Document:

ABN 48
123 123 124

    

    
      
        	
                Premium
      Business Services

              	 
      	
                Telephone:  (02)
      9151 8255

              
	
                Business
      Finance Services

              	 
      	
                Facsimile:       1300
      553 478

              
	
                Receivables
      Finance

              	 
      	 
      
	
                Level
      7,

              	 
      	 
      
	
                101
      George Street

              	 
      	 
      
	
                PARRAMATTA
      NSW 2150

              	 
      	 
      
	
                Australia

              	 
      	 
      

      

    

    

    8th July
2010

    

    Mark
Leigh, CFO

    Hudson
Global Resources (Aust) Pty Limited

    Level 19,
45 Clarence Street

    SYDNEY
NSW 2000

    

    Dear
Mark,

    

    Re:           Receivables Finance
Facility

    

    We are
pleased to advise that the Commonwealth Bank of Australia ABN 48 123 123 124
(the “Bank”) has approved your Receivables Finance facility. This offer is
conditional upon payment of any Establishment Fee detailed below, and meeting
the conditions listed in Attachment ‘A’.  Should the Bank, for any
reason, decide not to proceed with this offer, the Establishment Fee will be
refunded to you.

    

    We
enclose a copy of the Bank’s Receivables Finance Agreement, which sets out the
terms and conditions applying to the facility. Notwithstanding the terms of the
Receivables Finance Agreement, to the maximum extent possible, the terms of this
offer letter prevail where there is any conflict or inconsistency between the
effect or scope of any provision of the Receivables Finance Agreement and this
offer letter. Please
take the time to read this document carefully; we recommend that you obtain your
own legal and financial advice in relation to the Agreement.

    

    
      
        
          
            
              
                
                  
                    	
                            Offer To:

                          	
                            Hudson
      Global Resources (Aust) Pty Limited

                          
	 
      	
                            ACN
      002 888 762 (“the Client”)

                          
	 
      	 
      
	
                            Facility:

                          	
                            Invoice
      Discounting (Non Disclosed)

                          
	 
      	 
      
	
                            Limit:

                          	
                            $15,000,000
      or Client Availability, whichever is the lesser.

                          
	 
      	 
      
	
                            Discount Rate:

                          	
                            Bill
      Rate plus a margin of 1.60%.

                          
	 
      	 
      
	 
      	
                            "Bill Rate" means, at the
      relevant time, the rate percent per year (expressed as a yield to maturity
      and rounded upwards if necessary to 4 decimal places)
    being:

                          
	 	 	 
	 
      	
                            (1)     

                          	
                            the
      average bid rate for bills of exchange ("Bills") having the closest term
      to 30 days displayed on Reuters screen page BBSY (or its replacement page)
      at around 10.15am (Sydney time) on the first Business Day of that period;
      or

                          
	 	 	 
	 
      	
                            (2)

                          	
                            if
      that screen rate is not displayed by 10.30am (Sydney time) on that day, or
      there is an obvious error in that rate or the Bank determines, acting
      reasonably, that the basis on which that rate is determined ceases to
      reflect the calculation of the Bank's cost of funding as compared to at
      the date of this
document:

                          

                  

                

              

            

          

        

      

    
 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      
        
          
            
              
                	 
      	
                        (2.1)      

                      	
                        the
      average of the buying rates quoted to the Bank by at least three
      Australian banks selected by it at or around that time on that day for
      Bills accepted by a leading Australian bank having the closest term to 30
      days; or

                      
	 	 	 
	 
      	
                        (2.2)

                      	
                        if
      there are not at least three such buying rates quoted, the rate set on
      that day by the Bank in good faith for the relevant period having regard,
      to the extent possible, to comparable indices then available in current
      markets as to the rate otherwise bid and offered for Bills with a 30 days
      term.

                      
	 
      	 
      
	
                        Fees:

                      	
                        Establishment
      Fee of $30,000

                      
	 
      	 
      
	 
      	
                        Line
      Fee will be 0.90% of the facility limit per annum, charged monthly in
      advance.

                      
	 
      	 
      
	 
      	
                        The
      Discount Rate & Line Fee may be reviewed annually by the
      Bank.

                      
	 
      	 
      
	
                        Advance Rate:

                      	
                        75%
      of approved
invoices

                      

              

            

          

        

      

    

    

    Security
Schedule – Hudson Global Resources (Aust) Pty Limited ACN 002 88
762

    

    
      	
              1.

            	
              A
      First Registered Company Charge by Hudson Global Resources (Aust) Pty
      Limited ACN 002 888 762 over the whole of its asset(s) and undertaking(s)
      including uncalled capital.

            

    

     

    
      	
              2.

            	
              A
      Guarantee unlimited as to amount by Hudson Highland (APAC) Pty Limited ACN
      074 319 396 supported by:

            

    

     

    
      	
               
      

            	
              ·

            	
              A
      First Registered Company Charge by Hudson Highland (APAC) Pty Limited ACN
      074 319 396 over the whole of its asset(s) and undertaking(s) including
      uncalled capital.

            

    

     

    
      	
              3.

            	
              Deed
      of subordination by Hudson Global Resources (Aust) Pty Limited ACN 002 888
      762, Hudson Highland (APAC) Pty Limited ACN 074 319 396 and Hudson
      Highland Group Inc, in respect to all outstanding loans between them, in
      favour of the Bank. The terms of such Deed of Subordination are to be
      satisfactory to the Bank ("Subordination
      Deed").

            

    

     

    
      	
              4.

            	
              Execution
      of the Receivables Finance Agreement by all
  parties.

            

    

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    Conditions Precedent to the
Agreement

    

    See Attachment “A”

    

    National Privacy
Principles

    

    See Attachment “B”

    

    Other Associated
Fees

    

    See Attachment “C”

    

    This
facility is input taxed, and GST will not apply. Nothing contained in this
Letter of Offer overrides the terms and conditions as set out in the Receivables
Finance Agreement.

    

    To accept
this offer please sign the Letter of Offer and return to me at Level 9, 201
Sussex Street, SYDNEY NSW 2000 within 14 days.

    

    If you
have any concerns please do not hesitate to contact me on 0420 319
870.

    

    Yours
faithfully

    

    /s/ Sandy
Fitzgerald

    

    Sandy
Fitzgerald

    Receivables
Finance Manager

    Corporate
Financial Services

    Premium
Business Services

    Commonwealth
Bank of Australia

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    Business
Purpose Declaration

    

    I/We
declare that the credit to be provided to me/us by the Commonwealth Bank of
Australia under this Letter of Offer is to be applied wholly or predominantly
for:

    

    
      	
              ·

            	
              business
      purposes;  or

            

    

    
      	
              ·

            	
              investment
      purposes (after 1 July 2010, other than investment in residential
      property).

            

    

    

    
      
        
          
            	
                    
                      IMPORTANT

                    

                  
	 
      
	
                    
                      You
      should only sign
      this declaration if this loan is wholly or predominantly
      for:

                    

                  
	 
      
	
                    
                      ·           business
      purposes;  or

                    

                  
	
                    
                      ·           investment
      purposes (after 1 July 2010, other than investment in residential
      property).

                    

                  
	 
      
	
                    
                      By
      signing this declaration you may lose your protection
      under the Consumer Credit Code prior to 1 July 2010 and the National
      Credit Code from 1 July
2010.

                    

                  

          

        

      

    

    

    Dated:  8/3/2010

    

    
      
        	
                /s/
      Mark Leigh

              	 
      	
                /s/
      Mark Steyn

              
	
                Borrower

              	 
      	
                Borrower

              
	
                Mark
      Leigh

              	 
      	
                Mark
      Steyn

              
	
                Director

              	 
      	
                Director

              
	
                Hudson
      Global Resources (Aust) Pty Limited

              	 
      	
                Hudson
      Global Resources (Aust) Pty
Limited

              

      

    

    

    
      
        	
                EXECUTED
    by

              	
                )

              	 
      	 
      
	
                Hudson
      Global Resources (Aust) Pty
Limited    

              	
                )

              	 
      	 
      
	
                ACN
      002 888 762

              	
                )

              	 
      	 
      
	 
      	
                )

              	 
      	
                /s/
      Mark Leigh

              
	 
      	
                )

              	 
      	
                Director

              
	 
      	
                )

              	 
      	 
      
	
                being
      signed by those persons who are

              	
                )

              	 
      	
                Full
      Name  Mark Leigh

              
	
                authorised
      under its constitution to sign

              	
                )

              	 
      	 
      
	
                for
      the company

              	
                )

              	 
      	
                Address  Level
      19

              
	 
      	
                )

              	 
      	
                 45
      Clarence Street

              
	 
      	
                )

              	 
      	
                 Sydney

              
	 
      	 
      	 
      	 
      
	 
      	
                )

              	 
      	
                /s/
      Mark Steyn

              
	 
      	
                )

              	 
      	
                Director

              
	 
      	
                )

              	 
      	 
      
	 
      	
                )

              	 
      	
                Full
      Name  Mark Steyn

              
	 
      	
                )

              	 
      	 
      
	 
      	
                )

              	 
      	
                Address  Level
      19

              
	 
      	
                )

              	 
      	
                 45
      Clarence Street

              
	 
      	
                )

              	 
      	
                 Sydney

              

      

    

    

    8/3/2010

    Date

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    Attachment
“A”

    

    
      Conditions Precedent to the
Agreement

    

    

    
      	
              1.

            	
              Any
      encumbrances that may in any way affect the priority of the securities
      intended by the Bank must be removed or
  discharged.

            

    

     

    
      The
following registered charges are to be removed or discharged
–

    

     

    
      Hudson
Global Resources (Aust) Pty Ltd:

    

     

    
      	
               
      

            	
              »

            	
              Wells
      Fargo Foothill Inc. ASIC charge number
957315;

            

    

     

    
      	
               
      

            	
              »

            	
              Wells
      Fargo Foothill Inc. ASIC charge number
957326;

            

    

     

    
      	
               
      

            	
              »

            	
              Wells
      Fargo Foothill Inc. ASIC charge number 957332;
  and

            

    

     

    
      	
               
      

            	
              »

            	
              Wells
      Fargo Foothill Inc. ASIC charge number
957345.

            

    

     

    
      Hudson
Highland (APAC) Pty Limited:

    

     

    
      	
               
      

            	
              »

            	
              Wells
      Fargo Foothill Inc. ASIC charge number
957309;

            

    

     

    
      	
               
      

            	
              »

            	
              Wells
      Fargo Foothill Inc. ASIC charge number
957318;

            

    

     

    
      	
               
      

            	
              »

            	
              Wells
      Fargo Foothill Inc. ASIC charge number 957334;
  and

            

    

     

    
      	
               
      

            	
              »

            	
              Wells
      Fargo Foothill Inc. ASIC charge number
957338.

            

    

     

    
      	
              2.

            	
              Satisfactory
      field report.

            

    

     

    
      	
              3.

            	
              Confirmation
      of indebtedness of debtors on take-up and before release of
      funds.

            

    

     

    
      Ongoing terms and
Conditions

    

    

    
      	
              1.

            	
              All
      invoices for the whole of sales are to be offered except those issued
      –

            

    

     

    
      	
               
      

            	
              -  on
      COD terms,

            

    

    
      	
               
      

            	
              -
      on debtors with contra debts,

            

    

    
      	
               
      

            	
              -
      on related party debtors, or

            

    

    
      	
               
      

            	
              -
      on other ineligible debtors /
transactions.

            

    

    

    
      	
              2.

            	
              If
      offered, invoices for sales as described in condition 1 above will be
      classified ineligible and excluded from
funding.

            

    

     

    
      	
              3.

            	
              Invoices
      are not to be offered until date of issue and after the respective goods /
      services covered are delivered.

            

    

     

    
      	
              4.

            	
              The
      format of invoices is to be acceptable to the
  Bank.

            

    

     

    
      	
              5.

            	
              Terms
      to be applied to individual debtors are to be advised particularly where
      various terms are given. Where terms are 30 days from invoice, debtors
      will be recoursed at about 90 days after invoice date. For other terms,
      debtors will be recoursed at the end of the second period after due
      date.

            

    

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    
      	
              6.

            	
              Hudson
      Global Resources (Aust) Pty Limited ACN 002 888 762 is to complete a
      reconciliation of its debtors' ledger with that of Receivables Finance by
      the 7th day of every
      month and forward the reconciliation to Receivables
    Finance.

            

    

     

    
      	
              7.

            	
              Provision
      of debtors listing with their correct legal names, ABN and ACN numbers
      (where the ACN is different) addresses and telephone numbers is required.
      The listing should be grouped according to terms of or with trade terms
      indicated if varying from the
standard.

            

    

     

    
      	
              8.

            	
              All
      debtors must be ABN registered. Non-registered debtors will be classified
      ineligible. An excessive number of ineligible debtors will necessitate the
      cancellation of the facility. A listing of creditors‟ names and
      addresses is also required at
settlement.

            

    

     

    
      	
              9.

            	
              If
      the Borrower conducts or will conduct any business under formal trade
      debtor initiated contracts that are outside the Borrower's normal
      business offerings, a copy of such contracts must be provided to the Bank
      for perusal before offering any invoices under those
      contracts.

            

    

     

    
      	
              10.

            	
              Hudson
      Global Resources (Aust) Pty Limited ACN 002 888 762 is to facilitate
      completion of field inspections of its financial records by the Bank's
      Receivables Finance team and availability of aged open item analysis of
      debtors.

            

    

     

    Undertakings

    

    The
Borrower undertakes as follows, except to the extent that the Bank otherwise
consents in writing.

    

    Compliance
Certificate

    

    Compliance
Certificates must be supplied to the Bank quarterly, within 45 days of each
quarter end and to be accompanied by quarterly management accounts including
Profit & Loss, Balance Sheet and Cash Flow statements, together with the
external auditors' quarterly report.

    

    Financial
Covenants

    

    The
Borrower undertakes to the Bank that at any time it will ensure the following
covenants are met in respect of the Borrower for the relevant
period.

     

    Fixed Charge Coverage
Ratio

    

    Fixed
Charge Coverage Ratio for each quarter will not be less than 1.40
times.

     

    Fixed
Charge Coverage ratio is calculated on a 12 month rolling basis and is defined
as:

    

    EBIT + Operating Lease
expense

    Bank
Interest expense + Operating Lease expense

    

    EBIT
is defined as Earnings before Bank Interest & Taxes(and prior to any
distributions/payments to related entities).

    

    Net Worth
Ratio

    

    Ratio of
Net Worth to Total Tangible Assets at any time will not be less than
70%.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    Tangible
Net Worth is defined as:

    

    Total Net Worth +
Subordinated Loans - Intangibles

    Total
Tangible Assets – Loans to Related Parties

    

    Provision of Financial
data

    

    
      	
              1.

            	
              The
      Borrower undertakes to provide annual audited consolidated financial
      statements and Budgeted Profit & Loss, and monthly Cash Flow for the
      subsequent financial year, within 120 days of the end of each financial
      year.

            

    

     

    
      	
              2.

            	
              Detailed
      Debtors Aged Trial Balances and Summary Creditors Aged Trial Balances are
      to be provided monthly.

            

    

     

    
      	
              3.

            	
              Australian
      Taxation Office tax account running balance (from ATO website) provided at
      periodic field reviews, and confirming that all outstanding taxation
      obligations have been satisfied in
full.

            

    

     

    Further
Undertakings

    

    
      	
              1.

            	
              Maintenance
      of 33% concentration limit on all
debtors.

            

    

     

    
      	
              2.

            	
              Negative
      Pledge. The Borrower and its controlled entities will not raise any
      external debt or pledge security without the prior consent of the Bank,
      other than any debt which is subject to the terms of the Subordination
      Deed.

            

    

     

    
      	
              3.

            	
              Distributions,
      payment of interest (other than bank interest), dividends, management
      fees, repayment of loans and loans made to any parties outside the
      Borrower will be restricted to a maximum not exceeding Net Profit After
      Tax (per Australian Accounting Standards). Distributions will not be
      allowed whilst there is any breach of covenant and / or any other terms
      and conditions of the facilities.

            

    

     

    Additional
loans to Hudson Global Resources (NZ) Limited are allowed to a maximum amount of
NZ$1,500,000. This is in addition to the existing loan outstanding of
NZ$16,026,088. Should additional drawings be allowed, they are to be made within
the restriction referred to above.

     

    
      	
              4.

            	
              The
      Borrower undertakes not to vary the terms of the Intercompany Loan
      Agreement between Hudson Global Resources (Aust) Pty Limited (A.C.N. 002
      888 762) and Hudson Global Resources (NZ) Limited without the Bank's prior
      written consent.

            

    

     

    
      	
              5.

            	
              All
      taxation obligations are to be met as and when they fall
    due.

            

    

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    “Attachment
B”

    

    National Privacy Principles
(“NPPs”)

    

    During
the term of your facility with the Bank, you may from time to time provide the
Bank with personal information relating to your customers. This may include
names, addresses, trade references and transactional information.

    

    Under the
NPPs” – in force from 21 December 2001- the Bank is required to ensure that
individuals whose personal information it collects are made aware of certain
matters – we refer to National Privacy Principle 1.5.

    

    You
should seek your own advice in relation to how they will apply to your business.
As noted above, we also have obligations. Whilst your facility will involve
Non-Disclosed Receivables Finance, we believe that our obligations under the
NPPs require a generic statement to be made to individuals whose personal
information is received by us from you.

    

    Accordingly,
you should provide these customers with the following message: -

    

    “Your
personal information may be disclosed to financiers with whom we have funding
arrangements. Your information will only be used by them in relation to and for
the purposes of such arrangements.”

    

    NB Under the National
Privacy Principles, an individual is defined as ‘a natural
person’.

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    

    Attachment
“C”

    

    FEES AND CHARGES SCHEDULE
FOR BUSINESS BANKING FACILITIES

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              
                                                                                
                                                                                  	
                                                                                            
      

                                                                                        	 	
                                                                                           
      

                                                                                        	 	
                                                                                          Amount/Method
      of

                                                                                        	 
	Name	 	When Payable	 	
                                                                                          Calculation

                                                                                        	 
	   	 	 	 	 	 
	
                                                                                          BANK FEES

                                                                                        	  
      	 
      	 	 	 
	 
      	 	 
      	 	 	 
	
                                                                                          Settlement
      Fee

                                                                                        	 	
                                                                                          On
      Settlement

                                                                                        	 	$	150.00	 
	 
      	 	 
      	 	 	 	 
	
                                                                                          Lodgement
      Fee

                                                                                        	 	
                                                                                          On
      lodgement of documents

                                                                                        	 	$	150.00	 
	 
      	 	
                                                                                          for
      registration

                                                                                        	 	 	 	 
	 
      	 	 
      	 	 	 	 
	
                                                                                          Stamping

                                                                                        	 	 
      	 	 	 	 
	
                                                                                          Lodgement
      Fee

                                                                                        	 	
                                                                                          On
      lodgement of Security for stamping

                                                                                        	 	$	150.00	 
	 
      	 	 
      	 	 	 	 
	
                                                                                          Guarantor
      Information

                                                                                        	 	 
      	 	 	 	 
	
                                                                                          Pack
      Fee

                                                                                        	 	
                                                                                          Payable
      per borrower, to partially

                                                                                        	 	$	200.00	 
	 
      	 	
                                                                                          reimburse
      the Bank for the costs

                                                                                        	 	 	 	 
	 
      	 	
                                                                                          involved
      in providing guarantor(s)

                                                                                        	 	 	 	 
	 
      	 	
                                                                                          with
      financial information on the

                                                                                        	 	 	 	 
	 
      	 	
                                                                                          borrower(s).
      Applicable where the

                                                                                        	 	 	 	 
	 
      	 	
                                                                                          Borrower
      is an individual or Small

                                                                                        	 	 	 	 
	 
      	 	
                                                                                          Business
      (as defined by the Code

                                                                                        	 	 	 	 
	 
      	 	
                                                                                          of
      Banking Practice) and the security

                                                                                        	 	 	 	 
	 
      	 	
                                                                                          includes
      a guarantee by an individual

                                                                                        	 	 	 	 
	 
      	 	 
      	 	 	 	 
	
                                                                                          NON BANK FEES

                                                                                        	 
      	 
      	 	 	 	 
	 
      	 	 
      	 	 	 	 
	
                                                                                          Stamp
      Duty on

                                                                                        	 	
                                                                                          When
      Agreement is executed in NSW

                                                                                        	 	$	500.00	 
	
                                                                                          Receivables
      Finance Agreement

                                                                                        	 	 
      	 	
                                                                                          for
      declaration of a trust

                                                                                        	 
	
                                                                                            
      

                                                                                        	 	 
      	 	 	 	 
	 
      	 	
                                                                                          When
      Agreement is executed in VIC

                                                                                        	 	$	200.00	 
	 
      	 	 
      	 	
                                                                                          for
      declaration of a trust

                                                                                        	 
	 
      	 	 
      	 	 	 	 
	 
      	 	
                                                                                          When
      Agreement is executed in TAS or NT

                                                                                        	 	$	20.00	 
	 
      	 	 
      	 	
                                                                                          for
      declaration of a trust

                                                                                        	 
	 
      	 	 
      	 	 	 	 
	
                                                                                          Stamp
      Duty on

                                                                                        	 	
                                                                                          When
      Charge is executed in NSW, if

                                                                                        	 	$	10.00	 
	
                                                                                          Registered
      Company

                                                                                        	 	
                                                                                          not
      otherwise stamped for other dutiable

                                                                                        	 	 	 	 
	
                                                                                          Charge

                                                                                        	 	
                                                                                          facilities

                                                                                        	 	 	 	 
	 
      	 	 
      	 	 	 	 
	
                                                                                          ASIC
      Registration Fee

                                                                                        	 	
                                                                                          On
      registration of Charge

                                                                                        	 	$	135.00	 
	 
      	 	 
      	 	 	 	 
	
                                                                                          ASIC
      Discharge Fee

                                                                                        	 	
                                                                                          On
      registration of Discharge of Charge

                                                                                        	 	$	65.00	 
	 
      	 	 
      	 	 	 	 
	
                                                                                          Trust
      Investigations

                                                                                        	 	
                                                                                          Review
      of a trust deed with no variation

                                                                                        	 	$	192.50	 
	 
      	 	 
      	 	 	 	 
	 
      	 	
                                                                                          Review
      of a trust deed with no variation

                                                                                        	 	$	225.50	 
	 
      	 	
                                                                                          per
      each subsequent variation

                                                                                        	 	$	30.00	 

                                                                                

                                                                              

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    
 

    
      
         

      

      
        9Unassociated Document

    

    

    Commonwealth
Bank of Australia

    ABN 48
123 123 124

    

    
      
        	
                Level
      9, Darling Park 1,

                201
      Sussex Street

                Sydney NSW
      2000

              	 
      	
                Telephone
      02 9118 7083

                Facsimile
      02 9118 7660

                Internet:
      www.commbank.com.au

              

      

    

    

    Mr Mark
Leigh

    Chief
Financial Officer

    Hudson
Global Resources (Aust) Pty Limited

    Level
19,

    45
Clarence Street

    SYDNEY  NSW  2000

    

    08 July
2010

    

    Dear
Mark,

    

    Letter
of Approval

    

    We are
pleased to inform you that the Bank has approved the following facility
totalling $2,520,300.00.
Our approval is provided for the reason and on the terms outlined in the
enclosed Acceptance Document and Terms Schedule.

    

    Total
facility summary

    

    
      
        
          
            	 
      	 	
                    Previously

                  	 	 	
                    Now

                  	 
	 
      	 	
                    Approved

                  	 	 	
                    Approved

                  	 
	
                    Contingent
      Liability Bank Guarantee

                  	 	$	320,300.00	 	 	$	2,200,000.00	 
	
                    Total
      Facility Limit

                  	 	$	320,300.00	 	 	$	2,520,300.00	 

          

        

      

    

    

    Particulars
of the approved new facility are set out in the attached Acceptance
Document.

    

    The Bank
makes the new facility available on the terms and conditions in the booklet of
Terms and Conditions for Commercial Lending Facilities and the Schedules
provided. We also enclose an Information Sheet with some important details of
the approval. Please take time to read these documents carefully.

    

    In order
to accept our offer of finance, please sign the copy of the Acceptance Document
marked “Return to Bank” and return it to this office. The Bank may withdraw this
offer of finance or may not be obliged to make facilities available, if
conditions set out in clause 14 of the Terms and Conditions for Commercial
Lending Facilities are not met. The Information Sheet provides a more detailed
explanation.

    

    We are
pleased to have been able to assist you with this finance. If you wish to
discuss any aspect of the approval please contact me on (02) 9118
7083.

    

    Yours
sincerely

    

    /s/
George Bougesis

    

    George
Bougesis

    Relationship
Executive

    

    
      
        	
                Business
      Facility Documentation dated 08 July 2010

              	
                Page
      1

              

      

    

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    Acceptance
Document

    

    Return to
Bank

    

    
      
        	
                TO
      :

              	
                Commonwealth
      Bank

              
	 
      	
                Level
      9, Darling Park 1,

                201
      Sussex Street

                Sydney NSW
      2000

              

      

    

    

    Acceptance
of Offer

    

    I/We
accept your offer to provide the new facilities set out in the “Letter of
Approval” dated 08 July 2010, as follows:

    

    
      
        
          
            
              	 
      	 	
                      Previously

                    	 	 	
                      Now

                    	 
	 
      	 	
                      Approved

                    	 	 	
                      Approved

                    	 
	 
      	 	 	 	 	 	 
	
                      Contingent
      Liability Bank Guarantee

                    	 	$	320,300.00	 	 	$	2,200,000.00	 
	
                      Total
      Facility Limit

                    	 	$	320,300.00	 	 	$	2,520,300.00	 

            

          

        

      

    

    

    I/We
request that the new or varied facilities be made available by the Bank to the
particular Borrowers identified in the respective Terms Schedules, the Bank's
Terms and Conditions for Commercial Lending Facilities (publication dated
“130309”) and in accordance with and subject to:

    

    
      	
               
      

            	
              ·

            	
              the
      Conditions after Funding;

            

    

    
      	
               
      

            	
              ·

            	
              the
      particulars contained in the Terms Schedule for each of those
      facilities;

            

    

    
      	
               
      

            	
              ·

            	
              the
      particulars in the Security Schedule;
and

            

    

    
      	
               
      

            	
              ·

            	
              the
      Bank's Fees and Charges Schedule for Commercial Lending
      Facilities

            

    

    
      	
               
      

            	
              ·

            	
              copies
      of which are affixed to this Acceptance
  Document.

            

    

    

    I/We
acknowledge receipt of the Terms and Conditions for Commercial Lending
Facilities Booklet.

    

    I/we
acknowledge that the name of individual persons given to the Bank are true and
correct and that the law prohibits the use of false names, as well as the
giving, use or production of false and misleading information or documents in
connection with the provision of financial services and the making, possession
or use of a false document in connection with an identification
procedure.

    

    Business
Purpose Declaration

    I/We
declare that each of the credit facilities referred to in this Acceptance
Document is to be applied wholly or predominantly for business or investment
purposes (or for both purposes).

    

    Date             8/3/2010

    

    
      Execution

    

    

    
      	
              By
      signing this document I/we acknowledge that any Security listed in the
      Security Schedule extends to cover my/our obligations under the
      Contract.  I/we also acknowledge that any land mortgage listed
      in the Security Schedule given by me/us on or after 13 June 2005 covers
      all other moneys I/we owe to the Bank now or in the future on any accounts
      which are not subject to the Consumer Credit
  Code.

            

    

     

    
      	
              Business
      Facility Documentation dated 08 July 2010

            	
              Page
      2

            

    

    
    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    
      
        	
                EXECUTED by

                Hudson
      Global Resources  

                (Aust)
      Pty Limited  

                ACN
      002 888 762

                by
      being signed

                by
      those persons

                who
      are authorised

                under
      its constitution

                to
      sign for the

                company

                 

              	
                )

                )

                )

                )

                )

                )

                )  

                )

                )

                )

                )

              	
                 

                /s/
      Mark Leigh

                Director

                Full
      Name:        Mark Leigh

                Address:           
      Level 19, 45 Clarence Street

                                         
      Sydney

                   

                   

                /s/
      Mark Steyn

                Director

                Full
      Name:       Mark Steyn

                Address:          
      Level 19, 45 Clarence Street

                                         
      Sydney

              

      

    

     

    
      	
              Business
      Facility Documentation dated 08 July 2010

            	
              Page
      3

            

    

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    
      
        	 
      	
                Return
      to Bank

              
	
                Approval Letter Dated:
      08 July 2010

              	 
      

      

    

    

    Conditions
after Funding

    

    Particulars
of the additional covenants applying and undertakings given in relation to the
facilities ('the Facilities') which the COMMONWEALTH BANK OF AUSTRALIA
('the Bank') offers or has offered to the Borrower on terms and conditions
including those in clause 17 of the Bank's Terms and Conditions for Commercial
Lending Facilities.

    

    
      
        
          
            	
                    Financial
      Covenants

                  	 
      
	 
      	 
      
	
                    Fixed
      Charge Cover Ratio for each will
      not be less than

                  	
                    Quarter

                  
	
                     
      

                  	
                    1.40x times

                  

          

        

      

    

    

    
      
        
          
            
              	
                      *Fixed
      Charge Coverage Ratio is calculated on a 12 month rolling basis and is
      defined as:

                    	 
      
	 
      	 
      
	
                      EBIT + Operating Lease
    expense

                    	 
      
	
                      Bank
      Interest expense + Operating Lease expense

                    	 
      
	 
      	 
      
	
                      EBIT
      is defined as Earnings before Bank Interest & Taxes (and prior to any
      distributions/payments to related entities)

                    	 
      
	 
      	 
      
	
                      Ratio
      of Net Worth to Total Tangible Assets at any time will
      not be less than

                    	
                      70%

                    

            

          

        

      

    

    

    *Tangible Net Worth is defined
as:

    Total Net Worth +
Subordinated Loans - Intangibles

    Total
Tangible Assets – Loans to Related Parties

    

    Other
Financial Covenants

    Not
applicable

    

    
      
        
          	
                  Undertakings

                	 
      	 
      
	 
      	 
      	 
      
	
                  Compliance
      Certificates must be supplied to the Bank quarterly, within 45 days of
      each quarter end and to be accompanied by quarterly management accounts
      including Profit & Loss, Balance Sheet and Cash Flow statements,
      together with the external auditors’ quarterly report.

                	 
      	
                  Quarterly

                  45
      days of each quarter end

                   

                

        

      

    

     

    
      	
              Business
      Facility Documentation dated 08 July 2010

            	
              Page
      4

            

    

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    
      
        
          	
                  The
      Borrower undertakes to provide annual audited consolidated financial
      statements, and Budgeted Profit & Loss, and monthly Cash Flow for the
      subsequent financial year, within 120 days of the end of each financial
      year.

                	 
      	
                  120
      days of the end of each financial
year

                

        

      

    

    

    Further
Undertakings

    

    
      	
               
      

            	
              ·

            	
              Negative
      pledge. The Borrower and its controlled entities will not raise any
      external debt or pledge security without the prior consent of the Bank,
      other than any debt which is regulated by the terms of the Subordination
      Deed (as defined in the Security
Schedule).

            

    

    

    
      	
               
      

            	
              ·

            	
              Distributions,
      payment of interest (other than bank interest), dividends, management
      fees, repayment of loans, and loans made to any parties outside the
      Borrower will be restricted to a maximum not exceeding Net Profit After
      Tax (per Australian Accounting Standards). Distributions will not be
      allowed whilst there is any breach of covenant and / or any other terms
      and conditions of the facilities.

            

    

    

    Additional
loans to Hudson Global Resources (NZ) Limited are allowed to a maximum amount of
NZ$1,500,000. This is in addition to the existing loan outstanding of
NZ$16,026,088. Should additional drawings be allowed, they are to be made within
the restriction referred to above.

    

    
      	
               
      

            	
              ·

            	
              The
      Borrower undertakes not to vary the terms of the Intercompany Loan
      Agreement between Hudson Global Resources (Aust) Pty Limited (A.C.N. 002
      888 762) and Hudson Global Resources (NZ) Limited without the Bank’s prior
      written consent.

            

    

    

    
      	
               
      

            	
              ·

            	
              All
      taxation obligations are to be met as and when they fall
    due.

            

    

    

    Amendment
to Commercial Lending Terms & Conditions

    
      	
               
      

            	
              ·

            	
              The
      definition of Related Party as defined under Part 1 of the Commercial
      Lending Terms & Conditions is deleted and replaced by the
      following:

            

    

    

    “Related Body Corporate” means
in respect of the Borrower, each of:

    

    (i)
Hudson Highland Group Inc.;

    (ii)
Hudson Highland (APAC) Pty Limited;

    (iii)
each subsidiary of Hudson Highland (APAC) Pty Limited that is incorporated in
Australia, New Zealand or the United States of America; and

    (iv) any
direct or indirect holding company or holding entity of Hudson Highland (APAC)
Pty Limited.

     

    
      	
              Business
      Facility Documentation dated 08 July 2010

            	
              Page
      5

            

    

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    The
Borrower further acknowledges that prior to signing the Acceptance Document,
that it has satisfied itself that it understands the full nature and effect of
its liabilities and responsibilities and rights and entitlements of the Bank and
has obtained all appropriate advice, legal or otherwise, to enable it to
understand fully the nature and effect of its liabilities and responsibilities
to and rights and entitlement of the Bank under the terms and conditions
applying to the Facilities.

     

    
      	
              Business
      Facility Documentation dated 08 July 2010

            	
              Page
      6

            

    

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    
      
        	
                Terms
      Schedule

              	
                Return
      to Bank

              
	
                Contingent
      Liability Bank Guarantee

              	 
      
	
                Approval Letter Dated:
      08 July 2010

              	 
      

      

    

    Purpose:
Rental bonds for leased premises

    Particulars
of a Contingent Liability facility made available or to be made available
by

    COMMONWEALTH BANK OF AUSTRALIA TO THE
BORROWER described below.

    

    
      
        
          
            
              
                	
                        Item
      1

                      	
                        Borrower

                      	
                        Hudson
      Global Resources (Aust) Pty Limited

                        ACN
      002 888 762

                      
	 
      	 
      	 
      
	 
      	
                        Address

                      	
                        Level
      19,

                        45
      Clarence Street

                        Sydney
      NSW
2000

                      

              

            

          

        

      

    

    

    
      
        
          
            	
                    Item
      2

                  	
                    Limit

                  	
                    $2,520,300.00

                  	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	
                    Subject
      to annual review and the Bank's rights to reduce or cancel the
      Limit

                  

          

        

      

    

    

    
      
        	
                Item
      3

              	
                Not
      applicable

              	 
      
	
                Item
      4

              	
                Not
      applicable

              	 
      
	
                Item
      5

              	
                Not
      applicable

              	 
      
	
                Item
      6

              	
                Not
      applicable

              	 
      
	
                Item
      7

              	
                Not
      applicable

              	 
      
	
                Item
      8

              	
                Not
      applicable

              	 
      
	
                Item
      9

              	
                Not
      applicable

              	 
      

      

    

    

    
      
        
          
            
              
                	
                        Item
      10

                      	
                        Nominated
      Account Number  

                      	
                         

                      	 

              

            

          

        

      

    

    

    
      
        	
                Item
      11

              	
                Not
      applicable

              

      

    

    

    
      
        	
                Item
      12

              	
                Fees - Refer to the Fees
      and Charges Schedule for Commercial Lending Facilities
      attached.

              

      

    

    

    
      
        	
                Item
      13

              	
                Security - Refer
      Security Schedule attached.

              

      

    

    

    
      
        	
                Item
      14

              	
                Specific
      Conditions of Use

              

      

    

    

    In
addition to the matters in clause 14.1 of the Terms and Conditions, the Bank has
obligations under the Contract only if the following special conditions have
been satisfied:-

    

    
      	
               
      

            	
              ·

            	
              Written
      confirmation from the Australian Taxation Office that all outstanding
      taxation obligations have been satisfied in
  full.

            

    

    

    
      	
               
      

            	
              ·

            	
              Any
      encumbrances that may in any way affect the priority of the securities
      intended by the Bank must be removed or
  discharged.

            

    

     

    The
following registered charges are to be removed or discharged –

     

    Hudson
Global Resources (Aust) Pty Ltd:

     

    
      	
               
      

            	
              o

            	
              Wells
      Fargo Foothill Inc. ASIC charge number
957315;

            

    

     

    
      	
               
      

            	
              o

            	
              Wells
      Fargo Foothill Inc. ASIC charge number
957326;

            

    

     

    
      	
               
      

            	
              o

            	
              Wells
      Fargo Foothill Inc. ASIC charge number 957332;
  and

            

    

     

    
      	
              Business
      Facility Documentation dated 08 July 2010

            	
              Page
      7

            

    

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              o

            	
              Wells
      Fargo Foothill Inc. ASIC charge number
957345.

            

    

     

    Hudson
Highland (APAC) Pty Limited:

     

    
      	
               
      

            	
              o

            	
              Wells
      Fargo Foothill Inc. ASIC charge number
957309;

            

    

     

    
      	
               
      

            	
              o

            	
              Wells
      Fargo Foothill Inc. ASIC charge number
957318;

            

    

     

    
      	
               
      

            	
              o

            	
              Wells
      Fargo Foothill Inc. ASIC charge number 957334;
  and

            

    

     

    
      	
               
      

            	
              o

            	
              Wells
      Fargo Foothill Inc. ASIC charge number
957338.

            

    

     

    
      	
               
      

            	
              ·

            	
              Copies
      of contracts with major customers are to be provided and be to the
      satisfaction to the Bank

            

    

     

    
      	
              Business
      Facility Documentation dated 08 July 2010

            	
              Page
      8

            

    

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    
      COMMONWEALTH
BANK OF AUSTRALIA

    

    
      ABN
48 123 123 124

    

    

    
      SECURITY
SCHEDULE

    

    

    Approval
Letter Dated: 08 July 2010

    

    
      
        	
                Borrower:

              	
                Hudson
      Global Resources (Aust) Pty Limited

                ACN
      002 888
      762                                                
      

              	 
      

      

    

    

    Security
is to be to the Bank's satisfaction and is to comprise:

    

    
      	  	
              ·

            	
              A
      first registered Company Charge by Hudson Global Resources (Aust) Pty
      Limited (A.C.N. 002 888 762) over the whole of its asset(s) and
      undertaking(s) including uncalled
capital.

            

    

     

    
      	  	
              ·

            	
              A
      Guarantee unlimited as to the amount by Hudson Highland (APAC) Pty Limited
      (A.C.N. 074 319 396) supported by:

            

    

     

    
      	
               
      

            	
              »

            	
              A
      first registered Company Charge by Hudson Highland (APAC) Pty Limited
      (A.C.N. 074 319 396) over the whole of its asset(s) and undertaking(s)
      including uncalled capital.

            

    

     

    
      	  	
              ·

            	
              Deed
      of subordination by Hudson Global Resources (Aust) Pty Limited (A.C.N. 002
      888 762), Hudson Highland (APAC) Pty Limited (A.C.N. 074 319 396) and
      Hudson Highland Group Inc, in respect to all outstanding loans between
      them, in favour of the Bank. The terms of such Deed of Subordination are
      to be satisfactory to the Bank ("Subordination
      Deed").

            

    

     

    
      	  
    	
              ·

            	
              Letter
      of Waiver & Authority to pay/set off over Cash Deposit account
      (Account number: to be advised) by Hudson Global Resources (Aust) Pty
      Limited for $2,520,300.00.

            

    

     

    
      	
              Business
      Facility Documentation dated 08 July 2010

            	
              Page
      9

            

    

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    Return to
Bank

    
      COMMONWEALTH
BANK OF AUSTRALIA

    

    
      ABN
48 123 123 124

    

    
      Approval Letter Dated: 08 July
2010

    

    

    
      FEES
AND CHARGES SCHEDULE FOR COMMERCIAL LENDING FACILITIES

    

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              	
                                                                      Name

                                                                    	 	
                                                                      When Payable

                                                                    	 	
                                                                      Amount/Method of

                                                                      Calculation

                                                                    	 
	 
      	 	 
      	 	 	 
	
                                                                      BANK
      FEES

                                                                    	 	 
      	 	 	 
	 	 	 	 	 	 
	
                                                                      Establishment
      Fee

                                                                    	 	
                                                                      On
      approval

                                                                    	 	
                                                                      Nil

                                                                    	 
	 	 	 	 	 	 	 
	
                                                                      Settlement
      Fee

                                                                    	 	
                                                                      On
      settlement

                                                                    	 	$	300.00	 
	 	 	 	 	 	 	 
	
                                                                      Stamping
      Lodgement Fee

                                                                    	 	
                                                                      On
      lodgement of security for stamping

                                                                        

                                                                      Where
      documents are required to be stamped in multiple jurisdictions (eg. Stamps
      Office NSW, Qld etc.) charge is applicable for each lodgement for stamping
      at each jurisdiction.

                                                                    	 	$	150.00	 
	 	 	 	 	 	 	 
	
                                                                      Registration
      Lodgement Fee

                                                                    	 	
                                                                        

                                                                      On
      lodgement of documents for registration

                                                                        

                                                                      Where
      documents are required to be lodged at different registries (eg. Land
      Titles Office, ASIC, etc.), charge is applicable for each lodgement at
      each registry.

                                                                    	 	$	150.00	 
	 	 	 	 	 	 	 
	

                                                                      NON
      BANK FEES

                                                                    	 	 	 	 	 	 
	 	 	 	 	 	 	 
	

                                                                      Loan
      Security Duty / Stamp Duty

                                                                    	 	

                                                                        

                                                                      When
      security documentation is executed

                                                                    	 	$	

                                                                      500.00

                                                                    	 
	 	 	 	 	 	 	 
	

                                                                      Land
      Titles Office* Registration Fee

                                                                    	 	

                                                                        

                                                                      On
      registration of document.

                                                                    	 	$	

                                                                      98.00

                                                                    	 
	 	 	 	 	 	 	 
	

                                                                      Australian
      Securities and Investment Commission Registration Fee

                                                                    	 	

                                                                        

                                                                      On
      registration of Equitable Mortgage or Charge.

                                                                    	 	$	

                                                                      135.00

                                                                    	 
	 	 	 	 	 	 	 
	

                                                                      Land
      Titles Office* Registration of Discharge Fee

                                                                    	 	

                                                                         

                                                                      On
      registration of discharge of document.

                                                                    	 	$	

                                                                      98.00

                                                                    	 
	 	 	 	 	 	 	 
	

                                                                      Australian
      Securities and Investment Commission Registration of Discharge
      Fee

                                                                    	 	

                                                                         

                                                                      On
      registration of discharge of Equitable Mortgage or Charge.

                                                                    	 	$	

                                                                      65.00

                                                                    	 

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      	
              *

            	
              (Land
      Titles Office referred to in this Fees and Charges Schedule is used as a
      generic description of the registry in each State and Territory where
      registration of dealings with title to land must be
    effected)

            

    

    

    The above
non Bank fees are indicative only.  While the Bank believes the stated
fees to be correct they are based on assumptions which may in fact be incorrect
due to changes in circumstances or to legislation or
interpretation.

     

    
      	
              Business
      Facility Documentation dated 08 July 2010

            	
              Page
      10

            

    

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    
      
        	
                CONTINGENT
      LIABILITY

              	 
      
	
                Guarantee
      Fee

              	
                Half
      yearly in advance

              	
                2%
      per annum (or 1% per half year).

                    

                Issue
      Fee $300.00 per guarantee
issued

              

      

    

    

    The Bank
has the right to vary any fee and to impose and debit to the Nominated Account
or the Loan Account any new fee subject to and in accordance with clause 11.5 of
the Bank's Terms and Conditions for Commercial Lending Facilities.

    

    The Bank
has the right to debit the Nominated Account or the Loan Account with any new or
any increased Government charge, stamp duty and other government duties payable
(whether by the Bank or the Borrower) under, or in respect of the Agreement, the
Nominated Account, the Loan Account, a Facility or the Security, as and when the
same are payable, subject to and in accordance with clause 11.5 of the Bank's
Terms and Conditions for Commercial Lending Facilities.

     

    
      	
              Business
      Facility Documentation dated 08 July 2010

            	
              Page
      11

            

    

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    Return to
Bank

    Compliance
Certificates – General

    

    Post
To:

    George
Bougesis

    Relationship
Executive

    Commonwealth
Bank (“the Bank”)

    Level 9,
Darling Park 1,

    201
Sussex Street

    Sydney NSW 2000

    

    COMPLIANCE CERTIFICATE for the
period ending   ...../...../.....

    

    Certification

    

    
      
        	
                Borrower’s
      Name:

              	
                Hudson
      Global Resources (Aust) Pty Limited

                ACN
      002 888 762

              

      

    

    

    
      	
              ·

            	
              We
      enclose:

            

    

     

    
      	
               
      

            	
              ·

            	
              a
      schedule detailing calculation of the financial covenants applying to our
      Bank facilities for the period to .............................. as required under the terms
      and conditions for the facilities we have with the Bank;
    and

            

    

     

    ·     For
the undermentioned entities for the financial year up to the end of
..............................:

     

    Balance
sheet and detailed profit and loss statement

     

    Entities
to which the financial and trading information relates:

     

    Hudson
Global Resources (Aust) Pty Limited

    

    
      	
              ·

            	
              During
      the period stated above:-

            

    

    
      	
               
      

            	
              *(delete as
      appropriate)

            

    

     

    
      	
               
      

            	
              ·

            	
              there
      *has/has not been
      any material change in the nature of the business activities of
      .........................................................and its Related Parties as defined in conditions
      applying to our Bank facilities (if
any);

            

    

     

    
      	
               
      

            	
              ·

            	
              there
      *have/have not
      been material changes to the shareholding, ownership or management
      of ............................................................................... and those Related Parties (if
      any);

            

    

     

    
      	
               
      

            	
              ·

            	
              All
      taxes *have/have
      not been paid when due

            

    

     

    
      	
               
      

            	
              ·

            	
              *No entity/An entity has
      become a Related Party of the Borrower since the date of the last
      Compliance Certificate

            

    

     

    The
particulars of the material changes in the period to which we refer above are as
follows:

     

    .................................................................................................................................................
  

    .................................................................................................................................................

     

    
      	
              Business
      Facility Documentation dated 08 July 2010

            	
              Page
      12

            

    

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    Declaration

     

    
      I certify
that:

    

     

    
      	
              ·

            	
              the
      information in this certificate and the enclosed schedules and other
      enclosed financial particulars reflect the current financial position and
      the current issues affecting the financial position of .....................................................
      and its Related Parties as noted above (if any) accurately;
      and

            

    

     

    
      	
              ·

            	
              .....................................................
      is not in breach of the terms and conditions of the facilities we have
      with the Bank or any other financial institution nor are we aware of any
      event that may or could constitute a breach of the terms and conditions
      for such facilities.

            

    

    

    
      
        	
                ...............................................

              	 
      	
                .............................

              
	
                Signature

              	 
      	
                Date

              
	
                Director
      / Proprietor

              	 
      	 
      

      

    

    

    
      
        
          	
                  ...............................................

                	 
      	
                  .............................

                
	
                  Signature

                	 
      	
                  Date

                
	
                  Director
      / Proprietor

                	 
      	 
      

        

      

    

     

    
      	
              Business
      Facility Documentation dated 08 July 2010

            	
              Page
      13

            

    

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    COMPLIANCE
CERTIFICATE  for the period ending
....../...../.....

    

    Financial
Covenant Calculations

    on a
consolidated basis

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  	 
      	
                                          Earnings
      before Interest & Taxes

                                        	
                                          Interest
      expense +

                                          Operating
      Lease rentals

                                        	 
      	 
      	 
      
	 
      	 
      	 
      	
                                                    +

                                        	 
      	 
      	 
      	 
      
	 
      	
                                          Fixed
      Charge

                                          Cover
      Ratio

                                        	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	
                                          =

                                        	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                                          Bank
      Interest expense + Operating Lease rentals

                                        	 
      	 
      	 
      	 
      

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  	 
      	 
      	
                                                                          Total
      Net Worth

                                                                        	 
      	
                                                                          Subordinated
      Loans

                                                                        	 
      	
                                                                          Intangibles

                                                                        	 
      	
                                                                          %

                                                                        	 
      
	 	 	 	 	 	 	 	 	 	 
	 
      	 
      	 
      	
                                                                            +  

                                                                        	 
      	
                                                                           - 

                                                                        	 
      	 
      	 
      	 
      
	 
      	
                                                                          Net
      Worth =

                                                                        	 
      	 
      	 
      	 
      	 
      	 
      	 
      	
                                                                          =

                                                                        	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	
                                                                          -

                                                                        	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	
                                                                              
      

                                                                          Total
      Tangible Assets

                                                                        	 
      	
                                                                             
      

                                                                          –

                                                                        	
                                                                             
      

                                                                          Loans
      to Related Parties

                                                                        	 
      	 
      	 
      	 
      

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    The above
information is hereby certified as being correct

    

    
      
        	
                ...............................................

              	 
      	
                .............................

              
	
                Signature

              	 
      	
                Date

              
	
                Director
      / Proprietor

              	 
      	 
      
	 
      	 
      	 
      
	
                ...............................................

              	 
      	
                .............................

              
	
                Signature

              	 
      	
                Date

              
	
                Director
      / Proprietor

              	 
      	 
      

      

    

     

    
      	
              Business
      Facility Documentation dated 08 July 2010

            	
              Page
      14

            

    

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    COMPLIANCE
CERTIFICATE  for the period ending
....../...../.....

    

    Financial
and Trading Information

    on a
consolidated basis

     

    
      
        
          	
                  Trade Debtor Details

                	 	
                  Actual as at

                  Period End $

                	 
	
                  1.0

                	
                  0-30
      days

                	 	 	 
      	 
	
                  1.1

                	
                  31-60
      days

                	 	 	 	 
	
                  1.2

                	
                  61-90
      days

                	 	 	 	 
	
                  1.3

                	
                  Sub
      Total < 91 Days

                	 	 	 	 
	
                  1.4

                	
                  91
      days +

                	 	 	 	 
	
                  1.5

                	
                  Total
      Trade Debtors

                	 	 	 	 

        

      

    

     

    
      
        
          	
                  Creditor Details

                	 	
                  Actual as at

                  Period End $

                	 
	
                  2.0

                	
                  0-30
      days          Trade

                	 	 	 	 
	
                  2.1

                	
                  31-60
      days        Trade

                	 	 	 	 
	
                  2.2

                	
                  61-90
      days        Trade

                	 	 	 	 
	
                  2.3

                	
                  91
      days
      +          Trade

                	 	 	 	 
	
                  2.4

                	
                  Total
      Trade Creditors

                	 	 	 	 
	
                  2.5

                	
                  Sundry
      Creditors/Accruals

                	 	 	 	 
	
                  2.6

                	
                  Total
      Creditors

                	 	 	 	 

        

      

    

     

    
      
        
          
            	
                    Other Details

                  	 	
                    Actual as at

                    Period End $

                  	 
	
                    3.0

                  	
                    Obsolete
      Stock

                  	 	 	 	 
	
                    3.1

                  	
                    Stock
      subject to supplier retention of title (Romalpa)

                  	 	 	 	 
	
                    3.2

                  	
                    Sale
      of fixed (non current) assets

                  	 	 	 	 
	
                    3.3

                  	
                    Purchase
      of fixed (non current) assets

                  	 	 	 	 
	
                    3.4

                  	
                    New
      borrowings from other financiers including hire purchase and lease
      finance

                  	 	 	 	 
	
                    3.5

                  	
                    Contingent
      Liabilities entered into (Financial Guarantees, Leasehold Agreements,
      Trade Guarantees etc.)

                  	 	 	 	 
	
                    3.6

                  	
                    Are
      any judgements pending / have any judgements been awarded against the
      business?

                  	 	
                    Yes / No

                  	 
	 
      	
                    If
      yes, Total amount of the Judgement

                  	 	 	 	 

          

        

      

    

     

    The above
information is hereby certified as being correct

    

    
      
        	
                ...............................................

              	 
      	
                .............................

              
	
                Signature

              	 
      	
                Date

              
	
                Director
      / Proprietor

              	 
      	 
      
	 
      	 
      	 
      
	
                ...............................................

              	 
      	
                .............................

              
	
                Signature

              	 
      	
                Date

              
	
                Director
      / Proprietor

              	 
      	 
      

      

    

     

    
      	
              Business
      Facility Documentation dated 08 July 2010

            	
              Page
      15

            

    

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    MANAGEMENT
ACCOUNT EXTRACT

    

    
      
        
          	
                  Borrower’s
      Name:

                	
                  Hudson
      Global Resources (Aust) Pty Limited ACN 002 888
  762

                

        

      

    

    

    For
the period ended ...../...../.....

    on a
consolidated basis

     

    
      
        
          	
                  Income & Expense Details

                	 	
                  Actual this

                  period $

                  (A)

                	 	 	
                  Actual YTD $

                  (B)

                	 
	
                  4.0

                	
                  Net
      Sales/Revenue

                	 	 	   	 	 	 	    	 
	
                  4.1

                	
                  Other
      Income

                	 	 	 	 	 	 	 	 
	 
      	
                  Less

                	 	 	 	 	 	 	 	 
	
                  4.2

                	
                  Cost
      of Goods Sold

                	 	 	 	 	 	 	 	 
	
                  4.3

                	
                  Depreciation
      Expense and Amortisation

                	 	 	 	 	 	 	 	 
	
                  4.4

                	
                  Directors’
      Salaries/Wages

                	 	 	 	 	 	 	 	 
	
                  4.5

                	
                  Interest
      Expense

                	 	 	 	 	 	 	 	 
	
                  4.6

                	
                  Other
      Expenses

                	 	 	 	 	 	 	 	 
	
                  4.7

                	
                  Net
      Profit/(Loss) Before Tax

                	 	 	 	 	 	 	 	 
	
                  4.8

                	
                  Income
      Tax Expense

                	 	 	 	 	 	 	 	 
	
                  4.9

                	
                  Drawings

                	 	 	 	 	 	 	 	 
	
                  4.10

                	
                  Dividends
      paid / declared

                	 	 	 	 	 	 	 	 

        

      

    

     

    
      
        
          	
                  Current Assets - Cash 

                	 	
                  Actual as at

                  Period End $

                	 
	
                  5.0

                	
                  Cash

                	 	 	 	 
	
                  5.1

                	
                  Short
      term deposits/Investments

                	 	 	 	 

        

      

    

     

    
      
        
          	
                  Inventory Details

                	 	
                  Actual as at

                  Period End $

                	 
	
                  6.0

                	
                  Raw
      Materials

                	 	 	 	 
	
                  6.1

                	
                  Work
      in Progress

                	 	 	 	 
	
                  6.2

                	
                  Finished
      Goods

                	 	 	 	 
	
                  6.3

                	
                  Total
      Inventory

                	 	 	 	 

        

      

    

     

    
      
        
          	
                  Net Worth

                	 	
                  Actual as at

                  Period End $

                	 
	
                  7.0

                	
                  Total
      Assets

                	 	 	 	 
	 
      	
                  Less

                	 	 	 	 
	
                  7.1

                	
                  Non-Tangible
      Assets (goodwill, copyright, patents and licences etc)

                	 	 	 	 
	
                  7.2

                	
                  Loans
      to Beneficiaries, shareholders, directors and Related
    Parties

                	 	 	 	 
	
                  7.3

                	
                  Total Tangible
      Assets

                	 	 	 	 
	
                  7.4

                	
                  Total
      Liabilities

                	 	 	 	 
	 
      	
                  Less

                	 	 	 	 
	
                  7.5

                	
                  Loans
      from Beneficiaries, shareholders, directors and Related
      Parties

                	 	 	 	 
	
                  7.6

                	
                  Total
      External Liabilities

                	 	 	 	 
	
                  7.7

                	
                  Total
      Interest Bearing Debt

                	 	 	 	 

        

      

    

     

    
      
        
          
            
              	
                      Other Details

                    	 	
                      Actual as at

                      Period End $

                    	 
	
                      8.0

                    	
                      Total
      current assets

                    	 	 	 
      	 
	 
      	
                      Less

                    	 	 	 	 
	
                      8.1

                    	
                      Amount
      of Loans to Beneficiaries, shareholders, directors and Related Parties due
      and payable within twelve months

                    	 	 	 	 
	
                      8.2

                    	
                      Current
      Assets

                    	 	 	 	 
	
                      8.3

                    	
                      Total
      current liabilities

                    	 	 	 	 
	
                      8.4

                    	
                      Amount
      of Loans from Beneficiaries, shareholders, directors and Related Parties
      due and payable within twelve months

                    	 	 	 	 
	
                      8.5

                    	
                      Current
      Liabilities

                    	 	 	 	 

            

          

        

      

    

     

    
      	
              Business
      Facility Documentation dated 08 July 2010

            	
              Page
      16

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    The above
information is hereby certified as being correct

    

    
      
        	
                ...............................................

              	 
      	
                .............................

              
	
                Signature

              	 
      	
                Date

              
	
                Director
      / Proprietor

              	 
      	 
      
	 
      	 
      	 
      
	
                ...............................................

              	 
      	
                .............................

              
	
                Signature

              	 
      	
                Date

              
	
                Director
      / Proprietor

              	 
      	 
      

      

    

     

    Any
comments in respect of the above information should be provided in appendix form
to the Schedule

     

    
      	
              Business
      Facility Documentation dated 08 July 2010

            	
              Page
      17

            

    

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    Information Sheet

    

    Withdrawal
of approval

    The Bank
may withdraw its approval of a facility:

    

    
      	
              
                ·

              

            	
              for
      a variable rate facility, if the Bank does not receive the Acceptance
      Document and attached documents, including the Terms Schedule for the
      facility signed or executed by the Borrower within two calendar months of
      the date of the approval letter which enclosed this information sheet;
      or

            

    

    

    
      	
              
                ·

              

            	
              for
      a fixed rate facility (other than a BetterBusiness Loan - Fixed Rate
      Residentially Secured), if:

            

    

    

    
      	
               
      

            	
              -

            	
              the
      Bank does not receive the Borrower’s signed or executed Acceptance
      Document and attached documents, including the completed Letter of
      Authority and the Initial Terms Schedule signed or executed by the
      Borrower within one calendar month of the date of the approval letter
      which enclosed this information sheet,
or

            

    

    

    
      	
               
      

            	
              -

            	
              the
      person approved by the Borrower under the Letter of Authority does not
      agree with the Bank the particulars to be included at Items 4, 6, 7, 8 and
      9 of the Fixed Rate Terms Schedule within one calendar month of the date
      the Bank receives the Acceptance Document signed or executed by the
      Borrower.

            

    

    

    Although
under no obligation to do so, the Bank may decide not to withdraw its approval
subject to:

    

    Other
fees

    Please
refer to the approval letter and the Fees and Charges Schedule for Commercial
Lending Facilities for details of other Bank fees and non Bank fees
applicable.  Under the Terms and Conditions for Commercial Lending
Facilities (the Terms and Conditions), the Bank is entitled to vary the amount
of any fee and to impose any new fee.

    

    The
following additional points are also important to note:

    

    Loan
Interest Rates and Bill Rates - Fixed Rate Facilities

    The Bank
makes no prediction, representation or statement of opinion as to movements in
rates or as to the benefits of fixed or variable rate
finance.

    

    However,
further information on rates and market conditions is available from the Bank's
Treasury Services dealing centres.  We will be happy to provide you
with a contact name and telephone number if required.

    

    Variable
Rate Option:

    If the
term of a fixed rate facility specified in Item 3 of the Terms Schedule for that
Facility exceeds the fixed rate period in Item 8 of the Terms Schedule, at the
end of that period or any subsequent fixed rate period you have the option to
change the Loan interest rate or Bill Rate to a variable interest rate or
variable Bill Rate or to continue with a fixed rate for a further period, at the
then current fixed rate offered for the further period.

    

    If you
fail to exercise an option, you will be taken to have chosen to change the
interest rate or Bill Rate on the Facility to a variable rate.

    

    Property-Inspection/Valuation

    The
inspection or valuation of the Security Property, the titles to it and any other
legal requirements connected with a Facility must be to the Bank's satisfaction
before the Bank is under any obligation to make the Facility
available.  Any expenses incurred by the Bank in these investigations
must be paid by the Borrower whether or not the Facility is
granted.

     

    
      	
              Business
      Facility Documentation dated 08 July 2010

            	
              Page
      18

            

    

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    Insurance

    Insurance
is to be for the full replacement value of the asset and assigned to the Bank as
mortgagee.  Policy (ies) is/are to be issued by an insurer
acceptable to the Bank and a copy of each delivered to the Bank if requested.
Item 14 of the Terms Schedule details any specific insurance requirements of the
Bank (in addition to general requirements under the mortgage over the
security).

    

    Financial
Disclosure

    A copy of
the financial statements for the most recent financial year is to be provided
once each year within one hundred and twenty days (120) of the close of a
financial year, or more often if required by the Bank.  The Bank may
also require additional information as set out at Clause 15.2 of the Terms and
Conditions.

    

    
      General

    

    
      We
emphasise that the loan funds will not be released until security documentation
has been completed.

    

    

    If you
believe that any representation(s), relevant to your acceptance of the offer in
the approval letter and supporting documentation has been made to you that is
not contained in the Terms and Conditions or the Terms Schedules, please let us
have your written details in order that the matter may be
clarified.

    

    Code
of Banking Practice

    If you
are an individual or small business, relevant provisions of the Code of Banking
Practice will apply to these facilities. A copy of the code is available from
the Bank upon request.

    

    If the
Borrower is a company, the documents have been prepared for execution under
hand.  No seal is required.

    

    The
covenants include the Borrower's ongoing compliance with certain key financial
performance and balance sheet ratio requirements or both. The Borrower must
satisfy itself as to the reasonableness of these covenants. Any breach of the
covenants is a default under the terms and conditions of the
facilities.

    

    The
general undertakings include the ongoing provision to the Bank by the Borrower
of certain financial and other information on a periodical basis. This
information will consist of a Compliance Certificate, which contains a summary
of certain financial information, and the Borrower's internal management
accounts.

     

    
      	
              Business
      Facility Documentation dated 08 July 2010

            	
              Page
      19

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