Document:

LOAN
AND SECURITY AGREEMENT

     

    HUDSON
HIGHLAND GROUP, INC.

     

    and

     

    EACH
OF ITS SUBSIDIARIES THAT ARE SIGNATORIES HERETO FROM TIME TO TIME

     

    

     

    as
Borrowers

     

    and

     

    CERTAIN
FINANCIAL INSTITUTIONS,

     

    as
Lenders

     

    and

     

    RBS
BUSINESS CAPITAL,

     

    a
division of RBS Asset Finance, Inc.,

     

    as
Agent

     

    Signing
Date:  As of August 5, 2010

     

     

     

    
      
        

      

    
      
        

      

    

    
       

      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    TABLE
OF CONTENTS

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              
                                                                                
                                                                                  
                                                                                    
                                                                                      
                                                                                        
                                                                                          
                                                                                            	SECTION
      1.  DEFINITIONS;
      RULES OF CONSTRUCTION	 	
                                                                                                    1

                                                                                                  
	
                                                                                                    1.1

                                                                                                  	 	
                                                                                                    Definitions

                                                                                                  	 	
                                                                                                    1

                                                                                                  
	
                                                                                                    1.2

                                                                                                  	 	
                                                                                                    Accounting
      Terms

                                                                                                  	 	
                                                                                                    30

                                                                                                  
	
                                                                                                    1.3

                                                                                                  	 	
                                                                                                    Certain
      Matters of Construction

                                                                                                  	 	
                                                                                                    30

                                                                                                  
	
                                                                                                    1.4

                                                                                                  	 	
                                                                                                    Foreign
      Currency Matters

                                                                                                  	 	
                                                                                                    31

                                                                                                  
	SECTION
      2.  CREDIT
      FACILITIES	 	
                                                                                                    31

                                                                                                  
	
                                                                                                    2.1

                                                                                                  	 	
                                                                                                    Revolving
      Loan Commitment.

                                                                                                  	 	
                                                                                                    31

                                                                                                  
	 
      	 	
                                                                                                    2.1.1

                                                                                                  	 	
                                                                                                    Revolving
      Loans

                                                                                                  	 	
                                                                                                    31

                                                                                                  
	 
      	 	
                                                                                                    2.1.2

                                                                                                  	 	
                                                                                                    Revolving
      Loan Notes

                                                                                                  	 	
                                                                                                    31

                                                                                                  
	 
      	 	
                                                                                                    2.1.3

                                                                                                  	 	
                                                                                                    Use
      of Proceeds

                                                                                                  	 	
                                                                                                    31

                                                                                                  
	 
      	 	
                                                                                                    2.1.4

                                                                                                  	 	
                                                                                                    Termination
      of Revolving Loan Commitments.

                                                                                                  	 	
                                                                                                    32

                                                                                                  
	 
      	 	
                                                                                                    2.1.5

                                                                                                  	 	
                                                                                                    Overadvances

                                                                                                  	 	
                                                                                                    32

                                                                                                  
	 
      	 	
                                                                                                    2.1.6

                                                                                                  	 	
                                                                                                    Protective
      Advances

                                                                                                  	 	
                                                                                                    33

                                                                                                  
	 
      	 	
                                                                                                    2.1.7

                                                                                                  	 	
                                                                                                    Increase
      of the Maximum Revolving Loan Amount by Borrowers.

                                                                                                  	 	
                                                                                                    33

                                                                                                  
	
                                                                                                    2.2

                                                                                                  	 	
                                                                                                    Reserved.

                                                                                                  	 	
                                                                                                    35

                                                                                                  
	
                                                                                                    2.3

                                                                                                  	 	
                                                                                                    Letter
      of Credit Facility.

                                                                                                  	 	
                                                                                                    35

                                                                                                  
	 
      	 	
                                                                                                    2.3.1

                                                                                                  	 	
                                                                                                    Issuance
      of Letters of Credit

                                                                                                  	 	
                                                                                                    35

                                                                                                  
	 
      	 	
                                                                                                    2.3.2

                                                                                                  	 	
                                                                                                    Reimbursement;
      Participations.

                                                                                                  	 	
                                                                                                    36

                                                                                                  
	 
      	 	
                                                                                                    2.3.3

                                                                                                  	 	
                                                                                                    Cash
      Collateral

                                                                                                  	 	
                                                                                                    37

                                                                                                  
	 
      	 	
                                                                                                    2.3.4

                                                                                                  	 	
                                                                                                    Foreign
      Currencies

                                                                                                  	 	
                                                                                                    38

                                                                                                  
	SECTION
      3.  INTEREST,
      FEES AND CHARGES	 	
                                                                                                    38

                                                                                                  
	
                                                                                                    3.1

                                                                                                  	 	
                                                                                                    Interest.

                                                                                                  	 	
                                                                                                    38

                                                                                                  
	 
      	 	
                                                                                                    3.1.1

                                                                                                  	 	
                                                                                                    Rates
      and Payment of Interest.

                                                                                                  	 	
                                                                                                    38

                                                                                                  
	 
      	 	
                                                                                                    3.1.2

                                                                                                  	 	
                                                                                                    Continuation
      and Conversion Elections

                                                                                                  	 	
                                                                                                    39

                                                                                                  
	 
      	 	
                                                                                                    3.1.3

                                                                                                  	 	
                                                                                                    Repayments,
      Continuations and Conversions of LIBOR Loans

                                                                                                  	 	
                                                                                                    39

                                                                                                  
	 
      	 	
                                                                                                    3.1.4

                                                                                                  	 	
                                                                                                    Substitute
      Rate.

                                                                                                  	 	
                                                                                                    39

                                                                                                  
	
                                                                                                    3.2

                                                                                                  	 	
                                                                                                    Fees.

                                                                                                  	 	
                                                                                                    40

                                                                                                  
	 
      	 	
                                                                                                    3.2.1

                                                                                                  	 	
                                                                                                    Unused
      Line Fee

                                                                                                  	 	
                                                                                                    40

                                                                                                  
	 
      	 	
                                                                                                    3.2.2

                                                                                                  	 	
                                                                                                    LC
      Facility Fees

                                                                                                  	 	
                                                                                                    40

                                                                                                  
	 
      	 	
                                                                                                    3.2.3

                                                                                                  	 	
                                                                                                    Other
      Fees

                                                                                                  	 	
                                                                                                    40

                                                                                                  
	
                                                                                                    3.3

                                                                                                  	 	
                                                                                                    Computation
      of Interest, Fees, Yield Protection

                                                                                                  	 	
                                                                                                    40

                                                                                                  
	
                                                                                                    3.4

                                                                                                  	 	
                                                                                                    Reimbursement
      Obligations

                                                                                                  	 	
                                                                                                    40

                                                                                                  
	
                                                                                                    3.5

                                                                                                  	 	
                                                                                                    Illegality

                                                                                                  	 	
                                                                                                    41

                                                                                                  
	
                                                                                                    3.6

                                                                                                  	 	
                                                                                                    Increased
      Costs.

                                                                                                  	 	
                                                                                                    41

                                                                                                  
	 
      	 	
                                                                                                    3.6.1

                                                                                                  	 	
                                                                                                    Increased
      Costs Generally

                                                                                                  	 	
                                                                                                    41

                                                                                                  
	 
      	 	
                                                                                                    3.6.2

                                                                                                  	 	
                                                                                                    Failure
      or Delay in Demanding Compensation

                                                                                                  	 	
                                                                                                    42

                                                                                                  

                                                                                          

                                                                                        

                                                                                      

                                                                                    

                                                                                  

                                                                                

                                                                              

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
        
        

      

      
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                                                                                                                        3.7

                                                                                                                      	 	
                                                                                                                        Increased
      Capital Costs

                                                                                                                      	 	
                                                                                                                        42

                                                                                                                      
	
                                                                                                                        3.8

                                                                                                                      	 	
                                                                                                                        Mitigation

                                                                                                                      	 	
                                                                                                                        42

                                                                                                                      
	
                                                                                                                        3.9

                                                                                                                      	 	
                                                                                                                        Indemnities

                                                                                                                      	 	
                                                                                                                        42

                                                                                                                      
	
                                                                                                                        3.10

                                                                                                                      	 	
                                                                                                                        Maximum
      Interest

                                                                                                                      	 	
                                                                                                                        43

                                                                                                                      
	
                                                                                                                        3.11

                                                                                                                      	 	
                                                                                                                        Replacement
      Lender

                                                                                                                      	 	
                                                                                                                        44

                                                                                                                      
	SECTION
      4.  LOAN
      ADMINISTRATION	 	
                                                                                                                        44

                                                                                                                      
	
                                                                                                                        4.1

                                                                                                                      	 	
                                                                                                                        Manner
      of Borrowing and Funding Revolving Loans.

                                                                                                                      	 	
                                                                                                                        44

                                                                                                                      
	 
      	 	
                                                                                                                        4.1.1

                                                                                                                      	 	
                                                                                                                        Notice
      of Borrowing.

                                                                                                                      	 	
                                                                                                                        44

                                                                                                                      
	 
      	 	
                                                                                                                        4.1.2

                                                                                                                      	 	
                                                                                                                        Fundings
      by Lenders

                                                                                                                      	 	
                                                                                                                        45

                                                                                                                      
	 
      	 	
                                                                                                                        4.1.3

                                                                                                                      	 	
                                                                                                                        Swingline
      Loans; Settlement.

                                                                                                                      	 	
                                                                                                                        45

                                                                                                                      
	 
      	 	
                                                                                                                        4.1.4

                                                                                                                      	 	
                                                                                                                        Notices

                                                                                                                      	 	
                                                                                                                        46

                                                                                                                      
	
                                                                                                                        4.2

                                                                                                                      	 	
                                                                                                                        Defaulting
      Lender

                                                                                                                      	 	
                                                                                                                        46

                                                                                                                      
	
                                                                                                                        4.3

                                                                                                                      	 	
                                                                                                                        Number
      and Amount of LIBOR Loans; Determination of Rate

                                                                                                                      	 	
                                                                                                                        47

                                                                                                                      
	
                                                                                                                        4.4

                                                                                                                      	 	
                                                                                                                        Administrative
      Borrower.

                                                                                                                      	 	
                                                                                                                        48

                                                                                                                      
	
                                                                                                                        4.5

                                                                                                                      	 	
                                                                                                                        One
      Obligation

                                                                                                                      	 	
                                                                                                                        48

                                                                                                                      
	
                                                                                                                        4.6

                                                                                                                      	 	
                                                                                                                        Effect
      of Termination

                                                                                                                      	 	
                                                                                                                        48

                                                                                                                      
	SECTION
      5.  PAYMENTS	 	
                                                                                                                        49

                                                                                                                      
	
                                                                                                                        5.1

                                                                                                                      	 	
                                                                                                                        General
      Payment Provisions

                                                                                                                      	 	
                                                                                                                        49

                                                                                                                      
	
                                                                                                                        5.2

                                                                                                                      	 	
                                                                                                                        Repayment
      of Revolving Loans

                                                                                                                      	 	
                                                                                                                        49

                                                                                                                      
	
                                                                                                                        5.3

                                                                                                                      	 	
                                                                                                                        Mandatory
      Prepayments.

                                                                                                                      	 	
                                                                                                                        50

                                                                                                                      
	
                                                                                                                        5.4

                                                                                                                      	 	
                                                                                                                        Payment
      of LIBOR Loans and Other Obligations.

                                                                                                                      	 	
                                                                                                                        50

                                                                                                                      
	 
      	 	
                                                                                                                        5.4.1

                                                                                                                      	 	
                                                                                                                        LIBOR
      Loans

                                                                                                                      	 	
                                                                                                                        50

                                                                                                                      
	 
      	 	
                                                                                                                        5.4.2

                                                                                                                      	 	
                                                                                                                        Other
      Obligations

                                                                                                                      	 	
                                                                                                                        51

                                                                                                                      
	
                                                                                                                        5.5

                                                                                                                      	 	
                                                                                                                        Marshaling;
      Payments Set Aside

                                                                                                                      	 	
                                                                                                                        51

                                                                                                                      
	
                                                                                                                        5.6

                                                                                                                      	 	
                                                                                                                        Post-Default
      Allocation of Payments.

                                                                                                                      	 	
                                                                                                                        51

                                                                                                                      
	 
      	 	
                                                                                                                        5.6.1

                                                                                                                      	 	
                                                                                                                        Allocation

                                                                                                                      	 	
                                                                                                                        52

                                                                                                                      
	 
      	 	
                                                                                                                        5.6.2

                                                                                                                      	 	
                                                                                                                        Erroneous
      Application

                                                                                                                      	 	
                                                                                                                        52

                                                                                                                      
	
                                                                                                                        5.7

                                                                                                                      	 	
                                                                                                                        Application
      of Payments; Payments Generally.

                                                                                                                      	 	
                                                                                                                        52

                                                                                                                      
	 
      	 	
                                                                                                                        5.7.1

                                                                                                                      	 	
                                                                                                                        Application
      of Payments

                                                                                                                      	 	
                                                                                                                        52

                                                                                                                      
	 
      	 	
                                                                                                                        5.7.2

                                                                                                                      	 	
                                                                                                                        Authorization
      to Charge Loan Account

                                                                                                                      	 	
                                                                                                                        53

                                                                                                                      
	
                                                                                                                        5.8

                                                                                                                      	 	
                                                                                                                        Loan
      Account; Account Stated.

                                                                                                                      	 	
                                                                                                                        53

                                                                                                                      
	 
      	 	
                                                                                                                        5.8.1

                                                                                                                      	 	
                                                                                                                        Loan
      Account

                                                                                                                      	 	
                                                                                                                        53

                                                                                                                      
	 
      	 	
                                                                                                                        5.8.2

                                                                                                                      	 	
                                                                                                                        Entries
      Binding

                                                                                                                      	 	
                                                                                                                        53

                                                                                                                      
	
                                                                                                                        5.9

                                                                                                                      	 	
                                                                                                                        Taxes.

                                                                                                                      	 	
                                                                                                                        53

                                                                                                                      
	 
      	 	
                                                                                                                        5.9.1

                                                                                                                      	 	
                                                                                                                        Taxes
      Generally

                                                                                                                      	 	
                                                                                                                        53

                                                                                                                      

                                                                                                              

                                                                                                            

                                                                                                          

                                                                                                        

                                                                                                      

                                                                                                    

                                                                                                  

                                                                                                

                                                                                              

                                                                                            

                                                                                          

                                                                                        

                                                                                      

                                                                                    

                                                                                  

                                                                                

                                                                              

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
        
        

      

      
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                                                5.9.2

                                              	 	
                                                Refunds

                                              	 	
                                                54

                                              
	
                                                5.10

                                              	 	
                                                Withholding
      Tax Exemption

                                              	 	
                                                54

                                              
	
                                                5.11

                                              	 	
                                                Nature
      and Extent of Each Borrower’s Liability.

                                              	 	
                                                54

                                              
	 
      	 	
                                                5.11.1

                                              	 	
                                                Joint
      and Several Liability.

                                              	 	
                                                55

                                              
	 
      	 	
                                                5.11.2

                                              	 	
                                                Waivers.

                                              	 	
                                                56

                                              
	 
      	 	
                                                5.11.3

                                              	 	
                                                Joint
      Enterprise

                                              	 	
                                                56

                                              
	 
      	 	
                                                5.11.4

                                              	 	
                                                Subordination

                                              	 	
                                                57

                                              
	SECTION
      6.  CONDITIONS
      PRECEDENT	 	
                                                57

                                              
	
                                                6.1

                                              	 	
                                                Conditions
      Precedent to Initial Loans

                                              	 	
                                                57

                                              
	 
      	 	
                                                6.1.1

                                              	 	
                                                Loan
      Documents

                                              	 	
                                                57

                                              
	 
      	 	
                                                6.1.2

                                              	 	
                                                UCC
      Filings

                                              	 	
                                                57

                                              
	 
      	 	
                                                6.1.3

                                              	 	
                                                OFAC
      Compliance

                                              	 	
                                                57

                                              
	 
      	 	
                                                6.1.4

                                              	 	
                                                Dominion
      Accounts

                                              	 	
                                                57

                                              
	 
      	 	
                                                6.1.5

                                              	 	
                                                Officer’s
      Certificates re Solvency and No Defaults

                                              	 	
                                                57

                                              
	 
      	 	
                                                6.1.6

                                              	 	
                                                Resolutions,
      Organizational Documents, Incumbency Certificate

                                              	 	
                                                58

                                              
	 
      	 	
                                                6.1.7

                                              	 	
                                                Opinion

                                              	 	
                                                58

                                              
	 
      	 	
                                                6.1.8

                                              	 	
                                                Good
      Standing Certificates

                                              	 	
                                                58

                                              
	 
      	 	
                                                6.1.9

                                              	 	
                                                Insurance

                                              	 	
                                                58

                                              
	 
      	 	
                                                6.1.10

                                              	 	
                                                Due
      Diligence.

                                              	 	
                                                58

                                              
	 
      	 	
                                                6.1.11

                                              	 	
                                                Payment
      of Fees

                                              	 	
                                                59

                                              
	 
      	 	
                                                6.1.12

                                              	 	
                                                Borrowing
      Base Certificate

                                              	 	
                                                59

                                              
	 
      	 	
                                                6.1.13

                                              	 	
                                                Payoff
      of Existing Credit Agreements

                                              	 	
                                                59

                                              
	 
      	 	
                                                6.1.14

                                              	 	
                                                Excess
      Availability

                                              	 	
                                                59

                                              
	 
      	 	
                                                6.1.15

                                              	 	
                                                Notices
      Pursuant to Loan Documents

                                              	 	
                                                59

                                              
	 
      	 	
                                                6.1.16

                                              	 	
                                                Searches/Discharge
      of Liens

                                              	 	
                                                59

                                              
	 
      	 	
                                                6.1.17

                                              	 	
                                                Possessory
      Collateral

                                              	 	
                                                59

                                              
	 
      	 	
                                                6.1.18

                                              	 	
                                                Third
      Party Waivers and Consents

                                              	 	
                                                60

                                              
	 
      	 	
                                                6.1.19

                                              	 	
                                                Audits
      and Appraisals.

                                              	 	
                                                60

                                              
	 
      	 	
                                                6.1.20

                                              	 	
                                                USA
      PATRIOT Act

                                              	 	
                                                60

                                              
	 
      	 	
                                                6.1.21

                                              	 	
                                                UK
      Security Documents

                                              	 	
                                                60

                                              
	 
      	 	
                                                6.1.22

                                              	 	
                                                UK
      Certificates

                                              	 	
                                                60

                                              
	 
      	 	
                                                6.1.23

                                              	 	
                                                Other
      UK Documents

                                              	 	
                                                61

                                              
	 
      	 	
                                                6.1.24

                                              	 	
                                                Charges

                                              	 	
                                                61

                                              
	 
      	 	
                                                6.1.25

                                              	 	
                                                Pledge
      Agreements

                                              	 	
                                                61

                                              
	 
      	 	
                                                6.1.26

                                              	 	
                                                Governmental
      and Third Party Approvals

                                              	 	
                                                61

                                              
	 
      	 	
                                                6.1.27

                                              	 	
                                                Closing
      Certificate

                                              	 	
                                                62

                                              
	
                                                6.2

                                              	 	
                                                Conditions
      Precedent to All Credit Extensions

                                              	 	
                                                62

                                              
	 
      	 	
                                                6.2.1

                                              	 	
                                                No
      Default or Event of Default

                                              	 	
                                                62

                                              
	 
      	 	
                                                6.2.2

                                              	 	
                                                Representations
      and Warranties

                                              	 	
                                                62

                                              
	 
      	 	
                                                6.2.3

                                              	 	
                                                Other
      Conditions Precedent

                                              	 	
                                                62

                                              
	 
      	 	
                                                6.2.4

                                              	 	
                                                No
      Material Adverse Effect

                                              	 	
                                                63

                                              
	 
      	 	
                                                6.2.5

                                              	 	
                                                Solvency

                                              	 	
                                                63

                                              
	 
      	 	
                                                6.2.6

                                              	 	
                                                LC
      Conditions

                                              	 	
                                                63

                                              

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
        
        

      

      
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                                                                                                          6.3

                                                                                                        	 	
                                                                                                          Limited
      Waiver of Conditions Precedent

                                                                                                        	 	
                                                                                                          63

                                                                                                        
	SECTION
      7.  COLLATERAL	 	
                                                                                                          63

                                                                                                        
	
                                                                                                          7.1

                                                                                                        	 	
                                                                                                          Grant
      of Security Interest

                                                                                                        	 	
                                                                                                          63

                                                                                                        
	
                                                                                                          7.2

                                                                                                        	 	
                                                                                                          Lien
      on Deposit Accounts and Securities Accounts; Cash
    Collateral.

                                                                                                        	 	
                                                                                                          64

                                                                                                        
	 
      	 	
                                                                                                          7.2.1

                                                                                                        	 	
                                                                                                          Deposit
      Accounts and Securities Accounts

                                                                                                        	 	
                                                                                                          64

                                                                                                        
	 
      	 	
                                                                                                          7.2.2

                                                                                                        	 	
                                                                                                          Cash
      Collateral

                                                                                                        	 	
                                                                                                          65

                                                                                                        
	
                                                                                                          7.3

                                                                                                        	 	
                                                                                                          Reserved.

                                                                                                        	 	
                                                                                                          65

                                                                                                        
	
                                                                                                          7.4

                                                                                                        	 	
                                                                                                          Other
      Collateral.

                                                                                                        	 	
                                                                                                          65

                                                                                                        
	 
      	 	
                                                                                                          7.4.1

                                                                                                        	 	
                                                                                                          Commercial
      Tort Claims

                                                                                                        	 	
                                                                                                          65

                                                                                                        
	 
      	 	
                                                                                                          7.4.2

                                                                                                        	 	
                                                                                                          Certain
      After-Acquired Collateral

                                                                                                        	 	
                                                                                                          65

                                                                                                        
	
                                                                                                          7.5

                                                                                                        	 	
                                                                                                          No
      Assumption of Liability

                                                                                                        	 	
                                                                                                          65

                                                                                                        
	
                                                                                                          7.6

                                                                                                        	 	
                                                                                                          Further
      Assurances

                                                                                                        	 	
                                                                                                          65

                                                                                                        
	SECTION
      8.  COLLATERAL
      ADMINISTRATION	 	
                                                                                                          66

                                                                                                        
	
                                                                                                          8.1

                                                                                                        	 	
                                                                                                          Borrowing
      Base Certificates

                                                                                                        	 	
                                                                                                          66

                                                                                                        
	
                                                                                                          8.2

                                                                                                        	 	
                                                                                                          Administration
      of Accounts.

                                                                                                        	 	
                                                                                                          66

                                                                                                        
	 
      	 	
                                                                                                          8.2.1

                                                                                                        	 	
                                                                                                          Records
      and Schedules of Accounts

                                                                                                        	 	
                                                                                                          66

                                                                                                        
	 
      	 	
                                                                                                          8.2.2

                                                                                                        	 	
                                                                                                          Taxes

                                                                                                        	 	
                                                                                                          66

                                                                                                        
	 
      	 	
                                                                                                          8.2.3

                                                                                                        	 	
                                                                                                          Account
      Verification

                                                                                                        	 	
                                                                                                          67

                                                                                                        
	
                                                                                                          8.3

                                                                                                        	 	
                                                                                                          Agent
      as Depository

                                                                                                        	 	
                                                                                                          67

                                                                                                        
	
                                                                                                          8.4

                                                                                                        	 	
                                                                                                          Maintenance
      of Dominion Accounts.

                                                                                                        	 	
                                                                                                          67

                                                                                                        
	 
      	 	
                                                                                                          8.4.1

                                                                                                        	 	
                                                                                                          Control
      Agreements

                                                                                                        	 	
                                                                                                          67

                                                                                                        
	 
      	 	
                                                                                                          8.4.2

                                                                                                        	 	
                                                                                                          Control

                                                                                                        	 	
                                                                                                          67

                                                                                                        
	 
      	 	
                                                                                                          8.4.3

                                                                                                        	 	
                                                                                                          Responsibility

                                                                                                        	 	
                                                                                                          68

                                                                                                        
	 
      	 	
                                                                                                          8.4.4

                                                                                                        	 	
                                                                                                          Proceeds
      of Collateral

                                                                                                        	 	
                                                                                                          68

                                                                                                        
	
                                                                                                          8.5

                                                                                                        	 	
                                                                                                          Administration
      of Equipment.

                                                                                                        	 	
                                                                                                          68

                                                                                                        
	 
      	 	
                                                                                                          8.5.1

                                                                                                        	 	
                                                                                                          Records
      and Schedules of Equipment

                                                                                                        	 	
                                                                                                          68

                                                                                                        
	 
      	 	
                                                                                                          8.5.2

                                                                                                        	 	
                                                                                                          Dispositions
      of Equipment

                                                                                                        	 	
                                                                                                          68

                                                                                                        
	 
      	 	
                                                                                                          8.5.3

                                                                                                        	 	
                                                                                                          Condition
      of Equipment

                                                                                                        	 	
                                                                                                          68

                                                                                                        
	
                                                                                                          8.6

                                                                                                        	 	
                                                                                                          Administration
      of Deposit Accounts

                                                                                                        	 	
                                                                                                          68

                                                                                                        
	
                                                                                                          8.7

                                                                                                        	 	
                                                                                                          General
      Provisions.

                                                                                                        	 	
                                                                                                          69

                                                                                                        
	 
      	 	
                                                                                                          8.7.1

                                                                                                        	 	
                                                                                                          Location
      of Collateral

                                                                                                        	 	
                                                                                                          69

                                                                                                        
	 
      	 	
                                                                                                          8.7.2

                                                                                                        	 	
                                                                                                          Insurance
      of Collateral; Condemnation Proceeds.

                                                                                                        	 	
                                                                                                          69

                                                                                                        
	 
      	 	
                                                                                                          8.7.3

                                                                                                        	 	
                                                                                                          Protection
      of Collateral

                                                                                                        	 	
                                                                                                          70

                                                                                                        
	 
      	 	
                                                                                                          8.7.4

                                                                                                        	 	
                                                                                                          Defense
      of Title to Collateral

                                                                                                        	 	
                                                                                                          70

                                                                                                        
	
                                                                                                          8.8

                                                                                                        	 	
                                                                                                          Power
      of Attorney

                                                                                                        	 	
                                                                                                          70

                                                                                                        
	
                                                                                                          8.9

                                                                                                        	 	
                                                                                                          Pledge
      of Stock of Subsidiaries

                                                                                                        	 	
                                                                                                          71

                                                                                                        

                                                                                                

                                                                                              

                                                                                            

                                                                                          

                                                                                        

                                                                                      

                                                                                    

                                                                                  

                                                                                

                                                                              

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

      

    

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                	SECTION
      9.  REPRESENTATIONS
      AND WARRANTIES	 	
                                                        71

                                                      
	
                                                        9.1

                                                      	 	
                                                        General
      Representations and Warranties

                                                      	 	
                                                        71

                                                      
	 
      	 	
                                                        9.1.1

                                                      	 	
                                                        Organization
      and Qualification

                                                      	 	
                                                        71

                                                      
	 
      	 	
                                                        9.1.2

                                                      	 	
                                                        Power
      and Authority

                                                      	 	
                                                        72

                                                      
	 
      	 	
                                                        9.1.3

                                                      	 	
                                                        Enforceability

                                                      	 	
                                                        72

                                                      
	 
      	 	
                                                        9.1.4

                                                      	 	
                                                        Capital
      Structure

                                                      	 	
                                                        72

                                                      
	 
      	 	
                                                        9.1.5

                                                      	 	
                                                        Corporate
      Names; Locations

                                                      	 	
                                                        72

                                                      
	 
      	 	
                                                        9.1.6

                                                      	 	
                                                        Title
      to Properties; Priority of Liens

                                                      	 	
                                                        72

                                                      
	 
      	 	
                                                        9.1.7

                                                      	 	
                                                        Accounts

                                                      	 	
                                                        73

                                                      
	 
      	 	
                                                        9.1.8

                                                      	 	
                                                        Financial
      Statements

                                                      	 	
                                                        73

                                                      
	 
      	 	
                                                        9.1.9

                                                      	 	
                                                        Solvency

                                                      	 	
                                                        73

                                                      
	 
      	 	
                                                        9.1.10

                                                      	 	
                                                        Taxes

                                                      	 	
                                                        73

                                                      
	 
      	 	
                                                        9.1.11

                                                      	 	
                                                        Brokers

                                                      	 	
                                                        73

                                                      
	 
      	 	
                                                        9.1.12

                                                      	 	
                                                        Intellectual
      Property

                                                      	 	
                                                        73

                                                      
	 
      	 	
                                                        9.1.13

                                                      	 	
                                                        Governmental
      Approvals

                                                      	 	
                                                        74

                                                      
	 
      	 	
                                                        9.1.14

                                                      	 	
                                                        Compliance
      with Laws

                                                      	 	
                                                        74

                                                      
	 
      	 	
                                                        9.1.15

                                                      	 	
                                                        Compliance
      with Environmental Laws

                                                      	 	
                                                        74

                                                      
	 
      	 	
                                                        9.1.16

                                                      	 	
                                                        Burdensome
      Contracts

                                                      	 	
                                                        74

                                                      
	 
      	 	
                                                        9.1.17

                                                      	 	
                                                        Litigation

                                                      	 	
                                                        74

                                                      
	 
      	 	
                                                        9.1.18

                                                      	 	
                                                        No
      Defaults

                                                      	 	
                                                        75

                                                      
	 
      	 	
                                                        9.1.19

                                                      	 	
                                                        ERISA

                                                      	 	
                                                        75

                                                      
	 
      	 	
                                                        9.1.20

                                                      	 	
                                                        UK
      Pension Schemes

                                                      	 	
                                                        75

                                                      
	 
      	 	
                                                        9.1.21

                                                      	 	
                                                        Trade
      Relations

                                                      	 	
                                                        75

                                                      
	 
      	 	
                                                        9.1.22

                                                      	 	
                                                        Labor
      Relations

                                                      	 	
                                                        75

                                                      
	 
      	 	
                                                        9.1.23

                                                      	 	
                                                        Payable
      Practices

                                                      	 	
                                                        75

                                                      
	 
      	 	
                                                        9.1.24

                                                      	 	
                                                        Not
      a Regulated Entity

                                                      	 	
                                                        76

                                                      
	 
      	 	
                                                        9.1.25

                                                      	 	
                                                        Margin
      Stock

                                                      	 	
                                                        76

                                                      
	 
      	 	
                                                        9.1.26

                                                      	 	
                                                        Plan
      Assets

                                                      	 	
                                                        76

                                                      
	 
      	 	
                                                        9.1.27

                                                      	 	
                                                        Centre
      of Main Interest and Establishment

                                                      	 	
                                                        76

                                                      
	
                                                        9.2

                                                      	 	
                                                        Complete
      Disclosure

                                                      	 	
                                                        76

                                                      
	
                                                        9.3

                                                      	 	
                                                        Amendment
      of Schedules

                                                      	 	
                                                        76

                                                      
	SECTION
      10.  COVENANTS
      AND CONTINUING AGREEMENTS	 	
                                                        77

                                                      
	
                                                        10.1

                                                      	 	
                                                        Affirmative
      Covenants

                                                      	 	
                                                        77

                                                      
	 
      	 	
                                                        10.1.1

                                                      	 	
                                                        Inspections;
      Appraisals.

                                                      	 	
                                                        77

                                                      
	 
      	 	
                                                        10.1.2

                                                      	 	
                                                        Financial
      and Other Information

                                                      	 	
                                                        77

                                                      
	 
      	 	
                                                        10.1.3

                                                      	 	
                                                        Notices

                                                      	 	
                                                        78

                                                      
	 
      	 	
                                                        10.1.4

                                                      	 	
                                                        Landlord
      and Storage Agreements

                                                      	 	
                                                        78

                                                      
	 
      	 	
                                                        10.1.5

                                                      	 	
                                                        Compliance
      with Laws

                                                      	 	
                                                        78

                                                      
	 
      	 	
                                                        10.1.6

                                                      	 	
                                                        Taxes

                                                      	 	
                                                        78

                                                      
	 
      	 	
                                                        10.1.7

                                                      	 	
                                                        Insurance

                                                      	 	
                                                        78

                                                      
	 
      	 	
                                                        10.1.8

                                                      	 	
                                                        Licenses

                                                      	 	
                                                        78

                                                      
	 
      	 	
                                                        10.1.9

                                                      	 	
                                                        Future
      Subsidiaries

                                                      	 	
                                                        80

                                                      
	 
      	 	
                                                        10.1.10

                                                      	 	
                                                        Negative
      Pledge

                                                      	 	
                                                        80

                                                      

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
        
        

      

      
        v

        
          

        

      

      
        
        

      

    

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        	
                                                                10.2

                                                              	 	
                                                                Negative
      Covenants

                                                              	 	
                                                                80

                                                              
	 
      	 	
                                                                10.2.1

                                                              	 	
                                                                Permitted
      Debt

                                                              	 	
                                                                80

                                                              
	 
      	 	
                                                                10.2.2

                                                              	 	
                                                                Permitted
      Liens

                                                              	 	
                                                                82

                                                              
	 
      	 	
                                                                10.2.3

                                                              	 	
                                                                Reserved.

                                                              	 	
                                                                84

                                                              
	 
      	 	
                                                                10.2.4

                                                              	 	
                                                                Dividends
      and Distributions

                                                              	 	
                                                                84

                                                              
	 
      	 	
                                                                10.2.5

                                                              	 	
                                                                Restricted
      Investments

                                                              	 	
                                                                84

                                                              
	 
      	 	
                                                                10.2.6

                                                              	 	
                                                                Permitted
      Acquisitions

                                                              	 	
                                                                86

                                                              
	 
      	 	
                                                                10.2.7

                                                              	 	
                                                                Disposition
      of Assets

                                                              	 	
                                                                87

                                                              
	 
      	 	
                                                                10.2.8

                                                              	 	
                                                                Loans

                                                              	 	
                                                                88

                                                              
	 
      	 	
                                                                10.2.9

                                                              	 	
                                                                Restrictions
      on Payment of Certain Debt

                                                              	 	
                                                                88

                                                              
	 
      	 	
                                                                10.2.10

                                                              	 	
                                                                Fundamental
      Changes

                                                              	 	
                                                                88

                                                              
	 
      	 	
                                                                10.2.11

                                                              	 	
                                                                Subsidiaries

                                                              	 	
                                                                89

                                                              
	 
      	 	
                                                                10.2.12

                                                              	 	
                                                                Organic
      Documents

                                                              	 	
                                                                89

                                                              
	 
      	 	
                                                                10.2.13

                                                              	 	
                                                                Tax
      Consolidation

                                                              	 	
                                                                89

                                                              
	 
      	 	
                                                                10.2.14

                                                              	 	
                                                                Accounting
      Changes

                                                              	 	
                                                                90

                                                              
	 
      	 	
                                                                10.2.15

                                                              	 	
                                                                Restrictive
      Agreements

                                                              	 	
                                                                90

                                                              
	 
      	 	
                                                                10.2.16

                                                              	 	
                                                                Hedging
      Agreements

                                                              	 	
                                                                90

                                                              
	 
      	 	
                                                                10.2.17

                                                              	 	
                                                                Conduct
      of Business

                                                              	 	
                                                                90

                                                              
	 
      	 	
                                                                10.2.18

                                                              	 	
                                                                Affiliate
      Transactions

                                                              	 	
                                                                90

                                                              
	 
      	 	
                                                                10.2.19

                                                              	 	
                                                                Plans

                                                              	 	
                                                                90

                                                              
	
                                                                10.3

                                                              	 	
                                                                Financial
      Covenants

                                                              	 	
                                                                91

                                                              
	 
      	 	
                                                                10.3.1

                                                              	 	
                                                                Minimum
      EBITDA

                                                              	 	
                                                                91

                                                              
	 
      	 	
                                                                10.3.2

                                                              	 	
                                                                Fixed
      Charge Coverage Ratio

                                                              	 	
                                                                91

                                                              
	SECTION
      11.  EVENTS
      OF DEFAULT; REMEDIES ON DEFAULT	 	
                                                                91

                                                              
	
                                                                11.1

                                                              	 	
                                                                Events
      of Default

                                                              	 	
                                                                91

                                                              
	
                                                                11.2

                                                              	 	
                                                                Remedies
      upon Default

                                                              	 	
                                                                93

                                                              
	
                                                                11.3

                                                              	 	
                                                                License

                                                              	 	 
      	 	
                                                                93

                                                              
	
                                                                11.4

                                                              	 	
                                                                Setoff.

                                                              	 	 
      	 	
                                                                94

                                                              
	 
      	 	
                                                                11.4.1

                                                              	 	
                                                                Setoff
      Generally

                                                              	 	
                                                                94

                                                              
	 
      	 	
                                                                11.4.2

                                                              	 	
                                                                Setoff
      Under Jersey Law

                                                              	 	
                                                                94

                                                              
	
                                                                11.5

                                                              	 	
                                                                Remedies
      Cumulative; No Waiver; Commercial Reasonableness.

                                                              	 	
                                                                94

                                                              
	 
      	 	
                                                                11.5.1

                                                              	 	
                                                                Cumulative
      Rights

                                                              	 	
                                                                94

                                                              
	 
      	 	
                                                                11.5.2

                                                              	 	
                                                                Waivers

                                                              	 	
                                                                94

                                                              
	 
      	 	
                                                                11.5.3

                                                              	 	
                                                                Commercial
      Reasonableness

                                                              	 	
                                                                95

                                                              
	SECTION
      12.  AGENT	 	
                                                                95

                                                              
	
                                                                12.1

                                                              	 	
                                                                Appointment,
      Authority and Duties of Agent.

                                                              	 	
                                                                95

                                                              
	 
      	 	
                                                                12.1.1

                                                              	 	
                                                                Appointment
      and Authority

                                                              	 	
                                                                95

                                                              
	 
      	 	
                                                                12.1.2

                                                              	 	
                                                                Duties

                                                              	 	
                                                                96

                                                              
	 
      	 	
                                                                12.1.3

                                                              	 	
                                                                Agent
      Professionals

                                                              	 	
                                                                96

                                                              
	 
      	 	
                                                                12.1.4

                                                              	 	
                                                                Instructions
      of Required Lenders

                                                              	 	
                                                                96

                                                              

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
        
        

      

      
        vi

        
          

        

      

      
        
        

      

    

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              
                                                                                
                                                                                  
                                                                                    
                                                                                      
                                                                                        	
                                                                                                12.2

                                                                                              	 	
                                                                                                Agreements
      Regarding Collateral and Field Examination Reports.

                                                                                              	 	
                                                                                                97

                                                                                              
	 
      	 	
                                                                                                12.2.1

                                                                                              	 	
                                                                                                Lien
      Releases; Care of Collateral

                                                                                              	 	
                                                                                                97

                                                                                              
	 
      	 	
                                                                                                12.2.2

                                                                                              	 	
                                                                                                Possession
      of Collateral

                                                                                              	 	
                                                                                                97

                                                                                              
	 
      	 	
                                                                                                12.2.3

                                                                                              	 	
                                                                                                Reports

                                                                                              	 	
                                                                                                97

                                                                                              
	
                                                                                                12.3

                                                                                              	 	
                                                                                                Reliance
      By Agent

                                                                                              	 	
                                                                                                97

                                                                                              
	
                                                                                                12.4

                                                                                              	 	
                                                                                                Action
      Upon Default

                                                                                              	 	
                                                                                                98

                                                                                              
	
                                                                                                12.5

                                                                                              	 	
                                                                                                Ratable
      Sharing

                                                                                              	 	
                                                                                                98

                                                                                              
	
                                                                                                12.6

                                                                                              	 	
                                                                                                Indemnification
      of Agent Indemnitees.

                                                                                              	 	
                                                                                                98

                                                                                              
	 
      	 	
                                                                                                12.6.1

                                                                                              	 	
                                                                                                Indemnification

                                                                                              	 	
                                                                                                98

                                                                                              
	 
      	 	
                                                                                                12.6.2

                                                                                              	 	
                                                                                                Proceedings

                                                                                              	 	
                                                                                                98

                                                                                              
	
                                                                                                12.7

                                                                                              	 	
                                                                                                Limitation
      on Responsibilities of Agent

                                                                                              	 	
                                                                                                99

                                                                                              
	
                                                                                                12.8

                                                                                              	 	
                                                                                                Successor
      Agent and Co-Agents.

                                                                                              	 	
                                                                                                99

                                                                                              
	 
      	 	
                                                                                                12.8.1

                                                                                              	 	
                                                                                                Resignation;
      Successor Agent

                                                                                              	 	
                                                                                                99

                                                                                              
	 
      	 	
                                                                                                12.8.2

                                                                                              	 	
                                                                                                Separate
      Collateral Agent

                                                                                              	 	
                                                                                                99

                                                                                              
	 
      	 	
                                                                                                12.8.3

                                                                                              	 	
                                                                                                Agent
      as UK Security Trustee.

                                                                                              	 	
                                                                                                100

                                                                                              
	
                                                                                                12.9

                                                                                              	 	
                                                                                                Due
      Diligence and Non-Reliance

                                                                                              	 	
                                                                                                101

                                                                                              
	
                                                                                                12.10

                                                                                              	 	
                                                                                                Replacement
      of Certain Lenders

                                                                                              	 	
                                                                                                101

                                                                                              
	
                                                                                                12.11

                                                                                              	 	
                                                                                                Remittance
      of Payments and Collections.

                                                                                              	 	
                                                                                                101

                                                                                              
	 
      	 	
                                                                                                12.11.1

                                                                                              	 	
                                                                                                Remittances
      Generally

                                                                                              	 	
                                                                                                101

                                                                                              
	 
      	 	
                                                                                                12.11.2

                                                                                              	 	
                                                                                                Failure
      to Pay

                                                                                              	 	
                                                                                                102

                                                                                              
	 
      	 	
                                                                                                12.11.3

                                                                                              	 	
                                                                                                Recovery
      of Payments

                                                                                              	 	
                                                                                                
                                                                                                  102

                                                                                                

                                                                                              
	
                                                                                                12.12

                                                                                              	 	
                                                                                                Agent
      in its Individual Capacity

                                                                                              	 	
                                                                                                
                                                                                                  102

                                                                                                

                                                                                              
	
                                                                                                12.13

                                                                                              	 	
                                                                                                Agent
      Titles

                                                                                              	 	
                                                                                                
                                                                                                  102

                                                                                                

                                                                                              
	
                                                                                                12.14

                                                                                              	 	
                                                                                                No
      Third Party Beneficiaries

                                                                                              	 	
                                                                                                
                                                                                                  102

                                                                                                

                                                                                              
	
                                                                                                12.15

                                                                                              	 	
                                                                                                Parallel
      Debt Provisions (Dutch Law).

                                                                                              	 	
                                                                                                103

                                                                                              
	 
      	 	
                                                                                                12.15.1

                                                                                              	 	
                                                                                                Parallel
      Debt

                                                                                              	 	
                                                                                                103

                                                                                              
	 
      	 	
                                                                                                12.15.2

                                                                                              	 	
                                                                                                Parallel
      Debt as Independent Payment Obligation

                                                                                              	 	
                                                                                                103

                                                                                              
	 
      	 	
                                                                                                12.15.3

                                                                                              	 	
                                                                                                Acknowledgment
      of Parallel Debt Obligation

                                                                                              	 	
                                                                                                103

                                                                                              
	 
      	 	
                                                                                                12.15.4

                                                                                              	 	
                                                                                                Reductions
      to Parallel Debt Obligations

                                                                                              	 	
                                                                                                103

                                                                                              
	 
      	 	
                                                                                                12.15.5

                                                                                              	 	
                                                                                                Role
      of Agent

                                                                                              	 	
                                                                                                103

                                                                                              
	 
      	 	
                                                                                                12.15.6

                                                                                              	 	
                                                                                                Payments
      Received

                                                                                              	 	
                                                                                                104

                                                                                              
	SECTION
      13.  BENEFIT
      OF AGREEMENT; ASSIGNMENTS AND PARTICIPATIONS	 	
                                                                                                104

                                                                                              
	
                                                                                                13.1

                                                                                              	 	
                                                                                                Successors
      and Assigns

                                                                                              	 	
                                                                                                104

                                                                                              
	
                                                                                                13.2

                                                                                              	 	
                                                                                                Participations.

                                                                                              	 	
                                                                                                104

                                                                                              
	 
      	 	
                                                                                                13.2.1

                                                                                              	 	
                                                                                                Permitted
      Participants; Effect

                                                                                              	 	
                                                                                                104

                                                                                              
	 
      	 	
                                                                                                13.2.2

                                                                                              	 	
                                                                                                Voting
      Rights

                                                                                              	 	
                                                                                                104

                                                                                              
	 
      	 	
                                                                                                13.2.3

                                                                                              	 	
                                                                                                Benefit
      of Set-Off

                                                                                              	 	
                                                                                                104

                                                                                              

                                                                                      

                                                                                    

                                                                                  

                                                                                

                                                                              

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
        
        

      

      
        vii

        
          

        

      

      
        
        

      

    

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              
                                                                                
                                                                                  
                                                                                    
                                                                                      
                                                                                        
                                                                                          
                                                                                            
                                                                                              
                                                                                                
                                                                                                  
                                                                                                    
                                                                                                      
                                                                                                        
                                                                                                          
                                                                                                            
                                                                                                              
                                                                                                                
                                                                                                                  
                                                                                                                    
                                                                                                                      
                                                                                                                        
                                                                                                                          
                                                                                                                            	
                                                                                                                                    13.3

                                                                                                                                  	 	
                                                                                                                                    Assignments.

                                                                                                                                  	 	
                                                                                                                                    105

                                                                                                                                  
	 
      	 	
                                                                                                                                    13.3.1

                                                                                                                                  	 	
                                                                                                                                    Permitted
      Assignments

                                                                                                                                  	 	
                                                                                                                                    105

                                                                                                                                  
	 
      	 	
                                                                                                                                    13.3.2

                                                                                                                                  	 	
                                                                                                                                    Effect;
      Effective Date

                                                                                                                                  	 	
                                                                                                                                    105

                                                                                                                                  
	
                                                                                                                                    13.4

                                                                                                                                  	 	
                                                                                                                                    Tax
      Treatment

                                                                                                                                  	 	
                                                                                                                                    105

                                                                                                                                  
	
                                                                                                                                    13.5

                                                                                                                                  	 	
                                                                                                                                    Representation
      of Lenders

                                                                                                                                  	 	
                                                                                                                                    105

                                                                                                                                  
	
                                                                                                                                    13.6

                                                                                                                                  	 	
                                                                                                                                    Securitization

                                                                                                                                  	 	
                                                                                                                                    105

                                                                                                                                  
	
                                                                                                                                    13.7

                                                                                                                                  	 	
                                                                                                                                    Pricing
      and Structural Changes Required for Syndication

                                                                                                                                  	 	
                                                                                                                                    106

                                                                                                                                  
	SECTION
      14.  GUARANTY.	 	
                                                                                                                                    106

                                                                                                                                  
	
                                                                                                                                    14.1

                                                                                                                                  	 	
                                                                                                                                    Guaranty

                                                                                                                                  	 	
                                                                                                                                    106

                                                                                                                                  
	
                                                                                                                                    14.2

                                                                                                                                  	 	
                                                                                                                                    Waivers

                                                                                                                                  	 	
                                                                                                                                    106

                                                                                                                                  
	 
      	 	
                                                                                                                                    14.2.1

                                                                                                                                  	 	
                                                                                                                                    Jersey
      Law Waivers

                                                                                                                                  	 	
                                                                                                                                    107

                                                                                                                                  
	
                                                                                                                                    14.3

                                                                                                                                  	 	
                                                                                                                                    No
      Defense

                                                                                                                                  	 	
                                                                                                                                    107

                                                                                                                                  
	
                                                                                                                                    14.4

                                                                                                                                  	 	
                                                                                                                                    Guaranty
      of Payment

                                                                                                                                  	 	
                                                                                                                                    107

                                                                                                                                  
	
                                                                                                                                    14.5

                                                                                                                                  	 	
                                                                                                                                    Liabilities
      Absolute

                                                                                                                                  	 	
                                                                                                                                    108

                                                                                                                                  
	
                                                                                                                                    14.6

                                                                                                                                  	 	
                                                                                                                                    Waiver
      of Notice

                                                                                                                                  	 	
                                                                                                                                    109

                                                                                                                                  
	
                                                                                                                                    14.7

                                                                                                                                  	 	
                                                                                                                                    Agent’s
      Discretion

                                                                                                                                  	 	
                                                                                                                                    109

                                                                                                                                  
	
                                                                                                                                    14.8

                                                                                                                                  	 	
                                                                                                                                    Reinstatement.

                                                                                                                                  	 	
                                                                                                                                    109

                                                                                                                                  
	
                                                                                                                                    14.9

                                                                                                                                  	 	
                                                                                                                                    Action
      Upon Event of Default

                                                                                                                                  	 	
                                                                                                                                    110

                                                                                                                                  
	
                                                                                                                                    14.10

                                                                                                                                  	 	
                                                                                                                                    Statute
      of Limitations

                                                                                                                                  	 	
                                                                                                                                    110

                                                                                                                                  
	
                                                                                                                                    14.11

                                                                                                                                  	 	
                                                                                                                                    Interest

                                                                                                                                  	 	
                                                                                                                                    111

                                                                                                                                  
	
                                                                                                                                    14.12

                                                                                                                                  	 	
                                                                                                                                    Guarantor’s
      Investigation

                                                                                                                                  	 	
                                                                                                                                    111

                                                                                                                                  
	
                                                                                                                                    14.13

                                                                                                                                  	 	
                                                                                                                                    Termination

                                                                                                                                  	 	
                                                                                                                                    111

                                                                                                                                  
	SECTION
      15.  MISCELLANEOUS	 	
                                                                                                                                    111

                                                                                                                                  
	
                                                                                                                                    15.1

                                                                                                                                  	 	
                                                                                                                                    Consents,
      Amendments and Waivers.

                                                                                                                                  	 	
                                                                                                                                    111

                                                                                                                                  
	 
      	 	
                                                                                                                                    15.1.1

                                                                                                                                  	 	
                                                                                                                                    Amendment

                                                                                                                                  	 	
                                                                                                                                    111

                                                                                                                                  
	 
      	 	
                                                                                                                                    15.1.2

                                                                                                                                  	 	
                                                                                                                                    Limitations

                                                                                                                                  	 	
                                                                                                                                    112

                                                                                                                                  
	 
      	 	
                                                                                                                                    15.1.3

                                                                                                                                  	 	
                                                                                                                                    Payment
      for Consents

                                                                                                                                  	 	
                                                                                                                                    112

                                                                                                                                  
	
                                                                                                                                    15.2

                                                                                                                                  	 	
                                                                                                                                    Indemnity

                                                                                                                                  	 	
                                                                                                                                    112

                                                                                                                                  
	
                                                                                                                                    15.3

                                                                                                                                  	 	
                                                                                                                                    Notices
      and Communications.

                                                                                                                                  	 	
                                                                                                                                    112

                                                                                                                                  
	 
      	 	
                                                                                                                                    15.3.1

                                                                                                                                  	 	
                                                                                                                                    Notice
      Address

                                                                                                                                  	 	
                                                                                                                                    112

                                                                                                                                  
	 
      	 	
                                                                                                                                    15.3.2

                                                                                                                                  	 	
                                                                                                                                    Electronic
      Communications; Voice Mail

                                                                                                                                  	 	
                                                                                                                                    114

                                                                                                                                  
	 
      	 	
                                                                                                                                    15.3.3

                                                                                                                                  	 	
                                                                                                                                    Non-Conforming
      Communications

                                                                                                                                  	 	
                                                                                                                                    114

                                                                                                                                  
	
                                                                                                                                    15.4

                                                                                                                                  	 	
                                                                                                                                    Performance
      of Loan Parties’ Obligations

                                                                                                                                  	 	
                                                                                                                                    114

                                                                                                                                  
	
                                                                                                                                    15.5

                                                                                                                                  	 	
                                                                                                                                    Credit
      Inquiries

                                                                                                                                  	 	
                                                                                                                                    114

                                                                                                                                  

                                                                                                                          

                                                                                                                        

                                                                                                                      

                                                                                                                    

                                                                                                                  

                                                                                                                

                                                                                                              

                                                                                                            

                                                                                                          

                                                                                                        

                                                                                                      

                                                                                                    

                                                                                                  

                                                                                                

                                                                                              

                                                                                            

                                                                                          

                                                                                        

                                                                                      

                                                                                    

                                                                                  

                                                                                

                                                                              

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
        
        

      

      
        viii

        
          

        

      

      
        
        

      

    

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        	
                                                                                15.6

                                                                              	 	
                                                                                Severability

                                                                              	 	
                                                                                114

                                                                              
	
                                                                                15.7

                                                                              	 	
                                                                                Cumulative
      Effect; Conflict of Terms

                                                                              	 	
                                                                                115

                                                                              
	
                                                                                15.8

                                                                              	 	
                                                                                Counterparts;
      Facsimile Signatures

                                                                              	 	
                                                                                115

                                                                              
	
                                                                                15.9

                                                                              	 	
                                                                                Entire
      Agreement

                                                                              	 	
                                                                                115

                                                                              
	
                                                                                15.10

                                                                              	 	
                                                                                Obligations
      of Lenders

                                                                              	 	
                                                                                115

                                                                              
	
                                                                                15.11

                                                                              	 	
                                                                                Confidentiality

                                                                              	 	
                                                                                115

                                                                              
	
                                                                                15.12

                                                                              	 	
                                                                                Reserved.

                                                                              	 	
                                                                                116

                                                                              
	
                                                                                15.13

                                                                              	 	
                                                                                GOVERNING
      LAW

                                                                              	 	
                                                                                116

                                                                              
	
                                                                                15.14

                                                                              	 	
                                                                                Consent
      to Forum.

                                                                              	 	
                                                                                116

                                                                              
	 
      	 	
                                                                                15.14.1

                                                                              	 	
                                                                                Forum

                                                                              	 	
                                                                                116

                                                                              
	 
      	 	
                                                                                15.14.2

                                                                              	 	
                                                                                Reserved.

                                                                              	 	
                                                                                116

                                                                              
	
                                                                                15.15

                                                                              	 	
                                                                                Waivers
      by Loan Parties

                                                                              	 	
                                                                                116

                                                                              
	
                                                                                15.16

                                                                              	 	
                                                                                Patriot
      Act Notice

                                                                              	 	
                                                                                117

                                                                              
	
                                                                                15.17

                                                                              	 	
                                                                                UK
      Law

                                                                              	 	
                                                                                117

                                                                              
	
                                                                                15.18

                                                                              	 	
                                                                                NO
      ORAL AGREEMENT

                                                                              	 	
                                                                                117

                                                                              
	
                                                                                15.19

                                                                              	 	
                                                                                Closing
      and Funding

                                                                              	 	
                                                                                117

                                                                              

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
        
        

      

      
        ix

        
          

        

      

      
        
        

      

    

     

    LIST
OF EXHIBITS AND SCHEDULES

     

    
      
        
          
            
              	
                      Exhibit
      A

                    	 	
                      Form
      of Assignment and Acceptance Agreement

                    
	
                      Exhibit
      B

                    	 	
                      Form
      of Borrowing Base Certificate

                    
	
                      Exhibit
      C

                    	 	
                      Form
      of Compliance Certificate

                    
	
                      Exhibit
      D

                    	 	
                      Form
      of Assignment Notice

                    
	 
      	 	 
      
	
                      Schedule
      1.1

                    	 	
                      Commitments
      of Lenders

                    
	
                      Schedule
      1.1(B)

                    	 	
                      Material
      Contracts

                    
	
                      Schedule
      6.1.18

                    	 	
                      Third
      Party Waivers and Consents

                    
	
                      Schedule
      8.6

                    	 	
                      Deposit
      Accounts and Securities Accounts

                    
	
                      Schedule
      8.7.1

                    	 	
                      Business
      Locations

                    
	
                      Schedule
      9.1.4

                    	 	
                      Names
      and Capital Structure

                    
	
                      Schedule
      9.1.5

                    	 	
                      Former
      Names and Companies

                    
	
                      Schedule
      9.1.6

                    	 	
                      Claims

                    
	
                      Schedule
      9.1.12

                    	 	
                      Patents,
      Trademarks, Copyrights and Licenses

                    
	
                      Schedule
      9.1.15

                    	 	
                      Environmental
      Matters

                    
	
                      Schedule
      9.1.16

                    	 	
                      Restrictive
      Agreements

                    
	
                      Schedule
      9.1.17

                    	 	
                      Litigation

                    
	
                      Schedule
      9.1.19

                    	 	
                      Pension
      Plans

                    
	
                      Schedule
      9.1.21

                    	 	
                      Labor
      Contracts

                    
	
                      Schedule
      10.1.6

                    	 	
                      Taxes

                    
	
                      Schedule
      10.2.1

                    	 	
                      Debt

                    
	
                      Schedule
      10.2.2

                    	 	
                      Existing
      Liens

                    
	
                      Schedule
      10.2.5

                    	 	
                      Investments

                    

            

          

        

      

    

     

    
      
        
        

      

      
        x

        
          

        

      

      
        
        

      

    

     

    
      
        LOAN
AND SECURITY AGREEMENT

      

      

      THIS LOAN
AND SECURITY AGREEMENT (this “Agreement”) is dated as of August 5, 2010, (the
“Signing Date”) among HUDSON HIGHLAND GROUP, INC.,  a corporation
organized under the laws of the State of Delaware (“HHG”), HUDSON GLOBAL
RESOURCES MANAGEMENT, INC., a corporation organized under the laws of the
Commonwealth of Pennsylvania (“HGRM”), HUDSON GLOBAL RESOURCES LIMITED, a
company incorporated under the laws of England and Wales with registered number
03206355 (“HGR UK”) and each of HHG’s Subsidiaries identified on the signature
pages hereof from time to time and as may be joined as a party hereto (such
Subsidiaries, together with HHG, HGRM and HGR UK each a “Borrower” and
collectively, jointly and severally, “Borrowers”), HUDSON HIGHLAND GROUP
HOLDINGS INTERNATIONAL, INC., a corporation organized under the laws of the
State of Delaware (“HGHI”), and HUDSON GLOBAL RESOURCES JERSEY LIMITED, a
corporation organized under the laws of the Island of Jersey with registered
number 84564 (“HGRJ”; together with HGHI, each a “Guarantor” and collectively,
“Guarantors”), the financial institutions party to this Agreement from time to
time as lenders (collectively, “Lenders”), and RBS BUSINESS CAPITAL, a division
of RBS Asset Finance, Inc., a corporation organized under the laws of the State
of New York, as agent and as security trustee for the Lenders
(“Agent”).

       

      RECITALS:

      

      Borrowers
have requested that Agent and Lenders make available a credit facility, to be
used by Borrowers to finance their mutual and collective business
enterprise.  Agent and Lenders are willing to provide such credit
facility on the terms and conditions set forth in this Agreement.

       

      NOW,
THEREFORE, for valuable consideration hereby acknowledged, the parties agree as
follows:

       

      
        SECTION
1.  DEFINITIONS;
RULES OF CONSTRUCTION

      

       

      1.1           Definitions.  As
used herein, the following terms have the meanings set forth below:

       

      Account - as defined
in the UCC, including all rights to payment for goods sold or leased, or for
services rendered.

       

      Account Debtor - a
Person who is obligated under an Account, Chattel Paper or General
Intangible.

       

      Administrative
Borrower - as defined in Section 4.4(a).

       

      Affiliate - with
respect to any Person, another Person (a) who directly, or indirectly through
one or more intermediaries, controls, is controlled by or is under common
control with such first Person; (b) who beneficially owns fifteen (15%) percent
or more of the voting securities or any class of Capital Stock of such first
Person; or (c) at least fifteen (15%) percent of whose voting securities or any
class of Capital Stock is beneficially owned, directly or indirectly, by such
first Person.  “Control” means the possession, directly or indirectly,
of the power to direct or cause direction of the management and policies of a
Person, whether through ownership of Capital Stock, by contract or
otherwise.

       

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

       

      Agent - as defined in
the preamble to this Agreement and shall include its successors and
assigns.

       

      Agent Indemnitees -
Agent and its officers, directors, employees, Affiliates, agents and
attorneys.

       

      Agent Payment Account
- account no. 1101011812 of Agent at RBS, or such other account of Agent as
Agent may from time to time designate to Administrative Borrower as Agent
Payment Account for purposes of this Agreement and the other Loan
Documents.

       

      Agent Professionals -
attorneys, accountants, appraisers, auditors, business valuation experts,
environmental engineers or consultants, turnaround consultants, and other
professionals and experts retained by Agent.

       

      Anti-Terrorism Laws -
any laws relating to terrorism or money laundering, including the Patriot
Act.

       

      Applicable Law - all
laws, rules, regulations and governmental guidelines applicable to the Person,
conduct, transaction, agreement or matter in question, including all applicable
statutory law, common law and equitable principles, and all provisions of
constitutions, treaties, statutes, rules, regulations, orders and decrees of
Governmental Authorities.

       

      Applicable Margin -
with respect to any Type of Loan or LC Obligation, the margin set forth below,
as determined by the Fixed Charge Coverage Ratio for the last Fiscal
Quarter:

       

      
        
          
            
              
                	
                        Level

                      	
                        Fixed
      Charge Coverage Ratio

                      	
                        Base
      Rate Revolving Loans

                      	
                        LIBOR
      Revolving Loans or LC Obligations

                      
	
                        I

                      	
                        Greater
      than or equal to 1.25:1.0

                      	
                        2.00%

                      	
                        3.00%

                      
	
                        II

                      	
                        Less
      than 1.25:1.0 but greater than or equal to 1.10:1.0

                      	
                        2.25%

                      	
                        3.25%

                      
	
                        III

                      	
                        Less
      than 1.10:1.0

                      	
                        2.50%

                      	
                        3.50%

                      

              

            

          

        

      

      

      Until
February 28, 2011, margins shall be determined as if Level II were
applicable.  Thereafter, the margins shall be subject to increase or
decrease upon receipt by Agent pursuant to Section 10.1.2(b) of the financial
statements and corresponding Compliance Certificate for the last Fiscal Quarter,
which change shall be effective on the first (1st) Business Day of the calendar
month following receipt.  If, by the first (1st) Business Day of a
month, any financial statements and Compliance Certificate due in the preceding
month have not been received, then the margins shall be determined as if Level
III were applicable, from such day until the Compliance Certificate is delivered
to Agent.  In addition, if any financial statements and/or Compliance
Certificate is delivered and subsequently proves to have been inaccurate, then
the Applicable Margin for the relevant period may be retroactively adjusted by
Agent to reflect the Borrowers’ true Fixed Charge Coverage Ratio for the
applicable period and any incremental interest payable by Borrowers as a result
of such adjustment shall be payable by Borrowers to Agent promptly on
demand.  The foregoing shall not be construed to limit the rights of
Agent or Lenders with respect to the amount of interest payable during a Default
or Event of Default whether based on such recalculated percentage or
otherwise.

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      Approved Fund - any
Person (other than a natural person) that is engaged in making, holding or
investing in extensions of credit in its ordinary course of business and is
administered or managed by a Lender, an entity that administers or manages a
Lender, or an Affiliate of either.

       

      Asset Disposition - a
sale, lease, license, consignment, transfer (other than a transfer for security
purposes otherwise permitted hereunder) or other disposition of Property of a
Loan Party, including a disposition of Property in connection with a
sale-leaseback transaction or synthetic lease, but excluding (a) the issuance by
a Person of its own Capital Stock, (b) casualty events and (c) dispositions of
Property in connection with condemnation or eminent domain
proceedings.

       

      Assignment and
Acceptance - an assignment agreement between a Lender and Eligible
Assignee, in the form of Exhibit A.

       

      Availability -
determined as of any date, the amount that Borrowers are entitled to borrow as
Revolving Loans, being the Borrowing Base minus the principal balance of all
Revolving Loans.

       

      Availability Block -
$10,000,000; provided, however, upon an
Fixed Charge Coverage Trigger Event, the Availability Block shall equal
$5,000,000 and at all times thereafter.

       

      Availability Reserve
- the sum (without duplication) of (a) the Rent, Charges and Insurance Reserve;
(b) the LC Reserve; (c) the Bank Product Reserve; (d) all accrued Royalties,
whether or not then due and payable by a Borrower; (e) the aggregate amount of
liabilities secured by Liens (other than Permitted Liens) upon Collateral that
are senior to Agent’s Liens (but imposition of any such reserve shall not waive
an Event of Default arising therefrom); (f) the amount, if any, of dilution with
respect to the Accounts (based on the ratio of the aggregate amount of non-cash
reductions in Accounts for any period to the aggregate dollar amount of the
sales of Borrowers) as calculated by Agent that is or is reasonably likely to be
greater than five (5%) percent; (g) amounts to reflect events, conditions,
contingencies or risks which, as determined by Agent in its discretion,
materially adversely affect, or would have a reasonable likelihood of materially
adversely affecting, taken as a whole, either (i) the Collateral or any other
property which is security for the Obligations or its value or (ii) the business
of any Borrower or any other Loan Party; (h) amounts to reflect Agent’s good
faith belief that any collateral report or financial information furnished by or
on behalf of any Borrower or Loan Party to Agent is or may have been incomplete,
inaccurate or misleading in any material respect; (i) the Availability Block;
(j) the Payroll Reserve; (k) Priority Payables; or (l) amounts in respect of any
state of facts which Agent determines in its discretion, constitutes a Default
or an Event of Default.  The amount of any Availability Reserve
established by Agent shall have a reasonable relationship to the event,
condition or other matter which is the basis for such reserve as determined by
Agent in its good faith credit judgment, reasonably exercised.

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      Bank Product - any of
the following products, services or facilities extended to any Loan Party by a
Bank Product Provider: (a) Cash Management Services; (b) products under Hedging
Agreements; (c) commercial credit card and merchant card services; and (d) other
banking products or services as may be requested by any Loan Party, other than
Letters of Credit; provided, however, that, for
any of the foregoing to be included as an “Obligation” for purposes of a
distribution under Section 5.6.1, the applicable Secured Party and Loan Party
must have previously provided written notice to Agent of (i) the existence of
such Bank Product, (ii) the maximum dollar amount of obligations arising
thereunder to be included as a Bank Product Reserve (“Bank Product Amount”), and
(iii) the methodology to be used by such parties in determining the Bank Product
Debt owing from time to time.  The Bank Product Amount may be changed
from time to time upon written notice to Agent by the Secured Party and Loan
Party.  No Bank Product Amount may be established or increased at any
time that a Default or Event of Default exists, or if a reserve in such amount
would cause an Overadvance.

       

      Bank Product Amount -
as defined in the definition of Bank Product.

       

      Bank Product Debt -
Debt and other obligations of a Loan Party relating to Bank
Products.

       

      Bank Product Provider
- RBS or any other  Lender approved by Agent or any of their
respective Affiliates that provides Bank Products to any Loan
Party.

       

      Bank Product Reserve
- the aggregate amount of reserves established by Agent from time to time based
upon Bank Product Provider’s reasonable determination of the credit exposure of
the Loan Parties in respect of then existing Bank Products, upon at least five
(5) Business Days notice to Administrative Borrower.

       

      Bankruptcy Code - the
United States Bankruptcy Code, being Title 11 of the United States Code, as the
same now exists or may from time to time hereafter be amended, modified,
recodified or supplemented.

       

      Base Rate - for any
day, a variable rate of interest per annum equal to the higher of (a) the “prime
rate” as determined by Agent announced from time to time by RBS at its offices
in Boston, Massachusetts (or any successor to the foregoing) as its “prime
rate”, subject to each increase or decrease in such prime rate, effective as of
the day any such change occurs (with the understanding that any such rate may
merely be a reference rate and may not necessarily represent the lowest or best
rate actually charged to any customer by such bank), (b) the Federal Funds
Effective Rate (as defined below) from time to time plus one-half of one (0.50%)
percent, and (c) the LIBOR Rate for a one (1) month Interest Period on such day
plus one (1%) percent.  The term “Federal Funds Effective Rate” shall
mean, for any period, a fluctuating interest rate per annum equal, for each day
during such period, to the weighted average of the rates on overnight Federal
Funds transactions with members of the Federal Reserve System arranged by
Federal Funds brokers, as published for such day (or, if such day is not a
Business Day, for the next preceding Business Day) by the Federal Reserve Bank
of New York, or, if such rate is not published for any day that is a Business
Day, the average of the quotations for such day on such transactions received by
Agent from three Federal Funds brokers of recognized standing selected by
it.

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      Base Rate Loan - any
Loan that bears interest based on the Base Rate.

       

      Base Rate Revolving
Loan - a Revolving Loan that bears interest based on the Base
Rate.

       

      Billed Accounts Advance
Rate - Eighty Five Percent (85%) of the Value of Eligible Billed
Accounts.

       

      Board of Governors -
the Board of Governors of the Federal Reserve System.

       

      Borrowed Money - with
respect to any Loan Party, without duplication, its (a) indebtedness that
(i)  arises from the lending of money by any Person to such Loan
Party, (ii) is evidenced by notes, drafts, bonds, debentures, credit documents
or similar instruments, (iii) accrues interest or is a type upon which interest
charges are customarily paid (excluding trade payables and accrued expenses
owing in the Ordinary Course of Business), or (iv) was issued or assumed as full
or partial payment for Property; (b) Capital Leases; (c) reimbursement
obligations with respect to letters of credit; and (d) guaranties of any Debt of
the foregoing types owing by another Person. For the avoidance of doubt,
“Borrowed Money” shall not include any indebtedness owed by a Loan Party or a
Subsidiary of a Loan Party to another Loan Party or Subsidiary of a Loan
Party.

       

      Borrower or Borrowers
- as defined in the preamble to this Agreement and any other Person that at any
time after the Signing Date becomes a Borrower (together with their respective
successors and assigns).

       

      Borrower Increase
Date -  has the meaning set forth in Section 2.1.7
hereof.

       

      Borrower Revolver
Increase -  has the meaning set forth in Section 2.1.7
hereof.

       

      Borrowing - a group
of Loans of one Type that are made on the same day or are converted into Loans
of one Type on the same day.

       

      Borrowing Base - on
any date of determination, an amount equal to the sum of (i) the Billed Accounts
Advance Rate, plus (ii) the Unbilled Accounts Advance Rate minus (iii) the
Availability Reserve.

       

      Borrowing Base
Certificate - a certificate substantially in the form attached hereto as
Exhibit B, as such form may be modified by Agent from time to time in its
Permitted Discretion or by the other parties hereto with the consent of Agent
exercised in its Permitted Discretion, by which Administrative Borrower, on
behalf of Borrowers, certifies calculation of the Borrowing Base.

       

      Business Day - any
day (a) which is neither a Saturday or Sunday nor a legal holiday on which
commercial banks are authorized or required to be closed in Boston,
Massachusetts; (b) when such term is used to describe a day on which a
borrowing, payment, prepayment, or repayment is to be made in respect of any
LIBOR Loan, any day which is:  (i) neither a Saturday or Sunday nor a
legal holiday on which commercial banks are authorized or required to be closed
in New York City; and (ii) a London Banking Day; and (c) when such term is used
to describe a day on which an interest rate determination is to be made in
respect of any LIBOR Loan, any day which is a London Banking Day.

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      Capital Adequacy
Regulation - any law, rule, regulation, guideline, request or directive
of any central bank or other Governmental Authority, whether or not having the
force of law, regarding capital adequacy of a bank or any Person controlling a
bank.

       

      Capital Expenditures
- all liabilities incurred, expenditures made or payments due (whether or not
made) by a Person for the acquisition of any fixed assets, or any improvements,
replacements, substitutions or additions thereto with a useful life of more than
one year, including the principal portion of Capital Leases.  For the
purpose of this definition, the purchase price of Property which is acquired
simultaneously with the trade-in of existing Property owned by such Person or
with insurance proceeds shall be included in Capital Expenditures only to the
extent of the gross amount of such purchase price less the credit granted by the
seller of such Property being traded in at such time or the amount of such
proceeds, as the case may be.

       

      Capital Lease - any
lease that is required to be capitalized for financial reporting purposes in
accordance with GAAP as in effect on the Signing Date with respect to Capital
Leases (including any amendments, renewals and refinancings thereof) existing on
the Signing Date and, with respect to Capital Leases entered into after the
Signing Date, in accordance with GAAP in effect at such time.

       

      Capital Stock - with
respect to any Person, any and all shares, membership interests, participations
or other equivalents (however designated) of such Person's capital stock or
partnership, limited liability company or other equity interests at any time
outstanding, and any and all rights, warrants or options exchangeable for or
convertible into such capital stock or other similar interests (but excluding
any debt security that is exchangeable for or convertible into such capital
stock or other equity interests).

       

      Cash Collateral -
cash, and any interest or other income earned thereon, that is delivered to
Agent to Cash Collateralize any Obligations.

       

      Cash Collateral
Account - a demand deposit, money market or other account established by
Agent at such financial institution as Agent may select in its discretion, which
account shall be subject to Agent’s Liens for the benefit of Secured
Parties.

       

      Cash Collateralize -
the delivery of cash to Agent, as security for the payment of Obligations, in an
amount equal to (a) with respect to LC Obligations, one hundred five (105%)
percent of the aggregate LC Obligations, and (b) with respect to any inchoate or
Contingent Obligations (including Obligations arising under Bank Products),
Agent’s good faith estimate of the amount due or to become due, including all
fees and other amounts relating to such Obligations.  “Cash
Collateralization” has a correlative meaning.

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      Cash Dominion Trigger
Event - shall occur at any time that (a) an Event of Default shall have
occurred and be continuing or (b) Excess Availability is less than 5% of the
Borrowing Base.

       

      Cash Equivalents -
(a) marketable obligations issued or unconditionally guaranteed by, and backed
by the full faith and credit of, the United States government, maturing within
twelve (12) months of the date of acquisition; (b) certificates of deposit, time
deposits and bankers’ acceptances maturing within twelve (12) months of the date
of acquisition, and overnight bank deposits, in each case which are issued by a
commercial bank organized under the laws of the United States or any state or
district thereof, rated A-1 (or better) by S&P or P-1 (or better) by Moody’s
at the time of acquisition, and (unless issued by a Lender) not subject to
offset rights; (c) repurchase obligations with a term of not more than thirty
(30) days for underlying investments of the types described in clauses (a) and
(b) entered into with any bank meeting the qualifications specified in clause
(b); (d) commercial paper rated A-1 (or better) by S&P or P-1 (or better) by
Moody’s, and maturing within nine (9) months of the date of acquisition; and (e)
shares of any money market fund that has substantially all of its assets
invested continuously in the types of investments referred to above, has net
assets of at least $500,000,000 and has one of the two highest ratings
obtainable from either Moody’s or S&P.

       

      Cash Management
Services - any services provided from time to time by RBS or any other
Lender approved by Agent or any of its Affiliates to any Loan Party in
connection with operating, collections, payroll, trust, or other depository or
disbursement accounts, including automatic clearinghouse, controlled
disbursement, depository, electronic funds transfer, information reporting,
lockbox, stop payment, overdraft and/or wire transfer services.

       

      CERCLA - the
Comprehensive Environmental Response Compensation and Liability Act (42 U.S.C.
Sec. 9601 et seq.).

       

      Change of Control -
(a) any “person” or “group” (within the meaning of Sections 13(d) and 14(d) of
the Exchange Act) becomes the beneficial owner (as defined in Rule 13d-3 under
the Exchange Act), directly or indirectly, of 30%, or more, of the Capital Stock
of HHG having the right to vote for the election of members of the Board of
Directors, (b) a majority of the members of the Board of Directors do not
constitute Continuing Directors, (c) except as permitted under this Agreement,
any Borrower ceases to directly or indirectly own and control 100% of the
outstanding Capital Stock of each of its material U.S. or U.K. Subsidiaries or
the Pledged Subsidiaries, or (d) all or substantially all of a Loan Party’s
assets are sold or transferred, other than a sale or transfer to another
Borrower or Guarantor to the extent permitted hereunder.

       

      Chattel Paper - as
defined in the UCC.

       

      Claims - all
liabilities, obligations, losses, damages, penalties, judgments, proceedings,
costs and expenses of any kind (including remedial response costs, reasonable
attorneys’ fees and Extraordinary Expenses) at any time (including after Full
Payment of the Obligations, resignation or replacement of Agent, or replacement
of any Lender) incurred by or asserted against any Indemnitee in any way
relating to (a) any Loan Documents or transactions relating thereto, (b) any
action taken or omitted to be taken by any Indemnitee in connection with any
Loan Documents, (c) the existence or perfection of any Liens under the Loan
Documents, or realization upon any Collateral, (d) exercise of any rights or
remedies under any Loan Documents or under Applicable Law in connection with the
Loan Documents, or (e) failure by any Loan Party to perform or observe any terms
of any Loan Document, in each case including all costs and expenses relating to
any investigation, litigation, arbitration or other proceeding (including an
Insolvency Proceeding or appellate proceedings), whether or not the applicable
Indemnitee is a party thereto.

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      Closing Date - as
defined in Section 6.1, which, unless otherwise approved by Agent in its
Permitted Discretion, shall not be later than sixteen (16) Business Days after
the Signing Date.

       

      Code - the U.S.
Internal Revenue Code of 1986, as amended.

       

      Collateral - all
Property described in Section 7.1, all Property described in any Security
Documents as security for any Obligations, and all other Property that now or
hereafter secures (or is intended to secure) any
Obligations.  Collateral shall not include any Excluded
Property.

       

      Commercial Tort Claim
- as defined in the UCC.

       

      Commitment - for any
Lender, the aggregate amount of such Lender’s Revolving Loan
Commitment.  “Commitments” means the aggregate amount of all Revolving
Loan Commitments.

       

      Commitment Termination
Date - the earliest to occur of (a) the Revolving Commitment Termination
Date; (b) the date on which Borrowers terminate the Revolving Loan Commitments
pursuant to Section 2.1.4; or (c) the date on which the Revolving Loan
Commitments are terminated pursuant to Section 11.2.

       

      Compliance
Certificate - a certificate substantially in the form attached hereto as
Exhibit C, as such form may be modified by Agent from time to time, or by the
other parties hereto with the consent of Agent, by which Administrative
Borrower, on behalf of Borrowers, certifies, among other things, whether
Borrowers are in compliance with Section 10.3 of this Agreement and, if
applicable, calculates the applicable Tier for the Applicable
Margin.

       

      Contingent Obligation
- without duplication, any obligation of a Person arising from a guaranty,
indemnity or other assurance of payment or performance of any Debt, or other
similar obligation (“primary obligations”) of another obligor (“primary
obligor”) in any manner, whether directly or indirectly, including any
obligation of such Person under any (a) guaranty, endorsement, co-making or sale
with recourse of an obligation of a primary obligor; (b) obligation to make
take-or-pay or similar payments regardless of nonperformance by any other party
to an agreement; and (c) arrangement (i) to purchase any primary obligation or
security therefor, (ii) to supply funds for the purchase or payment of any
primary obligation, (iii) to maintain or assure working capital, equity capital,
net worth or solvency of the primary obligor, (iv) to purchase Property or
services for the purpose of assuring the ability of the primary obligor to
perform a primary obligation, or (v) otherwise to assure or hold harmless the
holder of any primary obligation against loss in respect thereof.  The
amount of any Contingent Obligation shall be deemed to be the stated or
determinable amount of the primary obligation (or, if less, the maximum amount
for which such Person may be liable under the instrument evidencing the
Contingent Obligation) or, if not stated or determinable, the maximum reasonably
anticipated liability with respect thereto.

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

      Continuing Director -
(a) any member of the Board of Directors who was a director (or comparable
manager) of HHG on the Signing Date, and (b) any individual who becomes a member
of the Board of Directors after the Signing Date if such individual was
appointed or nominated for election to the Board of Directors by a majority of
the Continuing Directors, but excluding any such individual originally proposed
for election in opposition to the Board of Directors in office at the Signing
Date in an actual or threatened election contest relating to the election of the
directors (or comparable managers) of HHG and whose initial assumption of office
resulted from such contest or the settlement thereof.

       

      Control Agreement - a
control agreement, in form and substance reasonably satisfactory to Agent,
executed and delivered by the Administrative Borrower or one of its
Subsidiaries, Agent, and the applicable securities intermediary (with respect to
a Securities Account) or bank (with respect to a Deposit Account), which
provides that such bank  or securities intermediary will comply with
the instructions originated by Agent directing disposition of the funds in such
account without further consent by any Loan Party and has such other terms and
conditions as Agent may reasonably require.

       

      CWA - the Clean Water
Act (33 U.S.C. Sec.Sec. 1251 et seq.).

       

      Debt - as applied to
any Person, without duplication, (a) Borrowed Money; (b) all obligations of such
Person to pay the deferred purchase price of property or services (other than
accrued expenses and trade accounts payable in the Ordinary Course of Business
and employee benefit obligations; (c) net obligations owing by such Person under
any Hedging Agreements; (d) indebtedness (excluding prepaid interest thereon)
secured by a Lien on property owned or being purchased by such Person (including
indebtedness arising under conditional sales or other title retention
agreements), whether or not such indebtedness shall have been assumed by such
Person or is limited in recourse; (e) all Contingent Obligations to the extent
that the “primary obligations” (as defined in the definition of Contingent
Obligations) related thereto constitute Debt; (f) all reimbursement obligations
in connection with letters of credit issued for the account of such Person; and
(g) in the case of a Loan Party, the Obligations.  The Debt of a
Person shall include any recourse Debt of any partnership in which such Person
is a general partner or joint venturer.  For the avoidance of doubt,
“Debt” shall not include any Investment by a Borrower, Guarantor or Subsidiary
thereof in any other Borrower, Guarantor or Subsidiary thereof.

       

      Default - an event or
condition that, with the lapse of time or giving of notice, would constitute an
Event of Default.

       

      Defaulting Lender -
as defined in Section 4.2.

       

      Default Rate - for
any Obligation (including, to the extent permitted by law, interest not paid
when due), two (2%) percent plus the interest rate otherwise applicable
thereto.

       

      Deposit Account - as
defined in the UCC.

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

      Distribution - (a)
any declaration or payment of a distribution, interest or dividend with respect
to any Capital Stock (other than payment-in-kind); or (b) any purchase,
redemption, or other acquisition or retirement for value of any Capital
Stock.

       

      Document - as defined
in the UCC.

       

      Dollars - lawful
money of the United States.

       

      Dominion Account - as
defined in Section 7.2.1.

       

      Dutch Law Security
Documents – any security document, governed by Dutch law, entered into
pursuant or in relation to this Agreement, including without limitation, the NL
Deed of Pledge of Shares.

       

      Dutch Law Security
Right – any security right established in favor of the Agent and for the
benefit of the Secured Parties created pursuant to a Dutch Law Security
Document, including without limitation, the NL Deed of Pledge of
Shares.

       

      EBITDA - with respect
to any fiscal period, consolidated net earnings (or loss), minus (a)
extraordinary gains (b) income attributed to fair value measurement adjustments
for acquisitions in accordance with FAS 141R, (c) non-operating income up to a
maximum of $1,000,000 (and $500,000 with respect to the minimum EBITDA test for
HGRM and HGR UK), and (d) up to $1,000,000 of income or gains attributable to
true-up adjustments to restructuring charges originally incurred prior to
December 31, 2009 plus (a) interest expense, (b) income or franchise taxes, (c)
depreciation, (d) amortization, (e) non-cash charges and write-offs of goodwill
and intangible assets taken in accordance with accounting principles for such
period, as determined in accordance with GAAP, (f) expenses attributed to fair
value measurement adjustments for acquisitions in accordance with FAS 141R (g)
restructuring charges (i.e. charges associated with the termination of
employees, the termination of leases and other contract terminations, to the
extent such charges are identified on a separate expense line on Borrowers’
consolidated financial statements) incurred in Fiscal Year 2009 and up to
$500,000 ($250,000 with respect to the minimum EBITDA test for HGRM and HGR UK)
of restructuring charges incurred in each Fiscal Year thereafter, (h) up to
$1,000,000 in expenses or losses for true-up adjustments to restructuring
charges originally incurred prior to December 31, 2009,  and (i)
non-operating expenses and extraordinary losses of up to $1,000,000 ($500,000
with respect to the minimum EBITDA test for HGRM and HGR UK) incurred in any
period of four consecutive Fiscal Quarters (each, a “Reference
Period”).  For the purposes of calculating EBITDA, if at any time
during such Reference Period (and after the Closing Date) Borrowers or any of
their Subsidiaries shall have made a Permitted Acquisition, EBITDA for such
Reference Period shall be calculated after giving pro forma effect thereto in
accordance with Regulation S-X promulgated under the Securities Exchange Act of
1934, or in such other manner reasonably acceptable to the Agent as if such
Permitted Acquisition occurred on the first day of such Reference
Period.  EBITDA shall exclude income of any Subsidiary of a Loan Party
that is restricted from remitting cash to any Loan Party, as a result of an
event of default under applicable contractual arrangements of such
Subsidiary.

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

      Eligible Account - an
Account owing to a Borrower that arises in the Ordinary Course of Business from
the sale of goods or rendition of services and is payable in Dollars or
Sterling; provided, that, no Account shall be an Eligible Account if (a) it is
unpaid for more than ninety (90) days after the original invoice date; (b) fifty
(50%) percent or more of the Accounts owing by the Account Debtor of such
Account are not Eligible Accounts under clause (a) above; (c) when aggregated
with other Accounts owing by the Account Debtor, to the extent it exceeds ten
(10%) percent of the aggregate Eligible Accounts of Borrowers (or such higher
percentage as Agent may reasonably establish for the Account Debtor from time to
time); (d) it is owing by a creditor or supplier, or is otherwise subject to an
offset, counterclaim, dispute, deduction, discount, recoupment, reserve,
defense, chargeback, credit or allowance (but ineligibility shall be limited to
the amount thereof); (e) the Account Debtor is the subject of an Insolvency
Proceeding; or the Account Debtor has failed, has suspended (other than
temporary suspensions not lasting more than 30 days that do not have an adverse
effect on its business) or ceased doing business, is liquidating, dissolving or
winding up its affairs, or is not Solvent; (f) the Account Debtor is located
outside the United States, Canada or England; except, that, at Agent’s option,
such Account owing by an Account Debtor that is located outside the United
States, Canada or the United Kingdom may be deemed an Eligible Account if
either:  (i) the Account Debtor has delivered to such Borrower an
irrevocable letter of credit issued or confirmed by a bank reasonably
satisfactory to Agent and payable only in the United States of America and in
U.S. dollars or Sterling, sufficient to cover such Account, in form and
substance reasonably satisfactory to Agent and if required by Agent, the
original of such letter of credit has been delivered to Agent or Agent’s agent
and the issuer thereof, and such Borrower has complied with the terms of Section
7.4.2 hereof with respect to the assignment of any Letter-of-Credit Rights to
Agent or naming Agent as transferee beneficiary thereunder, as Agent may
specify, (ii) such Account is subject to credit insurance payable to Agent
issued by an insurer and on terms and in an amount acceptable to Agent, or (iii)
such Account is otherwise acceptable in all respects to Agent (subject to such
lending formula with respect thereto as Agent may determine); (g) it is owing by
a Governmental Authority, unless the Account Debtor is the United States or any
department, agency or instrumentality thereof and the Account has been assigned
to Agent in compliance with the Assignment of Claims Act; (h) it is not subject
to a duly perfected, first priority (except with respect to Priority Payables)
Lien in favor of Agent, or is subject to any other Lien other than Permitted
Liens which do not have priority over the Liens of Agent; (i) the goods giving
rise to it have not been delivered to and accepted by the Account Debtor, the
services giving rise to it have not been accepted by the Account Debtor, or it
otherwise does not represent a final sale; (j) it is evidenced by Chattel Paper
or an Instrument of any kind, or has been reduced to judgment; (k) its payment
has been extended other than in the ordinary course of business (except as
restricted in this definition), the Account Debtor has made a partial payment,
or it arises from a sale on a cash-on-delivery basis; (l) it arises from a sale
to an Affiliate, or from a sale on a bill-and-hold, guaranteed sale, sale or
return, sale on approval, consignment, or other repurchase or return basis; (m)
it represents a progress billing or retainage; (n) it includes a billing for
interest, fees or late charges, but ineligibility shall be limited to the extent
thereof; (o) it arises from a retail sale to a Person who is purchasing for
personal, family or household purposes; (p) such Accounts are owed by account
debtors not deemed creditworthy at all times by Agent in its reasonable
discretion; or (q) it is an Account owing to the UK Borrower and the invoice and
other contracts governing such Account are not governed by English law or fail
to direct remittance of payments with respect thereto to a UK Dominion Account
designated for the UK Borrower under the control of
Agent.  Notwithstanding the foregoing, RBS Accounts may be deemed
eligible by Agent in its Permitted Discretion without regard to the eligibility
standards set forth above provided that (i) Agent shall have the right to verify
such RBS Accounts in its sole discretion and (ii) in the event that any Eligible
Assignee or Participant objects to such eligibility of RBS Accounts, then RBS
Accounts shall be deemed eligible only to the extent they otherwise satisfy the
conditions for an Eligible Account set forth in clauses (a) through (q)
hereof.   In the event that Agent, in its Permitted Discretion,
deems an RBS Account ineligible that it had previously deemed eligible, Agent
shall provide Administrative Borrower not less than forty five (45) days notice
of such change in the eligibility of such Account. Any Accounts that are not
Eligible Accounts shall nevertheless be part of the Collateral.

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

      Eligible Assignee - a
Person that is (a) a Lender, U.S.-based or UK-based Affiliate of a Lender or
Approved Fund; (b) provided no Default or Event of Default exists, any other
financial institution approved by Agent and Administrative Borrower (which
approval by Administrative Borrower shall not be unreasonably withheld or
delayed, and shall be deemed given if no objection is made within five (5)
Business Days after notice of the proposed assignment), that is organized under
the laws of the United States or any state or district thereof, has total assets
in excess of $5 billion, extends asset-based lending facilities in its ordinary
course of business and whose becoming an assignee would not constitute a
prohibited transaction under Section 4975 of ERISA or any other Applicable Law;
and (c) during the continuance of any Event of Default, any Person acceptable to
Agent in its discretion.

       

      Eligible Billed
Accounts - Eligible Accounts that have been invoiced and are not unpaid
more than 90 days after the original invoice date.

       

      Eligible Unbilled
Accounts - Eligible Accounts that have not yet been invoiced but
represent services rendered or work completed within 30 days before the end of
the current (as of any date of determination) billing cycle; provided, however, that any
such Account shall be subject to such auditing and inspection requirements as
Agent may determine in its Permitted Discretion, the results of which shall be
satisfactory to Agent in its Permitted Discretion.

       

      Enforcement Action -
any action to enforce any Obligations or Loan Documents or to realize upon any
Collateral (whether by judicial action, self-help, notification of Account
Debtors, exercise of setoff or recoupment, or otherwise).

       

      Environmental Laws -
all Applicable Laws (including all programs, permits and guidance promulgated by
regulatory agencies), relating to public health (but excluding occupational
safety and health, to the extent regulated by OSHA) or the protection or
pollution of the environment, including CERCLA, RCRA and CWA.

       

      Environmental Notice
- a written notice from any Governmental Authority of any possible noncompliance
with, investigation of a possible violation of, litigation relating to, or
potential fine or liability under any Environmental Law, or with respect to any
Environmental Release, environmental pollution or hazardous materials, including
any complaint, summons, citation, order, claim, demand or request for
correction, remediation or otherwise.

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

       

      Environmental Release
- a release as defined in CERCLA or under any other Environmental
Law.

       

      Equipment - as
defined in the UCC, including all machinery, apparatus, equipment, fittings,
furniture, fixtures, motor vehicles and other tangible personal Property (other
than Inventory), and all parts, accessories and special tools therefor, and
accessions thereto.

       

      ERISA - the Employee
Retirement Income Security Act of 1974.

       

      Event of Default - as
defined in Section 11.

       

      Excess Availability -
the amount, as determined by Agent in its Permitted Discretion, calculated at
any date, equal to: (a) the lesser of: (i) the Borrowing Base (after giving
effect to any Availability Reserves and other than any LC Reserve) and (ii) the
Revolving Loan Commitments (after giving effect to any Availability Reserves set
forth in clauses (a) and (h) of the definition of Availability Reserves), minus
(b) the sum of:  (i) the amount of all then outstanding and unpaid
Obligations (but not including for this purpose Obligations of a Borrower
arising pursuant to any guarantees in favor of Agent and Lenders of the
Obligations of the other Borrowers or any outstanding LC Obligations), plus (ii)
the LC Reserve then established in respect of LC Obligations, plus (iii) the
aggregate amount of all then outstanding and unpaid trade payables and other
obligations of Borrowers which are outstanding more than ninety (90) days past
due as of the end of the immediately preceding month or at Agent’s option, as of
a more recent date based on such reports as Agent may from time to time specify
(other than trade payables or other obligations being contested or disputed by
Borrowers in good faith), plus (iv) without duplication, the amount of checks
issued by Borrowers to pay trade payables and other obligations which are more
than ninety (90) days past due as of the end of the immediately preceding month
or at Agent’s option, as of a more recent date based on such reports as Agent
may from time to time specify (other than trade payables or other obligations
being contested or disputed by Borrowers in good faith), but not yet
sent.

       

      Excluded Property -
(a) any rights or interests (including proceeds thereof) in any contract, lease,
sublease, permit, license, charter or license agreement covering real,
intellectual or personal property, as such, if under the terms of such contract,
lease, sublease, permit, license, charter or license agreement, or applicable
law with respect thereto, the valid grant of a security interest or lien therein
to Agent is prohibited (or would render such contract, lease, sublease, permit,
license, charter or license agreement cancelled, invalid or unenforceable) and
such prohibition has not been or is not waived or the consent of the other party
to such contract, lease, sublease, permit, license, charter or license agreement
has not been or is not otherwise obtained or under applicable law such
prohibition cannot be waived; provided, that, the foregoing exclusion shall in
no way be construed (i) to apply if any such prohibition is unenforceable under
Sections 9-406, 9-407 or 9-408 of the UCC or other applicable law or (ii) so as
to limit, impair or otherwise affect Agent’s unconditional continuing security
interests in and liens upon any rights or interests of any Loan Party in or to
monies due or to become due under any such contract, lease, permit, license,
charter or license agreement; and (b) applications for any trademarks that have
been filed with the U.S. Patent and Trademark Office on the basis of an
“intent-to-use” with respect to such marks, unless and until a statement of use
or amendment to allege use is filed and accepted by the U.S. Patent and
Trademark Office or any other filing is made or circumstances otherwise change
so that the interests of a Loan Party in such marks is no longer on an
“intent-to-use” basis, at which time such marks shall automatically and without
further action by the parties be subject to the security interests and liens
granted by a Loan Party to Agent hereunder.

       

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

       

      Excluded Tax - Tax on
the overall net income or gross receipts of a Lender or Agent imposed by the
jurisdiction in which such Lender’s or Agent’s principal executive office is
located or taxes imposed due to the gross (not mere) negligence or willful
misconduct of a Lender or Agent.

       

      Extraordinary
Expenses - all reasonable costs, expenses or advances that Agent may
incur during a Default or Event of Default, or during the pendency of an
Insolvency Proceeding of a Loan Party, including those relating to (a) any
audit, inspection, repossession, storage, repair, appraisal, insurance,
manufacture, preparation or advertising for sale, sale, collection, or other
preservation of or realization upon any Collateral; (b) any action, arbitration
or other proceeding (whether instituted by or against Agent, any Lender, any
Loan Party, any representative of creditors of a Loan Party or any other Person)
in any way relating to any Collateral (including the validity, perfection,
priority or avoidability of Agent’s Liens with respect to any Collateral), Loan
Documents or Obligations, including any lender liability or other Claims; (c)
the exercise, protection or enforcement of any rights or remedies of Agent in,
or the monitoring of, any Insolvency Proceeding; (d) settlement or satisfaction
of any taxes, charges or Liens with respect to any Collateral; (e) any
Enforcement Action; (f) negotiation and documentation of any modification,
waiver, workout, restructuring or forbearance with respect to any Loan Documents
or Obligations; or (g) Protective Advances.  Such costs, expenses and
advances include reasonable transfer fees, taxes, storage fees, insurance costs,
permit fees, utility reservation and standby fees, legal fees, appraisal fees,
brokers’ fees and commissions, auctioneers’ fees and commissions, accountants’
fees, environmental study fees, wages and salaries paid to employees of any Loan
Party or independent contractors in liquidating any Collateral, and travel
expenses.

       

      Fee Letter - the fee
letter agreement between Agent and Borrowers.

       

      Fiscal Quarter - each
period of three (3) months, commencing on the first (1st) day of a Fiscal
Year.

       

      Fiscal Year - the
fiscal year of Borrowers and Subsidiaries for accounting and tax purposes,
ending on December 31 of each year.

       

      Fixed Charge Coverage
Ratio - the ratio, determined on a consolidated basis for HHG and its
Subsidiaries on a consolidated basis for the most recent four (4) Fiscal
Quarters, of (a) EBITDA minus the sum of (i) Capital Expenditures (except those
financed with Borrowed Money other than Revolving Loans), (ii) dividends or
other distributions with respect to Capital Stock made in cash, and (iii) income
taxes paid in cash, to (b) Fixed Charges.

       

      Fixed Charge Coverage
Trigger Event - such time as for two (2) consecutive Fiscal Quarters (i)
HHG and its Subsidiaries on a consolidated basis has achieved a Fixed Charge
Coverage Ratio of not less than 1.2:1.0 and (ii) HGRM and HGR UK on a combined
basis has achieved, for the four Fiscal Quarters then ending, EBITDA for such 12
month period of not less than $500,000 as at the end of each Fiscal Quarter
during the Fiscal Years 2010 and 2011 and $1,000,000 at the end of each Fiscal
Quarter thereafter, in each case as verified by Borrowers’ financial statements
and corresponding Compliance Certificate prepared and delivered to Agent in
accordance with Section 10.1.2.

       

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

       

      Fixed Charges - the
sum of (a) cash interest expense (other than payment-in-kind) and (b) scheduled
cash principal payments on Borrowed Money.

       

      FLSA - the Fair Labor
Standards Act of 1938.

       

      Foreign Lender - any
Lender that is organized under the laws of a jurisdiction other than the laws of
the United States, or any state or district thereof.

       

      Foreign Plan - any
employee benefit plan or arrangement maintained or contributed to by any Loan
Party or Subsidiary that is not subject to the laws of the United States, or any
employee benefit plan or arrangement mandated by a government other than the
United States for employees of any Loan Party or Subsidiary.

       

      Foreign Subsidiary -
any Subsidiary of a Person that is not organized or incorporated in the United
States or any State or territory thereof.

       

      Full Payment - with
respect to any Obligations, (a) the full repayment thereof in cash, including
any interest, fees and other charges accruing during an Insolvency Proceeding
(whether or not allowed in the proceeding); and (b) if such Obligations are LC
Obligations or Bank Products, Cash Collateralization thereof (or delivery of a
standby letter of credit acceptable to Agent in its discretion, in the amount of
required Cash Collateral).  No Loans shall be deemed to have been paid
in full until all Commitments related to such Loans have expired or been
terminated.

       

      GAAP - generally
accepted accounting principles in the United States in effect from time to time
(or, with respect to UK Borrower, generally accepted accounting principles in
the United Kingdom in effect from time to time, but only to the extent agreed to
by Agent in its Permitted Discretion).

       

      General Intangibles -
as defined in the UCC, including choses in action, causes of action, company or
other business records, inventions, blueprints, designs, patents, patent
applications, trademarks, trademark applications, trade names, trade secrets,
service marks, goodwill, brand names, copyrights, registrations, licenses,
franchises, customer lists, permits, tax refund claims, computer programs,
operational manuals, internet addresses and domain names, insurance refunds and
premium rebates, all rights to indemnification, and all other intangible
Property of any kind.

       

      Goods - as defined in
the UCC.

       

      Governmental
Approvals - all authorizations, consents, approvals, licenses and
exemptions of, registrations and filings with, and required reports to, all
Governmental Authorities.

       

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

       

      Governmental
Authority - any federal, state, municipal, foreign or other governmental
department, agency, commission, board, bureau, court, tribunal, instrumentality,
political subdivision, or other entity or officer exercising executive,
legislative, judicial, regulatory or administrative functions for or pertaining
to any government or court, in each case whether associated with the United
States, a state, district or territory thereof, or a foreign entity or
government, and for the avoidance of doubt includes any county, regional,
municipal or other political sub-division of the United Kingdom or the Island of
Jersey, and any department, agency, public body, company, entity or other
instrumentality thereof.

       

      Guarantor or
Guarantors - as defined in the preamble to this Agreement and any other
Person that at any time after the Signing Date becomes a Guarantor (together
with their respective successors and assigns) until such time as such Person has
been released as a Guarantor hereunder.

       

      Guaranty - the
guaranty set forth in Section 14 of this Agreement and any other guaranty of the
Obligations of Borrowers now or hereafter executed by a Guarantor in favor of
Agent for its benefit and for the ratable benefit of Secured Parties, until
released in accordance with the terms of this Agreement.

       

      Hedging Agreement -
an agreement relating to any swap, cap, floor, collar, option, forward, cross
right or obligation, or combination thereof or similar transaction, with respect
to interest rate, foreign exchange, currency, commodity, credit or equity
risk.

       

      Impacted Lender - any
(a) Defaulting Lender, (b) Lender that has been deemed insolvent or has become
subject to an Insolvency Proceeding or (c) Lender as to which (i) the Issuing
Bank has a good faith belief that such Lender has defaulted in fulfilling its
obligations under one or more other syndicated credit facilities or (ii) an
entity that controls the Lender has been deemed insolvent or has become subject
to a bankruptcy or other similar proceeding.  “Control” means the
possession, directly or indirectly, of the power to direct or cause direction of
the management and policies of a Person, whether through ownership of Capital
Stock, by contract or otherwise.

       

      Indemnitees - Agent
Indemnitees, Lender Indemnitees, and Issuing Bank Indemnitees.

       

      Insolvency Proceeding
- any case or proceeding commenced by or against a Person under any state,
federal or foreign law for, or any agreement of such Person to, (a) the entry of
an order for relief under the Bankruptcy Code, Insolvency Act 1986 (UK) or any
other insolvency, debtor relief or debt adjustment law, or scheme of arrangement
or moratorium, on the payment of debts; (b) the appointment of a receiver,
trustee, liquidator, administrator, conservator, the Viscount of the Royal Court
of Jersey or other custodian for such Person or any part of its Property; (c) an
assignment or trust mortgage for the benefit of creditors; or (d) including,
(without limitation) any corporate action, legal proceedings or other procedure
or step taken in relation to a Person becoming “bankrupt” within the meaning of
Article 8 of the Interpretation (Jersey) Law 1954 including a declaration of
en désastre being made
in respect of the property of a Loan Party, the appointment of the Viscount of
the Royal Court of Jersey in respect of any property of a Loan Party or any
proceedings or procedures referred to in Article 125 of the Companies (Jersey)
Law 1991.

       

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

      

      Instrument - as
defined in the UCC.

       

      Intellectual Property
- all intellectual and similar Property of a Person, including inventions,
designs, patents, patent applications, copyrights, trademarks, service marks,
trade names, trade secrets, confidential or proprietary information, customer
lists, know-how, software and databases; all embodiments or fixations thereof
and all related documentation, registrations and franchises; all books and
records describing or used in connection with the foregoing; and all licenses or
other rights to use any of the foregoing.

       

      Intellectual Property
Claim - any claim or assertion (whether in writing, by suit or otherwise)
that a Person’s ownership, use, marketing, sale or distribution of any
Inventory, Equipment, Intellectual Property or other Property violates another
Person’s Intellectual Property.

       

      Intercompany Subordination
Agreement - a subordination agreement executed and delivered by Agent and
(i) Loan Parties, (ii) Pledged Subsidiaries, (iii) Negative Pledged
Subsidiaries, and (iv) each other Subsidiary of any Loan Party to which Loan
Parties or any one of them owes $1,000,000 individually or $2,500,000 in the
aggregate, the form and substance of which is satisfactory to
Agent.

       

      Interest Period -
relative to any LIBOR Loan:

       

      (a)           initially,
the period beginning on (and including) the date on which such LIBOR Loan is
made or continued as, or converted into, a LIBOR Loan pursuant to this Agreement
and ending on (but excluding) the day which numerically corresponds to such date
one, two,  three, six or nine (if available to all Lenders) months
thereafter (or, if such month has no numerically corresponding day, on the last
Business Day of such month), in each case as Administrative Borrower may select
in its notice pursuant to this Agreement; and

       

      (b)           thereafter,
each period commencing on the last day of the next preceding Interest Period
applicable to such LIBOR Loan and ending one, two, three, six or nine (if
available to all Lenders) months thereafter, as selected by Administrative
Borrower by irrevocable notice to Agent not less than two (2) Business Days
prior to the last day of the then current Interest Period with respect thereto;
provided, however, that,

       

      (i)           Administrative
Borrower shall not be permitted to select Interest Periods to be in effect at
any one time which have expiration dates occurring on more than seven different
dates;

       

      (ii)          Interest
Periods commencing on the same date for LIBOR Loans comprising part of the same
advance under this Agreement shall be of the same duration;

       

      (iii)         Interest
Periods for LIBOR Loans in connection with which Administrative Borrower has or
may incur obligations under Hedging Agreements with Bank Product Provider or any
of its Affiliates shall be of the same duration as the relevant periods set
under the applicable Hedging Agreements;

       

      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

       

      (iv)          if
such Interest Period would otherwise end on a day which is not a Business Day,
such Interest Period shall end on the next following Business Day unless such
day falls in the next calendar month, in which case such Interest Period shall
end on the first preceding Business Day; and

       

      (v)           no
Interest Period may end later than the Commitment Termination Date.

       

      Inventory - as
defined in the UCC.

       

      Investment - any
acquisition of all or substantially all assets of a Person; any acquisition of
record or beneficial ownership of any Capital Stock of a Person; or any capital
contribution to or other investment in a Person.

       

      Investment Property -
as defined in the UCC.

       

      Issuing Bank - RBS or
an Affiliate of RBS.

       

      Issuing Bank
Indemnitees - Issuing Bank and its officers, directors, employees,
Affiliates, agents and attorneys.

       

      LC Application - an
application by Administrative Borrower, on behalf of a Borrower, to Issuing Bank
for issuance of a Letter of Credit, in form and substance reasonably
satisfactory to Issuing Bank.

       

      LC Conditions - the
following conditions necessary for issuance of a Letter of Credit: (a) each of
the conditions set forth in Section 6; (b) after giving effect to such issuance,
total LC Obligations under clauses (a) and (b) of the definition thereof do not
exceed the Letter of Credit Subline, no Overadvance exists and, if no Revolving
Loans are outstanding, the LC Obligations under the clauses (a) and (b) of the
definition thereto do not exceed the Borrowing Base (without giving effect to
the LC Reserve for purposes of this calculation); (c) the expiration date of
such Letter of Credit is (i) no more than three hundred sixty-five (365) days
from issuance, in the case of standby Letters of Credit, (ii) no more than one
hundred twenty (120) days from issuance, in the case of documentary Letters of
Credit, and (iii) at least twenty (20) Business Days prior to the Revolving
Commitment Termination Date unless cash collateralized; (d) the Letter of Credit
and payments thereunder are denominated in Dollars or Sterling; and (e) the form
of the proposed Letter of Credit is reasonably satisfactory to Agent and Issuing
Bank in their discretion.

       

      LC Documents - all
documents, instruments and agreements (including LC Requests and LC
Applications) delivered by Administrative Borrower, Borrowers or any other
Person to Issuing Bank or Agent in connection with issuance, amendment or
renewal of, or payment under, any Letter of Credit.

       

      LC Obligations - the
sum (without duplication) of (a) all amounts owing by Borrowers for any drawings
under Letters of Credit; (b) the aggregate undrawn amount of all outstanding
Letters of Credit; and (c) all fees and other amounts owing by Borrowers with
respect to Letters of Credit.

       

      
        
          
          

        

        
          18

          
            

          

        

        
          
          

        

      

       

      LC Request - a
request for issuance of a Letter of Credit, to be provided by Administrative
Borrower, on behalf of a Borrower, to Issuing Bank, in form and substance
reasonably satisfactory to Agent and Issuing Bank.

       

      LC Reserve - the
aggregate of all LC Obligations under clauses (a) and (b) of the definition
thereof, other than (a) those that have been Cash Collateralized, and (b) if no
Default or Event of Default exists, those constituting charges owing to the
Issuing Bank.

       

      Lender Indemnitees -
Lenders and their officers, directors, employees, Affiliates, agents and
attorneys.

       

      Lenders - as defined
in the preamble to this Agreement, including Agent in its capacity as a provider
of Swingline Loans and any other Person who hereafter becomes a “Lender”
pursuant to an Assignment and Acceptance.

       

      Letter of Credit -
any standby or documentary letter of credit issued by Issuing Bank for the
account of a Borrower, or any indemnity, guarantee, exposure transmittal
memorandum or similar form of credit support issued by Agent or Issuing Bank for
the benefit of a Borrower.

       

      Letter-of-Credit
Right - as defined in the UCC.

       

      Letter of Credit
Subline - $10,000,000.

       

      LIBOR Lending Rate -
relative to any LIBOR Loan to be made, continued or maintained as, or converted
into, a LIBOR Loan for any Interest Period, a rate per annum determined pursuant
to the following formula:

       

      
        
          
            	
                    LIBOR
      Lending Rate =

                  	
                    LIBOR
      Rate       

                  
	 
      	
                    (1.00
      - LIBOR Reserve
Percentage)

                  

          

        

      

       

      LIBOR Loan - any Loan
that bears interest based on the LIBOR Lending Rate.

       

      LIBOR Loan Prepayment
Fee - as defined in Section 5.4.1.

       

      LIBOR Rate - with
respect to any LIBOR Loan for the Interest Period applicable thereto, the rate
appearing on Reuters Screen LIBOR01 Page (or on any successor or substitute page
of such service, or any successor to or substitute for such service, providing
rate quotations comparable to those currently provided on such page of such
service, as determined by Agent from time to time for purposes of providing
quotations of interest rates applicable to eurodollar deposits in dollars in the
London interbank market) at approximately 11:00 a.m. (London time) two (2)
Business Days prior to the first day of such Interest Period for a term
comparable to such Interest Period; provided, that, if more than
one rate is specified on such Page for such comparable period, the applicable
rate shall be the arithmetic mean of all such rates.  In the event
that such rate is not available at such time for any reason, then the term
“LIBOR Rate” shall mean, with respect to any LIBOR Loan for the Interest Period
applicable thereto, the rate of interest per annum at which dollar deposits of
$500,000 and for a term comparable to such Interest Period are offered by the
principal London office of Agent in immediately available funds in the London
interbank market at approximately 11:00 a.m. London time two (2) Business Days
prior to the commencement of such Interest Period.

       

      
        
          
          

        

        
          19

          
            

          

        

        
          
          

        

      

       

      LIBOR Reserve
Percentage - relative to any day of any Interest Period for LIBOR Loans,
the maximum aggregate (without duplication) of the rates (expressed as a decimal
fraction) of reserve requirements (including all basic, emergency, supplemental,
marginal and other reserves and taking into account any transitional adjustments
or other scheduled changes in reserve requirements) under any regulations of the
Board of Governors or other Governmental Authority having jurisdiction with
respect thereto as issued from time to time and then applicable to assets or
liabilities consisting of “Eurocurrency Liabilities”, as currently defined in
Regulation D of the Board of Governors, having a term approximately equal or
comparable to such Interest Period.

       

      LIBOR Revolving Loan
- a Revolving Loan that bears interest based on the LIBOR Lending
Rate.

       

      License - any license
or agreement under which a Loan Party is authorized to use Intellectual Property
in connection with any manufacture, marketing, distribution or disposition of
Collateral, any use of Property or any other conduct of its
business.

       

      Licensor - any Person
from whom a Loan Party obtains the right to use any Intellectual
Property.

       

      Lien - any Person’s
interest in Property securing an obligation owed to, or a claim by, such Person,
whether such interest is based on common law, statute or contract, including
liens, security interests, mortgages, charges (including any fixed or floating
charge), pledges, hypothecations, statutory trusts, easements, rights-of-way,
capital leases, and other title exceptions and encumbrances affecting
Property.

       

      Lien Waiver - an
agreement, in form and substance reasonably satisfactory to Agent, by which (a)
for any Collateral located on leased premises, the lessor waives or subordinates
any Lien it may have on the Collateral, and agrees to permit Agent to enter upon
the premises and remove the Collateral or to use the premises to store or
dispose of the Collateral; (b) for any Collateral held by a warehouseman,
processor, shipper or freight forwarder, such Person waives or subordinates any
Lien it may have on the Collateral, agrees to hold any Documents in its
possession relating to the Collateral as agent for Agent, and agrees to deliver
the Collateral to Agent upon request; (c) for any Collateral held by a
repairman, mechanic or bailee, such Person acknowledges Agent’s Lien, waives or
subordinates any Lien it may have on the Collateral, and agrees to deliver the
Collateral to Agent upon request; and (d) for any Collateral subject to a
Licensor’s Intellectual Property rights, the Licensor grants to Agent the right,
vis-à-vis such Licensor, to enforce Agent’s Liens with respect to the
Collateral, including the right to dispose of it with the benefit of the
Intellectual Property, whether or not a default exists under any applicable
License.

       

      Liquidity - the sum
of (a) Qualified Cash plus (b) Excess Availability.

       

      Loan - a Revolving
Loan.

       

      Loans - Revolving
Loans.

       

      
        
          
          

        

        
          20

          
            

          

        

        
          
          

        

      

       

      Loan Account - the
loan account established by each Lender on its books pursuant to Section
5.8.

       

      Loan Documents - this
Agreement, Other Agreements and Security Documents.

       

      Loan Party - each
Borrower and Guarantor.

       

      Loan Year - each
calendar year commencing on the Closing Date and on each anniversary of the
Closing Date.

       

      London Banking Day -
a day on which dealings in US dollar deposits are transacted in the London
interbank market.

       

      Margin Stock - as
defined in Regulation U of the Board of Governors.

       

      Material Adverse
Effect - any act, condition, event or circumstance that, taken alone or
in conjunction with other events or circumstances, taken as a whole, has a
material adverse effect, on (a) the business, operations, Properties or
financial condition of the Loan Parties taken as a whole, on the enforceability
of any Loan Documents, or on the validity or priority of Agent’s Liens on the
Collateral; (b) the ability of any Loan Party to perform any obligations under
the Loan Documents, including repayment of the Obligations; or (c) the ability
of Agent or any Lender to enforce or collect the Obligations or to realize upon
a material portion of the Collateral or the rights and remedies of Agent and
Lenders under this Agreement or any of the other Loan Documents.

       

      Material Contract -
any agreement or arrangement to which a Loan Party or Pledged Subsidiary is
party (other than the Loan Documents) (a) for which breach, termination,
nonperformance or failure to renew could reasonably be expected to have a
Material Adverse Effect, or (b) that relates to Borrowed Money in an aggregate
amount of $7,000,000 or more, including each of the agreements set forth on
Schedule 1.1(B) hereto.

       

      Moody’s - Moody’s
Investors Service, Inc., and its successors.

       

      Multiemployer Plan -
any employee benefit plan or arrangement described in Section 4001(a)(3) of
ERISA that is maintained or contributed to by any Loan Party or
Subsidiary.

       

      Negative Pledged
Subsidiaries - has the meaning set forth in Section 10.1.10.

       

      Net Proceeds - with
respect to an Asset Disposition, proceeds (including, when received, any
deferred or escrowed payments) received by a Person in cash from such
disposition, net of (a) reasonable and customary costs and expenses actually
incurred in connection therewith, including legal fees and sales commissions;
(b) amounts applied to repayment of Debt secured by a Permitted Lien senior to
Agent’s Liens on Collateral sold; (c) transfer or similar taxes; and (d)
reserves in respect of the sale price of the asset subject to such disposition
or liabilities associated with such asset that are retained, until such reserves
are no longer needed.

       

      NL Deed of Pledge of
Shares – the notarial deed of pledge governed by Dutch law, between HHG
as pledgor, Hudson Europe B.V. as company and Agent as pledgee, pursuant to
which (approximately) 65% of the issued and outstanding shares in the capital of
Hudson Europe B.V. will be pledged in favor of Agent.

       

      
        
          
          

        

        
          21

          
            

          

        

        
          
          

        

      

       

      Non-Agent Deposit
Account - has the meaning set forth in Section 7.2.1.

       

      Notes - each
Revolving Loan Note or other promissory note, if any, executed by a Borrower or
Borrowers to evidence any Obligations.

       

      Notice of Borrowing -
a Notice of Borrowing to be provided by Administrative Borrower to request the
funding of a Borrowing of Revolving Loans, in form and substance reasonably
satisfactory to Agent.

       

      Notice of
Conversion/Continuation - a Notice of Conversion/Continuation to be
provided by Administrative Borrower to request a conversion or continuation of
any Loans as LIBOR Loans, in form and substance reasonably satisfactory to
Agent.

       

      Obligations - all (a)
principal of and premium, if any, on the Loans, (b) LC Obligations and other
obligations of Loan Parties with respect to Letters of Credit, (c) interest,
expenses, fees and other sums payable by Loan Parties under Loan Documents, (d)
obligations of Loan Parties under any indemnity for Claims, (e) Extraordinary
Expenses, (f) Bank Product Debt, and (g) other Debts, obligations and
liabilities of any kind owing by Loan Parties pursuant to the Loan Documents,
whether now existing or hereafter arising, whether evidenced by a note or other
writing, whether allowed in any Insolvency Proceeding, whether arising from an
extension of credit, issuance of a letter of credit, acceptance, loan, guaranty,
indemnification or otherwise, and whether direct or indirect, absolute or
contingent, due or to become due, primary or secondary, or joint or
several.

       

      Ordinary Course of
Business - the ordinary course of business of any Loan Party or
Subsidiary, consistent with past practices and undertaken in good
faith.

       

      Organic Documents -
with respect to any Person, its charter, certificate or articles of
incorporation, bylaws, articles of organization, memorandum of association,
articles of association, constitutional documents, limited liability company
agreement, operating agreement, members agreement, shareholders agreement,
partnership agreement, certificate of partnership, certificate of formation,
voting trust agreement, or similar agreement or instrument governing the
formation or operation of such Person and in respect of a Jersey entity,
includes all consents issued to it pursuant to the Control of Borrowing (Jersey)
Order 1958.

       

      OSHA - the
Occupational Safety and Hazard Act of 1970.

       

      Other Agreement -
each Note; LC Document; Fee Letter; Borrowing Base Certificate; Compliance
Certificate; Information Certificate; Intercompany Subordination Agreement,
intercreditor agreement; financial statement or report delivered hereunder; or
other document, instrument or agreement (other than this Agreement or a Security
Document) now or hereafter delivered by a Loan Party or other Person to Agent or
a Lender in connection with any transactions relating hereto.

       

      Overadvance - as
defined in Section 2.1.5.

       

      
        
          
          

        

        
          22

          
            

          

        

        
          
          

        

      

       

      Overadvance Loan - a
Base Rate Revolving Loan made when an Overadvance exists or is caused by the
funding thereof.

       

      Parallel Debt – as
defined in Section 12.15.

       

      Parent - a
corporation, limited liability company, limited liability partnership or other
entity owning, directly or indirectly, at least 50% of the shares of Capital
Stock having ordinary voting power to elect a majority of the directors of the
Person, or other Persons performing similar functions for any such
Person.

       

      Participant  -
as defined in Section 13.2.

       

      Patriot Act - the
Uniting and Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism Act of 2001, Pub. L. No. 107-56, 115 Stat. 272
(2001).

       

      Payment Intangible -
as defined in the UCC.

       

      Payment Item - each
check, draft or other item of payment payable to a Loan Party, including those
constituting proceeds of any Collateral.

       

      Payroll Reserve - an
amount, as determined by Agent in its Permitted Discretion, equal to the
aggregate amount of all of HGRM’s or UK Borrower’s then accrued or incurred and
unpaid payroll, accrued benefits and payroll taxes (including, in the United
Kingdom, “pay-as-you-earn” deductions made by employers for employee income tax,
and deductions for and liabilities on account of national insurance whether
payable by employer or employee), which reserve amount, in addition to all of
Agent’s other rights hereunder, may be increased by Agent from time to time,
including for any deviation from any Borrowers’ past practices with respect to
such payroll and payroll taxes.

       

      Permitted Acquisition
- as defined in Section 10.2.6 of this Agreement.

       

      Permitted Asset
Disposition - a disposition permitted under Section 10.2.7.

       

      Permitted Contingent
Obligations - Contingent Obligations (a) arising from endorsements of
Payment Items for collection or deposit in the Ordinary Course of Business; (b)
arising from Hedging Agreements permitted hereunder; (c) existing on the Signing
Date, and any extension or renewal thereof that does not increase the amount of
such Contingent Obligation when extended or renewed unless committed for prior
to the Signing Date and set forth on Schedule 10.2.1
hereto; (d) incurred in the Ordinary Course of Business with respect to surety,
appeal or performance bonds, or other similar obligations; (e) arising from
customary indemnification and warranty obligations in favor of purchasers in
connection with dispositions permitted hereunder; (f) arising under the Loan
Documents; (g) pursuant to guaranties by Loan Parties of another Loan Party with
respect to leases, contracts and other commitments entered into in the Ordinary
Course of Business; and (h) other Contingent Obligations in an aggregate amount
of $5,000,000 or less at any one time.

       

      
        
          
          

        

        
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      Permitted Discretion
- Agent’s judgment exercised in good faith, based upon its consideration of any
factor that it believes (a) could reasonably be expected to adversely affect the
quantity, quality, mix or value of Collateral (including any Applicable Law that
may inhibit collection of an Account), the enforceability or priority of Agent’s
Liens, or the amount that Agent and Lenders could receive in liquidation of any
Collateral; (b) suggests that any collateral report or financial information
delivered by any Loan Party is incomplete, inaccurate or misleading in any
material respect; (c) materially increases the likelihood of any Insolvency
Proceeding involving a Loan Party; (d) creates or could reasonably be expected
to result in a Default or Event of Default.  In exercising such
judgment, Agent may consider any factors that could reasonably be expected to
increase the credit risk of lending to Borrowers on the security of the
Collateral.

       

      Permitted Lien - as
defined in Section 10.2.2.

       

      Permitted Purchase Money
Debt - Purchase Money Debt of Loan Parties that is unsecured or secured
only by a Purchase Money Lien, as long as the aggregate amount does not exceed
$3,000,000 at any time.

       

      Person - any
individual, corporation, limited liability company, partnership, joint venture,
joint stock company, land trust, business trust, unincorporated organization,
Governmental Authority or other entity.

       

      Plan - an employee
pension benefit plan that is covered by Title IV of ERISA or subject to the
minimum funding standards under Section 412 of the Code and that is either (a)
maintained by a Loan Party or Subsidiary for employees or (b) maintained
pursuant to a collective bargaining agreement, or other arrangement under which
more than one employer makes contributions and to which a Loan Party or
Subsidiary is making or accruing an obligation to make contributions or has
within the preceding five years made or accrued such contributions.

       

      Pledge Agreement -
any Pledge Agreement executed by any Borrower or any Subsidiary in favor of
Agent for its benefit and for the ratable benefit of Lender (including, without
limitation, any English law or Jersey law governed security interest
agreement).

       

      Pledged Subsidiary -
any Person (other than an individual) whose Capital Stock or other equity
interests have been pledged to Agent to secure the Obligations.

       

      Principal Obligations
– the Obligations owing to the Secured Parties (other than each Loan Party’s
Parallel Debt).

       

      Priority Payables -
as of any date of determination, the full amount of all liabilities, whether
payable, accrued or inchoate at such time, which have (or would in a bankruptcy
insolvency proceeding, administration, administrative receivership or
receivership have) a trust or other arrangement (under common law, statute or
otherwise) imposed or applied to provide for the payment thereof or which are
secured by a security interest, lien or charge ranking or capable of ranking
senior to or pari passu with the security interests, liens or charges of Agent
on any of the collateral of UK Borrower, in either case created under federal,
national, provincial, state, county, municipal, or local law, including, but not
limited to (a) claims for unremitted, unpaid, accrued, and/or accelerated rents,
taxes, wages, vacation or holiday pay, severance pay, employee deductions,
workers’ compensation obligations, government royalties, pension fund
obligations, unpaid pension contributions (whether by employer or employee) and
(b) all and any claims, liabilities or payments which, pursuant to the
Insolvency Act 1986 of the United Kingdom, and regulations made pursuant thereto
or in connection therewith, would rank or be payable to persons in priority to
or pari passu with those of the holder of a floating charge of any assets, out
of the realization proceeds of such assets in any bankruptcy, insolvency
proceeding, administration, administrative receivership or receivership,
including (but without limitation) an administrator’s or liquidator’s expenses
and remuneration, preferential debts (under Section 175 of the Insolvency Act
1986 of the United Kingdom) and the “prescribed part” (under Section 176 of the
Insolvency Act of the United Kingdom).

       

      
        
          
          

        

        
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      Pro Rata - with
respect to any Lender, a percentage (expressed as a decimal, rounded to the
third (3rd) decimal place) determined (a) while Revolving Loan Commitments are
outstanding, by dividing the amount of such Lender’s Revolving Loan Commitment
by the aggregate amount of all Revolving Loan Commitments; and (b) at any other
time, by dividing the amount of such Lender’s outstanding Loans and LC
Obligations by the aggregate amount of all outstanding Loans and LC
Obligations.

       

      Properly Contested -
with respect to any obligation of a Loan Party, (a) the obligation is subject to
a bona fide dispute regarding amount or such Loan Party’s liability to pay; (b)
the obligation is being properly contested in good faith by appropriate action;
(c) appropriate reserves have been established in accordance with GAAP; (d)
non-payment could not reasonably be expected to have a Material Adverse Effect,
(e) no Lien is imposed upon any of such Loan Party’s assets with respect to such
obligation unless enforcement of such Lien is stayed during the period prior to
the final resolution or disposition of such dispute; and (f) if the obligation
results from entry of a judgment or other order, such judgment or order is
stayed pending appeal or other judicial review.

       

      Property - any
interest in any kind of property or asset, whether real, personal or mixed, or
tangible or intangible.

       

      Protective Advances -
as defined in Section 2.1.6.

       

      Purchase Money Debt -
(a) Debt (other than the Obligations) for payment of any of the purchase price
of fixed assets; (b) Debt (other than the Obligations) incurred within ten (10)
days before or after acquisition of any fixed assets, for the purpose of
financing any of the purchase price thereof; and (c) any renewals, extensions or
refinancings (but not increases) thereof.

       

      Purchase Money Lien -
a Lien that secures Purchase Money Debt, encumbering only the fixed assets (and
the proceeds thereof and the agreement with respect thereto) acquired with such
Debt and constituting a Capital Lease or a purchase money security interest
under the UCC.

       

      Qualified Cash - as
of any date of determination, the amount of unrestricted cash and Cash
Equivalents of Borrowers and their Subsidiaries that is in Deposit Accounts or
in Securities Accounts, or any combination thereof, and which such Deposit
Account or Securities Account is the subject of a Control Agreement and is
maintained by a branch office of the bank or securities intermediary located
within the United States.

       

      
        
          
          

        

        
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      RBS - RBS Business
Capital, a division of RBS Asset Finance, Inc., a New York corporation, and its
successors and assigns.

       

      RBS Accounts -
Accounts owing from RBS or any of its Affiliates.

       

      RCRA - the Resource
Conservation and Recovery Act (42 U.S.C. Sec.Sec. 6991-6991i).

       

      Real Estate - all
right, title and interest (whether as owner, lessor or lessee) in any real
Property or any buildings, structures, parking areas or other improvements
thereon.

       

      Refinancing
Conditions - the following conditions for Refinancing
Debt:  (a) it is in an aggregate principal amount that does not exceed
the principal amount of the Debt being extended, renewed or refinanced; (b) it
has a final maturity no sooner than, a weighted average life no less than, and
an initial interest rate no greater than, the Debt being extended, renewed or
refinanced; (c) it is subordinated to the Obligations at least to the same
extent, if any, as the Debt being extended, renewed or refinanced; (d) the
financial covenants and defaults applicable to it are no less favorable in any
material respect to Borrowers and the other Loan Parties than those applicable
to the Debt being extended, renewed or refinanced; (e) no additional Lien on any
other type of Property is granted to secure it; (f) no additional Loan Party is
obligated on such Debt other than the Loan Parties that were obligated under the
existing Debt being refinanced; and (g) upon giving effect to it, no Default or
Event of Default exists.

       

      Refinancing Debt -
Borrowed Money that is the result of an extension, renewal or refinancing of
Debt permitted under Section 10.2.1(b), (c), (d), (e), (k), (n) or
(o).

       

      Reimbursement Date -
as defined in Section 2.3.2.

       

      Reinvestment
Conditions - as defined in Section 5.3.1.

       

      Rent, Charges and Insurance
Reserve - the aggregate of (a) all past due rent and other amounts owing
by a Loan Party to any landlord, warehouseman, processor, repairman, mechanic,
shipper, freight forwarder or other Person who possesses any Collateral or could
validly assert a Lien on any Collateral; and (b) solely with respect to the
properties where Agent has requested a Lien Waiver prior to the Signing Date or
with respect to new locations established after the Signing Date and with
respect to which Agent requests a Lien Waiver because there is either material
Collateral located at such new location or Collateral from an existing location
subject to a Lien Waiver has been relocated to such new location, a reserve at
least equal to three (3) months’ rent and other charges that could be payable to
any such Person, unless any such Person has executed a Lien Waiver; and (c) a
reserve for insurance premiums and payments due or which may become due, in each
case, as determined by Agent in its reasonable discretion.

       

      Report - as defined
in Section 12.2.3.

       

      Reportable Event -
any event set forth in Section 4043(b) of ERISA.

       

      Required Lenders -
Lenders (subject to Section 4.2) having (a) Revolving Loan Commitments in excess
of fifty (50%) percent of the aggregate Revolving Loan Commitments; and (b) if
the Revolving Loan Commitments have terminated, Loans in excess of fifty (50%)
percent of all outstanding Loans.

       

      
        
          
          

        

        
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      Reserve Percentage -
the reserve percentage (expressed as a decimal, rounded upward to the nearest
1/100th of 1%) applicable to member banks under regulations issued from time to
time by the Board of Governors for determining the maximum reserve requirement
(including any emergency, supplemental or other marginal reserve requirement)
with respect to Eurocurrency funding (currently referred to as “Eurocurrency
Liabilities”).

       

      Restricted Investment
- any Investment by a Loan Party, other than (a) Investments in Loan Parties and
in Subsidiaries to the extent such Subsidiary exists on the Signing Date or is
created or acquired after the Signing Date to the extent permitted pursuant to
the terms hereof; (b) cash and Cash Equivalents that are subject to Agent’s Lien
and control (except as permitted pursuant to Section 8.6), pursuant to
documentation in form and substance reasonably satisfactory to Agent; (c) loans
and advances permitted under Sections 10.2.1, 10.2.5 and 10.2.8; and (d)
Investments pursuant to Hedging Agreements permitted under this
Agreement.

       

      Restricted Payment -
any dividend or other distribution (whether in cash, securities or other
property) with respect to any Capital Stock of any Loan Party or any Subsidiary,
or any payment (whether in cash, securities or other property), including any
sinking fund or similar deposit, on account of the purchase, redemption,
retirement, acquisition, cancellation or termination of any such Capital Stock
of any Loan Party or any Subsidiary or any option, warrant or other right to
acquire any such Capital Stock in any Loan Party or any Subsidiary.

       

      Restrictive Agreement
- an agreement (other than a Loan Document) that conditions or restricts the
right of any Loan Party to incur or repay Borrowed Money, to grant Liens on any
assets, to declare or make Distributions, to modify, extend or renew any
agreement evidencing Borrowed Money, or to repay any intercompany
Debt.

       

      Revolving Commitment
Termination Date - the date which is four (4) years from the Closing
Date.

       

      Revolving Loan - a
loan made pursuant to Section 2.1, and any Swingline Loan, Overadvance Loan or
Protective Advance; collectively, Revolving Loans.

       

      Revolving Loan
Commitment - for any Lender, its obligation to make Revolving Loans and
to participate in LC Obligations up to the maximum principal amount shown on
Schedule 1.1, or as specified hereafter in the most recent Assignment and
Acceptance to which it is a party.  “Revolving Loan Commitments” means
the aggregate amount of such commitments of all Lenders.

       

      Revolving Loan Note -
any promissory note to be executed by Borrowers in favor of a Lender, which
shall be in the amount of such Lender’s Revolving Loan Commitment and shall
evidence the Revolving Loans made by such Lender.

       

      Royalties - all
royalties, fees, expense reimbursement and other amounts payable by a Loan Party
under a License.

       

      
        
          
          

        

        
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      S&P - Standard
& Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc.,
and its successors.

       

      Section 2.1.7 New
Lender -  has the meaning set forth in Section 2.1.7
hereof.

       

      Secured Parties -
Agent, Issuing Bank, Lenders and providers of Bank Products.

       

      Securities Account -
a securities account (as that term is defined in the UCC).

       

      Security Documents -
any Guaranty, Control Agreements, UK Security Document, Pledge Agreements and
all Loan Documents, instruments and agreements now or hereafter securing (or
given with the intent to secure) any Obligations.

       

      Senior Officer - the
chairman of the board, president, chief executive officer, global controller,
chief financial officer or treasurer of Administrative Borrower or, if the
context requires, a Borrower or a Loan Party.

       

      Settlement Report - a
report delivered by Agent to Lenders summarizing the Revolving Loans and
participations in LC Obligations outstanding as of a given settlement date,
allocated to Lenders on a Pro Rata basis in accordance with their Revolving Loan
Commitments.

       

      Signing Date - as
defined in the preamble to this Agreement.

       

      Software - as defined
in the UCC.

       

      Solvent - as to any
Person, such Person (a) owns Property whose fair salable value is greater than
the amount required to pay all of its debts (including contingent, subordinated,
unmatured and unliquidated liabilities); (b) owns Property whose present fair
salable value (as defined below) is greater than the probable total liabilities
(including contingent, subordinated, unmatured and unliquidated liabilities) of
such Person as they become absolute and matured; (c) is able to pay all of its
debts as they mature; (d) has capital that is not unreasonably small for its
business and is sufficient to carry on its business and transactions and all
business and transactions in which it is about to engage; (e) is not “insolvent”
within the meaning of Section 101(32) of the Bankruptcy Code, is not “unable to
pay its debts as they fall due” within the meaning of Section 123 of the
Insolvency Act 1986 of the United Kingdom, and is not “insolvent” within the
meaning of Article 1 of the Companies (Jersey) Law 1991 or in a state of
“insolvency” within the meaning of Article 1 of the Bankruptcy (Désastre)
(Jersey) Law 1990; and (f) has not incurred (by way of assumption or otherwise)
any obligations or liabilities (contingent or otherwise) under any Loan
Documents, or made any conveyance in connection therewith, with actual intent to
hinder, delay or defraud either present or future creditors of such Person or
any of its Affiliates.  “Fair salable value” means the amount that
could be obtained for assets within a reasonable time, either through collection
or through sale under ordinary selling conditions by a capable and diligent
seller to an interested buyer who is willing (but under no compulsion) to
purchase.

       

      Statutory Reserves -
the percentage (expressed as a decimal) established by the Board of Governors as
the then stated maximum rate for all reserves (including those imposed by
Regulation D of the Board of Governors, all basic, emergency, supplemental or
other marginal reserve requirements, and any transitional adjustments or other
scheduled changes in reserve requirements) applicable to any member bank of the
Federal Reserve System in respect of Eurocurrency Liabilities (or any successor
category of liabilities under Regulation D).

       

      
        
          
          

        

        
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      Subsidiary - of any
Person shall mean a corporation or other entity whose Capital Stock having
ordinary voting power (other than Capital Stock having such power only by reason
of the happening of a contingency) to elect a majority of the directors of such
corporation or other entity, or other Persons performing similar functions for
such entity, are owned, directly or indirectly, by such Person.

       

      Subsidiary Stock -
all of the issued and outstanding Capital Stock of any Subsidiary owned by any
Borrower (not to exceed 66% of the Capital Stock of any Foreign Subsidiary that
is not a Borrower or Guarantor).

       

      Supporting Obligation
- as defined in the UCC.

       

      Swingline Loan - any
Borrowing of Base Rate Revolving Loans funded with Agent’s funds, until such
Borrowing is settled among Lenders pursuant to Section 4.1.3.

       

      Taxes - any taxes,
levies, imposts, duties, fees, assessments, deductions, withholdings or other
charges of whatever nature imposed by any Governmental Authority, including
income, receipts, excise, property, sales, use, transfer, license, payroll,
withholding, social security, franchise, intangibles, stamp or recording taxes
imposed by any Governmental Authority, and all interest, penalties and similar
liabilities relating thereto.

       

      Transferee - any
actual or potential Eligible Assignee, Participant or other Person acquiring an
interest in any Obligations.

       

      Type - any type of a
Loan (i.e., Base Rate Loan or LIBOR Loan) that has the same interest option and,
in the case of LIBOR Loans, the same Interest Period.

       

      UCC - the Uniform
Commercial Code as in effect in the State of New York or, when the laws of any
other jurisdiction govern the perfection or enforcement of any Lien, the Uniform
Commercial Code of such jurisdiction.

       

      UK Borrower - Hudson
Global Resources Limited.

       

      US Borrowers -
collectively, Hudson Highland Group, Inc., and Hudson Global Resources
Management, Inc.

       

      UK Dominion Account -
means each Dominion Account of the UK Borrower with the Agent in England or a
bank in England in respect of which the Agent has exclusive access and control
for the purposes of this Agreement.

       

      UK Security Documents
- shall mean (i) a first ranking share charge governed by English law over 100
percent (100%) of the issued Capital Stock of UK Borrower, (ii) a first ranking
security interest created pursuant to the Security Interests (Jersey) Law 1983
over 100 percent (100%) of the issued Capital Stock of HGRJ and (iii) a
debenture incorporating first ranking fixed and floating charges over the
assets, properties and undertaking of UK Borrower.

       

      
        
          
          

        

        
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      US Borrowers -
collectively, Hudson Highland Group, Inc., and Hudson Global Resources
Management, Inc.

       

      Unbilled Accounts Advance
Rate - the lesser of (a) sixty five percent (65%) of the Value of
Eligible Unbilled Accounts, (b) $15,000,000 or (c) thirty percent (30%) of the
Borrowing Base (without deducting Availability Reserves therefrom).

       

      Value - (a) for
Inventory, its value determined on the basis of the lower of cost or market,
calculated on a first-in, first out basis; and (b) for an Account, its face
amount, net of any returns, rebates, discounts (calculated on the shortest
terms), credits, allowances or Taxes (including sales, excise or other taxes)
that have been or validly could be claimed by the Account Debtor or any other
Person.

       

      Weekly Reporting
Trigger - any time when (i) the daily average Excess Availability for the
immediately preceding three (3) Business Days is equal to or less than fifteen
percent (15%) of the Borrowing Base or (ii) consolidated cash on hand plus
Excess Availability for the immediately preceding three (3) Business Days is
less than $15,000,000; provided, however, no Weekly
Reporting Trigger shall occur so long as the Loan Parties have maintained at all
times for the immediately preceding 90 days cash deposits in a Dominion Account
with Agent or and Affiliate of Agent in an amount of at least
$15,000,000.

       

      1.2           Accounting
Terms.  Under the Loan Documents (except as otherwise specified
herein), all accounting terms shall be interpreted, all accounting
determinations shall be made, and all financial statements shall be prepared, in
accordance with GAAP applied on a basis consistent with the most recent audited
financial statements of Loan Parties delivered to Agent before the Closing Date
and using the same inventory valuation method as used in such financial
statements, except for any change required or permitted by GAAP if Loan Parties’
certified public accountants concur in such change, the change is disclosed to
Agent, and if necessary, Section 10.3 is amended in a manner reasonably
satisfactory to Borrowers and Required Lenders to take into account the effects
of the change. Whenever the terms “Loan Parties”, “Borrowers” or “Parent” is
used in respect of a financial covenant or a related definition, it shall be
understood to mean HHG and its Subsidiaries on a consolidated basis, unless the
context clearly requires otherwise.

       

      1.3           Certain Matters of
Construction.  The terms “herein,” “hereof,” “hereunder” and
other words of similar import refer to this Agreement as a whole and not to any
particular section, paragraph or subdivision.  Any pronoun used shall
be deemed to cover all genders.  In the computation of periods of time
from a specified date to a later specified date, “from” means “from and
including,” and “to” and “until” each mean “to but excluding.”  The
terms “including” and “include” shall mean “including, without limitation” and,
for purposes of each Loan Document, the parties agree that the rule of ejusdem
generis shall not be applicable to limit any provision.  Section
titles appear as a matter of convenience only and shall not affect the
interpretation of any Loan Document.  All references to (a) laws or
statutes include all related rules, regulations, interpretations, amendments and
successor provisions; (b) any document, instrument or agreement include any
amendments, waivers and other modifications, extensions or renewals (to the
extent permitted by the Loan Documents); (c) any section mean, unless the
context otherwise requires, a section of this Agreement; (d) any exhibits or
schedules mean, unless the context otherwise requires, exhibits and schedules
attached hereto, which are hereby incorporated by reference; (e) any Person
includes successors and assigns; (f) time of day means time of day at Agent’s
notice address under Section 15.3.1; or (g) discretion (without the use of any
modifier thereof) of Agent, Issuing Bank or any Lender means the sole and
absolute discretion of such Person.  Unless the context otherwise
requires, all determinations (including calculations of Borrowing Base and
financial covenants) made from time to time under the Loan Documents shall be
made in light of the circumstances existing at such time. Borrowing Base
calculations shall be consistent with historical methods of valuation and
calculation, and otherwise reasonably satisfactory to Agent in its discretion
(and not necessarily calculated in accordance with GAAP).  Loan
Parties shall have the burden of establishing any alleged negligence, misconduct
or lack of good faith by Agent, Issuing Bank or any Lender under any Loan
Documents.  No provision of any Loan Documents shall be construed
against any party by reason of such party having, or being deemed to have,
drafted the provision.  Whenever the phrase “to the best knowledge” of
any Loan Party or words of similar import are used in any Loan Documents, it
means actual knowledge of a Senior Officer, or knowledge that a Senior Officer
would have obtained if he or she had engaged in good faith and diligent
performance of his or her duties.

       

      
        
          
          

        

        
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      1.4           Foreign Currency
Matters.  All calculations of Value, fundings of Loans,
issuances of Letters of Credit and payments of Obligations shall be in
Dollars.

       

      
        SECTION
2.  CREDIT
FACILITIES

      

       

      2.1           Revolving
Loan Commitment.

       

      2.1.1       
Revolving
Loans.  Each Lender agrees, severally on a Pro Rata basis up to
its Revolving Loan Commitment, on the terms set forth herein, to make Revolving
Loans to Borrowers from time to time commencing on the Closing Date and
continuing through the Commitment Termination Date.  The Revolving
Loans may be repaid and reborrowed as provided herein.  In no event
shall Lenders have any obligation to honor a request for a Revolving Loan by
Administrative Borrower on behalf of any Borrower or at the request of any
Borrower if the unpaid balance of Revolving Loans outstanding at such time
(including the requested Loan) would exceed an aggregate amount equal to the
lesser of (i) the Borrowing Base and (ii) the Revolving Loan Commitments (after
giving effect, in the case of this clause (ii) only, to any Availability
Reserves set forth in clauses (a), (b) and (h) of the definition of Availability
Reserves).

       

      2.1.2        Revolving Loan
Notes.  The Revolving Loans made by each Lender and interest
accruing thereon shall be evidenced by the records of Agent and such
Lender.  At the request of any Lender, Borrowers shall deliver a
Revolving Loan Note to such Lender.

       

      2.1.3        Use of
Proceeds.  The proceeds of Revolving Loans shall be used by
Borrowers solely (a) to pay each of the Persons listed in the disbursement
direction letter furnished by Borrowers to Agent on the Closing Date; (b) to pay
fees and transaction expenses associated with the closing of this credit
facility; (c) to repay existing Debt of Loan Parties and certain
Subsidiaries to
pay off a financing arrangement with Wells Fargo Capital Finance, as agent owing
to the existing creditors listed in the disbursement direction letter furnished
by Borrowers to Agent on the Closing Date; (d) to pay Obligations in accordance
with this Agreement; and (e) for working capital and other lawful corporate
purposes of Borrowers, and to pay all other payments expressly permitted under
this Agreement.  None of the proceeds will be used, directly or
indirectly, for the purpose of purchasing or carrying any margin security or for
the purposes of reducing or retiring any Debt which was originally incurred to
purchase or carry any margin security or for any other purpose, which, with
respect to any of the foregoing, causes any of the Loans to be considered a
“purpose credit” within the meaning of Regulation U of the Board of Governors of
the Federal Reserve System, as amended.

       

      
        
          
          

        

        
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      2.1.4        Termination of Revolving
Loan Commitments.

       

      (a)           The
Revolving Loan Commitments shall terminate on the Commitment Termination Date,
unless sooner terminated in accordance with this Agreement.  Upon at
least five (5) Business Days prior written notice to Agent, Administrative
Borrower, on behalf of Borrowers, may, at its option, terminate the Revolving
Loan Commitments and this credit facility.  Any notice of termination
given by Administrative Borrower, on behalf of Borrowers, shall be
irrevocable.  On the termination date, Borrowers shall make Full
Payment of all Obligations.

       

      (b)           Concurrently
with any termination of the Revolving Loan Commitments, for whatever reason
(including a termination under Section 11.2 hereof), Borrowers shall pay to
Agent, for the Pro Rata benefit of Lenders and as liquidated damages for loss of
bargain (and not as a penalty), an amount equal to (i) if the termination occurs
during the first Loan Year, one (1.0%) percent of the Revolving Loan Commitments
being terminated; (ii) if it occurs during the second Loan Year, one half of one
(0.50%) percent of the Revolving Loan Commitments being terminated; and (iii) if
it occurs thereafter but before 365 days prior to the Revolving Commitment
Termination Date, one quarter of one (0.25%) percent of the Revolving Loan
Commitments being terminated.

       

      2.1.5        Overadvances.  If
the aggregate principal amount of the Revolving Loans exceeds, at any time, the
lesser of (a) the Borrowing Base and (b) the Revolving Loan Commitments (after
giving effect, in the case of this clause (b) only, to any Availability Reserves
set forth in clauses (a), (b) and (h) of the definition of Availability Reserves
(any such occurrence, an “Overadvance”), the excess amount (which shall
nevertheless constitute Obligations secured by the Collateral and entitled to
all benefits of the Loan Documents) shall be payable by Borrowers promptly on
demand (but in any event not later than the next Business Day) by Agent, unless
such Overadvance is the result of the establishment of an Availability Reserve
by Agent and is not related to any other event, condition or other matter other
than the establishment of such Availability Reserve, in which case, such
Overadvance shall be payable by Borrowers within five (5) Business Days from the
date of such demand.  Unless its authority has been revoked in writing
by Required Lenders, Agent may require Lenders to honor requests for Overadvance
Loans and to forbear from requiring Borrowers to cure an Overadvance, (i) when
no other Event of Default is known to Agent, as long as (A) the Overadvance does
not continue for more than thirty (30) consecutive days (and no Overadvance may
exist for at least five (5) consecutive days thereafter before further
Overadvance Loans are required), and (B) the Overadvance is not known by Agent
to exceed ten (10%) percent of the Borrowing Base; and (ii) regardless of
whether an Event of Default exists, if Agent discovers an Overadvance not
previously known by it to exist, as long as from the date of such discovery the
Overadvance (A) is not increased by more than $1,000,000, and (B) does not
continue for more than thirty (30) consecutive days.  In no event
shall Overadvance Loans be required that would cause the outstanding principal
amount of the Revolving Loans and LC Obligations described in clauses (a) and
(b) of the definition thereof to exceed the aggregate Revolving Loan
Commitments.  Any funding of an Overadvance Loan or sufferance of an
Overadvance shall not constitute a waiver by Agent or Lenders of the Event of
Default caused thereby.  In no event shall any Borrower or other Loan
Party be deemed a beneficiary of this Section nor authorized to enforce any of
its terms.

       

      
        
          
          

        

        
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      2.1.6        Protective
Advances.  Agent shall be authorized, in its discretion, at any
time that an Event of Default exists or any conditions in Section 6 are not
satisfied to make Base Rate Revolving Loans (“Protective Advances”) (a) up to an
aggregate amount of ten (10%) percent of the Borrowing Base outstanding at any
time, if Agent deems such Loans necessary or desirable to preserve or protect
any Collateral, or to enhance the collectibility or repayment of Obligations; or
(b) to pay any other amounts chargeable to Loan Parties under any Loan
Documents, including costs, fees and expenses.  All Protective
Advances shall be Obligations, secured by the Collateral, and shall be treated
for all purposes as Extraordinary Expenses; provided, that Agent shall
provide Administrative Borrower with notice upon making any such Protective
Advance.  Each Lender shall participate in each Protective Advance on
a Pro Rata basis.  Required Lenders may at any time revoke Agent’s
authorization to make further Protective Advances by written notice to
Agent.  Absent such revocation, Agent’s determination that funding of
a Protective Advance is appropriate shall be conclusive.

       

      2.1.7        Increase of the Maximum
Revolving Loan Amount by Borrowers.

       

      (a)           The
Administrative Borrower may at any time, by written notice to the Agent, request
that Agent increase the maximum principal amount of the Revolving Loan (each a
“Borrower Revolver
Increase”) by (i) adding one or more new lenders to the revolving loan
facility under this Agreement (each a “Section 2.1.7 New
Lender”) who wish to participate in such Borrower Revolver Increase
and/or (ii) increasing the Revolving Loan Commitment of one or more Lenders
party to this Agreement who wish to participate in such Borrower Revolver
Increase; provided, however, that (w) the Borrowers may only add a Section 2.1.7
New Lender if, and only to the extent, there is insufficient participation on
behalf of the existing Lenders, (x) no Default or Event of Default shall have
occurred and be continuing as of the date of such request or as of the effective
date of such Borrower Revolver Increase (each a “Borrower Increase
Date”) or shall occur as a result thereof, (y) any Section 2.1.7 New
Lender that becomes party to this Agreement pursuant to this Section 2.1.7 shall
satisfy the requirements of Section 13.3 hereof and shall be reasonably
acceptable to Agent and consented to by the Borrowers and (z) the other
conditions set forth in this Section 2.1.7 are satisfied.  The Agent
shall use commercially reasonable efforts to arrange for the syndication of any
Borrower Revolver Increase. The Agent shall promptly inform the Lenders of any
such request made by the Borrowers.  The aggregate amount of Borrower
Revolver Increases hereunder shall not exceed $10,000,000.

       

      
        
          
          

        

        
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      (b)           On
a Borrower Increase Date, (i) each Section 2.1.7 New Lender that has chosen to
participate in such Borrower Revolver Increase shall, subject to the conditions
set forth in Section 2.1.7(a), become a Lender party to this Agreement as of
such Borrower Increase Date and shall have a Revolving Loan Commitment in an
amount equal to its share of such Borrower Revolver Increase and (ii) each
Lender that has chosen to increase its Revolving Loan Commitment pursuant to
this Section 2.1.7 will have its Revolving Loan Commitment increased by the
amount of its share of the Borrower Revolver Increase as of such Borrower
Increase Date; provided, however, that (y)
Agent shall have received from the Borrowers payment of any fees and/or expenses
then due with respect to such Borrower Revolver Increase, and (z) Agent shall
have received on or before such Borrower Increase Date the following, each dated
such date:

       

      (i)           an
assumption agreement from each Section 2.1.7 New Lender participating in such
Borrower Revolver Increase, if any, in form and substance reasonably
satisfactory to the Agent, duly executed by such Section 2.1.7 New Lender, the
Agent and the Borrowers;

       

      (ii)           confirmation
from each Lender participating in such Borrower Revolver Increase of the
increase in the amount of its Revolving Loan Commitment, in form and substance
reasonably satisfactory to the Agent;

       

      (iii)           a
certificate of Administrative Borrower certifying that no Default or Event of
Default shall have occurred and be continuing or shall occur as a result of such
Borrower Revolver Increase;

       

      (iv)           a
certificate of Administrative Borrower certifying that the representations and
warranties made by each Loan Party herein and in the other Loan Documents are
true and complete in all material respects with the same force and effect as if
made on and as of such date (or, to the extent any such representation or
warranty specifically relates to an earlier date, such representation or
warranty is true and complete in all material respects as of such earlier
date);

       

      (v)           supplements
or modifications to this Agreement and the other Loan  Documents and
such additional Loan Documents, including any new Revolving Loan Notes to
Section 2.1.7 New Lenders and replacement Revolving Loan Notes to Lenders that
agree to participate in such Borrower Revolver Increase, that the Agent
reasonably deems necessary in order to document such Borrower Revolver Increase
and otherwise assure and give effect to the rights of the Agent and the Lenders
in this Agreement and the other Loan Documents; and

       

      (vi)           such
other documents, instruments and information as the Agent or its counsel shall
reasonably deem necessary in connection with such Borrower Revolver
Increase.

       

      (c)           On
such Borrower Increase Date, upon fulfillment of the conditions set forth in
this Section 2.1.7, the Agent shall (i) effect a settlement of all outstanding
Revolving Loans among the Lenders that will reflect the adjustments to the
Revolving Loan Commitments of the Lenders as a result of such Borrower Revolver
Increase and (ii) notify the Lenders, any Section 2.1.7 New Lenders
participating in such Borrower Revolver Increase and the Borrowers, on or before
noon (New York time), by telecopier or e-mail, of the occurrence of such
Borrower Revolver Increase to be effected on such Borrower Increase
Date.

       

      
        
          
          

        

        
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      2.2           Reserved.

       

      2.3           Letter
of Credit Facility.

       

      2.3.1        Issuance of Letters of
Credit.  Issuing Bank agrees to issue Letters of Credit from
time to time, commencing on the Closing Date until thirty (30) days prior to the
Revolving Commitment Termination Date (or until the Commitment Termination Date,
if earlier), on the terms set forth herein, including the
following:

       

      (a)           Each
Borrower acknowledges that Issuing Bank’s willingness to issue any Letter of
Credit is conditioned upon Issuing Bank’s receipt of a LC Application with
respect to the requested Letter of Credit, as well as such other instruments and
agreements as Issuing Bank may customarily require for issuance of a letter of
credit of similar type and amount.  Issuing Bank shall have no
obligation to issue any Letter of Credit unless (i) Issuing Bank receives a LC
Request and LC Application at least two (2) Business Days prior to the requested
date of issuance; and (ii) each LC Condition is satisfied.  If Issuing
Bank receives written notice from Agent at least one (1) Business Day before
issuance of a Letter of Credit that any LC Condition has not been satisfied,
Issuing Bank shall have no obligation to issue the requested Letter of Credit
(or any other) until such notice is withdrawn in writing by Agent or until
Required Lenders have waived such condition in accordance with this
Agreement.  Prior to receipt of any such notice, Issuing Bank shall
not be deemed to have knowledge of any failure of LC Conditions.

       

      (b)           Letters
of Credit may be requested by Administrative Borrower, for the benefit of a
Borrower, only (i) to support obligations of such Borrower incurred for proper
corporate purposes; or (ii) for other purposes as Agent and Lenders may approve
from time to time in writing.  The renewal or extension of any Letter
of Credit shall be treated as the issuance of a new Letter of Credit; except,
that, delivery of a new LC Application shall be required at the discretion of
Issuing Bank.

       

      (c)           Borrowers
assume all risks of the acts, omissions or misuses of any Letter of Credit by
the beneficiary.  In connection with issuance of any Letter of Credit,
none of Agent, Issuing Bank or any Lender shall be responsible for the
existence, character, quality, quantity, condition, packing, value or delivery
of any goods purported to be represented by any Documents; any differences or
variation in the character, quality, quantity, condition, packing, value or
delivery of any goods from that expressed in any Documents; the form, validity,
sufficiency, accuracy, genuineness or legal effect of any Documents or of any
endorsements thereon; the time, place, manner or order in which shipment of
goods is made; partial or incomplete shipment of, or failure to ship, any goods
referred to in a Letter of Credit or Documents; any deviation from instructions,
delay, default or fraud by any shipper or other Person in connection with any
goods, shipment or delivery; any breach of contract between a shipper or vendor
and a Borrower; errors, omissions, interruptions or delays in transmission or
delivery of any messages, by mail, cable, telegraph, telex, telecopy, e-mail,
telephone or otherwise; errors in interpretation of technical terms; the
misapplication by a beneficiary of any Letter of Credit or the proceeds thereof;
or any consequences arising from causes beyond the control of Issuing Bank,
Agent or any Lender, including any act or omission of a Governmental
Authority.  The rights and remedies of Issuing Bank under the Loan
Documents shall be cumulative.  Issuing Bank shall be fully subrogated
to the rights and remedies of each beneficiary whose claims against Borrowers
are discharged with proceeds of any Letter of Credit.

       

      
        
          
          

        

        
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      (d)           In
connection with its administration of and enforcement of rights or remedies
under any Letters of Credit or LC Documents, Issuing Bank shall be entitled to
act, and shall be fully protected in acting, upon any certification, notice or
other communication in whatever form believed by Issuing Bank, in good faith, to
be genuine and correct and to have been signed, sent or made by a proper Person
(except to the extent Issuing Bank shall be grossly negligent in doing so or
shall engage in willful misconduct).  Issuing Bank may consult with
and employ legal counsel, accountants and other experts to advise it concerning
its obligations, rights and remedies, and shall be entitled to act upon, and
shall be fully protected in any action taken in good faith reliance upon, any
advice given by such experts (except to the extent Issuing Bank shall be grossly
negligent in doing so or shall engage in willful misconduct).  Issuing
Bank may employ agents and attorneys-in-fact in connection with any matter
relating to Letters of Credit or LC Documents, and shall not be liable for the
negligence or misconduct of any such agents or attorneys-in-fact selected with
reasonable care.

       

      (e)           Notwithstanding
anything contained herein to the contrary, the Issuing Bank shall not be under
any obligation to issue any Letter of Credit if any Lender is at such time an
Impacted Lender hereunder, unless Issuing Bank has entered into arrangements
satisfactory to the Issuing Bank with Borrowers or such Impacted Lender to
eliminate the Issuing Bank’s risk with respect to such Impacted Lender (it being
understood that the Issuing Bank would consider Borrowers providing Cash
Collateral to Agent, for the benefit of the Issuing Bank, to secure the Impacted
Lender’s pro rata share of the Letter of Credit a satisfactory arrangement);
provided, that, notwithstanding anything contained in any Loan Document to the
contrary, each of the parties hereto hereby agree that any grant of collateral
by any Person to Agent or the Issuing Bank in connection with such arrangements
to eliminate such risks of the Issuing Bank shall be deemed to be permitted
under the terms of the Loan Documents (and shall not result in any violation
thereof) and neither Agent nor the Issuing Bank shall be required to share such
collateral with any Lender.

       

      2.3.2        Reimbursement;
Participations.

       

      (a)           If
Issuing Bank honors any request for payment under a Letter of Credit, Borrowers
shall pay to Issuing Bank, on the same day if demand therefor is received prior
to noon and the following day if demand therefor is received after noon
(“Reimbursement Date”), the amount paid by Issuing Bank under such Letter of
Credit, together with interest at the interest rate for Base Rate Revolving
Loans from the Reimbursement Date until payment by Borrowers.  The
obligation of Borrowers to reimburse Issuing Bank for any payment made under a
Letter of Credit shall be absolute, unconditional, irrevocable, and joint and
several, and shall be paid without regard to any lack of validity or
enforceability of any Letter of Credit or the existence of any claim, setoff,
defense or other right that Borrowers may have at any time against the
beneficiary.  Whether or not Administrative Borrower submits a Notice
of Borrowing, Borrowers shall be deemed to have requested a Borrowing of Base
Rate Revolving Loans in an amount necessary to pay all amounts due Issuing Bank
on any Reimbursement Date and each Lender agrees to fund its Pro Rata share of
such Borrowing whether or not the Commitments have terminated, an Overadvance
exists or is created thereby, or the conditions in Section 6 are
satisfied.

       

      
        
          
          

        

        
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      (b)           Upon
issuance of a Letter of Credit, each Lender shall be deemed to have irrevocably
and unconditionally purchased from Issuing Bank, without recourse or warranty,
an undivided Pro Rata interest and participation in all LC Obligations relating
to the Letter of Credit.  If Issuing Bank makes any payment under a
Letter of Credit and Borrowers do not reimburse such payment on the
Reimbursement Date, Agent shall promptly notify Lenders and each Lender shall
promptly (within one (1) Business Day) and unconditionally pay to Agent, for the
benefit of Issuing Bank, the Lender’s Pro Rata share of such
payment.  Upon request by a Lender, Issuing Bank shall furnish copies
of any Letters of Credit and LC Documents in its possession at such
time.

       

      (c)           The
obligation of each Lender to make payments to Agent for the account of Issuing
Bank in connection with Issuing Bank’s payment under a Letter of Credit shall be
absolute, unconditional and irrevocable, not subject to any counterclaim,
setoff, qualification or exception whatsoever, and shall be made in accordance
with this Agreement under all circumstances, irrespective of any lack of
validity or unenforceability of any Loan Documents; any draft, certificate or
other document presented under a Letter of Credit having been determined to be
forged, fraudulent, invalid or insufficient in any respect or any statement
therein being untrue or inaccurate in any respect; or the existence of any
setoff or defense that any Loan Party may have with respect to any
Obligations.  Issuing Bank does not assume any responsibility for any
failure or delay in performance or any breach by any Borrower or other Person of
any obligations under any LC Documents.  Issuing Bank does not make to
Lenders any express or implied warranty, representation or guaranty with respect
to the Collateral, LC Documents or any Loan Party.  Issuing Bank shall
not be responsible to any Lender for any recitals, statements, information,
representations or warranties contained in, or for the execution, validity,
genuineness, effectiveness or enforceability of any LC Documents; the validity,
genuineness, enforceability, collectibility, value or sufficiency of any
Collateral or the perfection of any Lien therein; or the assets, liabilities,
financial condition, results of operations, business, creditworthiness or legal
status of any Loan Party.

       

      (d)           No
Issuing Bank Indemnitee shall be liable to any Lender or other Person for any
action taken or omitted to be taken in connection with any LC Documents except
as a result of its actual gross negligence or willful
misconduct.  Issuing Bank shall not have any liability to any Lender
if Issuing Bank refrains from any action under any Letter of Credit or LC
Documents until it receives written instructions from Required
Lenders.

       

      2.3.3        Cash
Collateral.  If any LC Obligations, whether or not then due or
payable, shall for any reason be outstanding at any time (a) that an Event of
Default exists, (b) that Availability is less than zero, (c) after the
Commitment Termination Date, or (d) within five (5) Business Days prior to the
Revolving Commitment Termination Date, then Borrowers shall, at Issuing Bank’s
or Agent’s request, pay to Issuing Bank the amount of all outstanding LC
Obligations and Cash Collateralize all outstanding Letters of
Credit.  If Borrowers fail to Cash Collateralize outstanding Letters
of Credit as required herein, Lenders may (and shall upon direction of Agent)
advance, as Revolving Loans, the amount of the Cash Collateral required (whether
or not the Commitments have terminated, an Overadvance exists, or the conditions
in Section 6 are satisfied).  Any Letter of Credit that is so Cash
Collateralized shall be deemed no longer outstanding for purposes of this
Agreement.

       

      
        
          
          

        

        
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      2.3.4        Foreign
Currencies.  All Loans shall be made in Dollars. All Letters of
Credit shall be denominated in Dollars, British Pounds, Euros, the Swedish
Kroner and such other currencies as agreed to by Agent in its Permitted
Discretion. Agent and Lenders shall permit the conversion by Borrower of any
Loan made by or for or Letter of Credit issued for the direct benefit or use of
UK Borrower to a currency other than Dollars by means of a foreign exchange
facility provided by an Affiliate of Agent, provided that (a) such currency is
freely available for purchase or exchange in international currency markets, (b)
the making of such Loans or issuance of such Letter of Credit does not otherwise
violate any term or condition of this Agreement or the other Loan Documents, and
(c) for purposes of determining Availability, all amounts of Loans and Letters
of Credit to or for the direct benefit or use of UK Borrower shall be calculated
in Dollar equivalents as of the date such Loan is made or Letter of Credit is
issued.

       

      
        SECTION
3.  INTEREST,
FEES AND CHARGES

      

       

      3.1           Interest.

       

      3.1.1        Rates and Payment of
Interest.

       

      (a)           The
Obligations, other than the LC Obligations, shall bear interest (i) if a Base
Rate Loan, at the Base Rate in effect from time to time, plus the Applicable
Margin; (ii) if a LIBOR Loan, at the LIBOR Lending Rate for the applicable
Interest Period, plus the Applicable Margin; and (iii) if any other Obligation
(including, to the extent permitted by law, interest not paid when due), at the
Base Rate in effect from time to time, plus the Applicable Margin for Base Rate
Revolving Loans.  Interest shall accrue from the date the Loan is
advanced or the Obligation is incurred or payable, until paid by
Borrowers.  If a Loan is repaid on the same day made, one (1) day’s
interest shall accrue.

       

      (b)           During
an Insolvency Proceeding with respect to any Loan Party, or during any other
Event of Default if Agent in its discretion so elects, Obligations shall bear
interest at the Default Rate.  Each Loan Party acknowledges that the
cost and expense to Agent and each Lender due to an Event of Default are
difficult to ascertain and that the Default Rate is a fair and reasonable
estimate to compensate Agent and Lenders for such added cost and
expense.

       

      (c)           Interest
accrued on the Loans shall be due and payable in arrears, (i) for any Base Rate
Loan, on the first (1st) day of each month and, for any LIBOR Loan, the last day
of its Interest Period; (ii) on any date of prepayment, with respect to the
principal amount of Loans being prepaid; and (iii) on the Commitment Termination
Date.  Interest accrued on any other Obligations shall be due and
payable as provided in the Loan Documents and, if no payment date is specified,
shall be due and payable promptly on demand (but in any event not later than the
next Business Day).  Notwithstanding the foregoing, interest accrued
at the Default Rate shall be due and payable promptly on demand (but in any
event not later than the next Business Day).

       

      
        
          
          

        

        
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      3.1.2                      Continuation and Conversion
Elections.  By delivering a Notice of Conversion/Continuation
to Agent on or before 12:00 noon New York City time on a Business Day, Borrowers
may from time to time irrevocably elect, on not less than two (2) nor more than
five (5) Business Days’ notice, that, subject to Section 4.3 below, (a) any Base
Rate Loan be converted to a LIBOR Loan or (b) any LIBOR Loan be converted on the
last day of an Interest Period into a LIBOR Loan with a different Interest
Period, or continued on the last day of an Interest Period as a LIBOR Loan with
a similar Interest Period; provided, however, that, in
Agent’s discretion, no portion of the outstanding principal amount of any Loans
may be converted to, or continued as, LIBOR Loans when any Event of Default has
occurred and is continuing, and no portion of the outstanding principal amount
of any Loans may be converted to LIBOR Loans of a different duration if such
Loans relate to obligations under any Hedging Agreement with a Bank Product
Provider.  In the absence of delivery of a Notice of
Conversion/Continuation with respect to any LIBOR Loan at least two Business
Days before the last day of the then current Interest Period with respect
thereto, such LIBOR Loan shall, on such last day, automatically convert to a
Base Rate Loan.

       

      3.1.3        Repayments, Continuations
and Conversions of LIBOR Loans.  LIBOR Loans shall mature and
become payable in full on the last day of the Interest Period relating to such
LIBOR Loan.  Upon maturity, a LIBOR Loan may be continued for an
additional Interest Period or may be converted to a Base Rate Loan, as set forth
in Section 3.1.2.

       

      3.1.4        Substitute
Rate.

       

      (a)           If
Agent shall have determined that:

       

      (i)           Dollar
deposits in the relevant amount and for the relevant Interest Period are not
available to Agent in the London interbank market; or

       

      (ii)          by
reason of circumstances affecting Agent in the London interbank market, adequate
means do not exist for ascertaining the LIBOR Rate applicable hereunder to LIBOR
Loans of any duration,

       

      then,
upon notice from Agent to Administrative Borrower, the obligations of the
Lenders hereunder to make or continue any Loans as, or to convert any Loans
into, LIBOR Loans of such duration shall forthwith be suspended until the
circumstances causing such suspension no longer exist.  Agent shall
give timely notice to Administrative Borrower that such circumstances no longer
exist.

       

      (b)           If
any Lender shall have determined that the LIBOR Rate no longer adequately
reflects such Lender’s cost of funding loans, then, upon notice from such Lender
to Administrative Borrower and Agent, the obligations of such Lender under this
Section to make or continue any Loans as, or to convert any Loans into, LIBOR
Loans of such duration shall forthwith be suspended until the circumstances
causing such suspension no longer exist.  Agent shall give timely
notice to Administrative Borrower that such circumstances no longer
exist.

       

      
        
          
          

        

        
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      3.2           Fees.

       

      3.2.1        Unused Line
Fee.  Borrowers shall pay to Agent, for the Pro Rata benefit of
Lenders, a fee equal to (a) 0.625% per annum multiplied by the amount by which
the Revolving Loan Commitments exceed the average daily principal balance of
Revolving Loans and stated amount of Letters of Credit during any month (the
“Average Daily Balance”), if such Average Daily Balance is less than thirty
three (33%) percent of the Revolving Loan Commitments and (b) 0.40% per annum
multiplied by the amount by which the Revolving Loan Commitments exceed the
average daily principal balance of Revolving Loans and stated amount of Letters
of Credit during any month, if such Average Daily Balance is greater than or
equal to thirty three (33%) percent.  Such fee shall be payable in
arrears, on the first (1st) day of each month and on the Commitment Termination
Date.

       

      3.2.2        LC Facility
Fees.  Borrowers shall pay (a) to Agent, for the Pro Rata
benefit of Lenders, a fee equal to the Applicable Margin in effect for LIBOR
Revolving Loans multiplied by the average daily stated amount of Letters of
Credit, which fee shall be payable monthly in arrears, on the first (1st) day of
each month; (b) to Agent, for the account of Issuing Bank, a fronting fee equal
to one-eighth of one (.125%) percent of the stated amount of each Letter of
Credit, which fee shall be payable upon issuance of the Letter of Credit and (so
long as such Letter of Credit is outstanding) on each anniversary date of such
issuance, and shall be payable on any increase in stated amount made between any
such dates; and (c) to Issuing Bank, for its own account, all customary charges
associated with the issuance, amending, negotiating, payment, processing,
transfer and administration of Letters of Credit, which charges shall be
detailed in an invoice to Administrative Borrower and be paid as and when
incurred.

       

      3.2.3        Other
Fees.  Borrowers shall pay to Agent the other fees and amounts
set forth in the Fee Letter in the amounts and at the times specified
therein.  To the extent payment in full of the applicable fee as set
forth in the Fee Letter is received by Agent from Borrowers on or about the
Closing Date, Agent shall pay to each Lender its share of such fees in
accordance with the terms of the arrangements of Agent with such
Lender.

       

      3.3           Computation of Interest, Fees, Yield
Protection.  All interest, as well as fees and other charges
calculated on a per annum basis, shall be computed for the actual days elapsed,
based on a year of three hundred sixty (360) days.  Each determination
by Agent of any interest, fees or interest rate hereunder shall be final,
conclusive and binding for all purposes, absent manifest error.  All
fees shall be fully earned when due and shall not be subject to rebate or
refund, nor subject to proration except as specifically provided
herein.  All fees payable under Section 3.2 are compensation for
services and are not, and shall not be deemed to be, interest or any other
charge for the use, forbearance or detention of money.  A certificate
as to amounts payable by Borrowers under Section 3.4, 3.6, 3.7, 3.9 or 5.9,
submitted to Administrative Borrower by Agent or the affected Lender, as
applicable, shall be final, conclusive and binding for all purposes, absent
manifest error.

       

      3.4           Reimbursement
Obligations.  Borrowers shall reimburse Agent for all
Extraordinary Expenses.  Borrowers shall also reimburse Agent for all
reasonable out-of-pocket legal, accounting, appraisal, consulting, and
other  reasonable fees, costs and expenses incurred by it in
connection with (a) negotiation and preparation of any Loan Documents, including
any amendment or other modification thereof; (b) administration of and actions
relating to any Collateral, Loan Documents and transactions contemplated
thereby, including any actions taken to perfect or maintain priority of Agent’s
Liens on any Collateral, to maintain any insurance required hereunder or to
verify Collateral; and (c) subject to the limits of Section 10.1.1(b), each
inspection, audit or appraisal with respect to any Loan Party or Collateral,
whether prepared by Agent’s personnel or a third party.  All legal,
accounting and consulting fees shall be charged to Borrowers by Agent’s
professionals at their full hourly rates, regardless of any reduced or
alternative fee billing arrangements that Agent or any of its Affiliates may
have with such professionals with respect to this or any other
transaction.  All amounts reimbursable by Borrowers under this Section
shall constitute Obligations secured by the Collateral and shall be payable
within five (5) days after receipt of written demand (which shall set forth such
amount and the basis therefor in reasonable detail).

       

      
        
          
          

        

        
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      3.5           Illegality.  If a
Lender shall in good faith determine (which determination shall, upon notice
thereof to Administrative Borrower and Agent be conclusive and binding on
Borrowers) that the introduction of or any change in or in the interpretation of
any law, rule, regulation or guideline (whether or not having the force of law),
makes it unlawful, or any central bank or other Governmental Authority asserts
that it is unlawful, for such Lender to make, continue or maintain any LIBOR
Loan as, or to convert any Loan into, a LIBOR Loan of a certain duration, the
obligations of such Lender to make, continue, maintain or convert into any such
LIBOR Loans shall, upon such determination, forthwith be suspended until such
Lender shall notify Borrower and Agent that the circumstances causing such
suspension no longer exist, and all LIBOR Loans of such type of such Lender
shall automatically convert into Base Rate Loans at the end of the then current
Interest Periods with respect thereto or sooner, if required by such law or
assertion.

       

      3.6           Increased Costs.

       

      3.6.1        Increased Costs
Generally.  If on or after the Signing Date, the adoption of
any applicable law, rule or regulation or guideline (whether or not having the
force of law), or any change therein, or any change in the interpretation or
administration thereof by any Governmental Authority, central bank or comparable
agency charged with the interpretation or administration thereof, or compliance
by any Lender with any request or directive (whether or not having the force of
law) of any such authority, central bank or comparable agency:

       

      (a)           shall
subject any Lender to any Tax with respect to its LIBOR Loans or its obligation
to make LIBOR Loans, or shall change the basis of taxation of payments to such
Lender of the principal of or interest on its LIBOR Loans or any other amounts
due under this Agreement in respect of its LIBOR Loans or its obligation to make
LIBOR Loans (except for Excluded Taxes); or

       

      (b)           shall
impose, modify or deem applicable any reserve, special deposit or similar
requirement (including, without limitation, any such requirement imposed by the
Board of Governors) against assets of, deposits with or for the account of, or
credit extended by, such Lender or shall impose on such Lender or on the London
interbank market any other condition affecting its LIBOR Loans or its obligation
to make LIBOR Loans;

       

      
        
          
          

        

        
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      and the
result of any of the foregoing is to increase the cost to such Lender of making
or maintaining any LIBOR Loan, or to reduce the amount of any sum received or
receivable by such Lender under this Agreement with respect thereto, by an
amount deemed by such Lender to be material, then, within fifteen (15) days
after written demand (which shall set forth the amount(s) due and the basis
therefor in reasonable detail and shall be conclusive and binding on Borrowers
absent manifest error) by such Lender, Borrowers shall pay to such Lender such
additional amount or amounts as will compensate such Lender for such increased
cost or reduction.

       

      3.6.2        Failure or Delay in
Demanding Compensation.  Failure or delay on the part of Agent
or any Lender to demand compensation pursuant to this Section 3.6 or in Section
3.7 below shall not constitute a waiver of Agent’s or such Lender’s right to
demand such compensation; provided that the Borrowers shall not be required to
compensate Agent or any Lender pursuant to this Section for any increased costs
or reductions incurred more than 270 days prior to the date that Agent or such
Lender notifies the Administrative Borrower of the change in law giving rise to
such increased costs or reductions and of such Lender’s intention to claim
compensation therefor; provided further that, if the change in law giving rise
to such increased costs or reductions is retroactive, then the 270-day period
referred to above shall be extended to include the period of retroactive effect
thereof.

       

      3.7           Increased Capital
Costs.  If on or after the Signing Date, any change in, or the
introduction, adoption, effectiveness, interpretation, reinterpretation or
phase-in of, any law or regulation, directive, guideline, decision or request
(whether or not having the force of law) of any court, central bank, regulator
or other Governmental Authority affects or would affect the amount of capital
required or expected to be maintained by any Lender, or Person controlling such
Lender, and such Lender determines (in its discretion) that the rate of return
on its or such controlling Person’s capital as a consequence of its Commitments
or the Loans made by such Lender is reduced to a level below that which such
Lender or such controlling Person could have achieved but for the occurrence of
any such circumstance, then, in any such case upon written notice from time to
time by such Lender to Borrower and Agent, Borrowers shall within fifteen (15)
days pay directly to such Lender additional amounts sufficient to compensate
such Lender or such controlling Person for such reduction in rate of
return.  Such notice shall include a statement of such Lender as to
any such additional amount or amounts (including calculations thereof in
reasonable detail) which shall, in the absence of manifest error, be conclusive
and binding on Borrowers.  In determining such amount, such Lender may
use any method of averaging and attribution that it (in its discretion) shall
deem applicable.

       

      3.8           Mitigation.  Each
Lender agrees that, upon becoming aware that it is subject to Section 3.5, 3.6,
3.7 or 5.9, it will take reasonable measures to reduce Borrowers’ obligations
under such Sections, including funding or maintaining its Commitments or Loans
through another office, as long as use of such measures would not adversely
affect the Lender’s Commitments, Loans, business or interests, and would not be
inconsistent with any internal policy or applicable legal or regulatory
restriction.

       

      3.9           Indemnities.  In
addition to the LIBOR Loan Prepayment Fee payable under Section 5.4.1, Borrowers
agree to reimburse each Lender (without duplication) for any increase in the
cost to such Lender, or reduction in the amount of any sum receivable by such
Lender, in respect, or as a result of:

       

      
        
          
          

        

        
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      (a)           any
conversion or repayment or prepayment of the principal amount of any LIBOR Loans
on a date other than the scheduled last day of the Interest Period applicable
thereto;

       

      (b)           any
Loans not being made as LIBOR Loans in accordance with the Notice of Borrowing
thereof;

       

      (c)           any
Loans not being continued as, or converted into, LIBOR Loans in accordance with
the Notice of Conversion/ Continuation notice thereof; or

       

      (d)           any
costs associated with marking to market any obligations under any Hedging
Agreement with a Bank Product Provider that (in the reasonable determination of
Agent) are required to be terminated as a result of any conversion, repayment or
prepayment of the principal amount of any LIBOR Loan on a date other than the
scheduled last day of the Interest Period applicable thereto.

       

      Such
Lender shall promptly notify Administrative Borrower and Agent in writing of the
occurrence of any such event, such notice to state, in reasonable detail, the
reasons therefor and contain a computation of the additional amount required to
fully compensate such Lender for such increased cost or reduced
amount.  Such additional amounts shall be payable by Borrowers to such
Lender within fifteen (15) Business Days of its receipt of such notice, and such
notice shall, in the absence of manifest error, be conclusive and binding on
Borrowers.  Borrowers understand, agree and acknowledge the following:
(i) no Lender has any obligation to purchase, sell and/or match funds in
connection with the use of LIBOR Rate as a basis for calculating the rate of
interest on a LIBOR Loan, (ii) the LIBOR Rate may be used merely as a reference
in determining such rate, and (iii) each Borrower has accepted the LIBOR Rate as
a reasonable and fair basis for calculating such rate, the LIBOR Loan Prepayment
Fee, and other funding losses incurred by the Lenders.  Borrowers
further agree to pay the LIBOR Loan Prepayment Fee and other funding losses, if
any, whether or not the applicable Lender elects to purchase, sell and/or match
funds.

       

      3.10           Maximum
Interest.  In no event shall interest, charges or other amounts
that are contracted for, charged or received by Agent and Lenders pursuant to
any Loan Documents and that are deemed interest under Applicable Law
(“interest”) exceed the highest rate permissible under Applicable Law (“maximum
rate”).  If, in any month, any interest rate, absent the foregoing
limitation, would have exceeded the maximum rate, then the interest rate for
that month shall be the maximum rate and, if in a future month, that interest
rate would otherwise be less than the maximum rate, then the rate shall remain
at the maximum rate until the amount of interest actually paid equals the amount
of interest which would have accrued if it had not been limited by the maximum
rate.  If, upon Full Payment of the Obligations, the total amount of
interest actually paid under the Loan Documents is less than the total amount of
interest that would, but for this Section, have accrued under the Loan
Documents, then Borrowers shall, to the extent permitted by Applicable Law, pay
to Agent, for the account of Lenders, (a) the lesser of (i) the amount of
interest that would have been charged if the maximum rate had been in effect at
all times, or (ii) the amount of interest that would have accrued had the
interest rate otherwise set forth in the Loan Documents been in effect, minus
(b) the amount of interest actually paid under the Loan Documents.  If
a court of competent jurisdiction determines that Agent or any Lender has
received interest in excess of the maximum amount allowed under Applicable Law,
such excess shall be deemed received on account of, and shall automatically be
applied to reduce, Obligations other than interest (regardless of any erroneous
application thereof by Agent or any Lender), and upon Full Payment of the
Obligations, any balance shall be refunded to Borrowers.  In
determining whether any excess interest has been charged or received by Agent or
any Lender, all interest at any time charged or received from Borrowers in
connection with the Loan Documents shall, to the extent permitted by Applicable
Law, be amortized, prorated, allocated and spread in equal parts throughout the
full term of the Obligations.

       

      
        
          
          

        

        
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      3.11           Replacement
Lender.  Administrative Borrower may obtain, at Borrowers’
expense, a replacement Lender (“Replacement Lender”)
for a Lender, other than Agent, invoking Section 3.6, 3.7, 4.2 or 5.9 of this
Agreement (an “Affected Lender”),
which Replacement Lender shall be reasonably satisfactory to
Agent.  In the event Administrative Borrower obtains a Replacement
Lender that will purchase all outstanding Obligations owed to such Affected
Lender and assume its Revolving Loan Commitment hereunder within ninety (90)
days following notice of Administrative Borrower’s intention to do so, the
Affected Lender shall sell and assign its Loans and Revolving Loan Commitment to
such Replacement Lender in accordance with the provisions of Section 13.3, provided, however, Borrowers
have (1) reimbursed such Affected Lender for any administrative fee payable by
such Affected Lender to Agent pursuant to Section 13.3 and (2) in any case where
such replacement occurs as the result of a demand for payment of certain costs
pursuant to Sections 3.6, 3.7 or 3.9, paid all increased costs for which such
Affected Lender is entitled to under such Sections 3.6, 3.7 or 3.9 through the
date of such sale and assignment; provided, that each
Replacement Lender shall be an Eligible Assignee.

       

      SECTION
4.  LOAN
ADMINISTRATION

       

      4.1           Manner
of Borrowing and Funding Revolving Loans.

       

      4.1.1        Notice of
Borrowing.

       

      (a)           Whenever
Borrowers desire funding of a Borrowing of Revolving Loans, Administrative
Borrower shall give Agent a Notice of Borrowing.  Such notice must be
received by Agent no later than 1:00 p.m. New York City time (i) on the Business
Day of the requested funding date, in the case of Base Rate Loans, and (ii) at
least two (2) Business Days prior to the requested funding date, in the case of
LIBOR Loans.  Notices received after 1:00 p.m. New York City time shall be deemed
received on the next Business Day.  Each Notice of Borrowing shall be
irrevocable and shall specify (A) the principal amount of the Borrowing, (B) the
requested funding date (which must be a Business Day), (C) whether the Borrowing
is to be made as Base Rate Loans or LIBOR Loans, and (D) in the case of LIBOR
Loans, the duration of the applicable Interest Period (which shall be deemed to
be one (1) month if not specified).

       

      (b)           Unless
payment is otherwise timely made by Borrowers, the becoming due of any
Obligations (whether principal, interest, fees or other charges, including
Extraordinary Expenses, LC Obligations, Cash Collateral and Bank Product Debt)
shall be deemed to be a request for Base Rate Revolving Loans on the due date,
in the amount of such Obligations.  The proceeds of such Revolving
Loans shall be disbursed as direct payment of the relevant
Obligation.

       

      
        
          
          

        

        
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      (c)           Borrowers
shall establish and maintain controlled disbursement accounts with Agent or
Agent’s Affiliate.  The parties agree that the presentation for
payment of any check or other item of payment drawn on, or other transfer made
from, such account at a time when there are insufficient funds to cover it shall
be deemed to be a request for Base Rate Loans on the date of such presentation,
in the amount of the check and items presented for payment.  The
proceeds of such Loans may be disbursed directly to the controlled disbursement
accounts or other appropriate account.

       

      4.1.2        Fundings by
Lenders.  Each Lender shall timely honor its Revolving Loan
Commitment by funding its Pro Rata share of each Borrowing of Revolving Loans
that is properly requested hereunder.  Except for Borrowings to be
made as Swingline Loans, Agent shall endeavor to notify Lenders of each Notice
of Borrowing (or deemed request for a Borrowing) by 2:00 p.m. New York City time
on the proposed funding date for Base Rate Loans or by 3:00 p.m. New York City
time at least two (2) Business Days before any proposed funding of LIBOR
Loans.  Each Lender shall fund to Agent such Lender’s Pro Rata share
of the Borrowing to the account specified by Agent in immediately available
funds not later than 3:00 p.m. New York City time on the requested funding date,
unless Agent’s notice is received after the times provided above, in which event
Lender shall fund its Pro Rata share by 11:00 a.m. New York City time on the
next Business Day.  Subject to its receipt of such amounts from
Lenders, Agent shall disburse the proceeds of the Revolving Loans as directed by
Administrative Borrower.  Unless Agent shall have received (in
sufficient time to act) written notice from a Lender that it does not intend to
fund its Pro Rata share of a Borrowing, Agent may assume that such Lender has
deposited or promptly will deposit its share with Agent, and Agent may disburse
a corresponding amount to Borrowers.  If a Lender’s share of any
Borrowing is not in fact received by Agent, then Borrowers agree to repay to
Agent promptly on demand (but in any event not later than the next Business Day)
the amount of such share, together with interest thereon from the date disbursed
until repaid, at the rate applicable to such Borrowing.

       

      4.1.3        Swingline Loans;
Settlement.

       

      (a)           Agent
may in its sole discretion, but shall not be obligated to, advance Swingline
Loans to Borrowers out of Agent’s own funds, up to an aggregate outstanding
amount of $5,000,000, unless the funding is specifically required to be made by
all Lenders hereunder.  Each Swingline Loan shall constitute a
Revolving Loan for all purposes; except, that, payments thereon shall be made to
Agent for its own account.  The obligation of Borrowers to repay
Swingline Loans shall be evidenced by the records of Agent and need not be
evidenced by any promissory note.

       

      (b)           To
facilitate administration of the Revolving Loans, Lenders and Agent agree (which
agreement is solely among them, and not for the benefit of or enforceable by any
Borrower) that settlement among them with respect to Swingline Loans and other
Revolving Loans may take place periodically on a date determined from time to
time by Agent, which shall occur at least once every five (5) Business
Days.  On each settlement date, settlement shall be made with each
Lender in accordance with the Settlement Report delivered by Agent to
Lenders.  Between settlement dates, Agent may in its discretion apply
payments on Revolving Loans to Swingline Loans, regardless of any designation by
Borrowers or any provision herein to the contrary.  Each Lender’s
obligation to make settlements with Agent is absolute and unconditional, without
offset, counterclaim or other defense, and whether or not the Commitments have
terminated, an Overadvance exists, or the conditions in Section 6 are
satisfied.  If, due to an Insolvency Proceeding with respect to a Loan
Party or otherwise, any Swingline Loan may not be settled among Lenders
hereunder, then each Lender shall be deemed to have purchased from Agent a Pro
Rata participation in each unpaid Swingline Loan and shall transfer the amount
of such participation to Agent, in immediately available funds, within one (1)
Business Day after Agent’s request therefor.  Each Lender shall only
be entitled to receive interest on its Pro Rata share of the Loans to the extent
such Loans have been funded by such Lender.  Because Agent on behalf
of Lenders may be advancing and/or may be repaid Loans prior to the time when
Lenders will actually advance and/or be repaid such Loans, interest with respect
to Loans shall be allocated by Agent in accordance with the amount of Loans
actually advanced by and repaid to each Lender and Agent and shall accrue from
and including the date such Loans are so advanced to but excluding the date such
Loans are either repaid by Borrowers or actually settled with the applicable
Lender as described in this Section.

       

      
        
          
          

        

        
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      4.1.4        Notices.  Each
Loan Party authorizes Agent and Lenders to extend, convert or continue Loans,
effect selections of interest rates, and transfer funds to or on behalf of
Borrowers based on telephonic or e-mailed
instructions.  Administrative Borrower, for the account of Borrowers,
shall confirm each such request by prompt delivery to Agent of a Notice of
Borrowing or Notice of Conversion/Continuation, if applicable, but if it differs
in any material respect from the action taken by Agent or Lenders upon its good
faith understanding of such instructions by a Loan Party, the records of Agent
and Lenders shall govern.  Neither Agent nor any Lender shall have any
liability for any loss suffered by a Loan Party as a result of Agent or any
Lender acting upon its understanding of telephonic or e-mailed instructions from
a person believed in good faith by Agent or any Lender to be a person authorized
to give such instructions on a Loan Party’s behalf.

       

      4.2           Defaulting
Lender.  If a Lender fails to make any payment to Agent that is
required hereunder (a “Defaulting Lender”), Agent shall not be obligated to
transfer to a Defaulting Lender any payments received by Agent for the
Defaulting Lender’s benefit, nor shall a Defaulting Lender be entitled to the
sharing of any payments hereunder (including any principal, interest or fees and
whether in respect of Revolving Loans, participation interests or
otherwise).  For purposes of voting or consenting to matters with
respect to this Agreement and the other Loan Documents and determining Pro Rata,
such Defaulting Lender shall be deemed not to be a “Lender” and such Lender’s
Commitment shall be deemed to be zero (0).  At any time that there is
a Defaulting Lender, payments received for application to the Obligations
payable to Lenders (other than the Defaulting Lender) in accordance with the
terms of this Agreement shall be distributed to such non-defaulting Lenders on a
Pro Rata basis calculated after giving effect to the reduction of the Defaulting
Lender’s  Commitment to zero (0) as provided herein or at Agent’s
option, Agent may instead receive and retain such amounts that would be
otherwise attributable to the Pro Rata share of the Defaulting
Lender.  To the extent that Agent elects to receive and retain such
amounts, Agent may hold them and, in its reasonable discretion, relend such
amounts to Borrowers.  To the extent that Agent exercises its option
to relend such amounts, such amounts shall be treated as Revolving Loans for the
account of Agent in addition to the Revolving Loans that are made by the
Lenders, other than Defaulting Lenders, on a Pro Rata basis as calculated after
giving effect to the reduction of the Defaulting Lender’s Commitment to zero (0)
as provided herein but shall be repaid in the same order of priority as
Protective Advances for purposes of Section 5.6.1 hereof, except as Agent may
otherwise elect.  Agent shall determine whether any Revolving Loans
requested shall be made from relending such amounts or from Revolving Loans from
the Lenders other than the Defaulting Lenders and any allocation of requested
Revolving Loans between them.  The rights of a Defaulting Lender shall
be limited as provided herein until such time as the Defaulting Lender (a) has
made all payments to Agent of the amounts that it had failed to pay causing it
to become a Defaulting Lender, (b) has made any other payments as it would have
been required to make as a Lender during the period that it was a Defaulting
Lender other than in respect of the principal amount of Revolving Loans, which
payments as to the principal amount of Revolving Loans shall be settled and
funded based on the outstanding principal balance of the Revolving Loans on the
date that Defaulting Lender makes all of the payments required to be made under
Section 4.2(a) above or shall be settled and funded by such Lender at such other
time thereafter as Agent may specify, and (c) is otherwise in compliance with
the terms of this Agreement.  Upon the making of such payment or
payments by Defaulting Lender with respect to the event that is the basis for it
having become a Defaulting Lender, such Lender shall (i) cease to be a
Defaulting Lender, (ii) only be entitled to receive the payment of interest (and
no other amounts) accrued during the period that such Lender was a Defaulting
Lender to the extent previously received and retained by Agent from or for the
account of Borrowers relating to the funds constituting Loans funded by such
Lender prior to the date that such Lender became a Defaulting Lender (and not
previously paid to such Lender), (iii) have its Commitment reinstated for all
purposes and (iv) fund Loans and settle in respect of the Loans and other
Obligations in accordance with the terms hereof.  The existence of a
Defaulting Lender and the operation of this Section shall not be construed to
increase or otherwise affect the Commitment of any Lender, or relieve or excuse
the performance by any Borrower or Guarantor of its duties and obligations
hereunder.  Any such failure to fund by any Defaulting Lender shall
constitute a material breach by such Defaulting Lender of this Agreement and
shall entitle Administrative Borrower at its option, upon written notice to
Agent, to arrange for a substitute Lender to assume the Commitment of such
Defaulting Lender, such substitute Lender to be acceptable to Agent (such
acceptance not to be unreasonably withheld). In connection with the arrangement
of such a substitute Lender, the Defaulting Lender shall have no right to refuse
to be replaced hereunder, and agrees to execute and deliver a completed
Assignment and Acceptance in favor of the substitute Lender (and agrees that it
shall be deemed to have executed and delivered such document if it fails to do
so) subject only to being repaid its share of the outstanding Obligations (other
than Bank Product Debt) without any premium or penalty of any kind whatsoever;
provided, however, that any such assumption of the Commitment of such Defaulting
Lender shall not be deemed to constitute a waiver of any of the Agent’s, any
Lender’s or Borrowers’ rights or remedies against any such Defaulting Lender
arising out of or in relation to such failure to fund.

       

      
        
          
          

        

        
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      4.3           Number and Amount of LIBOR Loans;
Determination of Rate.  For ease of administration, all LIBOR
Revolving Loans having the same length and beginning date of their Interest
Periods shall be aggregated together, and such Loans shall be allocated among
Lenders on a Pro Rata basis.  No more than seven (7) aggregated LIBOR
Loans may be outstanding at any time, and each aggregate LIBOR Loan when made,
continued or converted shall be in a minimum amount of $2,000,000, or an
increment of $1,000,000 in excess
thereof.

       

      
        
          
          

        

        
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      Upon
determining the LIBOR Lending Rate for any Interest Period requested by
Borrowers, Agent shall promptly notify Administrative Borrower thereof by
telephone or electronically and, if requested by Administrative Borrower, shall
confirm any telephonic notice in writing.

       

      4.4           Administrative
Borrower.

       

      (a)           Each
Borrower hereby irrevocably appoints and constitutes HHG (“Administrative
Borrower”) as its agent to request and receive Loans and Letters of Credit
pursuant to this Agreement and the Loan Documents from Agent or any Lender in
the name or on behalf of such Borrower.  Agent and Lenders may
disburse the Loans to such bank account of Administrative Borrower or a Borrower
or otherwise make such Loans to a Borrower and provide such Letters of Credit to
a Borrower as Administrative Borrower may designate or direct, without notice to
any other Borrower or Loan Party.  Notwithstanding anything to the
contrary contained herein, Agent may at any time and from time to time require
that Loans to or for the account of any Borrower be disbursed directly to an
operating account of such Borrower.

       

      (b)           Administrative
Borrower hereby accepts the appointment by Borrowers to act as the agent of
Borrowers pursuant to this Section 4.4.  Administrative Borrower shall
ensure that the disbursement of any Revolving Loans to each Borrower requested
by or paid to or for the account of Borrowers, or the issuance of any Letters of
Credit for a Borrower hereunder, shall be paid to or for the account of such
Borrower.

       

      (c)           Each
Borrower and Guarantor hereby irrevocably appoints and constitutes
Administrative Borrower as its agent to receive statements on account and all
other notices from Agent and Lenders with respect to the Obligations or
otherwise under or in connection with this Agreement and the Loan
Documents.

       

      (d)           Any
notice, election, representation, warranty, agreement or undertaking by or on
behalf of any other Borrower or any Guarantor by Administrative Borrower shall
be deemed for all purposes to have been made by such Borrower or Guarantor, as
the case may be, and shall be binding upon and enforceable against such Borrower
or Guarantor to the same extent as if made directly by such Borrower or
Guarantor.

       

      (e)           No
purported termination of the appointment of Administrative Borrower as agent as
aforesaid shall be effective, except after ten (10) days' prior written notice
to Agent.

       

      4.5           One Obligation.  The
Loans, LC Obligations and other Obligations shall constitute one general
obligation of Borrowers and (unless otherwise expressly provided in any Loan
Document) shall be secured by Agent’s Lien upon all Collateral; provided,
however, that, Agent and each Lender shall be deemed to be a creditor of, and
the holder of a separate claim against, each Borrower to the extent of any
Obligations jointly or severally owed by such Borrower.

       

      4.6           Effect of
Termination.  On the effective date of any termination of the
Commitments, all Obligations shall be immediately due and payable, and any
Lender may upon notice to the applicable Loan Parties and subject to the terms
thereof terminate its and its Affiliates’ Bank Products (including, with the
consent of Agent, any Cash Management Services).  All undertakings of
Loan Parties contained in the Loan Documents shall survive any termination of
the Commitments, and Agent shall retain its Liens in the Collateral and all of
its rights and remedies under the Loan Documents, in each case, until Full
Payment of the Obligations.  Notwithstanding Full Payment of the
Obligations, Agent shall not be required to terminate its Liens in any
Collateral unless, with respect to any damages Agent may incur as a result of
the dishonor or return of Payment Items applied to Obligations, Agent receives
(a) a written agreement, executed by Borrowers and any Person whose advances are
used in whole or in part to satisfy the Obligations, indemnifying Agent and
Lenders from any such damages; or (b) such Cash Collateral as Agent, in its
discretion, deems necessary to protect against any such damages.  The
provisions of Sections 2.3, 3.4, 3.6, 3.7, 3.9, 5.5, 5.9, 12, 15.2, 15.11 and
this Section, and the obligation of each Loan Party and Lender with respect to
each indemnity given by it in any Loan Document, shall survive Full Payment of
the Obligations and any release relating to this credit facility.

       

      
        
          
          

        

        
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        SECTION
5.  PAYMENTS

      

       

      5.1           General Payment
Provisions.  All payments of Obligations shall be made in
Dollars, without offset, counterclaim or defense of any kind, free of (and
without deduction for) any Taxes, and in immediately available funds, not later
than 2:00 p.m. New York City time on the due
date.  Any payment after such time shall be deemed made on the next
Business Day.  Administrative Borrower, on behalf of Borrowers, may,
at the time of payment, specify to Agent the Obligations to which such payment
is to be applied, but Agent shall in all events retain the right to apply such
payment in such manner as Agent, subject to the provisions hereof, may determine
to be appropriate.  If any payment under the Loan Documents shall be
stated to be due on a day other than a Business Day, the due date shall be
extended to the next Business Day and such extension of time shall be included
in any computation of interest and fees.  Any payment of a LIBOR Loan
prior to the end of its Interest Period shall be accompanied by the LIBOR Loan
Prepayment Fee and all amounts due under Section 3.9.  Subject to
Section 5.6.1, any payment or prepayment of Loans shall be applied to each
Lender’s Loans on a Pro Rata basis.  Subject to the immediately
preceding sentence, any prepayment of Loans shall be applied first to Base Rate
Loans and then to LIBOR Loans in a manner that reduced, to the extent
practicable, any associated breakage costs.

       

      5.2           Repayment of Revolving
Loans.  Revolving Loans shall be due and payable in full on the
Revolving Commitment Termination Date, unless payment is sooner required
hereunder.  Revolving Loans may be prepaid from time to time, without
penalty or premium.  Notwithstanding anything herein to the contrary,
if an Overadvance exists, Borrowers shall, on the sooner of Agent’s written
demand or the first (1st) Business Day after any Borrower has knowledge thereof,
repay the outstanding Revolving Loans and/or Cash Collateralize LC Obligations
in an amount sufficient to reduce the principal balance of Revolving Loans to
the lesser of (a) the Borrowing Base and (b) the Revolving Loan Commitments
(after giving effect, in the case of this clause (b) only, to any Availability
Reserves set forth in clauses (a), (b) and (h) of the definition of Availability
Reserves).

       

      
        
          
          

        

        
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      5.3           Mandatory
Prepayments.

       

      5.3.1         Upon
any Permitted Asset Disposition (excluding a Permitted Asset Disposition
referred to in clause (g) of Section 10.2.7), Borrowers shall remit the Net
Proceeds thereof in excess of $3,000,000 with respect to each such disposition
to Agent for application to the Revolving Loans; provided, however, Borrowers
may use such Net Proceeds to purchase replacement assets so long as each of the
following conditions (collectively, the “Reinvestment
Conditions”) are satisfied: (i) no Default or Event of Default shall have
occurred and be continuing on the date of receipt of such Net
Proceeds,  (ii) Borrowers shall have certified to Agent in writing
their intention to replace the assets being disposed within 180 days after
receipt of such Net Proceeds, (iii) such replacement or reinvestment is actually
completed within 180 days after the applicable Permitted Asset Disposition and
(iv) any Net Proceeds remaining after such replacement or reinvestment or to the
extent such replacement or reinvestment is not completed within 180 days after
the applicable Permitted Asset Disposition shall be remitted to Agent promptly
thereafter. Notwithstanding the foregoing, 100% of the Net Proceeds of any
Permitted Asset Disposition shall be immediately remitted to Agent for
application to the Obligations upon the occurrence and during the continuance of
an Event of Default.

       

      5.3.2         Within
five (5) Business Days of any issuance of Capital Stock in a capital markets
transaction by a Borrower, to the extent such issuance occurs during the
continuance of an Event of Default, Borrowers shall remit the net cash proceeds
thereof to Agent for application to the Revolving Loans;

       

      5.3.3        
Concurrently with the receipt of any proceeds of insurance or condemnation
awards paid in respect of any assets of Borrowers, Borrowers shall prepay the
Revolving Loans in an amount equal to the amount such proceeds exceed $500,000,
subject to Section 8.7.2; and

       

      5.3.4         Concurrently
with the receipt of any key man life insurance proceeds, if any, Borrowers shall
prepay the Revolving Loans in an amount equal to such proceeds.

       

      5.4           Payment
of LIBOR Loans and Other Obligations.

       

      5.4.1        LIBOR
Loans.  LIBOR Loans may be prepaid upon the terms and
conditions set forth herein.  For LIBOR Loans in connection with which
Borrowers have or may incur obligations under any Hedging Agreement with a Bank
Product Provider, additional obligations may be associated with prepayment in
accordance with the terms and conditions of the applicable Hedging
Agreements.  Administrative Borrower shall give Agent, no later than
12:00 noon New York City time at least two (2) Business Days notice of any
proposed prepayment of any LIBOR Loans, specifying the proposed date of payment
of such LIBOR Loans, and the principal amount to be paid.  Each
partial prepayment of the principal amount of LIBOR Loans shall be in an
integral multiple of $1,000,000 and accompanied by the payment of all charges
outstanding on such LIBOR Loans and of all accrued interest on the principal
repaid to the date of payment.  Borrowers acknowledge that prepayment
or acceleration of a LIBOR Loan during an Interest Period shall result in the
Lenders incurring additional costs, expenses and/or liabilities and that it is
extremely difficult and impractical to ascertain the extent of such costs,
expenses and/or liabilities.  Therefore, all full or partial
prepayments of LIBOR Loans on any date other than on the last day of an Interest
Period shall be accompanied by, and Borrowers hereby promise to pay to Agent for
the Pro Rata benefit of the Lenders, on each such date or the date all sums
payable hereunder become due and payable, by acceleration or otherwise, in
addition to all other sums then owing, an amount (“LIBOR Loan Prepayment Fee”)
determined by Agent pursuant to the following formula:

       

      
        
          
          

        

        
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      (a)           the
then current LIBOR Rate applicable to an Interest Period with a maturity date
closest to the end of the Interest Period with respect to the LIBOR Loans being
prepaid as to which prepayment is made, subtracted from

       

      (b)           the
LIBOR Lending Rate applicable to the LIBOR Loan being prepaid.

       

      If the
result of this calculation is zero (0) or a negative number, then there shall be
no LIBOR Loan Prepayment Fee.  If the result of this calculation is a
positive number, then the resulting percentage shall be multiplied
by:

       

      (i)           the
amount of the LIBOR Loan being prepaid.

       

      The
resulting amount shall be divided by:

       

      (ii)           360

       

      and
multiplied by:

       

      (iii)           the
number of days remaining in the Interest Period as to which the prepayment is
being made.

       

      The
resulting amount of these calculations shall be the LIBOR Loan Prepayment Fee
without duplication of any amounts payable in accordance with Section
3.9.  Upon the request of Administrative Borrower, Agent shall deliver
to Administrative Borrower a written statement setting forth in reasonable
detail the calculations set forth above, which shall be conclusive absent
manifest error.

       

      5.4.2        Other
Obligations.  Obligations other than Loans, including LC
Obligations and Extraordinary Expenses, shall be paid by Borrowers as provided
in the Loan Documents or, if no payment date is specified, promptly on written
demand.

       

      5.5           Marshaling; Payments Set
Aside.  None of Agent or Lenders shall be under any obligation
to marshal any assets in favor of any Loan Party or against any
Obligations.  If any Loan Party makes a payment to Agent or Lenders,
or if Agent or any Lender receives payment from the proceeds of Collateral,
exercise of setoff or otherwise, and such payment is subsequently invalidated or
required to be repaid to a trustee, receiver or any other Person, then the
Obligations originally intended to be satisfied, and all Liens, rights and
remedies therefor, shall be revived and continued in full force and effect as if
such payment had not been received and any enforcement or setoff had not
occurred.

       

      
        
          
          

        

        
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        5.6           Post-Default
Allocation of Payments.

      

       

      5.6.1        Allocation.   Notwithstanding
anything herein to the contrary (but subject always to Applicable Law), during
an Event of Default, monies to be applied to the Obligations, whether arising
from payments by Loan Party, realization on Collateral, setoff or otherwise,
shall be allocated as follows:

       

      (a)           first,
to all costs and expenses, including Extraordinary Expenses, owing to
Agent;

       

      (b)           second,
to interest and all other amounts owing to Agent on Swingline Loans or
Protective Advances;

       

      (c)           third,
to all Obligations constituting fees (excluding amounts relating to Bank
Products);

       

      (d)           fourth,
to all Obligations constituting interest (excluding amounts relating to Bank
Products);

       

      (e)           fifth,
to all other Obligations or to Cash Collateralize LC Obligations (but not
including any Obligations in connection with any Bank Product Debt);
and

       

      (f)           last,
to Bank Product Debt.

       

      Amounts
shall be applied to each category of Obligations set forth above until Full
Payment thereof and then to the next category.  If amounts are
insufficient to satisfy a category, they shall be applied on a pro rata basis
among the Obligations in the category.   Amounts distributed with
respect to any Bank Product Debt shall be the lesser of the applicable Bank
Product Amount last reported to Agent or the actual Bank Product Debt as
calculated by the methodology reported to Agent for determining the amount
due.  Agent shall have no obligation to calculate the amount to be
distributed with respect to any Bank Product Debt, but may rely upon written
notice of the amount (setting forth a reasonably detailed calculation) from the
relevant Bank Product Provider.  In the absence of such notice, Agent
may assume the amount to be distributed is the Bank Product Amount last reported
to it.  The allocations set forth in this Section are solely to
determine the rights and priorities of Agent and Lenders as among themselves,
and may be changed by agreement among them without the consent of any Loan
Party.  This Section is not for the benefit of or enforceable by any
Loan Party.

       

      5.6.2        Erroneous
Application.  Agent shall not be liable for any application of
amounts made by it in good faith and, if any such application is subsequently
determined to have been made in error, the sole recourse of any Lender or other
Person to which such amount should have been made shall be to recover the amount
from the Person that actually received it (and, if such amount was received by
any Lender, such Lender hereby agrees to return it).

       

      5.7           Application of Payments; Payments
Generally.

       

      5.7.1        Application of
Payments.  The ledger balance (including both (a) collected
funds and (b) payments conditional upon final collection) in each Dominion
Account that is a blocked account as of the end of a Business Day (if applied to
the Obligations pursuant to a Cash Dominion Trigger Event or otherwise) shall be
applied to the Obligations at the beginning of the next Business Day; provided, that, for
the purposes of calculating interest on the Obligations, all payments will be
applied to the Obligations two (2) Business Days following the date of receipt
of such payments in each such Dominion Account.  Each Loan Party
irrevocably waives the right to direct the application of any payments or
Collateral proceeds, and agrees that Agent shall have the continuing, exclusive
right to apply and reapply same against the Obligations, in such manner as Agent
deems advisable, notwithstanding any entry by Agent in its
records.  If, as a result of Agent’s receipt of Payment Items or
proceeds of Collateral, a credit balance exists, in any such Dominion Account,
the balance shall not accrue interest in favor of any Loan Party and shall be
made available to Borrowers as long as no Default or Event of Default
exists.

       

      
        
          
          

        

        
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      5.7.2        Authorization to Charge Loan
Account.  Borrowers hereby authorize Agent, from time to time,
without prior notice to Borrowers, to charge all principal, interest, fees,
premiums, reimbursable expenses and other sums payable under the Loan Documents
if Borrowers fail to pay as and when due and payable under any Loan Document
(including any amounts due and payable in respect of Bank Products) to
Borrowers’ Loan Account, which amounts thereafter shall constitute (and shall be
deemed a request for) a Loan hereunder and shall accrue interest at the rate
then applicable to Loans that are Base Rate Loans.  Alternatively, at
Agent’s election, Borrowers hereby authorize Administrative Borrower to charge
any deposit account of the Borrowers maintained with the Agent for any of the
foregoing amounts as and when it becomes due and payable under any Loan
Document.

       

      5.8           Loan
Account; Account Stated.

       

      5.8.1        Loan
Account.  Agent shall maintain in accordance with its usual and
customary practices an account or accounts (“Loan Account”) evidencing the Debt
of Borrowers resulting from each Loan or issuance of a Letter of Credit from
time to time.  Any failure of Agent to record anything in the Loan
Account, or any error in doing so, shall not limit or otherwise affect the
obligation of Loan Parties to pay any amount owing hereunder.  Agent
may maintain a single Loan Account in the name of Administrative Borrower, and
each Borrower confirms that such arrangement shall have no effect on the joint
and several character of its liability for the Obligations.

       

      5.8.2        Entries
Binding.  Entries made in the Loan Account shall constitute
presumptive evidence of the information contained therein.  If any
information contained in the Loan Account is provided to or inspected by any
Person, then such information shall be conclusive and binding on such Person for
all purposes absent manifest error, except to the extent such Person notifies
Agent in writing within thirty (30) days after receipt or inspection that
specific information is subject to dispute.

       

      5.9           Taxes.

       

      5.9.1        Taxes
Generally.  If any Taxes (except Excluded Taxes) shall be
payable by any party due to the execution, delivery, issuance or recording of
any Loan Documents, or the creation or repayment of any Obligations, Borrowers
shall upon receipt of written notice regarding the amount thereof (including the
basis for such amount in reasonable detail), promptly pay (and shall promptly
reimburse Agent and Lenders for their payment of) all such Taxes, including any
interest and penalties thereon, and will indemnify and hold harmless Indemnitees
against all liability in connection therewith.  If Borrowers shall be
required by Applicable Law to withhold or deduct any Taxes (except Excluded
Taxes) with respect to any sum payable under any Loan Documents, (a) the sum
payable to Agent or such Lender shall be increased as may be necessary so that,
after making all required withholding or deductions, Agent or such Lender (as
the case may be) receives an amount equal to the sum it would have received had
no such withholding or deductions been made; (b) Borrowers shall make such
withholding or deductions; and (c) Borrowers shall pay the full amount withheld
or deducted to the relevant taxing or other authority in accordance with
Applicable Law.

       

      
        
          
          

        

        
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      5.9.2        Refunds.  If
Agent has received a refund or reimbursement of any Taxes as to which it has
been indemnified by the Borrowers or with respect to which the Borrowers have
paid additional amounts pursuant to this Section 5.9, it shall pay over such
refund to the Borrowers (but only to the extent of indemnity payments made, or
additional amounts paid, by the Borrowers under this Section 5.9 with respect to
the Taxes giving rise to such refund), net of all out-of-pocket expenses in
connection therewith of the Agent and Lenders and without interest (other than
any interest paid by the relevant Governmental Authority with respect to such
refund); provided, that the Borrowers, upon the request of the Agent, agree to
repay the amount paid over to the Borrowers (plus any penalties, interest or
other charges imposed by the relevant Governmental Authority) to the Lender in
the event the Lender is required to repay such refund to such Governmental
Authority. This Section shall not be construed to require the Lender to make
available its tax returns (or any other information relating to its taxes which
it deems confidential) to the Borrowers or any other Person.

       

      5.10         Withholding Tax
Exemption.  At least five (5) Business Days prior to the first
date for payment of interest or fees hereunder to a Foreign Lender, the Foreign
Lender shall deliver to Administrative Borrower and Agent two duly completed
copies of IRS Form W-8BEN or W-8ECI (or any subsequent replacement or substitute
form therefor), certifying that such Lender can receive payment of Obligations
without deduction or withholding of any United States federal income
taxes.  Each Foreign Lender shall deliver to Administrative Borrower
and Agent two additional copies of such form before the preceding form expires
or becomes obsolete or after the occurrence of any event requiring a change in
the form, as well as any amendments, extensions or renewals thereof as may be
reasonably requested by Administrative Borrower or Agent, in each case,
certifying that the Foreign Lender can receive payment of Obligations without
deduction or withholding of any such taxes, unless an event (including any
change in treaty or law) has occurred that renders such forms inapplicable or
prevents the Foreign Lender from certifying that it can receive payments without
deduction or withholding of such taxes.  During any period that a
Foreign Lender does not or is unable to establish that it can receive payments
without deduction or withholding of such taxes, other than by reason of an event
(including any change in treaty or law) that occurs after it becomes a Lender,
Agent may withhold taxes from payments to such Foreign Lender at the applicable
statutory and treaty rates, and Borrowers shall not be required to pay any
additional amounts under this Section as a result of such
withholding.

       

      
        
          
          

        

        
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        5.11         Nature
and Extent of Each Borrower’s Liability.

      

       

      5.11.1      Joint and Several
Liability.

       

      (a)           All
Borrowers shall be liable for all amounts due to Agent and Lenders under this
Agreement, regardless of which Borrower actually receives the Loans or Letters
of Credit hereunder or the amount of such Loans received or the manner in which
Agent and Lenders account for such Loans, Letters of Credit or other extensions
of credit on its books and records.  The Obligations with respect to
Loans made to a Borrower, and the Obligations arising as a result of the joint
and several liability of a Borrower hereunder, with respect to Loans made to the
other Borrowers hereunder, shall be separate and distinct obligations, but all
such Obligations shall be primary obligations of all Borrowers.  The
Obligations arising as a result of the joint and several liability of a Borrower
hereunder with respect to Loans, Letters of Credit or other extensions of credit
made to the other Borrowers hereunder shall, to the fullest extent permitted by
law, be unconditional irrespective of (i) the validity or enforceability,
avoidance or subordination of the Obligations of the other Borrowers or of any
promissory note or other document evidencing all or any part of the Obligations
of the other Borrowers, (ii) the absence of any attempt to collect the
Obligations from the other Borrowers or any other security therefor, or the
absence of any other action to enforce the same, (iii) the waiver, consent,
extension, forbearance or granting of any indulgence by Agent or Lenders with
respect to any provisions of any instrument evidencing the Obligations of the
other Borrowers, or any part thereof, or any other agreement now or hereafter
executed by the other Borrowers and delivered to Agent, for itself and on behalf
of Lenders, (iv) the failure by Agent or Lenders to take any steps to perfect
and maintain its security interest in, or to preserve its rights and maintain
its security or collateral for the Obligations of the other Borrowers, (v) the
election of Agent or Lenders in any proceeding instituted under the Bankruptcy
Code, of the application of Section 1111(b)(2) of the Bankruptcy Code, (vi) the
disallowance of all or any portion of the claim(s) of Agent or Lenders for the
repayment of the Obligations of the other Borrowers under Section 502 of the
Bankruptcy Code, or (vii) any other circumstances which might constitute a legal
or equitable discharge or defense of the other Borrowers.  With
respect to the Obligations arising as a result of the joint and several
liability of a Borrower hereunder with respect to Loans, Letters of Credit or
other extensions of credit made to the other Borrowers hereunder, each Borrower
waives, until Full Payment of the Obligations and this Agreement shall have been
terminated, any right to enforce any right of subrogation or any remedy which
Agent or Lenders now has or may hereafter have against Borrowers, any endorser
or any guarantor of all or any part of the Obligations, and any benefit of, and
any right to participate in, any security or collateral given to Agent and
Lenders.  Upon any Event of Default and for so long as the same is
continuing, Agent and Lenders may proceed directly and at once, without notice,
against any Borrower to collect and recover the full amount, or any portion of
the Obligations, without first proceeding against the other Borrowers or any
other Person, or against any security or collateral for the
Obligations.  Each Borrower consents and agrees that Agent and Lenders
shall be under no obligation to marshal any assets in favor of Borrower(s) or
against or in payment of any or all of the Obligations.

       

      (b)           Each
Borrower expressly waives any and all rights of subrogation, reimbursement,
indemnity, exoneration, contribution of any other claim which such Borrower may
now or hereafter have against the other Borrowers or other Person directly or
contingently liable for the Obligations hereunder, or against or with respect to
the other Borrowers’ property (including, without limitation, any property which
is Collateral for the Obligations), arising from the existence or performance of
this Agreement.

       

      
        
          
          

        

        
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      5.11.2     Waivers.

       

      (a)           Each
Borrower expressly waives all rights that it may have now or in the future under
any statute, at common law, in equity or otherwise, to compel Agent or Lenders
to marshal assets or to proceed against any Loan Party, other Person or security
for the payment or performance of any Obligations before, or as a condition to,
proceeding against such Borrower.  It is agreed among each Borrower,
Agent and Lenders that the provisions of this Section are of the essence of the
transaction contemplated by the Loan Documents and that, but for such
provisions, Agent and Lenders would decline to make Loans and issue Letters of
Credit.  Notwithstanding anything to the contrary in any Loan
Document, each Borrower expressly waives all rights at law or in equity to
subrogation, reimbursement, exoneration, contribution, indemnification or set
off, as well as all defenses available to a surety, guarantor or accommodation
co-obligor.

       

      (b)           Agent
and Lenders may, in their discretion, pursue such rights and remedies as they
deem appropriate, including realization upon Collateral by judicial foreclosure
or non judicial sale or enforcement, without affecting any rights and remedies
under this Section 5.11.  If, in the exercise of any rights or
remedies, Agent or any Lender shall forfeit any of its rights or remedies,
including its right to enter a deficiency judgment against any Borrower or any
other Loan Party, whether because of any applicable laws pertaining to “election
of remedies” or otherwise, each Borrower consents to such action by Agent or
such Lender and waives any claim based upon such action, even if the action may
result in loss of any rights of subrogation that any Borrower might otherwise
have had but for such action.  Any election of remedies that results
in denial or impairment of the right of Agent or any Lender to seek a deficiency
judgment against any Borrower shall not impair any other Borrower’s obligation
to pay the full amount of the Obligations.  Each Borrower waives all
rights and defenses arising out of an election of remedies, such as nonjudicial
foreclosure with respect to any security for the Obligations, even though that
election of remedies destroys such Borrower’s rights of subrogation against any
other Person.  If Agent bids at any foreclosure or trustee’s sale or
at any private sale, Agent may bid all or a portion of the Obligations and the
amount of such bid need not be paid by Agent but shall be credited against the
Obligations.  The amount of the successful bid at any such sale,
whether Agent or any other Person is the successful bidder, shall be
conclusively deemed to be the fair market value of the Collateral, and the
difference between such bid amount and the remaining balance of the Obligations
shall be conclusively deemed to be the amount of such Borrower’s Obligations to
Agent and Lenders, notwithstanding that any present or future law or court
decision may have the effect of reducing the amount of any deficiency claim to
which Agent or any Lender might otherwise be entitled but for such bidding at
any such sale.

       

      5.11.3      Joint
Enterprise.  Each Borrower has requested that Agent and Lenders
make this credit facility available to Borrowers on a combined basis, in order
to finance Borrowers’ business most efficiently and
economically.  Borrowers hereby represent and warrant to Agent and
Lenders that (a) Borrowers’ business is a mutual and collective enterprise; (b)
Borrowers make up a related organization of various entities constituting a
single economic and business enterprise in which Borrowers share an identity of
interests such that any benefit received by any one of them benefits the other
Borrowers; and (c) certain of Borrowers render services to or for the benefit of
other Borrowers, as the case may be, purchase or sell and supply goods to or
from or for the benefit of the others, make loans, advances and provide other
financial accommodations to or for the benefit of the other Borrowers
(including, inter alia, the payment by Borrowers of creditors of the other
Borrowers and guarantees by Borrowers of indebtedness of the other Borrowers and
the provision of administrative, marketing, payroll and management services to
or for the benefit of the other Borrowers).  Borrowers believe that
consolidation of their credit facility will enhance the borrowing power of each
Borrower and ease the administration of their relationship with Lenders, all to
the mutual advantage of Borrowers.  Borrowers acknowledge and agree
that Agent’s and Lenders’ willingness to extend credit to Borrowers and to
administer the Collateral on a combined basis, as set forth herein, is done
solely as an accommodation to Borrowers and at Borrowers’ request.

       

      
        
          
          

        

        
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      5.11.4      Subordination.  Each
Borrower hereby subordinates any claims, including any right of payment,
subrogation, contribution and indemnity, that it may have at any time against
any other Loan Party arising from any payments made hereunder, to the Full
Payment of all Obligations.

       

      
        SECTION
6.  CONDITIONS
PRECEDENT

      

       

      6.1           Conditions Precedent to Initial
Loans.  In addition to the conditions set forth in Section 6.2,
Lenders shall not be required to fund any requested Loan, issue any Letter of
Credit, or otherwise extend credit to Borrowers hereunder, until the date
(“Closing Date”) that each of the following conditions has been satisfied
(except to the extent permitted in writing by Agent to be delivered or complied
with post-closing):

       

      6.1.1        Loan
Documents.  This Agreement and the other Loan Documents (except
to the extent permitted in writing by Agent to be delivered post-closing), which
shall be in form and substance satisfactory to Agent, shall have been duly
executed by each Loan Party that is to be a party thereto, each Loan Party shall
be in compliance with all terms thereof and each of the Loan Documents shall be
in full force and effect on the Closing Date.  Agent on behalf of the
Secured Parties shall, upon the filing of the applicable documentation, have a
Lien in the Collateral of the type and priority described in each Loan
Document.

       

      6.1.2        UCC
Filings.  Agent shall have filed all filings or recordations
necessary to perfect its Liens in such of the Collateral as Agent desires to
perfect a Lien upon, as well as UCC and Lien searches and other evidence
satisfactory to Agent that such Liens are the only Liens upon the Collateral,
except Permitted Liens.

       

      6.1.3        OFAC
Compliance.  Agent shall have completed all searches with
respect to Borrowers and Guarantors required by the Office of Foreign Assets
Control of the U.S. Department of the Treasury, the results of which shall be
satisfactory.

       

      6.1.4        Dominion
Accounts.  To the extent required under Section 7.2.1, Agent
shall have received duly executed Control Agreements with respect to each
Dominion Account, in form and substance, and with financial institutions,
reasonably satisfactory to Agent.

       

      6.1.5        Officer’s Certificates re
Solvency and No Defaults.   Agent shall have received
certificates, in form and substance satisfactory to it, from a knowledgeable
Senior Officer of Administrative Borrower certifying that, after giving effect
to the initial Loans and transactions hereunder, (a) each Borrower individually
and HHG and its Subsidiaries on a consolidated basis are Solvent; (b) no Default
or Event of Default exists; (c) the representations and warranties set forth in
Section 9 are true and correct as of such date (unless they refer to an earlier
date); and (d) Loan Parties have complied in all material respects with all
agreements and conditions to be satisfied by it under the Loan
Documents.

       

      
        
          
          

        

        
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      6.1.6        Resolutions, Organizational
Documents, Incumbency Certificate.  Agent shall have received a
certificate of a duly authorized officer of each Loan Party, certifying (a) that
attached copies of such Loan Party’s Organic Documents are true and complete,
and in full force and effect, without amendment except as shown, (b) that an
attached copy of board and shareholders (including, in the case of each Jersey
incorporated company, for the purposes of Article 74 of the Companies (Jersey)
Law 1991) resolutions authorizing execution and delivery of the Loan Documents
is true and complete, and that such resolutions are in full force and effect,
were duly adopted, have not been amended, modified or revoked, and constitute
all resolutions adopted with respect to this credit facility, and (c) to the
title, name and signature of each Person authorized to sign the Loan
Documents.  Agent may conclusively rely on this certificate until it
is otherwise notified by the applicable Loan Party in writing.

       

      6.1.7        Opinion.  Agent
shall have received a written opinion of Foley & Lardner LLP, as well as any
local counsel to Loan Parties, in form and substance satisfactory to Agent
together with such director’s certificates as local counsel may
require.

       

      6.1.8        Good Standing
Certificates.  Agent shall have received copies of the charter
documents of each Loan Party, certified as appropriate by the Secretary of State
or another official of such Loan Party’s jurisdiction of
organization.  Agent shall have received good standing certificates
for each Loan Party that is organized under the laws of a state of the United
States, issued by the Secretary of State or other appropriate official of (a)
such Loan Party’s jurisdiction of organization and (b) each jurisdiction where
such Loan Party’s conduct of business or ownership of Property necessitates
qualification, except where the failure to maintain such qualification could not
reasonably be expected to result in a Material Adverse Effect.

       

      6.1.9        Insurance.  Agent
shall have received evidence of insurance and loss payee endorsements required
hereunder and under the other Loan Documents, in form and substance reasonably
satisfactory to Agent, and certificates of insurance policies and/or
endorsements naming Agent as loss payee and an additional insured.

       

      6.1.10      Due
Diligence.

       

      (a)           Agent
shall have completed its business, financial and legal due diligence of Loan
Parties, including a roll-forward of its previous field examination, with
results satisfactory to Agent.  No material adverse change in the
financial condition of any Loan Party, or in the quality or value of a material
portion of the Collateral shall have occurred since May 31, 2010.

       

      (b)           Agent
shall have received, in form and substance reasonably satisfactory to Agent and
Lenders, on or before the Closing Date, a pro-forma balance sheet of Borrowers
reflecting the initial transactions contemplated hereunder, including, but not
limited to, the Loans and Letters of Credit to be provided by Agent and Lenders
to Borrowers on the Closing Date and the use of the proceeds of the initial
Loans as provided herein.

       

      
        
          
          

        

        
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      (c)           Agent
shall have received, in form and substance reasonably satisfactory to Agent and
Lenders, projections of Loan Parties’ consolidated balance sheets, results of
operations and cash flow for (i) the Fiscal Year ended December 31, 2010 on a
month by month basis, (ii) the Fiscal Year ended December 31, 2011 on a quarter
by quarter basis and (iii) each Fiscal Year thereafter until the Revolving
Commitment Termination Date, on an annual basis.

       

      6.1.11  
   Payment of
Fees.  Loan Parties shall have paid all fees and expenses to be
paid to Agent and Lenders on the Closing Date to the extent incurred prior
thereto.

       

      6.1.12      Borrowing Base
Certificate.  Agent shall have received a Borrowing Base
Certificate prepared as of the Signing Date. In the event that the Closing Date
occurs on or later than August 16, 2010, Agent shall have received a Borrowing
Base Certificate prepared as of the Closing Date.

       

      6.1.13     
Payoff of Existing
Credit Agreements.  All principal, premium, if any, interest,
fees and other amounts, due or outstanding under the existing credit agreement
of each Loan Party shall have been (or shall simultaneously be) paid in full,
the commitments thereunder terminated, and the termination and release of any
interest in and to any assets and properties of Loan Parties, duly authorized,
executed and delivered by the existing lenders, including, but not limited to,
(a) UCC termination statements for all UCC financing statements previously filed
by such existing lenders or their predecessors, as secured parties, and Loan
Parties, as debtors, and (b) satisfactions, releases and discharges of any
mortgages, deeds of trust to secure debt or other security interests by Loan
Parties in favor of such existing lenders, in form acceptable for recording with
the appropriate Governmental Authority.

       

      6.1.14      Excess
Availability.  Upon making the initial Loans (including such
Loans made to finance the fees, costs, and expenses then payable under this
Agreement) and issuing any Letters of Credit on the date of making the initial
Loans, cash on hand of HHG on a consolidated basis plus Excess Availability
shall not be less than $20,000,000.

       

      6.1.15      Notices Pursuant to Loan
Documents.  Agent shall have received a copy of all notices
required to be sent and other documents required to be executed under the Loan
Documents, in each case, as of the Closing Date.

       

      6.1.16      Searches/Discharge of
Liens.  Agent shall have received and reviewed UCC, tax lien
and judgment search results for the jurisdiction of organization of each Loan
Party, which search results shall be in form and substance reasonably
satisfactory to Agent.  Agent shall have received evidence that all
Liens (other than Permitted Liens) against the assets of Loan Parties have been
or will be discharged on or before the Closing Date.

       

      6.1.17      Possessory
Collateral.  Agent shall have received all possessory
collateral required to be delivered to Agent pursuant to the Loan Documents
(except to the extent permitted by Agent in writing to be delivered post
closing), duly endorsed in a manner satisfactory to Agent indicating Agent’s
security interest therein.

       

      
        
          
          

        

        
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      6.1.18      Third Party Waivers and
Consents.  Agent shall have received, in form and substance
reasonably satisfactory to Agent, all consents, waivers, acknowledgments and
other agreements from the third persons set forth on Schedule 6.1.18
hereto in order to permit, protect and perfect its Lien upon the Collateral or
to effectuate the provisions or purposes of this Agreement and the other Loan
Documents.

       

      6.1.19      Audits and
Appraisals.

       

      (a)           Agent
or its Affiliates shall have conducted a field examination of Borrowers’ assets,
liabilities, cash management systems, books and records, and the results of such
field examination shall be reasonably satisfactory to Agent in all respects;
and

       

      (b)           The
Agent shall have received appraisals conducted on certain Inventory and
Equipment of the Loan Parties, and the results of such appraisals shall be
reasonably satisfactory to Agent in all respects.

       

      6.1.20      USA PATRIOT
Act.  The Lenders shall have received all documentation and
other information required by regulatory authorities under applicable “know your
customer” and anti-money laundering rules and regulations, including the Patriot
Act.

       

      6.1.21      UK Security
Documents.  The Lenders shall have received the UK Security
Documents in form and substance satisfactory to Agent.

       

      6.1.22      UK
Certificates.  A certificate from a director of each of UK
Borrower and HGRJ:

       

      (i)           attaching
a certified copy of the resolution of the board of directors of each of UK
Borrower and HGRJ in the form referred to in paragraph 6.1.6(b)
above;

       

      (ii)           written
resolution of the single member amending its bylaws or Articles (as the case may
be), including to remove the directors’ discretion to decline registration of
shares subject to security of any lender and approving its entry into the Loan
Documents to which it is expressly to be a party;

       

      (iii)           including
a specimen of the signature of each person authorized by the resolution referred
to in sub-paragraph (i) above in relation to the Loan Documents to which it is
expressly to be a party;

       

      (iv)           attaching
a certified copy of its register of members evidencing ownership of the entire
issued share capital of UK Borrower or HGRJ (as applicable) together with a
confirmation of the board of directors that the share register is accurate and
up-to-date and noting the security interest of Agent in all such Capital
Stock;

       

      (v)           attaching
a certified copy of its certificate of incorporation;

       

      (vi)           attaching
a certified copy of its memorandum and articles of association or other
constitutional documents; and

       

      
        
          
          

        

        
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      (vii)           including
a declaration of Solvency;

       

      6.1.23      Other UK
Documents.  The Lenders shall have received the following other
UK  Documents in form and substance satisfactory to
Agent:

       

      (i)           all
share certificates, transfers and stock transfer forms or equivalent duly
executed by UK Borrower in blank in relation to the assets subject to or
expressed to be subject to the Liens contained in the UK Security Documents and
other documents of title to be provided under the UK Security
Documents;

       

      (ii)           certified
copies of the executed English law deeds of release in respect of the Liens
granted by UK Borrower and certified copies of corresponding forms 403(a) filed
at UK Companies House;

       

      (iii)           searches
at the Companies Registry and the Winding Up Registry of the UK satisfactory to
the Agent;

       

      (iv)           a
copy of all notices required to be sent under the UK Security Documents duly
acknowledged by the addressees;

       

      (v)           all
other documents and instruments necessary to establish and open the requisite UK
Dominion Accounts and other cash management arrangements deemed necessary or
desirable by Agent to ensure the creation of an enforceable first priority Lien
(other than Permitted Liens) with respect to all Accounts of the UK
Borrower;

       

      (vi)           in
relation to Real Estate situated in England and Wales at Madeleine Smith House,
6-7 Blythswood Square, Glasgow, Scotland G2 4AD subject to security under the UK
Security Documents given by the UK Borrower, appropriate Lien
Waivers.

       

      6.1.24      Charges.  Evidence
satisfactory to the Agent that no outstanding charges (other than Permitted
Liens) are registered against UK Borrower (other than in favor of Agent for the
benefit of Lenders);

       

      6.1.25      Pledge
Agreements.  Agent shall have obtained a pledge of (i) one
hundred percent (100%) of the issued and outstanding Capital Stock of HGRM,
HGHI, HGRJ and HGR UK and (ii) not less than sixty five percent (65%) of the
issued and outstanding Capital Stock of Hudson Europe BV, Hudson Belgium N.V.,
Hudson Global Resources SAS and Hudson Highland (APAC) Pty Ltd. (together with
such original share certificates, signed but otherwise blank and undated
instruments of transfer, and such other documents, notices and acknowledgments
as Agent may request to effectuate such pledges, each in form and substance
satisfactory to Agent in all respects).

       

      6.1.26      Governmental and Third Party
Approvals.  All governmental and third party approvals
necessary in connection with this Agreement shall have been obtained and be in
full force and effect, and all waiting periods shall have expired without any
action being taken or threatened by any Governmental Authority that would
restrain or otherwise impose adverse conditions on this Agreement.

       

      
        
          
          

        

        
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      6.1.27      Closing
Certificate.  If the Signing Date precedes the Closing Date,
Agent shall have received a closing certificate signed by a knowledgeable Senior
Officer of Administrative Borrower dated the Closing Date, stating that
(i) all representations and warranties set forth in this Agreement and the
other Loan Documents are true and correct on and as of such date, (ii) Loan
Parties are on such date in compliance with all the terms and provisions set
forth in this Agreement and the other Loan Documents and (iii) on such
date, no Default or Event of Default has occurred or is continuing.

       

      The
acceptance by Borrowers of any Loans made or Letters of Credit issued on the
Closing Date shall be deemed to be a representation and warranty made by
Borrowers to the effect that all of the conditions precedent to the making of
such Loans or the issuance of such Letters of Credit have been satisfied (other
than such conditions that are subject to delivery to or the satisfaction of
Lenders or Agent), with the same effect as delivery to Agent, for itself and on
behalf of Lenders, of a certificate signed by a Senior Officer of Borrowers,
dated the Closing Date, to such effect.  Execution and delivery to
Agent by a Lender of a counterpart of this Agreement shall be deemed
confirmation by such Lender that (i) all conditions precedent in this Section
6.1 have been fulfilled to the satisfaction of such Lender, (ii) the decision of
such Lender to execute and deliver to Agent an executed counterpart of this
Agreement was made by such Lender independently and without reliance on Agent or
any other Lender as to the satisfaction of any condition precedent set forth in
this Section 6.1, and (iii) all documents sent to such Lender for approval,
consent, or satisfaction were acceptable to such Lender; provided, however, that if the
Signing Date is different from the Closing Date, then such confirmation shall be
deemed made on the date of the making of the initial Loans or Letters of Credit
to Borrowers. Execution and delivery by Agent of a counterpart of this Agreement
shall be deemed confirmation by Agent that (i) all conditions precedent in this
Section 6.1 have been fulfilled to the satisfaction of Agent, (ii) the decision
of Agent to execute and deliver an executed counterpart of this Agreement was
made by Agent independently and without reliance on any Lender as to the
satisfaction of any condition precedent set forth in this Section 6.1, and (iii)
all documents sent to Agent for approval, consent, or satisfaction were
acceptable to Agent; provided, however, that if the
Signing Date is different from the Closing Date, then such confirmation shall be
deemed made on the date of the making of the initial Loans or Letters of Credit
to Borrowers.

       

      6.2           Conditions Precedent to All Credit
Extensions.  Agent, Issuing Bank and Lenders shall not be
required to fund any Loans or arrange for issuance of any Letters of Credit to
or for the benefit of Borrowers, unless the following conditions are
satisfied:

       

      6.2.1        No Default or Event of
Default.  No Default or Event of Default shall exist at the
time of, or result from, such funding, issuance or grant;

       

      6.2.2        Representations and
Warranties.  The representations and warranties of each Loan
Party in the Loan Documents shall be true and correct in all material respects
on the date of, and upon giving effect to, such funding, issuance or grant
(except for representations and warranties that expressly relate to an earlier
date);

       

      6.2.3        Other Conditions
Precedent.  All conditions precedent in any other Loan Document
shall be satisfied;

       

      
        
          
          

        

        
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      6.2.4        No Material Adverse
Effect.  No event shall have occurred or circumstance exist
that has or could reasonably be expected to have a Material Adverse Effect since
the date of the most recent Compliance Certificate;

       

      6.2.5        Solvency.  Each
Borrower and HHG and its Subsidiaries on a consolidated basis shall be Solvent
both before and after giving effect to such funding, issuance or grant;
and

       

      6.2.6        LC
Conditions.  With respect to issuance of a Letter of Credit,
the LC Conditions shall be satisfied.

       

      Each
request (or deemed request) by Administrative Borrower, on behalf of Borrowers,
for funding of a Loan or issuance of a Letter of Credit to or for the benefit of
Borrowers shall constitute a representation by Borrowers that the foregoing
conditions are satisfied on the date of such request and on the date of such
funding or issuance, both before and after giving effect to such funding or
issuance.

       

      6.3           Limited Waiver of Conditions
Precedent.  If Agent, Issuing Bank or Lenders fund any Loans or
arrange for issuance of any Letters of Credit to or for the benefit of Borrowers
when any conditions precedent are not satisfied (regardless of whether the lack
of satisfaction was known or unknown at the time), it shall not operate as a
waiver of (a) the right of Agent, Issuing Bank and Lenders to insist upon
satisfaction of all conditions precedent with respect to any subsequent funding
or issuance; nor (b) any Default or Event of Default due to such failure of
conditions or otherwise.

       

      
        SECTION
7.  COLLATERAL

      

       

      7.1           Grant of Security
Interest.  To secure the prompt payment and performance of all
Obligations, each Borrower and Guarantor hereby grants to Agent, for the benefit
of Secured Parties, a continuing security interest in and Lien upon all Property
(other than the Excluded Property and any assets situated in Jersey) of such
Borrower and Guarantor, including all of the following Property (other than
Excluded Property), whether now owned or hereafter acquired, and wherever
located (save for any Jersey situate assets):

       

      (a)           all
Accounts;

       

      (b)           all
Chattel Paper, including electronic chattel paper;

       

      (c)           all
Commercial Tort Claims;

       

      (d)           all
Deposit Accounts and Securities Accounts;

       

      (e)           all
Documents;

       

      (f)           all
General Intangibles, including Payment Intangibles, Software and Intellectual
Property;

       

      (g)           all
Goods, including Inventory, Equipment and fixtures;

       

      
        
          
          

        

        
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      (h)           all
Instruments;

       

      (i)           all
Investment Property;

       

      (j)           all
Subsidiary Stock, to the extent required under Section 6.1.25;

       

      (k)           all
Letter-of-Credit Rights;

       

      (l)           all
Supporting Obligations;

       

      (m)           all
monies, whether or not in the possession or under the control of Agent, a
Lender, or a bailee or Affiliate of Agent or a Lender, including any Cash
Collateral;

       

      (n)           all
accessions to, substitutions for, and all replacements, products, and cash and
non-cash proceeds of the foregoing, including proceeds of and unearned premiums
with respect to insurance policies, and claims against any Person for loss,
damage or destruction of any Collateral; and

       

      (o)           all
books and records (including customer lists, files, correspondence, tapes,
computer programs, print-outs and computer records) pertaining to the
foregoing.

       

      7.2           Lien
on Deposit Accounts and Securities Accounts; Cash Collateral.

       

      7.2.1        Deposit Accounts and
Securities Accounts.  To further secure the prompt payment and
performance of all Obligations, each Borrower hereby grants to Agent, for the
benefit of Secured Parties, a continuing security interest in and Lien upon all
of such Borrower’s right, title and interest in and to each Deposit Account and
Securities Account of such Borrower (excluding funds held in trust or escrow)
and any deposits or other sums (excluding funds held in trust or escrow) at any
time credited to any such Deposit Account or Securities Account, including any
sums (excluding funds held in trust or escrow) in any Dominion Account or in any
accounts into which such sums are swept, including the Agent Payment Account;
provided, however, that unless
a Cash Dominion Trigger Event has occurred and is continuing, Borrowers may
maintain on deposit with financial institutions other than Agent and its
Affiliates (a “Non-Agent Deposit Account”) up to $2,000,000 in the aggregate in
all such Non-Agent Deposit Accounts at any time, which such Non-Agent Deposit
Accounts shall not be subject to the security interest or control of
Agent.  Notwithstanding the foregoing, Borrowers will cause all
proceeds of accounts receivable to be forwarded to a lockbox or, with Agent’s
consent, deposited into a special account, blocked account or other deposit
account with respect to which the depository bank has entered into a written
agreement with Agent granting to Agent a security interest in, and control over,
the funds from time to time on deposit therein (each, a “Dominion
Account”).  Each Borrower and Guarantor will authorize and direct each
bank or other depository to deliver to the Agent Payment Account, in accordance
with Sections 8.4.1 and 8.4.2, all balances in each Dominion Account maintained
by such Borrower with such depository for application to the Obligations then
outstanding.  During a Cash Dominion Trigger Event, each Borrower
irrevocably appoints Agent as such Borrower’s attorney-in-fact to collect such
balances to the extent any such delivery is not so made.

       

      
        
          
          

        

        
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      7.2.2        Cash
Collateral.  Any Cash Collateral may be invested in Cash
Equivalents, but Agent shall have no duty to do so, regardless of any agreement,
understanding or course of dealing with any Borrower or Guarantor, and shall
have no responsibility for any investment or loss.  Each Borrower and
Guarantor hereby grants to Agent, for the benefit of Secured Parties, a security
interest in all Cash Collateral held from time to time and all proceeds thereof,
as security for the Obligations, whether such Cash Collateral is held in the
Cash Collateral Account or elsewhere.  Subject to the terms of this
Agreement, Agent may apply Cash Collateral to the payment of any Obligations, in
such order as Agent may elect, as they become due and payable.  The
Cash Collateral Account and all Cash Collateral shall be under the sole dominion
and control of Agent.  Subject to the terms of this Agreement, no Loan
Party or other Person claiming through or on behalf of any Borrower or Guarantor
shall have any right to any Cash Collateral, until Full Payment of all
Obligations or the termination or cancellation of such Obligations that are Cash
Collateralized.

       

      7.3           Reserved.

       

      7.4           Other
Collateral.

       

      7.4.1        Commercial Tort
Claims.  Each Borrower and Guarantor shall promptly notify
Agent in writing if any Borrower or Guarantor has a Commercial Tort Claim (other
than, as long as no Event of Default exists, a Commercial Tort Claim for less
than $1,000,000) and, upon Agent’s request, shall promptly execute such
documents and take such actions as Agent deems necessary to confer upon Agent
(for the benefit of Secured Parties) a duly perfected, first priority Lien
(subject to Permitted Liens) upon such claim.

       

      7.4.2        Certain After-Acquired
Collateral.  Each Borrower and Guarantor shall promptly notify
Agent in writing if, after the Closing Date, any Borrower or Guarantor obtains
any interest in any Collateral consisting of Deposit Accounts (subject to
Section 7.2.1), Chattel Paper, Documents, Instruments, applied-for, granted or
registered Intellectual Property, Investment Property or Letter-of-Credit Rights
in each case having a fair market value in excess of $750,000 and, upon Agent’s
reasonable request, shall promptly execute such documents and take such actions
as Agent deems appropriate to effect Agent’s duly perfected, first priority Lien
(subject to Permitted Liens) upon such Collateral, including requesting any
necessary possession, control agreement or Lien Waiver.  If any
Collateral having a fair market value in excess of $750,000 is in the possession
of a third party, at Agent’s request, Loan Party shall request a written
acknowledgment from such third party, which shall be in form and substance
reasonably satisfactory to Agent, that such third party holds the Collateral for
the benefit of Agent.

       

      7.5           No Assumption of
Liability.  The Lien on Collateral granted hereunder is given
as security only and shall not subject Agent or any Lender to, or in any way
modify, any obligation or liability of Loan Parties relating to any
Collateral.

       

      7.6           Further
Assurances.  Promptly upon request, Borrowers and Guarantors
shall deliver such instruments, assignments, title certificates, or Loan
Documents or agreements, and shall take such actions, as Agent reasonably deems
necessary under Applicable Law to evidence or perfect its Lien on any
Collateral, or otherwise to give effect to the intent of this Section
7.  Each Borrower and Guarantor authorizes Agent to file any financing
statement that indicates the Collateral as “all assets” or “all personal
property” of such Borrower or Guarantor, or words to similar
effect.

       

      
        
          
          

        

        
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        SECTION
8.  COLLATERAL
ADMINISTRATION

      

       

      8.1           Borrowing Base
Certificates.  By the fifteenth (15th) day of each month,
Administrative Borrower, on behalf of Borrowers, shall deliver to Agent (and
Agent shall promptly deliver same to Lenders) a Borrowing Base Certificate
prepared as of the close of business of the previous month, and at such other
times as Agent may reasonably request; provided, however, upon a
Weekly Reporting Trigger, such Borrowing Base Certificates shall be delivered on
Friday of each week prepared as of the close of business of the previous
week.  Upon and after the date which is ninety (90) days after any
Weekly Reporting Trigger, Borrowing Base Certificates may resume being submitted
on a monthly basis unless and until another Weekly Reporting Trigger
occurs.  All calculations of Excess Availability in any Borrowing Base
Certificate shall originally be made by Administrative Borrower, on behalf of
Borrowers, and certified by a Senior Officer of Administrative Borrower;
provided, that, Agent may from time to time review and adjust any such
calculation in its Permitted Discretion (a) to reflect its reasonable estimate
of declines in value of any Collateral included in the Borrowing Base, due to
collections received in any Dominion Account or otherwise; (b) to adjust advance
rates to reflect changes in dilution, quality, mix and other factors affecting
Collateral; and (c) to the extent the calculation is not made in accordance with
this Agreement or does not accurately reflect the Availability Reserve or the
past due trade payables or other past due Debt of any Loan Party.

       

      8.2           Administration
of Accounts.

       

      8.2.1        Records and Schedules of
Accounts.  Each Borrower shall keep accurate and complete
records of its Accounts, including all payments and collections thereon, and
shall submit to Agent, on such periodic basis as Agent may reasonably request, a
sales and collections report, in form and substance reasonably satisfactory to
Agent.  Each Borrower shall also provide to Agent, on or before the
fifteenth (15th) day of each month, a detailed aged trial balance of all
Accounts as of the end of the preceding month, specifying each Account’s Account
Debtor name and address, amount, invoice date and due date, showing any
discount, allowance, credit, authorized return or dispute (other than in the
Ordinary Course consistent with historical practices), and including such proof
of delivery, copies of invoices and invoice registers, copies of related
documents, repayment histories, status reports and other information as Agent
may reasonably request; provided, however, upon a
Weekly Reporting Trigger, such documentation shall be delivered on Friday of
each week prepared as of the close of business of the previous
week.  If Accounts in an aggregate face amount
of  $1,000,000 or more cease to be Eligible Accounts, each Loan Party
shall notify Agent of such occurrence promptly (and in any event within one (1)
Business Day) after such Loan Party has knowledge thereof.

       

      8.2.2        Taxes.  If
an Account of any Loan Party includes a charge for any Taxes, Agent is
authorized, in its discretion during an Event of Default to pay the amount
thereof to the proper taxing authority for the account of such Loan Party and
upon providing notice (with reasonable detail regarding such Taxes) to such Loan
Party, to charge such Loan Party therefor; provided, however, that, neither
Agent nor Lenders shall be liable for any Taxes that may be due from any Loan
Party or with respect to any Collateral.

       

      
        
          
          

        

        
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      8.2.3        Account
Verification.  Whether or not a Default or Event of Default
exists, Agent shall have the right at any time, in the name of Agent, any
designee of Agent or any Loan Party to verify the validity, amount or any other
matter relating to any Accounts of Loan Party by mail, telephone or otherwise;
provided, however, so long as a
Default or Event of Default is not existing, Agent will notify Administrative
Borrower of its intent to verify Accounts generally and the approximate timing
of such verification, although Agent shall be under no obligation to notify any
Loan Party of its intention to verify a particular Account.  Loan
Parties shall cooperate fully with Agent in an effort to facilitate and promptly
conclude any such verification process.

       

      8.3           Agent as
Depository.  By not later than sixty (60) days after the
Closing Date, each Borrower shall (i) have terminated its existing deposit
accounts with Wells Fargo Bank and Barclays Bank and (ii) establish and maintain
its master collection and operating accounts with Agent or one or more of its
Affiliates, and shall utilize Agent or one or more of its Affiliates as its
principal depository bank, including for the maintenance of administrative, cash
management, collection activity, and other deposit accounts for the conduct of
its business and the business of the other Loan Parties (it being understood and
agreed, however, that Borrowers may maintain Non-Agent Deposit Accounts as
permitted under Section 7.2.1 hereof).

       

      8.4           Maintenance of Dominion
Accounts.

       

      8.4.1        Control
Agreements.  Borrowers shall maintain Dominion Accounts
pursuant to arrangements acceptable to Agent.  Except as permitted
pursuant to Section 7.2.1, Borrowers shall obtain a Control Agreement from each
Dominion Account bank, establishing Agent’s control over and Lien in such
Dominion Account, requiring that (i) all items of payment deposited in such
Dominion Account and proceeds thereof are held by such Dominion Account Bank as
agent or bailee in possession for or to the order of Agent, (ii) the Dominion
Account bank has no rights of setoff or recoupment or any other claim against
the applicable Dominion Account, other than for payment of its service fees and
other charges directly related to the administration of such Dominion Account
and for returned checks or other items of payment (provided that, for the
avoidance of doubt, nothing herein shall be construed to mean that RBS, in its
capacity as Agent and as a Lender, shall not have the rights of setoff described
in Section 11.4 hereof), and (iii) upon receipt of written notice from Agent,
such Dominion Account bank will immediately forward by daily sweep all amounts
in the applicable Dominion Account to the Agent Payment Account.

       

      8.4.2        Control.  Unless
a Cash Dominion Trigger Event shall have occurred, Agent will not exercise its
control over any Dominion Account.  If Agent has exercised its control
over any Dominion Account, Agent shall discontinue the exercise of its control
over such Dominion Account at such time as no Cash Dominion Trigger Event has
existed for a period of forty-five (45) consecutive days; provided, that,
nothing herein shall affect Agent’s right to reinstate its control over any such
Dominion Account upon any subsequent occurrence, and during the continuation, of
Cash Dominion Trigger Event.

       

      
        
          
          

        

        
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      8.4.3        Responsibility.  Neither
Agent nor Lenders assume any responsibility to Loan Parties for any Dominion
Account or Control Agreements, including any claim of accord and satisfaction or
release with respect to any Payment Items accepted by any bank.

       

      8.4.4        Proceeds of
Collateral.  Except as permitted pursuant to Section 8.6, Loan
Parties shall request in writing and otherwise take all reasonable steps to
ensure that all payments on Accounts or otherwise relating to Collateral are
made directly to a Dominion Account subject to a Control
Agreement.  If any Loan Party receives cash or Payment Items with
respect to any Collateral, it shall hold same in trust for Agent and promptly
(not later than the next Business Day) deposit same into a Dominion Account or
remit to the Agent Payment Account.

       

      8.5           Administration
of Equipment.

       

      8.5.1        Records and Schedules of
Equipment.  Each Borrower and Guarantor shall (and shall cause
each other Loan Party to) keep accurate and complete records of its Equipment,
and shall submit to Agent, on such periodic basis as Agent may reasonably
request, a current schedule thereof, in form and substance reasonably
satisfactory to Agent.  Promptly upon reasonable request, each
Borrower and Guarantor shall (and shall cause each other Loan Party to) deliver
to Agent evidence of their ownership or interests in any Equipment.

       

      8.5.2        Dispositions of
Equipment.  No Loan Party shall sell, lease or otherwise
dispose of any Equipment, without the prior written consent of Agent, other than
(a) a Permitted Asset Disposition; (b) replacement of Equipment that is worn,
damaged or obsolete with other Equipment of like function, if the replacement
Equipment is acquired within 180 days after such disposition (to the extent the
Reinvestment Conditions have been satisfied) and is free of Liens (other than
Permitted Liens); and (c) any disposition that is otherwise permitted under
Section 10.2.7 hereof.

       

      8.5.3        Condition of
Equipment.  The Equipment material to each Borrower’s business
is in reasonably good operating condition and repair, and all necessary
replacements and repairs have been made so that the value and operating
efficiency of such Equipment is preserved at all times, reasonable wear and tear
excepted.  Each Borrower and Guarantor shall (and shall cause each
other Loan Party to) ensure that the Equipment material to each Borrower’s
business (or material to each Loan Party’s business) is mechanically and
structurally sound, and capable of performing the functions for which it was
designed, in accordance with the manufacturer’s published and recommended
specifications.  No Loan Party shall permit any Equipment having a
fair market value in excess of $1,000,000 to become affixed to real Property
unless any landlord or mortgagee delivers a Lien Waiver or similar
instrument.

       

      8.6           Administration of Deposit
Accounts.  Schedule 8.6 sets forth as of the Signing Date all
Deposit Accounts and Securities Accounts maintained by Borrowers, including all
Dominion Accounts.  Except as set forth in Sections 7.2.1 and 8.4
hereof, each Borrower shall (and shall cause each other Loan Party to) take all
actions necessary to establish Agent’s control of each such Deposit Account
(including each Dominion Account).  Each Borrower shall (and shall
cause each other Loan Party to) be the sole account holder of each Deposit
Account and Securities Account and shall not allow any other Person (other than
Agent) to have control over a Deposit Account or Securities Account or any
Property deposited therein.  Except as set forth in Sections 7.2.1 and
8.4 hereof, each Borrower shall (and shall cause each other Loan Party to)
promptly notify Agent of any opening or closing of a Deposit Account or a
Securities Account and shall not open or close any Deposit Account or other bank
account in the United Kingdom (including any UK Dominion Account) except with
the prior written consent of the Agent, and will amend Schedule 8.6 to reflect
same.

       

      
        
          
          

        

        
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      8.7           General
Provisions.

       

      8.7.1        Location of
Collateral.  All tangible items of material Collateral, other
than Inventory in transit, shall at all times be kept by Loan Parties at the
business locations set forth in Schedule 8.7.1 and
Loan Parties shall keep all material books and records relating to Accounts at
the business locations set forth on Schedule 8.7.1;
except, that, Loan Parties may (a) make sales or other dispositions of
Collateral in accordance with Section 10.2.7, (b) move Collateral or books and
records to another location in the United States (with respect to US Borrowers)
or the United Kingdom (with respect to UK Borrower), upon thirty (30) Business
Days prior written notice to Agent; provided that Agent
may in its Permitted Discretion request a Lien Waiver for such new location to
the extent that either material Collateral is to be located at such new location
or material Collateral from an existing location subject to a Lien Waiver is to
be relocated to such new location and (c) maintain Collateral at other locations
having an aggregate value not to exceed $1,000,000 at any single
location.

       

      8.7.2        Insurance of Collateral;
Condemnation Proceeds.

       

      (a)           Each
Borrower and Guarantor shall (and shall cause each other Loan Party to) maintain
insurance with respect to all tangible items of Collateral, covering casualty,
hazard, public liability, theft, malicious mischief, and such other risks, in
such amounts, with such endorsements, and with such insurers (rated A or better
by A.M. Best Rating Guide) as are reasonably satisfactory to
Agent.  All proceeds under each policy shall be payable to
Agent.  From time to time upon request, Loan Parties shall deliver to
Agent certificates, policies or endorsements as Agent shall reasonably require
as proof of such insurance and any updated flood plain
searches.  Unless Agent shall agree otherwise, each policy shall
include satisfactory endorsements (i) showing Agent as sole loss payee or
additional insured, as appropriate; (ii) requiring thirty (30) days prior
written notice to Agent in the event of cancellation of the policy for any
reason whatsoever; and (iii) specifying that the interest of Agent shall not be
impaired or invalidated by any act or neglect of any Loan Party or the owner of
the Property, nor by the occupation of the premises for purposes more hazardous
than are permitted by the policy.  If any Loan Party fails to provide
and pay for such insurance, Agent may, at its option, but shall not be required
to, procure the insurance and charge Borrowers therefor.  Each Loan
Party agrees to deliver to Agent, promptly as rendered, copies of all claim
reports made to insurance companies where the claim made is in excess of
$500,000.  While no Event of Default exists, Loan Parties may settle,
adjust or compromise any insurance claim, as long as the proceeds are delivered
to Agent.  If an Event of Default exists, only Agent shall be
authorized to settle, adjust and compromise such claims.

       

      (b)           Any
Net Proceeds of insurance (other than proceeds from workers’ compensation or
D&O insurance) and any awards arising from condemnation of any Collateral
shall be paid to Agent; provided, however, that so long
as the Reinvestment Conditions have been satisfied,  Borrowers may use
the Net Proceeds of any such insurance award to purchase replacement
assets.  Subject to clause (c) below, any such proceeds or awards that
relate to Inventory shall be applied to payment of the Revolving Loans, and then
to any other Obligations outstanding.  Subject to clause (c) below,
any proceeds or awards that relate to Equipment shall be applied first to
Revolving Loans and then to other Obligations.

       

      
        
          
          

        

        
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      (c)           If
requested by Loan Parties in writing prior to or within fifteen (15) days after
Agent’s receipt of any insurance proceeds or condemnation awards relating to any
loss or destruction of Equipment or other Collateral, Loan Parties may use such
proceeds or awards to repair or replace such Equipment or other Collateral (and
until so used, the proceeds shall be held by Agent as Cash Collateral) as long
as (i) no Event of Default exists; (ii) such repair or replacement is promptly
undertaken and concluded, in accordance with plans reasonably satisfactory to
Agent; (iii) replacement buildings are constructed on the sites of the original
casualties and are of comparable size, quality and utility to the destroyed
buildings; (iv) the repaired or replaced Property is free of Liens, other than
Permitted Liens; (v) Loan Parties comply with disbursement procedures for such
repair or replacement as Agent may reasonably require; and (vi) the aggregate
amount of such proceeds or awards from any single casualty or condemnation does
not exceed  $2,000,000.

       

      8.7.3        Protection of
Collateral.  All expenses of protecting, storing, warehousing,
insuring, handling, maintaining and shipping any Collateral, all Taxes payable
with respect to any Collateral (including any sale thereof), and all other
payments required to be made by Agent to any Person to realize upon any
Collateral, shall be borne and paid by Loan Parties.  Agent shall not
be liable or responsible in any way for the safekeeping of any Collateral, for
any loss or damage thereto (except for reasonable care in its custody while
Collateral is in Agent’s actual possession), for any diminution in the value
thereof, or for any act or default of any warehouseman, carrier, forwarding
agency or other Person whatsoever, but the same shall be at Loan Parties’ sole
risk.

       

      8.7.4        Defense of Title to
Collateral.  Each Borrower and Guarantor shall (and shall cause
each other Loan Party to) at all times defend its title to Collateral and
Agent’s Liens therein against all Persons, claims and demands whatsoever, except
Permitted Liens.

       

      8.8           Power of
Attorney.  Each Loan Party hereby irrevocably constitutes and
appoints Agent (and all Persons designated by Agent) as such Loan Party’s true
and lawful attorney (and agent-in-fact) for the purposes provided in this
Section.  Agent, or Agent’s designee, may, without notice and in
either its or a Loan Party’s name, but at the cost and expense of Loan
Parties:

       

      (a)           Endorse
a Loan Party’s name on any Payment Item or other proceeds of Collateral
(including proceeds of insurance) that come into Agent’s possession or control;
and

       

      (b)           During
an Event of Default, (i) notify any Account Debtors of the assignment of their
Accounts, demand and enforce payment of Accounts, by legal proceedings or
otherwise, and generally exercise any rights and remedies with respect to
Accounts; (ii) settle, adjust, modify, compromise, discharge or release any
Accounts or other Collateral, or any legal proceedings brought to collect
Accounts or Collateral; (iii) sell or assign any Accounts and other Collateral
upon such terms, for such amounts and at such times as Agent deems advisable;
(iv) take control, in any manner, of any proceeds of Collateral; (v) prepare,
file and sign a Loan Party’s name to a proof of claim or other document in a
bankruptcy of an Account Debtor, or to any notice, assignment or satisfaction of
Lien or similar document; (vi) receive, open and dispose of mail addressed to a
Loan Party, and notify postal authorities to change the address for delivery
thereof to such address as Agent may designate; (vii) endorse any Chattel Paper,
Document, Instrument, invoice, freight bill, bill of lading, or similar document
or agreement relating to any Accounts, Inventory or other Collateral; (viii) use
a Loan Party’s stationery and sign its name to verifications of Accounts and
notices to Account Debtors; (ix) use the information recorded on or contained in
any data processing Equipment and computer hardware and software relating to any
Collateral; (x) make and adjust claims under policies of insurance; (xi) take
any action as may be necessary or appropriate to obtain payment under any letter
of credit or banker’s acceptance for which a Loan Party is a beneficiary; and
(xii) take all other actions as Agent deems appropriate to fulfill any Loan
Party’s obligations under the Loan Documents.

       

      
        
          
          

        

        
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      (c)           The
Loan Parties each acknowledge that this power of attorney is an irrevocable
power of attorney for the purposes of Article 5(2) of the Powers of Attorney
(Jersey) Law 1995 and for so long as any security remains effective this power
of attorney shall not be revoked by: (i) the Loan Parties without the consent of
Agent; or (ii) the incapacity, bankruptcy or dissolution of any Loan
Party.

       

      8.9           Pledge of Stock of
Subsidiaries.  On January 1 of each year, Agent shall have
a  pledge (or negative pledge in accordance with Section 10.1.10
hereof) of Capital Stock (not to exceed 65% of the issued and outstanding
Capital Stock of any Subsidiary that is not  formed in the United
States ) of the direct or indirect Subsidiaries of HHG representing, in the
aggregate, not less than eighty five (85%) percent of the consolidated revenues
of HHG and its Subsidiaries on a consolidated basis  for the twelve
month period ending on December 31; provided, however, for purposes of
determining compliance with the foregoing, the pledge in favor of Agent of the
Capital Stock of Hudson Highland (APAC) Pty Limited shall be deemed a pledge of
each of its direct and indirect  Subsidiaries  in Australia
and New Zealand so long as the shares and assets of such  Subsidiaries
are pledged to the  financier of Hudson Global Resources (Aust) Pty
Ltd and its direct or indirect Subsidiaries.

       

      
        SECTION
9.  REPRESENTATIONS
AND WARRANTIES

      

       

      9.1           General Representations and
Warranties.  To induce Agent and Lenders to enter into this
Agreement and to make available the Commitments, Loans and Letters of Credit,
each Loan Party represents and warrants that as of the Signing
Date:

       

      9.1.1        Organization and
Qualification.  Each Loan Party and each Subsidiary thereof is
duly organized, validly existing, and (with respect to each Loan Party that is
organized under the laws of a state of the United States) in good standing under
the laws of the jurisdiction of its organization, except to the extent expressly
permitted under Section 10.2.10 hereof or to the extent that the failure to do
so (for Subsidiaries) would not reasonably be expected to have a Material
Adverse Effect.  Each Loan Party is duly qualified, authorized to do
business and in good standing as a foreign corporation or company in each
jurisdiction where failure to be so qualified could reasonably be expected to
have a Material Adverse Effect.

       

      
        
          
          

        

        
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      9.1.2        Power and
Authority.  Each Loan Party is duly authorized to execute,
deliver and perform the Loan Documents to which it is a party.  The
execution, delivery and performance of the Loan Documents have been duly
authorized by all necessary corporate, limited liability company or partnership
action (as applicable), and do not (a) require any consent or approval of any
holders of Capital Stock of any Loan Party, other than those already obtained;
(b) contravene the Organic Documents of any Loan Party; (c) violate or cause a
default under any Applicable Law or Material Contract the consequence of which
could reasonably be expected to have a Material Adverse Effect; or (d) result in
or require the imposition of any Lien (other than Permitted Liens) on any
Property of any Loan Party.

       

      9.1.3        Enforceability.  Each
Loan Document is a legal, valid and binding obligation of each Loan Party
thereto, enforceable in accordance with its terms, except as enforceability may
be limited by bankruptcy, insolvency or similar laws affecting the enforcement
of creditors’ rights generally or by equitable principles, and save as a Loan
Document which is not a Jersey security agreement for the purpose of the
Security Interests (Jersey) Law 1983 purports to be taking security in respect
to Jersey situate intangible moveable assets.

       

      9.1.4        Capital
Structure.  Schedule 9.1.4 shows, as of the Signing Date, for
each Loan Party, Pledged Subsidiary and Negative Pledged Subsidiary, its name,
its jurisdiction of organization, its authorized and issued Capital Stock, and,
except as to HHG, the holders of its Capital Stock, and all material agreements
binding on such holders with respect to their Capital Stock.  Each
Loan Party has good title to its Capital Stock in its Pledged Subsidiaries and
Negative Pledged Subsidiaries, subject only to Agent’s Lien, Permitted Liens
and, in the case of the Capital Stock in each of Hudson Global Resources (NZ)
Limited and Hudson Global Resources (Aust) Pty Ltd, Liens in favor of the
Commonwealth Bank of Australia, and all such Capital Stock are duly issued,
fully paid and non-assessable.  Except as set forth on Schedule 9.1.4,
on the Signing Date, there are no outstanding options to purchase, warrants,
subscription rights, agreements to issue or sell, convertible interests, phantom
rights or powers of attorney relating to any Capital Stock of any Loan Party,
Pledged Subsidiary or Negative Pledged Subsidiary.

       

      9.1.5        Corporate Names;
Locations.  During the two (2) years preceding the Signing
Date, except as shown on Schedule 9.1.5, no Loan Party has been known as or used
any corporate, fictitious or trade names, has been the surviving corporation of
a merger or combination, or has acquired any substantial part of the assets of
any Person.  The chief executive offices and other material places of
business of Loan Parties and Pledged Subsidiaries are shown on Schedule
8.7.1.

       

      9.1.6        Title to Properties;
Priority of Liens.  Each Loan Party has good and marketable
title to (or valid leasehold interests in) all of its Real Estate necessary to
the conduct of its business, and good title to all of its owned personal
Property, including all Property reflected in any financial statements delivered
to Agent, for itself and on behalf of Lenders, in each case free of Liens except
Permitted Liens.  Except as set forth on Schedule 9.1.6, each
Loan Party has paid and discharged all lawful claims that, if unpaid, could
become a Lien on its Properties, other than Permitted Liens.  To the
extent perfection can be accomplished by (a) filing a UCC financing statement or
(b) taking possession of the Collateral, and subject to compliance with
registration obligations under the Companies Act 2006, all Liens of Agent in the
Collateral are duly perfected, first priority Liens, subject only to Permitted
Liens.

       

      
        
          
          

        

        
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      9.1.7        Accounts.  Agent
may rely, in determining which Accounts are Eligible Accounts, on all statements
and representations made pursuant to the Loan Documents by Loan Parties with
respect thereto.  Loan Parties warrant that, to the best of its
knowledge, each Account at the time it is shown as an Eligible Account in a
Borrowing Base Certificate is in fact an Eligible Account.

       

      9.1.8        Financial
Statements.  The consolidated and consolidating balance sheets,
and related statements of income, cash flow and shareholder’s equity, of HHG and
its Subsidiaries that have been and are hereafter delivered to Agent, for itself
and on behalf of Lenders, are prepared in accordance with GAAP, and fairly
present the financial positions and results of operations of Loan Parties and
Subsidiaries at the dates and for the periods indicated.  All
projections delivered from time to time to Agent, for itself and on behalf of
Lenders, have been prepared in good faith, based on reasonable assumptions in
light of the circumstances at such time (it being understood that such
projections are subject to uncertainties and contingencies, many of which are
beyond the control of the Loan Parties and no assurances can be given that such
projections will be realized).  Since May 31, 2010,  there
has been no change in the condition, financial or otherwise, of any Loan Party
or Subsidiary that could reasonably be expected to have a Material Adverse
Effect.  No financial statement delivered to Agent or Lenders at any
time contains any untrue statement of a material fact, nor fails to disclose any
material fact necessary to make such statement not materially
misleading.

       

      9.1.9        Solvency.  Immediately
(with respect to HHG and its Subsidiaries on a consolidated basis and with
respect to the UK Borrower) and not later than thirty (30) days (with respect to
US Borrower), after the consummation of the transactions contemplated by this
Agreement and immediately before and following the making of each Loan (other
than, with respect to US Borrower, any Loan advanced on the Closing Date) and
the issuance of each Letter of Credit, if any (other than, with respect to US
Borrower, any Letter of Credit issued on the Closing Date), and after giving
effect to the application of the proceeds of such Loan or such issuance of a
Letter of Credit, each Borrower and HHG and its Subsidiaries on a consolidated
basis shall be Solvent.

       

      9.1.10      Taxes.  Each
Loan Party has filed all federal, state and local tax returns and other similar
reports that it is required by law to file, and has paid, or made provision for
the payment of, all Taxes upon it, its income and its Properties that are due
and payable, except to the extent being Properly Contested.  The
provision for Taxes on the books of each Loan Party and Subsidiary is adequate
for all years not closed by applicable statutes, and for its current Fiscal
Year.

       

      9.1.11      Brokers.  There
are no brokerage commissions, finder’s fees or investment banking fees payable
in connection with any transactions contemplated by the Loan
Documents.

       

      9.1.12      Intellectual
Property.  Each Loan Party owns or has the lawful right to use
all Intellectual Property necessary for the conduct of its business, without
conflict with any rights of others, except to the extent such failure could not
reasonably be expected to have a Material Adverse Effect.  To any Loan
Party’s knowledge, there is no pending or threatened in writing Intellectual
Property Claim with respect to any Loan Party that could reasonably be expected
to have a Material Adverse Effect.  Except as disclosed on Schedule
9.1.12, no Loan Party pays or owes any Royalties or other compensation to any
Person with respect to any Intellectual Property listed on Schedule 9.1.12,
except to the extent the failure to pay such Royalties could not reasonably be
expected to have a Material Adverse Effect.  All applied-for, granted
or registered material Intellectual Property used by any Loan Party on the
Signing Date (other than Intellectual Property licensed by a Loan Party) is
shown on Schedule 9.1.12. All licensed Intellectual Property used by any Loan
Party, for which such Loan Party pays in excess of $500,000 per year for such
license, is shown on Schedule 9.1.12.

       

      
        
          
          

        

        
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      9.1.13      Governmental
Approvals.  Each Loan Party has, is in compliance with, and is
in good standing with respect to, all Governmental Approvals necessary to
conduct its business and to own, lease and operate its Properties, except as
could not reasonably be expected to have a Material Adverse
Effect.  All necessary import, export or other licenses, permits or
certificates for the import or handling of any goods or other Collateral have
been procured and are in effect, and Loan Parties have complied with all foreign
and domestic laws with respect to the shipment and importation of any goods or
Collateral, except where noncompliance could not reasonably be expected to have
a Material Adverse Effect.

       

      9.1.14      Compliance with
Laws.  Each Loan Party has duly complied, and its Properties
and business operations are in compliance, in all material respects with all
Applicable Law, except where noncompliance could not reasonably be expected to
have a Material Adverse Effect.  As of the Signing Date and
thereafter, there are no citations, notices or orders of material noncompliance
issued to any Loan Party under any Applicable Law, except where such citations,
notices or orders could not reasonably be expected to have a Material Adverse
Effect.  No Inventory has been produced in violation of the FLSA,
except where such violation could not reasonably be expected to have a Material
Adverse Effect.

       

      9.1.15      Compliance with
Environmental Laws.  Except as disclosed on Schedule 9.1.15, no
Loan Party’s past or present operations, Real Estate or other Properties are
subject to any federal, national, state or local investigation to determine
whether any remedial action is needed to address any environmental pollution,
hazardous material or environmental clean-up.  As of the Signing Date,
no Loan Party has received any Environmental Notice, and any such notice
received thereafter shall promptly be delivered to Agent.  No Loan
Party has any contingent liability with respect to any Environmental Release,
environmental pollution or hazardous material on any Real Estate now or
previously owned, leased or operated by it, except as could not reasonably be
expected to have a Material Adverse Effect.

       

      9.1.16      Burdensome
Contracts.  No Loan Party is a party or subject to any
contract, agreement or charter restriction that could reasonably be expected to
have a Material Adverse Effect.  No Loan Party is party or subject to
any Restrictive Agreement, except as shown on Schedule 9.1.16, or as expressly
permitted under this Agreement, none of which prohibit the execution or delivery
of any Loan Documents by a Loan Party nor the performance by a Loan Party of any
obligations thereunder.

       

      9.1.17      Litigation.  Except
as shown on Schedule 9.1.17, there are no proceedings or investigations pending
or, to any Loan Party’s knowledge, threatened in writing against any Loan Party,
or any of their businesses, operations or Properties, that (a) relate to any
Loan Documents or transactions contemplated thereby; or (b) could reasonably be
expected to have a Material Adverse Effect.  No Loan Party is in
default with respect to any order, injunction or judgment of any Governmental
Authority, except as could not reasonably be expected to have a Material Adverse
Effect.

       

      
        
          
          

        

        
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      9.1.18      No
Defaults.  No event or circumstance exists that constitutes an
Event of Default.

       

      9.1.19      ERISA.  Except
as disclosed on Schedule 9.1.19, no Loan Party has any Multiemployer Plan or
Foreign Plan.  Each Loan Party is in compliance with the requirements
of all Applicable Law, including ERISA, relating to each Multiemployer Plan and
Foreign Plan, except to the extent the failure to comply could not be reasonably
expected to have a Material Adverse Effect.  No fact or situation
exists that could reasonably be expected to result in a Material Adverse Effect
in connection with any Multiemployer Plan or Foreign Plan.  No Loan
Party has any material withdrawal liability in connection with a Multiemployer
Plan or Foreign Plan.  All employer and employee contributions to
Foreign Plans, to the extent required by law or the terms of such plans, have
been made or accrued in accordance with normal accounting
principles.  Each Foreign Plan required to be registered has been
registered and is maintained in good standing with all applicable regulatory
authorities.

       

      9.1.20      UK Pension
Schemes.  All pension schemes of the UK Borrower and its
Subsidiaries that are organized under the laws of England are operated in
compliance with all pension and/or retirement benefit legislation (whether
national, federal, provincial, territorial, foreign or otherwise) applicable to
the UK Borrower or any such Subsidiary and are fully funded to the extent
required by any such applicable pension legislation based on reasonable
actuarial assumptions applicable in England, except to the extent that any such
non-compliance or absence of funding not reasonable be expected to have a
material adverse effect.

       

      9.1.21      Trade
Relations.  There exists no actual or threatened (in writing)
termination, limitation or modification of any business relationship between any
Loan Party and any customer or supplier, or any group of customers or suppliers,
which termination, limitation or modification would have a Material Adverse
Effect.  There exists no condition or circumstance that could
reasonably be expected to impair materially the ability of any Loan Party to
conduct its business at any time hereafter in substantially the same manner as
conducted on the Signing Date.

       

      9.1.22     
Labor
Relations.  Except as described on Schedule 9.1.21, no Loan
Party is party to or bound by any collective bargaining agreement, management
agreement or consulting agreement.  There are no material grievances,
disputes or controversies with any union or other organization of any Loan
Party’s employees, or, to any Loan Party’s knowledge, any asserted or threatened
(in writing) strikes, work stoppages or demands for collective bargaining by any
Loan Party’s employees that in any of the foregoing cases would have a Material
Adverse Effect.

       

      9.1.23      Payable
Practices.  Since March 31, 2010, no Loan Party has made any
material change in its accounts payable practices from those in effect on the
Signing Date.

       

      
        
          
          

        

        
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      9.1.24      Not a Regulated
Entity.  No Loan Party is (a) an “investment company” or a
“person directly or indirectly controlled by or acting on behalf of an
investment company” within the meaning of the Investment Company Act of 1940; or
(b) subject to regulation under the Federal Power Act, the Interstate Commerce
Act, any public utilities code or any other Applicable Law regarding its
authority to incur Debt.

       

      9.1.25      Margin
Stock.  No Loan Party is engaged, principally or as one of its
important activities, in the business of extending credit for the purpose of
purchasing or carrying any Margin Stock.  No Loan proceeds or Letters
of Credit will be used by Loan Parties to purchase or carry, or to reduce or
refinance any Debt incurred to purchase or carry, any Margin Stock or for any
related purpose governed by Regulations T, U or X of the Board of
Governors.

       

      9.1.26      Plan
Assets.  No Loan Party is an entity deemed to hold “plan
assets” within the meaning of 29 C.F.R. Sec.2510.3-101 of any “employee benefit
plan” (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA
or any “plan” (within the meaning of Section 4975 of the Code), and neither the
execution of this Agreement nor the funding of any Loans gives rise to a
prohibited transaction within the meaning of Section 406 of ERISA or Section
4975 of the Code.

       

      9.1.27     Centre of Main Interest and
Establishment.  For the purposes of The Council of the European
Union Regulation No. 1346/2000 on Insolvency Proceedings (the “Regulation”), the
centre of main interest (as that term is used under Article 3(1) of the
Regulation) of the UK Borrower is situated in England and Wales and it has no
“establishment” (as that term is used in Article 2(h) of the Regulation) in any
other jurisdiction.

       

      9.2           Complete
Disclosure.  To the best of our knowledge, no Loan Document
contains any untrue statement of a material fact as to the Loan Parties or HHG
and its Subsidiaries on a consolidated basis, nor fails to disclose any material
fact as to the Loan Parties or HHG and its Subsidiaries on a consolidated basis,
necessary to make the statements contained therein (taken as a whole) not
materially misleading on the date when made (it being understood that any
projections are subject to uncertainties and contingencies, many of which are
beyond the control of the Loan Parties and no assurances can be given that such
projections will be realized).  There is no fact or circumstance since
March 31, 2010  that any Loan Party has failed to disclose to Agent in
writing that could reasonably be expected to have a Material Adverse
Effect.

       

      9.3           Amendment of
Schedules.  Administrative Borrower may amend any one or more
of the Schedules to this Agreement (subject to prior notice to Agent) and any
representation, warranty, or covenant contained herein which refers to any such
Schedule shall from and after the date of any such amendment refer to such
Schedule as so amended and any Default or Event of Default that exists solely as
a result of the failure to amend such Schedule shall from and after the date of
any such amendment be waived automatically without further action by Agent or
the Lenders; provided, however, that in no event shall the failure to make an
immaterial amendment to any such Schedule constitute a Default or Event of
Default and; provided further, no Default
or Event of Default shall exist or have occurred by virtue of any changes
disclosed on such Schedules if the disclosed items would not have resulted in a
Default or Event of Default if disclosed on the Signing Date or Closing Date, as
applicable.

       

      
        
          
          

        

        
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        SECTION
10.  COVENANTS
AND CONTINUING AGREEMENTS

      

       

      10.1         Affirmative
Covenants.  Until Full Payment of the Obligations (other than
contingent obligations not yet due), each Borrower and Guarantor shall (and
shall cause each other Loan Party to), and, where specifically indicated below,
shall cause each Subsidiary to:

       

      10.1.1      Inspections;
Appraisals.

       

      (a)           Permit
Agent from time to time, subject (except when a Default or Event of Default
exists) to reasonable notice and during normal business hours, to (i) visit and
inspect the Properties of any Loan Party and, upon not less than 45 days notice,
any Pledged Subsidiary or Negative Pledged Subsidiary, and (ii) inspect, audit
and make extracts from any Loan Party’s, Pledged Subsidiary’s or Negative
Pledged Subsidiary’s books and records (provided that, to the
extent that the books and records of any Pledged Subsidiary or Negative Pledged
Subsidiary are located at any location other than that of a Loan Party, Agent
shall provide not less than 45 days notice prior to such inspection), and
discuss with its officers, employees, agents, advisors and independent
accountants such Loan Party’s, Pledged Subsidiary’s or Negative Pledged
Subsidiary’s business, financial condition, assets, prospects and results of
operations.  Lenders may participate in any such visit or inspection,
at their own expense.  Neither Agent nor any Lender shall have any
duty to any Loan Party, Pledged Subsidiary or Negative Pledged Subsidiary to
make any inspection, nor to share any results of any inspection, appraisal or
report with any Loan Party, Pledged Subsidiary or Negative Pledged
Subsidiary.  To the extent any appraisal or other information is
shared by Agent or a Lender with any Loan Party, Pledged Subsidiary or Negative
Pledged Subsidiary, such Loan Party, Pledged Subsidiary or Negative Pledged
Subsidiary acknowledges that it was prepared by Agent and Lenders for their
purposes and no Loan Party, Pledged Subsidiary or Negative Pledged Subsidiary
shall be entitled to rely upon it.

       

      (b)           Reimburse
Agent for all reasonable charges, costs and expenses of Agent in connection with
examinations of any Loan Party’s books and records or any other financial or
Collateral matters as Agent deems appropriate, up to three (3) times per Loan
Year; provided,
however, such
reimbursement shall be limited to two (2) times per Loan Year if and so long as
(x) Borrowers have achieved a Fixed Charge Coverage Ratio of greater than
1.25:1.00 as of the end of the most recent Fiscal Quarter for the twelve months
then ended and (y) average Excess Availability over the three month period prior
to any date of determination as calculated by Agent is greater than 35% of the
Borrowing Base; provided, however, that, if an examination is initiated during a
Default or Event of Default, all reasonable charges, costs and expenses therefor
shall be reimbursed by Loan Parties without regard to such
limits.  Subject to the foregoing, Loan Parties shall pay Agent’s then
standard charges for each day that an employee of Agent or its Affiliates is
engaged in any examination activities, and shall pay the standard charges of
Agent’s internal appraisal group.  This Section shall not be construed
to limit Agent’s right to conduct examinations or to obtain appraisals at any
time in its discretion, nor to use third parties for such purposes.

       

      10.1.2      Financial and Other
Information.  Keep adequate records and books of account with
respect to its business activities, in a manner to allow financial statements to
be prepared in accordance with GAAP, and furnish to Agent, for itself and on
behalf of Lenders:

       

      
        
          
          

        

        
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      (a)           as
soon as available, and in any event within ninety (90) days after the close of
each Fiscal Year, balance sheets as of the end of such Fiscal Year and the
related statements of income, cash flow and shareholders’ equity for such Fiscal
Year, on consolidated and consolidating bases for HHG and its Subsidiaries,
which consolidated statements shall be audited and certified (without
qualification as to “going concern” except with respect to Permitted
Acquisitions) by a firm of independent certified public accountants of
recognized standing selected by Loan Parties and acceptable to Agent (it being
understood that KPMG LLP is acceptable), and shall set forth in comparative form
corresponding figures for the preceding Fiscal Year and other information
acceptable to Agent;

       

      (b)           as
soon as available, and in any event within thirty (30) days after the end of
each month (but within sixty (60) days after the last month in a Fiscal Year),
unaudited balance sheets as of the end of such month and the related statements
of income and cash flow for such month and for the portion of the Fiscal Year
then elapsed, on consolidated and consolidating bases for HHG and its
Subsidiaries, setting forth in comparative form corresponding figures for the
preceding Fiscal Year and certified by a Senior Officer of Administrative
Borrower, on behalf of Borrowers and the other Loan Parties, as prepared in
accordance with GAAP and fairly presenting the financial position and results of
operations for such month and period, subject to audit and normal year end
adjustments and the absence of footnotes;

       

      (c)           concurrently
with delivery (which delivery may be made electronically) of financial
statements under Section 10.1.2(a) and under Section 10.1.2(b) above (with
respect to any month which ends at the end of a Fiscal Quarter), or more
frequently if requested by Agent while a Default or Event of Default exists, a
Compliance Certificate executed by a Senior Officer of Administrative Borrower,
on behalf of Borrowers and the other Loan Parties;

       

      (d)           Reserved;

       

      (e)           not
later than sixty (60) days after the beginning of each Fiscal Year, projections
of Loan Parties’ consolidated balance sheets, results of operations, cash flow
and Availability for the then current Fiscal Year, month by month;

       

      (f)           at
Agent’s request (but no more frequently than monthly unless a Weekly Reporting
Trigger has occurred), a listing of each Loan Party’s trade payables, specifying
the trade creditor and balance due, and a detailed trade payable aging, all in
form satisfactory to Agent;

       

      (g)           promptly
after the sending or filing thereof, copies of financial statements and reports
that HHG sends to its shareholders; and copies of any final regular or periodic
reports that HHG files with the Securities and Exchange Commission (it being
acknowledged that each Form 10K and Form 10Q publicly filed with the SEC shall
be deemed to be delivered to Agent upon such public filing); and all
registration statements (other than exhibits thereto and any registration
statements on Form S-8 or its equivalent);

       

      (h)           promptly
after the sending or filing thereof, copies of any annual report to be filed in
connection with each Plan or Foreign Plan; and

       

      
        
          
          

        

        
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      (i)           not
later than ten (10) days after Agent’s written request, such other reports and
information (financial or otherwise) as Agent may reasonably request from time
to time in connection with any Collateral or any Loan Party’s, financial
condition or business.

       

      10.1.3      Notices.  Notify
Agent, for itself and on behalf of Lenders, in writing, promptly after a Loan
Party’s obtaining knowledge thereof, of any of the following that affects a Loan
Party:  (a) the existence of any Default or Event of Default; and (b)
the discharge of or any withdrawal or resignation by Loan Parties’ independent
accountants.

       

      10.1.4      Landlord and Storage
Agreements.  In each case, upon request by Agent, provide Agent
with (a) copies of all material existing agreements, and (b) promptly after
execution thereof, copies of all material future agreements, in each case
between a Loan Party and any landlord party to a Landlord Waiver or Lien
Waiver.  To the extent required by a Landlord Waiver, Loan Parties
shall designate a representative to accompany Agent to the extent Agent enters
upon the premises for any reason.

       

      10.1.5      Compliance with
Laws.  Comply with all Applicable Laws, including ERISA,
Environmental Laws, FLSA, OSHA, Anti-Terrorism Laws, and laws regarding
collection and payment of Taxes, and maintain all Governmental Approvals
necessary to the ownership of its Properties or conduct of its business, unless
failure to comply (other than failure to comply with Anti-Terrorism Laws) or
maintain could not reasonably be expected to have a Material Adverse
Effect.  Without limiting the generality of the foregoing, if any
Environmental Release occurs which could reasonably be expected to have a
Material Adverse Effect at or on any Properties of any Loan Party or Subsidiary,
it shall act promptly and diligently to investigate and report to Agent and all
appropriate Governmental Authorities the extent of, and to make appropriate
remedial action to eliminate, such Environmental Release, whether or not
directed to do so by any Governmental Authority.

       

      10.1.6      Taxes.  Pay
and discharge all Taxes prior to the date on which they become delinquent or
penalties attach, unless such Taxes are being Properly Contested or except as
set forth on Schedule
10.1.6 hereto.

       

      10.1.7      Insurance.  In
addition to the insurance required hereunder with respect to Collateral,
maintain insurance with insurers (rated A or better by Best Rating Guide)
reasonably satisfactory to Agent, (a) with respect to the Properties and
business of Loan Parties and Subsidiaries of such type (including product
liability, workers’ compensation, larceny, embezzlement, or other criminal
misappropriation insurance), in such amounts, and with such coverages and
deductibles as are customary for companies similarly situated, and (b) if
requested by Agent, business interruption insurance in an amount  and
with deductibles reasonably satisfactory to Agent.

       

      10.1.8      Licenses.  (a)
Keep each License affecting any Collateral (including the manufacture,
distribution or disposition of Inventory) or any other material Property of Loan
Parties in full force and effect, except as could not reasonably be expected to
have a Material Adverse Effect; (b) promptly notify Agent of any proposed
modification to any such material License, or entry into any new material
License; (c) pay all Royalties when due except where the failure to pay the same
would not have a Material Adverse Effect; and (d) notify Agent of any default or
breach asserted by any Person to have occurred under any material License,
except where such default or breach could not reasonably be expected to have a
Material Adverse Effect.

       

      
        
          
          

        

        
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      10.1.9      Future
Subsidiaries.  Promptly notify Agent upon any Person organized
in the United States or the United Kingdom becoming a Subsidiary and, if such
Person is a Subsidiary organized in the United States or United Kingdom, cause
it to guaranty the Obligations in a manner reasonably satisfactory to Agent, and
to execute and deliver such documents, instruments and agreements and to take
such other actions as Agent shall reasonably require to evidence and perfect a
Lien in favor of Agent (for the benefit of Secured Parties) on all or
substantially all Property of such Person, including, if requested by Agent,
delivery of such legal opinions, in form and substance reasonably satisfactory
to Agent, as it shall deem appropriate.

       

      10.1.10    Negative
Pledge.  Ensure that no shares of the issued and outstanding
Capital Stock of entities having operations in Australia, France, the
Netherlands, Belgium and New Zealand (collectively, the “Negative Pledged
Subsidiaries”) shall be pledged to any other Person other than Agent; provided,
however, the shares of any direct or indirect Subsidiary of Hudson Highland
(APAC) Pty Ltd. or Hudson Global Resources (Aust) Pty Ltd. may be pledged to a
financier of that Subsidiary and such pledges constitute Permitted
Liens.

       

      10.2         Negative
Covenants.  Until Full Payment of the Obligations (other than
contingent obligations not yet due), no Borrower or Guarantor shall and, where
specifically indicated below, shall cause each Subsidiary not to:

       

      10.2.1      Permitted
Debt.  No Loan Party shall create, incur, guarantee or suffer
to exist any Debt, except:

       

      (a)           the
Obligations;

       

      (b)           Permitted
Purchase Money Debt and any Refinancing Debt in respect of such
indebtedness;

       

      (c)           Debt
(other than the Obligations and Permitted Purchase Money Debt), but only to the
extent outstanding or committed on the Signing Date and not satisfied with
proceeds of the initial Loans and any Refinancing Debt in respect
thereof;

       

      (d)           Bank
Product Debt and any Refinancing Debt in respect thereof;

       

      (e)           Permitted
Contingent Obligations and any Refinancing Debt in respect thereof;

       

      (f)           Refinancing
Debt as long as each Refinancing Condition is satisfied;

       

      (g)           Debt
that is not included in any of the other clauses of this Section, is not secured
by a Lien and does not exceed $4,000,000 in the aggregate at any time
outstanding;

       

      (h)           unsecured
Debt that is incurred in connection with a Permitted Acquisition solely for the
purpose of financing such Permitted Acquisition so long as (i) no Event of
Default has occurred and is continuing or would result therefrom, (ii) such
unsecured Debt is not incurred for working capital purposes, (iii) such
unsecured Debt does not mature prior to the date that is 12 months after the
Revolving Commitment Termination Date, (iv) such Debt is subordinated in right
of payment to the Obligations on terms and conditions reasonably satisfactory to
Agent, and (v) the only interest that accrues with respect to such Debt is
payable in kind;

       

      
        
          
          

        

        
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      (i)           Intercompany
Debt (including intercompany guaranty obligations) of any Loan Party to any
other Loan Party or Subsidiary or Affiliate of a Loan Party to the extent (i)
each such entity is not rendered insolvent and (ii) such Debt is subject to an
Intercompany Subordination Agreement in form and substance satisfactory to
Agent;

       

      (j)           Debt
of any Loan Party to any employee in connection with the redemption or
repurchase of Capital Stock arising from the death, termination or retirement of
such employee;

       

      (k)           Debt
set forth on Schedule 10.2.1;

       

      (l)           Debt
owed by, and letters of support extended in favor of, another Loan Party for
purposes of permitting such Loan Party to comply with capital requirements under
Applicable Law so long as such Loan Party is solvent;

       

      (m)           Debt
permitted under Section 10.2.8;

       

      (n)           Debt
in respect of Capital Leases not to exceed $2,000,000 in the aggregate at any
one time;

       

      (o)           Debt
consisting of Investments permitted pursuant to Section 10.2.5;

       

      (p)           Debt
incurred to pay premiums under policies of insurance and related interest due
thereunder;

       

      (q)           Debt
in respect of letters of credit or surety or other bonds issued for the account
of a Loan Party or any of its Subsidiaries in the Ordinary Course of
Business;

       

      (r)           endorsements
of instruments or other payment items for deposit in the Ordinary Course of
Business;

       

      (s)           Debt
that is deferred compensation and similar arrangements in the Ordinary Course of
Business;

       

      (t)           Debt
incurred in a Permitted Acquisition or permitted disposition under agreements
providing for indemnification, the adjustment to purchase price or similar
adjustments to the extent permitted in Section 10.2.8;

       

      (u)           Debt
attributable to credit card “charge-backs” incurred in the Ordinary Course of
Business;

       

      
        
          
          

        

        
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      (v)           To
the extent approved by Agent, Debt arising under Hedging
Agreements;

       

      (w)           Debt
and cash management obligations in respect of netting services, automatic
clearinghouse arrangements, overdraft protections, employee credit card programs
and other cash management and similar arrangements, in the Ordinary Course of
Business;

       

      (x)           Debt
arising from the honoring by a bank or other financial institution of a check,
draft or similar instrument drawn against insufficient funds in the Ordinary
Course of Business or other cash management services in the Ordinary Course of
Business; and

       

      (y)           Earn-outs
in connection with a Permitted Acquisition to the extent unsecured and not in
excess of $15,000,000 in the aggregate and any time.

       

      For
purposes of determining compliance with this Section 10.2.1, in the event that
an item of Debt meets the criteria of one or more of the categories of Debt
described in clauses (a) through (y) above, Loan Parties may, in their sole
discretion, classify and reclassify or later divide, classify or reclassify such
item of Debt (or any portion thereof) and will only be required to include the
amount and type of such Debt in one of the above clauses.

       

      10.2.2      Permitted
Liens.  Loan Parties shall not create or suffer to exist any
Lien upon any of its Property, except the following (collectively, “Permitted
Liens”):

       

      (a)           Liens
securing the Obligations;

       

      (b)           Purchase
Money Liens securing Permitted Purchase Money Debt or the interests of lessors
under equipment leases;

       

      (c)           Liens
for Taxes not yet due or being Properly Contested;

       

      (d)           Statutory
or common law Liens (other than Liens for Taxes or imposed under ERISA) arising
in the Ordinary Course of Business (including any statutory or common law
landlords’ lien under leases to which a Loan Party is a party and any Lien on
any landlord’s estate or interest in any property leased by a Loan Party), but
only if (i) payment of the obligations secured thereby is not yet due or is
being Properly Contested, and (ii) such Liens do not materially impair the value
or use of the Property or materially impair operation of the business of any
Loan Party or Subsidiary;

       

      (e)           Liens
incurred or deposits made in the Ordinary Course of Business to secure the
performance of tenders, bids, leases, contracts (except those relating to
Borrowed Money), statutory obligations and other similar obligations, or arising
as a result of progress payments under contracts, as long as such Liens at all
times junior to Agent’s Liens;

       

      (f)           Liens
arising by virtue of a judgment or judicial order against any Loan Party, or any
Property of a Loan Party, as long as such Liens are (i) in existence for less
than twenty (20) consecutive days or being Properly Contested, and (ii) at all
times junior to Agent’s Liens;

       

      
        
          
          

        

        
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      (g)           easements,
rights-of-way, restrictions, covenants or other agreements of record, and other
similar charges or encumbrances on Real Estate, that do not secure any monetary
obligation and do not materially interfere with the Ordinary Course of
Business;

       

      (h)           banker’s
liens and normal and customary rights of setoff (or similar rights and remedies)
upon deposits in favor of depository institutions, and Liens of a collecting
bank on Payment Items in the course of collection;

       

      (i)           existing
Liens shown on Schedule 10.2.2 and Liens securing Refinancing Debt; provided,
that, any Liens relating to such Refinancing Debt shall only attach to the
Property which was subject to the Liens so refinanced;

       

      (j)           Liens
securing Debt permitted under Section 10.2.1(e);

       

      (k)           pledges
or deposits in the Ordinary Course of Business in connection with workers’
compensation, unemployment insurance and other social security legislation,
other than any Lien imposed by ERISA;

       

      (l)           carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens
arising in the Ordinary Course of Business which are not overdue for a period of
more than 60 days or which are being Properly Contested;

       

      (m)           Liens
on policies of insurance to secure loans made by insurance companies to finance
the premiums for such policies;

       

      (n)           Liens
securing Debt or other obligations in respect of Capital Leases on assets
subject to such leases, provided that such Capital Leases are otherwise
permitted under this Agreement;

       

      (o)           Liens
on one or more deposit accounts of a Loan Party established and maintained for
the administration of credit card and other similar merchant services
transactions in the Ordinary Course of Business;

       

      (p)           Liens
arising from precautionary UCC financing statements (or similar filings) filed
in connection with leases;

       

      (q)           Liens
securing deferred compensation and similar arrangements not prohibited under
this Agreement;

       

      (r)           Liens
on amounts deposited as security for surety or appeal bonds in connection with
obtaining such bonds in the Ordinary Course of Business to the extent not
prohibited under this Agreement;

       

      (s)           Liens
securing reimbursement obligations incurred in the Ordinary Course of Business
for letters of credit, which Liens encumber only goods, or documents of title
covering goods, which are purchased in transactions for which such letters of
credit are issued;

       

      (t)           Liens
arising in the Ordinary Course of Business that are subject to Lien
Waivers;

       

      
        
          
          

        

        
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      (u)           leases
or subleases and licenses or sublicenses granted to others in the Ordinary
Course of Business and not interfering in any material respect with the business
of the Loan Party; and

       

      (v)           other
Liens securing Debt in an aggregate amount not to exceed
$1,000,000.

       

      10.2.3     
Reserved.

       

      10.2.4    
 Dividends and
Distributions.  No Borrower shall declare, pay or make any
dividend or distribution on any shares of the Capital Stock to the extent such
dividend or distribution would render such Borrower insolvent; nor shall HHG
declare, pay or make any dividend or distribution on any shares of its Capital
Stock, except that:

       

      (a)           HHG
may make a Restricted Payment with respect to its Capital Stock payable solely
in additional shares of its Capital Stock;

       

      (b)           HHG
may make dividends or distributions to its shareholders in an aggregate amount
not to exceed  $5,000,000 in any Fiscal Year, so long as (i) no
Default or Event of Default shall have occurred and be continuing, (ii)
Borrowers’ average Liquidity for the immediately preceding ninety (90) days is
not less than  $17,000,000, (iii) after giving effect to such
Restricted Payments and any Revolving Loans funded in connection therewith,
Borrowers shall have a minimum pro forma Liquidity as of the date of
consummation of such Restricted Payments and on an average basis for the ninety
(90) days immediately thereafter of not less than  $15,000,000 and
(iv) the Fixed Charge Coverage Ratio on a trailing twelve (12) month basis based
upon the most recent financial statements furnished and as projected on a pro
forma basis for the twelve (12) months immediately following the making of such
Restricted Payment will be equal to or greater than 1.25 to 1.0;

       

      (c)           so
long as no Default or Event of Default shave have occurred and be continuing,
Borrowers may make a Restricted Payment to HHG to permit HHG to redeem or
repurchase Capital Stock in HHG (or outstanding options to acquire Capital Stock
in HHG) held by any of its stockholders upon the death, disability or
termination of employment of any such stockholder, provided that the aggregate
of all such redemptions and repurchases shall not exceed  $5,000,000
in the aggregate after the Signing Date; and

       

      (d)           any
Loan Party may make a Restricted Payment to HHG to pay professional fees,
franchise taxes and other ordinary course of business operating expenses
(excluding salaries and other employee compensation) incurred by HHG solely in
its capacity as parent corporation of Loan Parties.

       

      10.2.5      Restricted
Investments.  Loan Parties shall not make any Restricted
Investment other than:

       

      (a)           Investments
of any Loan Party in any other Loan Party to the extent such Investment would
not render such Borrower insolvent;

       

      
        
          
          

        

        
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      (b)           Investments
of any Loan Party in any Subsidiary in an aggregate amount outstanding at any
time not to exceed $5,000,000 provided there is no Event of Default and the
investor is solvent at the time the Investment is made and after giving effect
thereto;

       

      (c)           Investments
in, and letters of support in favor of, Subsidiaries or Affiliates made (i) for
purposes of permitting such Subsidiary or Affiliate to comply with capital
requirements under Applicable Law provided there is no Event of Default at the
time the Investment is made and after giving effect thereto or (ii) in
connection with tax planning, provided that, with
respect to this clause (ii), (x) there is no Event of Default at the time the
Investment is made and immediately after giving effect thereto, and (y) Loan
Parties shall have Excess Availability plus Qualified Cash in an amount not less
than $10,000,000 at the time such Investment for tax planning purposes is made
and immediately after giving effect thereto;

       

      (d)           Investments
received in satisfaction or partial satisfaction thereof from financially
troubled account debtors to the extent reasonably necessary in order to prevent
or limit loss

       

      (e)           Investments
permitted by Section 10.2.1;

       

      (f)           Investments
set forth on Schedule 10.2.5, including any increases therein to the extent
committed prior to the Signing Date and indicated on such schedule;

       

      (g)           Guaranties
of leases (other than Capital Leases) entered into in the Ordinary Course of
Business;

       

      (h)           Investments
in joint ventures set forth on Schedule 10.2.5; and

       

      (i)           
Provided no Event of Default exists at the time of such Investment, other
Investments in an aggregate amount outstanding at any time not to exceed
$3,000,000.

       

      (j)           advances
or prepayments to suppliers;

       

      (k)           non-cash
Investments in connection with recapitalizations;

       

      (l)         
  Investments in the Ordinary Course of Business consisting of
endorsements for collection or deposit;

       

      (m)          advances
in connection with purchases of goods or services in the Ordinary Course of
Business;

       

      (n)           Investments
consisting of Federal Deposit Insurance Corporation insured deposit accounts
which are maintained in the Ordinary Course of Business in connection with cash
management systems;

       

      (o)           Investments
consisting of accounts receivable created, acquired or made by any account
debtor in the Ordinary Course of Business and payable or dischargeable in
accordance with customary trade terms

       

      
        
          
          

        

        
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      (p)          Investments
resulting from pledges and deposits constituting Permitted Liens;

       

      (q)          Investments
made in the Ordinary Course of Business in connection with obtaining,
maintaining or renewing customer contracts so long as the aggregate amount of
all such Investments made after the Signing Date does not exceed $500,000;
provided, however, that any returns on such Investments recovered by a Loan
Party shall be deemed to reduce, on a dollar for dollar basis, the amount of
such Investments for purposes of calculating compliance with the foregoing
limit; and

       

      (r)           Permitted
Acquisitions pursuant to Section 10.2.6 hereof.

       

      For purposes of covenant compliance,
the amount of any Investment shall be the amount actually invested, without
adjustment for subsequent increases or decreases in the value of such
Investment.

       

      10.2.6      Permitted
Acquisitions.  So long as no Default or Event of Default has
occurred and is continuing and shall not have occurred immediately after giving
effect to any of the transactions otherwise permitted pursuant to this Section
10.2.6, each Loan Party may acquire all or a substantial part of the assets or
property or Capital Stock of any Person or any business unit or division of any
Person (the “Target”), subject to the satisfaction of each of the following
conditions (in each case, a “Permitted Acquisition”):

       

      (a)           Agent
shall receive at least 15 Business Days’ prior written notice of such proposed
Permitted Acquisition, which notice shall include a reasonably detailed
description of such proposed Permitted Acquisition;

       

      (b)           the
Target’s assets shall only comprise a business of the type engaged in by Loan
Parties as of the Signing Date or ancillary businesses reasonably related to the
business engaged in by Loan Parties as of the Signing Date;

       

      (c)           the
total cash and non-cash consideration (including, without limitation, assumption
of Debt) for all Permitted Acquisitions under this Section 10.2.6 shall not
exceed $25,000,000 for cash consideration and $25,000,000 for non-cash
consideration in the aggregate during each fiscal year;

       

      (d)           the
Target shall have EBITDA of not less than $500,000 in aggregate for the four (4)
Fiscal Quarters (taken as a whole) preceding the date of the Permitted
Acquisition, calculation of which shall be reasonably acceptable to
Agent;

       

      (e)           at
or prior to the closing of any Permitted Acquisition, Agent will be granted a
first priority perfected security interest and lien (subject to any Permitted
Liens) in all assets (to the extent the same are acquired by a Loan Party as of
the date of such Permitted Acquisition) or Capital Stock in the Target on the
same terms and conditions set forth in Section 7, and the Collateral shall not
be subject to any liens or encumbrances other than Permitted Liens, and the
Target shall have executed such documents and taken such actions as may be
reasonably required by Agent in connection therewith; provided, however, the
foregoing requirement shall only apply to any Target which is formed or located
in the United States or the United Kingdom;

       

      
        
          
          

        

        
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      (f)           concurrently
with delivery of the notice referred to in clause (a) above, Administrative
Borrower shall have delivered to Agent, in form and substance reasonably
satisfactory to Agent, a pro forma consolidated balance sheet, income statement
and cash flow statement of Loan Parties and their Subsidiaries, based on recent
financial statements and assumptions believed by Loan Parties to be reasonable
at the time made and which shall, among other things and without limitation,
project continued compliance with all financial covenants set forth in this
Agreement;

       

      (g)           on
or prior to the date of such Permitted Acquisition, Agent shall have received,
in form and substance reasonably satisfactory to Agent, copies of the
acquisition agreement and related material agreements and instruments, and all
opinions, certificates, lien search results and other documents reasonably
requested by Agent;

       

      (h)           Borrowers,
on a pro forma basis, after giving effect to the Permitted Acquisition, shall
have Liquidity of not less than $15,000,000; provided, however, if the
aggregate cash purchase price for all Permitted Acquisitions consummated during
the previous six (6) month is $10,000,000 or less, then Borrowers shall have
Liquidity of not less than $10,000,000; and

       

      (i)           concurrently
with consummation of the Permitted Acquisition under this Section 10.2.5,
Administrative Borrower shall have delivered to Agent a certificate stating that
the foregoing conditions have been satisfied other than those conditions
requiring satisfaction by Agent.

       

      Notwithstanding
the foregoing, the Accounts of the Target shall not be included in the Borrowing
Base without the prior written consent of Agent; provided, however, to the
extent the Borrowing Base would increase by more than 15% as a result of the
inclusion of the Accounts of Target, then Borrowers shall have received the
prior written consent of Required Lenders.

       

      10.2.7     
Disposition of
Assets.  No Loan Party shall make any Asset Disposition, other
than

       

      (a)           an
Asset Disposition of Inventory in the Ordinary Course of Business;

       

      (b)           an
Asset Disposition of Equipment and other Property that, in the aggregate during
any twelve (12) month period, has a fair market value of $4,000,000 or
less;

       

      (c)           an
Asset Disposition of Inventory or other Property that is obsolete, surplus,
unmerchantable, worn-out or otherwise unsalable in the Ordinary Course of
Business;

       

      (d)           an
Asset Disposition that is a termination of a lease of real or personal Property
that is not necessary for the Ordinary Course of Business, could not reasonably
be expected to have a Material Adverse Effect and does not result from a Loan
Party’s default;

       

      (e)           an
Asset Disposition that is approved in writing by Agent and Required Lenders as a
“Permitted Asset Disposition”;

       

      
        
          
          

        

        
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      (f)           dispositions
of Property (including but not limited to Intellectual Property rights) that is
no longer necessary, used or useful for such Loan Party’s business as conducted
prior thereto or thereafter contemplated;

       

      (g)           dispositions
of Property to the extent that (i) such property is exchanged for credit against
the purchase price of similar replacement property or (ii) the proceeds of such
disposition are reasonably promptly applied to the purchase price of such
replacement property;

       

      (h)           a
disposition of Equipment under Section 8.5.2;

       

      (i)           a
transfer of Property by a Subsidiary of any Loan Party to a Loan
Party;

       

      (j)           dispositions
of Property between and among Loan Parties;

       

      (k)           dispositions
permitted by Section 10.2.5, 10.2.6 and/or 10.2.10;

       

      (l)           sale-leaseback
transactions in connection with financing of equipment or other property used in
the Ordinary Course of Business of a Loan Party that is not prohibited under
this Agreement;

       

      (m)           licensing,
on a non-exclusive basis, of Intellectual Property in the Ordinary Course of
Business;

       

      (n)           voluntary
termination by a Loan Party of a Hedging Agreement; and

       

      (o)           transfers
of cash or Cash Equivalents that are in the Ordinary Course of Business provided
that transferor is not rendered insolvent.

       

      10.2.8      Loans.  No
Loan Party shall make any loans or other advances of money to any Person, except
(a) investments permitted pursuant to Sections 10.2.1 and 10.2.5; (b) advances
to an officer, director or employee for salary, travel expenses, commissions,
entertainment and similar items in the Ordinary Course of Business; (c) prepaid
expenses and extensions of trade credit made in the Ordinary Course of Business;
(d) deposits with financial institutions and other Persons permitted hereunder;
and (e) as long as no Default or Event of Default exists and each Company
remains solvent after the making of such loan, intercompany loans by a Loan
Party to another Loan Party or a Subsidiary of a Loan Party.

       

      10.2.9      Restrictions on Payment of
Certain Debt.  Other than Refinancing Debt to the extent the
Refinancing Conditions have been satisfied, no Loan Party shall make any
voluntary prepayment, redemption, retirement, defeasance or acquisition) with
respect to any Borrowed Money (other than the Obligations) prior to its due date
under the agreements evidencing such Debt as in effect on the Signing Date (or
as amended thereafter which amendments shall be, for purposes of this Section,
with the consent of Agent if such amendment could reasonably be expected to have
a Material Adverse Effect).

       

      10.2.10    Fundamental
Changes.  No Loan Party shall (a) other than Permitted
Acquisitions, merge, combine or consolidate with any Person, or liquidate, wind
up its affairs or dissolve itself, in each case whether in a single transaction
or in a series of related transactions; except, that, with respect to this
Section 10.2.10(a), (i) any wholly-owned Subsidiary of any Loan Party (other
than any Borrower or Guarantor) may merge with and into or consolidate with any
other wholly-owned Subsidiary of any Loan Party (provided that any Borrower or
Guarantor may merge with and into or consolidate with any other wholly-owned
Subsidiary of any Loan Party in the event that such Borrower or such Guarantor
shall be the surviving entity), and (ii) any Borrower may merge with and into or
consolidate with any other Borrower and any Guarantor may merge with and into or
consolidate with any other Guarantor; provided, that, in each case, each of the
following conditions is satisfied:  (A) Agent shall have received not
less than ten (10) Business Days’ prior written notice of the intention of such
entities to so merge or consolidate, which notice shall set forth in reasonable
detail satisfactory to Agent, the Persons that are merging or consolidating,
which Person will be the surviving entity, the principal locations of the assets
of the persons that are merging or consolidating, and the material agreements
and documents relating to such merger or consolidation, (B) Agent shall have
received such other information with respect to such merger or consolidation as
Agent may reasonably request, (C) as of the effective date of the merger or
consolidation and after giving effect thereto, no Event of Default shall exist,
(D) Agent shall have received, true, correct and complete copies of all material
agreements, documents and instruments relating to such merger or consolidation,
including, but not limited to, the certificate or certificates of merger to be
filed with each appropriate Secretary of State (with a copy as filed promptly
after such filing), and (E) the surviving corporation shall expressly confirm,
ratify and assume the Obligations and the Loan Documents to which it is a party
in writing, in form and substance satisfactory to Agent, and Borrowers and
Guarantors shall execute and deliver such other agreements, documents and
instruments as Agent may reasonably request in connection therewith; or (b)
change its tax, charter or other organizational identification number; or (c)
change its name or conduct business under any fictitious name; or (d) change its
form or state of organization; except, that, with respect to any change under
Section 10.2.10(b), (c) and (d) above, any Loan Party may make such change so
long as (i) Agent shall have received, at least ten (10) days prior to the
filing thereof, written notice, and (ii) promptly after the filing thereof,
Agent shall have received certified copies of all documentation filed with the
appropriate Governmental Authority evidencing such change.

       

      
        
          
          

        

        
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      10.2.11    Subsidiaries.  No
Loan Party shall (a)  form or acquire any Subsidiary in the United
States or the United Kingdom after the Signing Date, except in accordance with
Sections 10.1.9, 10.2.5 and 10.2.6 (provided that Loan Parties shall notify
Agent of the formation of any Subsidiary); or (b) permit any existing Subsidiary
in the US or UK to issue any additional Capital Stock except director’s
qualifying shares or Capital Stock issued to a Loan Party or to the immediate
parent of such Subsidiary; provided, that, any such Capital Stock issued to a
Loan Party shall be promptly pledged by such Loan Party to Agent and Secured
Parties.

       

      10.2.12    Organic
Documents.  No Loan Party shall amend, modify or otherwise
change any of its Organic Documents as in effect on the Signing Date, except as
could not be reasonably expected to have a Material Adverse Effect.

       

      10.2.13    Tax
Consolidation.  No Loan Party shall file or consent to the
filing of any consolidated income tax return with any Person other than Loan
Parties and Subsidiaries.

       

      
        
          
          

        

        
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      10.2.14    Accounting
Changes.  Make any material change in accounting treatment or
reporting practices, except as required or permitted by GAAP and in accordance
with Section 1.2; or change its Fiscal Year.

       

      10.2.15    Restrictive
Agreements.  No Loan Party shall become a party to any
Restrictive Agreement, except (a) a Restrictive Agreement as in effect on the
Signing Date and shown on Schedule 9.1.16 (and renewals, amendments and
replacements thereof); (b) a Restrictive Agreement relating to secured or
unsecured Debt permitted hereunder (and renewals, amendments and replacements
thereof); (c) customary provisions in leases, Licenses and other contracts
restricting assignment thereof; and (d) customary provisions in purchase and
sale agreements to be executed by Loan Parties in connection with a Permitted
Asset Disposition.

       

      10.2.16    Hedging
Agreements.  No Loan Party shall enter into any Hedging
Agreement, except to hedge risks arising in the Ordinary Course of Business and
not for speculative purposes.

       

      10.2.17    Conduct of
Business.  No Loan Party shall engage in any business, other
than the business of any Loan Party as conducted on the Signing Date and any
business reasonably related, ancillary or complementary to the business in which
any Loan Party is engaged on the Signing Date.

       

      10.2.18    Affiliate
Transactions.  No Loan Party shall enter into or be party to
any transaction with an Affiliate, except:

       

      (a)           transactions
contemplated or otherwise permitted by the Loan Documents;

       

      (b)           payment
of reasonable compensation (including severance pay as applicable) and employee
benefits to officers and employees for services actually rendered;

       

      (c)           payment
of customary directors’ fees and indemnities and other reasonable management,
consulting, monitoring and advisory fees;

       

      (d)           transactions
solely among Loan Parties subject to the solvency of such Loan Parties following
such transaction;

       

      (e)           transactions
permitted by Section 10.2.5 (c) and (k);

       

      (f)           transactions
with Affiliates that were consummated prior to the Signing Date;

       

      (g)           transactions
with Affiliates in the Ordinary Course of Business, upon fair and reasonable
terms (fully disclosed to Agent if they involve one or more payments by a
Borrower in excess of $1,000,000 in the aggregate during any Fiscal Year) and no
less favorable than would be obtained in a comparable arm’s-length transaction
with a non-Affiliate.

       

      10.2.19   
Plans.  No
Loan Party shall become party to any Multiemployer Plan or Foreign Plan, other
than any in existence on the Signing Date.

       

      
        
          
          

        

        
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      10.3          Financial
Covenants.  Until Full Payment of the Obligations (other than
contingent obligations not yet due), Borrowers shall:

       

      10.3.1      Minimum
EBITDA.  Upon a Fixed Charge Coverage Trigger Event and
thereafter, achieve EBITDA for the applicable 12 month period, calculated on a
combined basis with respect to HGRM and HGR UK of at least $500,000 during the
Fiscal Years 2010 and 2011 and $1,000,000 thereafter, in each case calculated at
the end of each Fiscal Quarter for the four Fiscal Quarters then
ending.

       

      10.3.2      Fixed Charge Coverage
Ratio.  Upon a Fixed Charge Coverage Trigger Event, achieve a
Fixed Charge Coverage Ratio of at least 1.1 to 1.0, calculated at the end of
each Fiscal Quarter.

       

      
        SECTION
11.  EVENTS
OF DEFAULT; REMEDIES ON DEFAULT

      

       

      11.1         Events of
Default.  Each of the following shall be an “Event of Default”
hereunder, if the same shall occur for any reason whatsoever, whether voluntary
or involuntary, by operation of law or otherwise:

       

      (a)           Any
Loan Party fails to pay any Obligations when due (whether at stated maturity, on
demand, upon acceleration or otherwise);

       

      (b)           Any
representation or warranty of any Loan Party made in or in connection with any
Loan Documents or transactions contemplated thereby or in any amendment or
modification thereof or waiver thereunder, is incorrect or misleading in any
material respect when given or deemed given;

       

      (c)           Any
Loan Party breaches or fails to perform any covenant contained in Sections 7.2,
8.1, 8.4, 8.7.2, 10.1.1, 10.1.2, 10.2 or 10.3;

       

      (d)           Any
Loan Party breaches or fails to perform any other covenant contained in any Loan
Documents (including any UK Security Document), and such breach or failure is
not cured within twenty (20) days after a Senior Officer of such Loan Party has
knowledge thereof or receives notice thereof from Agent, whichever is sooner;
provided, however, that, such notice and
opportunity to cure shall not apply if the breach or failure to perform is not
capable of being cured within such period or is a willful breach by a Loan
Party;

       

      (e)           Any
Guarantor repudiates, revokes or attempts to revoke its Guaranty; any Loan Party
denies or contests the validity or enforceability of any Loan Documents or
Obligations, or the perfection or priority of any Lien granted to Agent; or any
Loan Document ceases to be in full force or effect for any reason (other than a
waiver or release by Agent and Lenders);

       

      (f)           (i)
except as provided in clause (ii) below, any breach or default of a Loan Party
or Pledged Subsidiary occurs under any document, instrument or agreement
(including any Material Contract) to which it is a party or by which it or any
of its Properties is bound, relating to any Borrowed Money (other than the
Obligations) having an aggregate outstanding principal amount in excess of
$5,000,000, if the maturity of or any payment with respect to such Borrowed
Money has been accelerated or demanded due to such breach or (ii) with respect
to any credit agreement between the Commonwealth Bank of Australia ABN (or any
successor lender thereto) and Hudson Global Resources (Aust) Pty Limited, Hudson
Highland (APAC) Pty Limited  or any other Affiliate of a Loan Party,
(x) any payment default or (y) any event of default capable of resulting in
remedial action that is not cured or waived within thirty (30) days of the
occurrence thereof;

       

      
        
          
          

        

        
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      (g)           Any
judgment or order for the payment of money is entered against a Loan Party in an
amount that exceeds, individually or cumulatively with all unsatisfied judgments
or orders against all Loan Party,  $3,000,000 (net of any insurance
coverage therefor acknowledged in writing by the insurer), unless a stay of
enforcement of such judgment or order is in effect, by reason of a pending
appeal or otherwise, unless such judgment is discharged or satisfied in full, in
each case within thirty (30) days;

       

      (h)           Any
loss, theft, damage or destruction occurs with respect to any Collateral if the
amount not covered by insurance exceeds $3,000,000;

       

      (i)           Any
Loan Party is enjoined, restrained or in any way prevented by any Governmental
Authority from conducting any material part of its business; there is a
cessation of any material part of a Loan Party’s business for a material period
of time; any material Collateral or Property of a Loan Party is taken or
impaired through condemnation; any Loan Party agrees to or commences any
liquidation, dissolution or winding up of its affairs (except as permitted by
Section 10.2.10); or any Loan Party ceases to be Solvent;

       

      (j)           (i)
Any Insolvency Proceeding is commenced by any Loan Party; (ii) an Insolvency
Proceeding is commenced against any Loan Party and such Loan Party consents to
the institution of the proceeding against it, the petition commencing the
proceeding is not timely controverted by such Loan Party, such petition is not
dismissed within forty-five (45) days after its filing, or an order for relief
is entered in the proceeding; (iii) a trustee (including an interim trustee) is
appointed to take possession of any substantial Property of or to operate any of
the business of any Loan Party; or (iv) any Loan Party makes an offer of
settlement, extension or composition to its unsecured creditors
generally;

       

      (k)           A
Reportable Event occurs that constitutes grounds for termination by the Pension
Benefit Guaranty Corporation of any Multiemployer Plan or appointment of a
trustee for any Multiemployer Plan; any Multiemployer Plan is terminated or any
such trustee is requested or appointed; any Loan Party is in “default” (as
defined in Section 4219(c)(5) of ERISA) with respect to payments to a
Multiemployer Plan resulting from any withdrawal therefrom; or any event similar
to the foregoing occurs or exists with respect to a Foreign Plan;

       

      (l)           Any
Loan Party or any of its Senior Officers is criminally indicted or convicted for
(i) a felony committed in the conduct of such Loan Party’s business, or (ii) any
state or federal law (including the Controlled Substances Act, Money Laundering
Control Act of 1986 and Illegal Exportation of War Materials Act) that could
lead to forfeiture of any material Property or any Collateral;

       

      (m)           A
Change of Control occurs; or

       

      
        
          
          

        

        
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      (n)           Any
event occurs or condition exists that has a Material Adverse
Effect.

       

      11.2         Remedies upon
Default.  If an Event of Default described in Section 11.1(j)
occurs with respect to any Loan Party, then to the extent permitted by
Applicable Law, all Obligations shall become automatically due and payable and
all Commitments shall terminate, without any action by Agent or notice of any
kind.  In addition, if any Event of Default exists, Agent may in its
discretion (and shall upon written direction of Required Lenders) do any one or
more of the following from time to time:

       

      (a)           declare
any Obligations immediately due and payable, whereupon they shall be due and
payable without diligence, presentment, demand, protest or notice of any kind,
all of which are hereby waived by Loan Parties to the fullest extent permitted
by law;

       

      (b)           terminate,
reduce or condition any Commitment, or make any adjustment to the Borrowing
Base;

       

      (c)           require
Loan Parties to Cash Collateralize LC Obligations, Bank Product Debt and other
Obligations that are contingent or not yet due and payable, and, if Loan Parties
fail promptly to deposit such Cash Collateral, Agent may (and shall upon the
direction of Required Lenders) advance the required Cash Collateral as Revolving
Loans (whether or not an Overadvance exists or is created thereby, or the
conditions in Section 6 are satisfied); and

       

      (d)           exercise
any other rights or remedies afforded under any Loan Document, by law, at equity
or otherwise, including the rights and remedies of a secured party under the
UCC.  Such rights and remedies include the rights to (i) take
possession of any Collateral; (ii) require Loan Parties to assemble Collateral,
at Loan Parties’ expense, and make it available to Agent at a place designated
by Agent; (iii) enter any premises where Collateral is located and store
Collateral on such premises until sold (and if the premises are owned or leased
by a Loan Party, Loan Parties agree not to charge for such storage); and (iv)
sell or otherwise dispose of any Collateral in its then condition, or after any
further manufacturing or processing thereof, at public or private sale, with
such notice as may be required by Applicable Law, in lots or in bulk, at such
locations, all as Agent, in its discretion, deems advisable.  Each
Loan Party agrees that ten (10) days notice of any proposed sale or other
disposition of Collateral by Agent shall be reasonable.  Agent shall
have the right to conduct such sales on any Loan Party’s premises, without
charge, and such sales may be adjourned from time to time in accordance with
Applicable Law.  Agent shall have the right to sell, lease or
otherwise dispose of any Collateral for cash, credit or any combination thereof,
and Agent may purchase any Collateral at public or, if permitted by law, private
sale and, in lieu of actual payment of the purchase price, may set off the
amount of such price against the Obligations.

       

      11.3         License.  Upon the
occurrence and during the continuance of an Event of Default (and provided Agent
has obtained any necessary consents of third parties), Agent is hereby granted
an irrevocable, non-exclusive license or other right to use, license or
sub-license (without payment of royalty or other compensation to any Person),
under the same quality control standards required under the license, any or all
Intellectual Property of Loan Parties, computer hardware and software, trade
secrets, brochures, customer lists, promotional and advertising materials,
labels, packaging materials and other Property, in advertising for sale,
marketing, selling, collecting, completing manufacture of, or otherwise
exercising any rights or remedies with respect to, any Collateral if an Event of
Default exists.  Each Loan Party’s rights and interests under
Intellectual Property shall inure to Agent’s benefit, except as would otherwise
invalidate such Intellectual Property.

       

      
        
          
          

        

        
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      11.4         Setoff.

       

      11.4.1      Setoff
Generally.  Agent, Lenders and their Affiliates are each
authorized by Loan Parties at any time during an Event of Default, without
notice to Loan Parties or any other Person, to set off and to appropriate and
apply any deposits (general or special), funds, claims, obligations, liabilities
or other Debt at any time held or owing by Agent, any Lender or any such
Affiliate to or for the account of any Loan Party against any Obligations,
whether or not demand for payment of such Obligation has been made, any
Obligations have been declared due and payable, are then due, or are contingent
or unmatured, or the Collateral or any guaranty or other security for the
Obligations is adequate.

       

      11.4.2      Setoff Under Jersey
Law.  For the avoidance of doubt and without prejudice to any
other rights that the Agent and/or Lenders may have, for the purposes of the
Bankruptcy (Netting, Contractual Subordination and Non-Petition Provisions)
(Jersey) Law 2005 (the “Netting Law”), this Agreement constitutes an “agreement”
and this Section 11.4 is a “set-off provision” as defined in the Netting
Law.

       

      11.5         Remedies
Cumulative; No Waiver; Commercial Reasonableness.

       

      11.5.1      Cumulative
Rights.  All covenants, conditions, provisions, warranties,
guaranties, indemnities and other undertakings of Loan Parties contained in the
Loan Documents are cumulative and not in derogation or substitution of each
other.  In particular, the rights and remedies of Agent and Lenders
are cumulative, may be exercised at any time and from time to time, concurrently
or in any order, and shall not be exclusive of any other rights or remedies that
Agent and Lenders may have, whether under any agreement, by law, at equity or
otherwise.

       

      11.5.2      Waivers.  The
failure or delay of Agent or any Lender to require strict performance by Loan
Parties with any terms of the Loan Documents, or to exercise any rights or
remedies with respect to Collateral or otherwise, shall not operate as a waiver
thereof nor as establishment of a course of dealing.  All rights and
remedies shall continue in full force and effect until Full Payment of all
Obligations.  No modification of any terms of any Loan Documents
(including any waiver thereof) shall be effective, unless such modification is
specifically provided in a writing directed to Loan Parties and executed by
Administrative Borrower, on behalf of Borrowers, and Agent or the requisite
Lenders, and such modification shall be applicable only to the matter
specified.  No waiver of any Default or Event of Default shall
constitute a waiver of any other Default or Event of Default that may exist at
such time, unless expressly stated.  If Agent or any Lender accepts
performance by any Loan Party under any Loan Documents in a manner other than
that specified therein, or during any Default or Event of Default, or if Agent
or any Lender shall delay or exercise any right or remedy under any Loan
Documents, such acceptance, delay or exercise shall not operate to waive any
Default or Event of Default nor to preclude exercise of any other right or
remedy.  It is expressly acknowledged by Loan Parties that any failure
to satisfy a financial covenant on a measurement date shall not be cured or
remedied by satisfaction of such covenant on a subsequent date.

       

      
        
          
          

        

        
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      11.5.3      Commercial
Reasonableness.  To the extent that applicable law imposes
duties on Agent or any Lender to exercise remedies in a commercially reasonable
manner (which duties cannot be waived under such law), each Loan Party
acknowledges and agrees that it is not commercially unreasonable for Agent or
any Lender (a) to fail to incur expenses reasonably deemed significant by Agent
or any Lender to prepare Collateral for disposition or otherwise to complete raw
material or work in process into finished goods or other finished products for
disposition, (b) to fail to obtain third party consents for access to Collateral
to be disposed of, or to obtain or, if not required by other law, to fail to
obtain consents of any Governmental Authority or other third party for the
collection or disposition of Collateral to be collected or disposed of, (c) to
fail to exercise collection remedies against account debtors, secondary obligors
or other persons obligated on Collateral or to remove liens or encumbrances on
or any adverse claims against Collateral, (d) to exercise collection remedies
against account debtors and other persons obligated on Collateral directly or
through the use of collection agencies and other collection specialists, (e) to
advertise dispositions of Collateral through publications or media of general
circulation, whether or not the Collateral is of a specialized nature, (f) to
contact other persons, whether or not in the same business as any Loan Party,
for expressions of interest in acquiring all or any portion of the Collateral,
(g) to hire one or more professional auctioneers to assist in the disposition of
Collateral, whether or not the collateral is of a specialized nature, (h) to
dispose of Collateral by utilizing Internet sites that provide for the auction
of assets of the types included in the Collateral or that have the reasonable
capability of doing so, or that match buyers and sellers of assets, (i) to
dispose of assets in wholesale rather than retail markets, (j) to disclaim
disposition warranties, (k) to purchase insurance or credit enhancements to
insure Agent or Lenders against risks of loss, collection or disposition of
Collateral or to provide to Agent or Lenders a guaranteed return from the
collection or disposition of Collateral, or (l) to the extent deemed appropriate
by Agent, to obtain the services of other brokers, investment bankers,
consultants and other professionals to assist Agent in the collection or
disposition of any of the Collateral.  Each Loan Party acknowledges
that the purpose of this Section is to provide non-exhaustive indications of
what actions or omissions by Agent or any Lender would not be commercially
unreasonable in the exercise by Agent or any Lender of remedies against the
Collateral and that other actions or omissions by Agent or any Lender shall not
be deemed commercially unreasonable solely on account of not being indicated in
this Section.  Without limitation of the foregoing, nothing contained
in this Section shall be construed to grant any rights to any Loan Party or to
impose any duties on Agent or Lenders that would not have been granted or
imposed by this Agreement or by applicable law in the absence of this
Section.

       

      
        SECTION
12.  AGENT

      

       

      12.1         Appointment,
Authority and Duties of Agent.

       

      12.1.1      Appointment and
Authority.  Each Lender appoints and designates RBS as Agent
hereunder (and for the avoidance of doubt, its agent and as security trustee for
the Lenders).  Agent may, and each Lender authorizes Agent to, enter
into all Loan Documents to which Agent is intended to be a party and accept all
Security Documents, for Agent’s benefit and the Pro Rata benefit of
Lenders.  Each Lender agrees that any action taken by Agent or
Required Lenders in accordance with the provisions of the Loan Documents, and
the exercise by Agent or Required Lenders of any rights or remedies set forth
therein, together with all other powers reasonably incidental thereto, shall be
authorized and binding upon all Lenders.  Without limiting the
generality of the foregoing, Agent shall have the sole and exclusive authority
to (a) act as the disbursing and collecting agent for Lenders with respect to
all payments and collections arising in connection with the Loan Documents; (b)
execute and deliver as Agent each Loan Document, including any intercreditor or
subordination agreement, and accept delivery of each Loan Document from any Loan
Party or other Person; (c) act as collateral agent for Secured Parties for
purposes of perfecting and administering Liens under the Loan Documents, and for
all other purposes stated therein; (d) manage, supervise or otherwise deal with
Collateral; and (e) exercise all rights and remedies given to Agent with respect
to any Collateral under the Loan Documents, Applicable Law or
otherwise.  The duties of Agent shall be ministerial and
administrative in nature, and Agent shall not have a fiduciary relationship with
any Lender, Secured Party, Participant or other Person, by reason of any Loan
Document or any transaction relating thereto.  Agent alone shall be
authorized to determine whether any Accounts constitute Eligible Accounts, or
whether to impose or release any Availability Reserve, which determinations and
judgments, if exercised in good faith, shall exonerate Agent from liability to
any Lender or other Person for any error in judgment.

       

      
        
          
          

        

        
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      12.1.2     
Duties.  Agent
shall not have any duties except those expressly set forth in the Loan
Documents, nor be required to initiate or conduct any Enforcement Action except
to the extent directed to do so by Required Lenders while an Event of Default
exists.  The conferral upon Agent of any right shall not imply a duty
on Agent’s part to exercise such right, unless instructed to do so by Required
Lenders in accordance with this Agreement.

       

      12.1.3      Agent
Professionals.  Agent may perform its duties through agents and
employees.  Agent may consult with and employ Agent Professionals, and
shall be entitled to act upon, and shall be fully protected in any action taken
in good faith reliance upon, any advice given by an Agent
Professional.  Agent shall not be responsible for the negligence or
misconduct of any agents, employees or Agent Professionals selected by it with
reasonable care.

       

      12.1.4      Instructions of Required
Lenders.  The rights and remedies conferred upon Agent under
the Loan Documents may be exercised without the necessity of joinder of any
other party, unless required by Applicable Law.  Agent may request
instructions from Required Lenders with respect to any act (including the
failure to act) in connection with any Loan Documents, and may seek assurances
to its satisfaction from Lenders of their indemnification obligations under
Section 12.6 against all Claims that could be incurred by Agent in connection
with any act.  Agent shall be entitled to refrain from any act until
it has received such instructions or assurances, and Agent shall not incur
liability to any Person by reason of so refraining.  Instructions of
Required Lenders shall be binding upon all Lenders, and no Lender shall have any
right of action whatsoever against Agent as a result of Agent acting or
refraining from acting in accordance with the instructions of Required
Lenders.  Notwithstanding the foregoing, instructions by and consent
of all Lenders shall be required in the circumstances described in Section
15.1.1, and in no event shall Required Lenders, without the prior written
consent of each Lender, direct Agent to accelerate and demand payment of Loans
held by one Lender without accelerating and demanding payment of all other
Loans, nor to terminate the Commitments of one Lender without terminating the
Commitments of all Lenders.  In no event shall Agent be required to
take any action that, in its reasonable opinion, is contrary to Applicable Law
or any Loan Documents or could subject any Agent Indemnitee to personal
liability.

       

      
        
          
          

        

        
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      12.2         Agreements
Regarding Collateral and Field Examination Reports.

       

      12.2.1      Lien Releases; Care of
Collateral.  Lenders authorize Agent to release any Lien with
respect to any Collateral (a) upon Full Payment of the Obligations, (b) that is
the subject of an Asset Disposition which Loan Parties certify in writing to
Agent is a Permitted Asset Disposition (or permitted under Section 10.2.7) or a
Lien which Loan Parties certify is a Permitted Lien entitled to priority over
Agent’s Liens (and Agent may rely conclusively on any such certificate without
further inquiry), (c) that does not constitute a material part of the
Collateral, (d) in connection with the release of any Guarantor pursuant to the
terms hereof, or (e) in all other cases but subject to 15.1.1(d), with the
written consent of Required Lenders.  Agent shall have no obligation
whatsoever to any Lenders to assure that any Collateral exists or is owned by a
Loan Party, or is cared for, protected, insured or encumbered, nor to assure
that Agent’s Liens have been properly created, perfected or enforced, or are
entitled to any particular priority, nor to exercise any duty of care with
respect to any Collateral.

       

      12.2.2      Possession of
Collateral.  Agent and Lenders appoint each other Lender as
agent for the purpose of perfecting Liens (for the benefit of Secured Parties)
in any Collateral that, under the UCC or other Applicable Law, can be perfected
by possession.  If any Lender obtains possession of any such
Collateral, it shall notify Agent thereof and, promptly upon Agent’s request,
deliver such Collateral to Agent or otherwise deal with such Collateral in
accordance with Agent’s instructions.

       

      12.2.3      Reports.  Agent
shall promptly, upon receipt thereof, forward to each Lender copies of the
results of any field audit or other examination or any appraisal prepared by or
on behalf of Agent with respect to any Loan Party or Collateral
(“Report”).  Each Lender agrees (a) that neither RBS nor Agent makes
any representation or warranty as to the accuracy or completeness of any Report,
and shall not be liable for any information contained in or omitted from any
Report; (b) that the Reports are not intended to be comprehensive audits or
examinations, and that Agent or any other Person performing any audit or
examination will inspect only specific information regarding Obligations or the
Collateral and will rely significantly upon Loan Parties’ books and records as
well as upon representations of Loan Parties’ officers and employees; and (c) to
keep all Reports confidential and strictly for such Lender’s internal use, and
not to distribute any Report (or the contents thereof) to any Person (except to
such Lender’s Participants, attorneys and accountants) or use any Report in any
manner other than administration of the Loans and other
Obligations.  Each Lender agrees to indemnify and hold harmless Agent
and any other Person preparing a Report from any action such Lender may take as
a result of or any conclusion it may draw from any Report, as well as any Claims
arising in connection with any third parties that obtain all or any part of a
Report through such Lender.

       

      12.3         Reliance By
Agent.  Agent shall be entitled to rely, and shall be fully
protected in relying, upon any certification, notice or other communication
(including those by telephone, telex, telegram, telecopy or e-mail) reasonably
believed by it to be genuine and correct and to have been signed, sent or made
by the proper Person, and upon the advice and statements of Agent
Professionals.

       

      
        
          
          

        

        
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      12.4         Action Upon
Default.  Agent shall not be deemed to have knowledge of any
Default or Event of Default unless it has received written notice from a Lender
or a Loan Party specifying the occurrence and nature thereof.  If any
Lender acquires knowledge of a Default or Event of Default, it shall promptly
notify Agent and the other Lenders thereof in writing.  Each Lender
agrees that, except as otherwise provided in any Loan Documents or with the
written consent of Agent and Required Lenders, it will not take any Enforcement
Action, accelerate its Obligations, or exercise any right that it might
otherwise have under Applicable Law to credit bid at foreclosure sales, UCC
sales or other similar dispositions of Collateral.  Notwithstanding
the foregoing, however, a Lender may take action to preserve or enforce its
rights against a Loan Party where a deadline or limitation period is applicable
that would, absent such action, bar enforcement of Obligations held by such
Lender, including the filing of proofs of claim in an Insolvency
Proceeding.

       

      12.5         Ratable Sharing.  If
any Lender shall obtain any payment or reduction of any Obligation, whether
through set-off or otherwise, in excess of its share of such Obligation,
determined on a Pro Rata basis or in accordance with Section 5.6.1, as
applicable, such Lender shall forthwith purchase from Agent, Issuing Bank and
the other Lenders such participations in the affected Obligation as are
necessary to cause the purchasing Lender to share the excess payment or
reduction on a Pro Rata basis or in accordance with Section 5.6.1, as
applicable.  If any of such payment or reduction is thereafter
recovered from the purchasing Lender, the purchase shall be rescinded and the
purchase price restored to the extent of such recovery, but without
interest.

       

      12.6         Indemnification
of Agent Indemnitees.

       

      12.6.1      Indemnification.  EACH
LENDER SHALL INDEMNIFY AND HOLD HARMLESS AGENT INDEMNITEES, TO THE EXTENT NOT
REIMBURSED BY LOAN PARTIES (BUT WITHOUT LIMITING THE INDEMNIFICATION OBLIGATIONS
OF LOAN PARTIES UNDER ANY LOAN DOCUMENTS), ON A PRO RATA BASIS, AGAINST ALL
CLAIMS THAT MAY BE INCURRED BY OR ASSERTED AGAINST ANY AGENT
INDEMNITEE.  If Agent is sued by any receiver, trustee in bankruptcy,
debtor-in-possession or other Person for any alleged preference from a Loan
Party or fraudulent transfer, then any monies paid by Agent in settlement or
satisfaction of such proceeding, together with all interest, costs and expenses
(including attorneys’ fees) incurred in the defense of same, shall be promptly
reimbursed to Agent by Lenders to the extent of each Lender’s Pro Rata
share.

       

      12.6.2      Proceedings.  Without
limiting the generality of the foregoing, if at any time (whether prior to or
after the Commitment Termination Date) any proceeding is brought against any
Agent Indemnitees by a Loan Party, or any Person claiming through a Loan Party,
to recover damages for any act taken or omitted by Agent in connection with any
Obligations, Collateral, Loan Documents or matters relating thereto, or
otherwise to obtain any other relief of any kind on account of any transaction
relating to any Loan Documents, each Lender agrees to indemnify and hold
harmless Agent Indemnitees with respect thereto and to pay to Agent Indemnitees
such Lender’s Pro Rata share of any amount that any Agent Indemnitee is required
to pay under any judgment or other order entered in such proceeding or by reason
of any settlement, including all interest, costs and expenses (including
attorneys’ fees) incurred in defending same.  In Agent’s discretion,
Agent may reserve for any such proceeding, and may satisfy any judgment, order
or settlement, from proceeds of Collateral prior to making any distributions of
Collateral proceeds to Lenders.

       

      
        
          
          

        

        
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      12.7         Limitation on Responsibilities of
Agent.  Agent shall not be liable to Lenders for any action
taken or omitted to be taken under the Loan Documents, except for losses
directly and solely caused by Agent’s gross negligence or willful
misconduct.  Agent does not assume any responsibility for any failure
or delay in performance or any breach by any Loan Party or Lender of any
obligations under the Loan Documents.  Agent does not make to Lenders
any express or implied warranty, representation or guarantee with respect to any
Obligations, Collateral, Loan Documents or Loan Party.  No Agent
Indemnitee shall be responsible to Lenders for any recitals, statements,
information, representations or warranties contained in any Loan Documents; the
execution, validity, genuineness, effectiveness or enforceability of any Loan
Documents; the genuineness, enforceability, collectibility, value, sufficiency,
location or existence of any Collateral, or the validity, extent, perfection or
priority of any Lien therein; the validity, enforceability or collectibility of
any Obligations; or the assets, liabilities, financial condition, results of
operations, business, creditworthiness or legal status of any Loan Party or
Account Debtor.  No Agent Indemnitee shall have any obligation to any
Lender to ascertain or inquire into the existence of any Default or Event of
Default, the observance or performance by any Loan Party of any terms of the
Loan Documents, or the satisfaction of any conditions precedent contained in any
Loan Documents.

       

      12.8         Successor
Agent and Co-Agents.

       

      12.8.1      Resignation; Successor
Agent.  Subject to the appointment and acceptance of a
successor Agent as provided below, Agent may resign at any time by giving at
least thirty (30) days written notice thereof to Lenders and Administrative
Borrower.  Upon receipt of such notice, Required Lenders shall have
the right to appoint a successor Agent which shall be (a) a Lender or an
Affiliate of a Lender; or (b) a commercial bank that is organized under the laws
of the United States or any state or district thereof, has a combined capital
surplus of at least $200,000,000 and (provided no Default or Event of Default
exists) is reasonably acceptable to Administrative Borrower.  If no
successor agent is appointed prior to the effective date of the resignation of
Agent, then Agent may appoint a successor agent from among
Lenders.  Upon acceptance by a successor Agent of an appointment to
serve as Agent hereunder, such successor Agent shall thereupon succeed to and
become vested with all the powers and duties of the retiring Agent without
further act, and the retiring Agent shall be discharged from its duties and
obligations hereunder but shall continue to have the benefits of the
indemnification set forth in Sections 12.6 and 15.2.  Notwithstanding
any Agent’s resignation, the provisions of this Section 12 shall continue in
effect for its benefit with respect to any actions taken or omitted to be taken
by it while Agent.  Any successor by merger or acquisition of the
stock or assets of RBS shall continue to be Agent hereunder without further act
on the part of the parties hereto, unless such successor resigns as provided
above.

       

      12.8.2      Separate Collateral
Agent.  It is the intent of the parties that there shall be no
violation of any Applicable Law denying or restricting the right of financial
institutions to transact business in any jurisdiction.  If Agent
believes that it may be limited in the exercise of any rights or remedies under
the Loan Documents due to any Applicable Law, Agent may appoint an additional
Person who is not so limited, as a separate collateral agent or security trustee
or co-collateral agent or security trustee, and shall provide Administrative
Borrower with notice of same.  If Agent so appoints a collateral agent
or security trustee or co-collateral agent or security trustee, each right and
remedy intended to be available to Agent under the Loan Documents shall also be
vested in such separate agent and security trustee.  Every covenant
and obligation necessary to the exercise thereof by such agent  and
security trustee shall run to and be enforceable by it as well as
Agent.  Lenders shall execute and deliver such documents as Agent
deems appropriate to vest any rights or remedies in such agent and security
trustee.  If any collateral agent or security trustee or co-collateral
agent or security trustee shall die or dissolve, become incapable of acting,
resign or be removed, then all the rights and remedies of such agent or security
trustee, to the extent permitted by Applicable Law, shall vest in and be
exercised by Agent until appointment of a new agent.
or security trustee.

       

      
        
          
          

        

        
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      12.8.3      Agent as UK Security
Trustee.

       

      (a)           In
this Agreement, any rights and remedies exercisable by, any documents to be
delivered to, or any other indemnities or obligations in favor of the Agent
shall be, as the case may be, exercisable by, delivered to, or be indemnities or
other obligations in favor of, the Agent (or any other person acting in such
capacity) in its capacity as the security trustee to the extent that the rights,
deliveries, indemnities or other obligations relate to the UK Security Documents
or the security thereby created.  Any obligations of the Agent (or any
other Person acting in such capacity) in this Agreement shall be obligations of
the Agent in its capacity as the security trustee to the extent that the
obligations relate to the UK Security Documents or the security thereby
created.  Additionally, in its capacity as the security trustee, the
Agent (or any other Person acting in such capacity) shall have (i) all the
rights, remedies and benefits in favor of the Agent contained in the provisions
of the whole of this Section 12 and (ii) all the rights, remedies and powers
granted to it and be subject to all the obligations and duties owed by it under
the UK Security Documents governed by English law or Jersey Law and/or any of
the other Loan Documents.

       

      (b)           Each
Lender hereby appoints the Agent and the Agent agrees to act as trustee under
and in relation to UK Security Documents and to hold the assets subject to the
security thereby created as trustee for the Lenders on the trusts and other
terms contained in UK Security Documents and each Lender hereby irrevocably
authorizes the Agent to exercise such rights, remedies, powers and discretions
as are specifically delegated to it by the terms of UK Security Documents
together with all such rights, remedies, powers and discretions as are
reasonably incidental thereto.

       

      (c)           Any
reference in this Agreement to Liens stated to be in favor of the Agent shall be
construed so as to include a reference to Liens granted in favor of the Agent in
its capacity as the security trustee.

       

      (d)           Nothing
in this Section 12 shall require the Agent to act as a trustee at common law or
to be holding any property on trust, in any jurisdiction outside the United
States or the United Kingdom which may not operate under principles of trust or
where such trust would not be recognized or its effects would not be
enforceable.

       

      
        
          
          

        

        
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      (e)           The
perpetuity period under the rule against perpetuities (as applicable to any of
the Loan Documents in respect of which the Agent acts as security trustee and
for the purposes of the UK Perpetuities and Accumulations Act 2009) shall be a
period of 125 years from the Closing Date.

       

      12.9         Due Diligence and
Non-Reliance.  Each Lender acknowledges and agrees that it has,
independently and without reliance upon Agent or any other Lenders, and based
upon such documents, information and analyses as it has deemed appropriate, made
its own credit analysis of each Loan Party and its own decision to enter into
this Agreement and to fund Loans and participate in LC Obligations
hereunder.  Each Lender has made such inquiries concerning the Loan
Documents, the Collateral and each Loan Party as such Lender feels
necessary.  Each Lender further acknowledges and agrees that the other
Lenders and Agent have made no representations or warranties concerning any Loan
Party, any Collateral or the legality, validity, sufficiency or enforceability
of any Loan Documents or Obligations.  Each Lender will, independently
and without reliance upon the other Lenders or Agent, and based upon such
financial statements, documents and information as it deems appropriate at the
time, continue to make and rely upon its own credit decisions in making Loans
and participating in LC Obligations, and in taking or refraining from any action
under any Loan Documents.  Except for notices, reports and other
information expressly requested by a Lender, Agent shall have no duty or
responsibility to provide any Lender with any notices, reports or certificates
furnished to Agent by any Loan Party or any credit or other information
concerning the affairs, financial condition, business or Properties of any Loan
Party (or any of its Affiliates) which may come into possession of Agent or any
of Agent’s Affiliates.

       

      12.10       Replacement of Certain
Lenders.  In the event that any Lender (a) fails to fund its
Pro Rata share of any Loan or LC Obligation hereunder, and such failure is not
cured within two (2) Business Days, (b) defaults in performing any of its
obligations under the Loan Documents, or (c) fails to give its consent to any
amendment, waiver or action for which consent of all Lenders was required and
Required Lenders consented, then, in addition to any other rights and remedies
that any Person may have, Agent may, by notice to such Lender within one hundred
twenty (120) days after such event, require such Lender to assign all of its
rights and obligations under the Loan Documents to Eligible Assignee(s)
specified by Agent, pursuant to appropriate Assignment and Acceptance(s) and
within fifteen (15) days after Agent’s notice.  Agent is irrevocably
appointed as attorney-in-fact to execute any such Assignment and Acceptance if
the Lender fails to execute same.  Such Lender shall be entitled to
receive, in cash, concurrently with such assignment, all amounts owed to it
under the Loan Documents, including all principal, interest and fees through the
date of assignment (but excluding any prepayment charge and, solely with respect
to a Lender described in clause (a) above, excluding any breakage
fees).

       

      12.11       Remittance
of Payments and Collections.

       

      12.11.1    Remittances
Generally.  All payments by any Lender to Agent shall be made
by the time and on the day set forth in this Agreement, in immediately available
funds.  If no time for payment is specified or if payment is due on
demand by Agent and request for payment is made by Agent by 12:00 noon New York
City time on a Business Day, payment shall be made by Lender not later than 2:00
p.m. New York City time on such day, and if request is made after 12:00 noon New
York City time, then payment shall be made by Lender not later than 11:00 a.m.
New York City time on the next Business Day.  Payment by Agent to any
Lender shall be made by wire transfer, in the type of funds received by
Agent.  Any such payment shall be subject to Agent’s right of offset
for any amounts due from such Lender under the Loan Documents.

       

      
        
          
          

        

        
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      12.11.2    Failure to
Pay.  If any Lender fails to pay any amount when due by it to
Agent pursuant to the terms hereof, such amount shall bear interest from the due
date until paid at the rate determined by Agent as customary in the banking
industry for interbank compensation.  In no event shall Loan Parties
be entitled to receive credit for any interest paid by a Lender to
Agent.

       

      12.11.3    Recovery of
Payments.  If Agent pays any amount to a Lender in the
expectation that a related payment will be received by Agent from a Loan Party
and such related payment is not received, then Agent may recover such amount
from each Lender that received it.  If Agent determines at any time
that an amount received under any Loan Document must be returned to a Loan Party
or paid to any other Person pursuant to Applicable Law or otherwise, then,
notwithstanding any other term of any Loan Document, Agent shall not be required
to distribute such amount to any Lender.  If any amounts received and
applied by Agent to any Obligations are later required to be returned by Agent
pursuant to Applicable Law, Lenders shall pay to Agent, on demand, such Lender’s
Pro Rata share of the amounts required to be returned.

       

      12.12       Agent in its Individual
Capacity.  As a Lender, RBS shall have the same rights and
remedies under the other Loan Documents as any other Lender, and the terms
“Lenders,” “Required Lenders” or any similar term shall include RBS in its
capacity as a Lender.  Each of RBS and its Affiliates may accept
deposits from, maintain deposits or credit balances for, invest in, lend money
to, provide Bank Products to, act as trustee under indentures of, serve as
financial or other advisor to, and generally engage in any kind of business
with, Loan Party and their Affiliates, as if RBS were any other bank, without
any duty to account therefor (including any fees or other consideration received
in connection therewith) to the other Lenders.  In their individual
capacity, RBS and its Affiliates may receive information regarding Loan Party,
their Affiliates and their Account Debtors (including information subject to
confidentiality obligations), and each Lender agrees that RBS and its Affiliates
shall be under no obligation to provide such information to Lenders, if acquired
in such individual capacity and not as Agent hereunder.

       

      12.13       Agent Titles.  Each
Lender, other than RBS, that is designated (on the cover page of this Agreement
or otherwise) by RBS as an “Agent” or “Arranger” of any type shall not have any
right, power, responsibility or duty under any Loan Documents other than those
applicable to all Lenders, and shall in no event be deemed to have any fiduciary
relationship with any other Lender.

       

      12.14       No Third Party
Beneficiaries.  This Section 12 up to and including 12.14 is an
agreement solely among Lenders and Agent, and does not confer any obligations,
duties, rights or benefits upon Loan Parties or any other Person.  As
between Loan Parties and Agent, any action that Agent may take under any Loan
Documents shall be conclusively presumed to have been authorized and directed by
Lenders as herein provided.

       

      
        
          
          

        

        
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      12.15       Parallel Debt Provisions (Dutch
Law).

       

      12.15.1    Parallel
Debt.  Each Loan Party hereby irrevocably and unconditionally
undertakes to pay to the Agent as a separate and independent obligation an
amount equal to the total amount owed from time to time by such Loan Party to
any Secured Party in respect of its Principal Obligations as they may exist from
time to time. The payment undertaking of each Loan Party to the Agent under this
Section 12.15.1 is hereinafter referred to as a "Parallel Debt". Each Parallel
Debt will be payable in the currency or currencies of the relevant Principal
Obligations.

       

      12.15.2    Parallel Debt as Independent
Payment Obligation.  For the avoidance of doubt it is confirmed
that Section 12.15.1 means that each Parallel Debt constitutes a payment
obligation of the relevant Loan Party to the Agent which is separate and
independent from, and without prejudice to, its Principal Obligations and shall
become due and payable to the Agent as soon as, and to the extent that, any
amount owed by such Loan Party to the relevant Secured Party under its Principal
Obligations becomes due and payable.

       

      12.15.3    Acknowledgment of Parallel
Debt Obligation.  Each of the parties to this Agreement
acknowledges that each Parallel Debt represents the Agent’s own claim to receive
payment of such Parallel Debt from the relevant Loan Party and that the amount
which may become due and payable by a Loan Party under its Parallel Debt
pursuant to this Section 12.15 shall never exceed the total amount which becomes
due and payable by such Loan Party to the Secured Parties under its Principal
Obligations.

       

      12.15.4    Reductions to Parallel Debt
Obligations.  Notwithstanding any of the other provisions of
this Section 12.15:

       

      (a)           any
amount due and payable by a Loan Party under its Parallel Debt shall, to the
extent such Loan Party shall have paid any amounts to any Secured Party under
its Principal Obligations or any Secured Party otherwise receives any amount in
payment of such Principal Obligations (other than by virtue of Section 12.15.6),
be decreased by equivalent amounts as if such amounts were received directly in
payment of such Parallel Debt on the date of receipt by the relevant Secured
Party of such amount in payment of such Principal Obligations; and

       

      (b)           to
the extent that any Loan Party shall have paid any amounts to the Agent under
its Parallel Debt or the Agent shall have otherwise received monies in payment
of such Parallel Debt, the Principal Obligations of such Loan Party to the
relevant Secured Party shall be decreased by equivalent amounts as if such
amounts were received directly in payment of such Principal Obligations on the
date of receipt by the Agent of such amount in payment of such Parallel
Debt.

       

      12.15.5    Role of
Agent.  For the purpose of this Section 12.15 the Agent acts in
its own name and on behalf of itself but for the benefit of the Secured Parties
and any security right granted to the Agent to secure the Parallel Debt is
granted to the Agent in its capacity of sole creditor of the Parallel
Debt.

       

      
        
          
          

        

        
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      12.15.6    Payments
Received.  All payments received by the Agent shall be applied
towards payment of the relevant Parallel Debt, whereupon the Agent shall
distribute such amounts to the Secured Parties who are creditors in accordance
with the terms of this Agreement.

       

      
        SECTION
13.  BENEFIT
OF AGREEMENT; ASSIGNMENTS AND PARTICIPATIONS

      

       

      13.1         Successors and
Assigns.  This Agreement shall be binding upon and inure to the
benefit of Loan Parties, Agent and Lenders and their respective successors and
assigns, except, that, (a) no Loan Party shall have the right to assign its
rights or delegate its obligations under any Loan Documents, and (b) any
assignment by a Lender must be made in compliance with Section
13.3.  Agent may treat the Person which made any Loan as the owner
thereof for all purposes until such Person makes an assignment in accordance
with Section 13.3.  Any authorization or consent of a Lender shall be
conclusive and binding on any subsequent transferee or assignee of such
Lender.

       

      13.2         Participations.

       

      13.2.1      Permitted Participants;
Effect.  Any Lender may, in the ordinary course of its business
and in accordance with Applicable Law, at any time sell to a financial
institution (“Participant”) a participating interest in the rights and
obligations of such Lender under any Loan Documents.  Despite any sale
by a Lender of participating interests to a Participant, such Lender’s
obligations under the Loan Documents shall remain unchanged, such Lender shall
remain solely responsible to the other parties hereto for performance of such
obligations, such Lender shall remain the holder of its Loans and Commitments
for all purposes, all amounts payable by Loan Parties shall be determined as if
such Lender had not sold such participating interests, and Loan Parties and
Agent shall continue to deal solely and directly with such Lender in connection
with the Loan Documents.  Each Lender shall be solely responsible for
notifying its Participants of any matters under the Loan Documents, and Agent
and the other Lenders shall not have any obligation or liability to any such
Participant.  A Participant that would be a Foreign Lender if it were
a Lender shall not be entitled to the benefits of Section 5.9 unless
Administrative Borrower agrees otherwise in writing.

       

      13.2.2      Voting
Rights.  Each Lender shall retain the sole right to approve,
without the consent of any Participant, any amendment, waiver or other
modification of any Loan Documents other than that which forgives principal,
interest or fees, reduces the stated interest rate or fees payable with respect
to any Loan or Commitment in which such Participant has an interest, postpones
the Commitment Termination Date or any date fixed for any regularly scheduled
payment of principal, interest or fees on such Loan or Commitment, or releases
any Loan Party or substantial portion of the Collateral.

       

      13.2.3      Benefit of
Set-Off.  Loan Parties agree that each Participant shall have a
right of set-off in respect of its participating interest to the same extent as
if such interest were owing directly to a Lender, and each Lender shall also
retain the right of set-off with respect to any participating interests sold by
it.  By exercising any right of set-off, a Participant agrees to share
with Lenders all amounts received through its set-off, in accordance with
Section 12.5 as if such Participant were a Lender.

       

      
        
          
          

        

        
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      13.3         Assignments.

       

      13.3.1      Permitted
Assignments.  A Lender may assign to any Eligible Assignee any
of its rights and obligations under the Loan Documents, as long as (a) each
assignment is of a constant, and not a varying, percentage of the transferor
Lender’s rights and obligations under the Loan Documents and, in the case of a
partial assignment, is in a minimum principal amount of $5,000,000 (unless
otherwise agreed by Agent in its discretion) and integral multiples of
$1,000,000 in excess of that amount; (b) except in the case of an assignment in
whole of a Lender’s rights and obligations, the aggregate amount of the
Commitments retained by the transferor Lender be at least $5,000,000 (unless
otherwise agreed by Agent in its discretion); and (c) the parties to each such
assignment shall execute and deliver to Agent, for its acceptance and recording,
an Assignment and Acceptance.  Nothing herein shall limit the right of
a Lender to pledge or assign any rights under the Loan Documents to (i) any
Federal Reserve Bank or the United States Treasury as collateral security
pursuant to Regulation A of the Board of Governors and any Operating Circular
issued by such Federal Reserve Bank, or (ii) counterparties to swap agreements
relating to any Loans; provided, however, that, any payment by Loan Parties to
the assigning Lender in respect of any Obligations assigned as described in this
sentence shall satisfy such Loan Parties’ obligations hereunder to the extent of
such payment, and no such assignment shall release the assigning Lender from its
obligations hereunder.

       

      13.3.2      Effect; Effective
Date.  Upon delivery to Agent of an assignment notice in the
form of Exhibit D and a processing fee of $5,000, such assignment shall become
effective as specified in the notice, if it complies with this Section
13.3.  From the effective date of such assignment, the Eligible
Assignee shall for all purposes be a Lender under the Loan Documents, and shall
have all rights and obligations of a Lender thereunder.  Upon
consummation of an assignment, the transferor Lender, Agent and Borrowers shall
make appropriate arrangements for issuance of replacement and/or new Notes, as
appropriate.

       

      13.4         Tax Treatment.  If
any interest in a Loan Document is transferred to a Transferee that is organized
under the laws of any jurisdiction other than the United States or any state or
district thereof, the transferor Lender shall cause such Transferee,
concurrently with the effectiveness of such transfer, to comply with the
provisions of Section 5.10.

       

      13.5         Representation of
Lenders.  Each Lender represents and warrants to each Loan
Party, Agent and other Lenders that none of the consideration used by it to fund
its Loans or to participate in any other transactions under this Agreement
constitutes for any purpose of ERISA or Section 4975 of the Code assets of any
“plan” as defined in Section 3(3) of ERISA or Section 4975 of the Code and the
interests of such Lender in and under the Loan Documents shall not constitute
plan assets under ERISA.

       

      13.6         Securitization.  Loan
Parties hereby acknowledge that any or all of the Lenders and their Affiliates
may, from time to time, sell, pledge or otherwise securitize all or any part of
the Loans (each, a “Securitization”), through the pledge of Loans as collateral
security for loans to any such Lender or its Affiliates, or through the direct
sale of Loans or the issuance of direct or indirect interests in Loans, which
loans to any Lender or its Affiliates or direct or indirect interests will be
rated by Moody’s, Standard & Poor’s or one or more other rating agencies
(the “Rating Agencies”).  Loan Parties agree to cooperate with each of
the Lenders and their Affiliates to effect each such Securitization, including,
without limitation, by: (a) amending this Agreement and the other Loan
Documents, and executing such additional documents, as shall be reasonably
requested by any Lender in connection with any such Securitization; provided, that, (i) any such
amendment or additional documentation shall not impose material additional costs
on Loan Parties, and (ii) any such amendment or additional documentation shall
not materially and adversely affect the rights, or materially increase the
obligations, of Loan Parties under the Loan Documents, or change or affect in a
manner adverse to Loan Parties the financial terms of the Loans; (b) providing
such financial and other information as may be reasonably requested by the
Lenders in connection with the rating of the Loans or any such Securitization;
and (c) providing in connection with any rating of the Loans a certificate (i)
agreeing to indemnify the Lenders and their Affiliates, the Rating Agencies and
each party providing credit support or otherwise participating in such
Securitization (each, a “Securitization Party”) for any and all losses, claims,
damages and/or liabilities (collectively, the “Liabilities”) to which any such
Securitization Party may become subject insofar as the Liabilities arise out of
or are based upon any untrue statement or alleged untrue statement of any
material fact contained in any Loan Document or in any writing delivered by or
on behalf of any Loan Party to Agent or any Lender in connection with any Loan
Document, or arise out of or are based upon the omission or alleged omission to
state therein a material fact required to be stated therein, or necessary in
order to make the statements therein, in light of the circumstances under which
they were made, not misleading, and such indemnity shall survive any transfer by
any Lender or their successors or assigns of any Loans, and (ii) agreeing to
reimburse each Lender and its Affiliates for any legal or other expenses
reasonably incurred by such Persons in connection with defending the
Liabilities.

       

      
        
          
          

        

        
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      13.7         Pricing and Structural Changes
Required for Syndication.  If requested, the Loan Parties agree
to assist Agent in the syndication of the Revolving Loans, including, without
limitation, participating in the preparation of a syndication memorandum and
Lender presentation and assistance with Lender follow-up requests for
information.

       

      
        SECTION
14.  GUARANTY.

      

       

      14.1         Guaranty.  Each
Guarantor hereby unconditionally guarantees, as a primary obligor and not merely
as a surety, jointly and severally with each other Guarantor when and as due,
whether at maturity, by acceleration, by notice of prepayment or otherwise, the
due and punctual performance of all Obligations.  Each payment made by
any Guarantor pursuant to this Guaranty shall be made in lawful money of the
United States in immediately available funds.

       

      14.2         Waivers.  Each
Guarantor hereby absolutely, unconditionally and irrevocably waives (a)
promptness, diligence, notice of acceptance, notice of presentment of payment
and any other notice under this Section 14, (b) demand of payment, protest,
notice of dishonor or nonpayment, notice of the present and future amount of the
Obligations and any other notice under this Section 14, (c) any requirement that
Agent or any Lender protect, secure, perfect or insure any security interest or
Lien or any property subject thereto or exhaust any right or take any action
against any other Loan Party, or any Person or any Collateral, (d) any other
action, event or precondition to the enforcement hereof or the performance by
each such Guarantor of the Obligations, and (e) any defense arising by any lack
of capacity or authority or any other defense of any Loan Party or any notice,
demand or defense by reason of cessation from any cause of Obligations other
than Full Payment of the Obligations by Loan Parties and any defense that any
other guarantee or security was or was to be obtained by Agent.

       

      
        
          
          

        

        
          106

          
            

          

        

        
          
          

        

      

       

      14.2.1      Jersey Law
Waivers.  Without limiting the generality of Section 5.11.2
hereof, each Guarantor hereby, irrevocably and unconditionally, waives and
abandons any right which it may have under the existing or future laws of Jersey
(whether by virtue of the droit de discussion or division or otherwise) to
require that any of the Lenders or the Agent:

       

      (a)           before
enforcing this Agreement, takes any action, exercises any recourse or seeks a
declaration of bankruptcy (where “bankrupt” and “bankruptcy” include any state
of bankruptcy, insolvent winding up, receivership, administrative receivership
or similar status under the laws of any relevant jurisdiction) against any Loan
Party or any other Person, makes any claim in a bankruptcy, liquidation,
administration or insolvency of any Loan Party or any other Person or enforces
or seeks to enforce any other right, claim, remedy or recourse against any Loan
Party or any other Person or any of their assets;

       

      (b)           in
order to preserve any of its rights against a Guarantor or any other Person,
joins a Guarantor or any other Person as a party to any proceedings against any
Loan Party or any other Person or takes any other procedural steps;
or

       

      (c)           divides
or apportions the liability of a Guarantor under any document with any other
Person.

       

      Each
Guarantor will hold in trust for and immediately pay or transfer to the Agent
any payment or distribution or benefit of security received by it contrary to
this Section 14.2.1 or in accordance with directions given to it by the
Agent.

       

      14.3         No Defense.  No
invalidity, irregularity, voidableness, voidness or unenforceability of this
Agreement or any Loan Document or any other agreement or instrument relating
thereto, or of all or any part of the Obligations or of any collateral security
therefor shall affect, impair or be a defense hereunder.

       

      14.4         Guaranty of
Payment.  The Guaranty hereunder is one of payment and
performance, not collection, and the obligations of each Guarantor hereunder are
independent of the Obligations of the other Loan Parties, and a separate action
or actions may be brought and prosecuted against any Guarantor to enforce the
terms and conditions of this Section 14, irrespective of whether any action is
brought against any other Loan Party or other Persons or whether any other Loan
Party or other Persons are joined in any such action or actions.  Each
Guarantor waives any right to require that any resort be had by Agent or any
Lender to any security held for payment of the Obligations or to any balance of
any deposit account or credit on the books of any Agent or any Lender in favor
of any Loan Party or any other Person.  No election to proceed in one
form of action or proceedings, or against any Person, or on any Obligations,
shall constitute a waiver of Agent’s right to proceed in any other form of
action or proceeding or against any other Person unless Agent has expressed any
such right in writing.  Without limiting the generality of the
foregoing, no action or proceeding by Agent against any Loan Party under any
document evidencing or securing indebtedness of any Loan Party to Agent shall
diminish the liability of any Guarantor hereunder, except to the extent Agent
receives actual payment on account of Obligations by such action or proceeding,
notwithstanding the effect of any such election, action or proceeding upon the
right of subrogation of any Guarantor in respect of any Loan Party.

       

      
        
          
          

        

        
          107

          
            

          

        

        
          
          

        

      

       

      14.5         Liabilities
Absolute.  The liability of each Guarantor hereunder shall be
absolute, unlimited and unconditional and shall not be subject to any reduction,
limitation, impairment, discharge or termination for any reason, including,
without limitation, any claim of waiver, release, surrender, alteration or
compromise, and shall not be subject to any claim, defense or setoff,
counterclaim, recoupment or termination whatsoever by reason of the invalidity,
illegality or unenforceability of any other Obligation or otherwise (other than
Full Payment of the Obligations, subject to Section 14.8
hereof).  Without limiting the generality of the foregoing, the
obligations of each Guarantor shall not be discharged or impaired, released,
limited or otherwise affected by (other than Full Payment of the Obligations,
subject to Section 14.8 hereof):

       

      (a)           any
change in the manner, place or terms of payment or performance, and/or any
change or extension of the time of payment or performance of, release, renewal
or alteration of, or any new agreements relating to any Obligation, any security
therefor, or any liability incurred directly or indirectly in respect thereof,
or any rescission of, or amendment, waiver or other modification of, or any
consent to departure from, this Agreement or any Loan Document, including any
increase in the Obligations resulting from the extension of additional credit to
Borrowers, including (without limitation) pursuant to Section 2.1.7 of this
Agreement, or otherwise;

       

      (b)           any
sale, exchange, release, surrender, loss, abandonment, realization upon any
property by whomsoever at any time pledged or mortgaged to secure, or howsoever
securing, all or any of the Obligations, and/or any offset there against, or
failure to perfect, or continue the perfection of, any Lien in any such
property, or delay in the perfection of any such Lien, or any amendment or
waiver of or consent to departure from any other guaranty for all or any of the
Obligations;

       

      (c)           the
failure of Agent or any Lender to assert any claim or demand or to enforce any
right or remedy against Borrowers or any other Loan Party or any other Person
under the provisions of this Agreement or any Loan Document or any Loan Document
or instrument executed an delivered in connection herewith or
therewith;

       

      (d)           any
settlement or compromise of any Obligation, any security therefor or any
liability (including any of those hereunder) incurred directly or indirectly in
respect thereof or hereof, and any subordination of the payment of all or any
part thereof to the payment of any obligation (whether due or not) of any Loan
Party to creditors of any Loan Party other than any other Loan
Party;

       

      (e)           any
manner of application of Collateral, or proceeds thereof, to all or any of the
Obligations, or any manner of sale or other disposition of any Collateral for
all or any of the Obligations or any other assets of any Loan Party;
and

       

      (f)           any
other agreements or circumstance of any nature whatsoever that may or might in
any manner or to any extent vary the risk of any Guarantor, or that might
otherwise at law or in equity constitute a defense available to, or a discharge
of, the Guaranty hereunder and/or the obligations of any Guarantor, or a defense
to, or discharge of, any Loan Party or any other Person or party hereto or the
Obligations or otherwise with respect to the Advances, Letters of Credit or
other financial accommodations to Borrowers pursuant to this Agreement and/or
the Loan Documents.

       

      
        
          
          

        

        
          108

          
            

          

        

        
          
          

        

      

       

      14.6         Waiver of
Notice.  Agent shall have the right to do any of the above
without notice to or the consent of any Guarantor and each Guarantor expressly
waives any right to notice of, consent to, knowledge of and participation in any
agreements relating to any of the above or any other present or future event
relating to Obligations whether under this Agreement or otherwise or any right
to challenge or question any of the above and waives any defenses of such
Guarantor which might arise as a result of such actions.

       

      14.7         Agent’s
Discretion.  Agent may at any time and from time to time
(whether prior to or after the revocation or termination of this Agreement)
without the consent of, or notice to, any Guarantor, and without incurring
responsibility to any Guarantor or impairing or releasing the Obligations, apply
any sums by whomsoever paid or howsoever realized to any Obligations regardless
of what Obligations remain unpaid.

       

      14.8         Reinstatement.

       

      (a)           The
Guaranty provisions herein contained shall continue to be effective or be
reinstated, as the case may be, if claim is ever made upon Agent or any Lender
for repayment or recovery of any amount or amounts received by Agent or such
Lender in payment or on account of any of the Obligations and Agent or such
Lender repays all or part of said amount for any reason whatsoever, including,
without limitation, by reason of any judgment, decree or order of any court or
administrative body having jurisdiction over Agent or such Lender or the
respective property of each, or any settlement or compromise of any claim
effected by Agent or such Lender with any such claimant (including any Loan
Party); and in such event each Guarantor hereby agrees that any such judgment,
decree, order, settlement or compromise or other circumstances shall be binding
upon such Guarantor, notwithstanding any revocation hereof or the cancellation
of any note or other instrument evidencing any Obligation, and each Guarantor
shall be and remain liable to Agent and/or Lenders for the amount so repaid or
recovered to the same extent as if such amount had never originally been
received by Agent or such Lenders.

       

      (b)           Agent
shall not be required to marshal any assets in favor of any Guarantor, or
against or in payment of Obligations.

       

      (c)           No
Guarantor shall be entitled to claim against any present or future security held
by Agent from any Person for Obligations in priority to or equally with any
claim of Agent, or assert any claim for any liability of any Loan Party to any
Guarantor in priority to or equally with claims of Agent for Obligations, and no
Guarantor shall be entitled to compete with Agent with respect to, or to advance
any equal or prior claim to any security held by Agent for
Obligations.

       

      (d)           If
any Loan Party makes any payment to Agent, which payment is wholly or partly
subsequently invalidated, declared to be fraudulent or preferential, set aside
or required to be repaid to any Person under any federal or provincial statute
or at common law or under equitable principles, then to the extent of such
payment, the Obligation intended to be paid shall be revived and continued in
full force and effect as if the payment had not been made, and the resulting
revived Obligation shall continue to be guaranteed, uninterrupted, by each
Guarantor hereunder.

       

      
        
          
          

        

        
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      (e)           All
present and future monies payable by any Loan Party to any Guarantor, whether
arising out of a right of subrogation or otherwise, are assigned to Agent for
its benefit and for the ratable benefit of Lenders as security for such
Guarantor’s liability to Agent and Lenders hereunder and are postponed and
subordinated to Agent’s prior right to Full Payment of
Obligations.  Except to the extent prohibited otherwise by this
Agreement, all monies received by any Guarantor from any Loan Party shall be
held by such Guarantor as agent and trustee for Agent.  This
assignment, postponement and subordination shall only terminate upon the Full
Payment of the Obligations and this Agreement is irrevocably
terminated.

       

      14.9         Action Upon Event of
Default.  Upon the occurrence and during the continuance of any
Event of Default, Agent may and upon written request of the Required Lenders
shall, without notice to or demand upon any Loan Party or any other Person,
declare any Obligations of such Guarantor hereunder immediately due and payable,
and shall be entitled to enforce the Obligations of each
Guarantor.  Upon such declaration by Agent, Agent and Lenders are
hereby authorized at any time and from time to time to set off and apply any and
all deposits (general or special, time or demand, provisions or final) at any
time held and other indebtedness at any time owing by Agent or Lenders to or for
the credit or the account of any Guarantor against any and all of the
Obligations of each Guarantor now or hereafter existing hereunder, whether or
not Agent or Lenders shall have made any demand hereunder against any other Loan
Party and although such Obligations may be contingent and
unmatured.  The rights of Agent and Lenders hereunder are in addition
to other rights and remedies (including other rights of set-off) which Agent and
Lenders may have.  Upon such declaration by Agent, with respect to any
claims of any Guarantor against any Loan Party (the “Designated Claims”), Agent
shall have the full right on the part of Agent in its own name or in the name of
such Guarantor to collect and enforce such Designated Claims by legal action,
proof of debt in bankruptcy or other liquidation proceedings, vote in any
proceeding for the arrangement of debts at any time proposed, or otherwise,
Agent and each of its officers being hereby irrevocably constituted
attorneys-in-fact for each Guarantor for the purpose of such enforcement and for
the purpose of endorsing in the name of each Guarantor any instrument for the
payment of money.  Each Guarantor will receive as trustee for Agent
and will pay to Agent forthwith upon receipt thereof any amounts which such
Guarantor may receive from any Loan Party on account of the Designated Claims,
except as permitted hereunder.  Each Guarantor agrees that at no time
hereafter will any of the Designated Claims be represented by any notes, other
negotiable instruments or writings, except and in such event they shall either
be made payable to Agent, or if payable to any Guarantor, shall forthwith be
endorsed by such Guarantor to Agent.  Each Guarantor agrees that no
payment on account of the Designated Claims or any security interest therein
shall be created, received, accepted or retained during the continuance of any
Event of Default nor shall any financing statement be filed with respect thereto
by any Guarantor.

       

      14.10       Statute of
Limitations.  Any acknowledgment or new promise, whether by
payment of principal or interest or otherwise and whether by any Loan Party or
others (including any Lenders) with respect to any of the Obligations shall, if
the statute of limitations in favor of any Guarantor against Agent or Lenders
shall have commenced to run, toll the running of such statute of limitations
and, if the period of such statute of limitations shall have expired, prevent
the operation of such statute of limitations.

       

      
        
          
          

        

        
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      14.11       Interest.  All
amounts due, owing and unpaid from time to time by any Guarantor under this
Section 14 shall bear interest at the interest rate per annum then chargeable
with respect to Base Rate Loans constituting Revolving Loans.

       

      14.12       Guarantor’s
Investigation.  Each Guarantor acknowledges receipt of a copy
of each of this Agreement and the Loan Documents.  Each Guarantor has
made an independent investigation of Loan Parties and of the financial condition
of Loan Parties.  Neither Agent nor any Lender has made, and Agent and
Lenders do not hereby make, any representations or warranties as to the income,
expense, operation, finances or any other matter or thing affecting any Loan
Party nor has Agent or any Lender made any representations or warranties as to
the amount or nature of the Obligations of any Loan Party to which this Section
14 applies as specifically herein set forth, nor has Agent or any Lender or any
officer, agent or employee of Agent or any Lender or any representative thereof,
made any other oral representations, agreements or commitments of any kind or
nature, and each Guarantor hereby expressly acknowledges that no such
representations or warranties have been made and such Guarantor expressly
disclaims reliance on any such representations or warranties.

       

      14.13       Termination.  The
provisions of this Section 14 shall remain in effect until Full Payment of all
Obligations and irrevocable termination of the Commitments.

       

      
        SECTION
15.  MISCELLANEOUS

      

       

      15.1         Consents,
Amendments and Waivers.

       

      15.1.1      Amendment.  No
modification of any Loan Document, including any extension or amendment of a
Loan Document or any waiver of a Default or Event of Default, shall be effective
without the prior written agreement of Agent, with Agent’s receipt of the
consent from Required Lenders, and each Loan Party party to such Loan Document;
provided, however, that:

       

      (a)           without
the prior written consent of Agent, no modification shall be effective with
respect to any provision in a Loan Document that relates to any rights, duties
or discretion of Agent;

       

      (b)           without
the prior written consent of Issuing Bank, no modification shall be effective
with respect to any LC Obligations or Section 2.3;

       

      (c)           without
the prior written consent of each affected Lender, no modification shall be
effective that would (i) increase the Commitment of such Lender; or (ii) reduce
the amount of, or waive or delay payment of, any principal, interest or fees
payable to such Lender; and

       

      (d)           without
the prior written consent of all Lenders (except a Defaulting Lender), no
modification shall be effective that would (i) extend the Revolving Commitment
Termination Date; (ii) alter Section 5.6, 7.1 (except to add Collateral), or
15.1.1; (iii) amend the definitions of Borrowing Base (and the defined terms
used in such definition), Pro Rata or Required Lenders; (iv) increase any
advance rate, decrease the Availability Block, or increase total Commitments;
(v) release Collateral with a book value greater than  $10,000,000
during any calendar year, except as currently contemplated by the Loan
Documents; or (vi) except as contemplated herein, release any Loan Party from
liability for any Obligations, if such Loan Party is Solvent at the time of the
release.

       

      
        
          
          

        

        
          111

          
            

          

        

        
          
          

        

      

       

      15.1.2      Limitations.  The
agreement of Loan Parties shall not be necessary to the effectiveness of any
modification of a Loan Document that deals solely with the rights and duties of
Lenders, Agent and/or Issuing Bank as among themselves.  Only the
consent of the parties to the Fee Letter or any agreement relating to a Bank
Product shall be required for any modification of such agreement, and no
Affiliate of a Lender that is party to a Bank Product agreement shall have any
other right to consent to or participate in any manner in modification of any
other Loan Document.  The making of any Loans during the existence of
a Default or Event of Default shall not be deemed to constitute a waiver of such
Default or Event of Default, nor to establish a course of
dealing.  Any waiver or consent granted by Lenders hereunder shall be
effective only if in writing, and then only in the specific instance and for the
specific purpose for which it is given.

       

      15.1.3      Payment for
Consents.  No Loan Party will, directly or indirectly, pay any
remuneration or other thing of value, whether by way of additional interest, fee
or otherwise, to any Lender (in its capacity as a Lender hereunder) as
consideration for agreement by such Lender with any modification of any Loan
Documents, unless such remuneration or value is concurrently paid, on the same
terms, on a Pro Rata basis to all Lenders providing their consent prior to a
specified date and time.

       

      15.2         Indemnity.  EACH
LOAN PARTY SHALL INDEMNIFY AND HOLD HARMLESS THE INDEMNITEES AGAINST ANY CLAIMS
THAT MAY BE INCURRED BY OR ASSERTED AGAINST ANY INDEMNITEE, INCLUDING CLAIMS
ARISING FROM THE NEGLIGENCE OF AN INDEMNITEE.  In no event shall any
Loan Party have any obligation hereunder to indemnify or hold harmless an
Indemnitee with respect to a Claim that is determined in a final, non-appealable
judgment by a court of competent jurisdiction to result from the gross
negligence or willful misconduct of such Indemnitee.

       

      15.3         Notices
and Communications.

       

      15.3.1      Notice
Address.  Any notice or request hereunder may be given to any
Loan Party or to Agent or any Lender at their respective addresses set forth
below or at such other address as may hereafter be specified in a notice
designated as a notice of change of address under this Section
15.3.1:

       

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                	
                                                        If
      to Agent, Lenders or to

                                                      	 	 
      	 
	
                                                        Issuing
      Bank at:

                                                      	 	
                                                        RBS
      Business Capital,

                                                      
	
                                                         

                                                      	 	a
      division of RBS Asset Finance, Inc.
	
                                                         

                                                      	 	
                                                        100
      Sockanosset Cross Rd

                                                      
	
                                                         

                                                      	 	
                                                        Cranston,
      RI 02920

                                                      
	
                                                         

                                                      	 	
                                                        
                                                          Attention:
      

                                                        

                                                      	Gail
      Wentworth
	
                                                         

                                                      	 	
                                                        Telephone:
      

                                                      	401-734-5220
	
                                                         

                                                      	 	
                                                        Telecopier:
      

                                                      	401-734-5380
	
                                                         

                                                      	 	
                                                        E-mail:
      

                                                      	Gail.Wentworth@rbscitizens.com

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

         

        
          
            
            

          

          
            112

            
              

            

          

          
            
            

          

        

         

        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          	
                                                  With
      a copy to:

                                                	 	
                                                  Hahn
      & Hessen, LLP

                                                
	
                                                   

                                                	 	488
      Madison Avenue
	
                                                   

                                                	 	New
      York, New York 10022
	
                                                   

                                                	 	
                                                  Attention:

                                                	
                                                  Daniel
      D. Batterman, Esq.

                                                
	
                                                   

                                                	 	
                                                  Telephone:

                                                	212-478-7260
	
                                                   

                                                	 	
                                                  Telecopier:

                                                	212-478-7400
	
                                                   

                                                	 	
                                                  E-mail:

                                                	dbatterman@hahnhessen.com

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

         

        If to a
Lender other than RBS, as specified on the signature pages hereof.

         

        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        	
                                                                If
      to any Borrower

                                                              	 	 
      	 
	
                                                                
                                                                  or
      any Loan Party

                                                                

                                                              	 	
                                                                 

                                                              
	
                                                                
                                                                  c/o
      Administrative Borrower:

                                                                

                                                              	 	
                                                                HUDSON HIGHLAND GROUP,
      INC.

                                                              
	 	 	560
      Lexington Avenue, 5th
      Floor
	
                                                                 

                                                              	 	
                                                                New
      York, New York 10022

                                                              
	
                                                                 

                                                              	 	
                                                                
                                                                  Attention:
      

                                                                

                                                              	Mary
      Jane Raymond
	
                                                                 

                                                              	 	
                                                                Telephone:
      

                                                              	212-351-7232
	
                                                                 

                                                              	 	
                                                                Telecopier:
      

                                                              	917-256-8403
	
                                                                 

                                                              	 	
                                                                E-mail:
      

                                                              	maryjane.raymond@hudson.com

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

            

            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              	
                                                      With
      a copy to:

                                                    	 	
                                                      
                                                        Foley
      & Lardner LLP

                                                      

                                                    
	
                                                       

                                                    	 	777
      East Wisconsin Avenue
	
                                                       

                                                    	 	Milwaukee,
      WI 53202-5306
	
                                                       

                                                    	 	
                                                      Attention:

                                                    	
                                                      Benjamin
      F. Garmer III

                                                    
	
                                                       

                                                    	 	
                                                      Telephone:

                                                    	414-297-5675
	
                                                       

                                                    	 	
                                                      Telecopier:

                                                    	414-297-4900
	
                                                       

                                                    	 	
                                                      E-mail:

                                                    	bgarmer@foley.com

                                            

                                             

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

      Subject
to Section 4.1.4, all notices, requests and other communications by or to a
party hereto shall be in writing and shall be given to any Loan Party, at
Administrative Borrower’s address shown above, and to any other Person at its
address shown above (or, in the case of a Person who becomes a Lender after the
Signing Date, at the address shown on its Assignment and Acceptance), or at such
other address as a party may hereafter specify by notice in accordance with this
Section 15.3.1.  Each such notice, request or other communication
shall be effective only (a) if given by facsimile transmission, when transmitted
to the applicable facsimile number, if confirmation of receipt is received; (b)
if given by mail, three (3) Business Days after deposit in the U.S. mail, with
first-class postage pre-paid, addressed to the applicable address; (c) if given
by personal delivery, when duly delivered to the notice address with receipt
acknowledged; or (d) if given by electronic transmission, when transmitted to
the applicable e-mail address, if confirmation of receipt is
received.  Any written notice, request or other communication that is
not sent in conformity with the foregoing provisions shall nevertheless be
effective on the date actually received by the noticed party.  Any
notice received by Administrative Borrower shall be deemed received by all Loan
Parties.

       

      
        
          
          

        

        
          113

          
            

          

        

        
          
          

        

      

       

      15.3.2      Electronic Communications;
Voice Mail.  Except as otherwise provided herein, electronic
mail (which may include links to internet websites for purposes of downloading
or accessing materials referenced in such electronic mail) and internet websites
may be used only for routine communications, such as financial statements,
Borrowing Base Certificates and other information required by Section 10.1.2
(including, for the avoidance of doubt, delivery of certain filings with the
Securities and Exchange Commission), administrative matters, distribution of
Loan Documents for execution, and matters permitted under Section
4.1.4.  Agent and Lenders make no assurances as to the privacy and
security of electronic communications.  Electronic and voice mail may
not be used as effective notice under the Loan Documents.

       

      15.3.3      Non-Conforming
Communications.  Agent and Lenders may, in good faith, rely
upon any notices purportedly given by or on behalf of any Loan Party even if
such notices were not made in a manner specified herein, were incomplete or were
not confirmed, or if the terms thereof, as understood by the recipient, varied
from a later confirmation.  Each Loan Party shall indemnify and hold
harmless each Indemnitee from any liabilities, losses, costs and expenses
arising from any telephonic communication purportedly given by or on behalf of a
Loan Party, other than any liabilities, losses, costs and expenses resulting
from the gross negligence or willful misconduct of such Indemnitee as determined
by a final, non-appealable judgment by a court of competent
jurisdiction.

       

      15.4         Performance of Loan Parties’
Obligations.  Agent may, in its discretion at any time and from
time to time, at Loan Parties’ expense, pay any amount or do any act required of
a Loan Party under any Loan Documents or otherwise lawfully requested by Agent
to (a) enforce any Loan Documents or collect any Obligations; (b) protect,
insure, maintain or, after an Event of Default, realize upon any Collateral; or
(c) defend or maintain the validity or priority of Agent’s Liens in any
Collateral, including any payment of a judgment, insurance premium, warehouse
charge, finishing or processing charge, or landlord claim, or any discharge of a
Lien.  All payments, costs and expenses (including Extraordinary
Expenses) of Agent under this Section shall be reimbursed to Agent by Loan
Parties,  promptly on demand (but in any event not later than the next
Business Day), promptly upon receipt of a written invoice setting forth such
amount in reasonable detail with interest from the date incurred to the date of
payment thereof at the Default Rate applicable to Base Rate Revolving
Loans.  Any payment made or action taken by Agent under this Section
shall be without prejudice to any right to assert an Event of Default or to
exercise any other rights or remedies under the Loan Documents.

       

      15.5         Credit
Inquiries.  Each Loan Party hereby authorizes Agent and Lenders
(but they shall have no obligation) to respond to usual and customary credit
inquiries from third parties concerning any Loan Party or
Subsidiary.

       

      15.6         Severability.  Wherever
possible, each provision of the Loan Documents shall be interpreted in such
manner as to be valid under Applicable Law.  If any provision is found
to be invalid under Applicable Law, it shall be ineffective only to the extent
of such invalidity and the remaining provisions of the Loan Documents shall
remain in full force and effect.

       

      
        
          
          

        

        
          114

          
            

          

        

        
          
          

        

      

       

      15.7         Cumulative Effect; Conflict of
Terms.  The provisions of the Loan Documents are
cumulative.  The parties acknowledge that the Loan Documents may use
several different limitations, tests or measurements to regulate the same or
similar matters, and they agree that these are cumulative and that each must be
performed as provided.  Except as otherwise specifically provided in
another Loan Document (by specific reference to the applicable provision of this
Agreement), if any provision contained herein is in direct conflict with any
provision in another Loan Document, the provision herein shall govern and
control.

       

      15.8         Counterparts; Facsimile
Signatures.  Any Loan Document may be executed in counterparts,
each of which taken together shall constitute one instrument.  Loan
Documents may be executed and delivered by facsimile, and they shall have the
same force and effect as manually signed originals.  Agent may require
confirmation by a manually-signed original, but failure to request or deliver
same shall not limit the effectiveness of any facsimile signature.

       

      15.9         Entire
Agreement.  Time is of the essence of the Loan
Documents.  The Loan Documents embody the entire understanding of the
parties with respect to the subject matter thereof and supersede all prior
understandings regarding the same subject matter.

       

      15.10       Obligations of
Lenders.  The obligations of each Lender hereunder are several,
and no Lender shall be responsible for the obligations or Commitments of any
other Lender.  Amounts payable hereunder to each Lender shall be a
separate and independent debt, and each Lender shall be entitled, to the extent
not otherwise restricted hereunder, to protect and enforce its rights arising
out of the Loan Documents.  It shall not be necessary for Agent or any
other Lender to be joined as an additional party in any proceeding for such
purposes.  Nothing in this Agreement and no action of Agent or Lenders
pursuant to the Loan Documents shall be deemed to constitute Agent and Lenders
to be a partnership, association, joint venture or any other kind of entity, nor
to constitute control of any Loan Party.  Each Loan Party acknowledges
and agrees that in connection with all aspects of any transaction contemplated
by the Loan Documents, Loan Parties, Agent, Issuing Bank and Lenders have an
arms-length business relationship that creates no fiduciary duty on the part of
Agent, Issuing Bank or any Lender, and each Loan Party, Agent, Issuing Bank and
Lender expressly disclaims any fiduciary relationship.

       

      15.11       Confidentiality. During the
term of this Agreement and for two (2) years thereafter, Agent and Lenders agree
to take reasonable precautions to maintain the confidentiality of any
information that Loan Parties deliver to Agent and Lenders; except, that, Agent and any
Lender may disclose such information (a) to their respective officers,
directors, employees, Affiliates and agents, including legal counsel, auditors
and other professional advisors; (b) to any Loan Party, Subsidiary, Lender,
Transferee or any of their respective Affiliates from time to time to the extent
deemed necessary by Agent or such Lender in its Permitted Discretion for or in
connection with the transactions contemplated by the Loan Documents; (c)
pursuant to the order of any court or administrative agency; (d) upon the
request of any Governmental Authority exercising regulatory authority over Agent
or such Lender; (e) which ceases to be confidential, other than by an act or
omission of Agent or any Lender, or which becomes available to Agent or any
Lender on a nonconfidential basis; (f) to the extent reasonably required in
connection with any litigation relating to any Loan Documents or transactions
contemplated thereby, or otherwise as required by Applicable Law; (g) to the
extent reasonably required for the exercise of any rights or remedies under the
Loan Documents; (h) to any actual or proposed party to a Bank Product or to any
Transferee, as long as such Person agrees to be bound by the provisions of this
Section; (i) to the National Association of Insurance Commissioners or any
similar organization, or to any nationally recognized rating agency that
requires access to information about a Lender’s portfolio in connection with
ratings issued with respect to such Lender; (j) to any investor or potential
investor in an Approved Fund that is a Lender or Transferee, but solely for use
by such investor to evaluate an investment in such Approved Fund, or to any
manager, servicer or other Person in connection with its administration of any
such Approved Fund; or (k) with the consent of Loan
Parties.  Notwithstanding the foregoing, Agent and Lenders may issue
and disseminate to the public general information describing this credit
facility, including the names and addresses of Loan Parties and a general
description of Loan Parties’ businesses, and may use Loan Parties’ names in
advertising and other promotional materials.

       

      
        
          
          

        

        
          115

          
            

          

        

        
          
          

        

      

       

      15.12       Reserved.

       

      15.13       GOVERNING LAW.  THIS
AGREEMENT AND THE OTHER LOAN DOCUMENTS, UNLESS OTHERWISE SPECIFIED, SHALL BE
GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ANY
PRINCIPLES OF CONFLICTS OF LAW OR OTHER RULE THAT WOULD CAUSE THE APPLICATION OF
THE LAW OF ANY JURISDICTION OTHER THAN THE LAWS OF THE STATE OF NEW
YORK  (BUT GIVING EFFECT TO FEDERAL LAWS RELATING TO NATIONAL
BANKS).

       

      15.14       Consent
to Forum.

       

      15.14.1    Forum.  EACH
LOAN PARTY HEREBY CONSENTS TO THE NON-EXCLUSIVE JURISDICTION OF ANY FEDERAL OR
STATE COURT SITTING IN OR WITH JURISDICTION OVER THE STATE OF NEW YORK, IN ANY
PROCEEDING OR DISPUTE RELATING IN ANY WAY TO ANY LOAN DOCUMENTS, AND AGREES THAT
ANY SUCH PROCEEDING SHALL BE BROUGHT BY IT SOLELY IN ANY SUCH
COURT.  EACH LOAN PARTY IRREVOCABLY WAIVES ALL CLAIMS, OBJECTIONS AND
DEFENSES THAT IT MAY HAVE REGARDING SUCH COURT’S PERSONAL OR SUBJECT MATTER
JURISDICTION, VENUE OR INCONVENIENT FORUM.  Nothing herein shall limit
the right of Agent or any Lender to bring proceedings against any Loan Party in
any other court.  Nothing in this Agreement shall be deemed to
preclude enforcement by Agent of any judgment or order obtained in any forum or
jurisdiction.

       

      15.14.2    Reserved.

       

      15.15       Waivers by Loan
Parties.  To the fullest extent permitted by Applicable Law,
each Loan Party waives (a) the right to trial by jury (which Agent and each
Lender hereby also waives) in any proceeding, claim or counterclaim of any kind
relating in any way to any Loan Documents, Obligations or Collateral; (b) except
as otherwise provided in the Loan Documents, presentment, demand, protest,
notice of presentment, default, non-payment, maturity, release, compromise,
settlement, extension or renewal of any commercial paper, accounts, contract
rights, documents, instruments, chattel paper and guaranties at any time held by
Agent on which a Loan Party may in any way be liable, and hereby ratifies
anything Agent may do in this regard; (c) except as otherwise provided in the
Loan Documents, notice prior to taking possession or control of any Collateral;
(d) any bond or security that might be required by a court prior to allowing
Agent to exercise any rights or remedies; (e) the benefit of all valuation,
appraisement and exemption laws; (f) any claim against Agent or any Lender, on
any theory of liability, for special, indirect, consequential, exemplary or
punitive damages (as opposed to direct or actual damages) in any way relating to
any Enforcement Action, Obligations, Loan Documents or transactions relating
thereto; and (g) notice of acceptance hereof.  Each Loan Party
acknowledges that the foregoing waivers are a material inducement to Agent and
Lenders entering into this Agreement and that Agent and Lenders are relying upon
the foregoing in their dealings with Loan Parties.  Each Loan Party
has reviewed the foregoing waivers with its legal counsel and has knowingly and
voluntarily waived its jury trial and other rights following consultation with
legal counsel.  In the event of litigation, this Agreement may be
filed as a written consent to a trial by the court.

       

      
        
          
          

        

        
          116

          
            

          

        

        
          
          

        

      

       

      15.16       Patriot Act
Notice.  Agent and Lenders hereby notify Loan Parties that
pursuant to the requirements of the Patriot Act, Agent and Lenders are required
to obtain, verify and record information that identifies each Loan Party,
including its legal name, address, tax ID number and other information that will
allow Agent and Lenders to identify it in accordance with the Patriot
Act.  Agent and Lenders will also require information regarding each
personal guarantor, if any, and may require information regarding Loan Parties’
management and owners, such as legal name, address, social security number and
date of birth.

       

      15.17       UK Law.  Any
references in this Agreement or in any Other Agreement to specific statutes or
to governmental agencies of the United States of America, shall be, when applied
to UK Borrower or HGRJ, as applicable, deemed to refer to the applicable
provisions or governmental agencies of the United Kingdom or the laws of England
and Wales, or to governmental agencies of the Island of Jersey or the laws
thereof, as appropriate.

       

      15.18       NO ORAL
AGREEMENT.   THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS
REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY
EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS BETWEEN THE
PARTIES.  THERE ARE NO UNWRITTEN AGREEMENTS BETWEEN THE
PARTIES.

       

      15.19       Closing and
Funding.  Notwithstanding anything to the contrary in this
Agreement or any other Loan Document, the terms and conditions (including
without limitation any representations, warranties, covenants and other
agreements) of this Agreement (other than this Section 15.19) and each other
Loan Document shall not be effective against any party thereto unless and until
the conditions set forth in Section 6 have been satisfied (including, without
limitation, the conditions set forth in Section 6.1.13).

       

      [SIGNATURE
PAGES FOLLOW]

       

      
        
          
          

        

        
          117

          
            

          

        

        
          
          

        

      

       

      IN
WITNESS WHEREOF, this Agreement has been executed and delivered as of the date
set forth above.

       

      BORROWERS:

      

      HUDSON
HIGHLAND GROUP, INC.

      

      

      By:  /s/
Mary Jane Raymond

      Name:  Mary
Jane Raymond

      
        Title:  Executive
Vice President, Chief Financial Officer

      

      

      

      HUDSON
GLOBAL RESOURCES MANAGEMENT, INC.

      

      

      By:  /s/
Frank Lanuto

      Name:  Frank
Lanuto

      Title:  Assistant
Treasurer

      

      

      HUDSON
GLOBAL RESOURCES LIMITED

      

      

      By:  /s/
Martin Piers

      Name:  Martin
Piers

      Title:  European
General Counsel and Director

      

      

      

      [SIGNATURES
CONTINUED ON NEXT PAGE]

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      [SIGNATURES
CONTINUED FROM PREVIOUS PAGE]

       

      

       

      GUARANTORS:

       

      HUDSON
HIGHLAND GROUP HOLDINGS INTERNATIONAL, INC.

       

       

      By:  /s/
Frank Lanuto

      Name:  Frank
Lanuto

      Title:  Assistant
Treasurer

      

      

      HUDSON
GLOBAL RESOURCES JERSEY LIMITED

       

      

      By:  /s/
Martin Piers

      Name:  Martin
Piers

      Title:  European
General Counsel and Director

      

      

      

      [SIGNATURES
CONTINUED ON NEXT PAGE]

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      [SIGNATURES
CONTINUED FROM PREVIOUS PAGE]

       

      

      AGENT AND
LENDERS:

      

      

      RBS BUSINESS
CAPITAL,

      a
division of RBS Asset Finance, Inc.,

      as Agent
and Lender

      

      

      By:  /s/
Steven A. Samson

      Name:  Steven
A. Samson

      Title:  Vice
President

      

      

      

      [SIGNATURES
CONTINUED ON NEXT PAGE]

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      [SIGNATURES
CONTINUED FROM PREVIOUS PAGE]

       

       

      ISSUING
BANK:

      

      RBS CITIZENS, NATIONAL
ASSOCIATION,

      as
Issuing Bank

      

      

      By:  /s/
Steven A. Samson

      Name:  Steven
A. Samson

      Title:  Vice
President

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      Exhibit
A

      to

      Loan
and Security Agreement

      

      Form
of Assignment and Acceptance Agreement

      

      This
ASSIGNMENT AND ACCEPTANCE AGREEMENT (this “Assignment and Acceptance”) dated as
of _____________, 20__ is made between ________________________ (the “Assignor”)
and ____________________ (the “Assignee”).

       

      WITNESSETH:

       

      WHEREAS,
RBS BUSINESS CAPITAL, a division of RBS Asset Finance, Inc., in its capacity as
agent pursuant to the Loan Agreement (as hereinafter defined) acting for and on
behalf of the financial institutions which are parties thereto as lenders (in
such capacity, “Agent”), and the financial institutions which are parties to the
Loan Agreement as lenders (individually, each a “Lender” and collectively,
“Lenders”) have entered or are about to enter into financing arrangements
pursuant to which Agent and Lenders may make loans and advances and provide
other financial accommodations to HUDSON HIGHLAND GROUP, INC.,  a
corporation organized under the laws of the State of Delaware (“HHG”), HUDSON
GLOBAL RESOURCES MANAGEMENT, INC., a corporation organized under the laws of the
Commonwealth of Pennsylvania (“HGRM”), HUDSON GLOBAL RESOURCES LIMITED, a
company incorporated under the laws of England and Wales with registered number
03206355 (“HGR UK”, and together with HHG and HGRM, each a “Borrower” and
collectively, jointly and severally, “Borrowers”), HUDSON HIGHLAND GROUP
HOLDINGS INTERNATIONAL, INC., a corporation organized under the laws of the
State of Delaware (“HGHI”), and HUDSON GLOBAL RESOURCES JERSEY LIMITED, a
corporation organized under the laws of the Island of Jersey with registered
number 84564 (“HGRJ”; together with HGHI, each a “Guarantor” and collectively,
“Guarantors”), as set forth in the Loan and Security Agreement, dated August 5,
2010, by and among Borrowers, Guarantors, Agent and Lenders (as the same now
exists or may hereafter be amended, modified, supplemented, extended, renewed,
restated or replaced, the “Loan Agreement”; capitalized terms used but not
defined herein have the meanings ascribed thereto in the Loan Agreement), and
the other agreements, documents and instruments referred to therein or at any
time executed and/or delivered in connection therewith or related thereto (all
of the foregoing, together with the Loan Agreement, as the same now exist or may
hereafter be amended, modified, supplemented, extended, renewed, restated or
replaced, being collectively referred to herein as the “Loan
Documents”);

       

      WHEREAS,
as provided under the Loan Agreement, Assignor committed to making Loans (the
“Committed Loans”) to Borrowers in an aggregate amount not to exceed $40,000,000
(the “Commitment”); and

       

      WHEREAS,
Assignor wishes to assign to Assignee [part of the] [all] rights and obligations of
Assignor under the Loan Agreement in respect of its Commitment in an amount
equal to $______________ (the “Assigned Commitment Amount”) on the terms and
subject to the conditions set forth herein and Assignee wishes to accept
assignment of such rights and to assume such obligations from Assignor on such
terms and subject to such conditions.

       

      
        
          
          

        

        
          Exhibit A
- 1

          
            

          

        

        
          
          

        

      

       

      NOW,
THEREFORE, in consideration of the foregoing and the mutual agreements contained
herein, the parties hereto agree as follows:

       

      1.           Assignment and
Acceptance.

       

      (a)           Subject
to the terms and conditions of this Assignment and Acceptance, Assignor hereby
sells, transfers and assigns to Assignee, and Assignee hereby purchases, assumes
and undertakes from Assignor, without recourse and without representation or
warranty (except as provided in this Assignment and Acceptance) an interest in
(i) the Commitment and each of the Committed Loans of Assignor and (ii) all
related rights, benefits, obligations, liabilities and indemnities of the
Assignor under and in connection with the Loan Agreement and the other Loan
Documents, so that after giving effect thereto, the Commitment of Assignee shall
be as set forth below and the Pro Rata share of Assignee shall be _______ (__%)
percent.

       

      (b)           With
effect on and after the Effective Date (as defined in Section 5 hereof),
Assignee shall be a party to the Loan Agreement and succeed to all of the rights
and be obligated to perform all of the obligations of a Lender under the Loan
Agreement, including the requirements concerning confidentiality and the payment
of indemnification, with a Commitment in an amount equal to the Assigned
Commitment Amount.  Assignee agrees that it will perform in accordance
with their terms all of the obligations which by the terms of the Loan Agreement
are required to be performed by it as a Lender.  It is the intent of
the parties hereto that the Commitment of Assignor shall, as of the Effective
Date, be reduced by an amount equal to the Assigned Commitment Amount and
Assignor shall relinquish its rights and be released from its obligations under
the Loan Agreement to the extent such obligations have been assumed by Assignee;
provided, that, Assignor shall not relinquish its rights under Sections 2.3,
5.5, 12.6, 14.8 and 15.2 of the Loan Agreement to the extent such rights relate
to the time prior to the Effective Date.

       

      (c)           After
giving effect to the assignment and assumption set forth herein, on the
Effective Date Assignee’s Commitment will be $_____________.

       

      (d)           After
giving effect to the assignment and assumption set forth herein, on the
Effective Date Assignor’s Commitment will be $______________ (as such amount may
be further reduced by any other assignments by Assignor on or after the date
hereof).

       

      2.           Payments.

       

      (a)           As
consideration for the sale, assignment and transfer contemplated in Section 1
hereof, Assignee shall pay to Assignor on the Effective Date in immediately
available funds an amount equal to $____________, representing Assignee’s Pro
Rata Share of the principal amount of all Committed Loans.

       

      (b)           Assignee
shall pay to Agent the processing fee in the amount specified in Section 13.3.2
of the Loan Agreement.

       

      3.           Reallocation of
Payments.  Any interest, fees and other payments accrued to the
Effective Date with respect to the Commitment, Committed Loans and outstanding
LC Obligations shall be for the account of Assignor.  Any interest,
fees and other payments accrued on and after the Effective Date with respect to
the Assigned Commitment Amount shall be for the account of
Assignee.  Each of Assignor and Assignee agrees that it will hold in
trust for the other party any interest, fees and other amounts which it may
receive to which the other party is entitled pursuant to the preceding sentence
and pay to the other party any such amounts which it may receive promptly upon
receipt.

       

      
        
          
          

        

        
          Exhibit A
- 2

          
            

          

        

        
          
          

        

      

       

      4.           Independent Credit
Decision.  Assignee  acknowledges that it has
received a copy of the Loan Agreement and the Schedules and Exhibits thereto,
together with copies of the most recent financial statements of Holdings and its
Subsidiaries, and such other documents and information as it has deemed
appropriate to make its own credit and legal analysis and decision to enter into
this Assignment and Acceptance and  agrees that it will, independently
and without reliance upon Assignor, Agent or any Lender and based on such
documents and information as it shall deem appropriate at the time, continue to
make its own credit and legal decisions in taking or not taking action under the
Loan Agreement.

       

      5.           Effective Date;
Notices.

       

      (a)           As
between Assignor and Assignee, the effective date for this Assignment and
Acceptance shall be _______________, 20__ (the “Effective Date”); provided,
that, the following conditions precedent have been satisfied on or before the
Effective Date:

       

      (i)           this
Assignment and Acceptance shall be executed and delivered by Assignor and
Assignee;

       

      (ii)           the
consent of Agent as required for an effective assignment of the Assigned
Commitment Amount by Assignor to Assignee shall have been duly obtained and
shall be in full force and effect as of the Effective Date;

       

      (iii)           written
notice of such assignment, together with payment instructions, addresses and
related information with respect to Assignee, shall have been given to
Administrative Borrower and Agent;

       

      (iv)           Assignee
shall pay to Assignor all amounts due to Assignor under this Assignment and
Acceptance; and

       

      (v)           the
processing fee referred to in Section 2(b) hereof shall have been paid to
Agent.

       

      6.           Promptly
following the execution of this Assignment and Acceptance, Assignor shall
deliver to Administrative Borrower and Agent for acknowledgment by Agent, a
Notice of Assignment in the form attached as Exhibit D to the Loan
Agreement.

       

      7.           Agent.  [INCLUDE ONLY IF ASSIGNOR IS
AN AGENT]

       

      (a)           Assignee
hereby appoints and authorizes Assignor in its capacity as Agent to take such
action as agent on its behalf to exercise such powers under the Loan Agreement
as are delegated to Agent by Lenders pursuant to the terms of the Loan
Agreement.

       

      
        
          
          

        

        
          Exhibit A
- 3

          
            

          

        

        
          
          

        

      

       

      (b)           Assignee
shall assume no duties or obligations held by Assignor in its capacity as Agent
under the Loan Agreement.]

       

      8.           Withholding
Tax.  Assignee (a) represents and warrants to Assignor, Agent
and Borrowers that under applicable law and treaties no tax will be required to
be withheld by Assignee, Agent or Borrowers with respect to any payments to be
made to Assignee hereunder or under any of the Loan Documents, (b) agrees to
furnish (if it is not a “United States person” within the meaning of section
7701(a)(30) of the U.S. Internal Revenue Code of 1986, as amended) to Agent and
Borrowers prior to the time that Agent or Borrowers are required to make any
payment of principal, interest or fees hereunder, duplicate executed originals
of either U.S. Internal Revenue Service Form W-8BEN or W-8ECI, as applicable
(wherein Assignee claims entitlement to the benefits of a tax treaty that
provides for a complete exemption from U.S. federal income withholding tax on
all payments hereunder) and agrees to provide new such forms upon the expiration
of any previously delivered form or comparable statements in accordance with
applicable U.S. law and regulations and amendments thereto, duly executed and
completed by Assignee, and (c) agrees to comply with all applicable U.S. laws
and regulations with regard to such withholding tax exemption.

       

      9.           Representations and
Warranties.

       

      (a)           Assignor
represents and warrants that (i) it is the legal and beneficial owner of the
interest being assigned by it hereunder and that such interest is free and clear
of any security interest, lien, encumbrance or other adverse claim, (ii) it is
duly organized and existing and it has the full power and authority to take, and
has taken, all action necessary to execute and deliver this Assignment and
Acceptance and any other documents required or permitted to be executed or
delivered by it in connection with this Assignment and Acceptance and to fulfill
its obligations hereunder, (iii) no notices to, or consents, authorizations or
approvals of, any Person are required (other than any already given or obtained)
for its due execution, delivery and performance of this Assignment and
Acceptance, and apart from any agreements or undertakings or filings required by
the Loan Agreement, no further action by, or notice to, or filing with, any
Person is required of it for such execution, delivery or performance, and (iv)
this Assignment and Acceptance has been duly executed and delivered by it and
constitutes the legal, valid and binding obligation of Assignor, enforceable
against Assignor in accordance with the terms hereof, subject, as to
enforcement, to bankruptcy, insolvency, moratorium, reorganization and other
laws of general application relating to or affecting creditors’ rights and to
general equitable principles.

       

      (b)           Assignor
makes no representation or warranty and assumes no responsibility with respect
to any statements, warranties or representations made in or in connection with
the Loan Agreement or any of the other Loan Documents or the execution,
legality, validity, enforceability, genuineness, sufficiency or value of the
Loan Agreement or any other instrument or document furnished pursuant
thereto.  Assignor makes no representation or warranty in connection
with, and assumes no responsibility with respect to, the solvency, financial
condition or statements of Borrowers, Guarantors or any of their respective
Affiliates, or the performance or observance by Borrowers, Guarantors or any
other Person, of any of its respective obligations under the Loan Agreement or
any other instrument or document furnished in connection therewith.

       

      
        
          
          

        

        
          Exhibit A
- 4

          
            

          

        

        
          
          

        

      

       

      (c)           Assignee
represents and warrants that (i) it is duly organized and existing and it has
full power and authority to take, and has taken, all action necessary to execute
and deliver this Assignment and Acceptance and any other documents required or
permitted to be executed or delivered by it in connection with this Assignment
and Acceptance, and to fulfill its obligations hereunder, (ii) no notices to, or
consents, authorizations or approvals of, any Person are required (other than
any already given or obtained) for its due execution, delivery and performance
of this Assignment and Acceptance, and apart from any agreements or undertakings
or filings required by the Loan Agreement, no further action by, or notice to,
or filing with, any Person is required of it for such execution, delivery or
performance; and (iii) this Assignment and Acceptance has been duly executed and
delivered by it and constitutes the legal, valid and binding obligation of
Assignee, enforceable against Assignee in accordance with the terms hereof,
subject, as to enforcement, to bankruptcy, insolvency, moratorium,
reorganization and other laws of general application relating to or affecting
creditors’ rights to general equitable principles.

       

      10.           Further
Assurances.  Assignor and Assignee each hereby agree to execute
and deliver such other instruments, and take such other action, as either party
may reasonably request in connection with the transactions contemplated by this
Assignment and Acceptance, including the delivery of any notices or other
documents or instruments to Borrowers or Agent, which may be required in
connection with the assignment and assumption contemplated hereby.

       

      11.           Miscellaneous.

       

      (a)           Any
amendment or waiver of any provision of this Assignment and Acceptance shall be
in writing and signed by the parties hereto.  No failure or delay by
either party hereto in exercising any right, power or privilege hereunder shall
operate as a waiver thereof and any waiver of any breach of the provisions of
this Assignment and Acceptance shall be without prejudice to any rights with
respect to any other for further breach thereof.

       

      (b)           All
payments made hereunder shall be made without any set-off or
counterclaim.

       

      (c)           Assignor
and Assignee shall each pay its own costs and expenses incurred in connection
with the negotiation, preparation, execution and performance of this Assignment
and Acceptance.

       

      (d)           This
Assignment and Acceptance may be executed in any number of counterparts and all
of such counterparts taken together shall be deemed to constitute one and the
same instrument.

       

      (e)           THIS
ASSIGNMENT AND ACCEPTANCE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAW OF THE STATE OF NEW YORK.  Assignor and Assignee each
irrevocably submits to the non-exclusive jurisdiction of any State or Federal
court sitting in or with jurisdiction over New York, in any suit, action or
proceeding arising out of or relating to this Assignment and Acceptance and
irrevocably agrees that all claims in respect of such action or proceeding may
be heard and determined in such State or Federal court.  Each party to
this Assignment and Acceptance hereby irrevocably waives, to the fullest extent
it may effectively do so, the defense of an inconvenient forum to the
maintenance of such action or proceeding.

       

      
        
          
          

        

        
          Exhibit A
- 5

          
            

          

        

        
          
          

        

      

       

      (f)           ASSIGNOR
AND ASSIGNEE EACH HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY
RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED
HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS ASSIGNMENT AND
ACCEPTANCE, THE LOAN AGREEMENT, ANY OF THE OTHER LOAN DOCUMENTS OR ANY RELATED
DOCUMENTS AND AGREEMENTS OR ANY COURSE OF CONDUCT, COURSE OF DEALING, OR
STATEMENTS (WHETHER ORAL OR WRITTEN).

       

      IN
WITNESS WHEREOF, Assignor and Assignee have caused this Assignment and
Acceptance to be executed and delivered by their duly authorized officers as of
the date first above written.

       

      [ASSIGNOR]

      

      

      By:____________________________

      Name:__________________________

      Title:___________________________

      

      

      

      [ASSIGNEE]

      

      

      By:____________________________

      Name:__________________________

      Title:___________________________

       

      
        
          
          

        

        
          Exhibit A
- 6

          
            

          

        

        
          
          

        

      

       

      Exhibit
B

      to

      Loan
and Security Agreement

      

      Form
of Borrowing Base Certificate

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

        

      

       

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              
                                                                                
                                                                                  
                                                                                    
                                                                                      
                                                                                        
                                                                                          
                                                                                            
                                                                                              
                                                                                                
                                                                                                  
                                                                                                    
                                                                                                      
                                                                                                        
                                                                                                          
                                                                                                            
                                                                                                              
                                                                                                                
                                                                                                                  
                                                                                                                    
                                                                                                                      
                                                                                                                        
                                                                                                                          
                                                                                                                            
                                                                                                                              
                                                                                                                                
                                                                                                                                  
                                                                                                                                    
                                                                                                                                      
                                                                                                                                        
                                                                                                                                          
                                                                                                                                            
                                                                                                                                              
                                                                                                                                                
                                                                                                                                                  
                                                                                                                                                    
                                                                                                                                                      
                                                                                                                                                        
                                                                                                                                                          
                                                                                                                                                            
                                                                                                                                                              
                                                                                                                                                                
                                                                                                                                                                  
                                                                                                                                                                    
                                                                                                                                                                      
                                                                                                                                                                        
                                                                                                                                                                          
                                                                                                                                                                            
                                                                                                                                                                              
                                                                                                                                                                                
                                                                                                                                                                                  
                                                                                                                                                                                    
                                                                                                                                                                                      
                                                                                                                                                                                        
                                                                                                                                                                                          
                                                                                                                                                                                            
                                                                                                                                                                                              
                                                                                                                                                                                                
                                                                                                                                                                                                  
                                                                                                                                                                                                    
                                                                                                                                                                                                      
                                                                                                                                                                                                        
                                                                                                                                                                                                          
                                                                                                                                                                                                            
                                                                                                                                                                                                              
                                                                                                                                                                                                                
                                                                                                                                                                                                                  
                                                                                                                                                                                                                    
                                                                                                                                                                                                                      
                                                                                                                                                                                                                        
                                                                                                                                                                                                                          
                                                                                                                                                                                                                            
                                                                                                                                                                                                                              
                                                                                                                                                                                                                                
                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                	
                                                                                                                                                                                                                                                                                                                                        CERTIFICATION

                                                                                                                                                                                                                                                                                                                                      
	 
      
	
                                                                                                                                                                                                                                                                                                                                        (A) Borrower hereby certifies that
      there is no Default or Event of Default under the Loan and Security
      Agreement or any of the other Loan Documents.

                                                                                                                                                                                                                                                                                                                                      
	 
      
	
                                                                                                                                                                                                                                                                                                                                        (B) No remittances have been
      received from or returns and allowances granted to any debtors whose
      accounts have been assigned to RBS Business Capital, as Agent, other than
      previously reported.

                                                                                                                                                                                                                                                                                                                                      
	 
      
	
                                                                                                                                                                                                                                                                                                                                        (C)
      We hereby grant a security interest to RBS Business Capital, as Agent, in
      all accounts which came into existence since our last Certificate, all
      right, title, and interest of the undersigned in
      and to the goods represented thereby, and all monies due to or to become
      due
  thereby.

                                                                                                                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                                                                                                            

                                                                                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                                                                                            

                                                                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                                                                            

                                                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                                                            

                                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                                            

                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                            

                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                

                                                                                                                                                                                                                              

                                                                                                                                                                                                                            

                                                                                                                                                                                                                          

                                                                                                                                                                                                                        

                                                                                                                                                                                                                      

                                                                                                                                                                                                                    

                                                                                                                                                                                                                  

                                                                                                                                                                                                                

                                                                                                                                                                                                              

                                                                                                                                                                                                            

                                                                                                                                                                                                          

                                                                                                                                                                                                        

                                                                                                                                                                                                      

                                                                                                                                                                                                    

                                                                                                                                                                                                  

                                                                                                                                                                                                

                                                                                                                                                                                              

                                                                                                                                                                                            

                                                                                                                                                                                          

                                                                                                                                                                                        

                                                                                                                                                                                      

                                                                                                                                                                                    

                                                                                                                                                                                  

                                                                                                                                                                                

                                                                                                                                                                              

                                                                                                                                                                            

                                                                                                                                                                          

                                                                                                                                                                        

                                                                                                                                                                      

                                                                                                                                                                    

                                                                                                                                                                  

                                                                                                                                                                

                                                                                                                                                              

                                                                                                                                                            

                                                                                                                                                          

                                                                                                                                                        

                                                                                                                                                      

                                                                                                                                                    

                                                                                                                                                  

                                                                                                                                                

                                                                                                                                              

                                                                                                                                            

                                                                                                                                          

                                                                                                                                        

                                                                                                                                      

                                                                                                                                    

                                                                                                                                  

                                                                                                                                

                                                                                                                              

                                                                                                                            

                                                                                                                          

                                                                                                                        

                                                                                                                      

                                                                                                                    

                                                                                                                  

                                                                                                                

                                                                                                              

                                                                                                            

                                                                                                          

                                                                                                        

                                                                                                      

                                                                                                    

                                                                                                  

                                                                                                

                                                                                              

                                                                                            

                                                                                          

                                                                                        

                                                                                      

                                                                                    

                                                                                  

                                                                                

                                                                              

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

       

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    	
                                                                            Date
    prepared:

                                                                          	 
      	 
      	 
      	 
      	 
      	 
      	
                                                                            I hereby certify that the above
      information is true and accurate.

                                                                          
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                                                                            Prepared
by:

                                                                          	 
      	 
      	 
      	 
      	 
      	 
      	
                                                                            Authorized
      Signature:

                                                                          	 
      	 
      

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

           

          
            
              
                
                  
                    
                      
                        	
                                RBS
      Business Capital

                              	
                                BORROWING
      BASE CERTIFICATE

                              

                      

                    

                     

                    
                      
                        
                          
                            
                              
                                	 
      	
                                        Previously
      Faxed:

                                      	
                                        Yes

                                      	
                                        No

                                      	
                                        (Circle
      One)

                                      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                                        Company
      Name: Hudson Highland

                                      	
                                        Date:

                                      	 
      	 
      	
                                        Certificate
      Number:

                                      	
                                        101

                                      	 
      	 
      	 
      
	 
      	 
      	 
      	
                                        Month
      End Exchange Rate

                                      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                                        Prior
      Month End Exchange Rate

                                      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      

                              

                            

                          

                        

                      

                    

                  

                

              

            

             

            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              
                                                                                
                                                                                  
                                                                                    
                                                                                      
                                                                                        
                                                                                          
                                                                                            
                                                                                              
                                                                                                
                                                                                                  
                                                                                                    	
                                                                                                            Hudson
      Global Resources – Billed

                                                                                                          	 
      	
                                                                                                            UK
      Sterling

                                                                                                          	 
      	
                                                                                                            US
      Dollars

                                                                                                          	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                                                                                                            1.

                                                                                                          	
                                                                                                            ACCOUNTS
      RECEIVABLE

                                                                                                          	
                                                                                                            $

                                                                                                          	 	
                                                                                                            $

                                                                                                          	 
      	 
      	
                                                                                                            Bank
      Use

                                                                                                          	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                                                                                                            2.

                                                                                                          	
                                                                                                            Increases
      to Accounts Receivable since last BBC

                                                                                                          	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
                                                                                                            (A)  New
      Sales Dated Gross Billings

                                                                                                          	
                                                                                                            $

                                                                                                          	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
                                                                                                             ̈   
      Check if  Register is attached

                                                                                                          	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
                                                                                                            (B)  Other
      Additions or Corrections from previously completed BBC (*
      Explain)

                                                                                                          	
                                                                                                            $

                                                                                                          	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	
                                                                                                             

                                                                                                          	 
      	 
      	 
      
	 
      	
                                                                                                            (C)  TOTAL
      INCREASES

                                                                                                          	
                                                                                                            $

                                                                                                          	 
      	
                                                                                                            $

                                                                                                          	 
      	+	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                                                                                                            3.

                                                                                                          	
                                                                                                            Decreases
      to Accounts Receivable since last BBC

                                                                                                          	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
                                                                                                            (A)  Gross
      Collections Dated

                                                                                                          	
                                                                                                            $

                                                                                                          	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
                                                                                                             ̈   
      Check if Cash Receipt Journal is attached

                                                                                                          	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
                                                                                                            (B)  Credit
      Memos issued since last BBC

                                                                                                          	
                                                                                                            $

                                                                                                          	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
                                                                                                             ̈   
      Check if Credit Memo is attached

                                                                                                          	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
                                                                                                            (C)  Other
      Reductions or Corrections since last BBC (* Explain)

                                                                                                          	
                                                                                                            $

                                                                                                          	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
                                                                                                            o Check
      if Discount adjustment

                                                                                                          	 
      	 
      	 
      	
                                                                                                             

                                                                                                          	 
      	 
      	 
      
	 
      	
                                                                                                            (D)  TOTAL
      DECREASES

                                                                                                          	
                                                                                                            $

                                                                                                          	 
      	
                                                                                                            $

                                                                                                          	 
      	-	 
      	 
      
	  
      	 	 
      	  
      	 	
                                                                                                             

                                                                                                          	 	 
      	 
	
                                                                                                            4.

                                                                                                          	
                                                                                                            Other
      Adjustments to Accounts Receivable (* Explain)

                                                                                                          	 
      	 
      	
                                                                                                            $

                                                                                                          	 
      	+/-	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                                                                                                            5.

                                                                                                          	
                                                                                                            NEW
      ACCOUNTS RECEIVABLE BALANCE (Total of Lines 1, 2C, 3D, and
    4)

                                                                                                          	
                                                                                                            $

                                                                                                          	 
      	
                                                                                                            $

                                                                                                          	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
                                                                                                            Note:  Use
      this balance completing Line
      1 of next BBC

                                                                                                          	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                                                                                                            6.

                                                                                                          	
                                                                                                            (A)
      Ineligible Accounts Receivable

                                                                                                          	
                                                                                                            $

                                                                                                          	 
      	
                                                                                                            $

                                                                                                          	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
                                                                                                            (B)
      Other ineligible Accounts Receivable

                                                                                                          	
                                                                                                            $

                                                                                                          	 
      	
                                                                                                            $

                                                                                                          	 
      	 
      	 
      	 
      
	 
      	
                                                                                                            Please
      explain

                                                                                                          	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                                                                                                            7.

                                                                                                          	
                                                                                                            Eligible
      Accounts Receivable (line 5 minus line 6)

                                                                                                          	 
      	 
      	
                                                                                                            $

                                                                                                          	 
      	
                                                                                                            $

                                                                                                          	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                                                                                                            8.

                                                                                                          	
                                                                                                            Accounts
      Receivable availabilty

                                                                                                          	 
      	 
      	 
      	 
      	
                                                                                                            $

                                                                                                          	 
      	 
      	 
      	 
      
	 
      	
                                                                                                            Less of     8A.     A/R
      advance rate

                                                                                                          	
                                                                                                            85.00%

                                                                                                          	)	
                                                                                                            

                                                                                                          	
                                                                                                            $0.00

                                                                                                          	 
      	 
      	 
      	 
      	 
      
	 
      	
                                                                                                            OR          
      8B.     Loan
      limit

                                                                                                          	
                                                                                                            40,000,000.00

                                                                                                          	)	 
      	
                                                                                                            Requires
      Input

                                                                                                          	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                                                                                                            Hudson
      Global Resources -Unbilled

                                                                                                          	 
      	 
      	 
      	
                                                                                                            UK
      Sterling

                                                                                                          	 
      	
                                                                                                            US
      Dollars

                                                                                                          	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                                                                                                            9.

                                                                                                          	
                                                                                                            ACCOUNTS
      RECEIVABLE

                                                                                                          	 
      	 
      	
                                                                                                            $

                                                                                                          	 
      	
                                                                                                            $

                                                                                                          	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                                                                                                            10.

                                                                                                          	
                                                                                                            Increases
      to Accounts Receivable since last BBC

                                                                                                          	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
                                                                                                            (A)  New
      Sales Dated Gross Billings

                                                                                                          	 
      	 
      	
                                                                                                            $

                                                                                                          	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
                                                                                                             ̈ Check
      if  Register is attached

                                                                                                          	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
                                                                                                            (B)  Other
      Additions or Corrections from previously completed BBC (*
      Explain)

                                                                                                          	 
      	 
      	
                                                                                                            $

                                                                                                          	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	
                                                                                                             

                                                                                                          	 
      	 
      	 
      
	 
      	
                                                                                                            (C)  TOTAL
      INCREASES

                                                                                                          	 
      	 
      	
                                                                                                            $

                                                                                                          	 
      	
                                                                                                            $

                                                                                                          	 
      	+	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                                                                                                            11.

                                                                                                          	
                                                                                                            Decreases
      to Accounts Receivable since last BBC

                                                                                                          	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
                                                                                                            (A)  Gross
      Collections Dated

                                                                                                          	 
      	 
      	
                                                                                                            $

                                                                                                          	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
                                                                                                             ̈ Check
      if Cash Receipt Journal is attached

                                                                                                          	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
                                                                                                            (B)  Credit
      Memos issued since last BBC

                                                                                                          	 
      	 
      	
                                                                                                            $

                                                                                                          	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
                                                                                                             ̈ Check
      if Credit Memo is attached

                                                                                                          	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
                                                                                                            (C)  Other
      Reductions or Corrections since last BBC (* Explain)

                                                                                                          	 
      	
                                                                                                            $

                                                                                                          	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
                                                                                                            o Check
      if Discount
      adjustment

                                                                                                          	 
      	 
      	 
      	 
      	 
      	 	 
      	 
      	 
      
	 
      	
                                                                                                            (D)  TOTAL
      DECREASES

                                                                                                          	 
      	 
      	
                                                                                                            $

                                                                                                          	 
      	 
      	 
      	-	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 	 
      	 
      
	
                                                                                                            12.

                                                                                                          	
                                                                                                            Other
      Adjustments to Accounts Receivable (* Explain)

                                                                                                          	 
      	 
      	 
      	 
      	
                                                                                                            $

                                                                                                          	 
      	
                                                                                                            +/-

                                                                                                          	 
      	 
      
	
                                                                                                            .

                                                                                                          	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                                                                                                            13.

                                                                                                          	
                                                                                                            NEW
      ACCOUNTS RECEIVABLE BALANCE

                                                                                                          	 
      	 
      	
                                                                                                            $

                                                                                                          	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                                                                                                            14.

                                                                                                          	
                                                                                                            (A)
      Ineligible Accounts Receivable

                                                                                                          	 
      	 
      	
                                                                                                            $

                                                                                                          	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
                                                                                                            (B)
      Other ineligible Accounts Receivable

                                                                                                          	 
      	 
      	
                                                                                                            $

                                                                                                          	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	
                                                                                                            Please
      explain

                                                                                                          	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                                                                                                            15.

                                                                                                          	
                                                                                                            Eligible
      Accounts Receivable (line 5 minus line 6)

                                                                                                          	 
      	 
      	
                                                                                                            $

                                                                                                          	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                                                                                                            16.

                                                                                                          	
                                                                                                            Accounts
      Receivable availabilty

                                                                                                          	 
      	 
      	 
      	 
      	
                                                                                                            $

                                                                                                          	 
      	 
      	 
      	 
      
	 
      	
                                                                                                            Less of     8A.     A/R
      advance rate

                                                                                                          	
                                                                                                            65.00%

                                                                                                          	)	
                                                                                                            

                                                                                                          	
                                                                                                            $0.00

                                                                                                          	 
      	 
      	 
      	 
      	 
      
	 
      	
                                                                                                            OR          
      8B.     Loan
      limit

                                                                                                          	
                                                                                                            40,000,000.00

                                                                                                          	)	 
      	
                                                                                                            Requires
      Input

                                                                                                          	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                                                                                                            17.

                                                                                                          	
                                                                                                            Total
      Gross Availbilty  (Lesser of: sum of lines  8 and 16
      or line limit)

                                                                                                          	 
      	 
      	 
      	
                                                                                                            $

                                                                                                          	 
      	 
      	 
      	 
      
	 
      	
                                                                                                            Less of     Sum of
      lines 8 and 16

                                                                                                          	
                                                                                                            $0.00

                                                                                                          	)	
                                                                                                            

                                                                                                          	
                                                                                                            $0.00

                                                                                                          	 
      	 
      	 
      	 
      	 
      
	 
      	
                                                                                                            OR          
      Line Limit

                                                                                                          	
                                                                                                            40,000,000.00

                                                                                                          	)	 
      	
                                                                                                            Requires
      Input

                                                                                                          	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                                                                                                            18.

                                                                                                          	
                                                                                                            BEGINNING
      LOAN BALANCE

                                                                                                          	 
      	 
      	 
      	 
      	
                                                                                                            $

                                                                                                          	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                                                                                                            19.

                                                                                                          	
                                                                                                            Plus
      Advance requested

                                                                                                          	 
      	 
      	 
      	 
      	
                                                                                                            $

                                                                                                          	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                                                                                                            20.

                                                                                                          	
                                                                                                            Less
      Cash remitted against loan since last BBC

                                                                                                          	 
      	 
      	 
      	 
      	
                                                                                                            $

                                                                                                          	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                                                                                                            21.

                                                                                                          	
                                                                                                            Other
      Increases/Decreases to the loan balance

                                                                                                          	 
      	 
      	 
      	 
      	
                                                                                                            $

                                                                                                          	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                                                                                                            22.

                                                                                                          	
                                                                                                            New
      Loan Balance (line 17+ line 18 - line 19+/- line 20)

                                                                                                          	 
      	 
      	 
      	 
      	
                                                                                                            $

                                                                                                          	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                                                                                                            23.

                                                                                                          	
                                                                                                            Letter
      of Credit/Bankers Acceptance Holdback

                                                                                                          	 
      	 
      	 
      	 
      	
                                                                                                            $

                                                                                                          	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                                                                                                            24.

                                                                                                          	
                                                                                                            Payroll
      Reserves

                                                                                                          	 
      	 
      	 
      	 
      	
                                                                                                            $

                                                                                                          	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                                                                                                            25.
      NET AVAILABILITY  (LINE 17 minus lines 21 and
22)

                                                                                                          	 
      	 
      	 
      	 
      	
                                                                                                            $

                                                                                                          	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      

                                                                                                  

                                                                                                

                                                                                              

                                                                                            

                                                                                          

                                                                                        

                                                                                      

                                                                                    

                                                                                  

                                                                                

                                                                              

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

      
         

        CERTIFICATION

         

      

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              
                                                                                
                                                                                  
                                                                                    
                                                                                      
                                                                                        
                                                                                          
                                                                                            
                                                                                              
                                                                                                
                                                                                                  
                                                                                                    
                                                                                                      
                                                                                                        
                                                                                                          
                                                                                                            
                                                                                                              
                                                                                                                
                                                                                                                  
                                                                                                                    
                                                                                                                      
                                                                                                                        
                                                                                                                          	
                                                                                                                                  (A) Borrower hereby certifies that
      there is no Default or Event of Default under the Loan and Security
      Agreement or any of the other Loan Documents.

                                                                                                                                
	 
      
	
                                                                                                                                  (B) No remittances have been
      received from or returns and allowances granted to any debtors whose
      accounts have been assigned to RBS Business Capital, as Agent, other than
      previously reported.

                                                                                                                                
	 
      
	
                                                                                                                                  (C)
      We hereby grant a security interest to RBS Business Capital, as Agent, in
      all accounts which came into existence since our last Certificate, all
      right, title, and interest of the undersigned in
      and to the goods represented thereby, and all monies due to or to become
      due
  thereby.

                                                                                                                                

                                                                                                                        

                                                                                                                         

                                                                                                                        
                                                                                                                          
                                                                                                                            
                                                                                                                              
                                                                                                                                
                                                                                                                                  
                                                                                                                                    
                                                                                                                                      
                                                                                                                                        
                                                                                                                                          
                                                                                                                                            
                                                                                                                                              
                                                                                                                                                
                                                                                                                                                  
                                                                                                                                                    
                                                                                                                                                      
                                                                                                                                                        
                                                                                                                                                          
                                                                                                                                                            
                                                                                                                                                              
                                                                                                                                                                
                                                                                                                                                                  
                                                                                                                                                                    
                                                                                                                                                                      
                                                                                                                                                                        
                                                                                                                                                                          
                                                                                                                                                                            
                                                                                                                                                                              
                                                                                                                                                                                
                                                                                                                                                                                  
                                                                                                                                                                                    
                                                                                                                                                                                      
                                                                                                                                                                                        	
                                                                                                                                                                                                Date
    prepared:

                                                                                                                                                                                              	 
      	 
      	 
      	 
      	 
      	 
      	
                                                                                                                                                                                                I hereby certify that the above
      information is true and accurate.

                                                                                                                                                                                              
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                                                                                                                                                                                                Prepared
by:

                                                                                                                                                                                              	 
      	 
      	 
      	 
      	 
      	 
      	
                                                                                                                                                                                                Authorized
      Signature:

                                                                                                                                                                                              	 
      	 
      

                                                                                                                                                                                      

                                                                                                                                                                                    

                                                                                                                                                                                  

                                                                                                                                                                                

                                                                                                                                                                              

                                                                                                                                                                            

                                                                                                                                                                          

                                                                                                                                                                        

                                                                                                                                                                      

                                                                                                                                                                    

                                                                                                                                                                  

                                                                                                                                                                

                                                                                                                                                              

                                                                                                                                                            

                                                                                                                                                          

                                                                                                                                                        

                                                                                                                                                      

                                                                                                                                                    

                                                                                                                                                  

                                                                                                                                                

                                                                                                                                              

                                                                                                                                            

                                                                                                                                          

                                                                                                                                        

                                                                                                                                      

                                                                                                                                    

                                                                                                                                  

                                                                                                                                

                                                                                                                              

                                                                                                                            

                                                                                                                             

                                                                                                                            
                                                                                                                              
                                                                                                                                
                                                                                                                                

                                                                                                                              

                                                                                                                              
                                                                                                                                
                                                                                                                                

                                                                                                                                
                                                                                                                                  

                                                                                                                                

                                                                                                                              

                                                                                                                              
                                                                                                                                
                                                                                                                                

                                                                                                                              

                                                                                                                            

                                                                                                                          

                                                                                                                        

                                                                                                                        
                                                                                                                          
                                                                                                                            

                                                                                                                            
                                                                                                                              
                                                                                                                                
                                                                                                                                  	
                                                                                                                                          Borrowing
      Base

                                                                                                                                        
	 
      	 	 
      	 
      	 
      
	 
      	 	
                                                                                                                                          Billed
      US A/R

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          Less:
      Ineligibles

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          -
      Over 90

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          -
      Pre Bill/ Deferred Revenue

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          -
      Accrued Rebates

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          -
      Credit Add Back

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          -
      Taint/ Cross Age

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          -
      Contras

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          -
      Intercompany

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          -
      Foreign

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          -
      Short Pay/ Charge Backs

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          Total
      Ineligibles

                                                                                                                                        	 
      	 
      
	 
      	 	 
      	 
      	 
      
	 
      	 	
                                                                                                                                          Net
      Eligible Billed US A/R

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          Advance
      Rate

                                                                                                                                        	 
      	
                                                                                                                                          85%

                                                                                                                                        
	
                                                                                                                                          A)

                                                                                                                                        	 	
                                                                                                                                          US
      Billed A/R Availability

                                                                                                                                        	 
      	 
      
	 
      	 	 
      	 
      	 
      
	 
      	 	
                                                                                                                                          Unbilled
      US A/R

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          Less:  Ineligibles

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          -
      Over 30

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          -
      Pre Bill/ Deferred Revenue

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          -
      Accrued Rebates

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          -
      Credit Add Back

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          -
      Taint/ Cross Age

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          -
      Contras

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          -
      Intercompany

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          -
      Foreign

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          -
      Short Pay/ Charge Backs

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          Total
      Ineligibles

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          Net
      Eligible Unbilled US A/R

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          Advance
      Rate

                                                                                                                                        	 
      	
                                                                                                                                          65%

                                                                                                                                        
	
                                                                                                                                          B)

                                                                                                                                        	 	
                                                                                                                                          US
      Unbilled A/R Availability

                                                                                                                                        	 
      	 
      
	 
      	 	 
      	 
      	 
      
	 
      	 	
                                                                                                                                          Billed
      UK A/R

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          Less:
      Ineligibles

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          -
      Over 90

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          -
      Concentrations

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          -
      Government

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          -
      Credit Add Back

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          -
      Taint/ Cross Age

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          -
      Contras

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          -
      Intercompany

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          -
      Foreign

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          -
      Other/ Cash in Transit

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          Total
      Ineligibles

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          Net
      Eligible Billed UK A/R

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          Advance
      Rate

                                                                                                                                        	 
      	
                                                                                                                                          85%

                                                                                                                                        
	
                                                                                                                                          C)

                                                                                                                                        	 	
                                                                                                                                          UK
      Billed A/R Availability

                                                                                                                                        	 
      	 
      
	 
      	 	 
      	 
      	 
      
	 
      	 	
                                                                                                                                          Unbilled
      UK A/R

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          Less:
      Ineligibles

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          -
      Over 30

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          -
      Pre Bill

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          -
      Accrued Rebates

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          -
      Credit Add Back

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          -
      Taint

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          -
      Contras

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          -
      Intercompany

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          -
      Foreign

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          -
      Other

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          Total
      Ineligibles

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          Net
      Eligible Unbilled UK A/R

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          Advance
      Rate

                                                                                                                                        	 
      	
                                                                                                                                          65%

                                                                                                                                        
	
                                                                                                                                          D)

                                                                                                                                        	 	
                                                                                                                                          UK
      Unbilled A/R Availability

                                                                                                                                        	 
      	 
      
	 
      	 	 
      	 
      	 
      
	 
      	 	
                                                                                                                                          SUM
      (A) + (B) + (C) + (D)

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          Less
      Reserves:

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          -
      US Accrued Payroll

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          -
      US Accrued Benefits

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          -
      US W/H Taxes

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          -
      UK Priming Payroll

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          -
      UK Accrued Benefits

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          -
      UK Priming Creditors

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          Total
      Reserves

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          Availability
      Block

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          Total
      Availability

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          Line
      Limit

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          O/S
      Line Bal.

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          O/S
      Letters of Credit

                                                                                                                                        	 
      	 
      
	 
      	 	 
      	 
      	 
      
	 
      	 	
                                                                                                                                          Net
      Availability

                                                                                                                                        	 
      	 
      
	 
      	 	 
      	 
      	 
      
	 
      	 	
                                                                                                                                          Liquidity
      (Qualified Cash + Net Availability)

                                                                                                                                        	 
      
	 
      	 	 
      	 
      	 
      
	 
      	 	
                                                                                                                                          Unbilled
      Cap

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          Unbilled
      Availability

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          %
      Utilized

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          O/S
      % of Availability

                                                                                                                                        	 
      	 
      
	 
      	 	 
      	 
      	 
      
	 
      	 	
                                                                                                                                          Global
      Cash

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          Qualified
      US Cash

                                                                                                                                        	 
      	 
      
	 
      	 	
                                                                                                                                          Qualified
      UK Cash

                                                                                                                                        	 
      	 
      

                                                                                                                                
  

                                                                                                                            

                                                                                                                          

                                                                                                                        

                                                                                                                        
                                                                                                                          
                                                                                                                            
                                                                                                                            

                                                                                                                          

                                                                                                                          
                                                                                                                            
                                                                                                                            

                                                                                                                            
                                                                                                                              

                                                                                                                            

                                                                                                                          

                                                                                                                          
                                                                                                                            
                                                                                                                            

                                                                                                                          

                                                                                                                        

                                                                                                                         

                                                                                                                      

                                                                                                                    

                                                                                                                  

                                                                                                                

                                                                                                              

                                                                                                            

                                                                                                          

                                                                                                        

                                                                                                      

                                                                                                    

                                                                                                  

                                                                                                

                                                                                              

                                                                                            

                                                                                          

                                                                                        

                                                                                      

                                                                                    

                                                                                  

                                                                                

                                                                              

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

      Exhibit
C

      to

      Loan
and Security Agreement

      

      Form
of Compliance Certificate

      

      

      
        
          
            
              	
                      To: 

                    	
                      RBS
      BUSINESS CAPITAL,

                      
                        a
      division of RBS Asset Finance, Inc., as Agent

                        100
      Sockanosset Cross Rd

                        Cranston,
      RI 02920

                        Attention:
      Gail Wentworth

                      

                    
	 	 
	 	 
	 	Re:   _______________________________________

            

          

        

      

       

      Ladies
and Gentlemen:

       

      I hereby
certify to you pursuant to Section 10.1.2 of the Loan Agreement (as defined
below) as follows:

       

      1.           I
am the duly elected Senior Officer of HUDSON HIGHLAND GROUP, INC. (“HHG”), as
Administrative Borrower pursuant to that certain Loan and Security Agreement,
dated August 5, 2010 (as amended, modified or supplemented, from time to time,
the “Loan Agreement”), by and among RBS BUSINESS CAPITAL, a division of RBS
Asset Finance, Inc., in its capacity as agent pursuant to the Loan Agreement
acting for and on behalf of the parties thereto as lenders (in such capacity,
“Agent”), the parties to the Loan Agreement as lenders (individually, each a
“Lender” and collectively, “Lenders”), HUDSON HIGHLAND GROUP, INC., a
corporation organized under the laws of the State of Delaware (“HHG”), HUDSON
GLOBAL RESOURCES MANAGEMENT, INC. a corporation organized under the laws of the
Commonwealth of Pennsylvania (“HGRM”), HUDSON GLOBAL RESOURCES LIMITED, a
corporation organized under the laws of England and Wales (“HGR UK”, and
together with HHG and HGRM, each a “Borrower” and collectively, jointly and
severally, “Borrowers”), HUDSON HIGHLAND GROUP HOLDINGS INTERNATIONAL, INC., a
corporation organized under the laws of the State of Delaware (“HGHI”), HUDSON
GLOBAL RESOURCES JERSEY LIMITED, a corporation organized under the laws of the
Island of Jersey (“HGRJ”; together with HGHI, each a “Guarantor” and
collectively, “Guarantors”).  Capitalized terms used herein without
definition shall have the meanings given to such terms in the Loan
Agreement.

       

      2.           I
have reviewed the terms of the Loan Agreement, and have made, or have caused to
be made under my supervision, a review in reasonable detail of the transactions
and the financial condition of each Borrower individually and HHG and its
Subsidiaries on a consolidated basis, during the immediately preceding [month][Fiscal Quarter][Fiscal Year].

       

      3.           The
review described in Section 2 above did not disclose the existence during or at
the end of such [month][Fiscal Quarter][Fiscal Year], and I have no knowledge of
the existence and continuance on the date hereof, of any condition or event
which constitutes a Default or an Event of Default, except as set forth on
Schedule I attached hereto.  Described on Schedule I attached hereto
are the exceptions, if any, to this Section 3 listing, in detail, the nature of
the condition or event, the period during which it has existed and the action
which any Loan Party has taken, is taking, or proposes to take with respect to
such condition or event.

       

      
        
          
          

        

        
          Exhibit C
- 1

          
            

          

        

        
          
          

        

      

       

      4.           I
certify that, based on the review described in Section 2 above, no Loan Party
has at any time during or at the end of such [month][Fiscal Quarter][Fiscal Year], except as specifically
described on Schedule II attached hereto or as permitted by the Loan Agreement,
done any of the following:

       

      (a)           Changed
its respective corporate name or transacted business under any trade name other
than as shown on Schedule 9.1.5 to the Loan Agreement.

       

      (b)           Changed
the location of its chief executive office, changed its jurisdiction of
incorporation, changed its type of organization, changed the location of any
material portion of the Collateral, made any Asset Disposition not permitted
under the Loan Documents or established any new material places of
business.

       

      (c)           Permitted
or suffered to exist any security interest in or liens upon any of its
properties, whether real or personal, other than as specifically permitted in
the Loan Documents.

       

      (d)           Become
aware of, obtained knowledge of, or received notification of:

       

      (i)           except
as provided in clause (ii) below, any breach or default of a Loan Party or
Pledged Subsidiary under any document, instrument or agreement (including any
Material Contract) to which it is a party or by which it or any of its
Properties is bound, relating to any Borrowed Money (other than the Obligations)
having an aggregate outstanding principal amount in excess of $5,000,000, if the
maturity of or any payment with respect to such Borrowed Money has been
accelerated or demanded due to such breach; or

       

      (ii)           with
respect to any credit agreement between the Commonwealth Bank of Australia ABN
(or any successor lender thereto) and Hudson Global Resources (Aust) Pty
Limited, Hudson Highland (APAC) Pty Limited  or any other Affiliate of
a Loan Party, (x) any payment default or (y) any event of default capable of
resulting in remedial action that is not cured or waived within thirty (30) days
of the occurrence thereof.

       

      5.           I
certify that, as of the date hereof:

       

      (a)           No
Loan Party has become aware of, obtained knowledge of, or received notification
of, any breach or noncompliance of any lease of real property where a material
portion of the Collateral is located.

       

      (b)           All
rent and other amounts required to be paid under any lease of real property
where a material portion of the Collateral is located have been
paid.

       

      
        
          
          

        

        
          Exhibit C
- 2

          
            

          

        

        
          
          

        

      

       

      6.           Attached
hereto as Schedule III are the calculations used in determining, as of the end
of such [month][Fiscal Quarter] whether Loan Parties are in
compliance with the covenants set forth in Section 10.3 of the Loan Agreement
for such [Fiscal
Quarter].

       

      7.           The
applicable Tier for the Applicable Margin for the next Fiscal Quarter is Tier
___.

       

      The
foregoing certifications are made and delivered this day of _________ __,
20__.

       

      Very
truly yours,

      

      Hudson
Highland Group, Inc.,

      as
Administrative Borrower

      

      

      By:____________________________

      Name:__________________________

      Title:___________________________

      

      
        
          
          

        

        
          Exhibit C
- 3

          
            

          

        

        
          
          

        

      

       

      Schedule
I

      to

      Compliance
Certificate

      

      

      

      [to
be provided by Administrative Borrower]

       

      
        
          
          

        

        
          Schedule
I - 1

          
            

          

        

        
          
          

        

      

       

      Schedule
II

      to

      Compliance
Certificate

      

      

      

      [to
be provided by Administrative Borrower]

       

      
        
          
          

        

        
          Schedule
II - 1

          
            

          

        

        
          
          

        

      

       

      Schedule
III

      to

      Compliance
Certificate

      

      

      [to
be provided by Administrative Borrower]

       

      
        
          
          

        

        
          Schedule
III - 1

          
            

          

        

        
          
          

        

      

       

      Exhibit
D

      to

      Loan
and Security Agreement

      

      Form
of Assignment Notice

      

      ________
__, 20__

       

      

      RBS
BUSINESS CAPITAL,

      a
division of RBS Asset Finance, Inc., as Agent

      100
Sockanosset Cross Rd

      Cranston,
RI 02920

      Attention:
Gail Wentworth

      

      Re:   ________________________________________

       

      

      Ladies
and Gentlemen:

       

      RBS
BUSINESS CAPITAL, a division of RBS Asset Finance, Inc., in its capacity as
agent pursuant to the Loan Agreement (as hereinafter defined) acting for and on
behalf of the financial institutions which are parties thereto as lenders (in
such capacity, “Agent”), and the financial institutions which are parties to the
Loan Agreement as lenders (individually, each a “Lender” and collectively,
“Lenders”) have entered or are about to enter into financing arrangements
pursuant to which Agent and Lenders may make loans and advances and provide
other financial accommodations to HUDSON HIGHLAND GROUP, INC., a corporation
organized under the laws of the State of Delaware (“HHG”), HUDSON GLOBAL
RESOURCES MANAGEMENT, INC. a corporation organized under the laws of the
Commonwealth of Pennsylvania (“HGRM”), HUDSON GLOBAL RESOURCES LIMITED, a
corporation organized under the laws of England and Wales (“HGR UK”, and
together with HHG and HGRM, each a “Borrower” and collectively, “Borrowers”),
HUDSON HIGHLAND GROUP HOLDINGS INTERNATIONAL, INC., a corporation organized
under the laws of the State of Delaware (“HGHI”), HUDSON GLOBAL RESOURCES JERSEY
LIMITED, a corporation organized under the laws of the Island of Jersey (“HGRJ”;
together with HGHI, each a “Guarantor” and collectively, “Guarantors”), as set
forth in the Loan and Security Agreement, dated August 5, 2010, by and among
Borrowers, Guarantors, Agent and Lenders (as the same now exists or may
hereafter be amended, modified, supplemented, extended, renewed, restated or
replaced, the “Loan Agreement”), and the other agreements, documents and
instruments referred to therein or at any time executed and/or delivered in
connection therewith or related thereto (all of the foregoing, together with the
Loan Agreement, as the same now exist or may hereafter be amended, modified,
supplemented, extended, renewed, restated or replaced, being collectively
referred to herein as the “Loan Documents”).  Capitalized terms used
herein without definition shall have the meanings given to such terms in the
Loan Agreement.

       

      1.           We
hereby give you notice of, and request your consent to, the assignment by
__________________________ (the “Assignor”) to ___________________________ (the
“Assignee”) such that after giving effect to the assignment Assignee shall have
an interest equal to ________ (__%) percent of the total Commitments and
Assignor shall have an interest equal to _______ (__%) percent of the total
Commitments pursuant to the Assignment and Acceptance Agreement attached hereto
(the “Assignment and Acceptance”).  We understand that the Assignor’s
Commitment shall be reduced by $_____________, as the same may be further
reduced by other assignments on or after the date hereof.

       

      
        
          
          

        

        
          Exhibit D
- 1

          
            

          

        

        
          
          

        

      

       

      2.           Assignee
agrees that, upon receiving the consent of Agent to such assignment, Assignee
will be bound by the terms of the Loan Agreement as fully and to the same extent
as if the Assignee were the Lender originally holding such interest under the
Loan Agreement.

       

      3.           The
following administrative details apply to Assignee:

       

      (A)          Notice
address:

       

      
        
          
            	
                    Assignee
      name:

                  	_____________________
	
                    Address:

                  	
                    _____________________

                  
	
                    Attention:

                  	
                    _____________________

                  
	
                    Telephone:

                  	
                    _____________________

                  
	
                    Telecopier:

                  	
                    _____________________

                  

          

        

      

       

      (B)           Payment
instructions:

       

      
        
          
            	
                    Account
      No.:

                  	
                    ______________________

                  
	
                    At:

                  	
                    ______________________

                  
	
                    Reference:

                  	
                    ______________________

                  
	
                    Attention:

                  	
                    ______________________

                  

          

        

      

       

      4.           You
are entitled to rely upon the representations, warranties and covenants of each
of Assignor and Assignee contained in the Assignment and
Acceptance.

       

      
        
          
          

        

        
          Exhibit D
- 2

          
            

          

        

        
          
          

        

      

       

      IN
WITNESS WHEREOF, Assignor and Assignee have caused this Notice of Assignment and
Acceptance to be executed by their respective duly authorized officials,
officers or agents as of the date first above mentioned.

       

      Very
truly yours,

      

      [NAME OF ASSIGNOR]

      

      

      By:____________________________

      Name:__________________________

      Title:___________________________

      

      

      [NAME OF ASSIGNEE]

      

      

      By:____________________________

      Name:__________________________

      Title:___________________________

      

       

      

      ACKNOWLEDGED
AND ASSIGNMENT

      CONSENTED
TO:

      

      RBS
BUSINESS CAPITAL,

      a
division of RBS Asset Finance, Inc.,  as Agent

      

      

      By:_______________________________

      Name:_____________________________

      Title:______________________________

       

      
        
          
          

        

        
          Exhibit D
- 3

          
            

          

        

        
          
          

        

      

       

      Schedule
1.1

      to

      Loan
and Security Agreement

      

      Commitments
of Lenders

      

      

      RBS
BUSINESS CAPITAL

      Commitment/Revolving
Loan Commitment: $40,000,000

      
 

      
        
          
          

        

        
          Schedule
1.1 - 1

          
            

          

        

        
          
          

        

      

      

      
        Schedule
1.1(B)

        to

        Loan
and Security Agreement

        

        Material
Contracts

        

        

        Various
letters of support issued by Hudson Highland Group, Inc. in favor of certain of
its Subsidiaries

        

        Client
contract with RBS for comprehensive recruitment services in the UK, including
temporary and permanent placements

        

        Receivable
Finance Agreement and related documents with Commonwealth Bank of
Australia

        

        Microsoft
Enterprise Agreement (covering the license fees and maintenance fees for
specific Microsoft “shrink-wrapped” software products)

        

        Leases
for the following properties:

        
          	
                   
      

                	
                  ·

                	
                  560
      Lexington Avenue, New York, NY
10022

                

        

        
          	
                   
      

                	
                  ·

                	
                  DL
      Clark Building, 503 Martindale Street, Suite 200, Pittsburgh, PA
      15212

                

        

        
          	
                   
      

                	
                  ·

                	
                  10
      South Wacker Drive, Suite 2600, Chicago, IL
  60606

                

        

        
          	
                   
      

                	
                  ·

                	
                  Chancery
      House, 53-64 Chancery Lane, London
WC2A1QS

                

        

        
          	
                   
      

                	
                  ·

                	
                  6-7
      Blythswood Square, Glasgow G2 4AD

                

        

        
          	
                   
      

                	
                  ·

                	
                  In
      October 2010, Hudson Global Resources Limited expects to relocate its
      Glasgow office to the following location: 130 St Vincent Street, Glasgow,
      G2 5SE.  The lease for this location will be effective on or
      about mid-August 2010.

                

        

         

        
          
            
            

          

          
            Schedule
1.1(B) - 1

            
              

            

          

          
            
            

          

        

         

        Schedule
6.1.18

        to

        Loan
and Security Agreement

        

        Third
Party Waivers and Consents

        

        

        Landlord
waivers from the landlords of the following properties: (i) 560 Lexington
Avenue, New York, NY 10022, (ii) DL Clark Building, 503 Martindale Street, Suite
200, Pittsburgh, PA  15212 and (iii) 6-7 Blythswood Square, Glasgow G2
4AD.

        

        Payoff
and termination documentation from Wells Fargo Capital Finance, Inc. and other
lenders under the financing arrangement being repaid with the proceeds of the
Loan Documents.

         

        
          
            
            

          

          
            Schedule
6.1.18 - 1

            
              

            

          

          
            
            

          

        

         

        Schedule
8.6

        to

        Loan
and Security Agreement

        

        Deposit
Accounts and Securities Accounts

        

        

        
          
            
              
                
                  
                    	
                            Account
      Name

                          	
                            Owner

                          	
                            Account
      Number

                          	
                            Depository

                          	
                            Type

                          
	
                            Hudson
      Highland Group, Inc.

                          	
                            Hudson
      Highland Group, Inc.

                          	
                            2000019130325

                          	
                            Wachovia

                          	
                            Concentration

                          
	
                            Hudson
      Highland Group, Inc.

                          	
                            Hudson
      Highland Group, Inc.

                          	
                            2079951067299

                          	
                            Wachovia

                          	
                            Accounts
      Payable

                          
	
                            Hudson
      Highland Group, Inc.

                          	
                            Hudson
      Highland Group, Inc.

                          	
                            2079951077072

                          	
                            Wachovia

                          	
                            Payroll

                          
	
                            Hudson
      Global Resources

                          	
                            Hudson
      Highland Group, Inc.

                          	
                            2079951067309

                          	
                            Wachovia

                          	
                            Accounts
      Payable

                          
	
                            Hudson
      Global Resources

                          	
                            Hudson
      Highland Group, Inc.

                          	
                            2079951067312

                          	
                            Wachovia

                          	
                            Payroll

                          
	
                            Hudson
      Highland Group, Inc.

                          	
                            Hudson
      Highland Group, Inc.

                          	
                            1885034192

                          	
                            Goldman
      Sachs

                          	
                            Investment

                          
	
                            Hudson
      Highland Group, Inc.

                          	
                            Hudson
      Highland Group, Inc.

                          	
                            1885033629

                          	
                            Goldman
      Sachs

                          	
                            Investment

                          
	
                            Hudson
      Highland Group, Inc.

                          	
                            Hudson
      Highland Group, Inc.

                          	
                            1885033990

                          	
                            Goldman
      Sachs

                          	
                            Investment

                          
	
                            Hudson
      Highland Group, Inc.

                          	
                            Hudson
      Highland Group, Inc.

                          	
                            1885033989

                          	
                            Goldman
      Sachs

                          	
                            Investment

                          
	
                            Hudson
      Highland Group, Inc.

                          	
                            Hudson
      Highland Group, Inc.

                          	
                            12849378

                          	
                            Wells
      Fargo Brokerage Services

                          	
                            Investment

                          
	
                            Hudson
      Global Resources

                          	
                            Hudson
      Highland Group, Inc.

                          	
                            2000019130338

                          	
                            Wachovia

                          	
                            Concentration

                          
	
                            Hudson
      Global Resources Limited Wells Fargo Foothill Inc Collection
      Account

                          	
                            Hudson
      Global Resources Limited

                          	
                            00594644

                          	
                            Barclays
      Bank Plc

                          	
                            Current
      Account

                          
	
                            Hudson
      Global Resources Ltd

                          	
                            Hudson
      Global Resources Limited

                          	
                            87913188

                          	
                            Barclays
      Bank Plc

                          	
                            Current
      Account

                          
	
                            Hudson
      Global Resources Ltd

                          	
                            Hudson
      Global Resources Limited

                          	
                            62013422

                          	
                            Barclays
      Bank Plc

                          	
                            Current
      Account

                          

                  

                

              

               

            

          

        

        
          
            
            

          

          
            Schedule
8.6 - 1

            
              

            

          

          
            
            

          

        

         

        
          
            
              
                	
                        Hudson
      Global Resources Ltd

                      	
                        Hudson
      Global Resources Limited

                      	
                        52041722

                      	
                        Barclays
      Bank Plc

                      	
                        Current
      Account

                      
	
                        Hudson
      Global Resources Limited - Payables

                      	
                        Hudson
      Global Resources Limited

                      	
                        90076015

                      	
                        Barclays
      Bank Plc

                      	
                        Current
      Account

                      
	
                        Hudson
      Global Resources Ltd Temps Payroll Account

                      	
                        Hudson
      Global Resources Limited

                      	
                        40053007

                      	
                        Barclays
      Bank Plc

                      	
                        Current
      Account

                      
	
                        Hudson
      Global Resources Limited BPA Plus

                      	
                        Hudson
      Global Resources Limited

                      	
                        03724131

                      	
                        Barclays
      Bank Plc

                      	
                        Deposit
      Account

                      
	
                        Hudson
      Global Resources

                         

                        (this
      account is being opened/established)

                      	
                        Hudson
      Highland Group, Inc.

                      	
                        1315930665

                      	
                        RBS

                      	
                        Account

                        (Cash
      Collateral Account)

                      
	
                        Hudson
      Highland Group, Inc.

                         

                        (this
      account is being opened/established)

                      	
                        Hudson
      Highland Group, Inc.

                      	
                        1315930673

                      	
                        RBS

                      	
                        Master
      Funding Account

                      

              

            

          

           

           

          The above
accounts that are not with RBS will be closed once the RBS accounts have
maintained their functionality.

        

         

        
          
            
            

          

          
            Schedule
8.6 - 2

            
              

            

          

          
            
            

          

        

         

        Schedule
8.7.1

        to

        Loan
and Security Agreement

        

        Business
Locations

        

        

        
          
            	
                    Borrower

                  	
                    Chief
      Executive Office and Material Books and Records Locations

                  	
                    Additional
      Material Places of Business

                  
	
                    Hudson
      Highland Group, Inc.

                  	
                    560
      Lexington Avenue, New York, NY  10022

                     

                    Some
      legal books and records retained at this address:

                    10
      South Wacker Drive, Suite 2600, 

                    Chicago,
      IL 60606

                  	
                    10850
      West Park Place, Suite 970, Milwaukee, WI  53224

                     

                    DL
      Clark Building, 503 Martindale Street, Suite 200, Pittsburgh,
      PA  15212

                     

                  
	
                    Hudson
      Global Resources Management, Inc.

                     

                  	
                    560
      Lexington Avenue, New York, NY  10022

                     

                    503
      Martindale Street, Suite 200, 

                    Pittsburgh,
      PA  15212

                     

                    Some
      legal books and records retained at this address:

                    10
      South Wacker Drive, Suite 2600, 

                    Chicago,
      IL  60606

                  	
                    6021
      University Boulevard, Suite 250, Ellicott City, MD 21043

                     

                    129
      West Trade, 11th Floor, Suite 1110, Charlotte, NC 28202

                     

                    325
      N. St Paul St., Suite 1700, Dallas, TX 75201

                     

                    Metro
      Point II, 4610 South Ulster Street, Suite 575, Denver, CO
      80237

                     

                    Gas
      Company Tower, 555 W. Fifth Street, Suite 3000, Los Angeles, CA
      90013

                     

                    60
      South Sixth Street, Suite 3110, RBC Plaza, Minneapolis, MN
      55402

                     

                    560
      Lexington Avenue, 4th & 5th Floors, New York, NY 10022

                     

                    3452
      Lake Lynda Drive, Suite 215, Orlando, FL 32817

                     

                    Bell
      Atlantic Tower, 1717 Arch Street, Suite 3360, Philadelphia, PA
      19103

                     

                    DL
      Clark Building, 503 Martindale Street, Suite 200, Pittsburgh, PA
      15212

                     

                    2300
      Rexwoods Drive, Suite 380, Raleigh, NC 27607

                     

                    4301
      Anchor Plaza Parkway, Suite 400, Tampa, FL 33634

                     

                    230
      3rd Avenue, 3rd Floor, Waltham, MA 02451

                     

                    2001
      K Street NW, Suite 202, Washington, DC 20006

                     

                    1265
      Drummers Lane, Suite 112, Wayne, PA
19087

                  

          

           

          
            
              
              

            

            
              Schedule
8.7.1 - 1

              
                

              

            

            
              
              

            

          

           

          
            
              
                	
                        Borrower

                      	
                        Chief
      Executive Office and Material Books and Records Locations

                      	
                        Additional
      Material Places of
Business

                      

              

            

          

          
            	
                    Hudson
      Global Resources Limited

                  	
                    6-7
      Blythswood Square, Glasgow G2 4AD

                     

                    In
      October 2010, Hudson Global Resources Limited expects to relocate its
      Glasgow office to the following location:

                    130
      St Vincent Street

                    Glasgow,
      G2 5SE

                    The
      lease for this location will be effective on or about mid-August
      2010.

                     

                    Some
      legal books and records kept with:

                    Chancery
      House, 53-64 Chancery Lane, London, WC2A1QS

                     

                    and

                     

                    Jones
      Day, 21 Tudor Street, London, EC4Y 0DJ

                  	
                    Grey
      friars Gate, 5-7 Greyfriars Road, Reading, Berkshire, RG1 1NU, United
      Kingdom

                     

                    500
      Avebury Boulevard, Milton Keynes, MK9 2BE, United Kingdom

                     

                    Victoria
      Square House, Victoria Square Birmingham, B2 4AJ, United
      Kingdom

                    1
      City Square, Leeds, LS1 2ES, United Kingdom

                     

                    Fifth
      Floor, The Chancery, 58 Spring Gardens, Manchester, M2 1EW, United
      Kingdom

                     

                    4-5
      Golden Square, Aberdeen, Scotland, AB10 1RD

                     

                    Caledonian
      Exchange, 19a Canning Street, Edinburgh, Scotland, EH3 8EG

                     

                    10
      Lower Mount Street, Dublin 2, Ireland

                     

                    Westpoint,
      78 Queens Road, Clifton, Bristol, BS8 1QU, United Kingdom

                    (Please
      note this is a new office which will open on 1 August
  2010)

                  
	
                    Hudson
      Highland Group Holdings International, Inc.

                  	
                    560
      Lexington Avenue, New York, NY  10022

                  	
                    N/A

                  
	
                    Hudson
      Global Resources Jersey Limited

                  	
                    26
      New Street, St Helier, Jersey, JE2 3RA

                  	
                    N/A

                  
	
                    Hudson
      Global Resources Jersey Limited

                  	
                    26
      New Street, St Helier, Jersey, JE2 3RA

                  	
                    N/A

                  
	
                    Hudson
      Europe BV

                  	
                    Emmaplein
      8-10, 1075 AW, Amsterdam, Netherlands

                  	
                    N/A

                  
	
                    Hudson
      Belgium N.V.

                  	
                    Moutstraat
      56, 9000 Ghent, Belgium

                  	
                    N/A

                  
	
                    Hudson
      Global Resources SAS

                  	
                    176,
      Avenue Charles de Gaulle - 92200 Neuilly sur Seine, Paris,
      France

                  	
                    N/A

                  
	
                    Hudson
      Highland (APAC) Pty Ltd

                  	
                    45
      Clarence Street, Sydney NSW, Australia

                  	
                    N/A

                  

          

        

         

        
          
            
            

          

          
            Schedule
8.7.1 - 2

            
              

            

          

          
            
            

          

        

         

        Schedule
9.1.4

        to

        Loan
and Security Agreement

        

        Names
and Capital Structure

        

        

        
          
            
              	
                      Name
      of Company

                    	
                      Jurisdiction
      of Organization

                    	
                      Classes
      of Shares

                    	
                      Authorized

                    	
                      Issued
      and Outstanding

                    	
                      Holder(s)
      of Shares

                      (Percentage
      of Total)

                    	
                      Material
      agreements binding on Holders with respect to Capital Stock1

                    	
                      Options
      to purchase, warrants, subscription rights, agreements to issue or sell,
      convertible interests, phantom rights or powers of attorney relating to
      Capital Stock

                    
	
                      Hudson
      Highland Group, Inc.

                       

                    	
                      Delaware

                    	
                      Common

                    	
                      100,000,000

                    	
                      Issued:
      32,178,045

                       

                      Outstanding:

                      32,172,148

                       

                      Difference
      above relates to 5, 617 shares of Treasury Stock

                    	
                      N/A

                    	
                      See
      next column.

                    	
                      The
      Company has in effect the 2009 Incentive Stock and Awards Plan, under
      which the Company may grant to eligible participants stock options, stock
      appreciation rights, performance shares, performance units, shares of
      common stock, restricted stock, restricted stock units and other
      equity-based awards.  Prior to the Company's stockholders
      approval of the 2009 Incentive Stock and Awards Plan on May 12, 2009, the
      Company had in effect the Hudson Highland Group, Inc. Long Term Incentive
      Plan, under which the Company awarded stock options and restricted
      stock.  The Company also maintains the Hudson Highland Group,
      Inc. Employee Stock Purchase Plan, pursuant to which eligible employees
      may purchase shares of the Company’s common stock at the lesser of 85% of
      the fair market value at the commencement of each plan purchase period or
      85% of the fair market value as of the purchase date. The Employee Stock
      Purchase Plan has been suspended.

                    
	
                      Preferred

                    	
                      10,000,000

                    	
                      None

                    	
                      N/A

                    	
                      See
      next column.

                    	
                      The
      Company has granted stockholders preferred share purchase rights pursuant
      to its stockholder rights
agreement.

                    

            

          

            

          
            

          
            1 Certain
pledge agreements, or other agreements with respect to the Capital Stock, with
or in favor of Wells Fargo Capital Finance, Inc. have been or will be terminated
on or prior to the Closing Date.

          

           

          
            
              
              

            

            
              Schedule
9.1.4 - 1

              
                

              

            

            
              
              

            

          

           

          
            
              
                
                  	
                          Name
      of Company

                        	
                          Jurisdiction
      of Organization

                        	
                          Classes
      of Shares

                        	
                          Authorized

                        	
                          Issued
      and Outstanding

                        	
                          Holder(s)
      of Shares

                          (Percentage
      of Total)

                        	
                          Material
      agreements binding on Holders with respect to Capital Stock1

                        	
                          Options
      to purchase, warrants, subscription rights, agreements to issue or sell,
      convertible interests, phantom rights or powers of attorney relating to
      Capital Stock

                        

                

              

            

          

          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          	
                                                  Hudson
      Global Resources Management, Inc.

                                                	
                                                  Pennsylvania

                                                	
                                                  Common
      of $.01 each

                                                   

                                                	
                                                  1,000

                                                	
                                                  100

                                                	
                                                  Hudson
      Highland Group, Inc. (100%)

                                                	
                                                  N/A

                                                	
                                                  None

                                                
	
                                                  Hudson
      Global Resources Limited

                                                	
                                                  England
      and Wales

                                                	
                                                  Ordinary
      of £0.01 each

                                                	
                                                  336,600,000

                                                	
                                                  326,588,750

                                                	
                                                  Hudson
      Global Resources Jersey Limited (100%)

                                                	
                                                  See
      next column.

                                                	
                                                  The
      Company has in effect a Hudson Global Resources Share Incentive Plan, a
      stock purchase plan for its employees, whereby eligible employees may
      purchase shares on the open market at the end of each month. The Company
      matches the employee purchases with a contribution of shares equal to 50%
      of the number of employee shares purchased.

                                                
	
                                                  Hudson
      Highland Group Holdings International, Inc.

                                                	
                                                  Delaware

                                                	
                                                  Common
      of $.01 each

                                                	
                                                  1,000

                                                	
                                                  100

                                                	
                                                  Hudson
      Highland Group, Inc. (100%)

                                                	
                                                  N/A

                                                	
                                                  None

                                                

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

        

        
          
            
            

          

          
            Schedule
9.1.4 - 2

            
              

            

          

          
            
            

          

        

         

        
          
            
              
                
                  	
                          Name
      of Company

                        	
                          Jurisdiction
      of Organization

                        	
                          Classes
      of Shares

                        	
                          Authorized

                        	
                          Issued
      and Outstanding

                        	
                          Holder(s)
      of Shares

                          (Percentage
      of Total)

                        	
                          Material
      agreements binding on Holders with respect to Capital Stock1

                        	
                          Options
      to purchase, warrants, subscription rights, agreements to issue or sell,
      convertible interests, phantom rights or powers of attorney relating to
      Capital
Stock

                        

                

              

            

          

        

        
          
            
              
                
                  
                    
                      
                        	
                                Hudson
      Global Resources Jersey Limited

                              	
                                Jersey

                              	
                                Ordinary

                              	
                                1,010,000

                              	
                                1,010,000
      issued

                              	
                                Hudson
      Highland Group, Inc. (100%)

                              	
                                N/A

                              	
                                None

                              
	
                                Hudson
      Europe BV

                              	
                                Netherlands

                              	
                                Ordinary

                              	
                                910

                              	
                                183

                              	
                                Hudson
      Highland Group, Inc. (100%)

                              	
                                N/A

                              	
                                None

                              
	
                                Hudson
      Belgium N.V.

                              	
                                Belgium

                              	
                                Ordinary

                                 

                              	
                                3,269

                              	
                                3,269
      issued

                              	
                                Hudson
      Highland Group, Inc. (3,268 shares – 99.97%)

                                 

                                Hudson
      Highland Group Holdings International, Inc.

                                (1
      share - 0.03%)

                              	
                                N/A

                              	
                                None

                              
	
                                Hudson
      Global Resources SAS

                              	
                                France

                              	
                                Ordinary

                                 

                              	
                                53,292

                              	
                                53,292
      issued

                              	
                                Hudson
      Highland Group, Inc. (100%)

                              	
                                N/A

                              	
                                None

                              
	
                                Hudson
      Highland (APAC) Pty Ltd

                              	
                                Australia

                              	
                                Ordinary

                              	
                                n/a

                              	
                                8,336,010

                              	
                                Hudson
      Highland Group Holdings International, Inc. (100%)

                              	
                                N/A

                              	
                                None

                              
	
                                Hudson
      Netherlands BV

                              	
                                Netherlands

                              	
                                Ordinary

                              	
                                9,075,604

                              	
                                1,815,121

                              	
                                Hudson
      Europe BV

                                (100%)

                              	
                                N/A

                              	
                                None

                              
	
                                Balance
      Ervaring op Projectbasis BV

                              	
                                Netherlands

                                 

                              	
                                Ordinary

                              	
                                37,799,892

                              	
                                10,446,021

                              	
                                Hudson
      Europe BV

                                (100%)

                              	
                                N/A

                              	
                                None

                              
	
                                Balance
      Technisch Management B.V.

                                 

                              	
                                Netherlands

                              	
                                Ordinary

                              	
                                1,500,000

                              	
                                300,000

                              	
                                Balance
      Ervaring op Projectbasis BV

                                (100%)

                              	
                                Restrictions
      on ability to pledge Capital Stock contained in ING
    facility.

                              	
                                None

                              

                      

                    

                  

                

              

            

          

           

          
            
              
              

            

            
              Schedule
9.1.4 - 3

              
                

              

            

            
              
              

            

          

           

          
            
              
                
                  
                    
                      	
                              Name
      of Company

                            	
                              Jurisdiction
      of Organization

                            	
                              Classes
      of Shares

                            	
                              Authorized

                            	
                              Issued
      and Outstanding

                            	
                              Holder(s)
      of Shares

                              (Percentage
      of Total)

                            	
                              Material
      agreements binding on Holders with respect to Capital Stock1

                            	
                              Options
      to purchase, warrants, subscription rights, agreements to issue or sell,
      convertible interests, phantom rights or powers of attorney relating to
      Capital
Stock

                            

                    

                  

                

              

            

          

          
            	
                    Balance
      Financieel Management B.V.

                  	
                    Netherlands

                  	
                    Ordinary

                  	
                    400,000

                  	
                    80,000

                  	
                    Balance
      Ervaring op Projectbasis BV

                    (100%)

                  	
                    Restrictions
      on ability to pledge Capital Stock contained in ING
    facility.

                  	
                    None

                  
	
                    Balance
      Juridisch Management B.V.

                  	
                    Netherlands

                  	
                    Ordinary

                  	
                    1,020

                  	
                    204

                  	
                    Balance
      Ervaring op Projectbasis BV

                    (100%)

                  	
                    Restrictions
      on ability to pledge Capital Stock contained in ING
    facility.

                  	
                    None

                  
	
                    Hudson
      Global Resources SAS

                  	
                    France

                  	
                    Ordinary

                     

                  	
                    53,292

                  	
                    53,292
      issued

                  	
                    Hudson
      Highland Group, Inc. (100%)

                  	
                    N/A

                  	
                    None

                  
	
                    Morgan
      & Banks Holdings Australasia

                  	
                    Australia

                  	
                    Ordinary

                  	
                    Unlimited

                  	
                    18,346,977

                  	
                    Hudson
      Highland (APAC) Pty Limited – 100%

                  	
                    Lien
      on Capital Stock is granted to Commonwealth Bank of Australia.
      Restrictions on ability to pledge Capital Stock contained in Commonwealth
      Bank of Australia facility.

                  	
                    None

                  
	
                    Hudson
      Global Resources (Aust) Pty Ltd

                  	
                    Australia

                  	
                    Ordinary

                  	
                    Unlimited

                  	
                    74,964,941

                  	
                    Hudson
      Highland (APAC) Pty Ltd – 100%

                  	
                    Lien
      on Capital Stock is granted to Commonwealth Bank of Australia.
      Restrictions on ability to pledge Capital Stock contained in Commonwealth
      Bank of Australia facility.

                  	
                    None

                  
	
                    Hudson
      Global Resources (NZ) Limited

                  	
                    New
      Zealand

                  	
                    Ordinary

                  	
                    Unlimited

                  	
                    1,801,000

                  	
                    Hudson
      Global Resources (Aust) Pty Ltd – 100%

                  	
                    Lien
      on Capital Stock is granted to Commonwealth Bank of Australia.
      Restrictions on ability to pledge Capital Stock contained in Commonwealth
      Bank of Australia facility.

                  	
                    None

                  

            

            
              
                
                

              

              
                Schedule
9.1.4 - 4

                
                  

                

              

              
                
                

              

            

          

           

        

        Schedule
9.1.5

        to

        Loan
and Security Agreement

        

        Former
Names and Companies

        

        

        
          
            	
                    Corporate
      Name

                     

                  	
                    Fictitious
      or Trade Names

                  	
                    Merger
      or Combination

                  	
                    Acquisition
      of Substantial Part of the Assets of any Person

                  
	
                    Hudson
      Highland Group, Inc.

                  	
                    · 
      Hudson

                    · 
      Highland

                  	
                    N/A

                  	
                    N/A

                  
	
                    Hudson
      Global Resources Management, Inc.

                     

                  	
                    ·  Hudson
      Highland Group Global Resources Management, Inc.

                    ·  Spec
      American Technical Services, Inc. d/b/a SPEC ATS, Inc.

                    ·  TMP
      Worldwide Resourcing Management, Inc.

                  	
                    ·  Hudson
      Global Resources Holdings, Inc.

                    ·  Hudson
      Global Resources America, Inc.

                    · 
      People.com Consultants, Inc.

                    ·  Cornell
      Technical Services, Inc.

                  	
                    N/A

                  
	
                    Hudson
      Global Resources Limited

                  	
                    ·  Hudson
      Talent Management

                  	
                    N/A

                  	
                    N/A

                  
	
                    Hudson
      Highland Group, Inc.

                  	
                    · 
      Hudson

                  	
                    N/A

                  	
                    N/A

                  
	
                    Hudson
      Global Resources Management, Inc.

                     

                  	
                    ·  Hudson
      Global Resources

                  	
                    N/A

                  	
                    N/A

                  
	
                    Hudson
      Global Resources Limited

                  	
                    ·  Hudson
      Talent Management

                  	
                    N/A

                  	
                    N/A

                  
	
                    Hudson
      Highland Group Holdings International, Inc.

                  	
                    N/A

                  	
                    N/A

                  	
                    N/A

                  
	
                    Hudson
      Global Resources Jersey Limited

                  	
                    N/A

                  	
                    N/A

                  	
                    N/A

                  

          

        

         

        
          
            
            

          

          
            Schedule
9.1.5 - 1

            
              

            

          

          
            
            

          

        

         

        Schedule
9.1.6

        to

        Loan
and Security Agreement

        

        Claims

        

        

        None

         

        
          
            
            

          

          
            Schedule
9.1.6 - 1

            
              

            

          

          
            
            

          

        

         

        Schedule
9.1.12

        to

        Loan
and Security Agreement

        

        Patents,
Trademarks, Copyrights and Licenses

        

        

        Licensed
Intellectual Property used by any Loan Party for which such Loan Party pays
in excess
of $500,000 per year for such license: Microsoft Enterprise
Agreement.

        

        Hudson
Global Resources Limited uses the following material copyrighted talent
management tools (each of which is owned by Hudson Belgium NV):

        

        
          	
                   
      

                	
                  ·

                	
                  Personality
      questionnaire

                

        

        
          	
                   
      

                	
                  ·

                	
                  Reasoning
      Ability Test

                

        

        
          	
                   
      

                	
                  ·

                	
                  Aptitude
      Test

                

        

        
          	
                   
      

                	
                  ·

                	
                  Career
      Fit Indicator Advanced

                

        

        
          	
                   
      

                	
                  ·

                	
                  Personal
      Competency Audit

                

        

        
          	
                   
      

                	
                  ·

                	
                  Team
      Competency Audit

                

        

        
          	
                   
      

                	
                  ·

                	
                  Corporate
      Culture Audit

                

        

        
          	
                   
      

                	
                  ·

                	
                  Employee
      Satisfaction Audit

                

        

        
          	
                   
      

                	
                  ·

                	
                  Psychological
      Contract Indicator

                

        

        
          	
                   
      

                	
                  ·

                	
                  Operating
      platforms to run tests

                

        

        
          	
                   
      

                	
                  ·

                	
                  Competency
      model

                

        

        
          	
                   
      

                	
                  ·

                	
                  Simulation
      Exercises

                

        

         

        
          
            
            

          

          
            Schedule
9.1.12 - 1

            
              

            

          

          
            
            

          

        

         

        HUDSON GLOBAL RESOURCES
LIMITED

         

        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                	
                                                        Mark

                                                      	
                                                        Country

                                                      	
                                                        Status

                                                      	
                                                        Owner

                                                      	
                                                        App.
      No.

                                                      	
                                                        App.
      Date

                                                      	
                                                        Reg.
      No.

                                                      	
                                                        Reg.
      Date

                                                      	
                                                        Goods

                                                      	
                                                        Next
      Renewal
Due

                                                      

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            	
                                                    FROM
      GREAT PEOPLE TO GREAT PERFORMANCE

                                                  	
                                                    European
      Union

                                                  	
                                                    Registered

                                                  	
                                                    Hudson
      Highland Group, Inc.

                                                  	
                                                    3883139

                                                  	
                                                    6/14/2004

                                                  	
                                                    3883139

                                                  	
                                                    8/19/2005

                                                  	
                                                    Class
      35: Employment hiring, recruiting, placement, and staffing services; human
      resources consulting; business management consulting; business
      networking.

                                                     

                                                    Class
      41: Educational services, conducting training programs, seminars,
      lectures, conferences, and workshops in the field of diversity and
      distributing course materials in connection therewith

                                                  	
                                                    6/14/2014

                                                  
	 	 	 	 	 	 	 	 	 	 
	
                                                    HUDSON

                                                  	
                                                    European
      Union

                                                  	
                                                    Registered

                                                  	
                                                    Hudson
      Highland Group, Inc.

                                                  	
                                                    3987518

                                                  	
                                                    8/17/2004

                                                  	
                                                    3987518

                                                  	
                                                    12/13/2005

                                                  	
                                                    Class
      35: Employment hiring, recruiting, placement, and staffing services; human
      resources consulting; business management consulting; business
      networking

                                                     

                                                    Class
      41: Educational services, namely, conducting training programs, seminars,
      lectures, conferences, and workshops in the field of diversity and
      distributing course materials in connection therewith

                                                  	
                                                    8/17/2014

                                                  
	 	 	 	 	 	 	 	 	 	 
	
                                                    HUDSON
      GLOBAL RESOURCES

                                                  	
                                                    European
      Union

                                                  	
                                                    Registered

                                                  	
                                                    Hudson
      Highland Group, Inc.

                                                  	
                                                    3143781

                                                  	
                                                    4/24/2003

                                                  	
                                                    3143781

                                                  	
                                                    5/18/2004

                                                  	
                                                    Class
      35: EMPLOYMENT HIRING, RECRUITING, PLACEMENT AND STAFFING
      SERVICES

                                                  	
                                                    4/24/2013

                                                  

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

        

        
          
            
            

          

          
            Schedule
9.1.12 - 2

            
              

            

          

          
            
            

          

        

         

        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                	
                                                        Mark

                                                      	
                                                        Country

                                                      	
                                                        Status

                                                      	
                                                        Owner

                                                      	
                                                        App.
      No.

                                                      	
                                                        App.
      Date

                                                      	
                                                        Reg.
      No.

                                                      	
                                                        Reg.
      Date

                                                      	
                                                        Goods

                                                      	
                                                        Next
      Renewal
Due

                                                      

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          	
                                                                  HUDSON
      HIGHLAND CENTER FOR HIGH PERFORMANCE

                                                                	
                                                                  European
      Union

                                                                	
                                                                  Registered

                                                                	
                                                                  Hudson
      Highland Group, Inc.

                                                                	
                                                                  3577434

                                                                	
                                                                  12/10/2003

                                                                	
                                                                  3577434

                                                                	
                                                                  3/10/2005

                                                                	
                                                                  Class
      9: CD-ROMs in the field of business management.

                                                                   

                                                                  Class
      16: Printed materials in the field of business management.

                                                                   

                                                                  Class
      35: Business management consulting services

                                                                   

                                                                  Class
      42: Providing on-line non-downloadable software featuring questionnaires
      and response analysis in the field of business management.

                                                                	
                                                                  12/10/2013

                                                                
	 	 	 	 	 	 	 	 	 	 
	
                                                                  HUDSON
      HIGHLAND
      PERFORMANCE

                                                                  PEAK

                                                                	
                                                                  European
      Union

                                                                	
                                                                  Registered

                                                                	
                                                                  Hudson
      Highland Group, Inc.

                                                                	
                                                                  3577574

                                                                	
                                                                  12/10/2003

                                                                	
                                                                  3577574

                                                                	
                                                                  4/21/2005

                                                                	
                                                                  Class
      16: Printed materials in the field of business management

                                                                   

                                                                  Class
      42: Providing on-line non-downloadable software featuring questionnaires
      and response analysis in the field of business management.

                                                                	
                                                                  12/10/2013

                                                                
	 	 	 	 	 	 	 	 	 	 
	
                                                                  HUDSON
      INCLUSION SOLUTIONS

                                                                	
                                                                  European
      Union

                                                                	
                                                                  Registered

                                                                	
                                                                  Hudson
      Highland Group, Inc.

                                                                	
                                                                  3672508

                                                                	
                                                                  2/19/2004

                                                                	
                                                                  3672508

                                                                	
                                                                  6/1/2005

                                                                	
                                                                  Class
      35: Employment hiring, recruiting, placement and staffing services; human
      resources consulting; business management consulting; business
      networking.

                                                                   

                                                                  Class
      41: Educational services, conducting training programs, seminars,
      lectures, conferences, and workshops in the field of diversity and
      distributing printed materials, audiotapes, video tapes, and recorded
      programs in connection therewith.

                                                                	
                                                                  2/19/2014

                                                                
	 	 	 	 	 	 	 	 	 	 
	
                                                                  HUDSON
      TALENT MANAGEMENT

                                                                	
                                                                  European
      Union

                                                                	
                                                                  Pending

                                                                	
                                                                  Hudson
      Highland Group, Inc.

                                                                	
                                                                  8975161

                                                                	
                                                                  3/23/2010

                                                                	 
      	 
      	
                                                                  Class
      35: Human resources consulting services.

                                                                	 
      

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

           

          
            
              
              

            

            
              Schedule
9.1.12 - 3

              
                

              

            

            
              
              

            

          

           

          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  	
                                                          Mark

                                                        	
                                                          Country

                                                        	
                                                          Status

                                                        	
                                                          Owner

                                                        	
                                                          App.
      No.

                                                        	
                                                          App.
      Date

                                                        	
                                                          Reg.
      No.

                                                        	
                                                          Reg.
      Date

                                                        	
                                                          Goods

                                                        	
                                                          Next
      Renewal
Due

                                                        

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              	
                                                      TALENTMAX

                                                    	
                                                      European
      Union

                                                    	
                                                      Registered

                                                    	
                                                      Hudson
      Highland Group, Inc.

                                                    	
                                                      3816592

                                                    	
                                                      5/4/2004

                                                    	
                                                      3816592

                                                    	
                                                      7/7/2005

                                                    	
                                                      Class
      09: Computer software; computer software for managing employee
      performance, competency development, and career planning.

                                                    	
                                                      5/4/2014

                                                    
	 	 	 	 	 	 	 	 	 	 
	
                                                      ePOST

                                                    	
                                                      United
      Kingdom

                                                    	
                                                      Registered

                                                    	
                                                      Hudson
      Highland Group, Inc.

                                                    	
                                                      2362126

                                                    	
                                                      4/29/2004

                                                    	
                                                      2362126

                                                    	
                                                      1/21/2005

                                                    	
                                                      Class
      35: Employment hiring and placement services.

                                                    	
                                                      4/29/2014

                                                    
	 	 	 	 	 	 	 	 	 	 
	
                                                      HR
      ONLINE PERSONNEL ADVICE + SUPPORT & DESIGN

                                                    	
                                                      United
      Kingdom

                                                    	
                                                      Registered

                                                    	
                                                      Hudson
      Highland Group, Inc.

                                                    	
                                                      2109344

                                                    	
                                                      9/5/1996

                                                    	
                                                      2109344

                                                    	
                                                      6/27/1997

                                                    	
                                                      Class
      35: Recruitment consultancy services; advisory and consultancy services
      relating to human resources.

                                                    	
                                                      9/5/2016

                                                    
	 	 	 	 	 	 	 	 	 	 
	
                                                      HUDSON

                                                    	
                                                      United
      Kingdom

                                                    	
                                                      Registered

                                                    	
                                                      Hudson
      Highland Group, Inc.

                                                    	
                                                      2362405

                                                    	
                                                      5/4/2004

                                                    	
                                                      2362405

                                                    	
                                                      6/2/2006

                                                    	
                                                      Class
      35: Employment hiring, recruiting, placement and staffing services; human
      resources consulting; business management consulting services in relation
      to employment hiring, recruiting, placement and staffing services;
      recruiting and career networking services.

                                                       

                                                      Class
      41: Educational services, conducting training programs, seminars,
      lectures, conferences, and workshops in the field of diversity and
      distributing course materials in connection therewith.

                                                    	
                                                      5/4/2014

                                                    
	 	 	 	 	 	 	 	 	 	 
	
                                                      MELVILLE
      CRAIG

                                                    	
                                                      United
      Kingdom

                                                    	
                                                      Registered

                                                    	
                                                      Hudson
      Highland Group, Inc.

                                                    	
                                                      2400589

                                                    	
                                                      9/1/2005

                                                    	
                                                      2400589

                                                    	
                                                      2/3/2006

                                                    	
                                                      Class
      35: Employment hiring, recruiting, placement, staffing and executive
      search services.

                                                    	
                                                      9/1/2015

                                                    

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

          

          
            
              
              

            

            
              Schedule
9.1.12 - 4

              
                

              

            

            
              
              

            

          

        

         

        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              	
                                                      Mark

                                                    	
                                                      Country

                                                    	
                                                      Status

                                                    	
                                                      Owner

                                                    	
                                                      App.
      No.

                                                    	
                                                      App.
      Date

                                                    	
                                                      Reg.
      No.

                                                    	
                                                      Reg.
      Date

                                                    	
                                                      Goods

                                                    	
                                                      Next
      Renewal
Due

                                                    

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              	
                                                      MORGAN
      & BANKS

                                                    	
                                                      United
      Kingdom

                                                    	
                                                      Registered

                                                    	
                                                      Hudson
      Global Resources (Aust) Pty Limited

                                                    	
                                                      2190531

                                                    	
                                                      3/2/1999

                                                    	
                                                      2190531

                                                    	
                                                      12/24/1999

                                                    	
                                                      Class
      16: Printed matter and publications, including newsletters, instructional
      and teaching materials.

                                                       

                                                      Class
      35: Business management services being executive selection and search,
      management consulting, management contracting, labour hire and trade
      persons contracting, human resources consulting, outplacement services,
      secretarial and clerical recruitment and contracting, advertising and
      personnel location, selection, recruitment, placement, hiring and
      administration.

                                                       

                                                      Class
      38: Communication by computer terminals, computer aided transmission of
      messages and images; electronic mail, communication and transmission of
      information between and among data carriers and readers by telephone,
      optical fibre, Internet and telecommunication means.

                                                       

                                                      Class
      41: Educational services, being the provision of training and the
      education and training of business personnel.

                                                       

                                                      Class
      42: Quality control services; counselling services, including outplacement
      counselling services; psychological testing and assessment; vocational
      guidance services; professional consultancy services relating to the
      aforesaid.

                                                    	
                                                      3/2/2019

                                                    

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

          

          
            
              
              

            

            
              Schedule
9.1.12 - 5

              
                

              

            

            
              
              

            

          

        

         

        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                	
                                                        Mark

                                                      	
                                                        Country

                                                      	
                                                        Status

                                                      	
                                                        Owner

                                                      	
                                                        App.
      No.

                                                      	
                                                        App.
      Date

                                                      	
                                                        Reg.
      No.

                                                      	
                                                        Reg.
      Date

                                                      	
                                                        Goods

                                                      	
                                                        Next
      Renewal
Due

                                                      

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              	
                                                      FROM
      GREAT PEOPLE TO GREAT PERFORMANCE

                                                    	
                                                      United
      States of America

                                                    	
                                                      Registered

                                                    	
                                                      Hudson
      Highland Group, Inc.

                                                    	
                                                      78/432941

                                                    	
                                                      6/10/2004

                                                    	
                                                      3265730

                                                    	
                                                      7/17/2007

                                                    	
                                                      Class
      35: Employment hiring, recruiting, placement, and staffing services; human
      resources consulting; business management consulting; business
      networking.

                                                       

                                                      Class
      41: Educational services, namely, conducting training programs, seminars,
      lectures, conferences, and workshops in the field of
      diversity.

                                                    	
                                                      7/17/2017

                                                    

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

           

          
            
              
              

            

            
              Schedule
9.1.12 - 6

              
                

              

            

            
              
              

            

          

        

         

        HUDSON
HIGHLAND GROUP, INC.

         

         

        
          
            
              
                
                  
                    	
                            Mark

                          	
                            Country

                          	
                            Status

                          	
                            Owner

                          	
                            App.
      No.

                          	
                            App.
      Date

                          	
                            Reg.
      No.

                          	
                            Reg.
      Date

                          	
                            Goods

                          	
                            Next
      Renewal Due

                          

                  

                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        	
                                                HUDSON
      GLOBAL RESOURCES

                                              	
                                                Argentina

                                              	
                                                Registered

                                              	
                                                Hudson
      Highland Group, Inc.

                                              	
                                                2431009

                                              	
                                                5/15/2003

                                              	
                                                1998683

                                              	
                                                11/16/2004

                                              	
                                                Class
      42: ALL SERVICES IN CLASS 42

                                              	
                                                11/16/2014

                                              
	 	 	 	 	 	 	 	 	 	 
	
                                                HUDSON
      GLOBAL RESOURCES

                                              	
                                                Argentina

                                              	
                                                Registered

                                              	
                                                Hudson
      Highland Group, Inc.

                                              	
                                                2431007

                                              	
                                                5/15/2003

                                              	
                                                2045214

                                              	
                                                10/3/2005

                                              	
                                                Class
      35: All services in class 35 - advertising; business management; business
      administration; office functions.

                                              	
                                                10/3/2015

                                              
	 	 	 	 	 	 	 	 	 	 
	
                                                HUDSON
      GLOBAL RESOURCES

                                              	
                                                Argentina

                                              	
                                                Registered

                                              	
                                                Hudson
      Highland Group, Inc.

                                              	
                                                2431008

                                              	
                                                5/15/2003

                                              	
                                                1998682

                                              	
                                                11/16/2004

                                              	
                                                Class
      41: ALL SERVICES OF CLASS 41--EDUCATION; PROVIDING OF TRAINING;
      ENTERTAINMENT; SPORTING AND CULTURAL ACTIVITIES

                                              	
                                                11/16/2014

                                              
	 	 	 	 	 	 	 	 	 	 
	
                                                HUDSON
      HIGHLAND GROUP

                                              	
                                                Argentina

                                              	
                                                Registered

                                              	
                                                Hudson
      Highland Group, Inc.

                                              	
                                                2431004

                                              	
                                                5/15/2003

                                              	
                                                2075933

                                              	
                                                3/29/2006

                                              	
                                                Class
      35: CONSULTING AND ADVISING IN CONNECTION WITH SEARCHING AND SELECTION OF
      PERSONNEL OF COMPANIES

                                              	
                                                3/29/2016

                                              
	 	 	 	 	 	 	 	 	 	 
	
                                                HUDSON
      HIGHLAND GROUP

                                              	
                                                Argentina

                                              	
                                                Registered

                                              	
                                                Hudson
      Highland Group, Inc.

                                              	
                                                2431005

                                              	
                                                5/15/2003

                                              	
                                                2075935

                                              	
                                                3/29/2006

                                              	
                                                Class
      41: SERVICES OF PERSONNEL QUALIFICATION, PROFESSIONAL MANAGEMENT,
      DEVELOPMENT AND ORIENTATION, EXCLUDING EDUCATION PROVIDED BY SCHOOLS,
      UNIVERSITIES, COLLEGES OR INSTITUTIONS

                                              	
                                                3/29/2016

                                              
	 	 	 	 	 	 	 	 	 	 
	
                                                HUDSON
      HIGHLAND GROUP

                                              	
                                                Argentina

                                              	
                                                Registered

                                              	
                                                Hudson
      Highland Group, Inc.

                                              	
                                                2431006

                                              	
                                                5/15/2003

                                              	
                                                2075936

                                              	
                                                3/29/2006

                                              	
                                                Class
      42: SERVICES OF ANALYSIS AND INDUSTRIAL INVESTIGATION, PROFESSIONAL
      SERVICES PROVIDED BY SPECIALISTS IN HUMAN RESOURCES, SELECTION OF
      PERSONNEL

                                              	
                                                3/29/2016

                                              

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                   

                  
                    
                      
                      

                    

                    
                      Schedule
9.1.12 - 7

                      
                        

                      

                    

                    
                      
                      

                    

                  

                   

                  
                    
                      
                        
                          
                            
                              	
                                      Mark

                                    	
                                      Country

                                    	
                                      Status

                                    	
                                      Owner

                                    	
                                      App.
      No.

                                    	
                                      App.
      Date

                                    	
                                      Reg.
      No.

                                    	
                                      Reg.
      Date

                                    	
                                      Goods

                                    	
                                      Next
      Renewal
Due

                                    

                            

                          

                        

                      

                    

                  

                  
                    
                      
                        
                          
                            
                              	
                                      FROM
      GREAT PEOPLE TO GREAT PERFORMANCE

                                    	
                                      Australia

                                    	
                                      Registered

                                    	
                                      Hudson
      Highland Group, Inc.

                                    	
                                      839398

                                    	
                                      9/1/2004

                                    	
                                      839398

                                    	
                                      9/1/2004

                                    	
                                      Class
      35: Employment hiring, recruiting, placement, and staffing services; human
      resources consulting; business management consulting; business
      networking.

                                       

                                      Class
      41: Educational services, namely, conducting training programs, seminars,
      lectures, conferences, and workshops in the field of
      diversity.

                                    	
                                      9/1/2014

                                    
	 	 	 	 	 	 	 	 	 	 
	
                                      HUDSON

                                    	
                                      Australia

                                    	
                                      Registered

                                    	
                                      Hudson
      Highland Group, Inc.

                                    	
                                      1000266

                                    	
                                      5/3/2004

                                    	
                                      1000266

                                    	
                                      5/3/2004

                                    	
                                      Class
      35: Employment hiring, recruiting, placement, and staffing services; human
      resources consulting.

                                       

                                      Class
      41: Educational services, namely, conducting training programs, seminars,
      lectures, conferences and workshops in the field of diversity and
      distributing course materials in connection therewith.

                                    	
                                      5/3/2014

                                    
	 	 	 	 	 	 	 	 	 	 
	
                                      HUDSON
      20:20 SERIES

                                    	
                                      Australia

                                    	
                                      Pending

                                    	
                                      Hudson
      Highland Group, Inc.

                                    	
                                      1326697

                                    	
                                      10/15/2009

                                    	 
      	 
      	
                                      Class
      16: Periodic reports and articles on employee management
      issues.

                                       

                                      Class
      35: Periodic reports on employee management issues delivered via the
      internet.

                                    	 
      
	 	 	 	 	 	 	 	 	 	 
	
                                      HUDSON
      GLOBAL RESOURCES

                                    	
                                      Australia

                                    	
                                      Registered

                                    	
                                      Hudson
      Highland Group, Inc.

                                    	
                                      951794

                                    	
                                      4/24/2003

                                    	
                                      951794

                                    	
                                      4/24/2003

                                    	
                                      Class
      35: Employment hiring, recruiting, placement and staffing
      services.

                                    	
                                      4/24/2013

                                    

                            

                          

                        

                      

                    

                  

                  
                     

                    
                      
                        
                        

                      

                      
                        Schedule
9.1.12 - 8

                        
                          

                        

                      

                      
                        
                        

                      

                    

                     

                    
                      
                        
                          
                            
                              
                                	
                                        Mark

                                      	
                                        Country

                                      	
                                        Status

                                      	
                                        Owner

                                      	
                                        App.
      No.

                                      	
                                        App.
      Date

                                      	
                                        Reg.
      No.

                                      	
                                        Reg.
      Date

                                      	
                                        Goods

                                      	
                                        Next
      Renewal Due

                                      

                              

                              
                                
                                  
                                    
                                      	
                                              MBS
      LOGO

                                            	
                                              Australia

                                            	
                                              Registered

                                            	
                                              Hudson
      Global Resources (Aust) Pty Limited

                                            	
                                              807913

                                            	
                                              9/22/1999

                                            	
                                              807913

                                            	
                                              9/22/1999

                                            	
                                              Class
      16: Printed matter and publications, including newsletters, instructional
      and teaching materials.

                                               

                                              Class
      35: Business management services being strategic analysis, methodological
      analysis, personnel assessment, project management, marketing review,
      outplacement, career transition management, recruitment and placement,
      contractor management, facilities management of call centers, human
      resources consulting.

                                               

                                              Class
      38:  ommunication by computer terminals, computer aided
      transmission of messages and images; electronic mail, communication and
      transmission of information between and among data carriers and readers by
      telephone, optical fibre, Internet and telecommunication
      means.

                                               

                                              Class
      41: Education and training services, being education and training services
      for customer service and call centers, personal development and skills
      training.

                                            	
                                              9/22/2019

                                            
	 	 	 	 	 	 	 	 	 	 
	
                                              MORGAN
      & BANKS

                                            	
                                              Australia

                                            	
                                              Registered

                                            	
                                              Hudson
      Global Resources (Aust) Pty Limited

                                            	
                                              621003

                                            	
                                              1/21/1994

                                            	
                                              621003

                                            	
                                              1/21/1994

                                            	
                                              Class
      35: Business management services being executive selection and search,
      management consulting, management contracting, labour hire and trade
      persons contracting, human resources consulting, outplacement services,
      secretarial and clerical recruitment and contracting, advertising and
      personnel location, selection, recruitment, placement, hiring and
      administration.

                                            	
                                              1/21/2014

                                            

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                   

                  
                    
                      
                      

                    

                    
                      Schedule
9.1.12 - 9

                      
                        

                      

                    

                    
                      
                      

                    

                  

                   

                  
                    
                      
                        
                          
                            
                              	
                                      Mark

                                    	
                                      Country

                                    	
                                      Status

                                    	
                                      Owner

                                    	
                                      App.
      No.

                                    	
                                      App.
      Date

                                    	
                                      Reg.
      No.

                                    	
                                      Reg.
      Date

                                    	
                                      Goods

                                    	
                                      Next
      Renewal Due

                                    

                            

                            
                              
                                
                                  
                                    
                                      
                                        	
                                                MORGAN
      & BANKS

                                              	
                                                Australia

                                              	
                                                Registered

                                              	
                                                Hudson
      Global Resources (Aust) Pty Limited

                                              	
                                                621004

                                              	
                                                1/21/1994

                                              	
                                                621004

                                              	
                                                1/21/1994

                                              	
                                                Class
      41: Educational services, including the provision of training and the
      education and training of business personnel.

                                              	
                                                1/21/2014

                                              
	 	 	 	 	 	 	 	 	 	 
	
                                                MORGAN
      & BANKS

                                              	
                                                Australia

                                              	
                                                Registered

                                              	
                                                Hudson
      Global Resources (Aust) Pty Limited

                                              	
                                                784852

                                              	
                                                2/8/1999

                                              	
                                                784852

                                              	
                                                2/8/1999

                                              	
                                                Class
      16: Printed matter and publications, including newsletters, instructional
      and teaching materials.

                                                 

                                                Class
      38: Communication by computer terminals, computer aided transmission of
      messages and images; electronic mail, communication and transmission of
      information between and among data carriers and readers by telephone,
      optical fibre, Internet and telecommunication means.

                                                 

                                                Class
      42: Professional consultancy services in this class; quality control
      services; counselling services, including outplacement counselling
      services; psychological testing and assessment; vocational guidance
      services.

                                              	
                                                2/8/2019

                                              
	 	 	 	 	 	 	 	 	 	 
	
                                                MORGAN
      & BANKS

                                              	
                                                Australia

                                              	
                                                Registered

                                              	
                                                Hudson
      Global Resources (Aust) Pty Limited

                                              	
                                                1109645

                                              	
                                                4/19/2006

                                              	
                                                1109645

                                              	
                                                4/19/2006

                                              	
                                                Class
      35: Business management services being executive selection and search,
      management consulting, management contracting, labour hire and trade
      persons contracting, human resources consulting, outplacement services,
      secretarial and clerical recruitment and contracting, advertising and
      personnel location, selection, recruitment, placement, hiring and
      administration.

                                              	
                                                4/19/2016

                                              

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                  
                     

                    
                      
                        
                        

                      

                      
                        Schedule
9.1.12 - 10

                        
                          

                        

                      

                      
                        
                        

                      

                    

                     

                    
                      
                        
                          
                            
                              
                                	
                                        Mark

                                      	
                                        Country

                                      	
                                        Status

                                      	
                                        Owner

                                      	
                                        App.
      No.

                                      	
                                        App.
      Date

                                      	
                                        Reg.
      No.

                                      	
                                        Reg.
      Date

                                      	
                                        Goods

                                      	
                                        Next
      Renewal Due

                                      

                              

                              
                                
                                  
                                    
                                      
                                        	
                                                MORGAN
      & BANKS CTM

                                              	
                                                Australia

                                              	
                                                Registered

                                              	
                                                Hudson
      Global Resources (Aust) Pty Limited

                                              	
                                                786726

                                              	
                                                2/25/1999

                                              	
                                                786726

                                              	
                                                2/25/1999

                                              	
                                                Class
      16: Printed matter and publications, including newsletters, instructional
      and teaching materials.

                                                 

                                                Class
      35: Business management services being executive selection and search,
      management consulting, management contracting, labour hire and trade
      persons contracting, human resources consulting, outplacement services,
      secretarial and clerical recruitment and contracting, advertising and
      personnel location, selection, recruitment, placement, hiring and
      administration.

                                                 

                                                Class
      38: Communication by computer terminals, computer aided transmission of
      messages and images; electronic mail, communication and transmission of
      information between and among data carriers and readers by telephone,
      optical fibre, Internet and telecommunication means.

                                                 

                                                Class
      42: Professional consultancy services in this class; quality control
      services; counselling services, including outplacement counselling
      services; psychological testing and assessment; vocational guidance
      services.

                                              	
                                                2/25/2019

                                              
	 	 	 	 	 	 	 	 	 	 
	
                                                MORGAN
      & BANKS JOB INDEX

                                              	
                                                Australia

                                              	
                                                Registered

                                              	
                                                Hudson
      Global Resources (Aust) Pty Limited

                                              	
                                                784851

                                              	
                                                2/8/1999

                                              	
                                                784851

                                              	
                                                2/8/1999

                                              	
                                                Class
      16: Printed matter and publications, including newsletters, instructional
      and teaching materials.

                                              	
                                                2/8/2019

                                              

                                      

                                    

                                  

                                

                              

                               

                              
                                
                                  
                                  

                                

                                
                                  Schedule
9.1.12 - 11

                                  
                                    

                                  

                                

                                
                                  
                                  

                                

                              

                               

                              
                                
                                  
                                    
                                      
                                        
                                          
                                            	
                                                    Mark

                                                  	
                                                    Country

                                                  	
                                                    Status

                                                  	
                                                    Owner

                                                  	
                                                    App.
      No.

                                                  	
                                                    App.
      Date

                                                  	
                                                    Reg.
      No.

                                                  	
                                                    Reg.
      Date

                                                  	
                                                    Goods

                                                  	
                                                    Next
      Renewal Due

                                                  

                                          

                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          	
                                                                  TALENTMAX

                                                                	
                                                                  Australia

                                                                	
                                                                  Registered

                                                                	
                                                                  Hudson
      Highland Group, Inc.

                                                                	
                                                                  1000267

                                                                	
                                                                  5/3/2004

                                                                	
                                                                  1000267

                                                                	
                                                                  5/3/2004

                                                                	
                                                                  Class
      09: Computer programmes and computer software; pre-recorded computer
      programmes and computer software; computer programmes and computer
      software for managing employee performance, competency development and
      career planning.

                                                                	
                                                                  5/3/2014

                                                                
	 	 	 	 	 	 	 	 	 	 
	
                                                                  THE
      HUDSON REPORT EMPLOYMENT & HR TRENDS (STYLIZED)

                                                                	
                                                                  Australia

                                                                	
                                                                  Registered

                                                                	
                                                                  Hudson
      Highland Group, Inc.

                                                                	
                                                                  964523

                                                                	
                                                                  8/1/2003

                                                                	
                                                                  964523

                                                                	
                                                                  8/1/2003

                                                                	
                                                                  Class
      16: Printed matter and publications, including newsletters, instructional
      and teaching materials.

                                                                	
                                                                  8/1/2013

                                                                
	 	 	 	 	 	 	 	 	 	 
	
                                                                  HUDSON

                                                                	
                                                                  Bahrain

                                                                	
                                                                  Registered

                                                                	
                                                                  Hudson
      Highland Group, Inc.

                                                                	
                                                                  44567

                                                                	
                                                                  6/8/2005

                                                                	
                                                                  44567

                                                                	
                                                                  6/8/2007

                                                                	
                                                                  Class
      35: EMPLOYMENT HIRING, RECRUITING, PLACEMENT, AND STAFFING SERVICES; HUMAN
      RESOURCES CONSULTING; BUSINESS MANAGEMENT CONSULTING; BUSINESS
      NETWORKING

                                                                	
                                                                  6/8/2015

                                                                
	 	 	 	 	 	 	 	 	 	 
	
                                                                  HUDSON

                                                                	
                                                                  Belarus

                                                                	
                                                                  Pending

                                                                	
                                                                  Hudson
      Highland Group, Inc.

                                                                	
                                                                  20073040

                                                                	
                                                                  8/15/2007

                                                                	 
      	 
      	
                                                                  Class
      35: Employment hiring, recruiting, placement and staffing services; human
      resources consulting; business management consulting; business
      networking.

                                                                   

                                                                  Class
      41: Educational services, namely, conducting training programs, seminars,
      lectures, conferences, and workshops in the field of diversity and
      distributing course materials in connection therewith.

                                                                	 
      
	 	 	 	 	 	 	 	 	 	 
	
                                                                  BALANCE

                                                                	
                                                                  Benelux

                                                                	
                                                                  Registered

                                                                	
                                                                  Hudson
      Highland Group, Inc.

                                                                	
                                                                  950399

                                                                	
                                                                  11/16/1999

                                                                	
                                                                  663118

                                                                	
                                                                  11/16/1999

                                                                	
                                                                  Class
      35: Recruitment, selection, posting and deployment of personnel, interim
      management, employment in project work and permanent jobs, advice on
      personnel, staff recruitment and selection.

                                                                	
                                                                  11/16/2019

                                                                

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                           

                                          
                                            
                                              
                                              

                                            

                                            
                                              Schedule
9.1.12 - 12

                                              
                                                

                                              

                                            

                                            
                                              
                                              

                                            

                                          

                                          
                                             

                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        	
                                                                Mark

                                                              	
                                                                Country

                                                              	
                                                                Status

                                                              	
                                                                Owner

                                                              	
                                                                App.
      No.

                                                              	
                                                                App.
      Date

                                                              	
                                                                Reg.
      No.

                                                              	
                                                                Reg.
      Date

                                                              	
                                                                Goods

                                                              	
                                                                Next
      Renewal Due

                                                              

                                                      

                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        	
                                                                                BALANCE
      & Design

                                                                              	
                                                                                Benelux

                                                                              	
                                                                                Registered

                                                                              	
                                                                                Hudson
      Highland Group, Inc.

                                                                              	
                                                                                950397

                                                                              	
                                                                                11/16/1999

                                                                              	
                                                                                663116

                                                                              	
                                                                                11/16/1999

                                                                              	
                                                                                Class
      35: Recruitment, selection, posting and emitting staff; interim
      management; employment mediation in project like work and permanent jobs;
      advice concerning staff; recruiting and selection staff.

                                                                              	
                                                                                11/16/2019

                                                                              
	 	 	 	 	 	 	 	 	 	 
	
                                                                                BALANCE
      & Design (purple)

                                                                              	
                                                                                Benelux

                                                                              	
                                                                                Registered

                                                                              	
                                                                                Hudson
      Highland Group, Inc.

                                                                              	
                                                                                950398

                                                                              	
                                                                                11/16/1999

                                                                              	
                                                                                663117

                                                                              	
                                                                                11/16/1999

                                                                              	
                                                                                Class
      35: Recruitment, selection, posting and deployment of personnel, interim
      management, employment in project work and permanent jobs, advice on
      personnel, staff recruitment and selection.

                                                                              	
                                                                                11/16/2019

                                                                              
	 	 	 	 	 	 	 	 	 	 
	
                                                                                HUDSON

                                                                              	
                                                                                Benelux

                                                                              	
                                                                                Registered

                                                                              	
                                                                                Hudson
      Highland Group, Inc.

                                                                              	
                                                                                1101631

                                                                              	
                                                                                1/25/2006

                                                                              	
                                                                                790052

                                                                              	
                                                                                1/26/2006

                                                                              	
                                                                                Class
      35: EMPLOYMENT HIRING, RECRUITING, PLACEMENT,  AND STAFFING
      SERVICES; HUMAN RESOURCES CONSULTING; BUSINESS MANAGEMENT CONSULTING;
      BUSINESS NETWORKING

                                                                              	
                                                                                1/25/2016

                                                                              
	 	 	 	 	 	 	 	 	 	 
	
                                                                                MORGAN
      & BANKS & Design

                                                                              	
                                                                                Benelux

                                                                              	
                                                                                Registered

                                                                              	
                                                                                Hudson
      Global Resources (Aust) Pty Limited

                                                                              	
                                                                                66585

                                                                              	
                                                                                3/16/1989

                                                                              	
                                                                                459836

                                                                              	
                                                                                12/1/1989

                                                                              	
                                                                                Class
      35: ASSISTANCE FOR INDUSTRIAL OR COMMERCIAL ENTERPRISES; EMPLOYMENT
      AGENCIES; SERVICES RELATING TO THE ACTIVITY OF PERMANENT OR TEMPORARY
      WORK.

                                                                              	
                                                                                3/16/2019

                                                                              
	 	 	 	 	 	 	 	 	 	 
	
                                                                                HUDSON

                                                                              	
                                                                                Brazil

                                                                              	
                                                                                Pending

                                                                              	
                                                                                Hudson
      Highland Group, Inc.

                                                                              	
                                                                                830406875

                                                                              	
                                                                                10/29/2009

                                                                              	 
      	 
      	
                                                                                Class
      35:  Employment hiring, recruiting, placement, and staffing
      services; human resources consulting; business management
      consulting.

                                                                              	 
      
	 	 	 	 	 	 	 	 	 	 
	
                                                                                HUDSON
      LEGAL

                                                                              	
                                                                                Brazil

                                                                              	
                                                                                Pending

                                                                              	
                                                                                Hudson
      Highland Group, Inc.

                                                                              	
                                                                                830406883

                                                                              	
                                                                                10/29/2009

                                                                              	 
      	 
      	
                                                                                Class
      35:  Employment hiring, recruiting, placement, and staffing
      services; human resources consulting; business management
      consulting.

                                                                              	 
      
	 	 	 	 	 	 	 	 	 	 
	
                                                                                FROM
      GREAT PEOPLE TO GREAT PERFORMANCE

                                                                              	
                                                                                Canada

                                                                              	
                                                                                Registered

                                                                              	
                                                                                Hudson
      Highland Group, Inc.

                                                                              	
                                                                                1220347

                                                                              	
                                                                                6/14/2004

                                                                              	
                                                                                TMA69

                                                                                0154

                                                                              	
                                                                                6/19/2007

                                                                              	
                                                                                Employment
      hiring, recruiting, placement, and staffing services; human resources
      consulting; business management consulting.

                                                                              	
                                                                                6/19/2022

                                                                              

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                      
                                                         

                                                        
                                                          
                                                            
                                                            

                                                          

                                                          
                                                            Schedule
9.1.12 - 13

                                                            
                                                              

                                                            

                                                          

                                                          
                                                            
                                                            

                                                          

                                                        

                                                         

                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    	
                                                                            Mark

                                                                          	
                                                                            Country

                                                                          	
                                                                            Status

                                                                          	
                                                                            Owner

                                                                          	
                                                                            App.
      No.

                                                                          	
                                                                            App.
      Date

                                                                          	
                                                                            Reg.
      No.

                                                                          	
                                                                            Reg.
      Date

                                                                          	
                                                                            Goods

                                                                          	
                                                                            Next
      Renewal Due

                                                                          

                                                                  

                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              	
                                                                                      HUDSON

                                                                                    	
                                                                                      Canada

                                                                                    	
                                                                                      Registered

                                                                                    	
                                                                                      Hudson
      Highland Group, Inc.

                                                                                    	
                                                                                      1215473

                                                                                    	
                                                                                      4/30/2004

                                                                                    	
                                                                                      TMA636

                                                                                      251

                                                                                    	
                                                                                      3/29/2005

                                                                                    	
                                                                                      Employment
      hiring, recruiting, placement and staffing services; human resources
      consulting; business management consulting; business networking; and
      educational services, namely, conducting training programs, seminars,
      lectures, conferences, and workshops in the field of diversity and
      distributing course materials in connection therewith.

                                                                                    	
                                                                                      3/29/2020

                                                                                    
	 	 	 	 	 	 	 	 	 	 
	
                                                                                      HUDSON
      GLOBAL RESOURCES

                                                                                    	
                                                                                      Canada

                                                                                    	
                                                                                      Registered

                                                                                    	
                                                                                      Hudson
      Highland Group, Inc.

                                                                                    	
                                                                                      1175691

                                                                                    	
                                                                                      4/23/2003

                                                                                    	
                                                                                      TMA627

                                                                                      514

                                                                                    	
                                                                                      12/6/2004

                                                                                    	
                                                                                      Employment
      hiring, recruiting, placement and staffing services.

                                                                                    	
                                                                                      12/6/2019

                                                                                    
	 	 	 	 	 	 	 	 	 	 
	
                                                                                      HUDSON
      INCLUSION SOLUTIONS

                                                                                    	
                                                                                      Canada

                                                                                    	
                                                                                      Registered

                                                                                    	
                                                                                      Hudson
      Highland Group, Inc.

                                                                                    	
                                                                                      1208502

                                                                                    	
                                                                                      3/4/2004

                                                                                    	
                                                                                      TMA648

                                                                                      324

                                                                                    	
                                                                                      9/16/2005

                                                                                    	
                                                                                      Employment
      hiring, recruiting, placement and staffing services; human resources
      consulting; business management consulting; business networking; and
      education services, namely, conducting training programs, seminars,
      lectures, conferences, and workshops in the field of diversity and
      distributing printed materials, audiotapes, video tapes, and recorded
      programs in connection therewith

                                                                                    	
                                                                                      9/16/2020

                                                                                    
	 	 	 	 	 	 	 	 	 	 
	
                                                                                      HUDSON

                                                                                    	
                                                                                      China

                                                                                    	
                                                                                      Registered

                                                                                    	
                                                                                      Hudson
      Highland Group, Inc.

                                                                                    	
                                                                                      4109488

                                                                                    	
                                                                                      6/8/2004

                                                                                    	
                                                                                      4109488

                                                                                    	
                                                                                      7/28/2007

                                                                                    	
                                                                                      Class
      41: EDUCATIONAL SERVICES, NAMELY; PROVISION OF TRAINING RELATING TO
      EMPLOYMENT AND RECRUITMENT SERVICES INCLUDING HUMAN RESOURCES CONSULTING
      AND PERSONNEL LOCATION, SELECTION, RECRUITMENT, PLACEMENT, HIRING AND
      ADMINISTRATION; CONSULTANCY, ADVISORY AND INFORMATION SERVICES RELATED TO
      THE FOREGOING.

                                                                                    	
                                                                                      7/27/2017

                                                                                    

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                  
                                                                     

                                                                    
                                                                      
                                                                        
                                                                        

                                                                      

                                                                      
                                                                        Schedule
9.1.12 - 14

                                                                        
                                                                          

                                                                        

                                                                      

                                                                      
                                                                        
                                                                        

                                                                      

                                                                    

                                                                     

                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              
                                                                                	
                                                                                        Mark

                                                                                      	
                                                                                        Country

                                                                                      	
                                                                                        Status

                                                                                      	
                                                                                        Owner

                                                                                      	
                                                                                        App.
      No.

                                                                                      	
                                                                                        App.
      Date

                                                                                      	
                                                                                        Reg.
      No.

                                                                                      	
                                                                                        Reg.
      Date

                                                                                      	
                                                                                        Goods

                                                                                      	
                                                                                        Next
      Renewal Due

                                                                                      

                                                                              

                                                                              
                                                                                
                                                                                  
                                                                                    
                                                                                      
                                                                                        	
                                                                                                HUDSON

                                                                                              	
                                                                                                China

                                                                                              	
                                                                                                Registered

                                                                                              	
                                                                                                Hudson
      Highland Group, Inc.

                                                                                              	
                                                                                                4109489

                                                                                              	
                                                                                                6/8/2004

                                                                                              	
                                                                                                4109489

                                                                                              	
                                                                                                7/28/2007

                                                                                              	
                                                                                                Class
      35: Employment and recruitment services including human resources
      consulting and personnel location, selection, recruitment, placement,
      hiring and  administration; service relating to the collection
      of curriculum vitae, posting of curriculum vitae and resumes and the
      provision of information to prospective employers on the worldwide web;
      advertising and business services including advertising booking,
      production services, direct mail advertising, radio and television
      advertising; television commercials; management assistant services;
      appraisals in business, management and organization; business and market
      research; market study; providing employment and recruitment information;
      human resources consulting services; business management consulting
      services; providing personnel exchange services.

                                                                                              	
                                                                                                7/27/2017

                                                                                              
	 	 	 	 	 	 	 	 	 	 
	
                                                                                                HUDSON
      (Chinese Characters)

                                                                                              	
                                                                                                China

                                                                                              	
                                                                                                Registered

                                                                                              	
                                                                                                Hudson
      Highland Group, Inc.

                                                                                              	
                                                                                                4152928

                                                                                              	
                                                                                                7/5/2004

                                                                                              	
                                                                                                4152928

                                                                                              	
                                                                                                9/14/2007

                                                                                              	
                                                                                                Class
      35: EMPLOYMENT HIRING, RECRUITING, PLACEMENT AND STAFFING SERVICES; HUMAN
      RESOURCES CONSULTING; BUSINESS MANAGEMENT CONSULTING;  PROVIDING
      PERSONNEL EXCHANGE SERVICE; PROVIDING INFORMATION REGARDING
      PERSONNEL.

                                                                                              	
                                                                                                9/13/2017

                                                                                              
	 	 	 	 	 	 	 	 	 	 
	
                                                                                                HUDSON
      (Chinese Characters)

                                                                                              	
                                                                                                China

                                                                                              	
                                                                                                Registered

                                                                                              	
                                                                                                Hudson
      Highland Group, Inc.

                                                                                              	
                                                                                                4152927

                                                                                              	
                                                                                                7/5/2004

                                                                                              	
                                                                                                4152927

                                                                                              	
                                                                                                9/14/2007

                                                                                              	
                                                                                                Class
      41: EDUCATIONAL SERVICES, NAMELY, CONDUCTING TRAINING PROGRAMS, SEMINARS,
      LECTURES, CONFERENCES, AND WORKSHOPS IN THE FIELD OF DIVERSITY AND
      DISTRIBUTING COURSE MATERIALS IN CONNECTION THEREWITH

                                                                                              	
                                                                                                9/13/2017

                                                                                              

                                                                                      

                                                                                    

                                                                                  

                                                                                

                                                                              

                                                                              
                                                                                 

                                                                                
                                                                                  
                                                                                    
                                                                                    

                                                                                  

                                                                                  
                                                                                    Schedule
9.1.12 - 15

                                                                                    
                                                                                      

                                                                                    

                                                                                  

                                                                                  
                                                                                    
                                                                                    

                                                                                  

                                                                                

                                                                                 

                                                                                
                                                                                  
                                                                                    
                                                                                      
                                                                                        
                                                                                          
                                                                                            	
                                                                                                    Mark

                                                                                                  	
                                                                                                    Country

                                                                                                  	
                                                                                                    Status

                                                                                                  	
                                                                                                    Owner

                                                                                                  	
                                                                                                    App.
      No.

                                                                                                  	
                                                                                                    App.
      Date

                                                                                                  	
                                                                                                    Reg.
      No.

                                                                                                  	
                                                                                                    Reg.
      Date

                                                                                                  	
                                                                                                    Goods

                                                                                                  	
                                                                                                    Next
      Renewal Due

                                                                                                  

                                                                                          

                                                                                          
                                                                                            
                                                                                              
                                                                                                
                                                                                                  
                                                                                                    
                                                                                                      
                                                                                                        	
                                                                                                                HUDSON
      FROM GREAT PEOPLE TO GREAT PERFORMANCE

                                                                                                              	
                                                                                                                China

                                                                                                              	
                                                                                                                Pending

                                                                                                              	
                                                                                                                Hudson
      Highland Group, Inc.

                                                                                                              	
                                                                                                                7195037

                                                                                                              	
                                                                                                                2/11/2009

                                                                                                              	 
      	 
      	
                                                                                                                Class
      35: Employment hiring, recruiting, placement and staffing services; human
      resources consulting; business management consulting; providing personnel
      exchange service; providing information regarding
    personnel.

                                                                                                              	 
      
	 	 	 	 	 	 	 	 	 	 
	
                                                                                                                HUDSON
      FROM GREAT PEOPLE TO GREAT PERFORMANCE

                                                                                                              	
                                                                                                                China

                                                                                                              	
                                                                                                                Pending

                                                                                                              	
                                                                                                                Hudson
      Highland Group, Inc.

                                                                                                              	
                                                                                                                7195036

                                                                                                              	
                                                                                                                2/11/2009

                                                                                                              	 
      	 
      	
                                                                                                                Class
      41: Educational services, namely, conducting training programs, seminars,
      lectures, conferences, and workshops in the field of diversity and
      distributing course materials in connection therewith.

                                                                                                              	 
      
	 	 	 	 	 	 	 	 	 	 
	
                                                                                                                HUDSON
      GLOBAL RESOURCES

                                                                                                              	
                                                                                                                China

                                                                                                              	
                                                                                                                Registered

                                                                                                              	
                                                                                                                Hudson
      Highland Group, Inc.

                                                                                                              	
                                                                                                                3747108

                                                                                                              	
                                                                                                                10/9/2003

                                                                                                              	
                                                                                                                3747108

                                                                                                              	
                                                                                                                9/14/2005

                                                                                                              	
                                                                                                                Class
      35: EMPLOYMENT HIRING, RECRUITING, PLACEMENT AND STAFFING
      SERVICES

                                                                                                              	
                                                                                                                9/13/2015

                                                                                                              
	 	 	 	 	 	 	 	 	 	 
	
                                                                                                                TALENTMAX

                                                                                                              	
                                                                                                                China

                                                                                                              	
                                                                                                                Registered

                                                                                                              	
                                                                                                                Hudson
      Highland Group, Inc.

                                                                                                              	
                                                                                                                4134869

                                                                                                              	
                                                                                                                6/23/2004

                                                                                                              	
                                                                                                                4134869

                                                                                                              	
                                                                                                                10/7/2006

                                                                                                              	
                                                                                                                Class
      9: Computer software [recorded], computer software for managing employee
      performance, competency development, and career planning, peripheral
      devices (computer-), integrated circuit cards [smart cards], electric
      publications (downloadable), compact disc [visual and audio], modem,
      audiovisual teaching apparatus, glasses, optical data
    media.

                                                                                                              	
                                                                                                                10/7/2016

                                                                                                              
	 	 	 	 	 	 	 	 	 	 
	
                                                                                                                TONY
      KEITH A Hudson Company (Stylized)

                                                                                                              	
                                                                                                                China

                                                                                                              	
                                                                                                                Pending

                                                                                                              	
                                                                                                                Hudson
      Highland Group, Inc.

                                                                                                              	
                                                                                                                6129908

                                                                                                              	
                                                                                                                6/25/2007

                                                                                                              	 
      	 
      	
                                                                                                                Class
      35: RECRUITMENT OF PERSONNEL; PERSONNEL DISPATCH; EMPLOYMENT AGENCIES;
      HUMAN RESOURCES CONSULTING; BUSINESS MANAGEMENT CONSULTING; PROVIDING
      INFORMATION REGARDING PERSONNEL

                                                                                                              	 
      

                                                                                                      

                                                                                                    

                                                                                                  

                                                                                                

                                                                                              

                                                                                            

                                                                                          

                                                                                          
                                                                                             

                                                                                            
                                                                                              
                                                                                                
                                                                                                

                                                                                              

                                                                                              
                                                                                                Schedule
9.1.12 - 16

                                                                                                
                                                                                                  

                                                                                                

                                                                                              

                                                                                              
                                                                                                
                                                                                                

                                                                                              

                                                                                            

                                                                                             

                                                                                            
                                                                                              
                                                                                                
                                                                                                  
                                                                                                    
                                                                                                      
                                                                                                        	
                                                                                                                Mark

                                                                                                              	
                                                                                                                Country

                                                                                                              	
                                                                                                                Status

                                                                                                              	
                                                                                                                Owner

                                                                                                              	
                                                                                                                App.
      No.

                                                                                                              	
                                                                                                                App.
      Date

                                                                                                              	
                                                                                                                Reg.
      No.

                                                                                                              	
                                                                                                                Reg.
      Date

                                                                                                              	
                                                                                                                Goods

                                                                                                              	
                                                                                                                Next
      Renewal Due

                                                                                                              

                                                                                                      

                                                                                                      
                                                                                                        
                                                                                                          
                                                                                                            
                                                                                                              
                                                                                                                
                                                                                                                  	
                                                                                                                          FROM
      GREAT PEOPLE TO GREAT PERFORMANCE

                                                                                                                        	
                                                                                                                          European
      Union

                                                                                                                        	
                                                                                                                          Registered

                                                                                                                        	
                                                                                                                          Hudson
      Highland Group, Inc.

                                                                                                                        	
                                                                                                                          3883139

                                                                                                                        	
                                                                                                                          6/14/2004

                                                                                                                        	
                                                                                                                          3883139

                                                                                                                        	
                                                                                                                          8/19/2005

                                                                                                                        	
                                                                                                                          Class
      35: Employment hiring, recruiting, placement, and staffing services; human
      resources consulting; business management consulting; business
      networking.

                                                                                                                           

                                                                                                                          Class
      41: Educational services, conducting training programs, seminars,
      lectures, conferences, and workshops in the field of diversity and
      distributing course materials in connection therewith

                                                                                                                        	
                                                                                                                          6/14/2014

                                                                                                                        
	 	 	 	 	 	 	 	 	 	 
	
                                                                                                                          HUDSON

                                                                                                                        	
                                                                                                                          European
      Union

                                                                                                                        	
                                                                                                                          Registered

                                                                                                                        	
                                                                                                                          Hudson
      Highland Group, Inc.

                                                                                                                        	
                                                                                                                          3987518

                                                                                                                        	
                                                                                                                          8/17/2004

                                                                                                                        	
                                                                                                                          3987518

                                                                                                                        	
                                                                                                                          12/13/2005

                                                                                                                        	
                                                                                                                          Class
      35: Employment hiring, recruiting, placement, and staffing services; human
      resources consulting; business management consulting; business
      networking

                                                                                                                           

                                                                                                                          Class
      41: Educational services, namely, conducting training programs, seminars,
      lectures, conferences, and workshops in the field of diversity and
      distributing course materials in connection therewith

                                                                                                                        	
                                                                                                                          8/17/2014

                                                                                                                        
	 	 	 	 	 	 	 	 	 	 
	
                                                                                                                          HUDSON
      GLOBAL RESOURCES

                                                                                                                        	
                                                                                                                          European
      Union

                                                                                                                        	
                                                                                                                          Registered

                                                                                                                        	
                                                                                                                          Hudson
      Highland Group, Inc.

                                                                                                                        	
                                                                                                                          3143781

                                                                                                                        	
                                                                                                                          4/24/2003

                                                                                                                        	
                                                                                                                          3143781

                                                                                                                        	
                                                                                                                          5/18/2004

                                                                                                                        	
                                                                                                                          Class
      35: EMPLOYMENT HIRING, RECRUITING, PLACEMENT AND STAFFING
      SERVICES

                                                                                                                        	
                                                                                                                          4/24/2013

                                                                                                                        

                                                                                                                

                                                                                                              

                                                                                                            

                                                                                                          

                                                                                                        

                                                                                                      

                                                                                                      
                                                                                                         

                                                                                                        
                                                                                                          
                                                                                                            
                                                                                                            

                                                                                                          

                                                                                                          
                                                                                                            Schedule
9.1.12 - 17

                                                                                                            
                                                                                                              

                                                                                                            

                                                                                                          

                                                                                                          
                                                                                                            
                                                                                                            

                                                                                                          

                                                                                                        

                                                                                                         

                                                                                                        
                                                                                                          
                                                                                                            
                                                                                                              
                                                                                                                
                                                                                                                  
                                                                                                                    	
                                                                                                                            Mark

                                                                                                                          	
                                                                                                                            Country

                                                                                                                          	
                                                                                                                            Status

                                                                                                                          	
                                                                                                                            Owner

                                                                                                                          	
                                                                                                                            App.
      No.

                                                                                                                          	
                                                                                                                            App.
      Date

                                                                                                                          	
                                                                                                                            Reg.
      No.

                                                                                                                          	
                                                                                                                            Reg.
      Date

                                                                                                                          	
                                                                                                                            Goods

                                                                                                                          	
                                                                                                                            Next
      Renewal Due

                                                                                                                          

                                                                                                                  

                                                                                                                  
                                                                                                                    
                                                                                                                      
                                                                                                                        
                                                                                                                          
                                                                                                                            
                                                                                                                              	
                                                                                                                                      HUDSON
      HIGHLAND CENTER FOR HIGH PERFORMANCE

                                                                                                                                    	
                                                                                                                                      European
      Union

                                                                                                                                    	
                                                                                                                                      Registered

                                                                                                                                    	
                                                                                                                                      Hudson
      Highland Group, Inc.

                                                                                                                                    	
                                                                                                                                      3577434

                                                                                                                                    	
                                                                                                                                      12/10/2003

                                                                                                                                    	
                                                                                                                                      3577434

                                                                                                                                    	
                                                                                                                                      3/10/2005

                                                                                                                                    	
                                                                                                                                      Class
      9: CD-ROMs in the field of business management.

                                                                                                                                       

                                                                                                                                      Class
      16: Printed materials in the field of business management.

                                                                                                                                       

                                                                                                                                      Class
      35: Business management consulting services

                                                                                                                                       

                                                                                                                                      Class
      42: Providing on-line non-downloadable software featuring questionnaires
      and response analysis in the field of business management.

                                                                                                                                    	
                                                                                                                                      12/10/2013

                                                                                                                                    
	 	 	 	 	 	 	 	 	 	 
	
                                                                                                                                      HUDSON
      HIGHLAND PERFORMANCE

                                                                                                                                      PEAK

                                                                                                                                    	
                                                                                                                                      European
      Union

                                                                                                                                    	
                                                                                                                                      Registered

                                                                                                                                    	
                                                                                                                                      Hudson
      Highland Group, Inc.

                                                                                                                                    	
                                                                                                                                      3577574

                                                                                                                                    	
                                                                                                                                      12/10/2003

                                                                                                                                    	
                                                                                                                                      3577574

                                                                                                                                    	
                                                                                                                                      4/21/2005

                                                                                                                                    	
                                                                                                                                      Class
      16: Printed materials in the field of business management

                                                                                                                                       

                                                                                                                                      Class
      42: Providing on-line non-downloadable software featuring questionnaires
      and response analysis in the field of business management.

                                                                                                                                    	
                                                                                                                                      12/10/2013

                                                                                                                                    
	 	 	 	 	 	 	 	 	 	 
	
                                                                                                                                      HUDSON
      INCLUSION SOLUTIONS

                                                                                                                                    	
                                                                                                                                      European
      Union

                                                                                                                                    	
                                                                                                                                      Registered

                                                                                                                                    	
                                                                                                                                      Hudson
      Highland Group, Inc.

                                                                                                                                    	
                                                                                                                                      3672508

                                                                                                                                    	
                                                                                                                                      2/19/2004

                                                                                                                                    	
                                                                                                                                      3672508

                                                                                                                                    	
                                                                                                                                      6/1/2005

                                                                                                                                    	
                                                                                                                                      Class
      35: Employment hiring, recruiting, placement and staffing services; human
      resources consulting; business management consulting; business
      networking.

                                                                                                                                       

                                                                                                                                      Class
      41: Educational services, conducting training programs, seminars,
      lectures, conferences, and workshops in the field of diversity and
      distributing printed materials, audiotapes, video tapes, and recorded
      programs in connection therewith.

                                                                                                                                    	
                                                                                                                                      2/19/2014

                                                                                                                                    

                                                                                                                            

                                                                                                                          

                                                                                                                        

                                                                                                                      

                                                                                                                    

                                                                                                                  

                                                                                                                  
                                                                                                                     

                                                                                                                    
                                                                                                                      
                                                                                                                        
                                                                                                                        

                                                                                                                      

                                                                                                                      
                                                                                                                        Schedule
9.1.12 - 18

                                                                                                                        
                                                                                                                          

                                                                                                                        

                                                                                                                      

                                                                                                                      
                                                                                                                        
                                                                                                                        

                                                                                                                      

                                                                                                                    

                                                                                                                     

                                                                                                                    
                                                                                                                      
                                                                                                                        
                                                                                                                          
                                                                                                                            
                                                                                                                              
                                                                                                                                	
                                                                                                                                        Mark

                                                                                                                                      	
                                                                                                                                        Country

                                                                                                                                      	
                                                                                                                                        Status

                                                                                                                                      	
                                                                                                                                        Owner

                                                                                                                                      	
                                                                                                                                        App.
      No.

                                                                                                                                      	
                                                                                                                                        App.
      Date

                                                                                                                                      	
                                                                                                                                        Reg.
      No.

                                                                                                                                      	
                                                                                                                                        Reg.
      Date

                                                                                                                                      	
                                                                                                                                        Goods

                                                                                                                                      	
                                                                                                                                        Next
      Renewal Due

                                                                                                                                      

                                                                                                                              

                                                                                                                              
                                                                                                                                
                                                                                                                                  
                                                                                                                                    
                                                                                                                                      
                                                                                                                                        
                                                                                                                                          
                                                                                                                                            	
                                                                                                                                                    HUDSON
      TALENT MANAGEMENT

                                                                                                                                                  	
                                                                                                                                                    European
      Union

                                                                                                                                                  	
                                                                                                                                                    Pending

                                                                                                                                                  	
                                                                                                                                                    Hudson
      Highland Group, Inc.

                                                                                                                                                  	
                                                                                                                                                    8975161

                                                                                                                                                  	
                                                                                                                                                    3/23/2010

                                                                                                                                                  	 
      	 
      	
                                                                                                                                                    Class
      35: Human resources consulting services.

                                                                                                                                                  	 
      
	 	 	 	 	 	 	 	 	 	 
	
                                                                                                                                                    TALENTMAX

                                                                                                                                                  	
                                                                                                                                                    European
      Union

                                                                                                                                                  	
                                                                                                                                                    Registered

                                                                                                                                                  	
                                                                                                                                                    Hudson
      Highland Group, Inc.

                                                                                                                                                  	
                                                                                                                                                    3816592

                                                                                                                                                  	
                                                                                                                                                    5/4/2004

                                                                                                                                                  	
                                                                                                                                                    3816592

                                                                                                                                                  	
                                                                                                                                                    7/7/2005

                                                                                                                                                  	
                                                                                                                                                    Class
      09: Computer software; computer software for managing employee
      performance, competency development, and career planning.

                                                                                                                                                  	
                                                                                                                                                    5/4/2014

                                                                                                                                                  
	 	 	 	 	 	 	 	 	 	 
	
                                                                                                                                                    MORGAN
      & BANKS

                                                                                                                                                  	
                                                                                                                                                    France

                                                                                                                                                  	
                                                                                                                                                    Registered

                                                                                                                                                  	
                                                                                                                                                    Hudson
      Highland Group, Inc.

                                                                                                                                                  	
                                                                                                                                                    8/3618982

                                                                                                                                                  	
                                                                                                                                                    12/19/2008

                                                                                                                                                  	
                                                                                                                                                    8/3618982

                                                                                                                                                  	
                                                                                                                                                    5/29/2009

                                                                                                                                                  	
                                                                                                                                                    Class
      35: Business management services being executive selection and search,
      management consulting, management contracting, labor hire and trade
      persons contracting, human resources consulting, outplacement services,
      secretarial and clerical recruitment and contracting, advertising and
      personnel location, selection, recruitment, placement, hiring and
      administration.

                                                                                                                                                  	
                                                                                                                                                    12/19/2018

                                                                                                                                                  
	 	 	 	 	 	 	 	 	 	 
	
                                                                                                                                                    MORGAN
      & BANKS & Design

                                                                                                                                                  	
                                                                                                                                                    Germany

                                                                                                                                                  	
                                                                                                                                                    Registered

                                                                                                                                                  	
                                                                                                                                                    Hudson
      Global Resources (Aust) Pty Limited

                                                                                                                                                  	
                                                                                                                                                    S48215/35

                                                                                                                                                    Wz

                                                                                                                                                  	
                                                                                                                                                    4/3/1989

                                                                                                                                                  	
                                                                                                                                                    1161162

                                                                                                                                                  	
                                                                                                                                                    7/18/1990

                                                                                                                                                  	
                                                                                                                                                    Class
      35: ASSISTANCE FOR INDUSTRIAL OR COMMERCIAL ENTERPRISES; EMPLOYMENT
      AGENCIES; SERVICES RELATING TO THE ACTIVITY OF PERMANENT OR TEMPORARY
      WORK.

                                                                                                                                                  	
                                                                                                                                                    4/30/2019

                                                                                                                                                  
	 	 	 	 	 	 	 	 	 	 
	
                                                                                                                                                    FROM
      GREAT PEOPLE TO GREAT PERFORMANCE

                                                                                                                                                  	
                                                                                                                                                    Hong
      Kong

                                                                                                                                                  	
                                                                                                                                                    Not
      yet filed

                                                                                                                                                  	
                                                                                                                                                    Hudson
      Highland Group, Inc.

                                                                                                                                                  	 
      	 
      	 
      	 
      	
                                                                                                                                                    Class
      35: EMPLOYMENT HIRING, RECRUITING, PLACEMENT, AND STAFFING SERVICES; HUMAN
      RESOURCES CONSULTING; BUSINESS MANAGEMENT CONSULTING; BUSINESS
      NETWORKING.

                                                                                                                                                     

                                                                                                                                                    Class
      41: EDUCATIONAL SERVICES, NAMELY, CONDUCTING TRAINING PROGRAMS, SEMINARS,
      LECTURES, CONFERENCES, AND WORKSHOPS IN THE FIELD OF DIVERSITY AND
      DISTRIBUTING COURSE MATERIALS IN CONNECTION THEREWITH.

                                                                                                                                                  	 
      

                                                                                                                                          

                                                                                                                                        

                                                                                                                                      

                                                                                                                                    

                                                                                                                                  

                                                                                                                                

                                                                                                                              

                                                                                                                              
                                                                                                                                 

                                                                                                                                
                                                                                                                                  
                                                                                                                                    
                                                                                                                                    

                                                                                                                                  

                                                                                                                                  
                                                                                                                                    Schedule
9.1.12 - 19

                                                                                                                                    
                                                                                                                                      

                                                                                                                                    

                                                                                                                                  

                                                                                                                                  
                                                                                                                                    
                                                                                                                                    

                                                                                                                                  

                                                                                                                                

                                                                                                                                 

                                                                                                                                
                                                                                                                                  
                                                                                                                                    
                                                                                                                                      
                                                                                                                                        
                                                                                                                                          
                                                                                                                                            	
                                                                                                                                                    Mark

                                                                                                                                                  	
                                                                                                                                                    Country

                                                                                                                                                  	
                                                                                                                                                    Status

                                                                                                                                                  	
                                                                                                                                                    Owner

                                                                                                                                                  	
                                                                                                                                                    App.
      No.

                                                                                                                                                  	
                                                                                                                                                    App.
      Date

                                                                                                                                                  	
                                                                                                                                                    Reg.
      No.

                                                                                                                                                  	
                                                                                                                                                    Reg.
      Date

                                                                                                                                                  	
                                                                                                                                                    Goods

                                                                                                                                                  	
                                                                                                                                                    Next
      Renewal Due

                                                                                                                                                  

                                                                                                                                          

                                                                                                                                          
                                                                                                                                            
                                                                                                                                              
                                                                                                                                                	
                                                                                                                                                        HUDSON

                                                                                                                                                      	
                                                                                                                                                        Hong
      Kong

                                                                                                                                                      	
                                                                                                                                                        Registered

                                                                                                                                                      	
                                                                                                                                                        Hudson
      Highland Group, Inc.

                                                                                                                                                      	
                                                                                                                                                        300229022

                                                                                                                                                        AB

                                                                                                                                                      	
                                                                                                                                                        6/8/2004

                                                                                                                                                      	
                                                                                                                                                        300229022

                                                                                                                                                        AB

                                                                                                                                                      	
                                                                                                                                                        6/8/2004

                                                                                                                                                      	
                                                                                                                                                        Class
      35: Employment and recruitment services including human resources
      consulting and personnel location, selection, recruitment, placement,
      hiring and administration; services relating to the collection of
      curriculum vitae; services relating to the posting of curriculum vitae and
      resumes and the provision of information to prospective employers on the
      worldwide web; advertising and business services including advertising
      booking, production services, direct mail advertising; radio and
      television advertising; production of television commercials; business
      assistance in management; appraisals in business, management and
      organisation; business research; market research services; market studies
      services; compilation, presentation of statistical information;
      consultancy, advisory and information services related to the
      foregoing.

                                                                                                                                                         

                                                                                                                                                        Class
      41: Education and provision of training relating to employment and
      recruitment services including human resources consulting and personnel
      location, selection, recruitment, placement, hiring and administration;
      publication services relating to marketing and market research services;
      publication services relating to publication of printed matter in the
      fields of business management, business networking, human resources, and
      employment hiring, recruiting, staffing, and placement; consultancy,
      advisory and information services related to the
foregoing.

                                                                                                                                                      	
                                                                                                                                                        6/7/2014

                                                                                                                                                      

                                                                                                                                              

                                                                                                                                            

                                                                                                                                          

                                                                                                                                           

                                                                                                                                          
                                                                                                                                            
                                                                                                                                              
                                                                                                                                              

                                                                                                                                            

                                                                                                                                            
                                                                                                                                              Schedule
9.1.12 - 20

                                                                                                                                              
                                                                                                                                                

                                                                                                                                              

                                                                                                                                            

                                                                                                                                            
                                                                                                                                              
                                                                                                                                              

                                                                                                                                            

                                                                                                                                          

                                                                                                                                          
                                                                                                                                             

                                                                                                                                            
                                                                                                                                              
                                                                                                                                                
                                                                                                                                                  
                                                                                                                                                    
                                                                                                                                                      
                                                                                                                                                        	
                                                                                                                                                                Mark

                                                                                                                                                              	
                                                                                                                                                                Country

                                                                                                                                                              	
                                                                                                                                                                Status

                                                                                                                                                              	
                                                                                                                                                                Owner

                                                                                                                                                              	
                                                                                                                                                                App.
      No.

                                                                                                                                                              	
                                                                                                                                                                App.
      Date

                                                                                                                                                              	
                                                                                                                                                                Reg.
      No.

                                                                                                                                                              	
                                                                                                                                                                Reg.
      Date

                                                                                                                                                              	
                                                                                                                                                                Goods

                                                                                                                                                              	
                                                                                                                                                                Next
      Renewal Due

                                                                                                                                                              

                                                                                                                                                      

                                                                                                                                                      
                                                                                                                                                        
                                                                                                                                                          
                                                                                                                                                            	
                                                                                                                                                                    HUDSON

                                                                                                                                                                  	
                                                                                                                                                                    Hong
      Kong

                                                                                                                                                                  	
                                                                                                                                                                    Registered

                                                                                                                                                                  	
                                                                                                                                                                    Hudson
      Highland Group, Inc.

                                                                                                                                                                  	
                                                                                                                                                                    300229022

                                                                                                                                                                    AA

                                                                                                                                                                  	
                                                                                                                                                                    6/8/2004

                                                                                                                                                                  	
                                                                                                                                                                    300229022

                                                                                                                                                                    AA

                                                                                                                                                                  	
                                                                                                                                                                    6/8/2004

                                                                                                                                                                  	
                                                                                                                                                                    Class
      35: Employment hiring, recruiting, placement, and staffing services; human
      resources consulting; business management consulting; service to assist in
      establishing a network of business contacts and arranging and conducting
      such networking events.

                                                                                                                                                                     

                                                                                                                                                                    Class
      41: Educational services, namely, conducting training programs, seminars,
      lectures, conferences, and workshops in the field of diversity and
      distributing course materials in connection therewith.

                                                                                                                                                                  	
                                                                                                                                                                    6/7/2014

                                                                                                                                                                  

                                                                                                                                                          

                                                                                                                                                        

                                                                                                                                                      

                                                                                                                                                      
                                                                                                                                                         

                                                                                                                                                        
                                                                                                                                                          
                                                                                                                                                            
                                                                                                                                                            

                                                                                                                                                          

                                                                                                                                                          
                                                                                                                                                            Schedule
9.1.12 - 21

                                                                                                                                                            
                                                                                                                                                              

                                                                                                                                                            

                                                                                                                                                          

                                                                                                                                                          
                                                                                                                                                            
                                                                                                                                                            

                                                                                                                                                          

                                                                                                                                                        

                                                                                                                                                         

                                                                                                                                                        
                                                                                                                                                          
                                                                                                                                                            
                                                                                                                                                              
                                                                                                                                                                
                                                                                                                                                                  
                                                                                                                                                                    	
                                                                                                                                                                            Mark

                                                                                                                                                                          	
                                                                                                                                                                            Country

                                                                                                                                                                          	
                                                                                                                                                                            Status

                                                                                                                                                                          	
                                                                                                                                                                            Owner

                                                                                                                                                                          	
                                                                                                                                                                            App.
      No.

                                                                                                                                                                          	
                                                                                                                                                                            App.
      Date

                                                                                                                                                                          	
                                                                                                                                                                            Reg.
      No.

                                                                                                                                                                          	
                                                                                                                                                                            Reg.
      Date

                                                                                                                                                                          	
                                                                                                                                                                            Goods

                                                                                                                                                                          	
                                                                                                                                                                            Next
      Renewal Due

                                                                                                                                                                          

                                                                                                                                                                  

                                                                                                                                                                  
                                                                                                                                                                    
                                                                                                                                                                      
                                                                                                                                                                        	
                                                                                                                                                                                HUDSON
      FROM GREAT PEOPLE TO GREAT PERFORMANCE

                                                                                                                                                                              	
                                                                                                                                                                                Hong
      Kong

                                                                                                                                                                              	
                                                                                                                                                                                Registered

                                                                                                                                                                              	
                                                                                                                                                                                Hudson
      Highland Group, Inc.

                                                                                                                                                                              	
                                                                                                                                                                                300563625

                                                                                                                                                                              	
                                                                                                                                                                                1/12/2006

                                                                                                                                                                              	
                                                                                                                                                                                300563625

                                                                                                                                                                              	
                                                                                                                                                                                7/12/2006

                                                                                                                                                                              	
                                                                                                                                                                                Class
      35: EMPLOYMENT HIRING, RECRUITING, PLACEMENT, AND STAFFING SERVICES; HUMAN
      RESOURCES CONSULTING; BUSINESS MANAGEMENT CONSULTING; BUSINESS NETWORKING;
      EMPLOYMENT AND RECRUITMENT SERVICES INCLUDING HUMAN RESOURCES CONSULTING
      AND PERSONNEL LOCATION, SELECTION, RECRUITMENT, PLACEMENT, HIRING AND
      ADMINISTRATION; SERVICES RELATING TO THE COLLECTION OF CURRICULUM VITAE;
      SERVICES RELATING TO THE POSTING OF CURRICULUM VITAE AND RESUMES ON THE
      WORLDWIDE WEB IN RELATION TO EMPLOYMENT AND RECRUITMENT; SERVICES RELATING
      TO THE PROVISION OF INFORMATION TO PROSPECTIVE EMPLOYERS ON THE WORLDWIDE
      WEB IN RELATION TO EMPLOYMENT AND RECRUITMENT; ADVERTISING AND BUSINESS
      SERVICES INCLUDING ADVERTISING BOOKING, PRODUCTION SERVICES, DIRECT MAIL
      ADVERTISING; RADIO AND TELEVISION ADVERTISING; TELEVISION COMMERCIALS;
      MANAGEMENT ASSISTANT SERVICES; APPRAISALS IN BUSINESS, MANAGEMENT AND
      ORGANISATION; BUSINESS RESEARCH; MARKET RESEARCH SERVICES; MARKET STUDIES
      SERVICES; COMPILATION, PRESENTATION AND PUBLICATION OF STATISTICAL
      INFORMATION; CONSULTANCY, ADVISORY AND INFORMATION SERVICES RELATED TO THE
      FOREGOING.

                                                                                                                                                                                 

                                                                                                                                                                                Class
      41: EDUCATIONAL SERVICES, NAMELY, CONDUCTING TRAINING PROGRAMS, SEMINARS,
      LECTURES, CONFERENCES, AND WORKSHOPS IN THE FIELD OF DIVERSITY AND
      DISTRIBUTING COURSE MATERIALS IN CONNECTION THEREWITH; EDUCATION AND
      PROVISION OF TRAINING RELATING TO EMPLOYMENT AND RECRUITMENT SERVICES
      INCLUDING HUMAN RESOURCES CONSULTING AND PERSONNEL LOCATION, SELECTION,
      RECRUITMENT, PLACEMENT, HIRING AND ADMINISTRATION; PUBLICATION SERVICES
      RELATING TO ADVERTISING, MARKETING AND MARKET RESEARCH SERVICES;
      PUBLICATION SERVICES RELATING TO PUBLICATION OF PRINTED MATTER IN THE
      FIELDS OF BUSINESS MANAGEMENT, BUSINESS NETWORKING, HUMAN RESOURCES, AND
      EMPLOYMENT HIRING, RECRUITING, STAFFING, AND PLACEMENT; CONSULTANCY,
      ADVISORY AND INFORMATION SERVICES RELATED TO THE
FOREGOING.

                                                                                                                                                                              	
                                                                                                                                                                                1/11/2016

                                                                                                                                                                              

                                                                                                                                                                      

                                                                                                                                                                    

                                                                                                                                                                  

                                                                                                                                                                  
                                                                                                                                                                     

                                                                                                                                                                    
                                                                                                                                                                      
                                                                                                                                                                        
                                                                                                                                                                        

                                                                                                                                                                      

                                                                                                                                                                      
                                                                                                                                                                        Schedule
9.1.12 - 22

                                                                                                                                                                        
                                                                                                                                                                          

                                                                                                                                                                        

                                                                                                                                                                      

                                                                                                                                                                      
                                                                                                                                                                        
                                                                                                                                                                        

                                                                                                                                                                      

                                                                                                                                                                    

                                                                                                                                                                     

                                                                                                                                                                    
                                                                                                                                                                      
                                                                                                                                                                        
                                                                                                                                                                          
                                                                                                                                                                            
                                                                                                                                                                              
                                                                                                                                                                                	
                                                                                                                                                                                        Mark

                                                                                                                                                                                      	
                                                                                                                                                                                        Country

                                                                                                                                                                                      	
                                                                                                                                                                                        Status

                                                                                                                                                                                      	
                                                                                                                                                                                        Owner

                                                                                                                                                                                      	
                                                                                                                                                                                        App.
      No.

                                                                                                                                                                                      	
                                                                                                                                                                                        App.
      Date

                                                                                                                                                                                      	
                                                                                                                                                                                        Reg.
      No.

                                                                                                                                                                                      	
                                                                                                                                                                                        Reg.
      Date

                                                                                                                                                                                      	
                                                                                                                                                                                        Goods

                                                                                                                                                                                      	
                                                                                                                                                                                        Next
      Renewal Due

                                                                                                                                                                                      

                                                                                                                                                                              

                                                                                                                                                                              
                                                                                                                                                                                
                                                                                                                                                                                  
                                                                                                                                                                                    
                                                                                                                                                                                      	
                                                                                                                                                                                              HUDSON
      GLOBAL RESOURCES

                                                                                                                                                                                            	
                                                                                                                                                                                              Hong
      Kong

                                                                                                                                                                                            	
                                                                                                                                                                                              Registered

                                                                                                                                                                                            	
                                                                                                                                                                                              Hudson
      Highland Group, Inc.

                                                                                                                                                                                            	
                                                                                                                                                                                              300078363

                                                                                                                                                                                            	
                                                                                                                                                                                              9/15/2003

                                                                                                                                                                                            	
                                                                                                                                                                                              300078363

                                                                                                                                                                                            	
                                                                                                                                                                                              3/3/2004

                                                                                                                                                                                            	
                                                                                                                                                                                              Class
      35: EMPLOYMENT HIRING, RECRUITING, PLACEMENT AND STAFFING
      SERVICES.

                                                                                                                                                                                            	
                                                                                                                                                                                              9/14/2013

                                                                                                                                                                                            
	 	 	 	 	 	 	 	 	 	 
	
                                                                                                                                                                                              MORGAN
      & BANKS

                                                                                                                                                                                            	
                                                                                                                                                                                              Hong
      Kong

                                                                                                                                                                                            	
                                                                                                                                                                                              Registered

                                                                                                                                                                                            	
                                                                                                                                                                                              Morgan
      & Banks Limited

                                                                                                                                                                                            	
                                                                                                                                                                                              3673/99

                                                                                                                                                                                            	
                                                                                                                                                                                              3/26/1999

                                                                                                                                                                                            	
                                                                                                                                                                                              200105221

                                                                                                                                                                                              AA

                                                                                                                                                                                            	
                                                                                                                                                                                              3/26/1999

                                                                                                                                                                                            	
                                                                                                                                                                                              Class
      35: Business management services, executive selection and search services,
      business management consulting, management personnel contracting out
      services, recruitment services, human resources consulting, outplacement
      services, secretarial personnel and clerical personnel recruitment and
      contracting out services, advertising and personnel location services,
      selection, recruitment, placement, hiring and  administration of
      personnel; all included in Class 35.

                                                                                                                                                                                               

                                                                                                                                                                                              Class
      41: Education and training services for personal development and skills
      training, being assertiveness training, leadership skills, management
      skills, team building skills, public speaking; all included in Class
      41.

                                                                                                                                                                                            	
                                                                                                                                                                                              3/26/2016

                                                                                                                                                                                            

                                                                                                                                                                                    

                                                                                                                                                                                  

                                                                                                                                                                                

                                                                                                                                                                              

                                                                                                                                                                              
                                                                                                                                                                                 

                                                                                                                                                                                
                                                                                                                                                                                  
                                                                                                                                                                                    
                                                                                                                                                                                    

                                                                                                                                                                                  

                                                                                                                                                                                  
                                                                                                                                                                                    Schedule
9.1.12 - 23

                                                                                                                                                                                    
                                                                                                                                                                                      

                                                                                                                                                                                    

                                                                                                                                                                                  

                                                                                                                                                                                  
                                                                                                                                                                                    
                                                                                                                                                                                    

                                                                                                                                                                                  

                                                                                                                                                                                

                                                                                                                                                                                 

                                                                                                                                                                                
                                                                                                                                                                                  
                                                                                                                                                                                    
                                                                                                                                                                                      
                                                                                                                                                                                        
                                                                                                                                                                                          
                                                                                                                                                                                            	
                                                                                                                                                                                                    Mark

                                                                                                                                                                                                  	
                                                                                                                                                                                                    Country

                                                                                                                                                                                                  	
                                                                                                                                                                                                    Status

                                                                                                                                                                                                  	
                                                                                                                                                                                                    Owner

                                                                                                                                                                                                  	
                                                                                                                                                                                                    App.
      No.

                                                                                                                                                                                                  	
                                                                                                                                                                                                    App.
      Date

                                                                                                                                                                                                  	
                                                                                                                                                                                                    Reg.
      No.

                                                                                                                                                                                                  	
                                                                                                                                                                                                    Reg.
      Date

                                                                                                                                                                                                  	
                                                                                                                                                                                                    Goods

                                                                                                                                                                                                  	
                                                                                                                                                                                                    Next
      Renewal Due

                                                                                                                                                                                                  

                                                                                                                                                                                          

                                                                                                                                                                                          
                                                                                                                                                                                            
                                                                                                                                                                                              
                                                                                                                                                                                                	
                                                                                                                                                                                                        MORGAN
      & BANKS

                                                                                                                                                                                                      	
                                                                                                                                                                                                        Hong
      Kong

                                                                                                                                                                                                      	
                                                                                                                                                                                                        Registered

                                                                                                                                                                                                      	
                                                                                                                                                                                                        Morgan
      & Banks Limited

                                                                                                                                                                                                      	
                                                                                                                                                                                                        3672/99

                                                                                                                                                                                                      	
                                                                                                                                                                                                        3/26/1999

                                                                                                                                                                                                      	
                                                                                                                                                                                                        200003319

                                                                                                                                                                                                        AA

                                                                                                                                                                                                      	
                                                                                                                                                                                                        2/8/1999

                                                                                                                                                                                                      	
                                                                                                                                                                                                        Class
      16: Printed matter and publications, newsletters, instructional and
      teaching materials; all included in Class 16.

                                                                                                                                                                                                         

                                                                                                                                                                                                        Class
      35: Non-business professional consultancy services in the field of
      employment; all included in Class 35.

                                                                                                                                                                                                         

                                                                                                                                                                                                        Class
      38: Communication by computer terminals, computer aided transmission of
      messages and images; electronic mail services, communication and
      transmission of information between and among data carriers and readers by
      telephones, optical fibres, Internet and telecommunication means; all
      included in Class 38.

                                                                                                                                                                                                         

                                                                                                                                                                                                        Class
      41: Vocational guidance services; all included in Class 41.

                                                                                                                                                                                                         

                                                                                                                                                                                                        Class
      42: Quality control services; all included in Class 42.

                                                                                                                                                                                                         

                                                                                                                                                                                                        Class
      44: Psychological testing and assessment; all included in Class
      44.

                                                                                                                                                                                                         

                                                                                                                                                                                                        Class
      45: Career counselling; all included in Class 45.

                                                                                                                                                                                                      	
                                                                                                                                                                                                        2/8/2016

                                                                                                                                                                                                      

                                                                                                                                                                                              

                                                                                                                                                                                            

                                                                                                                                                                                          

                                                                                                                                                                                          
                                                                                                                                                                                             

                                                                                                                                                                                            
                                                                                                                                                                                              
                                                                                                                                                                                                
                                                                                                                                                                                                

                                                                                                                                                                                              

                                                                                                                                                                                              
                                                                                                                                                                                                Schedule
9.1.12 - 24

                                                                                                                                                                                                
                                                                                                                                                                                                  

                                                                                                                                                                                                

                                                                                                                                                                                              

                                                                                                                                                                                              
                                                                                                                                                                                                
                                                                                                                                                                                                

                                                                                                                                                                                              

                                                                                                                                                                                            

                                                                                                                                                                                             

                                                                                                                                                                                            
                                                                                                                                                                                              
                                                                                                                                                                                                
                                                                                                                                                                                                  
                                                                                                                                                                                                    
                                                                                                                                                                                                      
                                                                                                                                                                                                        	
                                                                                                                                                                                                                Mark

                                                                                                                                                                                                              	
                                                                                                                                                                                                                Country

                                                                                                                                                                                                              	
                                                                                                                                                                                                                Status

                                                                                                                                                                                                              	
                                                                                                                                                                                                                Owner

                                                                                                                                                                                                              	
                                                                                                                                                                                                                App.
      No.

                                                                                                                                                                                                              	
                                                                                                                                                                                                                App.
      Date

                                                                                                                                                                                                              	
                                                                                                                                                                                                                Reg.
      No.

                                                                                                                                                                                                              	
                                                                                                                                                                                                                Reg.
      Date

                                                                                                                                                                                                              	
                                                                                                                                                                                                                Goods

                                                                                                                                                                                                              	
                                                                                                                                                                                                                Next
      Renewal Due

                                                                                                                                                                                                              

                                                                                                                                                                                                      

                                                                                                                                                                                                      
                                                                                                                                                                                                        
                                                                                                                                                                                                          
                                                                                                                                                                                                            
                                                                                                                                                                                                              
                                                                                                                                                                                                                
                                                                                                                                                                                                                  
                                                                                                                                                                                                                    	
                                                                                                                                                                                                                            TALENTMAX

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            Hong
      Kong

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            Registered

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            Hudson
      Highland Group, Inc.

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            300232541

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            6/14/2004

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            300232541

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            6/28/2005

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            Class
      9: COMPUTERS; COMPUTER HARDWARE AND SOFTWARE; COMPUTER SOFTWARE FOR
      MANAGING EMPLOYEE PERFORMANCE, COMPETENCY DEVELOPMENT, AND CAREER
      PLANNING; COMPUTER PROGRAMS; COMPUTER PERIPHERAL DEVICES; COMPACT DISCS
      (READ-ONLY MEMORY); MODEMS; DATA PROCESSING APPARATUS.

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            6/13/2014

                                                                                                                                                                                                                          
	 	 	 	 	 	 	 	 	 	 
	
                                                                                                                                                                                                                            THE
      HUDSON REPORT EMPLOYMENT & HR TRENDS (STYLIZED)

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            Hong
      Kong

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            Registered

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            Hudson
      Highland Group, Inc.

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            300078994

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            9/16/2003

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            300078994

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            4/6/2004

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            Class
      16: PRINTED MATTER AND PUBLICATIONS, INCLUDING NEWSLETTERS, INSTRUCTIONAL
      AND TEACHING MATERIALS.

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            9/15/2013

                                                                                                                                                                                                                          
	 	 	 	 	 	 	 	 	 	 
	
                                                                                                                                                                                                                            HUDSON
      GLOBAL RESOURCES

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            Indonesia

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            Registered

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            Hudson
      Highland Group, Inc.

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            J00200331

                                                                                                                                                                                                                            923-32226

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            12/11/2003

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            IDM0000

                                                                                                                                                                                                                            43082

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            7/28/2005

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            Class
      35: EMPLOYMENT HIRING, RECRUITING, PLACEMENT AND STAFFING
      SERVICES.

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            12/11/2013

                                                                                                                                                                                                                          
	 	 	 	 	 	 	 	 	 	 
	
                                                                                                                                                                                                                            MORGAN
      & BANKS & Design

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            Italy

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            Registered

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            Hudson
      Global Resources (Aust) Pty Limited

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            MI1989C01

                                                                                                                                                                                                                            9171

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            3/23/1989

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            871967

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            11/28/1991

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            Class
      35: ASSISTANCE FOR INDUSTRIAL OR COMMERCIAL ENTERPRISES; EMPLOYMENT
      AGENCIES; SERVICES RELATING TO THE ACTIVITY OF PERMANENT OR TEMPORARY
      WORK.

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            3/23/2019

                                                                                                                                                                                                                          
	 	 	 	 	 	 	 	 	 	 
	
                                                                                                                                                                                                                            FROM
      GREAT PEOPLE TO GREAT PERFORMANCE

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            Japan

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            Registered

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            Hudson
      Highland Group, Inc.

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            839398

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            9/1/2004

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            839398

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            9/1/2004

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            Class
      35: Employment agencies; employment counseling and recruitment services;
      personnel recruitment; human resources consulting; business management
      consulting; business networking, namely creating employment opportunities
      through a network of business contacts.

                                                                                                                                                                                                                             

                                                                                                                                                                                                                            Class
      41: Educational services, namely, conducting training programs, seminars,
      lectures, conferences, and workshops in the field of
      diversity.

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            9/1/2014

                                                                                                                                                                                                                          

                                                                                                                                                                                                                  

                                                                                                                                                                                                                

                                                                                                                                                                                                              

                                                                                                                                                                                                            

                                                                                                                                                                                                          

                                                                                                                                                                                                        

                                                                                                                                                                                                      

                                                                                                                                                                                                      
                                                                                                                                                                                                         

                                                                                                                                                                                                        
                                                                                                                                                                                                          
                                                                                                                                                                                                            
                                                                                                                                                                                                            

                                                                                                                                                                                                          

                                                                                                                                                                                                          
                                                                                                                                                                                                            Schedule
9.1.12 - 25

                                                                                                                                                                                                            
                                                                                                                                                                                                              

                                                                                                                                                                                                            

                                                                                                                                                                                                          

                                                                                                                                                                                                          
                                                                                                                                                                                                            
                                                                                                                                                                                                            

                                                                                                                                                                                                          

                                                                                                                                                                                                        

                                                                                                                                                                                                         

                                                                                                                                                                                                        
                                                                                                                                                                                                          
                                                                                                                                                                                                            
                                                                                                                                                                                                              
                                                                                                                                                                                                                
                                                                                                                                                                                                                  
                                                                                                                                                                                                                    	
                                                                                                                                                                                                                            Mark

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            Country

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            Status

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            Owner

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            App.
      No.

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            App.
      Date

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            Reg.
      No.

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            Reg.
      Date

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            Goods

                                                                                                                                                                                                                          	
                                                                                                                                                                                                                            Next
      Renewal Due

                                                                                                                                                                                                                          

                                                                                                                                                                                                                  

                                                                                                                                                                                                                  
                                                                                                                                                                                                                    
                                                                                                                                                                                                                      
                                                                                                                                                                                                                        	
                                                                                                                                                                                                                                HUDSON

                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                Japan

                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                Registered

                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                Hudson
      Highland Group, Inc.

                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                2006-37093

                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                4/21/2006

                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                5001051

                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                11/2/2006

                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                Class
      35: PERSONAL RECRUITMENT; EMPLOYMENT PLACEMENT, EMPLOYMENT HIRING;
      PROVIDING EMPLOYMENT INFORMATION; PREPARATION OF FINAL STATEMENTS
      CONDUCTED BY TEMPORARY STAFF; BOOKKEEPING CONDUCTED BY TEMPORARY STAFF;
      SHORTHAND SERVICES AND TRANSCRIPTION CONDUCTED BY TEMPORARY STAFF;
      DOCUMENT REPRODUCTION CONDUCTED BY TEMPORARY STAFF; GENERAL OFFICE WORK
      CONDUCTED BY TEMPORARY STAFF; OPERATION OF COMPUTERS, TYPEWRITERS, TELEX
      MACHINES AND OTHER SIMILAR OFFICE MACHINES CONDUCTED BY TEMPORARY STAFF;
      RECEPTION FOR VISITORS IN BUILDINGS CONDUCTED BY TEMPORARY STAFF;
      SECRETARIAL SERVICES CONDUCTED BY TEMPORARY STAFF

                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                11/2/2016

                                                                                                                                                                                                                              

                                                                                                                                                                                                                      

                                                                                                                                                                                                                    

                                                                                                                                                                                                                  

                                                                                                                                                                                                                  
                                                                                                                                                                                                                     

                                                                                                                                                                                                                    
                                                                                                                                                                                                                      
                                                                                                                                                                                                                        
                                                                                                                                                                                                                        

                                                                                                                                                                                                                      

                                                                                                                                                                                                                      
                                                                                                                                                                                                                        Schedule
9.1.12 - 26

                                                                                                                                                                                                                        
                                                                                                                                                                                                                          

                                                                                                                                                                                                                        

                                                                                                                                                                                                                      

                                                                                                                                                                                                                      
                                                                                                                                                                                                                        
                                                                                                                                                                                                                        

                                                                                                                                                                                                                      

                                                                                                                                                                                                                    

                                                                                                                                                                                                                     

                                                                                                                                                                                                                    
                                                                                                                                                                                                                      
                                                                                                                                                                                                                        
                                                                                                                                                                                                                          
                                                                                                                                                                                                                            
                                                                                                                                                                                                                              
                                                                                                                                                                                                                                	
                                                                                                                                                                                                                                        Mark

                                                                                                                                                                                                                                      	
                                                                                                                                                                                                                                        Country

                                                                                                                                                                                                                                      	
                                                                                                                                                                                                                                        Status

                                                                                                                                                                                                                                      	
                                                                                                                                                                                                                                        Owner

                                                                                                                                                                                                                                      	
                                                                                                                                                                                                                                        App.
      No.

                                                                                                                                                                                                                                      	
                                                                                                                                                                                                                                        App.
      Date

                                                                                                                                                                                                                                      	
                                                                                                                                                                                                                                        Reg.
      No.

                                                                                                                                                                                                                                      	
                                                                                                                                                                                                                                        Reg.
      Date

                                                                                                                                                                                                                                      	
                                                                                                                                                                                                                                        Goods

                                                                                                                                                                                                                                      	
                                                                                                                                                                                                                                        Next
      Renewal Due

                                                                                                                                                                                                                                      

                                                                                                                                                                                                                              

                                                                                                                                                                                                                              
                                                                                                                                                                                                                                
                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                        	
                                                                                                                                                                                                                                                HUDSON
      GLOBAL RESOURCES

                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                Japan

                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                Registered

                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                Hudson
      Highland Group, Inc.

                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                2003-080147

                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                9/16/2003

                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                5000896

                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                11/2/2006

                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                Class
      35: EMPLOYMENT HIRING; EMPLOYMENT PLACEMENT; PERSONNEL RECRUITMENT;
      PROVIDING EMPLOYMENT INFORMATION; PREPARATION OF FINANCIAL STATEMENTS
      CONDUCTED BY TEMPORARY STAFF; BOOKKEEPING CONDUCTED BY TEMPORARY STAFF;
      SHORTHAND SERVICES AND  TRANSCRIPTION CONDUCTED BY TEMPORARY
      STAFF;  DOCUMENT REPRODUCTION CONDUCTED BY TEMPORARY STAFF;
      GENERAL OFFICE WORK CONDUCTED BY TEMPORARY STAFF; OPERATION OF COMPUTERS,
      TYPEWRITERS, TELEX MACHINES AND OTHER SIMILAR OFFICE MACHINES CONDUCTED BY
      TEMPORARY STAFF; RECEPTION FOR VISITORS IN BUILDINGS CONDUCTED BY
      TEMPORARY STAFF; SECRETARIAL SERVICES CONDUCTED BY TEMPORARY
      STAFF.

                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                11/2/2016

                                                                                                                                                                                                                                              
	 	 	 	 	 	 	 	 	 	 
	
                                                                                                                                                                                                                                                TALENTMAX

                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                Japan

                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                Registered

                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                Hudson
      Highland Group, Inc.

                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                2004-054702

                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                6/14/2004

                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                4835498

                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                1/28/2005

                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                Class
      09: COMPUTER SOFTWARE, AND OTHER ELECTRONIC MACHINES/INSTRUMENTS &
      THEIR PARTS/FITTINGS.

                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                1/28/2015

                                                                                                                                                                                                                                              
	 	 	 	 	 	 	 	 	 	 
	
                                                                                                                                                                                                                                                FROM
      GREAT PEOPLE TO GREAT PERFORMANCE

                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                Korea
      (South)

                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                Registered

                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                Hudson
      Highland Group, Inc.

                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                839398

                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                9/1/2004

                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                839398

                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                9/1/2004

                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                Class
      35: Employment hiring, recruiting, placement, and staffing services; human
      resources consulting; business management consulting; business
      networking.

                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                Class
      41: Educational services, namely, conducting training programs, seminars,
      lectures, conferences, and workshops in the field of diversity and
      distributing course materials in connection therewith.

                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                9/1/2014

                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                

                                                                                                                                                                                                                              

                                                                                                                                                                                                                              
                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                
                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                    Schedule
9.1.12 - 27

                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                

                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                
                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                            	
                                                                                                                                                                                                                                                    Mark

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                    Country

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                    Status

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                    Owner

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                    App.
      No.

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                    App.
      Date

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                    Reg.
      No.

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                    Reg.
      Date

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                    Goods

                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                    Next
      Renewal Due

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                        	
                                                                                                                                                                                                                                                                HUDSON

                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                Korea
      (South)

                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                Registered

                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                Hudson
      Highland Group, Inc.

                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                13633/2004

                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                6/19/2004

                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                118034

                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                6/28/2005

                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                Class
      35: EMPLOYMENT HIRING, RECRUITING, PLACEMENT AND STAFFING SERVICES; HUMAN
      RESOURCES CONSULTING; BUSINESS MANAGEMENT CONSULTING; BUSINESS
      NETWORKING.

                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                Class
      41: EDUCATIONAL SERVICES, NAMELY, CONDUCTING TRAINING PROGRAMS, SEMINARS,
      LECTURES, CONFERENCES, AND WORKSHOPS IN THE FIELD OF DIVERSITY AND
      DISTRIBUTING COURSE MATERIALS IN CONNECTION THEREWITH.

                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                6/28/2015

                                                                                                                                                                                                                                                              
	 	 	 	 	 	 	 	 	 	 
	
                                                                                                                                                                                                                                                                HUDSON
      GLOBAL RESOURCES

                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                Korea
      (South)

                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                Registered

                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                Hudson
      Highland Group, Inc.

                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                27472/2003

                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                12/12/2003

                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                111799

                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                1/27/2005

                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                Class
      35: EMPLOYMENT HIRING, RECRUITING, PLACEMENT AND STAFFING
      SERVICES.

                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                1/27/2015

                                                                                                                                                                                                                                                              
	 	 	 	 	 	 	 	 	 	 
	
                                                                                                                                                                                                                                                                HUDSON

                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                Kuwait

                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                Registered

                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                Hudson
      Highland Group, Inc.

                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                71435

                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                7/11/2005

                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                59217

                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                7/11/2005

                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                Class
      35: EMPLOYMENT HIRING, RECRUITING, PLACEMENT, AND STAFFING SERVICES; HUMAN
      RESOURCES CONSULTING; BUSINESS MANAGEMENT CONSULTING; BUSINESS
      NETWORKING.

                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                7/10/2015

                                                                                                                                                                                                                                                              
	 	 	 	 	 	 	 	 	 	 
	
                                                                                                                                                                                                                                                                HUDSON

                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                Mexico

                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                Pending

                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                Hudson
      Highland Group, Inc.

                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                1041879

                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                10/20/2009

                                                                                                                                                                                                                                                              	 
      	 
      	
                                                                                                                                                                                                                                                                Class
      35:  Employment hiring, recruiting, placement, and staffing
      services; human resources consulting; commercial management
      consulting.

                                                                                                                                                                                                                                                              	 
      
	 	 	 	 	 	 	 	 	 	 
	
                                                                                                                                                                                                                                                                HUDSON
      LEGAL

                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                Mexico

                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                Pending

                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                Hudson
      Highland Group, Inc.

                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                1041878

                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                10/20/2009

                                                                                                                                                                                                                                                              	 
      	 
      	
                                                                                                                                                                                                                                                                Class
      35:  Employment hiring, recruiting, placement, and staffing
      services; human resources consulting; commercial  management
      consulting.

                                                                                                                                                                                                                                                              	 
      

                                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                            

                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                             

                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                Schedule
9.1.12 - 28

                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                            

                                                                                                                                                                                                                                             

                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                        	
                                                                                                                                                                                                                                                                Mark

                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                Country

                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                Status

                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                Owner

                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                App.
      No.

                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                App.
      Date

                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                Reg.
      No.

                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                Reg.
      Date

                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                Goods

                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                Next
      Renewal Due

                                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                            	
                                                                                                                                                                                                                                                                    FROM
      GREAT PEOPLE TO GREAT PERFORMANCE

                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                    New
      Zealand

                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                    Registered

                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                    Hudson
      Highland Group, Inc.

                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                    744903

                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                    3/21/2006

                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                    744903

                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                    2/12/2009

                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                    Class
      35: Employment hiring, recruiting, placement, and staffing services; human
      resources consulting; business management consulting; business
      networking.

                                                                                                                                                                                                                                                                     

                                                                                                                                                                                                                                                                    Class
      41: Educational services, namely, conducting training programs, seminars,
      lectures, conferences, and workshops in the field of diversity and
      distributing course materials in connection therewith.

                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                    3/21/2016

                                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                            

                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                            Schedule
9.1.12 - 29

                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                                            

                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                            

                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                    	
                                                                                                                                                                                                                                                                            Mark

                                                                                                                                                                                                                                                                          	
                                                                                                                                                                                                                                                                            Country

                                                                                                                                                                                                                                                                          	
                                                                                                                                                                                                                                                                            Status

                                                                                                                                                                                                                                                                          	
                                                                                                                                                                                                                                                                            Owner

                                                                                                                                                                                                                                                                          	
                                                                                                                                                                                                                                                                            App.
      No.

                                                                                                                                                                                                                                                                          	
                                                                                                                                                                                                                                                                            App.
      Date

                                                                                                                                                                                                                                                                          	
                                                                                                                                                                                                                                                                            Reg.
      No.

                                                                                                                                                                                                                                                                          	
                                                                                                                                                                                                                                                                            Reg.
      Date

                                                                                                                                                                                                                                                                          	
                                                                                                                                                                                                                                                                            Goods

                                                                                                                                                                                                                                                                          	
                                                                                                                                                                                                                                                                            Next
      Renewal Due

                                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                          	
                                                                                                                                                                                                                                                                                  HUDSON

                                                                                                                                                                                                                                                                                	
                                                                                                                                                                                                                                                                                  New
      Zealand

                                                                                                                                                                                                                                                                                	
                                                                                                                                                                                                                                                                                  Registered

                                                                                                                                                                                                                                                                                	
                                                                                                                                                                                                                                                                                  Hudson
      Highland Group, Inc.

                                                                                                                                                                                                                                                                                	
                                                                                                                                                                                                                                                                                  705575

                                                                                                                                                                                                                                                                                	
                                                                                                                                                                                                                                                                                  12/8/2003

                                                                                                                                                                                                                                                                                	
                                                                                                                                                                                                                                                                                  705575

                                                                                                                                                                                                                                                                                	
                                                                                                                                                                                                                                                                                  12/8/2003

                                                                                                                                                                                                                                                                                	
                                                                                                                                                                                                                                                                                  Class
      35: Employment and recruitment services including human resources
      consulting and personnel location, selection, recruitment, placement,
      hiring and administration; curriculum vitae collection; posting of
      curriculum vitae and resumes and the provision of information to
      prospective employers on the worldwide web; advertising and business
      services including advertising booking, production services, direct mail
      advertising; radio and television advertising; television commercials;
      management assistant services; appraisals in business, management and
      organisation; business research; market research, market studies;
      publication services in this class; compilation, presentation and
      publication of statistical information; business management consulting
      services; business networking services; consultancy, advisory and
      information services related to the foregoing.

                                                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                                                  Class
      41: Education and provision of training relating to employment and
      recruitment services including human resources consulting and personnel
      location, selection, recruitment, placement, hiring and administration;
      consultancy, advisory and information services related to the
      foregoing.

                                                                                                                                                                                                                                                                                	
                                                                                                                                                                                                                                                                                  12/8/2013

                                                                                                                                                                                                                                                                                
	 	 	 	 	 	 	 	 	 	 
	
                                                                                                                                                                                                                                                                                  HUDSON
      20:20 SERIES

                                                                                                                                                                                                                                                                                	
                                                                                                                                                                                                                                                                                  New
      Zealand

                                                                                                                                                                                                                                                                                	
                                                                                                                                                                                                                                                                                  Registered

                                                                                                                                                                                                                                                                                	
                                                                                                                                                                                                                                                                                  Hudson
      Highland Group, Inc.

                                                                                                                                                                                                                                                                                	
                                                                                                                                                                                                                                                                                  814253

                                                                                                                                                                                                                                                                                	
                                                                                                                                                                                                                                                                                  10/15/2009

                                                                                                                                                                                                                                                                                	
                                                                                                                                                                                                                                                                                  814253

                                                                                                                                                                                                                                                                                	
                                                                                                                                                                                                                                                                                  4/15/2010

                                                                                                                                                                                                                                                                                	
                                                                                                                                                                                                                                                                                  Class
      16: Periodic reports and articles on employee management
      issues.

                                                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                                                  Class
      35: Periodic reports on employee management issues delivered via the
      internet.

                                                                                                                                                                                                                                                                                	
                                                                                                                                                                                                                                                                                  10/15/2019

                                                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                     

                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                        Schedule
9.1.12 - 30

                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                                                     

                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                	
                                                                                                                                                                                                                                                                                        Mark

                                                                                                                                                                                                                                                                                      	
                                                                                                                                                                                                                                                                                        Country

                                                                                                                                                                                                                                                                                      	
                                                                                                                                                                                                                                                                                        Status

                                                                                                                                                                                                                                                                                      	
                                                                                                                                                                                                                                                                                        Owner

                                                                                                                                                                                                                                                                                      	
                                                                                                                                                                                                                                                                                        App.
      No.

                                                                                                                                                                                                                                                                                      	
                                                                                                                                                                                                                                                                                        App.
      Date

                                                                                                                                                                                                                                                                                      	
                                                                                                                                                                                                                                                                                        Reg.
      No.

                                                                                                                                                                                                                                                                                      	
                                                                                                                                                                                                                                                                                        Reg.
      Date

                                                                                                                                                                                                                                                                                      	
                                                                                                                                                                                                                                                                                        Goods

                                                                                                                                                                                                                                                                                      	
                                                                                                                                                                                                                                                                                        Next
      Renewal Due

                                                                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                            	
                                                                                                                                                                                                                                                                                                    HUDSON
      GLOBAL RESOURCES

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    New
      Zealand

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    Registered

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    Hudson
      Highland Group, Inc.

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    701491

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    9/15/2003

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    701491

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    9/15/2003

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    Class
      35: Employment hiring, recruiting, placement and staffing
      services.

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    4/23/2013

                                                                                                                                                                                                                                                                                                  
	 	 	 	 	 	 	 	 	 	 
	
                                                                                                                                                                                                                                                                                                    MBT
      Logo Series

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    New
      Zealand

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    Registered

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    MORGAN
      & BANKS NEW ZEALAND LTD

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    600028

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    9/30/1999

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    600028

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    9/30/1999

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    Class
      35: Advertising, business, promotional and information services included
      in this class; business planning services; business appraisals; business
      management and organisation consultancy services, including business
      personnel and human resource consultancy; personnel recruitment and
      employment agency services; business research, investigations and
      enquiries; preparation and dissemination of advertising and publicity
      leaflets and materials; direct mail advertising; radio and television
      advertising; television commercials; market research and market
      studies.

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    9/30/2016

                                                                                                                                                                                                                                                                                                  
	 	 	 	 	 	 	 	 	 	 
	
                                                                                                                                                                                                                                                                                                    TALENTMAX

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    New
      Zealand

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    Registered

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    Hudson
      Highland Group, Inc.

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    711811

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    5/3/2004

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    711811

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    5/3/2004

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    Class
      09: Computer software for managing employee performance, competency
      development, and career planning; computer hardware.

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    5/3/2014

                                                                                                                                                                                                                                                                                                  
	 	 	 	 	 	 	 	 	 	 
	
                                                                                                                                                                                                                                                                                                    THE
      HUDSON REPORT EMPLOYMENT & HR TRENDS

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    New
      Zealand

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    Registered

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    Hudson
      Highland Group, Inc.

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    684216

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    8/5/2003

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    684216

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    8/5/2003

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    Class
      16: Printed matter and publications, including newsletters, instructional
      and teaching materials.

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    8/1/2020

                                                                                                                                                                                                                                                                                                  
	 	 	 	 	 	 	 	 	 	 
	
                                                                                                                                                                                                                                                                                                    FROM
      GREAT PEOPLE TO GREAT PERFORMANCE

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    Norway

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    Registered

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    Hudson
      Highland Group, Inc.

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    839398

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    9/1/2004

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    839398

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    9/1/2004

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    Class
      35: Employment hiring, recruiting, placement, and staffing services; human
      resources consulting; business management consulting; business
      networking.

                                                                                                                                                                                                                                                                                                     

                                                                                                                                                                                                                                                                                                    Class
      41: Educational services, namely, conducting training programs, seminars,
      lectures, conferences, and workshops in the field of
      diversity.

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    9/1/2014

                                                                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                    Schedule
9.1.12 - 31

                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                            	
                                                                                                                                                                                                                                                                                                    Mark

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    Country

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    Status

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    Owner

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    App.
      No.

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    App.
      Date

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    Reg.
      No.

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    Reg.
      Date

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    Goods

                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                    Next
      Renewal Due

                                                                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                        	
                                                                                                                                                                                                                                                                                                                HUDSON

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                Norway

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                Registered

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                Hudson
      Highland Group, Inc.

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                200406428

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                6/18/2004

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                229276

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                11/14/2005

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                Class
      35: Employment hiring, recruiting, placing and staffing services; human
      resources consulting; business management consulting; networking services,
      namely the organization and carrying out of various events with the
      purpose of establishing relations between professionals and/or employers
      and job seekers.

                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                Class
      41: Educational services, namely, conducting training programs, seminars,
      lectures, conferences, and workshops in the field of diversity and
      distributing course materials in connection therewith.

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                11/14/2015

                                                                                                                                                                                                                                                                                                              
	 	 	 	 	 	 	 	 	 	 
	
                                                                                                                                                                                                                                                                                                                HUDSON
      GLOBAL RESOURCES

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                Norway

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                Registered

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                Hudson
      Highland Group, Inc.

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                200408887

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                9/1/2004

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                228931

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                10/26/2005

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                Class
      35: Employment hiring, recruiting, placement and staffing
      services.

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                10/26/2015

                                                                                                                                                                                                                                                                                                              
	 	 	 	 	 	 	 	 	 	 
	
                                                                                                                                                                                                                                                                                                                TALENTMAX

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                Norway

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                Registered

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                Hudson
      Highland Group, Inc.

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                200406474

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                6/22/2004

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                227360

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                7/1/2005

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                Class
      9: Computer software for managing employee performance, competency
      development, and career planning.

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                7/1/2015

                                                                                                                                                                                                                                                                                                              
	 	 	 	 	 	 	 	 	 	 
	
                                                                                                                                                                                                                                                                                                                HUDSON

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                Oman

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                Registered

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                Hudson
      Highland Group, Inc.

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                36682

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                6/8/2005

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                36682

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                6/21/2006

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                Class
      35: EMPLOYMENT HIRING, RECRUITING, PLACEMENT, AND STAFFING SERVICES; HUMAN
      RESOURCES CONSULTING; BUSINESS MANAGEMENT CONSULTING; BUSINESS
      NETWORKING.

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                6/8/2015

                                                                                                                                                                                                                                                                                                              
	 	 	 	 	 	 	 	 	 	 
	
                                                                                                                                                                                                                                                                                                                HUDSON

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                Qatar

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                Registered

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                Hudson
      Highland Group, Inc.

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                35986

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                6/14/2005

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                35986

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                6/19/2008

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                Class
      35: Employment hiring, recruiting, placement, and staffing services; human
      resources consulting; business management consulting; business
      networking.

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                6/14/2015

                                                                                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                                                                            

                                                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                             

                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                Schedule
9.1.12 - 32

                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                                                                            

                                                                                                                                                                                                                                                                                             

                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                        	
                                                                                                                                                                                                                                                                                                                Mark

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                Country

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                Status

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                Owner

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                App.
      No.

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                App.
      Date

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                Reg.
      No.

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                Reg.
      Date

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                Goods

                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                Next
      Renewal Due

                                                                                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                                          HUDSON

                                                                                                                                                                                                                                                                                                                        	
                                                                                                                                                                                                                                                                                                                          Romania

                                                                                                                                                                                                                                                                                                                        	
                                                                                                                                                                                                                                                                                                                          Registered

                                                                                                                                                                                                                                                                                                                        	
                                                                                                                                                                                                                                                                                                                          Hudson
      Highland Group, Inc.

                                                                                                                                                                                                                                                                                                                        	
                                                                                                                                                                                                                                                                                                                          M200407433

                                                                                                                                                                                                                                                                                                                        	
                                                                                                                                                                                                                                                                                                                          9/1/2004

                                                                                                                                                                                                                                                                                                                        	
                                                                                                                                                                                                                                                                                                                          63951

                                                                                                                                                                                                                                                                                                                        	
                                                                                                                                                                                                                                                                                                                          9/1/2004

                                                                                                                                                                                                                                                                                                                        	
                                                                                                                                                                                                                                                                                                                          Class
      35: EMPLOYMENT HIRING, RECRUITING, PLACEMENT AND STAFFING SERVICES; HUMAN
      RESOURCES CONSULTING; BUSINESS MANAGEMENT CONSULTING; BUSINESS
      NETWORKING.

                                                                                                                                                                                                                                                                                                                           

                                                                                                                                                                                                                                                                                                                          Class
      41: EDUCATIONAL SERVICES, NAMELY, CONDUCTING TRAINING PROGRAMS, SEMINARS,
      LECTURES, CONFERENCES, AND WORKSHOPS IN THE FIELD OF DIVERSITY AND
      DISTRIBUTING COURSE MATERIALS IN CONNECTION THEREWITH.

                                                                                                                                                                                                                                                                                                                        	
                                                                                                                                                                                                                                                                                                                          9/1/2014

                                                                                                                                                                                                                                                                                                                        
	 	 	 	 	 	 	 	 	 	 
	
                                                                                                                                                                                                                                                                                                                          HUDSON
      GLOBAL RESOURCES

                                                                                                                                                                                                                                                                                                                        	
                                                                                                                                                                                                                                                                                                                          Romania

                                                                                                                                                                                                                                                                                                                        	
                                                                                                                                                                                                                                                                                                                          Registered

                                                                                                                                                                                                                                                                                                                        	
                                                                                                                                                                                                                                                                                                                          Hudson
      Highland Group, Inc.

                                                                                                                                                                                                                                                                                                                        	
                                                                                                                                                                                                                                                                                                                          M200407435

                                                                                                                                                                                                                                                                                                                        	
                                                                                                                                                                                                                                                                                                                          9/1/2004

                                                                                                                                                                                                                                                                                                                        	
                                                                                                                                                                                                                                                                                                                          66460

                                                                                                                                                                                                                                                                                                                        	
                                                                                                                                                                                                                                                                                                                          9/1/2004

                                                                                                                                                                                                                                                                                                                        	
                                                                                                                                                                                                                                                                                                                          Class
      35: EMPLOYMENT HIRING, RECRUITING, PLACEMENT AND STAFFING
      SERVICES.

                                                                                                                                                                                                                                                                                                                        	
                                                                                                                                                                                                                                                                                                                          9/1/2014

                                                                                                                                                                                                                                                                                                                        
	 	 	 	 	 	 	 	 	 	 
	
                                                                                                                                                                                                                                                                                                                          HUDSON
      SOLUTIONS

                                                                                                                                                                                                                                                                                                                        	
                                                                                                                                                                                                                                                                                                                          Russian
      Federation

                                                                                                                                                                                                                                                                                                                        	
                                                                                                                                                                                                                                                                                                                          Pending

                                                                                                                                                                                                                                                                                                                        	
                                                                                                                                                                                                                                                                                                                          Hudson
      Highland Group, Inc.

                                                                                                                                                                                                                                                                                                                        	
                                                                                                                                                                                                                                                                                                                          2010701794

                                                                                                                                                                                                                                                                                                                        	
                                                                                                                                                                                                                                                                                                                          1/27/2010

                                                                                                                                                                                                                                                                                                                        	 
      	 
      	
                                                                                                                                                                                                                                                                                                                          Class
      35: Employment hiring, recruiting, placement and staffing services; human
      resources consulting; business management consulting; business
      networking.

                                                                                                                                                                                                                                                                                                                           

                                                                                                                                                                                                                                                                                                                          Class
      41: Educational services, namely, conducting training programs, seminars,
      lectures, conferences, and workshops in the field of diversity and
      distributing course materials in connection therewith.

                                                                                                                                                                                                                                                                                                                        	 
      
	 	 	 	 	 	 	 	 	 	 
	
                                                                                                                                                                                                                                                                                                                          HUDSON

                                                                                                                                                                                                                                                                                                                        	
                                                                                                                                                                                                                                                                                                                          Saudi
      Arabia

                                                                                                                                                                                                                                                                                                                        	
                                                                                                                                                                                                                                                                                                                          Registered

                                                                                                                                                                                                                                                                                                                        	
                                                                                                                                                                                                                                                                                                                          Hudson
      Highland Group, Inc.

                                                                                                                                                                                                                                                                                                                        	
                                                                                                                                                                                                                                                                                                                          98169

                                                                                                                                                                                                                                                                                                                        	
                                                                                                                                                                                                                                                                                                                          7/5/2005

                                                                                                                                                                                                                                                                                                                        	
                                                                                                                                                                                                                                                                                                                          899/12

                                                                                                                                                                                                                                                                                                                        	
                                                                                                                                                                                                                                                                                                                          2/24/2007

                                                                                                                                                                                                                                                                                                                        	
                                                                                                                                                                                                                                                                                                                          Class
      35: EMPLOYMENT HIRING, RECRUITING, PLACEMENT, AND STAFFING SERVICES; HUMAN
      RESOURCES CONSULTING; BUSINESS MANAGEMENT CONSULTING; BUSINESS
      NETWORKING.

                                                                                                                                                                                                                                                                                                                        	
                                                                                                                                                                                                                                                                                                                          3/11/2015

                                                                                                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                                                                                            

                                                                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                                            

                                                                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                            Schedule
9.1.12 - 33

                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                                                                                            

                                                                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                                            

                                                                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                                                                                         

                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                    	
                                                                                                                                                                                                                                                                                                                            Mark

                                                                                                                                                                                                                                                                                                                          	
                                                                                                                                                                                                                                                                                                                            Country

                                                                                                                                                                                                                                                                                                                          	
                                                                                                                                                                                                                                                                                                                            Status

                                                                                                                                                                                                                                                                                                                          	
                                                                                                                                                                                                                                                                                                                            Owner

                                                                                                                                                                                                                                                                                                                          	
                                                                                                                                                                                                                                                                                                                            App.
      No.

                                                                                                                                                                                                                                                                                                                          	
                                                                                                                                                                                                                                                                                                                            App.
      Date

                                                                                                                                                                                                                                                                                                                          	
                                                                                                                                                                                                                                                                                                                            Reg.
      No.

                                                                                                                                                                                                                                                                                                                          	
                                                                                                                                                                                                                                                                                                                            Reg.
      Date

                                                                                                                                                                                                                                                                                                                          	
                                                                                                                                                                                                                                                                                                                            Goods

                                                                                                                                                                                                                                                                                                                          	
                                                                                                                                                                                                                                                                                                                            Next
      Renewal Due

                                                                                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                                        	
                                                                                                                                                                                                                                                                                                                                FROM
      GREAT PEOPLE TO GREAT PERFORMANCE

                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                Singapore

                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                Registered

                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                Hudson
      Highland Group, Inc.

                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                839398

                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                9/1/2004

                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                839398

                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                9/1/2004

                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                Class
      35: Employment hiring, recruiting, placement, and staffing services; human
      resources consulting; business management consulting; business
      networking.

                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                Class
      41: Educational services, namely, conducting training programs, seminars,
      lectures, conferences, and workshops in the field of
      diversity.

                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                9/1/2014

                                                                                                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                     

                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                                        Schedule
9.1.12 - 34

                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                                                                                                     

                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                	
                                                                                                                                                                                                                                                                                                                                        Mark

                                                                                                                                                                                                                                                                                                                                      	
                                                                                                                                                                                                                                                                                                                                        Country

                                                                                                                                                                                                                                                                                                                                      	
                                                                                                                                                                                                                                                                                                                                        Status

                                                                                                                                                                                                                                                                                                                                      	
                                                                                                                                                                                                                                                                                                                                        Owner

                                                                                                                                                                                                                                                                                                                                      	
                                                                                                                                                                                                                                                                                                                                        App.
      No.

                                                                                                                                                                                                                                                                                                                                      	
                                                                                                                                                                                                                                                                                                                                        App.
      Date

                                                                                                                                                                                                                                                                                                                                      	
                                                                                                                                                                                                                                                                                                                                        Reg.
      No.

                                                                                                                                                                                                                                                                                                                                      	
                                                                                                                                                                                                                                                                                                                                        Reg.
      Date

                                                                                                                                                                                                                                                                                                                                      	
                                                                                                                                                                                                                                                                                                                                        Goods

                                                                                                                                                                                                                                                                                                                                      	
                                                                                                                                                                                                                                                                                                                                        Next
      Renewal Due

                                                                                                                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                    	
                                                                                                                                                                                                                                                                                                                                            HUDSON

                                                                                                                                                                                                                                                                                                                                          	
                                                                                                                                                                                                                                                                                                                                            Singapore

                                                                                                                                                                                                                                                                                                                                          	
                                                                                                                                                                                                                                                                                                                                            Registered

                                                                                                                                                                                                                                                                                                                                          	
                                                                                                                                                                                                                                                                                                                                            Hudson
      Highland Group, Inc.

                                                                                                                                                                                                                                                                                                                                          	
                                                                                                                                                                                                                                                                                                                                            T0409213C

                                                                                                                                                                                                                                                                                                                                          	
                                                                                                                                                                                                                                                                                                                                            6/8/2004

                                                                                                                                                                                                                                                                                                                                          	
                                                                                                                                                                                                                                                                                                                                            T0409213C

                                                                                                                                                                                                                                                                                                                                          	
                                                                                                                                                                                                                                                                                                                                            12/8/2003

                                                                                                                                                                                                                                                                                                                                          	
                                                                                                                                                                                                                                                                                                                                            Class
      35: Employment agency and recruitment services including human resources
      management consulting [employment recruiting consultancy], human resources
      management consulting [office support staff recruitment services], human
      resources management consulting [business administration consultancy
      relating to recruitment and employment of staff], human resources
      management consultancy [employment consultancy] and selection of
      personnel, personnel recruitment, personnel placement, interviewing
      services [for personnel recruitment], personnel management, clerical
      [administration] services; collection of curriculum vitae [personnel and
      employment recruitment information]; provision of personnel and employment
      recruitment information in the field of curriculum vitae and resumes; the
      provision of information in relation to employment, recruitment and
      personnel to prospective employers on the worldwide web; advertising and
      business services including advertising booking, production of advertising
      matter, direct mail advertising; radio and television advertising;
      television commercials; business management assistant services; appraisals
      in business; business appraisals in management and organisation; business
      research; market research, market studies; market publication services
      [market analysis services]; provision of marketing reports; publication of
      market analysis reports; market reporting services; provision of market
      research information; compilation of business statistical information;
      presentation and publication of statistical information; consultancy,
      advisory and information services related to the foregoing; placement and
      selection of staff; management advice and assistance relating to the
      placing and recruitment of staff; business management consulting and
      business assistance relating to business networking services; business
      assistance relating to the establishment of business contact
      network.

                                                                                                                                                                                                                                                                                                                                          	
                                                                                                                                                                                                                                                                                                                                            12/8/2013

                                                                                                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                  Schedule
9.1.12 - 35

                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                 

                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                            	
                                                                                                                                                                                                                                                                                                                                                    Mark

                                                                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                                                                    Country

                                                                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                                                                    Status

                                                                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                                                                    Owner

                                                                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                                                                    App.
      No.

                                                                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                                                                    App.
      Date

                                                                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                                                                    Reg.
      No.

                                                                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                                                                    Reg.
      Date

                                                                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                                                                    Goods

                                                                                                                                                                                                                                                                                                                                                  	
                                                                                                                                                                                                                                                                                                                                                    Next
      Renewal Due

                                                                                                                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                                                                              
                                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                                                                                        	
                                                                                                                                                                                                                                                                                                                                                                HUDSON

                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                Singapore

                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                Registered

                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                Hudson
      Highland Group, Inc.

                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                T0409219B

                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                6/8/2004

                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                T0409219B

                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                12/8/2003

                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                Class
      41: Education and provision of training relating to employment and
      recruitment services including human resources consulting and personnel
      location, selection, recruitment, placement, hiring and administration;
      consultancy, advisory and information services related to the
      foregoing.

                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                12/8/2013

                                                                                                                                                                                                                                                                                                                                                              
	 	 	 	 	 	 	 	 	 	 
	
                                                                                                                                                                                                                                                                                                                                                                HUDSON
      FROM GREAT PEOPLE TO GREAT PERFORMANCE

                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                Singapore

                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                Registered

                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                Hudson
      Highland Group, Inc.

                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                T0608687D

                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                5/8/2006

                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                T0608687D

                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                5/8/2006

                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                Class
      41: Educational services, namely, conducting training programs, seminars,
      lectures, conferences, and workshops in the field of diversity and
      distributing course materials in connection therewith.

                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                5/8/2016

                                                                                                                                                                                                                                                                                                                                                              
	 	 	 	 	 	 	 	 	 	 
	
                                                                                                                                                                                                                                                                                                                                                                HUDSON
      FROM GREAT PEOPLE TO GREAT PERFORMANCE

                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                Singapore

                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                Registered

                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                Hudson
      Highland Group, Inc.

                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                T0608686F

                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                5/8/2006

                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                T0608686F

                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                5/8/2006

                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                Class
      35: Employment hiring, recruiting, placement, and staffing services; human
      resources consulting; business management consulting; business
      networking.

                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                5/8/2016

                                                                                                                                                                                                                                                                                                                                                              
	 	 	 	 	 	 	 	 	 	 
	
                                                                                                                                                                                                                                                                                                                                                                HUDSON
      GLOBAL RESOURCES

                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                Singapore

                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                Registered

                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                Hudson
      Highland Group, Inc.

                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                T0314849F

                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                9/17/2003

                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                T0314849F

                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                4/23/2003

                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                Class
      35: Employment hiring, recruiting, placement and staffing
      services.

                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                4/23/2013

                                                                                                                                                                                                                                                                                                                                                              
	 	 	 	 	 	 	 	 	 	 
	
                                                                                                                                                                                                                                                                                                                                                                MORGAN
      & BANKS

                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                Singapore

                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                Registered

                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                Hudson
      Global Resources (Aust) Pty Limited

                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                T9902919A

                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                3/24/1999

                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                T9902919A

                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                3/24/1999

                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                Class
      35: Business management services being executive selection and search,
      management consulting, management contracting, labour hire and trade
      persons contracting, human resources consulting, outplacement services,
      secretarial and clerical recruitment and contracting, advertising and
      personnel location, selection, recruitment, placement, hiring and
      administration.

                                                                                                                                                                                                                                                                                                                                                              	
                                                                                                                                                                                                                                                                                                                                                                3/24/2019

                                                                                                                                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                                                                                                                            

                                                                                                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                                                                                                            

                                                                                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                                                                                            

                                                                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                                                                            

                                                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                                                            

                                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                                            

                                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                                

                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                            

                                                                                                                                                                                                                                          

                                                                                                                                                                                                                                        

                                                                                                                                                                                                                                      

                                                                                                                                                                                                                                    

                                                                                                                                                                                                                                  

                                                                                                                                                                                                                                

                                                                                                                                                                                                                              

                                                                                                                                                                                                                            

                                                                                                                                                                                                                          

                                                                                                                                                                                                                        

                                                                                                                                                                                                                      

                                                                                                                                                                                                                    

                                                                                                                                                                                                                  

                                                                                                                                                                                                                

                                                                                                                                                                                                              

                                                                                                                                                                                                            

                                                                                                                                                                                                          

                                                                                                                                                                                                        

                                                                                                                                                                                                      

                                                                                                                                                                                                    

                                                                                                                                                                                                  

                                                                                                                                                                                                

                                                                                                                                                                                              

                                                                                                                                                                                            

                                                                                                                                                                                          

                                                                                                                                                                                        

                                                                                                                                                                                      

                                                                                                                                                                                    

                                                                                                                                                                                  

                                                                                                                                                                                

                                                                                                                                                                              

                                                                                                                                                                            

                                                                                                                                                                          

                                                                                                                                                                        

                                                                                                                                                                      

                                                                                                                                                                    

                                                                                                                                                                  

                                                                                                                                                                

                                                                                                                                                              

                                                                                                                                                            

                                                                                                                                                          

                                                                                                                                                        

                                                                                                                                                      

                                                                                                                                                    

                                                                                                                                                  

                                                                                                                                                

                                                                                                                                              

                                                                                                                                            

                                                                                                                                          

                                                                                                                                        

                                                                                                                                      

                                                                                                                                    

                                                                                                                                  

                                                                                                                                

                                                                                                                              

                                                                                                                            

                                                                                                                          

                                                                                                                        

                                                                                                                      

                                                                                                                    

                                                                                                                  

                                                                                                                

                                                                                                              

                                                                                                            

                                                                                                          

                                                                                                        

                                                                                                      

                                                                                                    

                                                                                                  

                                                                                                

                                                                                              

                                                                                            

                                                                                          

                                                                                        

                                                                                      

                                                                                    

                                                                                  

                                                                                

                                                                              

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                  
                    
                       

                      
                        
                          
                          

                        

                        
                          Schedule
9.1.12 - 36

                          
                            

                          

                        

                        
                          
                          

                        

                      

                       

                      
                        
                          
                            
                              
                                
                                  	
                                          Mark

                                        	
                                          Country

                                        	
                                          Status

                                        	
                                          Owner

                                        	
                                          App.
      No.

                                        	
                                          App.
      Date

                                        	
                                          Reg.
      No.

                                        	
                                          Reg.
      Date

                                        	
                                          Goods

                                        	
                                          Next
      Renewal Due

                                        

                                

                                
                                  
                                    
                                      
                                        
                                          
                                            	
                                                    TALENTMAX

                                                  	
                                                    Singapore

                                                  	
                                                    Registered

                                                  	
                                                    Hudson
      Highland Group, Inc.

                                                  	
                                                    T0409551E

                                                  	
                                                    6/14/2004

                                                  	
                                                    T0409551E

                                                  	
                                                    6/14/2004

                                                  	
                                                    Class
      9: Computer software; computer software for managing employee performance,
      competency development, and career planning.

                                                  	
                                                    6/14/2014

                                                  
	 	 	 	 	 	 	 	 	 	 
	
                                                    THE
      HUDSON REPORT EMPLOYMENT & HR TRENDS (STYLIZED)

                                                  	
                                                    Singapore

                                                  	
                                                    Registered

                                                  	
                                                    Hudson
      Highland Group, Inc.

                                                  	
                                                    T0314844E

                                                  	
                                                    9/17/2003

                                                  	
                                                    T0314844E

                                                  	
                                                    9/17/2003

                                                  	
                                                    Class
      16: Printed matter and publications, including newsletters, instructional
      and teaching materials.

                                                  	
                                                    9/17/2013

                                                  
	 	 	 	 	 	 	 	 	 	 
	
                                                    HUDSON

                                                  	
                                                    Switzerland

                                                  	
                                                    Registered

                                                  	
                                                    Hudson
      Highland Group, Inc.

                                                  	
                                                    03039/2004

                                                  	
                                                    9/1/2004

                                                  	
                                                    526594

                                                  	
                                                    10/12/2004

                                                  	
                                                    Class
      35: EMPLOYMENT HIRING, RECRUITING, PLACEMENT AND STAFFING SERVICES; HUMAN
      RESOURCES CONSULTING; BUSINESS MANAGEMENT CONSULTING; BUSINESS
      NETWORKING.

                                                     

                                                    Class
      41: EDUCATIONAL SERVICES, NAMELY, CONDUCTING TRAINING PROGRAMS, SEMINARS,
      LECTURES, CONFERENCES, AND WORKSHOPS IN THE FIELD OF DIVERSITY AND
      DISTRIBUTING COURSE MATERIALS IN CONNECTION THEREWITH.

                                                  	
                                                    9/1/2014

                                                  
	 	 	 	 	 	 	 	 	 	 
	
                                                    HUDSON
      GLOBAL RESOURCES

                                                  	
                                                    Switzerland

                                                  	
                                                    Registered

                                                  	
                                                    Hudson
      Highland Group, Inc.

                                                  	
                                                    03041/2004

                                                  	
                                                    9/1/2004

                                                  	
                                                    526596

                                                  	
                                                    10/12/2004

                                                  	
                                                    Class
      35: EMPLOYMENT HIRING, RECRUITING, PLACEMENT AND STAFFING
      SERVICES.

                                                  	
                                                    9/1/2014

                                                  

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                    
                      
                         

                        
                          
                            
                            

                          

                          
                            Schedule
9.1.12 - 37

                            
                              

                            

                          

                          
                            
                            

                          

                        

                         

                        
                          
                            
                              
                                
                                  
                                    	
                                            Mark

                                          	
                                            Country

                                          	
                                            Status

                                          	
                                            Owner

                                          	
                                            App.
      No.

                                          	
                                            App.
      Date

                                          	
                                            Reg.
      No.

                                          	
                                            Reg.
      Date

                                          	
                                            Goods

                                          	
                                            Next
      Renewal Due

                                          

                                  

                                  
                                    
                                      
                                        
                                          
                                            
                                              	
                                                      HUDSON

                                                    	
                                                      Turkey

                                                    	
                                                      Registered

                                                    	
                                                      Hudson
      Highland Group, Inc.

                                                    	
                                                      2004/27948

                                                    	
                                                      9/3/2004

                                                    	
                                                      2004027948

                                                    	
                                                      9/3/2004

                                                    	
                                                      Class
      35: EMPLOYMENT HIRING, RECRUITING, PLACEMENT AND STAFFING SERVICES; HUMAN
      RESOURCES CONSULTING; BUSINESS MANAGEMENT CONSULTING; BUSINESS
      NETWORKING.

                                                       

                                                      Class
      41: EDUCATIONAL SERVICES, NAMELY, CONDUCTING TRAINING PROGRAMS, SEMINARS,
      LECTURES, CONFERENCES, AND WORKSHOPS IN THE FIELD OF DIVERSITY AND
      DISTRIBUTING COURSE MATERIALS IN CONNECTION THEREWITH.

                                                    	
                                                      9/3/2014

                                                    
	 	 	 	 	 	 	 	 	 	 
	
                                                      HUDSON
      GLOBAL RESOURCES

                                                    	
                                                      Turkey

                                                    	
                                                      Registered

                                                    	
                                                      Hudson
      Highland Group, Inc.

                                                    	
                                                      2004/27949

                                                    	
                                                      9/3/2004

                                                    	
                                                      2004027949

                                                    	
                                                      9/3/2004

                                                    	
                                                      Class
      35: EMPLOYMENT HIRING, RECRUITING, PLACEMENT AND STAFFING
      SERVICES.

                                                    	
                                                      9/3/2014

                                                    
	 	 	 	 	 	 	 	 	 	 
	
                                                      HUDSON

                                                    	
                                                      Ukraine

                                                    	
                                                      Registered

                                                    	
                                                      Hudson
      Highland Group, Inc.

                                                    	
                                                      20040909284

                                                    	
                                                      9/1/2004

                                                    	
                                                      65779

                                                    	
                                                      8/15/2006

                                                    	
                                                      Class
      35: EMPLOYMENT HIRING, RECRUITING, PLACEMENT AND STAFFING SERVICES; HUMAN
      RESOURCES CONSULTING; BUSINESS MANAGEMENT CONSULTING; BUSINESS
      NETWORKING.

                                                       

                                                      Class
      41: EDUCATIONAL SERVICES, NAMELY, CONDUCTING TRAINING PROGRAMS, SEMINARS,
      LECTURES, CONFERENCES, AND WORKSHOPS IN THE FIELD OF DIVERSITY AND
      DISTRIBUTING COURSE MATERIALS IN CONNECTION THEREWITH.

                                                    	
                                                      9/1/2014

                                                    
	 	 	 	 	 	 	 	 	 	 
	
                                                      HUDSON
      GLOBAL RESOURCES

                                                    	
                                                      Ukraine

                                                    	
                                                      Registered

                                                    	
                                                      Hudson
      Highland Group, Inc.

                                                    	
                                                      20040909285

                                                    	
                                                      9/1/2004

                                                    	
                                                      65780

                                                    	
                                                      8/15/2006

                                                    	
                                                      Class
      35: EMPLOYMENT HIRING, RECRUITING, PLACEMENT AND STAFFING
      SERVICES.

                                                    	
                                                      9/1/2014

                                                    

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                      
                        
                           

                          
                            
                              
                              

                            

                            
                              Schedule
9.1.12 - 38

                              
                                

                              

                            

                            
                              
                              

                            

                          

                           

                          
                            
                              
                                
                                  
                                    
                                      	
                                              Mark

                                            	
                                              Country

                                            	
                                              Status

                                            	
                                              Owner

                                            	
                                              App.
      No.

                                            	
                                              App.
      Date

                                            	
                                              Reg.
      No.

                                            	
                                              Reg.
      Date

                                            	
                                              Goods

                                            	
                                              Next
      Renewal Due

                                            

                                    

                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    	
                                                            HUDSON

                                                          	
                                                            United
      Arab Emirates

                                                          	
                                                            Registered

                                                          	
                                                            Hudson
      Highland Group, Inc.

                                                          	
                                                            71352

                                                          	
                                                            7/16/2005

                                                          	
                                                            94201

                                                          	
                                                            4/12/2009

                                                          	
                                                            Class
      35: EMPLOYMENT HIRING, RECRUITING, PLACEMENT, AND STAFFING SERVICES; HUMAN
      RESOURCES CONSULTING; BUSINESS MANAGEMENT CONSULTING; BUSINESS
      NETWORKING.

                                                          	
                                                            7/16/2015

                                                          
	 	 	 	 	 	 	 	 	 	 
	
                                                            MORGAN
      & BANKS

                                                          	
                                                            United
      Arab Emirates

                                                          	
                                                            Registered

                                                          	
                                                            Morgan
      & Banks Limited

                                                          	
                                                            47882

                                                          	
                                                            6/1/2002

                                                          	
                                                            38797

                                                          	
                                                            4/29/2003

                                                          	
                                                            Class
      35:

                                                          	
                                                            6/1/2012

                                                          
	 	 	 	 	 	 	 	 	 	 
	
                                                            ePOST

                                                          	
                                                            United
      Kingdom

                                                          	
                                                            Registered

                                                          	
                                                            Hudson
      Highland Group, Inc.

                                                          	
                                                            2362126

                                                          	
                                                            4/29/2004

                                                          	
                                                            2362126

                                                          	
                                                            1/21/2005

                                                          	
                                                            Class
      35: Employment hiring and placement services.

                                                          	
                                                            4/29/2014

                                                          
	 	 	 	 	 	 	 	 	 	 
	
                                                            HR
      ONLINE PERSONNEL ADVICE + SUPPORT & DESIGN

                                                          	
                                                            United
      Kingdom

                                                          	
                                                            Registered

                                                          	
                                                            Hudson
      Highland Group, Inc.

                                                          	
                                                            2109344

                                                          	
                                                            9/5/1996

                                                          	
                                                            2109344

                                                          	
                                                            6/27/1997

                                                          	
                                                            Class
      35: Recruitment consultancy services; advisory and consultancy services
      relating to human resources.

                                                          	
                                                            9/5/2016

                                                          
	 	 	 	 	 	 	 	 	 	 
	
                                                            HUDSON

                                                          	
                                                            United
      Kingdom

                                                          	
                                                            Registered

                                                          	
                                                            Hudson
      Highland Group, Inc.

                                                          	
                                                            2362405

                                                          	
                                                            5/4/2004

                                                          	
                                                            2362405

                                                          	
                                                            6/2/2006

                                                          	
                                                            Class
      35: Employment hiring, recruiting, placement and staffing services; human
      resources consulting; business management consulting services in relation
      to employment hiring, recruiting, placement and staffing services;
      recruiting and career networking services.

                                                             

                                                            Class
      41: Educational services, conducting training programs, seminars,
      lectures, conferences, and workshops in the field of diversity and
      distributing course materials in connection therewith.

                                                          	
                                                            5/4/2014

                                                          
	 	 	 	 	 	 	 	 	 	 
	
                                                            MELVILLE
      CRAIG

                                                          	
                                                            United
      Kingdom

                                                          	
                                                            Registered

                                                          	
                                                            Hudson
      Highland Group, Inc.

                                                          	
                                                            2400589

                                                          	
                                                            9/1/2005

                                                          	
                                                            2400589

                                                          	
                                                            2/3/2006

                                                          	
                                                            Class
      35: Employment hiring, recruiting, placement, staffing and executive
      search services.

                                                          	
                                                            9/1/2015

                                                          

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                        
                          
                             

                            
                              
                                
                                

                              

                              
                                Schedule
9.1.12 - 39

                                
                                  

                                

                              

                              
                                
                                

                              

                            

                             

                            
                              
                                
                                  
                                    
                                      
                                        	
                                                Mark

                                              	
                                                Country

                                              	
                                                Status

                                              	
                                                Owner

                                              	
                                                App.
      No.

                                              	
                                                App.
      Date

                                              	
                                                Reg.
      No.

                                              	
                                                Reg.
      Date

                                              	
                                                Goods

                                              	
                                                Next
      Renewal Due

                                              

                                      

                                      
                                        
                                          
                                            
                                              	
                                                      MORGAN
      & BANKS

                                                    	
                                                      United
      Kingdom

                                                    	
                                                      Registered

                                                    	
                                                      Hudson
      Global Resources (Aust) Pty Limited

                                                    	
                                                      2190531

                                                    	
                                                      3/2/1999

                                                    	
                                                      2190531

                                                    	
                                                      12/24/1999

                                                    	
                                                      Class
      16: Printed matter and publications, including newsletters, instructional
      and teaching materials.

                                                       

                                                      Class
      35: Business management services being executive selection and search,
      management consulting, management contracting, labour hire and trade
      persons contracting, human resources consulting, outplacement services,
      secretarial and clerical recruitment and contracting, advertising and
      personnel location, selection, recruitment, placement, hiring and
      administration.

                                                       

                                                      Class
      38: Communication by computer terminals, computer aided transmission of
      messages and images; electronic mail, communication and transmission of
      information between and among data carriers and readers by telephone,
      optical fibre, Internet and telecommunication means.

                                                       

                                                      Class
      41: Educational services, being the provision of training and the
      education and training of business personnel.

                                                       

                                                      Class
      42: Quality control services; counselling services, including outplacement
      counselling services; psychological testing and assessment; vocational
      guidance services; professional consultancy services relating to the
      aforesaid.

                                                    	
                                                      3/2/2019

                                                    

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                          
                            
                               

                              
                                
                                  
                                  

                                

                                
                                  Schedule
9.1.12 - 40

                                  
                                    

                                  

                                

                                
                                  
                                  

                                

                              

                               

                              
                                
                                  
                                    
                                      
                                        
                                          	
                                                  Mark

                                                	
                                                  Country

                                                	
                                                  Status

                                                	
                                                  Owner

                                                	
                                                  App.
      No.

                                                	
                                                  App.
      Date

                                                	
                                                  Reg.
      No.

                                                	
                                                  Reg.
      Date

                                                	
                                                  Goods

                                                	
                                                  Next
      Renewal Due

                                                

                                        

                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  	
                                                                          FROM
      GREAT PEOPLE TO GREAT PERFORMANCE

                                                                        	
                                                                          United
      States of America

                                                                        	
                                                                          Registered

                                                                        	
                                                                          Hudson
      Highland Group, Inc.

                                                                        	
                                                                          78/432941

                                                                        	
                                                                          6/10/2004

                                                                        	
                                                                          3265730

                                                                        	
                                                                          7/17/2007

                                                                        	
                                                                          Class
      35: Employment hiring, recruiting, placement, and staffing services; human
      resources consulting; business management consulting; business
      networking.

                                                                           

                                                                          Class
      41: Educational services, namely, conducting training programs, seminars,
      lectures, conferences, and workshops in the field of
      diversity.

                                                                        	
                                                                          7/17/2017

                                                                        
	 	 	 	 	 	 	 	 	 	 
	
                                                                          HUDSON

                                                                        	
                                                                          United
      States of America

                                                                        	
                                                                          Registered

                                                                        	
                                                                          Hudson
      Highland Group, Inc.

                                                                        	
                                                                          78/419042

                                                                        	
                                                                          5/14/2004

                                                                        	
                                                                          3453699

                                                                        	
                                                                          6/24/2008

                                                                        	
                                                                          Class
      35: Employment hiring, recruiting, placement, and staffing services; human
      resources consulting; business management consulting; business networking;
      Employment hiring, recruiting, placement, and staffing services; human
      resources consulting; business management consulting.

                                                                           

                                                                          Class
      41: Educational services, namely, conducting training programs, seminars,
      lectures, conferences, and workshops in the field of diversity and
      distributing course materials in connection therewith.

                                                                        	
                                                                          6/24/2018

                                                                        
	 	 	 	 	 	 	 	 	 	 
	
                                                                          I2I
      NETWORKING

                                                                        	
                                                                          United
      States of America

                                                                        	
                                                                          Registered

                                                                        	
                                                                          Hudson
      Highland Group, Inc.

                                                                        	
                                                                          78/432957

                                                                        	
                                                                          6/10/2004

                                                                        	
                                                                          3116026

                                                                        	
                                                                          7/18/2006

                                                                        	
                                                                          Class
      35: Business networking services, not in connection with wealth
      management

                                                                        	
                                                                          7/18/2016

                                                                        
	 	 	 	 	 	 	 	 	 	 
	
                                                                          TALENTMAX

                                                                        	
                                                                          United
      States of America

                                                                        	
                                                                          Registered

                                                                        	
                                                                          Hudson
      Highland Group, Inc.

                                                                        	
                                                                          78/210968

                                                                        	
                                                                          2/5/2003

                                                                        	
                                                                          2827914

                                                                        	
                                                                          3/30/2004

                                                                        	
                                                                          Class
      09: Computer software for managing employee performance, competency
      development and career planning

                                                                        	
                                                                          3/30/2014

                                                                        

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                            
                              
                                 

                                
                                  
                                    
                                    

                                  

                                  
                                    Schedule
9.1.12 - 41

                                    
                                      

                                    

                                  

                                  
                                    
                                    

                                  

                                

                                 

                                
                                  
                                    
                                      
                                        
                                          
                                            	
                                                    Mark

                                                  	
                                                    Country

                                                  	
                                                    Status

                                                  	
                                                    Owner

                                                  	
                                                    App.
      No.

                                                  	
                                                    App.
      Date

                                                  	
                                                    Reg.
      No.

                                                  	
                                                    Reg.
      Date

                                                  	
                                                    Goods

                                                  	
                                                    Next
      Renewal Due

                                                  

                                          

                                          
                                            
                                              
                                                	
                                                        FROM
      GREAT PEOPLE TO GREAT PERFORMANCE

                                                      	
                                                        WIPO

                                                      	
                                                        Registered

                                                      	
                                                        Hudson
      Highland Group, Inc.

                                                      	
                                                        839398

                                                      	
                                                        9/1/2004

                                                      	
                                                        839398

                                                      	
                                                        9/1/2004

                                                      	
                                                        Class
      35: Employment hiring, recruiting, placement, and staffing services; human
      resources consulting; business management consulting; business
      networking.

                                                         

                                                        Class
      41: Educational services, namely, conducting training programs, seminars,
      lectures, conferences, and workshops in the field of diversity and
      distributing course materials in connection therewith.

                                                      	
                                                        9/1/2014

                                                      

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                              
                                
                                   

                                  
                                    
                                      
                                      

                                    

                                    
                                      Schedule
9.1.12 - 42

                                      
                                        

                                      

                                    

                                    
                                      
                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                   

                

              

            

          

        

        Schedule
9.1.15

        to

        Loan
and Security Agreement

        

        Environmental
Matters

        

        

        None

        

        
          
            
            

          

          
            Schedule
9.1.15 - 1

            
              

            

          

          
            
            

          

        

         

        Schedule
9.1.16

        to

        Loan
and Security Agreement

        

        Restrictive
Agreements

        

        

        None

        

        
          
            
            

          

          
            Schedule
9.1.16 - 1

            
              

            

          

          
            
            

          

        

         

        Schedule
9.1.17

        to

        Loan
and Security Agreement

        

        Litigation

        

        

        None

        

        
          
            
            

          

          
            Schedule
9.1.17 - 1

            
              

            

          

          
            
            

          

        

         

        Schedule
9.1.19

        to

        Loan
and Security Agreement

        

        Pension
Plans

        

        

        None

         

        
          
            
            

          

          
            Schedule
9.1.19 - 1

            
              

            

          

          
            
            

          

        

         

        Schedule
9.1.21

        to

        Loan
and Security Agreement

        

        Labor
Contracts

        

        

        None

         

        
          
            
            

          

          
            Schedule
9.1.21 - 1

            
              

            

          

          
            
            

          

        

        

        Schedule
10.1.6

        to

        Loan
and Security Agreement

        

        Taxes

        

        See
Schedule 10.2.2

         

        
          
            
            

          

          
            Schedule
10.1.6 - 1

            
              

            

          

          
            
            

          

        

         

        Schedule
10.2.1

        to

        Loan
and Security Agreement

        

        Debt

        

        

        None

        

        
          
            
            

          

          
            Schedule
10.2.1 - 1

            
              

            

          

          
            
            

          

        

         

        Schedule
10.2.2

        to

        Loan
and Security Agreement

        

        

        Existing
Liens

        

        

        
          
            
              	
                      JURISDICTION

                    	
                      DEBTOR

                    	
                      SECURED
      PARTY

                    	
                      FILE
      NUMBER

                    	
                      FILING
      DATE

                    	
                      SUMMARY
      COLLATERAL DESCRIPTION

                    	
                      ADDITIONAL
      FILINGS / NOTES

                    
	
                      Delaware
      Secretary of State – UCC Liens

                    	
                      Hudson
      Highland Group Holdings International, Inc.

                    	
                      Wells
      Fargo Capital Finance, Inc., as Agent

                    	
                      31209744

                    	
                      5/12/03

                    	
                      All
      assets

                    	
                      Will
      be paid off at closing

                    
	
                      Delaware
      Secretary of State – UCC Liens

                    	
                      Hudson
      Highland Group, Inc.

                    	
                      Wells
      Fargo Capital Finance, Inc., as Agent

                    	
                      30795693

                    	
                      03/27/03

                    	
                      All
      assets except property used primarily under the name “Highland Partners”
      that constitute “Purchased Assets” sold by Debtor as of September 18,
      2006, and property utilized primarily in the engineering and technical
      staffing division that constitute “Assets” sold by Debtor as of February
      4, 2008

                    	
                      Amendment
      #63420536 filed 10/03/06 amending collateral

                       

                      Amendment
      #2008 0415297 filed 02/04/08 amending collateral

                       

                      Will
      be paid off at closing

                    
	
                      Delaware
      Secretary of State – UCC Liens

                    	
                      Hudson
      Highland Group, Inc.

                    	
                      Canon
      Financial Services

                    	
                      61263839

                    	
                      04/14/06

                    	
                      All
      equipment now or hereafter leased, sold or financed by Secured Party and
      all general intangibles and accounts receivable with respect
      thereto

                    	 
      

            

          

        

        

        
          
            
            

          

          
            Schedule
10.2.2 - 1

            
              

            

          

          
            
            

          

        

         

        
          
            
              	
                      JURISDICTION

                    	
                      DEBTOR

                    	
                      SECURED
      PARTY

                    	
                      FILE
      NUMBER

                    	
                      FILING
      DATE

                    	
                      SUMMARY
      COLLATERAL DESCRIPTION

                    	
                      ADDITIONAL
      FILINGS / NOTES

                    
	
                      Delaware
      Secretary of State – UCC Liens

                    	
                      Hudson
      Highland Group, Inc.

                    	
                      Canon
      Financial Services

                    	
                      20070000249

                    	
                      01/02/07

                    	
                      All
      equipment now or hereafter leased, sold or financed by Secured Party and
      all general intangibles and accounts receivable with respect
      thereto

                    	 
      
	
                      Delaware
      Secretary of State – UCC Liens

                    	
                      Hudson
      Highland Group, Inc.

                    	
                      Canon
      Financial Services

                    	
                      20071225159

                    	
                      04/02/07

                    	
                      All
      equipment now or hereafter leased, sold or financed by Secured Party and
      all general intangibles and accounts receivable with respect
      thereto

                    	 
      
	
                      Delaware
      Secretary of State – UCC Liens

                    	
                      Hudson
      Highland Group, Inc.

                    	
                      Canon
      Financial Services

                    	
                      2007
      2489838

                    	
                      06/29/07

                    	
                      All
      equipment now or hereafter leased, sold or financed by Secured Party and
      all general intangibles and accounts receivable with respect
      thereto

                    	 
      
	
                      Philadelphia
      County Prothonotary (PA) – Local Judgments

                    	
                      Hudson
      Global Resources Management, Inc.

                    	
                      City
      of Philadelphia

                    	
                      Case
      No. 2007-02-TC-000327

                    	
                      04/25/07

                    	
                      Judgment
      lien

                    	 
      
	
                      New
      York County (NY) – State Tax Liens

                    	
                      Hudson
      Global Resources Management, Inc.

                    	
                      New
      York State Department of Taxation and Finance

                    	
                      Lien
      No. E0221141190002

                    	
                      07/01/09

                    	
                      Tax
      lien

                    	 
      

            

          

           

           

        

        Pending
tax lien in amount of approximately $3,800,000 by the Commonwealth of
Pennsylvania.

         

        
          
            
            

          

          
            Schedule
10.2.2 - 2

            
              

            

          

          
            
            

          

        

         

        Schedule
10.2.5

        to

        Loan
and Security Agreement

        

        

        Investments

        

        

        Note
receivable from the buyer in connection with the sale of our energy and
engineering staffing businesses to System One Holdings LLC.

        

        Note
receivable from a former Hudson employee in connection with the acquisition of
certain business assets of Propensity, Ltd.

        

        
          
            
            

          

          
            Schedule
10.2.5 - 1RECEIVABLES
FINANCE AGREEMENT

     

    Standard
Terms and Conditions for the Purchase of Debts on a Recourse Basis

     

    THIS AGREEMENT is made on
August 3, 2010 between: -

     

    
      
        	
                1.

              	
                Commonwealth Bank of Australia
      ACN 123 123 124, a company deemed to be incorporated under the
      Corporations Law of the Australian Capital Territory, of 48 Martin Place,
      Sydney, (which, together with its successors and assigns from time to time
      is herein described as the “Bank”),
and

              

      

    

     

    
      
        	
                2.

              	
                the
      party named as the Client
      at paragraph 1 of the
Schedule.

              

      

    

     

    WHEREAS:-

     

    
      
        	
                A.

              	
                The
      Client has requested that the Bank enter into certain arrangements whereby
      the Bank may
      purchase Debts of the Client from time to
time.

              

      

    

     

    
      
        	
                B.

              	
                The
      parties have agreed that where the Bank accepts Offers to purchase Debts
      from the Client, the following terms and conditions shall
      apply.

              

      

    

     

    NOW IT IS AGREED as follows:
-

     

    
      	
              1.

            	
              Definitions

            

    

     

    
      	
              1.1

            	
              In
      this Agreement: -

            

    

     

    “Account Report” means the
information agreed to be provided by the Bank to the Client on a
monthly basis, the details of which are set out at paragraph 11 of the
Schedule;

     

    “Accrued Discount” means the
amount of Discount accrued at any time which has not at that time been debited
to Funds in Use;

     

    “Assignment” means the purchase
by the Bank of any Debt pursuant to this Agreement;

     

    “Assigned” has a corresponding
meaning;

     

    “Assignment Notice” means a
notice prepared by the Bank, or by the Client at the direction of the Bank, in
such form as the Bank may determine, for the purposes of notifying Debtors of
Assignments;

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    “Business Day” means a day
which is not a Saturday, a Sunday, a public holiday or a bank holiday in the
place where an act is to be done;

     

    “Client Availability” means the
amount available to the Client at any time for a Prepayment, calculated in
accordance with Clause 7.3;

     

    "Corporations Law" means the
Corporations Act 2001 (Cth);

     

    “Cut-Off Date” means, for any
month, the date by which the Client must forward to the Bank all information and
documents for the posting of Debtors’ ledgers and the dispatch of Debtors’
Statements for that month, which date shall be either the last Business Day of
that month, or such other day (as set out at paragraph 10 of the Schedule) as
the Bank may allow;

     

    “Debt” means, as the context
requires, either: -

     

    (a)          the
obligation of a Debtor to make payment in respect of a Sale, or

     

    (b)          the
amount due (or which is to become due) under a Sale, or

     

    both (a)
and (b).

     

    “Debtor” means the person who
has the obligation of payment under a Sale;

     

    “Debtor Concentration Limits”
means the amounts equivalent to the percentages of Total Outstandings at any
time as advised to the Client by the Bank in writing from time to
time;

     

    “Debtor Concentration Retention”
means an amount of Retention equivalent to 100% of the value of so much
of the Approved Debts owing at any time by a Debtor which exceeds the Debtor
Concentration Limit for that Debtor. Save in respect of the Commonwealth of
Australia, in determining Debtor Concentration Retention, the Bank may aggregate
the Approved Debts owing by a Debtor and any Related Person or Entity
thereof;

     

    “Debtor Statements” means
statements of account for Debtors showing details of payments and outstanding
Debts;

     

    "Disclosed" in relation to a
Purchased Debt, means that the bank may communicate to the Debtor notice of
Assignment at any time;

     

    “Discount” means the amount
accruing at the Discount Rate on a daily basis on the debit balance from time to
time of Funds in Use;

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    “Discount Rate” means a
percentage rate equivalent to the Bank’s published Overdraft Index Rate as
varied from time to time (or any rate charged by the Bank in place of the
Overdraft Index Rate), plus the Margin;

     

    "Effective Date" means, in
relation to a Purchased Debt, the date on which that Purchased Debt was Assigned
or purported to be Assigned to the Bank.

     

    "Funding Limit” means a limit
placed by the Bank from time to time on the amount of aggregate Approved Debts
due and owing by any Debtor;

     

    “Funds in Use” means the
account of the Client with the Bank maintained for the purposes of this
Agreement;

     

    “Invoice” includes any document
or schedule which is, whether by trade, custom or agreement, evidence of a
recoverable Debt owed to the Client;

     

    "Line Fee" is a fee equivalent
to a percentage per annum of the facility limit advised to the
Client;

     

    “Margin” means the percentage
rate as set at paragraph 7 of the Schedule;

     

    “Matured Debt” means a
Purchased Debt (whether an Approved Debt or an Unapproved Debt) for which a
payment, credit note or similar item has been received, and such payment, credit
note or similar item has been reconciled against invoices of the
Client;

     

    “Non-Disclosed" in relation to
a Purchased Debt means, subject to this Agreement, the Bank will not communicate
to the Debtor notice of Assignment;

     

    “Offer” means an offer to the
Bank by the Client that the Bank purchase Debts, made in accordance with Clause
2, and “Offered” and
"Offering" have
corresponding meanings;

     

    "Offer Letter" means the offer
letter dated July 8, 2010 made between the Bank and the
Client with respect to the receivables finance facility being the subject of
this Agreement;

     

    “Offer Statement” means a
document prepared by the Client for the purposes of an Offer, containing such
information as the Bank may request, and delivered to the Bank in such manner as
the Bank may request;

     

    "Permitted Financial
Indebtedness" means any financial indebtedness which is not restricted by
the Offer Letter;

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    “Prepayment” means a payment
by the Bank to the Client or at the Client’s direction under the terms of this
Agreement;

     

    "Proceeds Account" means the
account or accounts opened under Clause 11;

     

    “Proscribed Person” means a
person who appears to the Bank to be:

     

    
      
        	
              	
                (a)

              	
                a
      proscribed person or entity under the Charter of the United Nations
      Act 1945 (Cth);

              

      

    

     

    
      
        	
              	
                (b)

              	
                in
      breach of the laws of any jurisdiction relating to money-laundering or
      counterterrorism;

              

      

    

     

    
      
        	
              	
                (c)

              	
                a
      person with whom dealings are proscribed by the government of a regulatory
      authority of any jurisdiction;
or

              

      

    

     

    
      
        	
              	
                (d)

              	
                acting
      on behalf of, or for the benefit of, a person referred to in (a-c)
      above.

              

      

    

     

    “Purchase Price” means, in
relation to a Purchased Debt, the amount of that Debt, less the Service Fee for
that Debt;

     

    “Purchased Debt” means a Debt
which has been Assigned to the Bank pursuant to this Agreement or a Debt
purported to be Assigned to the Bank pursuant to this Agreement but which
Assignment was ineffective for any reason;

     

    “Related Body Corporate”
means

     

    
      	
            	
              (a)

            	
              in
      respect of the Client, 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; and

              

      

    

     

    
      
        	
              	
                (b)

              	
                in
      respect of any other party or a Debtor, has the same meaning as in the
      Corporations
      Law.

              

      

    

     

    “Related Person or Entity” in
the case of a body corporate, includes any director, secretary, shareholder or
officer thereof, as well as any Related Body Corporate; and, in the case of an
individual, any body corporate of which that individual is a director,
secretary, shareholder or officer;

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    “Retention” means the amount
which is the aggregate of the following: -

     

    
      	
               
      

            	
              (a)

            	
              the
      amounts determined by applying certain percentages to the amounts of
      Purchased Debts (as classified and categorised pursuant to this Agreement)
      as set out at paragraph 6 of the
Schedule;

            

    

     

    
      	
               
      

            	
              (b)

            	
              Accrued
      Discount;

            

    

     

    
      	
               
      

            	
              (c)

            	
              Special
      User Retention; and

            

    

     

    
      	
               
      

            	
              (d)

            	
              Debtor
      Concentration Retention.

            

    

     

    “Sale” means a concluded
transaction made upon credit terms between the Client and any of its Debtors for
the provision of goods or equipment of any description, or the provision of
services, represented by an Invoice, where the amount payable in respect of
which is due, or will be due, under the usual terms and conditions of trading
for the Client, or such terms and conditions as are approved by the
Bank;

     

    “Schedule” means the Schedule
to this Agreement;

     

    “Service Fees” means the
amounts charged by the Bank to Funds in Use as consideration for Assignments
calculated in accordance with clause 4.2;

     

    “Special User Retention” means
a fixed amount (as set out in paragraph 5 of the schedule) agreed between the
Client and the Bank for the purposes of securing contingent liabilities, or for
such other purposes as may be agreed, which amount shall be included in the
calculation of Retention;

     

    “Subsidiary” has the same
meaning as in the Corporations Law;

     

    “Total Approved Debts” means
the aggregate amount of Approved Debts owing at any time; and

     

    “Total Outstandings” means, at
any time, the total sum of Purchased Debts which remains unpaid.

     

    
      	
              1.2

            	
              References
      to the singular include the plural and vice versa, and words denoting
      personsinclude:
      -

            

    

     

    
      	
            	
              (a)

            	
              bodies
      corporate and firms;

            

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    
      	
            	
              (b)

            	
              assigns,
      executors, successors or
administrators.

            

    

     

    
      	
              1.3

            	
              Clauses
      1.1 and 1.2 apply unless the contrary intention
  permits.

            

    

     

    
      	
              1.4

            	
              References
      to legislation include regulations made under any legislation, and include
      anyconsolidation
      of, amendment to, re-enactment or replacement of, any Act or
      regulations.

            

    

     

    
      	
              1.5

            	
              Headings
      do not affect the interpretation of this
  Agreement.

            

    

     

    
      	
              1.6

            	
              The
      Schedule forms part of this
Agreement.

            

    

     

    
      	
              2. 

            	
              Offers

            

    

     

    
      	
              2.1

            	
              The
      Client may make Offers at any time during the currency of this Agreement,
      bydelivering
      an Offer Statement to the Bank, in such form and in such manner as the
      Bank may direct.

            

    

     

    
      	
              2.2

            	
              Every
      Offer made by a Client evidenced by an Offer Statement will be made on the
      termsspecified
      in this Agreement.

            

    

     

    
      	
              2.3

            	
              An
      Offer Statement shall be constituted of separate Offers for each of the
      Debts evidencedtherein.

            

    

     

    
      	
              3. 

            	
              Acceptance

            

    

     

    
      	
              3.1

            	
              Assignment
      shall be signified by the entry of particulars of Debts in the books of
      the Bank,following
      the receipt of an Offer Statement.

            

    

     

    
      	
              3.2

            	
              All
      of the Client's right, title and interest to Purchased Debts will pass to
      the Bank uponAssignment.

            

    

     

    3.3

     

    
      	
               
      

            	
              (a)

            	
              Subject
      to Clause 3.3(b), the Bank retains the right not to purchase any Debt
      Offered. Any Debt not so purchased will be referred to as a Rejected
      Debt.

            

    

     

    
      	
               
      

            	
              (b)

            	
              When
      deciding whether or not to purchase any Debt Offered, the Bank must
      consider each Debt Offered on an individual basis and act at all times
      reasonably and in good faith.

            

    

     

    
      	
              3.4

            	
              Where
      required to do so by the Bank, the Client agrees to place payment
      direction detailson
      its Invoices and Debtor Statements for Purchased Debts. Such details must
      be as set out at paragraph 3 of the Schedule, or in such other form as
      required from time to time by the Bank and notified to the Client in
      writing.

            

    

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    
      	
              3.5

            	
              Subject
      to clause 3.2, the Client declares that it will hold all of its right,
      title and interest to allproceeds
      of a Purchased Debt received by the Client on trust for the Bank on and
      from the Effective Date in relation to that Purchased
  Debt.

            

    

     

    
      	
              4.

            	
              Service
      Fee, Line Fee and Other Charges

            

    

     

    
      	
              4.1

            	
              The
      Client acknowledges that the fees and charges that the Bank may require
      the Client topay,
      include (without limitation):-

            

    

     

    
      	
               
      

            	
              (a)

            	
              Service
      Fees, including any minimum amount for Service Fees determined by the Bank
      in accordance with Clause 4A.1;

            

    

     

    
      	
               
      

            	
              (b)

            	
              a
      Line Fee;

            

    

     

    
      	
               
      

            	
              (c)

            	
              Discount,
      at the Discount Rate, including any minimum amount for Discount determined
      by the Bank in accordance with Clause
4A.1;

            

    

     

    
      	
               
      

            	
              (d)

            	
              all
      bank charges and government duties, relating to payments received by the
      Bank for Purchased Debts;

            

    

     

    
      	
               
      

            	
              (e)

            	
              all
      costs and expenses incurred by the Bank in the preparation of this
      Agreement, including legal fees and stamp duties together with all costs
      of the enforcement of this Agreement, and the costs of carrying out any
      transaction required or contemplated by this Agreement, including duties
      payable on any assignment or reassignment of
  Debts;

            

    

     

    
      	
               
      

            	
              (f)

            	
              the
      amount of any payment instrument, where such instrument has been
      dishonoured following payment by a Debtor to the Bank in respect of a
      Purchased Debt; and

            

    

     

    
      	
               
      

            	
              (g)

            	
              such
      other reasonable fees as may be advised by the Bank in writing from time
      to time.

            

    

     

    
      	
              4.2

            	
              The
      Bank has established certain categories of Debtors as set out at paragraph
      4 of theSchedule,
      for the purposes of determining Service Fees. Subject to Clause 4A.1 in
      relation to any Purchased Debt, the Service Fee shall be calculated by:
      -

            

    

     

    
      	
               
      

            	
              (a)

            	
              the
      Bank determining to whichever category in paragraph 4 of the Schedule the
      Debtor belongs; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              applying
      the percentage rate set out opposite such category to the amount of the
      Purchased Debt.

            

    

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    
      	
              4.3

            	
              The
      Bank may add to or withdraw from the categories of Debtors set out at
      paragraph 4 ofthe
      Schedule from time to time upon written notice to the
    Client.

            

    

     

    
      	
              4.4

            	
              The
      Service Fees are and the Line Fee is due and payable as
      follows:-

            

    

     

    
      	
            	
              (a) 

            	
              the
      Service Fee, immediately upon Assignment;
and

            

    

     

    
      	
            	
              (b) 

            	
              the
      Line Fee, monthly in advance, on the last Business Day of each
      month.

            

    

     

    To avoid
doubt, in the case of the Line Fee, an amount equivalent to one-twelfth of the
Line Fee is due and payable in accordance with sub-paragraph 4.4(b) on the last
Business Day of each month.

     

    
      	
              4.5

            	
              The
      Client agrees that the Bank shall be entitled to debit Funds in Use with
      any moneyspayable
      by the Client under this Agreement.

            

    

     

    
      	
              4.6

            	
              Discount
      shall be debited to Funds in Use on the last calendar day of each
      month.

            

    

     

    
      	
              4.7

            	
              The
      Bank is entitled to debit all moneys payable by the Client under this
      Agreement toFunds
      in Use.

            

    

     

    
      	
              4A. 

            	
              Minimum
      charges

            

    

     

    
      
        	
                4A.1

              	
                If
      the Bank advises the Client that a minimum amount or amounts for either
      Service Fees or Discount (or for both Service Fees and Discount) is to
      apply in relation to any period, the Client will pay to the Bank, as and
      when directed by the Bank, any such amounts, notwithstanding that the
      amount of Service Fees or Discount actually charged by the Bank during the
      relevant period is less than such minimum amount or amounts determined by
      the Bank for that period. The Client is entitled to deduct or have
      deducted from such minimum amount any Service Fees or Discount already
      paid during the relevant
period.

              

      

    

     

    
      	
              4B. 

            	
              Goods
      & Services Tax

            

    

     

    
      
        	
                4B.1

              	
                All
      amounts expressed or determined to be payable by the Client under this
      agreement, otherwise than by virtue of this clause, are calculated and
      will be determined exclusive of goods and services
  tax.

              

      

    

     

    
      
        	
                4B.2

              	
                On
      the due date for payment of an amount payable by the Client under this
      agreement for a taxable supply, the amount the Client must pay to the Bank
      is the amount derived by multiplying the original amount payable by the
      formula [1+(the decimal express of the goods and services tax rate imposed
      under the Goods & Services Tax
  legislation)].

              

      

    

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    
      	
              5.

            	
              Retention
      and Classification of Debts

            

    

     

    
      	
              5.1

            	
              The
      Bank has established various classes of Purchased Debts, for the purposes
      ofdetermining
      percentage amounts for Retention, such classes and percentages being set
      out in paragraph 6 of the Schedule. The parties shall by agreement add to
      or withdraw such classes of Purchased Debts from time to
    time.

            

    

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

     

    
      	
              5.2

            	
              The
      Bank shall classify Purchased Debts, utilising the following
      classifications and criteria: -

            

    

     

    
      	
            	
              (a)

            	
              “Unapproved Debt” in
      relation to a Debtor, means a Purchased Debt or any part thereof
      the amount of which exceeds the Funding
Limit;

            

    

     

    
      	
            	
              (b)

            	
              “Disputed Debt”, means a
      Purchased Debt where the Debtor disputes the Debt for any
      reason, or sets up or attempts to set up a set-off or
      counterclaim;

            

    

     

    
      	
            	
              (c)

            	
              “Ineligible Debt” means a
      Purchased Debt where: -

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      Debtor is a Related Person or Entity of the Client;
  or

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      Sale is made upon terms and conditions which are unacceptable to the Bank
      (acting reasonably); or

            

    

     

    
      	
               
      

            	
              (iii)

            	
              the
      Bank classifies the Debt as an Ineligible Debt upon the occurrence of any
      of the events set out in sub-Clauses 14.1 (a), (b), (c) (d) or (e);
      with

            

    

     

    
      	
            	
              (d)

            	
              all
      other Purchased Debts being classified asApproved
      Debts.

            

    

     

    
      	
              5.3

            	
              The
      Client and the Bank acknowledge that:
-

            

    

     

    
      	
            	
              (a) 

            	
              the
      criteria contained in Clause 5.2 are not exhaustive, and
    that

            

    

     

    
      	
            	
              (b) 

            	
              the
      Bank may only reclassify any Purchased Debt (acting
      reasonably).

            

    

     

    
      
        	
                5.4

              	
                Approved
      Debts, Unapproved Debts and Disputed Debts are Debts the amounts of which
      are, subject to Retention, available for Prepayments; whilst an Ineligible
      Debt is a Debt the amount of which is not available for
      Prepayments.

              

      

    

     

    
      	
              6.

            	
              Funding
      Limits and Debtor Concentration
Limits

            

    

     

    
      	
              6.1

            	
              The
      Bank may, at its absolute discretion, establish, vary or cancel Funding
      Limits from timeto
      time.

            

    

     

    
      	
              6.2

            	
              In
      relation to any Debtor, the Bank shall have an absolute discretion in
      determiningwhichever
      Purchased Debts (or part thereof) are within the Funding
      Limit.

            

    

     

    
      	
              6.3

            	
              All
      Funding Limits are cancelled forthwith upon termination of this
      Agreement.

            

    

     

    
      	
              6.4

            	
              The
      Bank may set a Debtor Concentration Limit in respect of any
      Debtor.

            

    

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

     

    
      	
              7.

            	
              Purchase
      Price and Prepayments

            

    

     

    
      	
              7.1

            	
              Subject
      to Clause 9.5, the Purchase Price will become payable to the Client upon
      aPurchased
      Debt becoming a Matured Debt.

            

    

     

    
      	
              7.2

            	
              Notwithstanding
      the provisions of Clause 7.1, the Bank shall, if requested by the Client
      atany
      time, make Prepayments, subject to Client
  Availability.

            

    

     

    
      	
              7.3

            	
              Client
      Availability at any time shall be calculated as follows:
  -

            

    

     

    
      	
               
      

            	
              (a)

            	
              the
      amount of Total Outstandings, Less

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      sum of Retention and the debit balance of Funds in Use, or, if Funds in
      Use has a credit balance, then the difference between Retention and such
      credit balance.

            

    

     

    
      	
              7.4

            	
              Prepayments
      shall be debited to Funds in Use.

            

    

     

    
      	
              7.5

            	
              The
      Client shall only be entitled to any moneys classified as Retention when
      the Bank hasreceived
      and reconciled payment of the Debt to which they refer. Such entitlement
      is recorded by the crediting of the amount received (less the Service Fee)
      to Funds in Use with a corresponding reduction in Total Outstandings and
      adjustment to Retention.

            

    

     

    
      	
              7.6

            	
              If,
      at any time, the amount determined by applying Retention to the balance of
      Funds in Useexceeds
      Total Outstandings, then the amount of such excess shall be immediately
      due and payable to the Bank.

            

    

     

    
      	
              7.7

            	
              If
      at any time the balance of Funds in Use is in credit, the Bank may, at its
      discretion, paysuch
      credit balance to the Client, without a request from the Client under
      Clause 7.2.

            

    

     

    
      	
              7.8

            	
              Following
      any request under Clause 7.2, the proceeds of the relevant Prepayment
      shall,where
      the Clients' account nominated at paragraph 8 of the Schedule is with the
      Bank, be credited as cleared funds to that account within one Business Day
      of such request. If the Client's nominated account is with a financial
      institution other than the Bank, then such proceeds will be paid to that
      financial institution for the credit of the Client within one Business
      Day.

            

    

     

    
      	
              8.

            	
              Variation
      of Retention Percentages, Service Fee and
Margin

            

    

     

    
      	
              8.1

            	
              The
      Bank may at its discretion, at any time, vary any of:
  -

            

    

    
      	
            	
              (a) 

            	
              the
      percentages for Retention as set out at paragraph 6 of the Schedule;
      or

            

    

     

    
      	
            	
              (b) 

            	
              the
      Service Fees; or

            

    

     

    
      	
            	
              (c) 

            	
              the
      Margin, or

            

    

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

     

    
      	
            	
              (d)

            	
              the
      Line Fee,

            

    

     

    to take
effect upon 30 days written notice to the Client.

     

    
      	
              9. 

            	
              Statements
      and Collections

            

    

     

    
      	
              9.1

            	
              If
      requested by the Bank to do so at any time, the Client will forward its
      Debtor Statements(or
      any other evidence of Debts) to the Bank, in such manner as the Bank may
      request.

            

    

     

    
      	
              9.2

            	
              In
      the case of Non-Disclosed Debts, the Bank may require the Client to
      appoint the Bank (orthe
      Bank’s agent) as the Client’s agent for the purposes of producing and
      forwarding Debtor Statements. Any such appointment may only be terminated
      with the approval of the Bank.

            

    

     

    
      	
              9.3

            	
              The
      Bank may collect the proceeds of, and enforce payment of, every Purchased
      Debt. Inthe
      event of there being any impediment or defence to the Bank’s rights under
      this Clause, the Client shall immediately take all steps necessary to
      remedy or remove any such impediment or
defence.

            

    

     

    
      	
              9.4

            	
              Notwithstanding
      the nominations contained in paragraph 9 of the Schedule, the Bank
      mayfrom
      time to time at its discretion determine the responsibilities for and the
      methods of collection and enforcement for Non-Disclosed
    Debts.

            

    

     

    
      	
              9.5

            	
              Without
      limiting any other provision of this Agreement, if the Client receives any
      amount inrelation
      to a Purchased Debt (other than a Prepayment) it must immediately pay that
      amount into the relevant Proceeds
Account.

            

    

     

    
      	
              9.6

            	
              The
      Bank will credit an amount equivalent to the proceeds of Matured Debts to
      Funds inUse.

            

    

     

    
      	
              9.7

            	
              The
      Bank may engage agents for the purposes of collection action in relation
      to PurchasedDebts
      and may institute and conduct legal proceedings whether in its name or the
      name of the Client, and the Bank shall have full control of such
      proceedings.

            

    

     

    
      	
              9.8

            	
              The
      Client indemnifies the Bank against all costs and fees (including, without
      limitation,commissions,
      legal fees and court costs) expended by the Bank in taking or authorising
      any collection action or initiating legal process under Clause
      9.7.

            

    

     

    
      	
              10. 

            	
              Reserved
      Matters

            

    

     

    The
Client agrees that the Bank may from time to time, and at its discretion,
determine which of the Reserved Matters shall be the responsibility of the
Client or of the Bank. For the purposes of this Clause, “Reserved Matters” means
those matters as set out at paragraph 9 of the Schedule. The Bank’s initial
determination as to such responsibilities is set out therein.

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

     

    
      	
              11. 

            	
              Bank
      Accounts

            

    

     

    
      
        	
                11.1

              	
                The
      Client authorises the Bank to open accounts with the Bank in the name of
      the Client for the purposes of paying into such accounts all payments made
      and all moneys received in respect of Purchased
  Debts.

              

      

    

     

    
      
        	
                11.2

              	
                The
      Client acknowledges that beneficial ownership of Proceeds Accounts is
      vested in the Bank, and that the Bank shall have the sole right of
      operation of the accounts.

              

      

    

     

    
      
        	
                11.3

              	
                All
      bank fees and government charges relating to the Proceeds Accounts (and
      transactions on those accounts) are to be borne by the
    Client.

              

      

    

     

    
      
        	
                11.4

              	
                The
      Client will place relevant BSB and account numbers for the relevant
      Proceeds Account on all Debtor Statements and Assignment Notices as
      directed by the Bank.

              

      

    

     

    
      
        	
                11.5

              	
                The
      Client agrees that the Bank may deposit payments relating to Purchased
      Debts into a Proceeds Accounts, irrespective of whether such payments
      include instruments made payable to the Client, and the ClientHEREBY RELEASES AND INDEMNIFIES
      the Bank from and against all claims, demands, causes of action and
      suits which it has or may have or, but for the execution of this Agreement
      would have had, in relation to the Bank effecting deposits of such
      payments, and applying the proceeds thereof, AND HEREBY FURTHER INDEMNIFIES the Bank
      against all claims, demands causes of action and suits by any persons
      asserting rights of ownership over such
  payments.

              

      

    

     

    
      	
              12. 

            	
              Account
      Report

            

    

     

    
      The
Bank will
forward the Account Report to the Client within 10 working days of the Cut-Off
Date.

    

     

    
      	
              13. 

            	
              Warranties
      and acknowledgments by the Client

            

    

     

    
      
        	
                13.1

              	
                The
      Client acknowledges that all information supplied to the Bank whether in
      an Offer Statement or by any other means, whether orally or in writing,
      shall be relied upon by the Bank in considering whether to accept any
      Offer, in classifying any Purchased Debt, or in calculating Retention from
      time to time.

              

      

    

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

     

    
      	
              13.2

            	
              The
      Clientwarrants,
      acknowledges and agrees that:
-

            

    

     

    
      	
               
      

            	
              (a)

            	
              it
      has a good, valid and enforceable title in respect of each Debt Offered to
      the Bank;

            

    

     

    
      	
               
      

            	
              (b)

            	
              prior
      to making any Offer, it will have carried out all of its obligations in
      relation to each Sale, including the delivery of goods, and the
      performance of services;

            

    

     

    
      	
               
      

            	
              (c)

            	
              it
      has or will have observed, in respect of each Sale, all statutory and
      regulatory requirements in effecting and carrying out such delivery of
      goods and performance of services;

            

    

     

    
      	
               
      

            	
              (d)

            	
              the
      Bank will obtain title to each Purchased Debt free from all encumbrances
      and equities whatsoever in respect of that Purchased
  Debt;

            

    

     

    
      	
               
      

            	
              (e)

            	
              each
      Sale will have arisen in the ordinary course of business, and has been
      effected in accordance with the Client’s usual terms and conditions of
      trading, other than where the Client has varied the usual terms and
      conditions of a Sale, in respect of which it has, at the time of Offering
      the Debt to the Bank, advised the Bank of such
  variation;

            

    

     

    
      	
               
      

            	
              (f)

            	
              the
      Client has deducted all deposits, trade discounts and all other allowances
      and deductions from the price of the goods and/or services being supplied,
      and the Debtor is liable to pay the face value of each Invoice save for
      any settlement discount offered;

            

    

     

    
      	
               
      

            	
              (g)

            	
              to
      the best of its knowledge, whether actual or constructive, no Debtor is in
      breach of any of the terms of any Sale, and no Debtor is, nor will any
      Debtor be, entitled to rescind the Sale, or to make any counter-claim,
      set-off, defence or other equity in respect of the
  Sale;

            

    

     

    
      	
               
      

            	
              (h)

            	
              to
      the best of its knowledge, whether actual or constructive, no Debtor is
      insolvent, nor has any Debtor made any payment or arrangement for the
      benefit of its creditors generally;

            

    

     

    
      	
               
      

            	
              (i)

            	
              all
      information (whether contained in an Offer Statement or otherwise, and
      whether or not such information has been requested by the Bank) presented
      to the Bank is complete, true and
correct;

            

    

     

    
      	
               
      

            	
              (j)

            	
              it
      will advise the Bank immediately of all claims and disputes arising out of
      Sales and of any other matters likely to affect the Bank’s ability to
      enforce its rights in respect of any
Debt;

            

    

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (k)

            	
              it
      will, in the event that a Debtor has effected any payment relating to a
      Purchased Debt to an account controlled by the Client, immediately lodge
      an equivalent amount with the Bank, and will procure that future payments
      are made by Debtors to the Bank;

            

    

     

    
      	
               
      

            	
              (l)

            	
              where
      a Debtor makes a payment on account of general indebtedness such payment
      will be appropriated firstly, towards Purchased Debts, secondly, towards
      Funds in Use, with any remaining balance then to be appropriated at the
      discretion of the Client;

            

    

     

    
      	
               
      

            	
              (m)

            	
              it
      will issue and deliver to the Bank forthwith all credit notes required to
      be issued in respect of any Purchased Debts and will reimburse the Bank
      forthwith for the amount of such credit
notes;

            

    

     

    
      	
               
      

            	
              (n)

            	
              it
      will indemnify and keep
      indemnified the Bank against any claim of whatsoever kind by a
      Debtor against the Bank arising out of a
Sale;

            

    

     

    
      	
               
      

            	
              (o)

            	
              it
      will supply to the Bank, as and when the Bank requests, any information or
      documents which the Bank may reasonably require for the Bank to comply
      with any applicable laws relating to sanctions, anti-money laundering or
      counter-terrorism financing, including (without limitation) laws imposing
      "know your customer" or other identification requirements; and
      that

            

    

     

    
      	
               
      

            	
              (p)

            	
              the
      name of the individual persons given to the Bank as principals, directors
      or signatories of the Client are true and correct and the Client
      acknowledges 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 identification
      procedures.

            

    

     

    
      	
              13.3

            	
              The
      Client further acknowledges and warrants that it will:
  -

            

    

     

    
      	
            	
              (a) 

            	
              keep
      all books and records required by
law;

            

    

     

    
      	
            	
              (b) 

            	
              prepare
      and forward: -

            

    

     

    
      
        	
              	
                (i)

              	
                within
      seven days of a request to do so by the Bank, an open item aged Debtors’
      analysis or, copies of Debtor Statements, or both, if required by the
      Bank; or

              

      

    

     

    
      
        	
              	
                (ii)

              	
                within
      thirty days of a request to do so by the Bank, its monthly accounts
      including a balance sheet, profit and loss
  statement;

              

      

    

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

     

    
      	
            	
              (c)

            	
              prepare
      its accounts for each financial year and make the same available to
      theBank,
      and, if the Bank requests, together with the accounts of any of Hudson
      Highland Group Inc., Hudson Highland (APAC) Pty Limited and Hudson Global
      Resources (NZ) Limited, and deliver to the Bank such reports as the Bank
      may direct no later than three months after the end of each financial
      year;

            

    

     

    
      	
            	
              (d)

            	
              permit
      the Bank or its authorised representatives at all reasonable times to
      enter itspremises
      for the purposes of inspecting the Client’s books and
    records;

            

    

     

    
      	
            	
              (e)

            	
              prepare
      and deliver at its expense, copies of such records accounts and books
      asrequested
      by the Bank;

            

    

     

    
      	
            	
              (f)

            	
              disclose
      in good faith to the Bank at all times all material matters within
      itsknowledge
      relevant to the credit history, credit worthiness or credit standing of
      Debtors;

            

    

     

    
      	
            	
              (g)

            	
              supply
      the Bank with the financial statements of the Client and any of
      HudsonHighland
      Group Inc., Hudson Highland (APAC) Pty Limited and Hudson Global Resources
      (NZ) Limited in such form and at such times as the Bank may reasonably
      require;

            

    

     

    
      	
            	
              (h)

            	
              advise
      the Bank forthwith in writing on the happening of any of the following :
      -

            

    

     

    
      	
            	
              (i)

            	
              any
      event of default as described in Clause
17;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              any
      change in the nature of the Client's
business;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              where
      the Client is a body corporate, any alteration in the shareholding,
      directors or management of the Client or any Related Body
      Corporate;

            

    

     

    
      	
               
      

            	
              (iv)

            	
              any
      financial obligation or commitment, contingent or otherwise, entered into
      or agreed to be entered into, for the benefit of any third party,
      including any Related Person or Entity of the Client, other than any
      Permitted Financial Indebtedness;

            

    

     

    
      	
            	
              (i)

            	
              not
      make any alteration to its usual terms and conditions of trading without
      providingat
      least 7 days notice of its intention to do so in writing to the
      Bank;

            

    

     

    
      	
            	
              (j)

            	
              not
      do any thing or fail to do any thing which might in any way prejudice
      thecontinuation
      in full force and effect of any policy of trade or credit
      insurance;

            

    

     

    
      	
            	
              (k)

            	
              assign
      to the Bank when requested, all rights and remedies under any policy of
      tradeor
      credit insurance in relation to any Purchased
  Debts;

            

    

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (l)

            	
              advise
      the Bank (and provide specimen signatures) of all persons authorised to
      originate Offers and provide instructions to the Bank relating to any
      matters relevant to this Agreement;

            

    

     

    
      	
               
      

            	
              (m)

            	
              advise
      the Bank of the name of any person or body corporate which becomes or
      ceases to be a Related Body
Corporate;

            

    

     

    
      	
               
      

            	
              (n)

            	
              not
      assign, transfer or charge its rights and obligations in respect of this
      Agreement without the prior consent of the Bank obtained in writing;
      and

            

    

     

    
      	
               
      

            	
              (o)

            	
              supply
      to the Bank, when the Bank asks, any information or documents which the
      Bank may reasonably require for the Bank to comply with any applicable
      laws relating to sanctions, anti-money laundering or counter-terrorism
      financing, including (without limitation) laws imposing “know your
      customer” or other identification
requirements.

            

    

     

    
      
        	
                13.4

              	
                The
      Client agrees that it will only utilise the proceeds of Prepayments for
      purposes related to its
business.

              

      

    

     

    
      
        	
                13.5

              	
                The
      Client agrees that, in relation to all records and information (which
      includes, without limitation, contracts, computer records and software and
      stock records) pertaining to Purchased Debts:
-

              

      

    

     

    
      	
               
      

            	
              (a)

            	
              its
      right title and interest in the same has been charged to the Bank pursuant
      to a charge dated on or about the date of this Agreement and it will
      provide to the Bank, at such times requested by the Bank, access to all
      records and information (which includes, without limitation, contracts,
      computer records and software and stock records) pertaining to Purchased
      Debts held by the Client; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              it
      will not do any act, nor fail to do any act which would prejudice the
      rights of the Bank under this
Clause.

            

    

     

    The
Bank’s rights under this Clause shall survive any termination of this Agreement,
unless the Bank agrees otherwise, in writing.

     

    
      
        	
                13.6

              	
                The
      Client acknowledges that the warranties and acknowledgments in Clause 13.2
      are repeated and apply in respect of each Offer made to the Bank during
      the currency of this Agreement, and shall remain continuing warranties in
      respect of all Purchased Debts and shall not be terminated, affected or
      impaired by any termination of this
Agreement.

              

      

    

     

    
      
        	
                13.7

              	
                The
      Client acknowledges that the Bank may, at its absolute discretion, grant
      any time, indulgence or forbearance to the Client or a Debtor, and that
      such granting of time, indulgence or forbearance will not in any way
      discharge either the Client or Debtor from any liabilities under this
      Agreement, nor create any estoppel binding on the
  Bank.

              

      

    

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

     

    
      	
              14.

            	
              Reassignment
      and Repurchase

            

    

     

    
      	
              14.1

            	
              If
      in relation to any Purchased Debt:
-

            

    

     

    
      	
               
      

            	
              (a)

            	
              there
      occurs any breach of warranty under this Agreement by the Client;
      or

            

    

     

    
      	
               
      

            	
              (b)

            	
              there
      occurs a default in the payment of the full amount owing in respect of the
      Debt by the Due Date; or

            

    

     

    
      	
               
      

            	
              (c)

            	
              the
      Debt becomes a Disputed Debt (as defined in clause 5.2(b));
    or

            

    

     

    
      	
               
      

            	
              (d)

            	
              the
      Client does not approve of the taking of legal action in respect of the
      Debt, following a request to that effect by the Bank, or
    where

            

    

     

    
      	
               
      

            	
              (e)

            	
              this
      Agreement is terminated for any
reason,

            

    

     

    then the
Bank shall be entitled to either: -

     

    
      	
               
      

            	
              (f)

            	
              reassign
      the Debt to the Client, and the Client shall execute any documents
      necessary to effect such reassignment;
or

            

    

     

    
      	
               
      

            	
              (g)

            	
              reclassify
      the Debt as an Ineligible Debt.

            

    

     

    For the
purposes of this Clause, “Due
Date”, in relation to a Purchased Debt, means the date which is 90 days
after the end of the month in which the Effective Date for that Purchased Debt
occurs.

     

    
      
        	
                14.2

              	
                The
      Bank shall also be entitled to exercise its rights of reassignment under
      Clause 14.1 (e) upon termination of this Agreement for any
      reason.

              

      

    

     

    
      
        	
                14.3

              	
                Where
      the Bank determines to reassign a Debt or reclassify a Debt as an
      Ineligible Debt, then, upon such reassignment or reclassification, the
      Bank shall be entitled to be reimbursed for the face amount (“Value”) of
      such Debt and the Bank may: -

              

      

    

     

    (a)           require
the Client to reimburse the Bank forthwith for the Value; or

     

    (b)           may
debit Funds in Use for the Value.

     

    
      
        	
                14.4

              	
                The
      Client may apply, at any time, to repurchase any Purchased Debt from the
      Bank, subject to the Bank’s absolute discretion as to whether to allow
      such repurchase.

              

      

    

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

     

    
      	
              14.5

            	
              On
      reassignment or repurchase under this Clause 14:
  -

            

    

     

    
      	
               
      

            	
              (a)

            	
              all
      rights and obligations of the Bank under this Agreement in relation to
      such Debts shall determine; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      proceeds of such Debts are released from the trust established under
      Clause 3.5 without any further action being taken by the Bank or the
      Client; the Client may, at any time following reassignment or repurchase
      Offer such reassigned or repurchased Debts on the same terms and
      conditions as apply in this
Agreement.

            

    

     

    
      	
              15.

            	
              Disclosure
      and Non-Disclosure

            

    

     

    
      
        	
                15.1

              	
                Subject
      to this Agreement, the Bank may agree to accept Offers from the Client on
      either a Disclosed or Non-Disclosed
basis.

              

      

    

     

    
      
        	
                15.2

              	
                Where
      the Bank has determined under this Agreement to require the Client to
      collect the proceeds of Non-Disclosed Debts, the Client shall at all times
      act as the Bank may direct, and shall collect and hold all such proceeds
      on behalf of the Bank, and account for same to the Bank forthwith upon
      receipt.

              

      

    

     

    
      
        	
                15.3

              	
                Notwithstanding
      any other provision of this Agreement, the Bank shall be entitled to issue
      Assignment Notices to Debtors in respect of Non-Disclosed Debts,
      immediately upon either:-

              

      

    

     

    (a)           the
occurrence of an event of default under Clause 17; or

     

    (b)           the
expiry of thirty days notice in writing to that effect to the
Client.

     

    
      
        	
                15.4

              	
                Upon
      the provisions of Clause 15.3 coming into effect, the Client shall all
      times render such assistance to the Bank as it reasonably requires to
      assist in the collection of Non-Disclosed
Debts.

              

      

    

     

    
      	
              16.

            	
              Charges
      and Security

            

    

     

    
      
        	
                16.1

              	
                Apart
      from any security or charge already consented to by the Bank, the Client
      warrants that: -

              

      

    

     

    
      	
            	
              (a)

            	
              it
      has no mortgage over, or fixed or floating charges outstanding on any part
      of itsassets
      or undertakings and that it is not a party to any transaction, agreement
      or arrangement whereby Purchased Debts are or could become subject to any
      interest or charge or encumbrance of any kind, and the Client will not
      create any such interest or charge, or enter into any such transaction,
      agreement or arrangement without the Bank's prior consent in writing;
      and

            

    

    
      
         

      

      
        19

        
          

        

      

      
         

      

    

     

    
      	
            	
              (b)

            	
              there
      is no impediment to the Client offering to sell Debts to the Bank from
      time totime.

            

    

     

    
      
        	
                16.2

              	
                The
      Client will execute in favour of the Bank, a registered fixed and floating
      charge and mortgage or such other security as the Bank may require, on
      terms and conditions acceptable to the Bank, over all or any of the
      Client’s assets and undertakings as security for the payment of all sums
      due or becoming due to the Bank by the Client. This Agreement is an
      agreement to which any such charge or other security
    extends.

              

      

    

     

    
      	
              17.

            	
              Default

            

    

     

    
      
        	
                17.1

              	
                Without
      limiting any event of default in any security supporting repayment of any
      moneys which may become due or owing by the Client under this Agreement,
      an event of default occurs if:
-

              

      

    

     

    
      	
               
      

            	
              (a)

            	
              the
      Client defaults in the due observance and performance of any of the
      covenants and undertakings in this
Agreement;

            

    

     

    
      	
               
      

            	
              (b)

            	
              where
      the Client is a body corporate, the Bank in its absolute discretion
      determines that a material change in the legal and beneficial ownership or
      control or a Significant Influence (as defined in Accounting Standard AASB
      1017: Related Party Disclosures, or any successor to Accounting Standard
      AASB 1017) of the Client or of a Related Body Corporate of the Client
      [Note: this change is rejected from the Hudson draft] is not acceptable to
      the Bank;

            

    

     

    
      	
               
      

            	
              (c)

            	
              any
      other events or series of events, whether related or not, occurs
      (including, without limitation, any material adverse change in the
      business, assets or financial condition of the Client or any Related Body
      Corporate of the Client) which, in the opinion of the Bank, renders it
      less likely that the Client [Note this change is rejected from the Hudson
      draft] is able to substantially comply with its obligations under this
      Agreement; or

            

    

     

    
      	
               
      

            	
              (d)

            	
              the
      Client, a Debtor, a Related Person or Entity or a person who has authority
      to act as an agent appears to the Bank to be a Proscribed
      Person.

            

    

     

    
      
        	
                17.2

              	
                If
      an event of default occurs under this Agreement or under any security
      given to the Bank by the Client, the Bank may, at its option, and
      notwithstanding any delay or previous waiver of the right to exercise such
      option, immediately declare that:
-

              

      

    

     

    (a)           declare
that the Client is in default;

     

    (b)           declare
that this Agreement or any other Agreement is terminated; and

    
      
         

      

      
        20

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (c)

            	
              refuse
      to process or complete a Sale or any transaction of the Client’s and/or a
      Proscribed Person;

            

    

     

    
      	
               
      

            	
              (d)

            	
              stop
      payment of funds (including, but not limited to Funds in Use), suspend the
      provision of a product or service under an
  Agreement;

            

    

     

    
      	
               
      

            	
              (e)

            	
              refuse
      to consent to any dealings with any security by the Client, a Debtor, a
      Related Person or Entity or any authorised agent;
  and

            

    

     

    
      	
               
      

            	
              (f)

            	
              declare
      that any amounts owing to the Bank under this Agreement are payable
      immediately.

            

    

     

    
      
        	
                17.3

              	
                Any
      declaration or action taken under Clause 17.2 does not limit any of the
      Bank’s rights under any security given by the Client to the
      Bank.

              

      

    

     

    
      
        	
                17.4

              	
                Termination
      of the Agreement will not affect any accrued rights under this Agreement,
      and the provisions of this Agreement will remain in effect to bind both
      parties in order to give effect to such accrued
  rights.

              

      

    

     

    
      	
              17.5

            	
              The
      Client acknowledges and agrees that it will be liable for any damages,
      losses, costs orexpenses
      that the bank reasonably incurs in exercising its rights under clause
      17.2.

            

    

     

    
      
        	
                17.6

              	
                The
      Bank will not be responsible for any loss, liability or costs incurred by
      the Client if the Client is in default under
  17.1(d).

              

      

    

     

    
      	
              18. 

            	
              Certification

            

    

     

    The
Client agrees that a certificate in writing made up from the books of the Bank,
and signed by an officer of the Bank of the status of "manager", stating the
balances of Funds in Use or Retention shall be sufficient evidence of such
balances, and of all other matters set out in such certificate, without it being
necessary for the Bank to produce any books or vouchers to verify the same, in
the absence of manifest error.

     

    
      	
              19. 

            	
              Power
      of Attorney

            

    

     

    
      
        	
                19.1

              	
                The
      Client hereby irrevocably appoints the Bank and every Authorised Officer
      thereof as its attorney both during the currency of and after the
      termination of this Agreement to execute all documents and do all things
      required in the Client's name and on its behalf in order to give effect to
      the provisions of this Agreement including (but without limiting the
      generality of the foregoing):
-

              

      

    

     

    
      	
            	
              (a)

            	
              the
      endorsement of any negotiable
instrument;

            

    

     

    
      
         

      

      
        21

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (b)

            	
              the
      execution of a legal assignment or legal assignments of all or any Debts
      which may from time to time be sold to the Bank in pursuance of this
      Agreement;

            

    

     

    
      	
               
      

            	
              (c)

            	
              the
      collection of the proceeds of any Purchased Debt (including taking
      enforcement action for the collection of any Purchased Debt);
      and

            

    

     

    
      	
               
      

            	
              (d)

            	
              the
      granting of any compromise in respect of any Purchased Debt, or the giving
      of a discharge for any Purchased
Debt;

            

    

     

    The Bank
is hereby empowered to appoint and remove at its discretion any substitute or
agent in respect of all or any of the matters referred to in this Clause. For
the purposes of this Clause, “Authorised Officer” includes every officer of the
Bank the title for whose position is or includes the word “Manager” or
“Accountant”.

     

    
      
        	
                19.2

              	
                Termination
      of this Agreement shall not revoke or in any way affect the appointment
      under this Agreement of the Bank as the Client’s
  attorney.

              

      

    

     

    
      	
              20.

            	
              Termination

            

    

     

    
      
        	
                20.1

              	
                Subject
      to this Agreement, either party may give 90 days written notice of its
      intention to terminate this
Agreement.

              

      

    

     

    
      
        	
                20.2

              	
                Notwithstanding
      any other provision of this Agreement, the Client’s right to request
      Prepayments shall cease upon termination of this
  Agreement.

              

      

    

     

    
      	
              20.3

            	
              Upon
      the termination of this Agreement for any reason then:
  -

            

    

     

    
      	
               
      

            	
              (a)

            	
              if
      Funds in Use has a debit balance, then such debit balance will immediately
      become a debt due and payable to the Bank;
and

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Bank is not obliged to allow as a set-off against the amount of Funds in
      Use payable by the Client, any amount of Purchase Price of outstanding
      Debts (whether it consists of Retention or otherwise) unless and to the
      extent that the Bank receives payment of the Debt on its
      maturity.

            

    

     

    
      
        	
                20.4

              	
                The
      Client shall only be entitled to any credit balance of Funds in Use, upon
      all of its liabilities to the Bank (including accrued discount and
      contingent liabilities) being calculated and discharged following
      termination.

              

      

    

     

    
      
        	
                20.5

              	
                Any
      debit balance of Funds in Use owing to the Bank, is immediately due and
      payable to the Bank, notwithstanding that the Bank may be holding
      outstanding Debts or may be holding as Retention an amount against
      contingent liabilities of the
Client.

              

      

    

    
      
         

      

      
        22

        
          

        

      

      
         

      

    

     

    
      
        	
                20.6

              	
                Discount
      shall continue to accrue pursuant to the terms of this Agreement on any
      balance of Funds in Use owing to the Bank following the termination of
      this Agreement.

              

      

    

     

    
      	
              21.

            	
              Commissions

            

    

     

    
      
        	
                21.1

              	
                The
      Client acknowledges that the Bank may pay commissions or fees to persons
      from whom the Bank receives referrals of persons seeking finance or
      factoring facilities.

              

      

    

     

    
      
        	
                21.2

              	
                The
      Client further acknowledges that any person who has referred the Client to
      the Bank or has acted as a broker in relation to this Agreement has done
      so as the agent of the
Client.

              

      

    

     

    
      	
              22.

            	
              Notices

            

    

     

    
      
        	
                22.1

              	
                Notice
      to be served under this Agreement may be delivered or sent personally, or
      by prepaid post, or by facsimile or by prearranged electronic means, to
      the party to be served as set out in the
  Schedule.

              

      

    

     

    A notice
is deemed to be given:

     

    
      
        	
              	
                (a)

              	
                if
      the notice is delivered personally, on the date the notice is received by
      a person at the
      addressee’s address for
notices;

              

      

    

     

    
      
        	
              	
                (b)

              	
                if
      the notice is sent by pre-paid post, on the date the notice would have
      been received
      in the ordinary course of
post;

              

      

    

     

    
      
        	
              	
                (c)

              	
                if
      the notice is sent by facsimile transmission which produces a transmission
      report, at
      the time shown in a transmission report which indicates that the whole
      transmission was sent; and

              

      

    

     

    
      
        	
              	
                (d)

              	
                if
      the notice is sent by prearranged electronic means, at the time the
      electronic notice enters
      the designated information
system.

              

      

    

     

    
      	
              22.2

            	
              Either
      party may at any time, upon written notice to the other, amend its address
      for service.

            

    

     

    
      
        	
                23.

              	
                Variation

              

      

    

     

    In
addition to any rights of the Bank to vary certain provisions as set out in this
Agreement, the parties may by agreement in writing modify any of the terms and
conditions contained herein.

    
      
         

      

      
        23

        
          

        

      

      
         

      

    

     

    24.          Liability
Joint and Several

     

    Where two
or more Clients are parties to this Agreement, then this Agreement and all
covenants and undertakings contained herein shall bind all of them jointly and
each of them severally.

     

    25.          Applicable
Law

     

    This
Agreement is to be governed by the Law of the State of New South Wales, and the
parties submit to the exclusive jurisdiction of the courts of New South Wales
for all matters arising out of this Agreement.

    
      
         

      

      
        24

        
          

        

      

      
         

      

    

     

    SCHEDULE

     

    
      
        
          
            
              	
                      1.

                    	
                      Client’s
      Name and ACN: -

                    	
                      Hudson
      Global Resources (Aust) Pty

                    
	 
      	 
      	
                      Limited

                    
	 
      	 
      	
                      ACN
      002 888 762

                    
	 
      	 
      	 
      
	
                      2.

                    	
                      Client’s
      address: -

                    	
                      Level
      19, 45 Clarence Street

                    
	 
      	 
      	
                      SYDNEY
      NSW 2000

                    
	 
      	 
      	 
      
	
                      3.

                    	
                      Details
      for payment directions: -

                    	 
      
	 
      	 
      	 
      
	 
      	
                      (a)         Address:
      -

                    	
                      Level
      19, 45 Clarence Street

                    
	 
      	 
      	
                      SYDNEY
      NSW 2000

                    
	 
      	 
      	 
      
	 
      	
                      (b)         Account
      number (including BSB)

                    	
                      062-000
      10615531

                    
	 
      	 
      	 
      
	
                      4.

                    	
                      Debtor
      Categories and Service Fees: -

                    	 
      
	 
      	 
      	 
      
	 
      	
                      Category
      A Debtors

                    	
                      0.90%
      of the facility limit per annum

                    
	 
      	 
      	
                      charged
      monthly in advance

                    
	 
      	 
      	 
      
	
                      5.

                    	
                      Amount
      of Special User Retention: -

                    	
                      Nil

                    
	 
      	 
      	 
      
	
                      6.

                    	
                      Retention
      percentages for: -

                    	 
      
	 
      	 
      	 
      
	 
      	
                      A.         Approved
      Debts

                    	
                      25%

                    
	 
      	 
      	 
      
	 
      	
                      B.         Unapproved
      Debts

                    	
                      100%

                    
	 
      	 
      	 
      
	 
      	
                      C.         Disputed
      Debts

                    	
                      100%

                    
	 
      	 
      	 
      
	 
      	
                      D.         Ineligible
      Debts

                    	
                      100%

                    
	 
      	 
      	 
      
	 
      	
                      E.         Debtor
      Concentration Retention

                    	
                      100%

                    
	 	 	 
	
                      7.

                    	
                      Margin:
      -

                    	
                      1.60%

                    
	 	 	 
	
                      8.

                    	
                      Account
      details for Prepayments: -

                    	 
      
	 
      	 
      	
                      062000

                    
	 
      	
                      (a)         BSB
      number-

                    	 
      
	 	 	 
	 
      	
                      (b)         Account
      number-

                    	
                      10615531

                    
	 	 	 
	
                      9.

                    	
                      Reserved
      Matters: -

                    	 
      
	 
      	 
      	
                      Client             
            Bank

                    
	 
      	
                      (a)        production
      of Debtor Statements:

                    	
                      √

                    
	 
      	 
      	
                      Client                                           Bank

                    
	 
      	
                      (b)        forwarding
      Debtor Statements:

                    	
                      √

                    
	 
      	 
      	
                      Client                                           Bank

                    
	 
      	
                      (c)        collection
      of Debts:

                    	
                      √

                    
	 
      	 
      	
                      Client                                           Bank

                    
	 
      	
                      (d)        forwarding
      collection correspondence to

                    	
                      √

                    
	 
      	
                      Debtors:

                    	 
      

            

          

        

      

    

    
      
         

      

      
        25

        
          

        

      

      
         

      

    

     

    
      	
              10.

            	
              Cut-Off
      Date: -

            	 
      
	 
      	
              (if
      not last day of month)

            	 
      
	 
      	 
      	 
      
	
              11.

            	
              Matters
      to be included in Account Report: -

            	
              Client
      Statement

            
	 
      	 
      	 
      
	
              12.

            	
              Notices
      to be served as follows: -

            	 
      
	 
      	 
      	 
      
	 
      	
              (a)  to
      the Bank at-

            	
              Level
      8,

            
	 
      	 
      	
              101
      George Street

            
	 
      	 
      	
              PARRAMATTA
      NSW 2150

            
	 
      	 
      	 
      
	 
      	
              For
      the attention of-

            	
              Portfolio
      Manager

            
	 
      	 
      	 
      
	 
      	
              (b)  to
      the Client at-

            	
              Level
      19, 45 Clarence Street

            
	 
      	 
      	
              SYDNEY
      NSW 2000

            
	 
      	 
      	 
      
	 
      	
              For
      the attention of-

            	
              Mark
      Adam Leigh

            

    

    
      
         

      

      
        26

        
          

        

      

      
         

      

    

     

    Signed
for and behalf of COMMONWEALTH

    BANK OF AUSTRALIA by its
authorised

    representative
in the presence of:

    

    
      	
              /s/
      George Bougesis

              Witness

            	 
      	
              /s/
      Sandy Fitzgerald

              Authorised
      representative

            
	 
      	 
      	 
      
	
              George
      Bougesis

              Print
      name

            	 
      	
              Sandy
      Fitzgerald

              Print
      name

            

    

     

    
      
        	
                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

              	
                )

              	
                Address  Level
      19

              
	
                for
      the company

              	
                )

              	
                45
      Clarence Street

              
	 
      	
                )

              	
                Sydney

              
	 
      	
                )

              	 
      
	 
      	
                )

              	
                /s/
      Mark Steyn

              
	 
      	
                )

              	
                Director

              
	
                8/3/2010

              	
                )

              	 
      
	
                Date

              	
                )

              	
                Full
      Name  Mark Steyn

              
	 
      	
                )

              	
                Address  Level
      19

              
	 
      	 
      	
                45
      Clarence Street

              
	 
      	 
      	
                Sydney

              

      

    

     

    
      
         

      

      
        27

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00176-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00176-of-00352.parquet"}]]