under a Facility, or for the payment of damages to NAB in
                                         respect of any breach of the terms of a Facility, where that judgment or order is expressed
                                         in a currency (the Judgment Currency) which is different from the currency expressed
                                         to be payable under this document in relation to the Facility (the Relevant Foreign
                                         Currency).

 

		(b)	Each
                                         Borrower indemnifies NAB against any deficiency in the amounts received by NAB arising
                                         or resulting from any variation between:

 

		(i)	the
                                         rate of exchange at which the Relevant Foreign Currency is converted into the Judgment
                                         Currency (whether through other currencies or not) for the purpose of the judgment or
                                         order; and

 

		(ii)	the
                                         rate of exchange at which NAB is able to purchase the Relevant Foreign Currency with
                                         the Judgment Currency (whether through other currencies or not) at the time of its receipt
                                         by NAB.

 

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		23.	Other
                                         Indemnities

 

		23.1	Indemnity
                                         for Costs and Taxes

 

Each
Borrower indemnifies NAB against any Costs and Taxes incurred or suffered by NAB as a result of:

 

		(a)	NAB
                                         investigating any event or circumstance which it reasonably believes is a Default, a
                                         Review Event or a Change of Control;

 

		(b)	the
                                         occurrence of any Default, Review Event or Change of Control;

 

		(c)	information
                                         produced or approved by or on behalf of an Obligor or any other member of the APAC Group
                                         under or in connection with any Finance Document or the transactions contemplated by
                                         any Finance Document being or being alleged to be misleading or deceptive in any respect;

 

		(d)	any
                                         enquiry, investigation, subpoena (or similar order) or litigation with respect to any
                                         Obligor or with respect to the transactions contemplated under any Finance Document;

 

		(e)	NAB
                                         acting or relying on any notice, request or instruction (whether in electronic form or
                                         otherwise) which it reasonably believes to be genuine, correct and appropriately authorised;

 

		(f)	any
                                         indemnity NAB gives a Controller or administrator of any Obligor; and

 

		(g)	NAB
                                         terminating, reversing or varying any agreement, arrangement or transaction entered into
                                         to hedge, fix or limit its effective cost of providing, funding or maintaining a Facility.

 

		23.2	BNZ
                                         Indemnity

 

As
an independent and principal obligation, each Borrower indemnifies NAB against any loss or liability sustained by it or on its
behalf, directly or indirectly, under the BNZ Indemnity.

 

		24.	Set-Off

 

		(a)	NAB
                                         may, at any time without any demand or notice, combine, consolidate or merge all or any
                                         accounts of a Borrower or a Guarantor and may also set off the whole or any part of the
                                         Amount Owing against any credit balance in those accounts.
	 	 	 

		(b)	Each
                                         Borrower and each Guarantor irrevocably authorises NAB to do anything necessary for the
                                         purpose set out in clause (a) including redeeming and/or appropriating all or any part
                                         of any account, deposit or other arrangement between NAB and that Borrower or Guarantor
                                         under which NAB may be indebted to that Borrower or Guarantor, even if the balance on
                                         any such account and the Amount Owing are not expressed in the same currencies. 
	 	 	 

		(c)	NAB
                                         may make any currency conversion it considers necessary or desirable for the purpose
                                         set out in clause (a) and clauses 18(e) and 18(f) will apply in relation to any such
                                         conversion.

 

		25.	Liability
                                         for Regulatory Events

 

		(a)	Each
                                         Obligor acknowledges that the Services may be interrupted, prevented, delayed or otherwise
                                         adversely affected by a Regulatory Event.

 

		(b)	To
                                         the extent permitted by law:

 

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		(i)	NAB
                                         is not liable for any loss or expense suffered or incurred by an Obligor or any other
                                         person if an event described in clause (a) occurs, irrespective of the nature or cause
                                         of that loss, and NAB has no obligation to contest any Regulatory Event or to mitigate
                                         its impact on an Obligor or NAB; and

 

		(ii)	each
                                         Obligor releases NAB from all liability in connection with any loss incurred by an Obligor
                                         or any other person if an event described in clause (a) occurs.

 

		(c)	To
                                         the extent that NAB’s liability cannot be excluded, NAB’s liability is limited
                                         to the cost of having the Service supplied again.

 

		(d)	NAB
                                         may use and disclose to any other financial institution or Agency, any information about
                                         any Obligor, or any Affiliate of any Obligor, or the Facilities or the Services, for
                                         any purpose which NAB, or any other financial institution, considers appropriate or necessary
                                         in connection with any Regulatory Event or the Facilities or the Services and this may
                                         result in information being transmitted overseas.

 

		(e)	Each
                                         Obligor agrees to provide information to NAB about it, the Facilities, the Services or
                                         any person connected with it or the Facilities or the Services on request, and to promptly
                                         procure any consents NAB requires to give effect to clause (d).

 

		26.	GUARANTEE
                                         AND INDEMNITY

 

		26.1	Guarantee
                                         and indemnity

 

Each
Guarantor irrevocably and unconditionally jointly and severally:

 

		(a)	guarantees
                                         to NAB punctual performance by each Obligor of all that Obligor's obligations under the
                                         Finance Documents;

 

		(b)	undertakes
                                         with NAB that whenever an Obligor does not pay any amount when due under or in connection
                                         with any Finance Document (or anything which would have been due if the Finance Document
                                         or the amount was enforceable, valid and not illegal), that Guarantor shall immediately
                                         on demand pay that amount as if it was the principal obligor; and

 

		(c)	indemnifies
                                         NAB immediately on demand against any cost, loss or liability suffered by NAB if any
                                         obligation guaranteed by it (or anything which would have been an obligation guaranteed
                                         by it if not unenforceable, invalid or illegal) is or becomes unenforceable, invalid
                                         or illegal. The amount of the cost, loss or liability shall be equal to the amount which
                                         NAB would otherwise have been entitled to recover.

 

Each
of paragraphs (a), (b) and (c) is a separate obligation. None is limited by reference to the other.

 

		26.2	Continuing
                                         guarantee

 

This
guarantee, undertaking and indemnity is a continuing guarantee, undertaking and indemnity and will extend to the ultimate balance
of sums payable by any Obligor under the Finance Documents, regardless of any intermediate payment or discharge in whole or in
part.

 

		26.3	Reinstatement

 

If
any payment to or any discharge, release or arrangement given or entered into by NAB (whether in respect of the obligations of
any Obligor or any security for those obligations or otherwise) is avoided or reduced for any reason (including as a result of
insolvency, breach of fiduciary or statutory duties or any similar event):

 

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		(a)	the
                                         liability of each Obligor shall continue and any such security shall be reinstated as
                                         if the payment, discharge, avoidance or reduction had not occurred; and

 

		(b)	NAB
                                         is entitled to recover the value or amount of that security or payment from each Obligor
                                         as if the payment, discharge, avoidance or reduction had not occurred.

 

		26.4	Waiver
                                         of defences

 

The
obligations of each Guarantor under this clause will not be affected by an act, omission, matter or thing which, but for this
clause, would reduce, release or prejudice any of its obligations under this clause (without limitation and whether or not known
to it or NAB) including:

 

		(a)	any
                                         time, waiver or other concession or consent granted to, or composition with, any Obligor
                                         or other person;

 

		(b)	the
                                         release or resignation of any other Obligor or any other person;

 

		(c)	any
                                         composition or arrangement with any creditor of any Obligor or other person;

 

		(d)	the
                                         taking, variation, compromise, exchange, renewal or release of, or refusal or neglect
                                         to perfect, execute, take up or enforce, any rights against, or security over assets
                                         of, any Obligor or other person or any non-presentation or non-observance of any formality
                                         or other requirement in respect of any instrument or any failure to realise the full
                                         value of any security;

 

		(e)	any
                                         incapacity or lack of power, authority or legal personality of or dissolution or change
                                         in the members or status of an Obligor or any other person;

 

		(f)	any
                                         amendment, novation, supplement, extension, reinstatement or replacement of a Finance
                                         Document or any other document or security (however fundamental and whether or not more
                                         onerous) including any change in the purpose of, any extension of or any increase in
                                         any facility or the addition of any new facility under any Finance Document;

 

		(g)	any
                                         unenforceability, illegality or invalidity of any obligation of any person under any
                                         Finance Document or any other document or security;

 

		(h)	any
                                         set off, combination of accounts or counterclaim;

 

		(i)	any
                                         insolvency or similar proceedings; or

 

		(j)	this
                                         document or any other Finance Document not being executed by or binding against any other
                                         Obligor or any other party.

 

References
in clause 26.1 to obligations of an Obligor or amounts due will include what would have been obligations or amounts due but for
any of the above, as well as obligations and amounts due which result from any of the above.

 

		26.5	Immediate
                                         recourse

 

Each
Guarantor waives any right it may have of first requiring NAB to proceed against or enforce any other rights or security or claim
payment from any person before claiming from that Guarantor under this clause. This waiver applies irrespective of any law or
any provision of a Finance Document to the contrary.

 

		26.6	Appropriations

 

Until
all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably
paid in full, NAB may:

 

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		(a)	refrain
                                         from applying or enforcing any other moneys, security or rights held or received or recovered
                                         (by set-off or otherwise) by NAB (or any trustee or agent on its behalf) in respect of
                                         those amounts, or appropriate apply and enforce the same in such manner and order as
                                         it sees fit (whether against those amounts or otherwise) and no Guarantor shall be entitled
                                         to the benefit of the same; and
	 	 	 

		(b)	without
                                         limiting paragraph (a), refrain from applying any moneys received or recovered (by set-off
                                         or otherwise) from any Guarantor on account of any Guarantor's liability under this clause
                                         in discharge of that liability, and claim or prove against anyone in respect of the full
                                         amount owing by the Obligors.

 

		26.7	Deferral
                                         of Guarantors' rights

 

Until
all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably
paid in full and unless NAB otherwise directs, no Guarantor will:

 

		(a)	exercise
                                         any rights which it may have by reason of performance by it of its obligations under
                                         the Finance Documents:

 

		(i)	to
                                         be indemnified by an Obligor;

 

		(ii)	to
                                         claim any contribution from any other guarantor of or provider of security for any Obligor's
                                         obligations under the Finance Documents;

 

		(iii)	to
                                         take the benefit (in whole or in part and whether by way of subrogation or otherwise)
                                         of any rights of NAB under the Finance Documents or of any other guarantee or security
                                         taken pursuant to, or in connection with, the Finance Documents by NAB;

 

		(iv)	to
                                         bring legal or other proceedings for an order requiring any Obligor to make any payment,
                                         or perform any obligation, in respect of which any Guarantor has given a guarantee, undertaking
                                         or indemnity under clause 26.1; or

 

		(v)	to
                                         exercise any right of set off against any Obligor;

 

		(b)	in
                                         any form of administration of an Obligor (including liquidation, winding up, bankruptcy,
                                         voluntary administration, dissolution or receivership or any analogous process) prove
                                         for or claim, or exercise any vote or other rights in respect of, any indebtedness of
                                         any nature owed to it by the Obligor.

 

		26.8	Trust

 

If,
in any form of administration of an Obligor (including liquidation, winding up, bankruptcy, voluntary administration, dissolution
or receivership or any analogous process), a Guarantor receives any sum in respect of any indebtedness of any nature owed to it
by the Obligor, it will hold on trust for NAB so much of that sum as does not exceed the amount which may be or become payable
to NAB under or in connection with the Finance Documents. It will promptly pay it to NAB.

 

		26.9	Additional
                                         security

 

This
guarantee, undertaking and indemnity is in addition to and is not in any way prejudiced by any other guarantee, undertaking and
indemnity or security now or subsequently held by NAB.

 

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		27.	Power
                                         of Attorney

 

		(a)	Each
                                         Obligor (for consideration received) irrevocably appoints NAB and each authorised officer
                                         or Controller appointed by NAB (each an Attorney) severally as its attorney for
                                         the purposes set out in clause (b).

 

		(b)	In
                                         addition to doing anything which in the reasonable opinion of an Attorney is necessary
                                         or expedient for securing or perfecting this document and any Encumbrance created under
                                         a Security Document at any time, the Attorney may, after the occurrence of an Event of
                                         Default, do any of the following:

 

		(i)	execute
                                         and deliver all documents: and

 

		(ii)	do
                                         all things,

 

which
are necessary or desirable to give effect to each Finance Document or a transaction contemplated by a Finance Document.

 

		(c)	The
                                         Attorney may for the purposes of clause (b), appoint or remove any substitute or delegate
                                         or sub-attorney.

 

		(d)	Each
                                         Obligor agrees to ratify anything done by its Attorney for the purposes of clause (b).

 

		28.	Assignment
                                         and Changes to the Obligors

 

		28.1	Assignments
                                         and transfers by NAB

 

		(a)	NAB
                                         may assign any of its rights or novate, sub-participate, sell-down or transfer by whatever
                                         form or otherwise deal with any or all of its rights and obligations under any Finance
                                         Document without the consent of, or notice to, any Obligor.

 

		(b)	If
                                         an Event of Default occurs then, NAB may (but is not obliged to), from time to time,
                                         separate and sever any of its rights (or any part of any of its rights) described in
                                         a notice given by NAB to the Obligors from its other rights and obligations under any
                                         Finance Document. Any such notice is effective from the time of delivery so that:

 

		(i)	the
                                         rights and obligations described in the notice are independent from, and may be assigned
                                         (including at law), novated, sub-participated, sold-down, transferred or otherwise dealt
                                         with separately from, any other rights and obligations of NAB under that Finance Document;

 

		(ii)	the
                                         rights and obligations described in the notice may be exercised differently from any
                                         other rights and obligations of NAB under that Finance Document; and

 

		(iii)	the
                                         Amount Owing in respect of those rights may be calculated separately from the other Amount
                                         Owing.

 

		28.2	Assignments
                                         and transfers by Obligors

 

No
Obligor may assign its rights or novate its obligations or otherwise deal with its rights and obligations under any Finance Document
without NAB’s prior written consent.

 

		28.3	Additional
                                         Borrowers

 

		(a)	A
                                         Borrower may request that any of its wholly-owned Subsidiaries becomes an Additional
                                         Borrower. That Subsidiary may become an Additional Borrower only if:

 

		(i)	NAB
                                         approves the addition of that Subsidiary;

 

    	© National Australia Bank Limited	49	 

     

    

 

		(ii)	the
                                         Borrower delivers to NAB an Accession Letter, duly completed and executed by the Borrower
                                         and the Subsidiary, whereby the Subsidiary accedes as both an Additional Borrower and
                                         (unless the Subsidiary is already a Guarantor) an Additional Guarantor;

 

		(iii)	the
                                         Borrower confirms that no Default is continuing or would occur as a result of that Subsidiary
                                         becoming an Additional Borrower; and

 

		(iv)	NAB
                                         has received all of the documents and other evidence listed in Annexure 6 (Conditions
                                         precedent required to be delivered by an Additional Obligor) in relation to that Additional
                                         Borrower, each in form and substance satisfactory to NAB.

 

		(b)	If
                                         NAB accepts and executes the Accession Letter and notifies the Borrower, the Subsidiary
                                         becomes an Additional Borrower with effect on and from the date specified in the Accession
                                         Letter and is bound by the terms of this document.

 

		28.4	Additional
                                         Guarantors

 

		(a)	A
                                         Borrower may request that any of its wholly-owned Subsidiaries becomes an Additional
                                         Guarantor. That Subsidiary may become an Additional Guarantor only if:

 

		(i)	NAB
                                         approves the addition of that Subsidiary;

 

		(ii)	the
                                         Borrower delivers to NAB a duly completed and executed Accession Letter executed as a
                                         deed by the Borrower and the Subsidiary whereby the Subsidiary accedes as an Additional
                                         Guarantor; and

 

		(iii)	NAB
                                         has received all of the documents and other evidence listed in Annexure 6 (Conditions
                                         precedent required to be delivered by an Additional Obligor) in relation to that Additional
                                         Guarantor, each in form and substance satisfactory to NAB.

 

		(b)	If
                                         NAB accepts and executes the Accession Letter and notifies the Borrower, the Subsidiary
                                         becomes an Additional Guarantor with effect on and from the date specified in the Accession
                                         Letter and is bound by the terms of this document.

 

		28.5	Additional
                                         Personal Guarantors

 

		(a)	A
                                         Borrower may request that a person becomes an Additional Personal Guarantor. That person
                                         shall become an Additional Personal Guarantor if:

 

		(i)	NAB
                                         approves the addition of that person;

 

		(ii)	the
                                         Borrower delivers to NAB a duly completed and executed Accession Letter executed as a
                                         deed by the Borrower and the person whereby the person accedes as an Additional Personal
                                         Guarantor; and

 

		(iii)	NAB
                                         has received all of the documents and other evidence listed Annexure 6 (Conditions precedent
                                         required to be delivered by an Additional Obligor) in relation to that Additional Personal
                                         Guarantor, each in form and substance satisfactory to NAB.

 

		(b)	If
                                         NAB accepts and executes the Accession Letter and notifies the Borrower, the person becomes
                                         an Additional Personal Guarantor with effect on and from the date specified in the Accession
                                         Letter and is bound by the terms of this document.

 

    	© National Australia Bank Limited	50	 

     

    

 

		28.6	Resignation
                                         of a Guarantor

 

		(a)	A
                                         Borrower may request that a Guarantor ceases to be a Guarantor by delivering to NAB a
                                         duly completed and executed Resignation Letter.

 

		(b)	If
                                         NAB (in its absolute discretion) accepts and executes the Resignation Letter and notifies
                                         the Borrower of its acceptance of the Resignation Letter, the Guarantor shall cease to
                                         be a Guarantor with effect on and from the date specified in the Resignation Letter and
                                         shall have no further rights or obligations as a Guarantor under the Finance Documents.

 

		28.7	Resignation
                                         of a Personal Guarantor

 

		(a)	A
                                         Borrower may request that a Personal Guarantor ceases to be a Personal Guarantor by delivering
                                         to NAB a duly completed and executed Resignation Letter.

 

		(b)	If
                                         NAB (in its absolute discretion) accepts and executes the Resignation Letter and notifies
                                         the Borrower of its acceptance of the Resignation Letter, the Personal Guarantor shall
                                         cease to be a Personal Guarantor with effect on and from the date specified in the Resignation
                                         Letter and shall have no further rights or obligations as a Personal Guarantor under
                                         the Finance Documents.

 

		28.8	Repetition
                                         of representations

 

Delivery
of an Accession Letter constitutes confirmation by the proposed Additional Obligor that the representations and warranties in
this document are true and correct in relation to it as at the date of delivery as if made by reference to the facts and circumstances
then existing.

 

		28.9	Accession
                                         Letters and Resignation Letters

 

For
each Accession Letter or Resignation Letter, each Obligor for valuable consideration irrevocably appoints each Borrower to execute
the Accession Letter or Resignation Letter on its behalf.

 

		29.	Confidentiality

 

		(a)	Each
                                         party agrees that no party will disclose to an Interested Person, or any other person
                                         at the request of an Interested Person, any information of the kind described in section
                                         275(1) of the PPSA or 177 of the NZ PPSA unless allowed or required by law.

 

		(b)	Each
                                         Obligor agrees that it will not authorise the disclosure of any information of the kind
                                         described in section 275(1) of the PPSA or 177 of the NZ PPSA.

 

		(c)	Each
                                         party agrees not to disclose information provided by the other party (including the existence
                                         or contents of this document) except:

 

		(i)	to
                                         officers, employees, legal and other advisers and auditors of an Obligor, NAB or a Receiver;

 

		(ii)	with
                                         the consent of the other party (who must not unreasonably withhold their consent);

 

		(iii)	if
                                         required by any stock exchange or if allowed or required by law;

 

		(iv)	by
                                         NAB under clause 25 (Liability for Regulatory Events) or in relation the exercise
                                         of its rights under clause 28.1(a) (Assignments and transfers by NAB);

 

		(v)	by
                                         NAB to any Related Entity of NAB or an Obligor;

 

    	© National Australia Bank Limited	51	 

     

    

 

		(vi)	by
                                         NAB to any assignee of NAB’s rights under this document or any other arrangement
                                         (including a request, bill of exchange, agreement guarantee or an Encumbrance) by or
                                         with the Obligor under which obligations are or could in the future be owed to NAB;

 

		(vii)	by
                                         NAB to any person in connection with NAB exercising rights or dealing with rights or
                                         obligations (including preparatory steps such as negotiating with any potential assignee
                                         of NAB’s rights or other person who is considering contracting with NAB or a Receiver
                                         in connection with this document);

 

		(viii)	by
                                         NAB for the purpose of registering and maintaining any financing statement or financing
                                         change statement (each as defined in the PPSA or the NZ PPSA, as the context requires)
                                         relating to NAB’s Security Documents; or

 

		(ix)	by
                                         NAB to any Obligor or person NAB believes may become an Obligor, provided that the prohibition
                                         under clause (a) or (b) is absolute and therefore none of the exceptions in this clause
                                         (c) apply to a disclosure under clause (a) or (b).

 

		(d)	NAB
                                         agrees that each Borrower is providing its signed copy of this document on the condition
                                         that NAB complies with its obligations of confidentiality under clauses (a) and (c) above.

 

		30.	Communications
                                         and Notices

 

		(a)	Any
                                         communication or notice including any request, demand, certificate, consent or approval
                                         made under or in connection with any Finance Document must be made in legible writing
                                         in English and, unless otherwise stated, may be made by fax or letter or, in the case
                                         of any communication or notices to a Obligor, may be sent electronically to the email
                                         address for the Obligor specified in the Schedule.

 

		(b)	The
                                         address, email address, fax number and the department or officer for whose attention
                                         the communication is to be marked is that identified in the Schedule or any substitute
                                         address, email address, fax number or department or officer as an Obligor may notify
                                         to NAB (or NAB may notify to the Obligors, if a change is made by NAB) by not less than
                                         5 Business Days’ prior written notice.

 

		(c)	Unless
                                         a later time is specified in the communication, a communication will take effect from
                                         the earlier of:

 

		(i)	the
                                         time it is actually received; and

 

		(ii)	except
                                         in the case of a communication to NAB, the time it is deemed to be received under clause
                                         (d).

 

		(d)	Subject
                                         to clause (e), any communication will be deemed to be received:

 

		(i)	if
                                         left at the recipient’s address, at the time left at the relevant address;

 

		(ii)	if
                                         by way of fax, at the time shown in the transmission report as the time that the whole
                                         fax was sent to the relevant fax number or, if sent electronically to a Borrower to an
                                         email address, at the time it was sent;

 

		(iii)	if
                                         by way of post, 3 Business Days (or 7 Business Days if sent overseas) after being posted;
                                         or

 

		(iv)	if
                                         a notice is given by publishing it, at the time the notice is first published,

 

    	© National Australia Bank Limited	52	 

     

    

 

unless
delivery or receipt is on a day which is not a Business Day or is after 4:00 p.m. (addressee’s time) in which case it will
be deemed to be received at 9:00 a.m. on the following Business Day.

 

		(e)	Each
                                         communication to NAB must be addressed to the department or officer of NAB specified
                                         in accordance with (b).

 

		(f)	Written
                                         communications from an Obligor which is a company must be signed by a director or another
                                         Authorised Officer.

 

		(g)	NAB
                                         may rely on any notice from an Obligor, or on any notice that NAB believes in good faith
                                         is from an Obligor.

 

		31.	Accounts
                                         and Certificates

 

		(a)	In
                                         any litigation, arbitration proceedings or other dispute resolution process arising out
                                         of or in connection with a Finance Document, the entries made in the accounts maintained
                                         by NAB are sufficient evidence of the matters to which they relate unless the contrary
                                         is proved.

 

		(b)	Any
                                         certification or determination by NAB of an exchange rate, a rate of interest or any
                                         amount under any Finance Document is sufficient evidence of the matters to which it relates
                                         and any certification or determination by NAB of any other matter is sufficient evidence
                                         of the matters to which it relates unless the contrary is proved.

 

		32.	Accounting
                                         for Transactions

 

		(a)	Each
                                         Borrower irrevocably authorises NAB to open such accounts as NAB requires in connection
                                         with a Facility.

 

		(b)	Each
                                         Borrower of a Facility irrevocably authorises NAB to debit from the Loan Account or Nominated
                                         Account for that Facility (if any) any amounts payable by the Borrower in relation to
                                         that Facility or account, including interest, Costs, Taxes, enforcement expenses and
                                         any amount payable under an indemnity, unless otherwise stated or agreed.

 

		(c)	If
                                         a Borrower authorises NAB to debit any amount from an account or one of two or more accounts,
                                         NAB can debit that amount from that account (or if more than one account, from any account
                                         it chooses) even if it causes the account to become overdrawn. Alternatively, if there
                                         are insufficient cleared funds in that account, the Borrower authorises NAB to debit
                                         that amount from any account of the Borrower NAB decides, including an account NAB opens
                                         in the Borrower’s name.

 

		(d)	If
                                         this document does not state to which account an amount may be debited or credited, NAB
                                         may debit or credit that amount from any account (including, for the avoidance of doubt,
                                         any Loan Account or Nominated Account) of the Borrower NAB decides, including an account
                                         NAB opens in the Borrower’s name.

 

		(e)	Where
                                         NAB debits an account in the name of a Borrower, opened by:

 

		(i)	the
                                         Borrower, the Borrower must pay NAB interest (including default interest if applicable)
                                         on any debit balance in accordance with the terms of that account;

 

		(ii)	NAB,
                                         the Borrower must pay NAB interest on the overdrawn balance of that account (other than
                                         an overdraft account where the balance does not exceed the applicable Facility Limit)
                                         at the Default Interest Rate applying to the relevant Facility or, if there is none,
                                         in accordance with the terms normally applied by NAB to accounts of that type; or

 

    	© National Australia Bank Limited	53	 

     

    

 

		(iii)	either
                                         the Borrower or NAB, the overdrawn balance of the account (taking into account any limit
                                         applicable to that account) is immediately payable without further notice.

 

		(f)	Unless
                                         otherwise provided, NAB may apply any payment under or in connection with this document
                                         towards satisfying obligations under this document as NAB sees fit.

 

		(g)	Where
                                         NAB is authorised to debit an amount from an account under this document, it can do so
                                         without prior notice.

 

		33.	Statements
                                         of Account

 

		(a)	Subject
                                         to clause (b), NAB will provide the Borrower with a statement of account at least every
                                         3 months for each Facility that is a revolving facility (such as an overdraft facility)
                                         and at least every 6 months for other credit facilities.

 

		(b)	If
                                         NAB is not required by law or under the Code to provide the Borrower with a statement,
                                         it may choose not to do so.

 

		34.	Code
                                         of Banking Practice

 

The
parties agree that the Code does not apply to the Finance Documents and the transactions in connection with them.

 

		35.	General
                                         provisions

 

		35.1	Partial
                                         invalidity

 

If,
at any time, any provision of a Finance Document is or becomes illegal, invalid or unenforceable in any respect under any law
of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or
enforceability of such provision under the law of that or any other jurisdiction will in any way be affected or impaired.

 

		35.2	No
                                         waiver

 

		(a)	No
                                         failure to exercise, nor any delay in exercising, on the part of NAB, any right or remedy
                                         under a Finance Document will operate as a waiver, nor will any single or partial exercise
                                         of any right or remedy prevent any further exercise or the exercise of any other right
                                         or remedy. 

 

		(b)	The
                                         rights and remedies provided in each Finance Document are cumulative and not exclusive
                                         of any rights or remedies provided by law.

 

		(c)	NAB
                                         need not resort to a right, power or Encumbrance under a Security Document before resorting
                                         to any other of them.

 

		35.3	Amendments
                                         and waivers

 

		(a)	Except
                                         as set out in clause (b), any term of a Finance Document may be amended or waived only
                                         in writing with the consent of NAB and the relevant Obligors and any such amendment or
                                         waiver will be binding on all parties.

 

		(b)	NAB
                                         may vary the terms of this document unilaterally by giving written notice to the relevant
                                         Borrower, or by giving notice in accordance with any provision of this document that
                                         expressly contemplates or permits the terms of this document to be varied unilaterally,
                                         at any time:

 

    	© National Australia Bank Limited	54	 

     

    

 

		(i)	to
                                         the extent NAB considers necessary to ensure compliance with relevant laws or to reflect
                                         NAB’s systems capabilities, provided such variation does not, in the reasonable
                                         opinion of NAB, result in a material change to the nature of the Facilities; or

 

		(ii)	to
                                         the extent that this document expressly contemplates or permits the terms of this document
                                         to be varied unilaterally.

 

		35.4	Counterparts

 

Each
Finance Document may be executed in any number of counterparts, and if so, the counterparts taken together constitute one and
the same instrument.

 

		35.5	Continuing
                                         indemnities

 

		(a)	All
                                         indemnities and reimbursement obligations in each Finance Document are continuing and
                                         survive termination of the Finance Document. 

 

		(b)	Each
                                         such indemnity is an additional, separate and independent obligation of each Obligor
                                         and no one indemnity limits the general nature of any other indemnity. 

 

		(c)	It
                                         is not necessary for NAB to incur expense or make payment before enforcing a right of
                                         indemnity conferred by a Finance Document.

 

		35.6	Consents
                                         and waivers

 

Each
Obligor will comply with all conditions in any consent or waiver NAB gives under or in connection with a Finance Document.

 

		35.7	Discretion
                                         in exercising rights

 

NAB
may exercise a right or remedy or give or refuse its consent under or in connection with a Finance Document in any way it considers
appropriate (including by imposing conditions) and it is not obliged to give reasons for doing so.

 

		35.8	No
                                         liability for loss

 

NAB
is not liable to any Obligor for any loss, liability or Costs caused by the exercise or attempted exercise of, or failure to exercise,
or delay in exercising, a right or remedy under or in connection with a Finance Document.

 

		35.9	Rights
                                         and obligations are unaffected

 

Rights
given to NAB, and an Obligor’s obligations, under or in connection with a Finance Document, are not affected by any act
or omission or any other thing which might otherwise affect them under law or otherwise.

 

		35.10	Inconsistent
                                         law

 

To
the extent permitted by law, each Finance Document prevails to the extent it is inconsistent with any law.

 

		35.11	Entire
                                         agreement 

 

This
document constitutes the entire agreement of the parties about its subject matter and supersedes all previous agreements, understandings
and negotiations on the subject matter.

 

    	© National Australia Bank Limited	55	 

     

    

 

		35.12	Telephone
                                         recording

 

Each
Obligor consents to NAB recording any telephone conversations between it and NAB in relation to any Facility that are customarily
recorded in the finance industry or where the Obligor is notified prior to the commencement of the telephone conversation and
such recordings being used in any arbitral or legal proceedings and any telephone recording remains NAB’s sole property
at all times.

 

		35.13	Reinstating
                                         avoided transaction

 

Each
Obligor agrees that if a payment or other transaction relating to the Amount Owing is void, voidable, unenforceable or defective
for any reason or a related claim is upheld, conceded or settled (each an Avoidance), then even though NAB knew or should
have known of the Avoidance:

 

		(a)	each
                                         right, power and remedy of NAB, and each Obligor's liability under each Finance Document
                                         will be what it would have been, and will continue, as if the payment or transaction
                                         the subject of the Avoidance had not occurred; and

 

		(b)	it
                                         will immediately execute and do anything necessary or required by NAB to restore NAB
                                         to its position immediately before the Avoidance (including reinstating any Finance Document)
                                         and procure that each relevant Obligor does so.

 

This
clause 35.13 survives any termination or full or partial discharge or release of any Finance Document.

 

		36.	Governing
                                         Law and Jurisdiction

 

		(a)	This
                                         document is governed by the laws of the Governing Law Jurisdiction.

 

		(b)	Each
                                         party irrevocably and unconditionally submits to the non-exclusive jurisdiction of the
                                         courts of the Governing Law Jurisdiction (and any court of appeal) and waives any right
                                         to object to an action being bought in those courts, including on the basis of inconvenient
                                         forum or those courts not having jurisdiction.

 

		(c)	This
                                         clause 36 (Governing Law and Jurisdiction) is for the benefit of NAB only. As
                                         a result, NAB will not be prevented from taking proceedings in any other court with jurisdiction. 

 

		(d)	To
                                         the extent permitted by law, NAB may take concurrent proceedings in any number of jurisdictions.

 

		37.	Acknowledgement

 

Each
Obligor acknowledges that, except as expressly set out in a Finance Document:

 

		(a)	none
                                         of NAB or any of its advisers has given any representation or warranty or other assurance
                                         to it in relation to any Finance Document or the transactions contemplated by any Finance
                                         Document, including as to Tax or other effects;

 

		(b)	it
                                         has not relied on NAB or any of its advisers or on any conduct (including any recommendation)
                                         by NAB or any of its advisers;

 

		(c)	it
                                         has had the opportunity to obtain its own independent financial, Tax and legal advice
                                         and has done so or has elected not to do so; and

 

		(d)	where
                                         an Obligor has granted a Security Document (including any Guarantee) in favour of NAB,
                                         each Security Document (including any Guarantee) is, and remains, in full force and effect
                                         and continues and extends to secure all present and future obligations of that Obligor
                                         to NAB in respect of the Facilities.

 

    	© National Australia Bank Limited	56	 

     

    

  

Part
B:            Details

 

Facility 1  : BANK
GUARANTEE FACILITY

 

	FACILITY:	BANK GUARANTEE FACILITY
	 	 
	Borrower:	Hudson Global Resources (Aust) Pty Limited ABN 21 002 888 762 and Hudson Global Resources (NZ) Limited (New Zealand company number 667922)
	 	 
	Facility Limit:	$3,000,000
	 	 
	Purpose:	To enable the issuance of rental guarantees.
	 	 
	Expiry Date:	The date that is 3 years from the date of this document
	 	 
	Review Date:	NAB may review pricing in accordance with clause 14 (Review) of the General Conditions. 
	 	 
	Service Fee:	1.50% of the face value of each Bank Guarantee per year.  Payable in arrears, on a pro-rata basis, half yearly from the date the Bank Guarantee is issued and on the cancellation of the Bank Guarantee and the Termination Date and subject to a minimum fee of $125 per Bank Guarantee for each payment.
	 	 
	Line Fee:	0.3% of the Facility Limit per year. Payable in arrears, half yearly from the date of this Financing Agreement and on the Termination Date.
	 	 
	 	To be advised.
	 	 
	Nominated Account:	For the purposes of debiting and crediting amounts in relation to this Facility under this document.
	 	 
	Other Conditions:	The General Conditions and Bank Guarantee Facility Specific Conditions apply to this Facility.

 

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Other Facilities

 

Following are details of some other facilities provided by NAB
to a Borrower. They are not “Facilities” for purposes of this document and the following details are provided for information
only.

 

Facility 2  : NAB
CORPORATE RECEIVABLES FACILITY

 

	FACILITY:	NAB Invoice Finance Facility A
	 	 
	Borrower:	Hudson Global Resources (Aust) Pty Limited ABN 21 002 888 762
	 	 
	Facility Limit:	$25,000,000 (a maximum of $4,000,000 of which may be used to support the working capital requirements of the APAC Group’s operations in China, Hong Kong and Singapore)
	 	 
	Expiry Date:	The date that is 3 years from the date of this document
	 	 
	Terms:	The terms and conditions of this facility are set out in the NAB Invoice Finance Facility Agreement
	 	 
	Loan Account:	To be advised

 

Facility 3  : BNZ
Invoice Finance Facility 

 

	FACILITY:	NAB Invoice Finance Facility B
	 	 
	Borrower:	Hudson Global Resources (NZ) Limited (New Zealand company number 667922)
	 	 
	Facility Limit:	NZ$5,000,000
	 	 
	Expiry Date:	The date that is 3 years from the date of this document
	 	 
	Terms:	The terms and conditions of this facility are set out in the BNZ Invoice Finance Facility Agreement
	 	 
	Loan Account:	To be advised

 

    	© National Australia Bank Limited	58	 

     

    

 

 

	Part C:	Schedule
	 	 
	Item 1	(Obligors and Group)

 

		1.1	Original Borrower(s)

 

Hudson Global Resources (Aust) Pty Limited ABN 21 002 888 762

 

Hudson Global Resources (NZ) Limited (New Zealand company number
667922)

 

		1.2	Original Guarantor(s)

 

Hudson Global Resources (Aust) Pty Limited ABN 21 002 888 762

 

Hudson Global Resources (NZ) Limited (New Zealand company number
667922)

 

		1.3	Original Personal Guarantor(s)

 

Not applicable

 

		1.4	Groups

 

Refer to definition of "APAC Group" in clause 1.3
(Definitions)

 

	Item 2	(Security Documents)

 

	Name of Obligor(s) with 

ABN/ACN and Registered Office	 	Security Documents to be 

provided	 	Facilities secured
	 	 	 	 	 
	Hudson Global Resources (NZ) Limited of c/- Bell Gully, Level 22, Vero Centre, 48 Shortland Street, Auckland, New Zealand	 	First ranking General Security Deed over all present and after-acquired property	 	All Facilities and other amounts owing under the Finance Documents (including the Invoice Finance Facility Agreements)
	 	 	 	 	 
	Hudson Global Resources (Aust) Pty Ltd ABN 21 002 888 762 of Level 19, 20 Bond Street, Sydney, NSW 2000	 	First ranking General Security Agreement over all present and after-acquired property	 	All Facilities and other amounts owing under the Finance Documents (including the Invoice Finance Facility Agreements)

 

	Item 3	(Material Documents)

 

Not applicable

 

	Item 4	(Specified Documents) (clause 3.2(e) (Conditions Precedent))

 

Not applicable

 

	Item 5	(Mandatory Prepayment) (clause 5.2(b) (Prepayment))

 

Not applicable

 

	Item 6	(Other Representations and Warranties) (clause 8.1(aa) (Representations and Warranties))

 

Not applicable

 

    	© National Australia Bank Limited	59	 

     

    

 

	Item 7	(Financial Statements and other documents) (clause 9(o) (Financial Statements and other documents to be delivered))

 

	Type of report	 	Entity	 	Audited/ 

Unaudited	 	Consolidated/ 

Unconsolidated	 	Due date for 

delivery to NAB
	Annual Financial Statements	 	The Obligors	 	Audited	 	Unconsolidated	 	As soon as possible after each 31 December (and, at the latest, 120 days after each such date)
	Management accounts (including balance sheet, profit and loss statement and cash flow statement)	 	The Obligors	 	Not applicable	 	Unconsolidated	 	As soon as possible after each calendar quarter end (and, at the latest, 45 days after each such date)
	Quarterly analysis of Permanent/Contractor Splits for Debtor Ledgers	 	The Obligors	 	Not applicable	 	Not applicable	 	As soon as possible after each calendar quarter end (and, at the latest, 45 days after each such date)
	Annual Forecasts (profit and loss statement, and cash flow statement (including debtor position), detailed on at least a quarterly basis and including key assumptions)	 	The Obligors	 	Unaudited	 	Unconsolidated	 	As soon as possible after each 31 December (and, at the latest, 45 days after each such date)

 

	Item 8	(Other Undertakings) (clause 9(aa) (other undertakings or conditions subsequent))

 

EBITDA Variance:

 

If actual EBITDA for a Calculation Period to forecast EBITDA
for that Calculation Period (as specified in the Annual Forecasts required to be provided in accordance with Item 7 of the Schedule)
is greater than negative 15%, the Compliance Certificate for the relevant Calculation Date must include commentary outlining detailed
reasons for the underperformance to the satisfaction of NAB.

 

Distributions:

 

Unless otherwise agreed with NAB in writing, dividends paid
by any Obligor in any financial year must not exceed 100% of net profit after tax for that financial year (as determined in accordance
with GAAP) and will only be permitted if:

 

    	© National Australia Bank Limited	60	 

     

    

 

		(a)	there is no Event of Default, Potential Event of Default or Review Event subsisting or would arise by reason of the payment;
and

 

		(b)	such dividend is permitted under the Corporations Act or the Companies Act (as applicable).

 

	Item 9	(Financial Covenants) (clause 10.1 (Financial Covenants))

 

The Obligors must maintain the financial covenants set out below
at all times.

 

The financial covenants will:

 

		(a)	be calculated by reference to GAAP; and

 

		(b)	be based on the then most recent Financial Statements and other financial information provided to NAB in accordance with this
document.

 

NAB may test the financial covenants on each Calculation Date.

 

Financial Covenants

 

		(a)	The Fixed Charge Cover Ratio (FCCR) for the Borrowers, for each Calculation Period ending during the period set out in the
table below, must not be less than the ratio set out opposite that period in the table below.

 

	Period	FCCR
	 	 
	Up to and including	30 September 2015	1.25:1
	 	 	 
	1 October 2015	onwards	1.50:1

 

		(b)	The Receivables Ratio for the Borrowers must not be less than 1.20:1.

 

		(c)	For the purpose of calculating the above amounts, any amount in a foreign currency will be converted back to Australian Dollars
using the budgeted rate of exchange contained in the most recent Annual Forecasts provided to NAB in accordance with clause 9(o)
of this document, unless that rate of exchange varies by more than 10% from NAB’s prevailing spot rate of exchange at any
time, in which case, upon notification by NAB to the Borrowers, the Borrowers must consult with NAB for a period of no more than
5 Business Days to agree an appropriate rate of exchange (Consultation Period). Following the Consultation Period, if no agreement
can be reached as to an appropriate rate of exchange, amounts in foreign currency will be converted back at NAB’s prevailing
spot rate of exchange (which will be advised to the Borrowers).

 

Definitions

 

For the purposes of these financial covenants and the covenants
in Item 8 of the Schedule, the following definitions apply in addition to those set out in clause 1.3 (Definitions).

 

Billed and Unbilled Trade Receivables means the billed
and unbilled trade receivables for the Obligors as identified in the latest management accounts provided by the Borrowers to NAB.

 

Receivables Ratio means, at any time, the ratio of Billed
and Unbilled Trade Receivables plus Cash and Cash Equivalents at that time to Total Drawn Debt at that time.

 

Calculation Date means the last day of each calendar
quarter until the Termination Date.

 

Calculation Period means each period of twelve months
ending on a Calculation Date, unless otherwise agreed in writing by NAB.

 

    	© National Australia Bank Limited	61	 

     

    

 

Cash and Cash Equivalents means cash on hand and any
demand deposits and any investments which are readily convertible to a known amount of cash in accordance with GAAP.

 

EBITDA means, in respect of a period, earnings before:

 

		(a)	interest;

 

		(b)	tax;

 

		(c)	depreciation;

 

		(d)	amortisation;

 

		(e)	in respect of the 2015 financial year only, any deduction in respect of individually significant (and non-recurring) Exceptional
Items during that financial year; and

 

		(f)	in respect of a financial year other than the 2015 financial year, any deduction in respect of individually significant (and
non-recurring) Exceptional Items during that financial year approved by NAB in writing,

 

for that period (as determined in each case in accordance with
GAAP).

 

Exceptional Item means material and unusual accounting
income, gains, expenses or losses resulting from transactions or events that are outside of the ordinary course of business and
are generally non-recurring. At any time, any losses attributable to trading caused by a downturn in the general trading environment
may not be considered an Exceptional Item, howsoever caused.

 

Finance Charges means, in respect of a period, operating
lease rental expense, real property rental expense and finance lease expenses (including principal and interest) for that period.

 

Fixed Charge Cover Ratio means, for a Calculation Period,
the ratio of EBITDA less US Corporate Allocations actually paid in that Calculation Period plus Finance Charges to Total Interest
Expense plus Finance Charges for that Calculation Period. For the purposes of calculating the Fixed Charge Cover Ratio as at the
first 3 Calculation Dates, Total Interest Expense will be annualised for the period from the first Drawdown Date up to the relevant
Calculation Date.

 

Total Drawn Debt means the total amount outstanding under
NAB Invoice Finance Facility A and NAB Invoice Finance Facility B (each as specified in Part B of the Schedule).

 

Total Interest Expense means, in respect of a period,
the aggregate amount of all interest and amounts in the nature of interest or of similar effect to interest paid or payable for
that period, including:

 

		(a)	any dividend or distribution payable on any Marketable Security that constitutes Financial Indebtedness;

 

		(b)	any discount on any bills, bonds, notes or other instruments drawn, accepted or endorsed;

 

		(c)	any commitment, line, facility, acceptance, letter of credit, discount, guarantee, insurance bond or other fees and other amounts
of a regular or recurring nature payable during that period (but not establishment, arrangement, agency and other fees payable
once only on the initial provision of Financial Indebtedness); and

 

		(d)	plus or minus the net amount of any difference payments during that period under any interest rate hedging arrangement.

 

It includes interest on any shareholder loans made to members
of the APAC Group unless capitalised or subordinated on terms acceptable to NAB.

 

    	© National Australia Bank Limited	62	 

     

    

 

 

	Item 10	(Hedging) (clause 10.3 (Hedging))

 

Not applicable

 

	Item 11	(Enforcement proceedings – Threshold Amount) (clause 11.1(h) (Enforcement proceedings))

 

$250,000

 

	Item 12	Other Events of Default (clause 11.1(u) (Other))

 

Not applicable

 

	Item 13	(Fees) (clause 17 (Fees))

 

Bank Fees:

 

Application/Establishment Fee:

 

In respect of the Bank Guarantee and NAB Invoice
Finance Facility A: $42,000.00 payable on execution of this document.

 

In respect of the NAB Invoice Finance Facility B:
NZ$7,500.00 payable on execution of this document.

 

Government Fees:

 

Australian General Security Agreement Registration
Fee (x1): To be advised.

 

New Zealand General Security Agreement Registration
Fee (x1): To be advised.

 

Legal Fees

 

The Borrowers will be responsible for NAB and BNZ's
reasonable legal fees, in an amount to be confirmed.

 

	Item 14	(Review Event, Negotiation Period and Mandatory Prepayment Period) (clause 14 (Review))

 

Not applicable

 

	Item 15	(Communications) (clause 30(b) (Communications and Notices))

 

Details for service of communications to NAB:

 

	Name of Bank:	National Australia Bank Limited
	 	 
	Address:	Level 22, 255 George Street, Sydney NSW 2000
	 	 
	Fax number:	1300 602 185
	 	 
	Attention:	Gordon Hardie

 

    	© National Australia Bank Limited	63	 

     

    

  

Details for service of communications to the Obligor(s):

 

	Name of Obligor:	Hudson Global Resources (Aust) Pty Limited ABN 21 002 888 762
	 	 
	Address:	
        Level 19

         

        20 Bond Street

         

        Sydney NSW 2000

	 	 
	Attention:	Mr Mark Steyn
	 	 
	Email:	 

 

	Name of Obligor:	Hudson Global Resources (NZ) Limited (New Zealand company number 667922)
	 	 
	Address:	
        c/- Bell Gully

         

        Level 22, Vero Centre

         

        48 Shortland Street

         

        Auckland

         

        New Zealand

	 	 
	Attention:	Mr Mark Steyn
	 	 
	Email:	 

 

	Item 16	(Governing Law Jurisdiction) (clause 36) (Governing Law & Jurisdiction))

 

New South Wales

 

	Item 17	(Trust) and (Trust Documents)

 

Not Applicable

 

	Item 18	(Partnership) and (Partnership Documents)

 

Not applicable

 

	Item 19	(Scheme), (Custodian), (Custody Agreement) and (Scheme Documents)

 

Not applicable

 

	Item 20	(Other)

 

Not applicable

 

    	© National Australia Bank Limited	64	 

     

    

 

	Part D:	Trustee Provisions

 

Not Applicable

  

    	© National Australia Bank Limited	65	 

     

    

 

	Part E:	Partnership Provisions

 

Not Applicable

 

    	© National Australia Bank Limited	66	 

     

    

  

	Part F:	Responsible Entity Provisions

 

Not Applicable

 

    	© National Australia Bank Limited	67	 

     

    

 

	Part G:	Property Conditions

 

Not Applicable

 

    	© National Australia Bank Limited	68	 

     

    

 

	Part H:	Specific Conditions

 

Bank
Guarantee Facility Specific Conditions

 

	
        FOREIGN CURRENCY WARNING NOTICE

         

        This important notice should be read and understood before the
        Borrower decides to enter into a facility or transaction in a foreign currency.

         

        This notice is intended to provide the Borrower with a general
        warning of the risks that can arise from adverse exchange rate movements when transacting in a foreign currency, and to advise
        the Borrower that other risks also exist.

         

        The Borrower’s liability in Dollars will increase, possibly
        very substantially, if there is a movement in either:

         

        ·   the
Dollar relative to the foreign currency facility or transaction; or

        

        ·   the
foreign currency relative to the Dollar.

         

        Another risk that may also exist is the potential for adverse
        movements in the interest rate that applies to the foreign currency facility or transaction.

         

        The Borrower should also be aware that in some circumstances
        mechanisms may be available for limiting these risks. Such mechanisms may include products ranging from forward FX contracts (FECs)
        and fixed rate loans to more complex options and derivatives. A solution can be tailored to the Borrower's specific business needs.

         

        For more information about managing risks associated with international
        trade, go to the “Business” tab on our website www.nab.com.au and click on
        > International trade.

         

        For more information regarding Foreign Exchange Risk please
        telephone a Specialist on 132265 (7am – 7pm EST).

         

        The Borrower should seek independent professional advice before
        entering into a facility or transaction in a foreign currency. In particular, advice should be sought as to the suitability of
        a foreign currency facility or transaction for your purposes and as to risk management strategies available for such facilities
        or transactions.

         

        Important Information about Renminbi Settlement Services

         

        Renminbi (“RMB”), the lawful currency in the People’s
        Republic of China, is not yet fully convertible and is subject to substantial exchange rate risk. For more information about the
        risks associated with RMB, please contact a Specialist on 132265 (7am – 7pm EST).

         

 

		1.	Additional Conditions Precedent

 

The following additional conditions precedent apply
in relation to the issue of any Bank Guarantee:

 

		(a)	NAB receiving a Utilisation Request in form and substance required by NAB from time to time;

 

		(b)	NAB being satisfied that:

 

    	© National Australia Bank Limited	69	 

     

    

 

		(i)	the date the Bank Guarantee is to be issued is a Business Day on or before any Issue Date;

 

		(ii)	the currency of the Bank Guarantee is an Approved Currency;

 

		(iii)	the Australian Dollar Equivalent of the Maximum Liability under all unexpired Bank Guarantees, on any day, after the Bank Guarantee
is issued, does not exceed the Australian Dollar Equivalent of the Facility Limit; and

 

		(iv)	it has received satisfactory results from sanctions checks and any other searches required by law or internal polices conducted
on the proposed beneficiary.

 

		2.	NOT USED

 

		3.	Reimbursement

 

The Borrower must pay to NAB on demand from time
to time amounts equal to each payment made by NAB under a Bank Guarantee.

 

		4.	Indemnity

 

		(a)	In addition to any other indemnity obligations in this document, the Borrower indemnifies NAB in respect of:

 

		(i)	any amounts NAB pays to a Beneficiary under a Bank Guarantee; and

 

		(ii)	an amount equal to any loss (including consequential or economic loss), damage and Costs which NAB incurs or suffers or for
which NAB becomes liable, directly or indirectly as a result of or in connection with:

 

		(A)	the issue or variation of a Bank Guarantee;

 

		(B)	any payment or claim for payment under a Bank Guarantee; or

 

		(C)	anything done by a Beneficiary or any other person in relation to or in reliance on a Bank Guarantee.

 

		(b)	Any amount the Borrower must pay NAB under this clause 4 (Indemnity) is payable in Dollars (even if the payment made
by NAB is in a different currency) and becomes due and payable upon the earlier of:

 

		(i)	NAB making payment under a Bank Guarantee; or

 

		(ii)	NAB incurring an obligation to make payment under a Bank Guarantee, or

 

		(iii)	an Event of Default occurring.

 

		5.	Payment of bank guarantee without demand

 

NAB may, at any time, end its obligations under a
Bank Guarantee by paying to the Beneficiary of that Bank Guarantee the Maximum Liability or such lesser amount as is required to
discharge NAB’s obligations under the Bank Guarantee, even though no demand is made on NAB by that Beneficiary.

 

    	© National Australia Bank Limited	70	 

     

    

 

		6.	No obligation to enquire

 

		(a)	The Borrower irrevocably authorises NAB to immediately pay any amount demanded at any time under a Bank Guarantee.

 

		(b)	The Borrower agrees that NAB:

 

		(i)	need not first refer to the Borrower or obtain the Borrower’s authority for the payment;

 

		(ii)	need not enquire into the correctness or validity of any demand made on NAB under a Bank Guarantee; and

 

		(iii)	may meet any demand even though the Borrower disputes the validity of the demand.

 

		7.	Partial payments

 

		(a)	The Borrower agrees that if a demand is made by a Beneficiary of a Bank Guarantee for a partial payment of the Maximum Liability
of that Bank Guarantee, NAB may at its discretion and without further reference to the Borrower, pay the amount demanded and issue
to the Beneficiary a replacement Bank Guarantee for the balance of the Maximum Liability.

 

		(b)	The procedure set out in clause 7(a) may be repeated at NAB’s discretion.

 

		(c)	The Borrower agrees that this document applies to any replacement Bank Guarantee issued under this clause 7 (Partial payments).

 

		8.	Proceedings under bank guarantee

 

NAB is not obliged at any time to commence, pursue
or defend any legal proceedings or other process in connection with any claim, demand or right arising under a Bank Guarantee issued
under this Facility.

 

		9.	Return of bank guarantees

 

The Borrower must return to NAB an original Bank
Guarantee if it is given to the Borrower by the relevant Beneficiary on production of a bill of lading or otherwise.

 

		10.	Additional consequences of default

 

		(a)	The following additional consequences of Default apply:

 

		(i)	NAB may require the Borrower to provide cash cover on terms satisfactory to NAB for an amount not less than the Maximum Liability
under each outstanding Bank Guarantee in the currency in which each such Bank Guarantee is denominated; and

 

		(ii)	NAB may require the Borrower to grant other Encumbrances acceptable to NAB.

 

		(b)	NAB may exercise any of its rights under this document even though one or more Bank Guarantees remain outstanding on that date.

 

		11.	Termination of the facility

 

On the Termination Date for the Facility, the Borrower
must pay to NAB:

 

    	© National Australia Bank Limited	71	 

     

    

 

		(a)	all of the Balance Owing; less

 

		(b)	the amount equal to the aggregate Maximum Liability under each outstanding Bank Guarantee in respect of which NAB has been
provided with cash cover on terms satisfactory to NAB.

 

		12.	Foreign currency facilities or transactions

 

		12.1	Funding risk and non availability

 

		(a)	NAB will use its best efforts to notify the Borrower as soon as practicable if the making, denomination or continuation of
the Facility in the foreign currency is impractical or impossible as a result of:

 

		(i)	any change in national or international financial, political or economic conditions, currency exchange rates, currency availability
or exchange controls;

 

		(ii)	any event of contingency which materially and adversely affects the inter-bank markets generally; or

 

		(iii)	any change in law.

 

		(b)	During the 30 days after that notice is given by NAB, NAB will negotiate with the Borrower to find an alternative basis to
continue the Facility.

 

		(c)	If no agreement is reached within the 30 day period referred to in clause 12.1(b), NAB’s obligation to provide the Facility
will be automatically terminated and the Borrower must immediately provide cash cover on terms satisfactory to NAB for an amount
not less than the Maximum Liability under each outstanding Bank Guarantee in the currency in which each such Bank Guarantee is
denominated.

 

		12.2	No advice or management by NAB

 

The Borrower acknowledges and agrees that NAB is
not managing, supervising or advising in relation to the Borrower’s foreign currency exposure.

 

		12.3	Foreign currency fluctuations

 

If the Facility is made available or involves a foreign
currency and there is a change in the exchange rate applicable between that foreign currency and Dollars which has the effect of
causing the Australian Dollar Equivalent of the Balance Owing to exceed the Australian Dollar Equivalent of the Facility Limit,
NAB may require the Borrower to either:

 

		(a)	cash cover on terms, and in currencies or currency, satisfactory to NAB for the amount of such excess so that the Australian
Dollar Equivalent of the Balance Owing is equal to or less than Australian Dollar Equivalent of the Facility Limit; or

 

		(b)	provide additional Encumbrances acceptable to NAB to the value determined by NAB, but not less than the amount of such excess.

 

		13.	Definitions

 

For the purpose of these Bank Guarantee Facility
Specific Conditions:

 

Approved Currency means the currency or currencies
approved by NAB in writing from time to time.

 

Availability Period means the period from
the date of this document to the Termination Date.

 

    	© National Australia Bank Limited	72	 

     

    

 

Facility means a bank guarantee facility.

 

Issue Date means the issue date for a Bank
Guarantee specified in the Details.

 

Maximum Liability means, in respect of a Bank
Guarantee, the amount specified in that Bank Guarantee as the maximum liability (exclusive of interest on that Maximum Liability)
under that Bank Guarantee.

 

    	© National Australia Bank Limited	73	 

     

    

 

SIGNATURES

 

 

	Executed on behalf of National Australia Bank Limited by its Attorney who holds the position of Level 2 Attorney under Power of Attorney dated 1 March 2007 in the presence of:	
        )

        )

        )
	 
	/s/ Christian Lam	
        )

        )
	/s/ Gordon Hardie
	Signature of Witness	
        )

        )
	Signature of Attorney
	Christian Lam 	
        )

        )
	Gordon Hardie
	Name of Witness (print)	
        )

         
	Name of Attorney

 

Original Borrowers and Original
Guarantors

 

	Executed by Hudson Global Resources (Aust) Pty Limited ABN 21 002 888 762 in accordance with Section 127 of the Corporations Act 2001	
        )

        )

        )
	 
	/s/ Kendall Ryan	
        )

        )
	/s/ Mark Steyn
	Signature of director	
        )

        )
	Signature of director/company secretary
	Kendall Ryan 	
        )

        )
	Mark Steyn
	Name of director (print)	
        )

        
	Name of director/company secretary (print)

 

    	© National Australia Bank Limited	74	 

     

    

 

	Executed by Hudson Global Resources (NZ) Limited	
        )

        )

        )
	 
	/s/ Mark Steyn	
        )

        )
	/s/ Roman Rogers
	Signature of director	
        )

        )
	Signature of director
	Mark Steyn	
        )

        )
	Roman Rogers
	Name of director (print)	
        )

         
	Name of director (print)

 

    	© National Australia Bank Limited	75	 

     

    

 

Annexure 1: Verification
Certificate

 

VERIFICATION CERTIFICATE

 

To:     National Australia Bank Limited
(NAB)

 

From: [insert name and ACN] (the Company)

  

Dated: [insert date]

 

We, being directors of the Company  [I, being the sole
director of the Company] hereby certify as follows:

 

Except where otherwise defined, capitalised terms used in the
Finance Agreement dated on or about the date of this certificate between the Company and NAB have the same meaning when used in
this certificate.

 

		1.	SPECIMEN SIGNATURES

 

The following are the signatures of the persons appointed
as Authorised Officers and attorneys of the Company for the purposes of the Finance Documents or who are otherwise authorised to
sign a Finance Document on behalf of the Company.

 

Authorised Officers 

 

		 	 
	 	 	 
	Signature of Authorised Officer	 	Signature of Authorised Officer
	 	 	 
	Name:	 	Name:
	 	 	 
	Title:	 	 

 

Attorneys

 

		 	 
	 	 	 
	Signature of Attorney	 	Signature of Attorney
	 	 	 
	Name:	 	Name:
	 	 	 
	Title:	 	Title:

 

		2.	AUTHORISATIONS

 

		(a)	Attached to this certificate marked “A” are true, complete and current copies of each [list Material Authorisations].

 

		(b)	Other than the documents listed above, no other Authorisations are necessary for the Company to enter into, observe its obligations
under, and perform the transactions contemplated by, each Finance Document to which it is expressed to be a party.

 

    	© National Australia Bank Limited	76	 

     

    

 

		3.	SOLVENCY DECLARATION

 

		(a)	As at the date of execution of each Finance Document the Company is solvent (as defined in section 95A(1) of the Corporations
Act) and will not become insolvent (as defined in section 95A(2) of the Corporations Act) by entering into and complying with its
obligations under each Finance Document.

 

		(b)	The Company has at all times complied with its obligations under section 286 of the Corporations Act.

 

		(c)	To the best of our knowledge, no application or order has been made, no proceedings have been commenced, no resolutions have
been passed or proposed in a notice of meeting and no other steps have been taken for:

 

		(i)	the winding up, dissolution or administration of the Company or of any Trust or Registered Scheme of which the Company acts
as trustee or responsible entity, as the case may be; or

 

		(ii)	the Company entering into an arrangement, compromise or composition with or assignment of the benefit of its creditors or a
class of them.

 

		4.	POWER OF ATTORNEY

 

Attached to this certificate marked “B”
is [an original] [a true, complete and current copy] of a power of attorney which the Company is to use or has used to execute
a Finance Document.

 

		5.	FINANCIAL STATEMENTS

 

Attached to this certificate marked “C”
is [a true, complete and current copy] of the most recent [insert details of Finance Statements] of the Company and the Obligors.

 

		6.	MATERIAL DOCUMENTS

 

Attached to this certificate marked “D”
are [true, complete and correct copies] of the following Material Documents:

 

[insert list]

 

To the extent that any of these Material Documents
has been provided to NAB prior to the date of this certificate, we certify that the copies provided are true, up-to-date and complete.

 

MULTIPLE DIRECTORS 

	 	 	 
	
        Signature of director
	 	Signature of director
	 	 	 
	
        Name of director (print)
	 	Name of director (print)
	 	 	 
	Date	 	Date

 

    	© National Australia Bank Limited	77	 

     

    

 

SINGLE DIRECTOR

 

	 	 	 
	
        Signature of sole director and sole company secretary
	 	 
	 	 	 
	
        Name of sole director and sole company secretary (print) 
	 	 
	 	 	 
	Date	 	 

 

    	© National Australia Bank Limited	78	 

     

    

 

Annexure 2: Compliance
Certificate

 

COMPLIANCE CERTIFICATE

 

To:     National Australia Bank Limited
(NAB)

 

From: [insert name and ACN] (the Company)

  

Dated: [insert date]

 

Finance Agreement dated [insert date] (the Agreement)

 

		1.	We refer to the Agreement. This is a Compliance Certificate for the Calculation Period ending [insert]. Terms used in the Agreement
shall have the same meaning in this Compliance Certificate unless given a different meaning in this Compliance Certificate.

 

		2.	We confirm that: [Insert details of covenants to be certified]

 

		3.	[We confirm that: No more than $4,000,000 of the NAB Invoice Finance Facility A has been drawn to support the working capital
requirements of the APAC Group’s operations in China, Hong Kong and Singapore.]

 

		4.	[We confirm that: EBITDA for the Calculation Period to forecast EBITDA for the Calculation Period (as specified in the Annual
Forecasts) is [insert percentage]. The reasons for this underperformance are: [insert detailed reasons]]

 

		5.	[We confirm that no Default [or Review Event] is continuing.]*

 

* If this statement cannot be made, the certificate should identify
any Event of Default, Potential Event of Default or Review Event that is continuing and the steps, if any, being taken to remedy
it.

 

MULTIPLE DIRECTORS 

	 	 	 
	
        Signature of director

         
	 	Signature of director
	
        Name of director (print)

         
	 	Name of director (print)
	
        Date

         
	 	Date

 

 

    	© National Australia Bank Limited	79	 

     

    

 

SINGLE DIRECTOR 

	 	 	 
	
        Signature of sole director and sole company secretary

         
	 	 
	
        Name of sole director and sole company secretary (print)

         
	 	 
	Date	 	 

 

    	© National Australia Bank Limited	80	 

     

    

 

Annexure 3: Drawdown
Notice

 

DRAWDOWN NOTICE

 

To:     National Australia Bank Limited
(NAB)

 

From: [insert name and ACN] (the Company)

 

Dated: [insert date]

 

Finance Agreement dated [insert date] (the Agreement)

 

		1.	We refer to the Agreement. This is a Drawdown Notice. Terms defined in the Agreement shall have the same meaning in this Drawdown
Notice unless given a different meaning in this Drawdown Notice.

 

		2.	We wish to make a Drawing on the following terms:

 

	Proposed Drawdown Date:	[      ] (or, if that is not a Business Day, the next Business Day)
	 	 
	Facility for Drawing: 	[Insert details of Facility]
	 	 
	[Currency:]	[      ]
	 	 
	Amount:	[      ] or, if less, the Available Facility
	 	 
	Interest Period:	[      ]

 

		3.	We confirm that each condition specified in Clause [*] is satisfied on the date of this Drawdown Notice. [except as described
in the notice dated [*] given to you, a copy of which is attached]

 

		4.	The proceeds of this Drawing should be credited to [account].

 

		5.	This Drawdown Notice is irrevocable.

 

Yours faithfully

 

Authorised Officer

 

[Company on behalf of] [name of relevant Borrower]

 

    	© National Australia Bank Limited	81	 

     

    

 

Annexure 4: Form
of Accession Letter

 

To:     National Australia Bank Limited
(NAB)

 

From: [Additional Obligor] and [Borrower] for
itself and on behalf of each other person who is an Obligor at the date of this letter

 

Date: [insert date]

 

Dear Sirs,

 

Finance Agreement dated [insert date] (the Agreement)

 

We refer to the Finance Agreement. This is an Accession Letter.
Terms used in the Finance Agreement shall have the same meaning in this Accession Letter unless given a different meaning in this
Accession Letter.

 

[[Additional Obligor] agrees to become an Additional
Borrower in respect of [all Facilities]/[specify relevant Facilities] and to be bound by the terms of the Finance Agreement
as an Additional Borrower pursuant to Clause 28.3 (Additional Borrowers) of the Finance Agreement.]

 

[[Additional Obligor] agree s to become an Additional
[Guarantor]/[Personal Guarantor] and to be bound by the terms of the Finance Agreement as an Additional [Guarantor]/[Personal Guarantor]
pursuant to [Clause 28.4 (Additional Guarantors)]/[Clause 28.5 (Additional Personal Guarantors)] of the Finance Agreement.]

 

[Additional Obligor] agrees to do all things that are
required under the Finance Agreement to be done in connection with becoming an Additional [Borrower]/ [Guarantor]/
[Personal Guarantor].

 

[Each of the following is specified as a Security Document for
purposes of the Finance Agreement:

 

[Insert details of new Security Documents including Facilities
to be secured]

 

The details for service of communications to [Additional
Obligor] are as follows:

 

Address:

 

Fax No:

 

Attention:

 

This Accession Letter is governed by the laws of [name of state
or territory]. This Accession Letter may be executed in any number of counterparts and, if so, the counterparts taken together
constitute one and the same instrument.

 

This Accession Letter is entered into as a deed.

 

	[Borrower]	[Additional Obligor]

 

This Accession Letter is accepted by NAB and the accession date
is confirmed as [*].

 

    	© National Australia Bank Limited	82	 

     

    

 

	Executed on behalf of National Australia Bank Limited by its Attorney who holds the position of Level ____ Attorney under Power of Attorney dated 1 March 2007 in the presence of:	
        )

        )

        )

        )
	 
	 	 	 
	 	 	 
	Signature of Witness	
        )

        )
	Signature of Attorney
	 	 	 
	Name of Witness (print)	
        )

        )
	Name of Attorney

 

    	© National Australia Bank Limited	83	 

     

    

 

Annexure 5: Form
of Resignation Letter

 

To:     National Australia Bank Limited
(NAB)

 

From: [Resigning Obligor] and [Borrower] for itself
and on behalf of each other person who is an Obligor at the date of this letter

 

Dated: [insert date]

 

Dear Sirs,

 

Finance Agreement dated [insert date] (the Agreement)

 

1. We refer to the Finance Agreement. This is a Resignation
Letter. Terms used in the Finance Agreement shall have the same meaning in this Resignation Letter unless given a different meaning
in this Resignation Letter.

 

2. Pursuant to [Clause 28.6 (Resignation of a Guarantor)]/
[Clause 28.7 (Resignation of a Personal Guarantor)], we request that [resigning Obligor] be released from its obligations
as a [Guarantor]/[Personal Guarantor] under the Finance Agreement.

 

3. This Resignation Letter is governed by the laws of [name
of state or territory]. This Resignation Letter may be executed in any number of counterparts and, if so, the counterparts taken
together constitute one and the same instrument.

 

	[resigning Obligor]	[Borrower]
	By:	 

 

This Resignation Letter is accepted by NAB and the resignation
date is confirmed as [*].

 

	Executed on behalf of National Australia Bank Limited by its Attorney who holds the position of Level ____ Attorney under Power of Attorney dated 1 March 2007 in the presence of:	
        )

        )

        )

        )
	 
	 	 	 
	 	 	 
	Signature of Witness	
        )

        )
	Signature of Attorney
	 	 	 
	 	 	 
	Name of Witness (print)	
        )

        )
	Name of Attorney

 

    	© National Australia Bank Limited	84	 

     

    

 

Annexure 6  :
Conditions Precedent Required to be Delivered by an Additional Obligor

 

		(a)	(Accession Letter) An Accession Letter, duly executed by the Additional Obligor and the relevant Borrower.

 

		(b)	(Security Documents) Any Security Document required by NAB, duly executed by the Additional Obligor.

 

		(c)	(verification certificate) Where the Additional Obligor is a company, a certificate in relation to the Additional Obligor
duly signed by two directors of the Additional Obligor (if the Additional Obligor has more than one director) or by the director
of the Additional Obligor (if the Additional Obligor has only one director) substantially in the form set out, with the attachments
referred to in the Form of Verification Certificate and dated not earlier than 5 Business Days before the date of the Accession
Letter.

 

		(d)	(Client Identification Checks) All documents and other information that NAB requires to enable NAB to complete any Client
Identification Checks.

 

		(e)	(structure chart) An updated diagram showing the structure and ownership arrangements of the APAC Group and the Obligors.

 

		(f)	(process agent appointment) Evidence of the acceptance of appointment of a process agent located in Australia for the
Additional Obligor, if the Additional Obligor is incorporated or located outside Australia.

 

		(g)	(enquiries and searches) The results of NAB’s enquiries and searches.

 

		(h)	(other information) Any other information or document which NAB reasonably requests from time to time.

 

    	© National Australia Bank Limited	85	 

     

    

  

ANNEXURE 7: FORM OF UTILISATION REQUEST

 

		To:	National Australia Bank Limited (A.B.N. 12 004 044 937)

			Level 22, 255 George Street

SYDNEY NSW 2000

 

From:

 

Re: Bank Guarantee Facility provided under
the Facility Agreement dated [date].

 

We request NAB to issue a Bank Guarantee
as set out below. This Utilisation Request is deemed to be a Finance Document.

 

Beneficiary

Name

ACN / ABN

Address

 

Amount

Amount of Bank Guarantee (insert total
amount of Bank Guarantee and currency in which it is to be paid)

 

Currency of

 

Amount in words

 

Agreement (insert short description
of agreement between Beneficiary and Borrower giving rise to the Bank Guarantee including any identifying numbers contract or reference
number)

 

Termination date (if appropriate,
insert latest date Bank Guarantee will be in force, otherwise delete)

 

This request is irrevocable.

 

Signed for and on behalf of the Borrower
by its Authorised Officer:

 

	 	 
	Name:	 
	Title:	 
	
        Date:
	 

 

    	© National Australia Bank Limited	86Exhibit 4.2

 

 

NAB Corporate Receivables

Facility Agreement

 

    	Page 1 of 37

     

    

 

Warning – Intending Guarantors

 

Please read

 

		•	The guarantor should seek independent legal and financial advice on the effect of the guarantee and indemnity contained in
this document before the guarantor agrees to sign it.

 

		•	The guarantor can refuse to sign this document.

 

		•	There are financial risks involved in signing this document (for example, it may become necessary for the guarantor to sell
its assets so the guarantor can pay us).

 

		•	The guarantor has the right to limit its liability under the guarantee and indemnity contained in this document in accordance
with the Code of Banking Practice (if it applies to the guarantee and indemnity) and as allowed by law.

 

		•	The guarantor can request information about this facility or the financial obligation to be guaranteed.

 

It is likely that we will be able to resort to any mortgage or other
security (whether or not described in the details) which we already hold or which you give us in the future as security for the
amounts covered by this document. If you are an individual this would include any mortgage over your family home.

 

    	Page 2 of 37

     

    

 

Execution by National Australia Bank Limited

 

	Execution	 
	 	 
	Date of agreement	Place of execution
		 
	27/10/15	 	Sydney 	 

 

Signed for and on behalf of National Australia Bank Limited by its
duly authorised officer

 

	Signature of authorised officer	 
	 	 
	/s/ Gordon Hardie	 
	 	 
	Name of authorised officer (BLOCK LETTERS)	 
	 	 
	Gordon Hardie 	 
	 	 
	Date	 
	 	 
	27/10/15	 

 

    	Page 3 of 37

     

    

 

Execution by Vendor

 

Important Acknowledgment

 

By signing this Corporate Receivables Facility Agreement you acknowledge
and agree that:

 

		•	you have received and read a copy of the Corporate Receivables Facility Agreement before signing it and you agree that the
terms of clause 12 containing various representations and warranties by you, have been brought to your attention and fully explained
to you and you agree that these representations and warranties are correct; and

 

		•	you will notify us promptly if you change your address.

 

Company

 

HUDSON GLOBAL RESOURCES (AUST) PTY LIMITED

 

Executed by the Vendor in accordance with Section 127 of the Corporations
Act

 

	Signature	 	Signature
	 	 	 
	/s/ Mark Steyn	 	/s/ Kendall Ryan
	 	 	 
	Full name	 	Full name
	 	 	 
	Mark Steyn	 	Kendall Ryan 
	 	 	 
	Office held	 	Office held (Director or Company Secretary)
	(Director or Sole Director and Sole Company	 	 
	Secretary)	 	 
	 	 	 
	Director	 	Director 
	 	 	 
	Date	 	Date
	 	 	 
	27/10/2015	 	27/10/2015

 

    	Page 4 of 37

     

    

 

Execution by Guarantor

 

Important Acknowledgment

 

By signing this Invoice Finance Facility Agreement the guarantor:

 

		•	agrees to be bound by the guarantee and indemnity in clause 26 and all other provisions of this Invoice Finance Facility Agreement
relevant to that guarantee and indemnity.

 

		•	declares that its attention has been drawn to the warnings set out on the front page of this Invoice Finance Facility Agreement
and below, and in particular the recommendation that legal and financial advice should be obtained before signing this Invoice
Finance Facility Agreement.

 

		•	declares that it has obtained legal and financial advice as necessary or if it has not obtained such advice, declares that
it does not regard any such advice as necessary and prefers to proceed without it.

 

		•	declares that it is fully aware of the nature of, and risks in signing this Invoice Finance Facility Agreement and is signing
it voluntarily.

 

Guarantor Company:

 

HUDSON GLOBAL RESOURCES (NZ) LIMITED

 

	 	Signed by 
	 	Hudson Global Resources (NZ) Limited (company no. 517634)
	 	by
	 	 	 
	sign here ►	/s/ Mark Steyn	 
	 	Director	 
	 	 	 
	print name	Mark Steyn	 
	 	 	 
	sign here ►	/s/ Roman Rogers	 
	 	Director	 
	 	 	 
	print name	Roman Rogers	 

 

    	Page 5 of 37

     

    

 

PART A – Details

 

Parties

 

Bank: (“we/us”)

 

National Australia Bank Limited

ABN 12 004 044 937

255 George Street

Sydney New South Wales

2000

 

Vendor: (“you”)

 

Hudson Global Resources (Aust) Pty Limited

ABN 21 002 888 762

ACN 002 888 762

Level 19, 20 Bond Street

Sydney New South Wales

2000

 

Guarantor

 

Hudson Global Resources (NZ) Limited

Company Number 517634

Chorus House

Level 6

66 Wyndham Street

Auckland, New Zealand

1010

 

    	Page 6 of 37

     

    

 

Facility Overview

 

	Facility limit	$25,000,000	 
	 	 	 
	Maximum Advance Rate	85%	The actual advance rate used in relation to any particular purchased debt maybe lower than the maximum advance rate (which would be reflected in a higher corresponding discount rate).
	 	 	 
	Recourse period	90	days from the end of the calendar month in which the debt document is raised.
	 	 	 
	Application Fee	$37,500	Refer Finance Agreement
	 	 	 
	Bank Lodgement  Fee (PPSR)	$0.00	 
	 	 	 
	Government Registration Fee (PPSR)	$0.00	 
	 	 	 
	Search Fee (PPSR, ASIC)	$0.00	 
	 	 	 
	Purchase Charge Rate	$6,250	Flat fee charged monthly in advance.  See clause 8.4 for further details.
	 	 	 
	Minimum Purchase Charge	$75,000	annually.
	 	 	 
	Lending Indicator Rate	2.095% p.a.	market rate, as published in the metropolitan daily press and on our website on Mondays.
	 	 	 
	Customer Margin	1.500% p.a.	 
	 	 	 
	Facility Fee Rate	3.595% p.a.	Lending Indicator Rate PLUS Customer Margin %.
	 	 	 
	Default Margin Rate	2.000% p.a.	 
	 	 	 
	Default Facility Fee Rate 	5.595% p.a.	This rate is the Facility Fee Rate plus Default Margin Rate.
	 	 	 
	Default Management Fees	N/A	 

 

    	Page 7 of 37

     

    

 

Nominated account

 

	BSB	: To be confirmed
	 	 
	Account Number	: To be confirmed  

 

Guarantee limit

 

The guarantee limit is:

 

•   the facility limit stated above (comprising amounts
of any nature including interest, costs or otherwise); plus

 

•   an amount equal to interest, fees, costs and
taxes accrued and not paid by you at the time we serve a demand to pay on the guarantor, up to the amounts payable for the
12 months ending on the date of the service of our demand on the guarantor.

 

In addition to the guarantee limit described above, the guarantor
may also be liable under clauses 15.7 to 15.13, 18 and 19 of this agreement for amounts stated to be payable solely by the
guarantor.

 

Special conditions

 

Nil.

 

    	Page 8 of 37

     

    

 

PART B – Terms and Conditions

 

1. Using this facility

 

		1.1	This agreement sets out the terms on which we may
agree to purchase certain debts from you.

 

		1.2	You may only use this facility if:

 

		(a)	the results of all our searches and enquiries are satisfactory to us;

 

		(b)	we have received each security, related acknowledgement or acceptance and title documents, which are satisfactory to
us;

 

		(c)	you have obtained any insurance we require, and we have received evidence satisfactory to us (which may include receiving the
policy document) that any such insurance is current, that the insurer, the amount insured and the policy terms are satisfactory
to us, and that our interest is noted;

 

		(d)	where required by us, you are registered to use any specific system or platform provided by us as part of the Corporate Receivables
System;

 

		(e)	we have received any other document we reasonably require (including corporate or trustee authorisations), satisfactory to
us;

 

		(f)	there is no event of default or potential event of default under this agreement; and

 

		(g)	each security remains enforceable and no-one who provides a security is in default under or has withdrawn from
or terminated that security (unless this occurs with our consent).

 

		1.3	You can only access and operate the facility through the
Corporate Receivables System.

 

		1.4	You or we can, by giving the other at least 90 days prior
notice in writing, terminate the facility.

 

		1.5	This agreement will become effective upon the earlier of (a) our first making funds available to you under the facility
and (b) our notifying you of the completion of any action we decide to take pursuant to clause 21.2, which earlier date is the
effective date. The security interests established under this agreement attach on the later of the effective
date and the date on which they would otherwise attach under the terms of this agreement.

 

2. Using the Corporate Receivables System 

 

General

 

		2.1	In order to use the Corporate Receivables System
to access or operate your facility:

 

		(a)	you must have access to and, where required, be registered to use the Corporate Receivables System;

 

		(b)	you must nominate, in a manner acceptable to us, each user who is to be authorised to use the Corporate Receivables
System and each user must be registered as a user of the Corporate Receivables System.

 

		2.2	You must procure that all users of the Corporate Receivables System access the Corporate Receivables System
by the authorisation method.

 

		2.3	We can, at any time, add to, remove or change the functions, or impose restrictions on the functions available to you, in connection
with the facility.

 

Sending information and requests through the Corporate Receivables
System

 

		2.4	You acknowledge that we are authorised to act upon any information or request sent to us which appears to have been sent by
a user who has been nominated by you under clause 2.1(b).

 

		2.5	You acknowledge that we are under no duty to make any inquiry whatsoever as to whether any information or request has in fact
been issued by you or with your authority. All information and requests sent to us through the Corporate Receivables System
will be deemed to have been properly issued by the relevant user who has been nominated by you under clause 2.1(b) to
send information or requests on your behalf if the authorisation method has been used for that user.

 

    	Page 9 of 37

     

    

 

Security

 

		2.6	You must ensure that you adopt data security measures in relation to your use of the Corporate Receivables System,
which are appropriate for the protection of sensitive commercial information including systems and current security software
to guard against unauthorised data access, malevolent code (such as viruses), denial of service attacks and data contamination.

 

Your acknowledgements

 

		2.7	You acknowledge that we may provide you with the ability to retrieve and download facility related information through the
Corporate Receivables System. Once this information is retrieved and downloaded by you, we can no longer verify its
integrity.

 

Limitation of Liability

 

		2.8	Subject to the qualifications contained in the Competition and Consumer Act 2010 (Cth) and all corresponding State,
Territory, and Commonwealth legislation, our liability for breach of a condition or warranty implied by that legislation in relation
to the supply of services to a consumer (including the supply of electronic platforms, software or other programmes through the
Corporate Receivables System) is limited to the following:

 

		(a)	the supplying of the service again; or

 

		(b)	the payment of the cost of having the service supplied again.

 

Our liability to you will not be limited in this manner
if it is not fair or reasonable for us to rely on the limitation set out in this paragraph.

 

		2.9	Except as provided in clause 2.8,

 

		(a)	all other warranties are excluded;

 

		(b)	except to the extent that loss or damage is caused by our own negligence, we will not be responsible for and exclude all liability
for loss or damage that you may suffer or incur by reason of or in connection with any of the following:

 

		(i)	your use of the Corporate Receivables System, whether or not it is attributable to us or our agents, contractors
or employees;

 

		(ii)	any act or omission of us, or any of our agents, contracts or employees in relation to the Corporate Receivables System
or your use of it;

 

		(iii)	us permitting any person to use the Corporate Receivables System (including by us acting on a message)
where the user of the Corporate Receivables System or the sender of the message (as the case may be)
purports to be, but is not in fact, a person authorised by you to use the Corporate Receivables System unless we
have received timely and adequate written warning from you in advance not to allow the relevant use to take place;

 

		(iv)	any error contained in a message; or

 

		(v)	any delays, including delays in us acting on a message;

 

		c)	we will not be liable for and exclude all liability for any indirect or consequential loss or damage of any kind, or any direct
or indirect loss of profit, revenue or goodwill, that you may suffer or incur for any reason in relation to the Corporate Receivables
System or your use of it.

 

		2.10	You indemnify us, and continue to hold us indemnified, against any liability, loss or damage suffered or incurred by us however
arising and by whomever caused, whether arising directly or indirectly from your use of the In Corporate Receivables System,
including as a result or you failing to comply with your obligations under clause 2.6, except to the extent such liability loss
or damage is or was due to our wilful acts or negligence.

 

Force Majeure

 

		2.11	Neither party shall be liable to the other party for any failure or delay in the performance of its obligations relating to
the Corporate Receivables System which is due to force majeure. If the delay or failure to perform obligations
due to force majeure exceeds 15 days, either party may terminate your use of the Corporate Receivables System
immediately on providing written notice to the other party.

 

		2.12	Any obligation to pay money shall not be excused by force
majeure.

 

    	Page 10 of 37

     

    

 

Terms and conditions relating to Corporate Receivables System

 

		2.13	To the extent of any inconsistency between this agreement and any separate terms and conditions relating to the Corporate
Receivables System this agreement will prevail.

 

3. Debt information

 

Debt schedules

 

		3.1	You must give us a debt schedule:

 

		(a)	initially, not less than 1 business day before you first want to use your facility;

 

		(b)	thereafter, regularly at times to be agreed between you and us, and if no such times are agreed, in relation to each month
within 5 business days after the end of the month; and

 

		(c)	otherwise, as agreed in writing with us.

 

		3.2	Each debt schedule provided by you under this agreement must include all debts created since the last
debt schedule and which remain outstanding at such time, or in relation to the first debt schedule all debts existing
at the date of that debt schedule, including excluded debts and recourse debts, together with such other information
as we reasonably require.

 

		3.3	If a debt schedule includes any excluded debts or recourse debts, you must also ensure that those debts
are clearly identified as such when the debt schedule is provided.

 

Other debt information

 

		3.4	You must give us details of any credit note and adjustments relating to a purchased debt as soon as possible
after it is raised by you and no later than the day your next debt schedule is due to be delivered to us.

 

		3.5	In addition to your obligations in respect of debt documents under clause 9.6, you must give us, on request:

 

		(a)	any statement of debt payments including details of their allocation to your debtor ledger in the form required by us
from time to time; and

 

		(b)	any other supporting information about, or documents relating to, your debts.

 

		3.6	If a recourse event occurs in relation to a debt, you must notify us in writing:

 

		(a)	immediately, if the recourse event relates to a debtor making or attempting to make or raise a set-off claim in respect
of a debt; or

 

		(b)	within 5 business days (or such other period agreed in writing by us) of any other recourse event occurring.

 

4. Offer and Acceptance

 

Qualifying debts

 

		4.1	Delivery of an initial debt schedule constitutes
an offer by you to sell to us all qualifying debts:

 

		(a)	existing as at the commencement date; and

 

		(b)	arising after the commencement date but prior to the termination of the facility, whether or not those qualifying
debts are described in the initial debt schedule or any other debt schedule.

 

		4.2	We need not accept the offer comprised by the initial debt schedule if the terms of this document have not been complied
with and nothing in this agreement constitutes or is to be construed as an agreement to assign a debt if the terms
of this document have not been complied with.

 

		4.3	Your offer to sell the qualifying debts under clause 4.1 is deemed to be accepted and all qualifying debts are
purchased by us (without any further notice to you) immediately on the payment of the initial payment.

 

		4.4	Upon our deemed acceptance of your offer full title to
the qualifying debts purchased will:

 

		(a)	in respect of qualifying debts in existence as at the commencement date, vest in us as at that date; and

 

    	Page 11 of 37

     

    

 

		(b)	in respect of future qualifying debts, vest in us automatically upon their coming into existence and without anything
further being required.

 

Excluded Debts

 

		4.5	The provision of a debt schedule that includes any excluded debts constitutes an offer by you to sell to us those
excluded debts, irrespective of whether you have identified those debts as excluded debts in accordance with
this agreement.

 

		4.6	Your offer to sell any such excluded debts is taken to be accepted by us immediately upon payment to you of the purchase
price in relation to those excluded debts in accordance with clause 7.2.

 

		4.7	We may choose not to purchase any excluded debt.

 

		4.8	Upon our deemed acceptance of your offer to sell any excluded debt full title to the excluded debt purchased
will vest in us.

 

Payment of the Purchase price

 

		4.9	We will pay you the purchase price (including the initial payment) with respect to the purchased debts in
accordance with clause 7.2 as soon as reasonably practicable after receiving the relevant debt schedule listing those purchased
debts.

 

Recourse debts

 

		4.10	You acknowledge that if a purchased debt is or becomes a recourse debt, we retain our interest in that debt
notwithstanding that we may elect to allocate 100% of the relevant debt amount to the total retention in accordance
with clause 6.2.

 

Release of encumbrance

 

		4.11	If an encumbrance has been granted by you to us over any purchased debt, to the extent necessary to allow any
assignment under this clause 4, that encumbrance is automatically released.

 

Charge over proceeds and account

 

		4.12	As security for your obligations under this agreement, you hereby grant us a charge over the proceeds of the
purchased debts and the debtor finance account.

 

Acknowledgement of assignment of debts

 

		4.13	All parties confirm and agree their intention that each sale and purchase of debts under this agreement is intended
to take effect as a true sale by way of equitable assignment of title (which may be perfected by us on the terms of this agreement),
and not by way of charge or mortgage.

 

5. Accessing funds

 

Accessing funds

 

		5.1	Subject to all conditions precedent being met you can access all or part of your available funds by requesting a drawing
through the Corporate Receivables System.

 

		5.2	Funds are accessed by transferring the amount required from your debtor finance account to a linked account using the
Corporate Receivables System.

 

Your available funds

 

		5.3	The available funds is calculated by deducting the funds drawn (if any) from the lesser of the borrowing base
and the facility limit. We may calculate or recalculate (as the case may be) your available funds at any time.

 

No overdrawing

 

		5.4	The balance of your debtor finance account (to the extent it is a debit balance) must not exceed the lesser of the facility
limit and the borrowing base at any time, without our prior approval.

 

    	Page 12 of 37

     

    

 

Drawings not made in accordance with this agreement

 

		5.5	If an amount is drawn from the debtor finance account contrary to this clause, you must immediately rectify the position
by paying into the debtor finance account an amount equal to that drawing.

 

6. Your Borrowing Base and the Total Retention

 

Borrowing Base

 

		6.1	The borrowing base is calculated by deducting the total retention from the purchase price. We may calculate
or recalculate (as the case may be) the borrowing base at any time.

 

Total Retention

 

		6.2	In setting the amount of the total retention, we may take into account any matters we consider relevant in relation
to our credit and risk assessment of you, the debtors and transactions under this agreement. This may include:

 

		(a)	the aggregate amount of recourse debts;

 

		(b)	the amount calculated by applying a discount rate we
determine for a particular debt;

 

		(c)	any debtor limit excess;

 

		(d)	any minimum amount that that we determine must be withheld notwithstanding the amount that would otherwise be required to be
held in relation to each individual debt; and

 

		(e)	any other amount you owe us.

 

You acknowledge that in determining the total retention,
we have full discretion to retain any percentage of a particular debt that we consider appropriate in the circumstances
(including retaining 100%).

 

		6.3	We may review and change the amount of the total retention in relation to any particular debt at any time. We
may, for example, change the amount of the total retention in relation to a particular debt if our assessment of
that debt or you changes.

 

		6.4	If in our judgement, having regard to our credit and risk assessment of you, the debtors and transactions under this
agreement, the amount of the total retention is insufficient for any reason, including as a result of our recalculation
of the amount of funds required to be held, we may:

 

		(a)	withhold the amount of the shortfall from the purchase price of any debts subsequently purchased by us under
clause 4;

 

		(b)	account for the amount of the shortfall by reducing the
borrowing base; or

 

		(c)	require you to pay us, on demand, the amount of the shortfall,

 

and adjust the amount of the total retention to
reflect that action.

 

7. How we process transactions

 

		7.1	We will generally process transactions under this agreement
in accordance with this clause 7.

 

		7.2	We will pay you the purchase price by including all or part of the amount of the purchase price in the total
retention, increasing the borrowing base by all or part of that amount, or a combination of the two.

 

		7.3	When we receive details of a credit note or evidence of other adjustment, we will either:

 

		(a)	reduce the purchase price of the relevant purchased debt by the amount of the credit note or adjustment
(the “relevant amount”);

 

		(b)	withhold the relevant amount from the purchase price of any debts subsequently purchased by us under clause
4;

 

		(c)	process the credit note or adjustment as a separate transaction and include the relevant amount in the total
retention.

 

		7.4	Fees and charges payable under this agreement will be debited by making adjustments under clause 7.9.

 

    	Page 13 of 37

     

    

 

		7.5	Unless otherwise provided in this agreement:

 

		(a)	any debt payments credited to the debtor finance account will be applied to repay the associated debt and,
once the

 

		(b)	debt is discharged (or earlier if we agree), we will adjust the amount of the total retention in relation to
that debt;

 

		(c)	any amounts other than debt payments credited to the debtor finance account may be, in our discretion, applied
to repay a debt selected by us.

 

		7.6	You acknowledge that:

 

		(a)	all or part of an amount paid into the debtor finance account may be held by us as unapplied cash pending our
full processing of that amount.

 

		(b)	we may initially allocate a percentage of the amount paid into the debtor finance account against a debt, and
make the remainder available for refund. If the amount made available for refund differs from the amount allocated by us to the
amount of the total retention in relation to that debt, we may make such adjustments as we consider appropriate as
contemplated by clause 7.9.

 

		7.7	Any other amounts payable by you under this agreement
may be:

 

		(a)	debited by making adjustments under clause 7.9; or

 

		(b)	debited to any other account you hold with us, including the debtor finance account or any nominated account.

 

		7.8	You acknowledge we may process transactions under this facility at such times as we determine in our sole discretion. We will
not be responsible, and are not liable, for any delays that occur as a result of when that processing occurs.

 

		7.9	We may make such adjustments as is reasonably necessary
to:

 

		(a)	the available funds;

 

		(b)	the borrowing base;

 

		(c)	the total retention;

 

		(d)	the funds drawn (to reflect repayments of debts
under clause 7.5);

 

		(e)	the balance of the debtor finance account (to reflect
adjustments under clause 10.5); and/or

 

		(f)	our records of funds drawn and unapplied cash,

 

to ensure that they accurately reflect the arrangements
in relation to the facility contemplated by this agreement.

 

For example, we may:

 

		(i)	adjust the available funds to reflect any fees, charges, unapplied cash, non-funded cash, or any minimum
amount that we determine must be withheld; and

 

		(ii)	make any consequential changes relating to an adjustment
under this clause (including to interest charges or the fees payable by you).

 

8. Payments, fees and charges

 

General

 

		8.1	You must pay to us all fees and charges that are set out in this agreement or in our “Business Banking Fees –
A Guide to Fees and Charges” booklet (we treat the debtor finance account as an account for the purpose of calculation
of fees and charges).

 

Facility fee

 

		8.2	You must pay us a facility fee for each day, which is calculated by applying the daily facility fee rate (being the
facility fee rate as set out in, or as determined in accordance with, the details divided by 365) to the funds
drawn as at that day. Accrued facility fees are payable on the last business day of each month (unless another
time is agreed) and when this facility terminates or otherwise ends.

 

    	Page 14 of 37

     

    

 

Purchase charge

 

		8.3	If the details specify that the purchase charge is payable on each purchase date, you must pay to us the
purchase charge set out in the details on each purchase date.

 

		8.4	If the details specify that the purchase charge is payable in advance, the first purchase charge will
be payable on a pro-rata basis on the date of this agreement. Subsequent purchase charges will be payable in full
on the first business day of the applicable periods below:

 

		(a)	if monthly payment of the purchase charge is specified
in the details, each calendar month;

 

		(b)	if quarterly payment of the purchase charge is specified in the details, each calendar quarter (being 1 January
to 31 March, 1 April to 30 June, 1 July to 30 September, and 1 October to 31 December); and

 

		(c)	if half yearly payment of the purchase charge is specified in the details, each calendar half-year (being 1 January
to 30 June and 1 July to 31 December).

 

Minimum fees and charges

 

		8.5	If, in any fee cycle:

 

		(a)	the total of all facility fees and default facility fees payable by you in relation to that fee cycle is
less than any applicable minimum annual facility fee; and/or

 

		(b)	the total of all purchase charges payable by you in relation to that fee cycle is less than any applicable minimum
purchase charge,

 

then you must pay us, on demand, the amount of that deficiency,
provided that for any fee cycle which falls within paragraph (a)(ii) or (b)(ii) of the definition of fee cycle, the
respective minimum amounts in paragraphs (a) and (b) above will be calculated on a pro-rata basis.

 

Lending Indicator Rate – market rate option

 

		8.6	If the details specify that the lending indicator
rate is determined using the market rate:

 

		(a)	the market rate in relation to each pricing period is the rate determined by us (in our absolute discretion)
which is equal to the “bid rate” quoted on the “BBSY” page of the Reuters Monitor System at or about 10.15am
Melbourne time on the business day immediately preceding the commencement of that pricing period for bank accepted
bills for a period equal to the pricing period and which starts on that immediately preceding business day; and

 

		(b)	if a market rate cannot be determined in accordance with the above, the market rate for that pricing period
will be the rate determined by us in good faith to be appropriate having regard to comparable indices then available in the
then current bank bill market.

 

Other amounts you must pay us

 

		8.7	You must pay us:

 

		(a)	immediately on request, such amounts as required by us to ensure that the amount of the total retention is at least
equal to any minimum amount that that we determine must be withheld (notwithstanding the amount that would otherwise be required
to be held in relation to each individual debt); and

 

		(b)	immediately the amount by which the balance of your debtor finance account (to the extent it is a debit balance) exceeds
the lesser of the borrowing base and the facility limit.

 

9. Debts

 

Our right to make enquiries

 

		9.1	You consent to us, as part of any review conducted in accordance with clause 14.1 (Review) where an event of default
is found to have occurred, making any enquiries we consider appropriate in connection with the purchased debts. We must
make those enquiries on your behalf or on an undisclosed basis if, at the time of making those enquiries, we have not given notice
to the debtor of the assignment of the purchased debts.

 

Verification of debts

 

		9.2	We may, as part of any review conducted in accordance with clause 14.1 (Review) where an event of default is
found to have occurred, at our own expense instruct our auditors or accountants to contact (on your behalf where at the time we
are obliged not to give notice of assignment of the purchased debts) your debtors asking them to verify the balance
of their accounts.

 

    	Page 15 of 37

     

    

 

You as agent

 

		9.3	In relation to each purchased debt, until we give notice to the contrary, we appoint you as agent for us to:

 

		(a)	collect all debt payments; and

 

		(b)	take all such action as we reasonably require to enforce payment of all debt payments and compliance with all obligations
in connection with the debt documents at your expense.

 

Despite your appointment as agent, if an event of default
has occurred under this agreement, we may do the things set out in this clause ourselves.

 

		9.4	We are entitled to the benefit of all debt payments
collected under this agreement.

 

		9.5	Not used.

 

Documents and notice

 

		9.6	On and from the purchase date:

 

		(a)	you cease to have any rights with respect to the debt documents, all debt documents are and remain our property
and any debt documents in your possession are retained in a custodial capacity only;

 

		(b)	you will hold as agent for us:

 

		(i)	all debt documents which you have already received
on the purchase date;

  

		(ii)	all debt documents which you receive after the purchase date, immediately upon receipt of those debt documents;

 

		(iii)	any further or substitute debt documents to which you are entitled immediately when your entitlement arises.

 

If we ask, you must deliver the debt documents
to us.

 

10. Payment of purchased debts

 

		10.1	You agree with us:

 

		(a)	to direct any debtor who wishes to make debt payments to you electronically or otherwise directly to an account,
to make those payments directly to the debtor finance account;

 

		(b)	to receive on trust for us any payments received from a debtor (whether in the form of cash, cheque, money order or
negotiable instruments) in respect of any purchased debt and to deliver such payments to us in the form they are received
by you by promptly depositing such payments to the credit of the debtor finance account;

 

		(c)	if any debt payment is received by you into an account other than the debtor finance account you must within
two business days of its receipt:

 

		(i)	notify us that the payment was received;

 

		(ii)	transfer the amount of such debt payment to the
debtor finance account; and

 

		(iii)	take sufficient measures to ensure that no further debt
payment is received into an account other than the debtor finance account;

 

		(d)	to as soon as reasonably practicable (and in any event no later than five business days after receipt) allocate debt
payments against the relevant debtor in your debtor ledger, other than where insufficient information has been supplied
with a debt payment to allocate it to a debt and you are diligently following up to obtain sufficient information
to allocate the debt payment to a debt;

 

		(e)	to provide an indemnity in the form required by us to enable cheques made out to you in payment of debts to be deposited
directly into the debtor finance account; and

 

		(f)	where a debtor properly claims a trade discount, allowance or other credit (the “claim”) in respect of a
purchased debt which was not deducted in determining the debt amount of that debt, we may adjust the total
retention by the full extent of claim, or we may ask you to immediately pay us, and you must immediately pay us, the full amount
of the claim.

 

    	Page 16 of 37

     

    

 

		10.2	Subject to clause 10.5, any payment made into the debtor finance account in relation to a purchased debt will
be applied in satisfaction of that purchased debt to the extent of that payment.

 

		10.3	Subject to clause 10.1, and any other amounts you are obliged to pay under this agreement, you must not make any deposits
into the debtor finance account, including any amounts relating to debts which are not purchased debts without
our consent.

 

		10.4	If, at any time, we are satisfied that we have received and are entitled to retain final payments in respect of the purchased
debts which, after the application of the payments in accordance with this agreement, are in aggregate in excess of
the funds drawn, then the excess will, subject to our right to make adjustments under clause 7.9 (for example, because the
payment is subsequently reversed or dishonoured) and subject to any amounts payable by you under any other arrangement
with us, be payable by us to you. We may satisfy our obligation under this clause by paying the amount into an account in your
name or by exercising any right of set-off we may have and are under no further liability in respect of the amount.

 

		10.5	Where a payment made into the debtor finance account in respect of a purchased debt is subsequently dishonoured
or reversed for any reason, the amount of that dishonour or reversal will be debited to the debtor finance account.

 

Other currencies

 

		10.6	Unless we otherwise agree, you must make each payment under this agreement in Australian Dollars, and you waive any
right which you have in any jurisdiction to pay an amount other than in Australian Dollars.

 

		10.7	If we receive an amount in a currency other than that in
which it is due:

 

		(a)	we may convert the amount received into the due currency (to do this it might be necessary to convert through a third currency)
on the day and at such rates as we consider appropriate. We may deduct our usual costs in connection with the conversion;
and

 

		(b)	you satisfy your obligation to pay in the due currency only to the extent of the amount of the due currency obtained from the
conversion after deducting the costs of the conversion.

 

11. Return of debts

 

If a recourse event occurs in relation to a purchased
debt, we may elect to return that purchased debt to you. A purchased debt can be returned either by us extinguishing
our interest in the purchased debt in accordance with clause 11.1 or by you repurchasing the purchased debt in accordance
with clause 11.2. The way in which a purchased debt is returned to you depends on whether notice has been given to you and
the relevant debtor

 

Extinguishment of interest

 

		11.1	If a recourse event occurs in relation to a purchased debt, excluding any purchased debt for which:

 

		(a)	we have given you written notice of our acceptance of your offer made under clause 4.1 or 4.5; and

 

		(b)	notice of its assignment has been given to the debtor
under clause 15.4 or otherwise,

 

we have the option of extinguishing our right, title and
interest in that purchased debt, by decreasing the borrowing base and making other consequential adjustments to reflect
the extinguishment price. Our right, title and interest in that purchased debt is extinguished on such reduction
being made to reflect the extinguishment price.

 

Our right to require repurchase

 

		11.2	You irrevocably offer to repurchase each purchased debt
in respect of which:

 

		(a)	we have given you written notice of our acceptance of your offer made under clause 4.1 or 4.5; and

 

		(b)	notice of its assignment has been given to the debtor
under clause 15.4 or otherwise; and

 

		(c)	a recourse event occurs.

 

How a debt is repurchased

 

		11.3	We are taken to have accepted any offer made under clause 11.2 by decreasing the borrowing base and making other consequential
adjustments to reflect the repurchase price of the recourse debt. Upon such reduction title to the relevant debt
vests in you.

 

		11.4	The repurchase of, or extinguishment of our right, title and interest in, any debt effected under clauses 11.1 or 11.3
is without any recourse to us or warranty or representation of any kind by us relating to the debt.

 

    	Page 17 of 37

     

    

 

12. Warranties

 

General warranties

 

		12.1	Each time you deliver a debt schedule to us and on each purchase date, you represent and warrant that:

 

		(a)	neither you nor, if you are a corporation, any director or other person, breaches any law or any obligation to another person
by signing any arrangement with us or entering transactions or performing obligations under them and that all necessary
authorisations to do so have been obtained and you have power to carry on your business;

 

		(b)	your obligations under each arrangement with us to
which you are a party are valid andbinding and enforceable in accordance with its terms and you are not in default of any
arrangement with us;

 

		(c)	all the information given by you or on your behalf or by any guarantor (such as financial statements) is correct and
not misleading and you have not withheld any information that might have caused us not to enter into any arrangement with us;

 

		(d)	since the date the information was given there has been no change in your financial circumstances which may have a material
adverse effect on your ability to meet your obligations under any arrangement with us;

 

		(e)	you benefit from this agreement and each sale of debts under it, and from all payments into the debtor finance
account or nominated account notwithstanding that they may not be accounts held in your own name;

 

		(f)	all declarations and warranties made by you in each other arrangement with us are correct and not misleading; and

 

		(g)	there is no pending or threatened court or other proceeding affecting you except those in which a decision against you would
be immaterial.

 

Debt warranties

 

		12.2	Unless we have agreed otherwise (and except as otherwise disclosed to us in a relevant debt schedule), each time you
deliver a debt schedule to us, you represent and warrant in respect of each debt proposed to be purchased by us or
purchased by us on the date of delivery of each debt schedule and on each purchase date that:

 

		(a)	the debt is a bona fide debt due and owing by the debtor and is valid, enforceable and subsisting for
the debt amount and you are the sole legal and beneficial owner of each debt;

 

		(b)	each debt in a debt schedule arises from the provision of goods and services in the ordinary course of your business;

 

		(c)	you have not created or allowed any encumbrance to exist over or affect any debt (other than an encumbrance
granted to us);

 

		(d)	you are lawfully entitled to sell and assign each debt to us;

 

		(e)	the debt documents constitute all material terms and conditions of that debt and are valid and binding and enforceable
in accordance with their terms and comply with all legal statutory or other requirements for their validity and enforceability;

 

		(f)	all registration requirements relating to the debt have been or will be satisfied;

 

		(g)	the debts are not overdue nor, to the best of your knowledge, disputed by the debtor or in default;

 

		(h)	you have invoiced the debtor in respect of the debt and the debtor is obliged to pay you within an agreed
period of time not exceeding the recourse period;

 

		(i)	no debtor is a related entity to you;

 

		(j)	to the best of your knowledge, no insolvency event has occurred in relation to any debtor;

 

		(k)	each debt has been incurred at or through the debtor’s place of business in Australia (including the external
territories);

 

		(l)	each debt is payable in Australian dollars;

 

		(m)	the debt is not subject to a performance based
contract, is not issued on a progress claim basis, and does not include liquidated damages;

 

    	Page 18 of 37

     

    

 

		(n)	you have provided goods and/or services to the debtor in compliance with any agreement to provide such goods and/ or
services and any such goods were at the time of sale of merchantable quality and fit for the purpose for which they were purchased;

 

		(o)	you had a good and valid title to the goods the subject of the contract giving rise to the debt before title was transferred
to the debtor and you have disclosed to us any retention of title clause in your favour contained in any contract giving
rise to the debt;

 

		(p)	no recourse event has occurred in relation to the debt proposed to be purchased or purchased by us (provided
that no breach of this representation will occur where you have repurchased the debt in accordance with clause 11.2);

 

		(q)	there are no prohibitive, restrictive or specific conditions in tenders, orders or contracts relating to the debt which
could affect collection of the debt in the normal course of trade and, to the best of our knowledge, the debt is
not subject to any counterclaim, set-off claim or defence by any debtor;

 

		(r)	you have satisfied yourself that the debtor is able to pay the debt on or before its due date, and you are not
aware of any circumstances relating to the debt or the debtor which might affect our valuation of the debt or
our decision as to whether to purchase the debt; and

 

		(s)	the debt is a qualifying debt.

 

Trustee declarations

 

		12.3	You make the following declarations if you or the guarantor (referred to in this clause as “the trustee”)
enter into this agreement, or own any of the debts, as trustee of any trust or settlement:

 

		(a)	this agreement is for the benefit of the trust;

 

		(b)	the trustee is the sole trustee of the trust, the trustee has authority to enter into this agreement and the trustee
is not in default under the trust deed;

 

		(c)	the trustee has the right to be fully indemnified out of the trust assets for obligations incurred under this agreement
and the trust fund is sufficient to satisfy that indemnity and all other obligations in respect of which the trustee has a
right to be indemnified out of the trust fund;

 

		(d)	no action has been taken or proposed to terminate the trust;

 

		(e)	the trustee has not delegated any of the trustee’s powers as trustee or exercised any power of appointment;

 

		(f)	the trustee has complied with the trustee’s obligations in connection with the trust; and

 

		(g)	our rights under this agreement rank in priority to the interests of the beneficiaries of the trust.

 

Notification

 

		12.4	You must tell us whenever anything happens which would mean you or the guarantor could not truthfully repeat all the
representations and warranties in this clause 12.

 

13. Your undertakings

 

Debt undertakings

 

		13.1	You must:

 

		(a)	not create or allow to exist another encumbrance in connection with any purchased debt or over your assets
(or agree to do so);

 

		(b)	not sell, dispose or deal in any other way with any purchased debt (or agree, or attempt, to do so);

 

		(c)	not do anything that might lower the value of any purchased debt or prejudice or adversely affect any right to recover
any purchased debt (unless we give our prior consent or you repurchase the debt in accordance with clause 11);

 

		(d)	not agree to any variation of any debt document which would have the effect of varying any purchased debt or
release any other party from any obligation or claim under it or waive any breach (unless we give our prior consent or you repurchase
the debt in accordance with clause 11);

 

		(e)	not grant terms of payment in respect of any purchased debt in excess of the recourse period;

 

		(g)	provide to us on request information concerning the names, addresses and telephone numbers of each debtor in connection
with any purchased debts;

 

    	Page 19 of 37

     

    

 

		(h)	issue payment reminders, if necessary, to debtors and follow up repayments in a manner consistent with prudent business
practice; and

 

		(i)	maintain sales journals and debtor ledgers and any other journals and ledgers we require.

 

Your business

 

		13.2	You must:

 

		(a)	conduct your business (including collecting debts owed to you) in a proper, orderly and effective manner;

 

		(b)	apply the proceeds received from us in respect of the purchased debts for working capital and for any other purpose
approved by us in writing; and

 

		(c)	comply with all relevant laws (including, taxation laws relating to PAYG, GST, Payroll, Work Cover and Superannuation).

 

		13.3	You must provide us with all financial statements and information as we may reasonably request from time to time in relation
to you, any purchased debt and each of your subsidiaries. This may include information relating to assets and liabilities,
and cash flow projections and sales forecasts for the next twelve months. You must provide us with such information within 14 days
of us making such a request.

 

Further steps

 

		13.4	If we ask, you must execute a separate formal assignment to us of any purchased debt, in a form approved by us.

 

		13.5	You must do anything we ask (such as obtaining consents, signing and producing documents, giving evidence, making investigations,
producing receipts and getting documents completed and signed) to:

 

		(a)	perfect our title to each purchased debt;

 

		(b)	enable us to exercise our rights under any assignment of any purchased debt and in connection with each purchased
debt;

 

		(c)	support any claim in respect of any purchased debt (including responding to any counterclaim, set-off or defence by
the debtor);

 

		(d)	assist us to assume directly the administration and collection of each purchased debt; and

 

		(e)	enable any payment made to you by a debtor (including any cheque) to be deposited directly into the debtor finance
account.

 

		13.6	You must:

 

		(a)	upon request by us, provide us with all information or documentation which you have or obtain at any time which has:

 

		(i)	a material bearing on the credit worthiness of any debtor; or

 

		(ii)	materially relates to any disputes or possible disputes
concerning the debts;

 

		(a)	not repossess any goods which are the subject of a sale contract giving rise to a purchased debt that contains a retention
of title clause, without our prior written consent; and

 

		(b)	keep copies of all documents passing between you and your debtors with respect of all debts and keep proper accounts in respect
of the same.

 

		13.7	You must notify us promptly in writing if you:

 

		(a)	cease conducting your business or change the general character of any business you conduct;

 

		(b)	provide financial accommodation to, or permit financial accommodation to remain owing to you by, a related entity or satisfy
any financial accommodation you now or in the future owe to a related entity;

 

		(c)	pay any dividend, make any distribution or provide any loan otherwise than in the ordinary course of your ordinary business;

 

		(d)	deposit money with a person in circumstances where the money is not repayable unless you perform obligations (including to
pay money) to that person;

 

		(e)	make any arrangement under which you may become liable to make payment to, or on behalf of, any third party other than for
goods or services supplied to you in the normal course of your business;

 

    	Page 20 of 37

     

    

 

		(g)	give any guarantee or enter into any contract of suretyship in respect of any liability of any third party whether immediate,
future or contingent; or

 

		(h)	subscribe for, or take an option on, shares or loan capital of any class or description or agree to do so,

 

provided that, in each case, if you are permitted to
do so under the terms of the finance agreement, you will not be required to notify us unless required to do so under the
terms of the finance agreement.

 

		13.8	If you are a corporation other than a public company the shares in which are listed on either an Australian public stock exchange,
a foreign stock exchange or another market for public trading in securities, then for so long as any purchased debt remains
outstanding to us, you must promptly notify us in writing of:

 

		(a)	any transfer of any share or creation or issue of new shares in your capital;

 

		(b)	any variation, alteration or modification of your constitution;

 

		(c)	any increase or reduction in your capital (whether issued or not);

 

		(d)	any special rights, privileges or qualifications attaching to any of your shares; or

 

		(e)	the persons who at the date of this agreement have control of you cease to have such control or one or more persons acquire
control of you after that date.

 

14. Review, variation and voluntary termination

 

Review

 

		14.1	Without limiting our rights under clause 15 (Default), we may review this facility if an event of default occurs
or we reasonably suspect that an event of default might have occurred.

 

		14.2	Without limiting our rights under clause 14.1, on or after each 6 monthly anniversary of this document, or If an event of
default occurs or we reasonably suspect that an event of default might have occurred, we may also conduct field examinations.
When we conduct a field examination, we may enter land and buildings owned or occupied by you, any of your subsidiaries or any
guarantor, any place where any debt document or business records are located and any places of business and registered office of
you, any of your subsidiaries or any guarantor to:

 

		(a)	inspect documents relating to you, your business or the purchased debts and the documents relating to any of your subsidiaries
or any guarantor and their respective businesses;

 

		(b)	find out whether you are complying with this agreement;

 

		(c)	exercise our rights under this agreement; and/or

 

		(d)	investigate your financial affairs or business or, if you are a corporation, the financial affairs or business of your subsidiaries
or any guarantor,

 

and you and each guarantor authorise (and you must
procure that each of your subsidiaries authorises) us, our solicitors, accountants, consultants and other authorised officers
to retain for a period that we or such other persons think fit, all books, delivery and dispatch dockets, accounts (including all
bank accounts), records, returns (including income tax returns, instalment activity statements and business activity statements)
and papers of every description (and where copies of such are available to inspect such copies) and to permit us and those persons
to take copies of any of the documents.

 

If you are a corporation, you must also obtain for us the
right to enter for these purposes land and buildings owned or occupied by your subsidiaries, any place where your subsidiary’s
property is located and your subsidiary’s registered office.

 

Variation

 

		14.3	We can, if as part of any review conducted in accordance with clause 14.1 (Review) and an event of default is
found to have occurred, and without limiting our rights under clause 15 (Default), do one or more of the following:

 

		(a)	reduce the facility limit;

 

		(b)	introduce a new fee, charge or premium;

 

		(c)	vary the amount of a fee, charge, premium, or rate, the way in which it is calculated or when it is charged;

 

    	Page 21 of 37

     

    

 

		(d)	vary any discount rate or introduce a new retention percentage applicable to certain types of purchased debts;

 

		(e)	vary any debtor limit, or the debtor to whom it relates, or introduce any new debtor limit; and

 

		(f)	change any other provision of this agreement.

 

		14.4	Not used.

 

		14.5	If our indicator rates (including the lending indicator rate) change, you acknowledge and agree that any rates specified
in the details calculated by reference to such indicator rate will change commensurately and any fee calculated by reference
to such a rate (including, the facility fee payable under clause 8.2 and the default facility fee payable under clause
15.6) will also change commensurately, without further or separate notice being given to you.

 

Voluntary termination

 

		14.6	Either party may terminate the facility under this agreement
in accordance with clause 1.4.

 

Effect of voluntary or other termination

 

		14.7	On termination of the facility under this agreement the facility limit will reduce to zero and you must immediately pay all
amounts due under clause 8.7(b) as a result of this. We may debit the amount of the balance of the debtor finance account, and
all other amounts which are due for payment or which will become due for payment by you to us under any arrangement with us,
from your nominated account or any other bank account you hold with us.

 

		14.8	If, after the termination of the facility, we determine that there are no other amounts which are due for payment or which
will become due for payment by you under any arrangement with us (including in connection with the nominated account), then:

 

		(a)	if the debtor finance account is a credit balance, you may withdraw an amount equal to that credit balance from the nominated
account; and

 

		(b)	if you request, we will re-assign any remaining purchased debts to you (but without any recourse to us or warranty or representation
of any kind by us relating to the debt).

 

15. Default

 

When are you in default?

 

		15.1	You are in default if:

 

		(a)	you do something you agree not to do, or you don’t do something you agree to do:

 

		(i)	under this agreement (provided that no default will occur solely as a result of a breach of the representation and warranty
in clause 12.2(p) or the undertaking in clause 13.1(e) in relation to a debt if you have repurchased that debt in
accordance with clause 11) ; or

 

		(ii)	under an arrangement with us (including the finance agreement);

 

		(b)	without our prior written consent, you waive or modify any terms of the contract giving rise to a purchased debt, provided
that no default will occur under this clause if the purchased debt is less than $1,000,000 and you have repurchased the
debt in accordance with clause 11 within 5 business days of such waiver or modification;

 

		(c)	you create or permit to exist a legal or equitable assignment or encumbrance having or obtaining priority to the right of us
in respect of a purchased debt or any encumbrance granted to us does not have or loses the priority it is intended to have;

 

		(d)	you do not pay on time any amount payable under an arrangement with us in the manner required by it unless we are satisfied
that the sole reason for such failure to pay is caused by administrative or technical error in the banking system generally which
is beyond your control and payment is made within 2 business days after its due date;

 

		(e)	you are, or a guarantor or another person authorised by you or under your control is, in default under any arrangement with
us or an event of default, however described, occurs under an arrangement with us unless such default or event of default
is capable of remedy and is remedied within 5 business days of the earlier of us giving notice or that person becoming aware of
the failure to comply;

 

		(f)	you give, or a guarantor or another person authorised by you or under your control gives, us incorrect or misleading information
(including through your declarations or warranties in this agreement) in connection with an arrangement with us;

 

    	Page 22 of 37

     

    

 

		(g)	you do not, or another person authorised by you or under your control does not, carry out in full an undertaking given in connection
with an arrangement with us, within the period specified, or within 7 days if no period is specified;

 

		(h)	we reasonably believe you or one of your related entities, contractors, agents, directors or employees has acted fraudulently
in connection with this agreement;

 

		(i)	an insolvency event occurs in relation to you or a guarantor;

 

		(j)	an arrangement with us is, becomes or is claimed to be, withdrawn, invalid, void, voidable or unenforceable or any party
has a right to terminate due to breach or to rescind or avoid all or party of any arrangement with us;

 

		(k)	it becomes impossible or unlawful for you or a guarantor of any arrangement with us to perform any obligation under
any arrangement with us;

 

		(l)	a change occurs in your or a guarantor’s financial circumstances which, in our opinion, could have a material adverse
effect on your or a guarantor’s ability to observe its obligations under this agreement or another arrangement with us;

 

		(m)	acting reasonably we believe that urgent action is necessary
to protect any purchased debt;

 

		(n)	you or a guarantor ceases or threatens to cease conducting their business, or a material part of it, or substantially changes
the nature of their business, without our written consent;

 

		(o)	a person is appointed to investigate or manage your affairs or the affairs of a guarantor;

 

		(p)	an order for payment is made, or a judgment is entered or signed, against you or any of your assets, and it is not satisfied
within 10 days after that event unless the order of judgment is the subject of an appeal by you within such period and we are satisfied
that there is reasonable likelihood of success;

 

		(q)	you do not, or a guarantor does not, meet all your or their monetary obligations (whether present or future) on time or within
any applicable grace period or any of these obligations become, or can be rendered, payable early otherwise than at your or the
guarantor’s election;

 

		(r)	if you, or a guarantor, is a partnership, that partnership is dissolved, an application is made for its dissolution or more
than 20% of the partners retire in any 6 month period;

 

		(s)	if you, or a guarantor, is a joint venture partner, that joint venture is terminated;

 

		(t)	if you, or a guarantor, is an individual, you or the guarantor no longer have legal capacity or you become a person protected
by the State;

 

		(u)	you, or a guarantor, are trustee of a trust and:

 

		(i)	a new trustee is appointed or any of the trust fund is resettled or set aside, in either case without our prior written consent;
or

 

		(ii)	your, or a guarantor’s, right to be indemnified out of the trust assets is restricted in any way; or

 

		(v)	if you, or a guarantor, is a partnership and any of the things in the preceding paragraphs occurs in relation to one or more
of the partners, in which case, the thing is deemed to have occurred in relation to you.

 

What can happen if you are in default?

 

		15.2	If you are in default, we no longer need to provide this facility and may terminate the facility without prior notice. One
result of this is that the provisions of clause 14.7 will apply.

 

		15.3	After a default has occurred (and despite anything else in this agreement), we may do one or more of the following, in addition
to anything else the law allows us to do:

 

		(a)	notify you that any amount you owe to us is immediately payable and if you do not pay it immediately, we may sue you for that
amount;

 

		(b)	notify you that this agreement terminates (without affecting any entitlement which we may have had prior to that termination);

 

		(c)	notify you that any agency established under this agreement is terminated. We may then collect the debt payments (including
by appointing a new agent to perform any task in connection with such collection); and

 

    	Page 23 of 37

     

    

 

		(d)	in respect of the purchased debts, give notice of this agreement and any assignment of debts which are taken to have occurred
under clause 4.4 to the debtors (which will be a notice under section 80(7)(a) of the PPSA) or any other person.

 

Any such notification gives immediate effect
to its provisions.

 

		15.4	Despite clause 21, if you are in default, we may in our absolute discretion give notices of assignment of the purchased debts
and if we give such notices of assignment we may undertake collection and recovery of the purchased debts and:

 

		(a)	you consent to us giving notices of assignment of the purchased debts to the debtors (both for the purposes of PPSA s.80(7)
and generally) and, if deemed appropriate by us, instituting legal proceedings in our own name or as attorney for you in order
to obtain payment of the purchased debts;

 

		(b)	you must immediately upon our request, give any notices of the assignment and directions as to payment to the debtors as are
required by us to enable recovery of the purchased debts by us;

 

		(c)	you must immediately upon our request, provide any other assistance as is required by us to enable recovery of the purchased
debts by us, including the institution and conduct at our direction, of legal proceedings in your name; and

 

		(d)	unless otherwise agreed you must not, except at our request, be concerned in, or attempt, the collection of the purchased debts
and you acknowledge and agree we may give good receipt for discharge or compromise any purchased debt in such manner as we think
fit.

 

		15.5	Without limiting clause 16.1, you must indemnify us against all costs, liabilities and losses incurred or suffered by us arising
from proceedings instituted or actions taken or not taken under clause 15.4.

 

Excesses and default fees

 

		15.6	If the funds drawn exceeds the borrowing base or the facility limit (whichever is the lesser) on any day, you must pay a default
facility fee on the excess for that day, calculated in the manner set out in clause 8.2 but using the default facility fee rate
set out in the details rather than the facility fee rate described in that clause. The default facility fee is calculated daily
and you must pay this fee (if any) on the last business day of each month.

 

Default interest

 

		15.7	Unless the amount is subject to a default facility fee, from the time any amount is overdue for payment until it is paid, you
must pay interest at the default rate, on the overdue amount. These interest charges are calculated daily or at any other intervals
we choose.

 

		15.8	You must pay interest owing under clause 15.7 when we specify.

 

		15.9	Each month (or any other period we choose) we may add to the overdue amount any interest under clause 15.7 which has not been
paid. You are then liable for interest under clause 15.7 on the increased amount.

 

		15.10	If any amount you must pay under this agreement becomes
covered by a court order, you must pay interest on that amount as a separate obligation. The interest accrues from and including
the date we first ask you for the amount until but excluding the date that amount is paid. This obligation is not affected by
the court order. The rate is the default rate or the rate in the court order (whichever is higher). You must pay interest under
this clause on demand from us.

 

		15.11	Your obligation to pay on time is not cancelled by the
provisions of this clause.

 

		15.12	Clauses 15.7 to 15.11 and 15.13 apply equally to the guarantor
in connection with amounts the guarantor owes us.

 

Default management fees

 

		15.13	If you are in default, we may, at our discretion, implement
additional management measures in relation to the facility. This may include field examinations in accordance with clause 14.2
and due diligence on the debt documents. If you are in default, you will be liable to pay the default management fees in respect
of any management, administration, due diligence or other work done by us whatsoever in connection with the facility (whether
as a result of an additional management measure or not).

 

		15.14	Not used

 

16. Indemnity

 

		16.1	You indemnify us against, and you must therefore immediately pay us on demand for, any liability, loss (including consequential
or economic loss) or costs we suffer or incur:

 

		(a)	if you default under this agreement;

 

    	Page 24 of 37

     

    

 

		(b)	in connection with any person exercising, enforcing or preserving, or not exercising, enforcing or preserving, rights under
this agreement (or considering attempting to do so);

 

		(c)	in connection with any obligation to make payment to us under this agreement;

 

		(d)	in connection with our not receiving payments equal to 100% of any debt amount;

 

		(e)	as a result of your or your employees, agents, directors or related bodies corporate actions in using the Corporate Receivables
System;

 

		(f)	in connection with the exercise of the power of attorney granted pursuant to clause 22; or

 

		(g)	in connection with your acting as agent for us under this agreement.

 

		16.2	The indemnities in this agreement are continuing obligations, independent of your other obligations under this agreement and
survive the termination of this agreement. It is not necessary for us to incur expense or make payment before enforcing a right
of indemnity conferred by this agreement.

 

17. Appointment of consultants

 

		17.1	In addition to all other rights and remedies under this agreement, while any moneys remain owing or payable by you to us, or
any of your liabilities to us exist, you, if we request at any time in our discretion, will engage such accountancy, financial
management and other consultants as we may nominate to examine your affairs, to investigate whether you or any guarantor are in
default in connection with the facility, and to make recommendations relating to the manner in which you or any guarantor carry
on your businesses.

 

		17.2	You agree that you will provide (and to procure that each guarantor provides) all assistance considered necessary or desirable
by the consultants, and comply with every reasonable request they make (including making your financial records available to them)
to enable the consultants to conduct a proper examination of your affairs. You agree to pay the fees of such persons. You will
provide to us a copy of the consultants’ report and recommendations. You, at your sole discretion, will decide whether to
accept the recommendations and we will assume no liability with respect to any actions you take, or do not take, as a result of
the recommendations.

 

		17.3	You will pay to us on demand all moneys expended by us in engaging any person under clauses 17.1 or 17.2.

 

18. Costs

 

		18.1	You must pay us for our costs in arranging, administering (including giving and considering consents, variations, discharges
and releases, producing title documents, or enforcing, attempting to enforce or taking any other action in connection with our
rights) and terminating this agreement.

 

		18.2	You must pay us our costs incurred by us doing anything that you must do under this agreement.

 

		18.3	You must pay us these amounts when we ask, although they are payable by you even if we do not expressly ask you to pay.

 

		18.4	The guarantor must pay us for our costs payable in connection with the guarantee and indemnity including:

 

		(a)	any actual or attempted exercise or enforcement of rights under the guarantee and indemnity; or

 

		(b)	any payment, receipt of other transaction arising out of the guarantee and indemnity.

 

		18.5	Anything which you or the guarantor must do under this agreement must be done at your or the guarantor’s cost.

 

19. Taxes in connection with this agreement

 

		19.1	You must pay us for all taxes, fees, and charges payable in connection with this agreement and any transaction under it and
any interest, penalties, fines and expenses in connection with them.

 

	19.2	(a)   	Unless otherwise stated all amounts referred to in this agreement are expressed exclusive of goods and services tax or similar
tax in Australia (“GST”).

 

		(b)	If GST is imposed on any supply made by us under or in connection with this agreement, where the fee or any other amount or
consideration (“consideration”) payable or to be provided by you under this agreement in relation to that supply is
exclusive of GST (“GST-exclusive consideration”), we may, in addition to and at the same time as that GSTexclusive
consideration, recover from you an additional amount on account of GST. This additional amount is to be calculated by multiplying
the GST-exclusive consideration for the relevant taxable supply by the GST rate prevailing at the time of a taxable supply and
should be paid to us on demand without any deduction or set-off of any other amount.

 

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		(c)	We will promptly issue to you a tax invoice in respect of any taxable supply.

 

		19.3	The guarantor must pay us for any taxes incurred or payable in connection with the guarantee and indemnity including:

 

		(a)	any actual or attempted exercise or enforcement of rights under the guarantee and indemnity; or

 

		(b)	any payment, receipt of other transaction arising out of the guarantee and indemnity.

 

20. Set off

 

		20.1	You or the guarantor must pay us all amounts you owe us in full without set-off, counterclaim or deduction. However, we may,
without notice, set-off any money we owe you or the guarantor against amounts you or the guarantor owes us.This includes any amount
held by us in any account with us.

 

		20.2	You or the guarantor agree that you are not entitled to set-off any amount held by us in any account with us against any amount
you or the guarantor owe us and you or the guarantor must not claim any amount held by us in any account with us for the duration
of this agreement.

 

21. Disclosure of information

 

		21.1	Each party agrees not to disclose, or authorise the disclosure of, information provided by any other party that is not publicly
available (including the existence or contents of this agreement) or any information of the kind specified in section 275(1) of
the PPSA except:

 

		(a)	by us, if you or the guarantor consent or by you, if we consent (no party may unreasonably withhold consent);

 

		(b)	as required by any law or stock exchange or rating agency (except this paragraph does not permit a party to disclose any information
pursuant to section 275(1) of PPSA unless section 275(7) of PPSA applies);

 

		(c)	to any person in connection with our exercising rights or dealing with rights or obligations under any arrangement with
us (including in connection with preparatory steps such as negotiating with any potential assignee or potential participant
of our rights or other person who is considering contracting with us in connection with an arrangement with us and including
under clauses 15.3 and 15.4);

 

		(d)	to officers, employees, receivers (as defined in the Corporations Act), legal advisers, auditors, consultants and other advisers
provided the recipient agrees to act consistently with this clause;

 

		(e)	to any party to this agreement or any related entity of any party to this agreement;

 

		(f)	to (or though) an entity whom we assign, transfer, novate by whatever form (or may potentially assign, transfer or novate)
all or any of our rights and/or obligations under this agreement; or

 

		(g)	to any guarantor;

 

		(h)	by us in connection with the procedure referred to in clause 21.2, to persons who have registered a security interest in any
of your property on the PPSR; or

 

		(i)	in connection with, or as a result of, the registration of our interests under this agreement on the PPSR.

 

Each party consents to disclosures made in accordance with
this clause.

 

		21.2	In order to establish and maintain the priority of our security interest in the purchased debts and their proceeds
in the manner provided for in section 64 of the PPSA, we may notify persons who have registered a security interest
in any of your property on the PPSR (whether or not such registered security interest is registered as a purchase
money security interest).

 

22. Power of attorney

 

		22.1	You appoint us, any authorised officer and each of our employees whose job is designated by us as being manager level as your
attorney. Each attorney may act independently or together. If we ask, you must formally approve anything an attorney does under
clause 22.2. You may not revoke these appointments.

 

		22.2	An attorney may:

 

		(a)	do anything which you can lawfully authorise an attorney to do in connection with this agreement or the purchased debts or
which the attorney believes is expedient to give effect to any of our rights (these things may be done in your or the attorney’s
name and they include signing and delivering agreements, selling or transferring the purchased debts or giving a debtor a valid
discharge for purchased debts which are paid to us, lodging or withdrawing caveats, otherwise dealing with the debts or debtors
of purchased debts and starting and conducting and defending legal proceedings to enforce a purchased debt or any debt document);
and

 

    	Page 26 of 37

     

    

 

		(b)	delegate their powers (including this power) and revoke a delegation; and

 

		(c)	exercise their powers even if this involves a conflict of duty or they have a personal interest in doing so.

 

23. Code of Banking Practice

 

		23.1	We have adopted the Code of Banking Practice and relevant provisions of the Code of Banking Practice apply to this facility,
if you are an individual or a small business customer (as defined by the Code of Banking Practice). You can obtain from us upon
request:

 

		(a)	information on our current interest rates and standard fees and charges relating to this facility;

 

		(b)	general descriptive information concerning our banking services including:

 

		(i)	for accounts with cheque access, general descriptive information
about cheques;

 

		(ii)	account opening procedures;

 

		(iii)	our obligations regarding the confidentiality of your
information;

 

		(iv)	complaint handling procedures;

 

		(v)	bank cheques;

 

		(vi)	the advisability of informing us promptly when you are
in financial difficulty;

 

		(vii)	the advisability of reading the terms and conditions applying
to each banking service we provide to you;

 

		(c)	general descriptive information about the identification requirements of the Anti-Money Laundering and Counter- Terrorism Financing
Act 2006 (Cth) and the options available to you under the tax file number legislation; and

 

		(d)	a copy of the Code of Banking Practice.

 

24. Notices, other communications and service of documents

 

Notices and other communications

 

		24.1	A notice, certificate or other communication given in connection with this agreement must be in writing, or such other form
permitted by this agreement. Written communications from you or the guarantor must, where the form permits, be signed by a director
or another person approved by us.

 

		24.2	They may be:

 

		(a)	given personally (if they are for you or a guarantor, to you or that guarantor, or if either is a partnership or company, to
one of those partners or a relevant director; if they are for us, to one of our employees at the office where you arranged this
agreement or any other office we tell you);

 

		(b)	left at the address last notified;

 

		(c)	sent by prepaid post to the address last notified;

 

		(d)	sent by facsimile to the fax number last notified or by another form of electronic communication to address last notified;

 

		(e)	where expressly allowed by this agreement, by us publishing the notice on the internet or in the press; or

 

		(f)	given in any other way permitted by law.

 

		24.3	They take effect from the time they are actually received or, if earlier in the case of a communication to you, the time they
are taken to be received.

 

    	Page 27 of 37

     

    

 

		24.4	A communication is taken to be received:

 

		(a)	If sent by post, 3 business days (or 7 business days, if sent overseas) after the date of posting;

 

		(b)	if sent by fax machine that produces a transmission report, at the time shown in a transmission report that indicates that
the whole fax was sent;

 

		(c)	if sent by some other form of electronic communication using a system that generates a delivery receipt, at the time shown
in a delivery receipt that indicates that the whole of the message was sent;

 

		(d)	if published, at the time first published, unless delivery or receipt is on a day that is not a business day or is after 4.00
p.m. (addressee’s time) in which case it will be taken to be received at 9.00 a.m. on the following business day.

 

		24.5	We may serve any document in a court action (including a writ of summons, other originating process or third or other party
notice) on you or a guarantor by delivering it to the address for that party last notified to us or by leaving it there.This does
not prevent any other method of service.

 

		24.6	You waive to the extent permitted by PPSA your right to receive any notice of a verification statement or any other notice
we are required to give under PPSA.

 

Certificates

 

		24.7	We may give you or the guarantor a certificate about a matter or about an amount payable in connection with this agreement.
The certificate is sufficient evidence of the matter or amount, unless it is proved to be incorrect.

 

25. General matters

 

Prompt performance

 

		25.1	If this agreement specifies when you or a guarantor must perform an obligation, you or the guarantor must perform it by the
time specified. You or the guarantor must perform all other obligations promptly.

 

How we may exercise our rights

 

		25.2	We may exercise a right or remedy or give or refuse our consent in any way we consider appropriate, including by imposing conditions.

 

		25.3	If we do not exercise a right or remedy fully or at a given time, we can still exercise it later.

 

		25.4	We are not liable for loss caused by the exercise or attempted exercise of, failure to exercise, or delay in exercising, a
right or remedy, whether or not caused by our negligence.

 

		25.5	Our rights and remedies under this agreement:

 

		(a)	are in addition to other rights and remedies given by law independently of this agreement; and

 

		(b)	may be exercised even if this involves a conflict of duty or we have a personal interest in their exercise.

 

		25.6	Our rights and remedies under this agreement may be exercised by any authorised officer, any of our directors, any of our employees
whose job position is the equivalent of “manager”, “head of” or “lawyer”, or any other person
we authorise.

 

Waiver

 

		25.7	A provision of this agreement, or right created under it, may not be waived except in writing signed by the party or parties
to be bound.

 

Inconsistent law

 

		25.8	To the extent permitted by law, this agreement prevails to the extent it is inconsistent with any law.

 

Dealings

 

		25.9	Your rights and obligations are personal to you and may not be assigned or novated without our consent.

 

		25.10	We may assign or otherwise deal with our rights and obligations
under this agreement or another arrangement with us in any way we consider appropriate. If we do this, you may not claim
against any assignee (or any other person who has an interest in this agreement or the arrangement with us) any right of
set-off or other rights you have against us. At our request you must execute and deliver to us or any other person we specify
any document we reasonably require for this purpose.

 

    	Page 28 of 37

     

    

 

Remedy Default

 

		25.11	We may, without notice to you, remedy any default by you
or the guarantor under this agreement and recover from you or the guarantor on demand all costs expended in making good the default.

 

Partnerships

 

		25.12	If you are a partnership, this agreement will continue
to bind you and each partner despite:

 

		(a)	any changes which may from time to time take place in the partners, whether by the death, incapacity, or retirement of any
partner or the admission of any new partner or otherwise;

 

		(b)	the fact that the partnership no longer carries on business; and

 

		(c)	the fact that any of the partners are no longer members of the partnership, and you agree to procure the execution of any documents
we reasonably require to give full effect to this provision.

 

Applicable law

 

		25.13	This agreement is governed by the law of the place in which
we sign. You, the guarantor and we submit to the nonexclusive jurisdiction of the courts of that place.

 

Entire agreement

 

		25.14	You warrant to us that this agreement is not executed in
reliance on any representation, promise or statement by us or any person on our behalf other than as expressly contained in this
agreement.

 

		25.15	This agreement together with the other finance documents
(as defined in the finance agreement) constitutes the entire agreement of the parties about its subject matter and supersedes
all previous agreements, understandings and negotiations on that subject matter.

 

Termination – preservation of obligations 

 

		25.16	No termination, cancellation or suspension of this agreement
for any reason affects the rights or obligations of the parties, including in relation to a purchased debt where the debt became
a purchased debt prior to, or upon, such termination, cancellation or suspension. The terms of this agreement continue to apply
notwithstanding termination, cancellation or suspension as long as is necessary to give effect to these rights and obligations.

 

Partial invalidity

 

		25.17	If, at any time, any provision of this agreement is or
becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or
enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any
other jurisdiction will in any way be affected or impaired.

 

Counterparts

 

		25.18	This agreement may be executed in any number of counterparts,
and if so, the counterparts taken together constitute one and the same instrument.

 

Exclusion of PPSA provisions

 

		25.19	If Chapter 4 of PPSA would otherwise apply to the enforcement
of this agreement, you agree the following provisions of PPSA will not apply to the enforcement of this security agreement:

 

		(a)	section 95 (notice of removal of accession), to the extent that it requires us to give a notice to you;

 

		(b)	subsection 121(4) (enforcement of liquid assets – notice to grantor);

 

		(c)	section 125 (obligation to dispose of or retain collateral);

 

		(d)	section 130 (notice of disposal), to the extent that it requires us to give a notice to you;

 

		(e)	paragraph 132(3)(d) (contents of statement of account after disposal);

 

		(f)	subsection 132(4) (statement of account if no disposal);

 

		(g)	section 142 (redemption of collateral); and

 

		(h)	section 143 (reinstatement of security agreement).

 

    	Page 29 of 37

     

    

 

PPSA further assurance

 

		25.20	You acknowledge that this agreement is a “security
agreement” as that term is defined in the PPSA and agree that we may register our interests under this agreement on the
PPSR in any way, and against whatever collateral class, we think fit. You consent to any such registration or notification and
agree not to make an amendment demand.

 

		25.21	You must do anything we ask you to do:

 

		(a)	to ensure each security interest granted under this agreement is perfected; and

 

		(b)	to enable us to register this agreement and each security interest constituted by it with the priority that we require, and
to maintain that registration.

 

		25.22	You must register on the PPSR every security interest that
you hold in respect of goods which have been supplied to, or financed for, debtors (and the proceeds of such goods):

 

		(a)	as soon as such security interest becomes registrable under the PPSA (whether before or after the security interest arises);
and

 

		(b)	in a manner which affords you the highest possible priority under the PPSA in respect of each security interest, and maintain
each registration at all times while you have an obligation under this agreement or any other agreement with us.

 

		25.23	You must pay us and indemnify us for an amount equal to
any costs and taxes in connection with preparing, registering and maintaining any financing statement or financing change statement
(each as defined in the PPSA) in relation to a security interest, or taking any other action that in our opinion is necessary
to ensure that, to the maximum possible extent, our security position, and rights and obligations, are not adversely affected
by the PPSA (or that any such adverse effect is overcome to the maximum extent possible).

 

26. Guarantee and indemnity

 

		26.1	Consideration

 

The guarantor acknowledges incurring obligations
and giving rights under this agreement for valuable consideration received from us.

 

		26.2	Guarantor’s obligations

 

		(a)	By signing this agreement, the guarantor could become liable to pay us under the guarantee in clause 26.3, the indemnity in
clause 26.4, costs and taxes in clauses 18 and 19and interest under clauses 15.7 to 15.12. The guarantor’s obligations under
this agreement are subject to the provisions in this agreement about the Code of Banking Practice if it applies in accordance with
clause 26.7.

 

		(b)	The guarantor is liable for all its obligations under this agreement individually and jointly with any other person named in
this agreement as guarantor and its obligations under this agreement continue until all amounts payable by you have been paid.

 

		(c)	To the extent the Code of Banking Practice applies to the guarantee and indemnity, or in any case if a guarantee limit is specified
in the details, the guarantor’s liability in connection with this agreement is limited to the sum of:

 

		(i)	the guarantee limit; and

 

		(ii)	the additional liabilities payable by the guarantor under clauses 18 and 19 and clauses 15.7 to 15.13 (such as costs, taxes
and interest).

 

		26.3	Guarantee

 

Each guarantor unconditionally and irrevocably guarantees
that you will:

 

		(a)	pay all amounts payable by you under this agreement; and

 

		(b)	perform all of your obligations under this agreement.

 

If you do not pay us any amount under this agreement
when it is due, the guarantor must pay that amount to us when we ask.

 

		26.4	Indemnity

 

Each guarantor unconditionally and irrevocably indemnifies
us against any loss we suffer or incur if:

 

		(a)	you do not, are not obliged to or are unable to, pay us in accordance with this agreement;

 

    	Page 30 of 37

     

    

 

		(b)	you do not comply on time with all your obligations under this agreement;

 

		(c)	the guarantor does not or is not obliged to pay us an amount under clause 26.3; or

 

		(d)	we are obliged, or we agree to pay an amount to a trustee in bankruptcy or liquidator in connection with a payment by you or
the guarantor.

 

Each guarantor agrees to pay us a sum equal to such
loss when we ask.

 

		26.5	Enforcement of rights

 

We may make a claim against the guarantor under
this agreement before we enforce any of our rights against you or any other person or under any other document including
any security interest.

 

		26.6	Continuance of the guarantor’s liability

 

The guarantor agrees that its liability under this agreement
is not affected by any act or omission by us or by anything which might affect it under law or otherwise including:

 

		(a)	the fact that:

 

		(i)	the guarantor does not see a pro forma or completed details;

 

		(ii)	we vary or replace this agreement such as by extending the term;

 

		(iii)	we enter into this agreement as agent or as principal;

 

		(iv)	we either release, lose the benefit of or do not obtain
any security interest or do not register any security interest that could be registered;

 

		(v)	we release you or give you a concession, such as more time to pay;

 

		(vi)	we release any person who guarantees your obligations
under this agreement;

 

		(vii)	the obligations of any person who guarantees your obligations
under this agreement may not be enforceable; or

 

		(viii)	any person who was intended to guarantee your obligations
under this agreement does not do so or does not do so effectively;

 

		(b)	the death, mental or physical disability or insolvency of any person including you or the guarantor; or

 

		(c)	changes in the membership, name or business of a firm, partnership, committee or association.

 

		26.7	Code of Banking Practice – Guarantee

 

The relevant provisions of the Code of Banking Practice
apply to this guarantee and indemnity if, at the time that this guarantee and indemnity is executed, the guarantor
is an individual and you are an individual or a small business customer (as defined by the Code of Banking Practice).

 

		26.8	Ending this Guarantee

 

Except to the extent the guarantor has a right conferred
by the Code of Banking Practice, the guarantor cannot otherwise withdraw from, end or limit this guarantee and indemnity.

 

27. Definitions and interpretation

 

		27.1	Unless otherwise stated:

 

		(a)	Where a limit, rate, fee or other matter is set out in the details, a reference in this agreement to it is a reference to that
limit, rate, fee or matter as set out in the details as amended in accordance with this agreement.

 

		(b)	The singular includes the plural and vice versa.

 

		(c)	A reference to:

 

		(i)	a document includes any variation or replacement of it;

 

    	Page 31 of 37

     

    

 

		(ii)	including, such as or for example when introducing an example, does not limit the meaning of the words to which the example
relates to that example or examples of a similar kind;

 

		(iii)	law means common law, principles of equity and laws made
by parliament (and laws made by parliament include State, Territory and Commonwealth laws and regulations and other instruments
under them, and consolidations, amendments, re-enactments or replacements of them);

 

		(iv)	person includes an individual, a firm, a body corporate,
an unincorporated association or an authority.

 

		(v)	any thing (such as an amount) includes the whole and each part of it.

 

		27.2	These meanings apply to this agreement, unless otherwise
stated:

 

advance rate means 100% minus the discount
rate.

 

agreement means this Corporate Receivables
Facility Agreement, including the guarantee and indemnity, and any attached schedules.

 

arrangement with us means this agreement,
each debt schedule, the finance agreement and each other arrangement including an agreement or a security interest
under which you or a guarantor has or could in the future have obligations to us or any of our related entities in
connection with this agreement.

 

attorney means each attorney appointed by
you under clause 22.1.

 

authorisation method means any method specified
by us by which evidence is provided to us through the Corporate Receivables System, and we use that evidence to authenticate,
that a message received by us through the Corporate Receivables System is sent with your authority.

 

authorised officer means in respect to us:

 

		(a)	any director or secretary;

 

		(b)	any person authorised to act under any general power of attorney for us;

 

		(c)	any person authorised to act on our behalf under this agreement by an authorised officer as defined in paragraphs (a) or (b)
above; and

 

		(d)	any solicitor (whether or not an employee) acting on our behalf in connection with this agreement,

 

and in respect of any other party being a body corporate,
any director, secretary or any officer whose title contains the word “Manager”, or a person performing the functions
of any of them.

 

available funds means, at any time, the amount
calculated in accordance with clause 5.3.

 

borrowing base means the amount calculated
in accordance with clause 6.1.

 

business day means a day other than a Saturday
or Sunday or a day gazetted as a public holiday in the place in which we sign this agreement.

 

commencement date means the date we make
the initial payment.

 

control of a corporation includes the direct
or indirect power to directly or indirectly:

 

		(a)	direct the management or policies of the corporation; or

 

		(b)	control the membership of its board of directors,

 

whether or not the power has statutory,
legal or equitable force or is based on statutory, legal or equitable rights and whether or not it arises by means of trusts, agreements,
arrangements, understandings, practices, the ownership of any interest in shares or stock of the corporation or otherwise.

 

Corporations Act means the Corporations
Act 2001 (Cth).

 

costs includes costs, charges, fees and expenses
including those incurred in connection with our internal and external legal advisers (on a full indemnity basis) and professional
consultants.

 

credit note means any credit note issued
by you to a debtor in respect of a purchased debt.

 

customer margin means the customer margin
set out in the details as varied from time to time.

 

debt means any obligation (whether present
or future, actual or contingent, secured or unsecured, as principal, surety or otherwise) for the payment or repayment of money
owed by a debtor to you in the ordinary course of your business and includes purchased debts. A reference to a debt
includes all proceeds of the debt. To the extent that a debt is, or is a component of, chattel paper (as
defined in the PPSA), a reference to the debt includes the security interest or lease component of that chattel paper.

 

    	Page 32 of 37

     

    

 

debt amount means, with respect to a debt,
the gross dollar amount charged to the debtor (including taxes) but excluding any allowance, deduction or other credit
you allowed to the debtor as shown on the invoice or other debt document for that debt.

 

debt documents means, in respect of each
purchased debt:

 

		(a)	all invoices;

 

		(b)	all credit notes, delivery dockets, purchase orders, supply contracts, time sheets or like documentation;

 

		(c)	all offer letters and purchases, agreements and other instruments relating to the purchased debt (including any bills of exchange
and promissory notes, present and future);

 

		(d)	all encumbrances which you hold in respect of the purchased debt and any agreement entered into by you in relation to the priority
or sharing of any such encumbrance;

 

		(e)	each insurance policy, title document and other document relating to the property which is the subject of any encumbrance and
which is held by you; and

 

		(f)	all other records in any form.

 

debt payments means any payments of money
(including by way of principal, interest, commission and otherwise) in respect of a purchased debt.

 

debt schedule means a document, in a form
acceptable to us, which includes details of the purchased debts and any credit notes, adjustments and debt payments
relating to those debts for the period specified in the debt schedule which period must be as contemplated by clause 3.1, and
which attaches or is accompanied by such documents or information as we require.

 

debtor means, with respect to a debt,
that person to whom you have provided goods or services, and who is liable to you for the debt.

 

debtor finance account means the account
under this agreement maintained by us for the purpose of managing your facility.

 

debtor limit means, at any time, in relation
to a debtor or group of debtors identified in the details:

 

		(a)	the amount set out in the details; or

 

		(b)	the amount which is the percentage set out in the details of aggregate debt amounts for all purchased debts, which amount will
vary with the aggregate debt amounts of all purchased debts.

 

a debtor limit event occurs whenever a debtor
limit is exceeded.

 

debtor limit excess means, in relation to
a debtor in respect of which a debtor limit event has occurred, the amount by which the aggregate debt amounts
of all debts owing by that debtor exceeds its debtor limit.

 

default management fees means the fee specified
as such in the details.

 

default rate means a per annum rate of interest
and, unless we notify you otherwise, is the rate equal to the default facility fee rate specified in the details.

 

details means Part A of this agreement.

 

discount rate means the percentage that we
apply to the amount of a debt to determine the amount of the debt that should be attributed to the total retention.

 

effective date has the meaning given in clause
1.5.

 

encumbrance means any:

 

		(a)	security interest;

 

		(b)	assignment of income, garnishee order or monetary claim;

 

		(c)	right, interest or arrangement which has the effect of giving another person a preference, priority or advantage over creditors;

 

    	Page 33 of 37

     

    

 

		(d)	right that a person (other than the registered proprietor) has to remove something from land (known as a profit à prendre),
easement, public right of way or restrictive or positive covenant or lease, licence to use or occupy;

 

		(e)	equity, interest or writ of execution;

 

		(f)	third party right or interest arising as a consequence of enforcement of a judgment;

 

		(g)	security deposit;

 

		(h)	option; or

 

		(i)	other agreement, notice or arrangement having a similar effect as those items set out in paragraphs (a) to (h) above,

 

or any agreement to create any of them or allow
them to exist.

 

an event of default occurs if you
are in default under clause 15.

 

excluded debts means:

 

		(a)	any debts regulated by the National Credit Code (either as “credit contracts” or “consumer leases”
as defined in that Code); and

 

		(b)	any debt which is comprised of future but not yet accrued progress claims or liquidated damages;

 

		(c)	any debt which is comprised of payment for performance of goods or services not yet supplied which is of a material
value in our opinion ;

 

		(d)	any debt with payment terms in excess of the recourse period;

 

		(e)	any debt of a class or description specified by
us by a minimum of 30 days prior written notice to you from time to time as determined by us in good faith to be “excluded
debts. For the avoidance of doubt, we may specify classes of debts as excluded debts in our absolute discretion and without providing
any reason to you.

 

extinguishment price means the lesser of
the debt amount and the balance outstanding of the debt amount.

 

facility limit means the amount specified
in the details or such other amount as is notified from time to time by us in our absolute discretion to you as the facility limit.

 

fee cycle means:

 

		(a)	for the purposes of clauses 8.5(a), 8.5(b) where the minimum purchase charge is an annual figure, and 8.5(c):

 

		(i)	each full twelve month period commencing on the date of this agreement or an anniversary of that date; and

 

		(ii)	any period of less than 12 months commencing on the date of this agreement or an anniversary of that date, and ending on the
day this facility terminates; and

 

		(b)	for the purposes of clause 8.5(b) where the minimum purchase charge is a monthly figure:

 

		(i)	each monthly period ending on the same day of the month as the date of this agreement or, if there is no such day in that month,
the last day of the month; and

 

		(ii)	any period of less than one month commencing on the date of this agreement or a day on which a fee cycle ends, and ending on
the day this facility terminates.

 

finance agreement means the agreement of
that title dated on or about the date of this agreement between you, the guarantor and us (as amended from time to time).

 

force majeure means a cause beyond a party’s
control including acts of God, acts of war, revolution, sabotage, riots, civil commotion, acts of public enemy, terrorism, embargo,
acts of government in its sovereign capacity, strikes, lockouts, boycotts, fire, communication line or utility failures, power
failures, earthquakes, floods or other natural disasters.

 

funds drawn means, at any time, the funds
drawn by you plus any adjustments which we make under clause 7.9.

 

guarantee and indemnity means the guarantee
and indemnity contained in clause 26 of this agreement and each other provision of this agreement applying to the
guarantor.

 

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guarantor means each person described in
the details as a guarantor. If there is more than one, guarantor means each of them separately and every two or more
of them jointly. If the guarantor enters this agreement as trustee of a trust then the guarantor is also bound
in its personal capacity and

 

guarantor includes both the trustee capacity and
its personal capacity.

 

initial payment means the first occurrence
under this agreement of us:

 

		(a)	making an initial adjustment to the borrowing base; or

 

		(b)	increasing the amount of the total retention with an amount
referable to those debts purchased on the commencement date.

 

insolvency event means, in respect of a person,
any of the following events:

 

		(a)	it is (or states it is) an insolvent under administration or insolvent (each as defined in the Corporations Act);

 

		(b)	it has an administrator, liquidator, provisional liquidator, Controller (as defined in the Corporations Act) or any other kind
of insolvency administrator appointed to it or to any part of its property, or it is or any part of its property is placed under
any other formal or informal kind of insolvency administration;

 

		(c)	an application is made to a court for an order, or an order is made, that it be wound up;

 

		(d)	it resolves or takes any action to wind itself up, or otherwise dissolve itself, or it is otherwise wound up or dissolved,
except to reconstruct or amalgamate while solvent on terms approved by us in writing;

 

		(e)	execution or distress or any other process is levied or attempted or imposed against or over any of its undertaking, property
or assets;

 

		(f)	a compromise, arrangement, assignment, moratorium or composition is proposed with, or becomes effective in relation to, its
creditors or any class of its creditors (in each case, other than to carry out a reconstruction or amalgamation while solvent on
terms approved by us in writing);

 

		(g)	an application or order has been made (and, in the case of an application, it is not stayed, withdrawn or dismissed within
5 business days), a resolution is passed, a proposal is put forward, a meeting is convened, or any other action is taken, in each
case in connection with it, which is preparatory to or could result in any of the things referred to above;

 

		(h)	it is taken (under section 459F of the Corporations Act) to have failed to comply with a statutory demand;

 

		(i)	it is the subject of an event described in section 459C(2)(b) or section 585 of the Corporations Act (or it makes a statement
from which we reasonably deduce it is so subject);

 

		(j)	it takes any step to obtain protection, or is granted protection, from creditors, under any applicable legislation;

 

		(k)	it is deregistered for whatever reason;

 

		(l)	it commits an act of bankruptcy within the meaning of the Bankruptcy Act 1966 (Cth);

 

		(m)	it becomes a bankrupt as defined in the Bankruptcy Act
1966 (Cth) or action is taken which could result in that event;

 

		(n)	it is otherwise unable to pay its debts when they fall due; or

 

		(o)	something having a substantially similar effect to any of the things referred to in paragraphs (a) to (n) above happens in
connection with it under any law.

 

Corporate Receivables System means any one
or more (a) system, (b) platform or (c) other method designated by us from time to time, which provides you access to and allows
you to operate your facility. A reference to you accessing the Corporate Receivables System is a reference to the
Corporate Receivables System being accessed or made available to you through the users nominated by you in accordance
with this agreement.

 

lending indicator rate means the rate specified
as such in the details.

 

market rate means the rate determined from
time to time in accordance with clause 8.6.

 

message means any communication or instruction
of any kind between you and us using the Corporate Receivables System.

 

nominated account means the account held
with us in respect of which you instruct us is your nominated account for the purpose of this agreement.

 

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non-funded cash means any excess we determine
in respect of any payments (or parts of payments) received into the debtor finance account which we determine are in excess
of the value attributed to the debts to which they relate for the purpose of calculating the borrowing base.

 

This includes, for example:

 

		(a)	payments received in relation to any purchased debts which we have discounted by 100% and to which we have therefore not attributed
any bank value;

 

		(b)	payments received in relation to any debts in excess of the value attributed to that debt by us for the purposes of calculating
the borrowing base;

 

		(c)	payments received otherwise than in relation to purchased debts.

 

payable, in relation to an amount, means
an amount which is currently payable or will or may be payable in the future.

 

potential event of default means an event
which, with the giving of notice, lapse of time or fulfilment of any conditions, would be likely to become an event of default.

 

PPSA means the Personal Property Securities
Act 2009 (Cth).

 

PPSR means the register established under
the PPSA.

 

			pricing period means a period of up to 31 days ending on the last day of each calendar month, but adjusted where
necessary so that:

 

		(a)	the first such period shall commence on the date you execute this agreement;

 

		(b)	a pricing period which would otherwise end on a day which is not a business day will extend to the next succeeding business
day;

 

		(c)	each subsequent pricing period shall commence on the next day after the expiry of the preceding pricing period;

 

		(d)	a pricing period may not end after the date this agreement is terminated; and

 

		(e)	if the period from the end of a pricing period to the date this agreement is terminated is less than 7 days, that pricing period
will end on the date this agreement is terminated.

 

proceeds has the meaning given in the PPSA.

 

purchase date means in respect of any purchased
debts the date we are taken to have obtained title to the debts under clause 4.

 

purchase price means the aggregate debt
amounts of the purchased debts or, where the context requires, the debt amount of a particular purchased debt.

 

purchased debts means, during the term of
this agreement, all debts purchased by us as contemplated in clause 4, to the extent that:

 

		(a)	payment has not been received by us in relation to those debts under clause 10.2; or

 

		(b)	those debts have not been repurchased by you under clause 11.3; or

 

		(c)	our right title and interest in those debts has not been extinguished under clause 11.1.

 

qualifying debt means a debt
which is not an excluded debt.

 

recourse debt means a debt with
respect to which a recourse event has occurred.

 

a recourse event occurs, in relation
to a debt:

 

		(a)	if the debtor fails to pay the debt within the recourse period;

 

		(b)	if in your opinion, the debt is unlikely to be paid within the recourse period;

 

		(c)	as soon as you become aware that the debtor disputes the validity or enforceability of the debt and such dispute is not resolved
in your favour within 30 days unless otherwise agreed with us;

 

    	Page 36 of 37

     

    

 

		(d)	as soon as you become aware that the debtor claims damages for an alleged breach of, or purports or attempts to rescind, the
contract giving rise to the debt and the claim is not withdrawn or otherwise settled in your favour or the contract is not otherwise
reinstated within 30 days unless otherwise agreed with us;

 

		(e)	as soon as you become aware that the debtor refuses to accept, or returns, all or any of the goods or services the subject
of the contract giving rise to the debt and the debtor does not withdraw such refusal or take back the goods or services within
30 days unless otherwise agreed with us;

 

		(f)	as soon as you become aware that the debtor makes or attempts to make or raise a counterclaim, set-off, cross-action or defence
to the debt;

 

		(g)	if you commit, or you become aware that the debtor alleges that you have committed a breach of any term of the contract giving
rise to the debt and such allegation is not withdrawn or otherwise settled in your favour within 30 days unless otherwise agreed
with us;

 

		(h)	if for any reason whatsoever the debt is not valid, genuine and fully enforceable for the debt amount;

 

		(i)	if you have breached a warranty given under clause 12.2, or an undertaking given under clause 13.1, in relation to that debt;

 

		(j)	if the value of the debt materially decreases;

 

		(k)	if an insolvency event occurs in relation to a debtor;

 

		(l)	if the debtor is subject to a debtor limit and a debtor limit event has occurred;

 

		(m)	as soon as you become aware that the debtor becomes entitled to a refund or waiver of the debt due to an unacceptable candidate
being supplied or a key performance indicator or one of your other obligations not being met; or

 

		(n)	if without our prior written consent, you waive or modify
any terms of the contract giving rise to a purchased debt,

 

and a recourse event
occurs in relation to all purchased debts if:

 

		(o)	you have breached a warranty given under clause 12 (other than one given under clause 12.2) or an undertaking given under clause
13 (other than one given under clause 13.1); or

 

		(p)	this agreement is terminated under clauses 1.4, 2.11or 15.3.

 

recourse period means, in relation to a purchased
debt, the period set out in the details as the recourse period.

 

related entity has the meaning given to it
in the Corporations Act.

 

repurchase price means in relation to a purchased
debt in respect of which you have made an offer to repurchase under clause 11.2, the lesser of the debt amount and the
balance outstanding of the debt amount.

 

security means any security interest which
secures any of your or a guarantor’s obligations to us.

 

security interest means a “security
interest” as defined under the PPSA and any other interest in relation to property provided for by a transaction that,
in substance, secures payment of money or performance of an obligation (without regard to the form of the transaction or the identity
of the person who has title to the property). It also includes a guarantee or indemnity.

 

special conditions means those set out in
Part A – Details.

 

taxes means taxes, levies, imposts,
charges and duties (including stamp and transaction duties) imposed by any authority together with any related interest, penalties,
fines and expenses in connection with them, except if imposed on our overall net income.

 

total retention means the amount referred
to in clauses 6.2 to 6.4.

 

unapplied cash means any funds (or parts
of payments) received into the debtor finance account which have not, at that time, been applied against one or more debts.

 

user means, in relation to the Corporate
Receivables System any person appointed by you (in a manner acceptable to us) to access the Corporate Receivables
System on your behalf.

 

we means the National Australia Bank Limited (ABN
12 004 044 937) or another entity related to it, and its successors and assigns.

 

you means the person or persons named in this agreement
as “Vendor”. If there are more than one,

 

you means each of them separately and every two
or more of them jointly. You includes your successors and assigns. If you enter this agreement as trustee of a trust then
you are also bound in your personal capacity and you includes both the trustee capacity and your personal capacity.

 

    	Page 37 of 37

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