Document:

EX-10.15

 Exhibit 10.15 
  

			
	 DATED
	  	2015

 (1) FAUNUS GROUP INTERNATIONAL, INC. 

as FGI 
 - and - 

(2) THOSE COMPANIES LISTED HEREIN 
 as
Security Obligors 
 COMPOSITE GUARANTEE AND 

DEBENTURE 
  

 
  

 CONTENTS 
  

					
	 DEFINITIONS AND INTERPRETATION
	  	 	1	  
	 GUARANTEE AND INDEMNITY
	  	 	5	  
	 COVENANT TO PAY
	  	 	6	  
	 GRANT OF SECURITY
	  	 	6	  
	 FIXED SECURITY
	  	 	7	  
	 FLOATING CHARGE
	  	 	9	  
	 CONVERSION OF FLOATING CHARGE
	  	 	9	  
	 CONTINUING SECURITY
	  	 	10	  
	 LIABILITY OF SECURITY OBLIGORS RELATING TO SECURITY ASSETS
	  	 	11	  
	 ACCOUNTS
	  	 	11	  
	 REPRESENTATIONS
	  	 	11	  
	 UNDERTAKINGS BY THE SECURITY OBLIGOR
	  	 	12	  
	 POWER TO REMEDY
	  	 	18	  
	 WHEN SECURITY BECOMES ENFORCEABLE
	  	 	18	  
	 ENFORCEMENT OF SECURITY
	  	 	19	  
	 RECEIVER
	  	 	20	  
	 POWERS OF RECEIVER
	  	 	21	  
	 APPLICATION OF PROCEEDS
	  	 	23	  
	 SET-OFF
	  	 	23	  
	 DELEGATION
	  	 	24	  
	 FURTHER ASSURANCES
	  	 	24	  
	 POWER OF ATTORNEY
	  	 	25	  
	 PAYMENTS
	  	 	25	  
	 STAMP DUTY
	  	 	25	  
	 COSTS AND EXPENSES
	  	 	26	  
	 CURRENCIES
	  	 	26	  
	 INDEMNITY
	  	 	27	  
	 MISCELLANEOUS
	  	 	27	  
	 RIGHT OF APPROPRIATION
	  	 	28	  
	 NOTICES
	  	 	29	  
	 PARTIAL INVALIDITY
	  	 	30	  
	 RELEASE
	  	 	30	  
	 COUNTERPARTS
	  	 	30	  
	 GOVERNING LAW
	  	 	30	  
	 JURISDICTION OF ENGLISH COURTS
	  	 	31	  

					
	 SCHEDULE 1
	  	 	32	  
	 Security Obligors
	  	 	32	  
	 SCHEDULE 2
	  	 	33	  
	 Guarantee
	  	 	33	  
	 SCHEDULE 3
	  	 	36	  
	 DETAILS OF SECURITY ASSETS
	  	 	36	  
	 Part 1 - Specified Real Property
	  	 	36	  
	 Part 2 - Specified P&M
	  	 	36	  
	 Part 3 - Charged Securities
	  	 	36	  
	 Part 4 - Intellectual Property
	  	 	36	  
	 Part 5 - Inventory Insurances
	  	 	36	  
	 Part 6 - P&M Insurances
	  	 	36	  
	 Part 7 - Real Property Insurances
	  	 	36	  
	 EXECUTION PAGE
	  	 	37	  

			
	THIS DEBENTURE is made on	  	2015

 BETWEEN 
  

	(1)	 FAUNUS GROUP INTERNATIONAL, INC. a Delaware corporation, whose office is at 80 Broad Street, 22nd
Floor, New York, NY 10004 (“FGI”); and 

  

	(2)	 THE COMPANIES LISTED IN SCHEDULE 1 (SECURITY OBLIGORS) to this Deed (the “Security Obligors”).

 IT IS AGREED as follows: 
  

	 	1.	 DEFINITIONS AND INTERPRETATION 

  

	 	1.1	 Definitions 

In this Deed: 
  

	 	(a)	 terms defined in, or construed for the purposes of, the Master Facilities Agreement (as defined below) have the same meanings when used in this Deed (unless
the same are otherwise defined in this Deed); and 

  

	 	(b)	 the following terms have the following meanings: 

“Act” means the Law of Property Act 1925; 

“Assigned Assets” means the Security Assets expressed to be assigned pursuant to clause 5.2 (Security
assignments); 
 “Charged Investments” means the Charged Securities and all present and future Securities Rights
accruing to all or any of the Charged Securities; 
 “Charged Securities” means the Securities specified in part 3
of schedule 3 (Details of Security Assets); 
 “Default” has the meaning given to “Event of
Default” in the Master Facilities Agreement; 
 “Default Rate” means the rate at which the Discount is charged
under the Master Facilities Agreement plus 2%; 
 “Insurances” means all policies of insurance (and all cover notes)
which are at any time held by, or written in favour of, a Security Obligor or in which a Security Obligor from time to time has an interest; 

“Intellectual Property” means all present and future Intellectual Property Rights; 

“Intellectual Property Rights” means 

  
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	 	(a)	 any patents, trade marks, service marks, designs, business names, copyrights, design rights, moral rights, inventions, confidential information, know-how and
other intellectual property rights and interests whether registered or unregistered; and 

  

	 	(b)	 the benefit of all applications and rights to use such assets of the relevant Security Obligor; 

“Inventory” means raw materials, work in progress and finished goods, being the stock-in-trade of the Security
Obligors; 
 “Inventory Insurances” means those policies of insurance (if any) specified in part 5 of schedule 3
(Details of Security Assets) and any other policies of insurance which may replace those policies of insurance; 

“Master Facilities Agreement” means the master facilities agreement dated the same date as this Deed and made between
(1) FGI and (2) the company listed therein as Client, pursuant to which FGI has agreed to make certain accounts receivables facilities available to the Client; 

“Non-Vesting Receivables” means any Receivable purportedly assigned to FGI pursuant to the Master Facilities Agreement
but which does not, for any reason, vest absolutely and effectively in FGI; 
 “Other Proceeds” means all and any
monies paid to a Trust Account which are not the proceeds of Receivables; 
 “Other Receivables” means, save for
Receivables, all present and future book debts and other debts, rentals, royalties, fees, VAT and monetary claims and all other amounts at any time recoverable or receivable by, or due or owing to, any Security Obligor (whether actual or contingent
and whether arising under contract or in any other manner whatsoever) together with: 
  

	 	(a)	 the benefit of all rights, guarantees, Security Interests and remedies relating to any of the foregoing (including, without limitation, negotiable
instruments, indemnities, reservations of property rights, rights of tracing and unpaid vendor’s liens and similar associated rights); and 

  

	 	(b)	 all proceeds of any of the foregoing; 

“P&M” means all plant, machinery, other capital equipment (excluding Inventory) owned by a Security Obligor from
time to time wherever located and all spare parts, replacements, modifications and additions for or to the same and any manuals, logbooks or registration documents relating thereto; 

“P&M Insurances” means those policies of insurance (if any) specified in part 6 of schedule 3 (Details of
Security Assets) and any other policies of insurance which may replace those policies of insurance; 

“Party”means a party to this Deed; 

“Real Property” means all estates and interests in freehold, leasehold and other immovable property (wherever
situated) now or in future belonging to a 

  
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Security Obligor, or in which that Security Obligor has an interest at any time, together with: 
  

	 	(a)	 all buildings and fixtures (including trade fixtures) and fixed P&M at any time thereon; 

 

	 	(b)	 all easements, rights and agreements in respect thereof; and 

  

	 	(c)	 the benefit of all covenants given thereof; 

“Real Property Insurances” means those policies of insurance (if any) specified in part 7 of schedule 3 (Details of
Security Assets) and any other policies of insurance which may replace those policies of insurance; 

“Receiver” means any receiver or receiver and manager appointed by FGI under this Deed; 

“Secured Obligations” means all present and future obligations and liabilities (whether actual or contingent and
whether owed jointly or severally or alone or in any other capacity whatsoever) of any member of the Group to FGI (including but not limited to all monies covenanted to be paid under this Deed). 

“Securities” means all stocks, shares, debentures, bonds, warrants, coupons, negotiable instruments, certificates of
deposit or other securities or “investments” (as defined in part II of schedule II to the Financial Services and Markets Act 2000 as in force at the date of this Deed) now or in future owned (legally or beneficially) by a Security
Obligor, held by a nominee on its behalf or in which the relevant Security Obligor has an interest at any time; 

“Securities Rights” means: 
  

	 	(a)	 all dividends, distributions and other income paid or payable on the relevant Securities or Charged Securities or on any asset referred to in paragraph
(b) of this definition; 

  

	 	(b)	 all rights, monies or property accruing or offered at any time in relation to such Securities or Charged Securities whether by way of redemption,
substitution, exchange, bonus or preference, under option rights or otherwise; 

 “Security” means
the Security Interests created by or pursuant to this Deed; 
 “Security Assets” means all property and assets from
time to time mortgaged, charged or assigned (or expressed to be mortgaged, charged or assigned) by or pursuant to this Deed; 

“Security Period” means the period beginning on the date of this Deed and ending on the date on which: 

 

	 	(a)	 all the Secured Obligations have been unconditionally and irrevocably paid and discharged in full; 

  
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	 	(b)	 the Master Facilities Agreement has been terminated according to its terms; and 

 

	 	(c)	 FGI has no further commitment, obligation or liability under or pursuant to the Finance Documents; 

“Specified P&M” means the P&M (if any) specified in part 2 of schedule 3 (Details of Security Assets);

 “Specified Real Property” means the estates and interests in freehold, leasehold and other immovable property (if
any) specified in part 1 of schedule 3 (Details of Security Assets), together with: 
  

	 	(a)	 all buildings and fixtures (including trade fixtures) and fixed P&M at any time thereon; 

 

	 	(b)	 all easements, rights and agreements in respect thereof; and 

  

	 	(c)	 the benefit of all covenants given in respect thereof; and 

“Spot Rate of Exchange” means FGI’s spot rate of exchange for the purchase of the relevant currency with US
Dollars in the New York foreign exchange market at or about 11am on a particular day. 
  

	 	1.2	 Interpretation 

  

	 	(a)	 Unless a contrary indication appears, any reference in this Deed to: 

 

	 	(i)	 a “Client”, a “Security Obligor” or “FGI” shall be construed so as to include its successors in title,
permitted assigns and permitted transferees; 

  

	 	(ii)	 “this Deed”, the “Master Facilities Agreement”, any other “Finance Document” or any other agreement or
instrument shall be construed as a reference to this Deed, the Master Facilities Agreement, such other Finance Document or such other agreement or instrument as varied, amended, supplemented, extended, restated, novated and/or replaced in any manner
from time to time (however fundamentally and even if any of the same increases the obligations of any member of the Group or provides for further advances); 

  

	 	(iii)	 “assets” includes any present and future properties, revenues and rights of every description and includes uncalled capital;

  

	 	(iv)	 An Event of Default that is “continuing” shall be construed as meaning an Event of Default that has not been waived in writing by FGI, to
the satisfaction of FGI and any waiver given by FGI shall only apply to the specific occurrence of the specific event referred to in such waiver; 

  

	 	(v)	 “including” or “includes” means including or includes without limitation; 

  
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	 	(vi)	 “Secured Obligations” includes obligations and liabilities which would be treated as such but for the liquidation or dissolution of or
similar event affecting any member of the Group; 

  

	 	(vii)	 a provision of law is a reference to that provision as amended or re-enacted; and 

 

	 	(viii)	 the singular includes the plural and vice versa. 

  

	 	(b)	 References to clauses, paragraphs and schedules are to be construed, unless otherwise stated, as references to clauses, paragraphs and schedules of and to
this Deed and references to this Deed include its schedules. 

  

	 	(c)	 Clause and schedule headings are for convenience only and shall not affect the construction of this Deed. 

 

	 	(d)	 Each undertaking of any Security Obligor contained in this Deed must be complied with at all times during the Security Period. 

 

	 	(e)	 The terms of the other Finance Documents and of any side letters between any of the parties thereto in relation to any Finance Document are incorporated in
this Deed to the extent required to ensure that any disposition of the property contained in this Deed is a valid disposition in accordance with section 2(1) of the Law of Property (Miscellaneous Provisions) Act 1989. 

 

	 	(f)	 If FGI reasonably considers that an amount paid by any Security Obligor to FGI under a Finance Document is capable of being avoided or otherwise set aside on
the liquidation or administration of the Security Obligor, then that amount shall not be considered to have been irrevocably paid for the purposes of this Deed. 

 

	 	(g)	 The Security Obligor agrees to be bound by this Deed notwithstanding that any other Security Obligor which was intended to sign or be bound by this Deed did
not so sign or is not bound by this Deed. 

  

	 	(h)	 The Parties intend that this document shall take effect as a deed notwithstanding the fact that a Party may only execute this document under hand.

  

	 	1.3	 Third party rights 

A person who is not a Party shall have no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or enjoy the benefit
of any term of this Deed. 
  

	 	2.	 GUARANTEE AND INDEMNITY 

  

	 	2.1	 Guarantee and indemnity 

Each Security Obligor irrevocably and unconditionally: 

  
 5 

	 	(a)	 guarantees in favour of FGI punctual performance by each member of the Group of all its obligations under the Finance Documents; 

 

	 	(b)	 undertakes in favour of FGI that whenever a member of the Group does not pay any amount when due under, or in connection with, any Finance Document, the
Security Obligors shall immediately on demand pay that amount as if it were the principal obligor; and 

  

	 	(c)	 indemnifies FGI immediately on demand against any cost, loss or liability suffered by FGI, if any obligation guaranteed by it is or becomes unenforceable,
invalid or illegal. The amount of the cost, loss or liability shall be equal to the amount which FGI would otherwise have been entitled to recover. 

  

	 	2.2	 Limitation of guarantee 

Notwithstanding anything contained herein to the contrary, the obligations of the undersigned at any time shall be limited to the
maximum amount owed to FGI pursuant to the Finance Documents. 
  

	 	3.	 COVENANT TO PAY 

  

	 	3.1	 Covenant to pay 

Each Security Obligor covenants in favour of FGI that it will pay and discharge the Secured Obligations from time to time when they
fall due. 
  

	 	3.2	 Default interest 

  

	 	(a)	 Any amount which is not paid under this Deed when due shall bear interest (both before and after judgment and payable on demand) from the due date until the
date on which such amount is unconditionally and irrevocably paid and discharged in full on a daily basis at the rate and in the manner agreed in the Finance Document under which such amount is payable and, in the absence of such agreement, at the
Default Rate from time to time. 

  

	 	(b)	 Default interest will accrue from day to day and will be compounded at such intervals as FGI states are appropriate. 

 

	 	4.	 GRANT OF SECURITY 

  

	 	4.1	 Nature of security 

All Security Interests and dispositions created or made by or pursuant to this Deed are created or made: 

 

	 	(a)	 in favour of FGI; 

  

	 	(b)	 with full title guarantee in accordance with the Law of Property (Miscellaneous Provisions) Act 1994; and 

 

	 	(c)	 as continuing security for payment of the Secured Obligations. 

  
 6 

	 	4.2	 Qualifying floating charge 

Paragraph 14 of schedule B1 to the Insolvency Act 1986 applies to any floating charge created by or pursuant to this Deed (and each
such floating charge is a qualifying floating charge for the purposes of the Insolvency Act 1986). 
  

	 	5.	 FIXED SECURITY 

  

	 	5.1	 Fixed charges 

Each Security Obligor charges and agrees to charge all of its present and future right, title and interest in and to the following
assets which are at any time owned by it, or in which it from time to time has an interest: 
  

	 	(a)	 by way of first legal mortgage the Specified Real Property; 

  

	 	(b)	 by way of first fixed charge: 

  

	 	(i)	 all Real Property and all interests in Real Property not charged by clause 5.1(a); 

 

	 	(ii)	 all licences to enter upon or use land and the benefit of all other agreements relating to land; and 

 

	 	(iii)	 the proceeds of sale of all Real Property other than Specified Real Property; 

 

	 	(c)	 by way of first fixed charge all Specified P&M; 

  

	 	(d)	 by way of first fixed charge the benefit of all contracts, licences and warranties relating to the Specified P&M; 

 

	 	(e)	 by way of first fixed charge all P&M (not charged by clauses 5.1(a), 5.1(b) or 5.1(c)) and the benefit of all contracts, licences and warranties relating
to the same; 

  

	 	(f)	 by way of first fixed charge: 

  

	 	(i)	 all computers, vehicles, office equipment and other equipment (not charged by clause 5.1(c)); and 

 

	 	(ii)	 the benefit of all contracts, licences and warranties relating to the same, 

other than any which are for the time being part of the relevant Security Obligor’s Inventory; 

 

	 	(g)	 by way of first fixed charge the Charged Securities; 

  

	 	(h)	 by way of first fixed charge all Securities Rights from time to time accruing to the Charged Securities; 

  
 7 

	 	(i)	 by way of first fixed charge all rights which a Security Obligor may have at any time against any clearance or settlement system or any custodian in respect
of any Charged Securities; 

  

	 	(j)	 by way of first fixed charge all Securities (not charged by clause 5.1(g)), 

 

	 	(k)	 by way of first fixed charge (A) all Securities Rights from time to time accruing to those Securities and (B) all rights which a Security Obligor
may have at any time against any clearance or settlement system or any custodian in respect of any Securities; 

  

	 	(l)	 in respect of the Client only, by way of first fixed charge all Non-Vesting Receivables and their proceeds now or in the future owing to the Client;

  

	 	(m)	 in respect of the Client only, by way of first fixed charge all Related Rights relating to any Non-Vesting Receivables; 

 

	 	(n)	 in respect of the Client only, by way of first fixed charge all Other Proceeds; 

 

	 	(o)	 by way of first fixed charge the Intellectual Property (if any) specified in part 4 of schedule 3 (Details of Security Assets); 

 

	 	(p)	 by way of first fixed charge all Intellectual Property (if any) not charged by clause 5.1(o); 

 

	 	(q)	 to the extent that any Assigned Asset is not effectively assigned under clause 5.2 (Security assignments), by way of first fixed charge, such
Assigned Asset; 

  

	 	(r)	 by way of first fixed charge (to the extent not otherwise charged or assigned in this Deed): 

 

	 	(i)	 the benefit of all licences, consents, agreements and authorisations held or used in connection with the business of each Security Obligor or the use of any
of its assets; and 

  

	 	(ii)	 any letter of credit issued in favour of a Security Obligor and all bills of exchange and other negotiable instruments held by it; and 

 

	 	(s)	 by way of first fixed charge all of the goodwill and uncalled capital of each Security Obligor. 

 

	 	5.2	 Security assignments 

Each Security Obligor assigns and agrees to assign absolutely (subject to a proviso for reassignment on redemption) all its present and
future right, title and interest in and to: 
  

	 	(a)	 the proceeds of the sale of any Specified Real Property; 

  
 8 

	 	(b)	 the proceeds of the sale of any Specified P&M; 

  

	 	(c)	 the proceeds of the sale of any Charged Securities; 

  

	 	(d)	 the proceeds of the sale of any Intellectual Property specified in part 4 of schedule 3 (Details of Security Assets); 

 

	 	(e)	 the Inventory Insurances, all claims under the Inventory Insurances and the proceeds of the Inventory Insurances; 

 

	 	(f)	 the P&M Insurances, all claims under the P&M Insurances and the proceeds of the P&M Insurances; 

 

	 	(g)	 the Real Property Insurances, all claims under the Real Property Insurances and the proceeds of the Real Property Insurances; 

 

	 	(h)	 the Insurances, all claims under the Insurances and all proceeds of the Insurances; and 

 

	 	(i)	 Other Receivables (not assigned under clauses 5.2(a) to 5.2(h) (inclusive) above). 

To the extent that any Assigned Asset described in clauses 5.2(a) to 5.2(i) inclusive is not assignable, the assignment which that
clause purports to effect shall operate as an assignment of all present and future rights and claims of the relevant Security Obligor to any proceeds of an Assigned Asset. 
  

	 	5.3	 Assigned Assets 

FGI is not obliged to take any steps necessary to preserve any Assigned Asset, or to make any enquiries as to the nature or sufficiency
of any payment received by it pursuant to this Deed. 
  

	 	6.	 FLOATING CHARGE 

Each Security Obligor charges and agrees to charge by way of first floating charge all of its present and future: 

 

	 	(a)	 assets and undertakings (wherever located) which are not effectively charged by way of first fixed mortgage or charge or assigned pursuant to clause 5.1
(Fixed charges), clause 5.2 (Security assignments) or any other provision of this Deed; and 

  

	 	(b)	 (whether or not effectively so charged or assigned) heritable property and all other property and assets in Scotland. 

 

	 	7.	 CONVERSION OF FLOATING CHARGE 

  

	 	7.1	 Conversion by notice 

  

	 	    	 FGI may, by written notice to a Security Obligor, convert the floating charge created under this Deed into a fixed charge as regards all or any of the assets
of that Security Obligor specified in the notice if: 

  
 9 

	 	(a)	 An Event of Default has occurred and is continuing; or 

  

	 	(b)	 FGI (acting reasonably) considers any Security Assets (whether or not those specified in the notice) to be in danger of being seized or sold under any form
of distress, attachment, execution or other legal process or to be otherwise in jeopardy. 

  

	 	7.2	 Automatic conversion 

The floating charge created under this Deed shall (in addition to the circumstances in which the same will occur under general law)
automatically convert into a fixed charge: 
  

	 	(a)	 in relation to any Security Asset which is subject to a floating charge if: 

 

	 	(i)	 a Security Obligor creates (or attempts or purports to create) any Security Interest on or over the relevant Security Asset without the prior written consent
of FGI; or 

  

	 	(ii)	 any third party levies or attempts to levy any distress, execution, attachment or other legal process against any such Security Asset; and

  

	 	(b)	 over all Security Assets of a Security Obligor which are subject to a floating charge if an administrator is appointed in respect of the relevant Security
Obligor or FGI receives notice of intention to appoint such an administrator. 

  

	 	7.3	 Partial conversion 

The giving of a notice by FGI pursuant to clause 7.1 (Conversion by notice) in relation to any class of assets of a
Security Obligor shall not be construed as a waiver or abandonment of the rights of FGI to serve similar notices in respect of any other class of assets or of any other right of FGI. 

 

	 	8.	 CONTINUING SECURITY 

  

	 	8.1	 Continuing security 

The Security is continuing and will extend to the ultimate balance of the Secured Obligations regardless of any intermediate payment or
discharge in whole or in part. This Deed shall remain in full force and effect as a continuing security for the duration of the Security Period. 
  

	 	8.2	 Additional and separate security 

This Deed is in addition to, without prejudice to, and shall not merge with, any other right, remedy, guarantee or Security Interest
which FGI may at any time hold for any Secured Obligation. 

  
 10 

	 	8.3	 Right to enforce 

This Deed may be enforced against each Security Obligor without FGI first having recourse to any other right, remedy, guarantee or
Security Interest held by or available to it. 
  

	 	9.	 LIABILITY OF SECURITY OBLIGORS RELATING TO SECURITY ASSETS 

Notwithstanding anything contained in this Deed or implied to the contrary, each Security Obligor remains liable to observe and perform
all conditions and obligations assumed by it in relation to the Security Assets. FGI is under no obligation to perform or fulfil any such condition or obligation or to make any payment in respect of any such condition or obligation. 

 

	 	10.	 ACCOUNTS 

 No
monies at any time standing to the credit of any account (of any type and however designated) of a Security Obligor with FGI or in which that Security Obligor has an interest (and no rights and benefits relating thereto) shall be capable of being
assigned to any third party. 
  

	 	11.	 REPRESENTATIONS 

  

	 	11.1	 General 

 Each
Security Obligor makes the representations and warranties set out in this clause 11 to FGI. 
  

	 	11.2	 No Security Interests 

Its Security Assets are, or when acquired will be, beneficially owned by that Security Obligor free from any Security Interest other
than: 
  

	 	(a)	 as created by this Deed; and 

  

	 	(b)	 as permitted by the Master Facilities Agreement. 

  

	 	11.3	 No avoidance 

This Deed creates the Security Interests which it purports to create and is not liable to be avoided or otherwise set aside on the
liquidation or administration of a Security Obligor or otherwise. 
  

	 	11.4	 Ownership of Security Assets 

Each Security Obligor is the sole legal and beneficial owner of all the Security Assets identified against its name in schedule 3
(Details of Security Assets) except in respect of those Charged Securities (if any) which are held by a nominee for a Security Obligor, in which case the relevant Security Obligor is the beneficial owner only of such Charged Securities. 

  
 11 

	 	11.5	 No proceedings pending or threatened 

Each Security Obligor hereby gives the representation set out at paragraph 6(h) (General Warranties and Representations) of the
Master Facilities Agreement as if the same were set out in this Deed, save that the reference to the Client is a reference to the relevant Security Obligor. 
  

	 	11.6	 Charged Securities 

  

	 	(a)	 All Securities (including any Charged Securities) are fully paid. 

 

	 	(b)	 If any Charged Securities are listed in part 3 of schedule 3 (Details of Security Assets) those Charged Securities constitute the entire share capital
owned by the relevant Security Obligor in the relevant company. 

  

	 	11.7	 Time when representations made 

  

	 	(a)	 All the representations and warranties in this clause 11 are made by each Security Obligor on the date of this Deed and are also deemed to be made by each
Security Obligor on the date of each Notification. 

  

	 	(b)	 Each representation or warranty deemed to be made after the date of this Deed shall be deemed to be made by reference to the facts and circumstances existing
at the date the representation or warranty is deemed to be made. 

  

	 	12.	 UNDERTAKINGS BY THE SECURITY OBLIGOR 

  

	 	12.1	 Master Facilities Agreement 

On the Commencement Date, and until the end of the Security Period, each Security Obligor hereby: 

 

	 	(a)	 gives the warranties and representations set out at paragraphs 6(a) to 6(f) inclusive, 6(h) to 6(k) inclusive, 6(n) and 6(p) (General Warranties and
Representations) of the Master Facilities Agreement; 

  

	 	(b)	 gives the covenants set out at paragraph 7 (General Covenants) of the Master Facilities Agreement; and 

as if the same were set out in this Deed mutatis mutandis and references in those paragraphs to the “Client” are deemed to be
references to the relevant Security Obligor and references to “this Deed” are deemed to be references to this Deed. 
  

	 	12.2	 Restrictions on dealing 

No Security Obligor shall do or agree to do any of the following without the prior written consent of FGI: 

  
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	 	(a)	 create or permit to subsist any Security Interest on any Security Assets except a Security Interest which is permitted by the Master Facilities Agreement;

  

	 	(b)	 incur or permit to subsist any Financial Indebtedness other than Permitted Financial Indebtedness; 

 

	 	(c)	 sell, transfer, lease, lend or otherwise dispose of (whether by a single transaction or a number of transactions and whether related or not) the whole or any
part of its interest in any Security Asset except for the sale at full market value of stock in trade in the usual course of trading as conducted by the relevant Security Obligor at the Commencement Date or of obsolete P&M where such P&M is
replaced with P&M of equivalent or higher value. 

  

	 	12.3	 Security Assets generally 

Each Security Obligor shall: 
  

	 	(a)	 permit FGI (or its designated representatives), on reasonable written notice: 

 

	 	(i)	 access during normal office hours to any documents and records relating to the Security Assets; and 

 

	 	(ii)	 to inspect, take extracts from, and make photocopies of, the same, 

and to provide (at the expense of the Client), such clerical and other assistance which FGI may reasonably require to do this; 

 

	 	(b)	 notify FGI of every notice, order, application, requirement or proposal given or made by any competent authority: 

 

	 	(i)	 in relation to any Security Asset specified in schedule 3 (Details of Security Assets), immediately upon receipt; and 

 

	 	(ii)	 within 14 days of receipt of every notice, order, application, requirement or proposal given or made in relation to any Security Assets other than Security
Asset specified in schedule 3 (Details of Security Assets) 

 and (if required by FGI) immediately provide
it with a copy of the same and either (A) comply with such notice, order, application, requirement or proposal or (B) make such objections to the same as FGI may require or approve PROVIDED ALWAYS that notices in respect of limb
(a) of the definition of Securities Rights shall be dealt with in accordance with clause 12.3(b)(i) above following the exercise by FGI of its rights in accordance with clause 12.7(b)(Rights in respect of Charged Securities and Securities
Rights); 
  

	 	(c)	 duly and punctually pay all rates, rents, Taxes, and other outgoings owed by it in respect of the Security Assets; and 

  
 13 

	 	(d)	 in addition to any provisions of the Master Facilities Agreement or this Deed relating to specific Security Assets: 

 

	 	(i)	 comply in all material respects with all obligations in relation to the Security Assets under any present or future law, regulation, order or instrument or
under any bye-laws, regulations or requirements of any competent authority or other approvals, licences or consents; 

  

	 	(ii)	 comply with all material covenants and obligations affecting the Security Assets (or their manner of use); 

 

	 	(iii)	 not, except with the prior written consent of FGI, enter into any onerous or restrictive obligation affecting any Security Asset; 

 

	 	(iv)	 provide FGI with all information which it may reasonably request in relation to the Security Assets; and 

 

	 	(v)	 not do, cause or permit to be done anything which may in any way depreciate, jeopardise or otherwise prejudice the value or marketability of any Security
Asset (or make any omission which has such an effect). 

  

	 	12.4	 Specified P&M 

Each Security Obligor undertakes that it is the owner, with full title guarantee, of the Specified P&M listed by its name in
schedule 3 (Details of Security Assets). 
  

	 	12.5	 Specified Real Property 

Each Security Obligor undertakes that it is the owner, with full title guarantee, of the Specified Real Property listed by its name in
schedule 3 (Details of Security Assets). 
  

	 	12.6	 Charged Securities 

  

	 	(a)	 In relation to any Charged Securities, each Security Obligor shall, immediately upon execution of this Deed or (if later), as soon as is practicable after
its acquisition of any such Charged Securities in certificated form, by way of security for the Secured Obligations: 

  

	 	(i)	 deposit with FGI or, as FGI may direct, all certificates and other documents of title or evidence of ownership to such Charged Securities and their
Securities Rights; and 

  

	 	(ii)	 execute and deliver to FGI pre-stamped instruments of transfer in respect of such Charged Securities (executed in blank and left undated) and/or such other
documents as FGI shall require to enable it (or its nominees) to be registered as the owner of or otherwise to acquire a legal title to such Charged Securities and their Securities Rights (or to pass legal title to any purchaser).

  
 14 

	 	(b)	 In relation to any Charged Securities, each Security Obligor shall: 

 

	 	(i)	 promptly give notice to any custodian of any agreement with the relevant Security Obligor in respect of any such Charged Securities and all present and
future Securities Rights accruing to all or any of such Charged Securities, in a form FGI may require; and 

  

	 	(ii)	 use its reasonable endeavours to ensure that the custodian acknowledges that notice in a form FGI may require. 

 

	 	(c)	 Without prejudice to the rest of this clause 12.6, FGI may, at the expense of the relevant Security Obligor, take whatever action is required for the
dematerialisation or rematerialisation of any Charged Securities and all present and future Securities Rights accruing to all or any of such Charged Securities. 

 

	 	(d)	 Each Security Obligor shall promptly pay all calls or other payments which may become due in respect of Charged Securities and all present and future
Securities Rights accruing to all or any of such Charged Securities. 

  

	 	(e)	 Each Security Obligor shall immediately upon a request from FGI comply with the provisions of this clause 12.6 in relation to any Securities other than the
Charged Securities and their Securities Rights. 

  

	 	12.7	 Rights in respect of Securities, Charged Securities and Securities Rights 

 

	 	(a)	 Until an Event of Default occurs, each Security Obligor shall be entitled to: 

 

	 	(i)	 receive and retain all dividends, distributions and other monies paid on or derived from its Securities and its Charged Securities; and

  

	 	(ii)	 exercise all voting and other rights and powers attaching to its Securities and its Charged Securities, provided that it must not do so in a manner which
(A) has the effect of changing the terms of the Securities or the Charged Securities (or any class of them) or of any Securities Rights or (B) which is prejudicial to the interests of FGI. 

 

	 	(b)	 At any time following the occurrence of an Event of Default which is continuing, FGI may complete the instrument(s) of transfer for all or any Securities or
Charged Securities on behalf of the relevant Security Obligor in favour of itself or such other person as it may select. 

  

	 	(c)	 At any time when any Securities or Charged Securities are registered in the name of FGI or its nominee, FGI shall be under no duty to: 

  
 15 

	 	(i)	 ensure that any dividends, distributions or other monies payable in respect of such Securities or Charged Securities are duly and promptly paid or received
by it or its nominee; or 

  

	 	(ii)	 verify that the correct amounts are paid or received; or 

  

	 	(iii)	 take any action in connection with the taking up of any (or any offer of any) Securities Rights in respect of or in substitution for any such Securities or
Charged Securities. 

  

	 	12.8	 Dealings with and realisation of Non-Vesting Receivables and Other Proceeds 

 

	 	(a)	 The Client shall only deal with Non-Vesting Receivables and the proceeds thereof and the Related Rights thereto in accordance with the Master Facilities
Agreement. 

  

	 	(b)	 The Client agrees that the Other Proceeds shall be dealt with as if they were the proceeds of Receivables assigned or purportedly assigned to FGI in
accordance with the terms of the Master Facilities Agreement. 

  

	 	12.9	 Intellectual Property 

Unless FGI is of the opinion that the relevant Intellectual Property is of minor importance to the Group each Security Obligor shall:

  

	 	(a)	 do all acts as are reasonably practicable to maintain, protect and safeguard (including, without limitation, registration with all relevant authorities) its
Intellectual Property and not discontinue the use of any of its Intellectual Property; and 

  

	 	(b)	 take all such reasonable steps, including the commencement of legal proceedings, as may be necessary to safeguard and maintain the validity, reputation,
integrity, registration or subsistence of its Intellectual Property. 

  

	 	12.10	 Proceeds of the sale of certain Charged Securities, Specified P&M, Real Property and Intellectual Property 

Each Security Obligor undertakes to deal with the proceeds of sale of the Security Assets referred to at clauses 5.2(a) to
(d) inclusive in accordance with the terms of the Master Facilities Agreement or otherwise, in accordance with the terms of any consent issued by FGI to a Security Obligor in relation to any such Security Asset. 

 

	 	12.11	 Insurance 

  

	 	(a)	 In relation to any Insurance, the Security Obligor shall at all times: 

 

	 	(i)	 effect and maintain insurances at its own expense with insurers previously approved by FGI in writing providing cover against all risks which are normally
insured against by other prudent companies owning or possessing similar assets and 

  
 16 

	 	 
carrying on similar businesses and be in such amounts as would in the circumstances be prudent for such companies and shall include, an entitlement to receive the full replacement value from time
to time of any Security Assets destroyed or otherwise becoming a total loss and have FGI as co-insured and sole first loss payee; 

  

	 	(ii)	 ensure that the Insurance is on such terms and contains such clauses as FGI may reasonably require and in particular, but without limitation, on terms that
the relevant insurer will inform FGI: 

  

	 	(A)	 of any cancellation, alteration, termination or expiry of any Insurance at least 30 days before it is due to take effect; 

 

	 	(B)	 of any default in the payment of any premium or failure to renew the Insurance at least 30 days before the renewal date; 

 

	 	(C)	 of any act, omission or event of which the insurer has knowledge which may make any Insurance void, voidable or unenforceable (in whole or in part).

  

	 	(iii)	 promptly pay all premiums relating to the Insurances; 

  

	 	(iv)	 supply to FGI immediately upon issue copies of each Insurance policy document, together with the current premium receipts relating to it;

  

	 	(v)	 not do or permit to be done or omit to do anything which may render any Insurance void, voidable or unenforceable (in whole or in part) and will not vary,
amend or terminate any Insurance policy. 

  

	 	(b)	 If at any time the Security Obligor defaults in effecting or keeping up the Insurances, or in producing any Insurance policy or premium receipt to FGI on
demand, FGI may take out or renew such policies of insurance in any sum which FGI may reasonably think expedient. All monies which are expended by FGI in doing so shall be deemed to be properly paid by FGI and shall be reimbursed by the Security
Obligor on demand together with interest at the Default Rate. 

  

	 	(c)	 In relation to the proceeds of Insurances: 

  

	 	(i)	 the Security Obligor will notify FGI if any claim arises or may be made under the Insurances; 

 

	 	(ii)	 unless FGI provides its prior written consent to the contrary, FGI shall have the sole right to settle or sue for any such claim and give any discharge for
insurance monies; and 

  

	 	(iii)	 all claims and monies received or receivable under any Insurances must be applied in replacing or restoring the

  
 17 

	 	 
Security Asset damaged or destroyed or (after the occurrence of an Event of Default which is continuing) in repayment of outstanding Prepayments in such order as FGI sees fit.

  

	 	13.	 POWER TO REMEDY 

  

	 	13.1	 Power to remedy 

If at any time a Security Obligor does not comply with any of its obligations under this Deed, FGI (without prejudice to any other
rights arising as a consequence of such non-compliance) shall be entitled (but not bound) to rectify that default. The relevant Security Obligor irrevocably authorises FGI and its employees and agents by way of security to do all things (including
entering the property of the Security Obligor) which are necessary or desirable to rectify that default. 
  

	 	13.2	 Mortgagee in possession 

The exercise of the powers of FGI under this clause 13 shall not render it liable as a mortgagee in possession. 

 

	 	13.3	 Monies expended 

The relevant Security Obligor shall pay to FGI on demand any monies which are expended by FGI in exercising its powers under this
clause 13, together with interest at the Default Rate from the date on which those monies were expended by FGI (both before and after judgment) and otherwise in accordance with clause 3.2 (Default interest). 

 

	 	14.	 WHEN SECURITY BECOMES ENFORCEABLE 

  

	 	14.1	 When enforceable 

This Security shall become immediately enforceable upon the occurrence of an Event of Default and shall remain so for so long as such
Event of Default is continuing. 
  

	 	14.2	 Statutory powers 

The power of sale and other powers conferred by section 101 of the Act (as amended or extended by this Deed) shall be immediately
exercisable upon and at any time after the occurrence of any Event of Default and for so long as such Event of Default is continuing. 
  

	 	14.3	 Enforcement 

After this Security has become enforceable, FGI may in its absolute discretion enforce all or any part of the Security in such manner
as it sees fit. 

  
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	 	15.	 ENFORCEMENT OF SECURITY 

  

	 	15.1	 General 

 For
the purposes of all powers implied by statute, the Secured Obligations are deemed to have become due and payable on the date of this Deed. Sections 93 and 103 of the Act shall not apply to the Security. The statutory powers of leasing conferred on
FGI are extended so as to authorise FGI to lease, make agreements for leases, accept surrenders of leases and grant options as FGI may think fit and without the need to comply with section 99 or 100 of the Act. 

 

	 	15.2	 Powers of FGI 

At any time after the Security becomes enforceable, FGI may without further notice (unless required by law): 

 

	 	(a)	 (or if so requested by a Security Obligor by written notice at any time may) appoint any person or persons to be a receiver or receiver and manager of all or
any part of the Security Assets and/or of the income of the Security Assets; and/or 

  

	 	(b)	 appoint or apply for the appointment of any person who is appropriately qualified as administrator of a Security Obligor; and/or 

 

	 	(c)	 exercise all or any of the powers conferred on mortgagees by the Act (as amended or extended by this Deed) and/or all or any of the powers which are
conferred by this Deed on a Receiver, in each case without first appointing a Receiver or notwithstanding the appointment of any Receiver; and/or 

  

	 	(d)	 exercise (in the name of the relevant Security Obligor and without any further consent or authority of the relevant Security Obligor) any voting rights and
any powers or rights which may be exercised by the person(s) in whose name the Charged Investments are registered, or who is the holder of any of them. 

  

	 	15.3	 Redemption of prior mortgages 

At any time after the Security has become enforceable, FGI may: 

 

	 	(a)	 redeem any prior Security Interest against any Security Asset; and/or 

 

	 	(b)	 procure the transfer of that Security Interest to itself; and/or 

  

	 	(c)	 settle and pass the accounts of the holder of any prior Security Interest and any accounts so settled and passed shall be conclusive and binding on the
relevant Security Obligor. 

 All principal, interest, costs, charges and expenses of and incidental to any such
redemption and/or transfer shall be paid by the relevant Security Obligor to FGI on demand. 

  
 19 

	 	15.4	 Privileges 

Each Receiver and FGI is entitled to all the rights, powers, privileges and immunities conferred by the Act on mortgagees and receivers
when such receivers have been duly appointed under the Act, except that section 103 of the Act does not apply. 
  

	 	15.5	 No liability 

  

	 	(a)	 Neither FGI nor any Receiver shall be liable (i) in respect of all or any part of the Security Assets or (ii) for any loss or damage which arises
out of the exercise or the attempted or purported exercise of, or the failure to exercise any of, its or his respective powers (unless such loss or damage is caused by its or his gross negligence or wilful misconduct). 

 

	 	(b)	 Without prejudice to the generality of clause 15.5(a), neither FGI nor any Receiver shall be liable, by reason of entering into possession of a Security
Asset, to account as mortgagee in possession or for any loss on realisation or for any default or omission for which a mortgagee in possession might be liable. 

 

	 	15.6	 Protection of third parties 

No person (including a purchaser) dealing with FGI or any Receiver or its or his agents will be concerned to enquire: 

 

	 	(a)	 whether the Secured Obligations have become payable; or 

  

	 	(b)	 whether any power which FGI or the Receiver is purporting to exercise has become exercisable; or 

 

	 	(c)	 whether any money remains due under any Finance Document; or 

  

	 	(d)	 how any money paid to FGI or to the Receiver is to be applied. 

  

	 	16.	 RECEIVER 

  

	 	16.1	 Removal and replacement 

FGI may from time to time remove any Receiver appointed by it (subject, in the case of an administrative receivership, to section 45 of
the Insolvency Act 1986) and, whenever it may deem appropriate, may appoint a new Receiver in the place of any Receiver whose appointment has terminated. 
  

	 	16.2	 Multiple Receivers 

If at any time there is more than one Receiver of all or any part of the Security Assets and/or the income of the Security Assets, each
Receiver shall have power to act individually (unless otherwise stated in the appointment document). 

  
 20 

	 	16.3	 Remuneration 

Any Receiver shall be entitled to remuneration for his services at a rate to be fixed by agreement between him and FGI (or, failing
such agreement, to be fixed by FGI). 
  

	 	16.4	 Payment by Receiver 

Only monies actually paid by a Receiver to FGI in relation to the Secured Obligations shall be capable of being applied by FGI in
discharge of the Secured Obligations. 
  

	 	16.5	 Agent of Security Obligors 

Any Receiver shall be the agent of those Security Obligors in respect of which it is appointed. The relevant Security Obligor shall
(subject to the Companies Act 2006 and the Insolvency Act 1986) be solely responsible for his acts and defaults and for the payment of his remuneration. FGI shall incur no liability (either to the Security Obligor or to any other person) by reason
of the appointment of a Receiver or for any other reason. 
  

	 	17.	 POWERS OF RECEIVER 

  

	 	17.1	 General powers 

Any Receiver shall have: 
  

	 	(a)	 all the powers which are conferred by the Act on mortgagees in possession and receivers appointed under the Act; 

 

	 	(b)	 (whether or not he is an administrative receiver) all the powers which are listed in schedule 1 of the Insolvency Act 1986; and 

 

	 	(c)	 all powers which are conferred by any other law conferring power on receivers. 

 

	 	17.2	 Additional powers 

In addition to the powers referred to in clause 17.1 (General powers), a Receiver shall have the following powers: 

 

	 	(a)	 to take possession of, collect and get in all or any part of the Security Assets and/or income in respect of which he was appointed; 

 

	 	(b)	 to manage the Security Assets and the business of the relevant Security Obligor as he thinks fit; 

 

	 	(c)	 to redeem any security and to borrow or raise any money and secure the payment of any money in priority to the Secured Obligations for the purpose of the
exercise of his powers and/or defraying any costs or liabilities incurred by him in such exercise; 

  

	 	(d)	 to sell or concur in selling, leasing or otherwise disposing of all or any part of the Security Assets in respect of which he was appointed

  
 21 

	 	 
without the need to observe the restrictions imposed by section 103 of the Act. Fixtures may be severed and sold separately from the Real Property containing them, without the consent of the
relevant Security Obligor. The consideration for any such transaction may consist of cash, debentures or other obligations, shares, stock or other valuable consideration (and the amount of such consideration may be dependent upon profit or turnover
or be determined by a third party). Any such consideration may be payable in a lump sum or by instalments spread over such period as he thinks fit; 

  

	 	(e)	 to alter, improve, develop, complete, construct, modify, refurbish or repair any building or land and to complete or undertake or concur in the completion or
undertaking (with or without modification) of any project in which the relevant Security Obligor was concerned or interested before his appointment (being a project for the alteration, improvement, development, completion, construction,
modification, refurbishment or repair of any building or land); 

  

	 	(f)	 to carry out any sale, lease or other disposal of all or any part of the Security Assets by conveying, transferring, assigning or leasing the same in the
name of the relevant Security Obligor and, for that purpose, to enter into covenants and other contractual obligations in the name of, and so as to bind, the relevant Security Obligor; 

 

	 	(g)	 to take any such proceedings (in the name of the relevant Security Obligor or otherwise) as he shall think fit in respect of the Security Assets and/or
income in respect of which he was appointed (including proceedings for recovery of rent or other monies in arrears at the date of his appointment); 

  

	 	(h)	 to enter into or make any such agreement, arrangement or compromise as he shall think fit; 

 

	 	(i)	 to insure, and to renew any insurances in respect of, the Security Assets as he shall think fit (or as FGI shall direct); 

 

	 	(j)	 to appoint and employ such managers, officers and workmen and engage such professional advisers as he shall think fit (including, without prejudice to the
generality of the foregoing power, to employ his partners and firm); 

  

	 	(k)	 to form one or more Subsidiaries of the relevant Security Obligor, and to transfer to any such Subsidiary all or any part of the Security Assets;

  

	 	(l)	 to operate any rent review clause in respect of any Real Property in respect of which he was appointed (or any part thereof) and to apply for any new or
extended lease; and 

  

	 	(m)	 to: 

  

	 	(i)	 give valid receipts for all monies and to do all such other things as may seem to him to be incidental or conducive to any other 

  
 22 

	 	    	 power vested in him or necessary or desirable for the realisation of any Security Asset; 

 

	 	(ii)	 exercise in relation to each Security Asset all such powers and rights as he would be capable of exercising if he were the absolute beneficial owner of the
Security Assets; and 

  

	 	(iii)	 use the name of the relevant Security Obligor for any of the above purposes. 

 

	 	18.	 APPLICATION OF PROCEEDS 

  

	 	18.1	 Application 

All monies received by FGI or any Receiver after the Security has become enforceable shall (subject to the rights and claims of any
person having a security ranking in priority to the Security) be applied in the following order: 
  

	 	(a)	 first, in satisfaction of, or provision for, all costs, charges and expenses incurred, and payments made by FGI or any Receiver and of all
remuneration due to the Receiver in connection with this Deed or the Security Assets; 

  

	 	(b)	 secondly, in or towards satisfaction of the remaining Secured Obligations; and 

 

	 	(c)	 thirdly, in payment of any surplus to the relevant Security Obligor or other person entitled to it. 

 

	 	18.2	 Contingencies 

If the Security is enforced at a time when no amounts are due under the Finance Documents (but at a time when amounts may become so
due), FGI or a Receiver may pay the proceeds of any recoveries effected by it into a blocked suspense account. 
  

	 	19.	 SET-OFF 

  

	 	19.1	 Set-off 

  

	 	(a)	 FGI may (but shall not be obliged to) set off any obligation (contingent or otherwise under the Finance Documents or which has been assigned to FGI) against
any obligation (whether or not matured) owed by FGI to any Security Obligor, regardless of the place of payment, booking branch or currency of either obligation. 

 

	 	(a)	 If the obligations are in different currencies, FGI may convert either obligation at a market rate of exchange in its usual course of business for the
purpose of the set-off. 

  

	 	(b)	 If either obligation is unliquidated or unascertained, FGI may set off in an amount estimated by it in good faith to be the amount of that obligation.

  
 23 

	 	19.2	 Time deposits 

Without prejudice to clause 19.1 (Set-off) if any time deposit matures on any account which a Security Obligor has with FGI at a
time when: 
  

	 	(a)	 this Security has become enforceable; and 

  

	 	(b)	 no Secured Obligation is due and payable, 

such time deposit shall automatically be renewed for such further maturity as FGI in its absolute discretion considers appropriate
unless FGI otherwise agrees in writing. 
  

	 	20.	 DELEGATION 

Each of FGI and any Receiver may delegate, by power of attorney (or in any other manner) to any person, any right, power or discretion
exercisable by it under this Deed upon any terms (including power to sub-delegate) which it may think fit. Neither FGI nor any Receiver shall be in any way liable or responsible to the Security Obligors for any loss or liability arising from any
act, default, omission or misconduct on the part of any such delegate or sub-delegate. 
  

	 	21.	 FURTHER ASSURANCES 

  

	 	21.1	 Further action 

Each Security Obligor shall, at its own expense, promptly take whatever action FGI or a Receiver may require for: 

 

	 	(a)	 creating, perfecting or protecting the Security Interests intended to be created by this Deed; and 

 

	 	(b)	 facilitating the realisation of any Security Asset or the exercise of any right, power or discretion exercisable by FGI or any Receiver or any of its or his
delegates or sub-delegates in respect of any Security Asset, 

 including the execution of any transfer,
conveyance, assignment or assurance of any property whether to FGI or to its nominees, the giving of any notice, order or direction and the making of any registration which in any such case FGI may think expedient. 

 

	 	21.2	 Specific security 

Without prejudice to the generality of clause 21.1 (Further action), each Security Obligor shall forthwith at the request of FGI
execute a legal mortgage, charge, assignment, assignation or other security over any Security Asset which is subject to or intended to be subject to any fixed security created by this Deed in favour of FGI (including any arising or intended to arise
pursuant to clause 7 (Conversion of floating charge)) in such form as FGI may require. 

  
 24 

	 	22.	 POWER OF ATTORNEY 

Each Security Obligor, by way of security, irrevocably and severally appoints FGI, each Receiver and any of its or his delegates or
sub-delegates to be its attorney to take any action which that Security Obligor is obliged to take under this Deed, including under clause 21 (Further assurances). Each Security Obligor ratifies and confirms whatever any attorney does or
purports to do pursuant to its appointment under this clause. 
  

	 	23.	 PAYMENTS 

  

	 	23.1	 Payments 

Subject to clause 23.2 (Gross-up), all payments to be made by a Security Obligor in respect of this Deed shall be made: 

 

	 	(a)	 in immediately available funds to the credit of such account as FGI may designate; and 

 

	 	(b)	 without (and free and clear of, and without any deduction for or on account of): 

 

	 	(i)	 any set-off or counterclaim; or 

  

	 	(ii)	 except to the extent compelled by law, any deduction or withholding for or on account of Tax. 

 

	 	23.2	 Gross-up 

 If a
Security Obligor is compelled by law to make any deduction or withholding from any sum payable under this Deed to FGI, the sum so payable by a Security Obligor shall be increased so as to result in the receipt by FGI of a net amount equal to the
full amount expressed to be payable under this Deed. 
  

	 	23.3	 Master Facilities Agreement 

Without prejudice to each Security Obligor’s obligations in accordance with this Deed, FGI may at any time discharge a Security
Obligor’s obligation to make payment of any sums due by it to FGI by debiting such sum to any account held by FGI in relation to the Client. 
  

	 	24.	 STAMP DUTY 

Each Security Obligor shall: 
  

	 	(a)	 pay all present and future stamp, registration and similar Taxes or charges which may be payable, or determined to be payable, in connection with the
execution, delivery, performance or enforcement of this Deed or any judgment given in connection therewith; and 

  

	 	(b)	 indemnify FGI and any Receiver on demand against any and all costs, losses or liabilities (including, without limitation, penalties) with respect

  
 25 

	 	    	 to, or resulting from, its delay or omission to pay any such stamp, registration and similar Taxes or charges. 

 

	 	25.	 COSTS AND EXPENSES 

  

	 	25.1	 Transaction and amendment expenses 

Each Security Obligor shall promptly on demand pay to FGI the amount of all reasonable costs, charges and expenses (including, without
limitation, reasonable legal fees, valuation, accountancy and consultancy fees (and any VAT or similar Tax thereon)) incurred by FGI in connection with: 
  

	 	(a)	 the negotiation, preparation, printing, execution, registration, perfection and completion of this Deed, the Security or any document referred to in this
Deed; or 

  

	 	(b)	 any actual or proposed amendment or extension of, or any waiver or consent under, this Deed. 

 

	 	25.2	 Enforcement and preservation costs 

Each Security Obligor shall promptly on demand pay to FGI and any Receiver the amount of all costs, charges and expenses (including
(without limitation) legal fees (and any VAT or similar Tax thereon)) incurred by any of them in connection with the enforcement, exercise or preservation (or the attempted enforcement, exercise or preservation) of any of their respective rights
under this Deed or any document referred to in this Deed or the Security (including all remuneration of the Receiver). 
  

	 	26.	 CURRENCIES 

  

	 	26.1	 Conversion 

All monies received or held by FGI or any Receiver under this Deed may be converted from their existing currency into such other
currency as FGI or the Receiver considers necessary or desirable to cover the obligations and liabilities comprised in the Secured Obligations in that other currency at the Spot Rate of Exchange. Each Security Obligor shall indemnify FGI against all
costs, charges and expenses incurred in relation to such conversion. Neither FGI nor any Receiver shall have any liability to a Security Obligor in respect of any loss resulting from any fluctuation in exchange rates after any such conversion. 

 

	 	26.2	 Currency indemnity 

No payment to FGI (whether under any judgment or court order or in the liquidation, administration or dissolution of any Security
Obligor or otherwise) shall discharge the obligation or liability of a Security Obligor in respect of which it was made, unless and until FGI shall have received payment in full in the currency in which the obligation or liability was incurred and,
to the extent that the amount of any such payment shall on actual conversion into such currency fall short of such obligation or liability expressed in that currency, FGI shall have a further separate cause of action against the relevant

  
 26 

 
Security Obligor and shall be entitled to enforce the Security to recover the amount of the shortfall. 
  

	 	27.	 INDEMNITY 

Each Security Obligor shall indemnify FGI, any Receiver and any attorney, agent or other person appointed by FGI under this Deed and
FGI’s officers and employees (each an “Indemnified Party”) on demand against any cost, loss, liability or expense (however arising) incurred by any Indemnified Party as a result of or in connection with: 

 

	 	(a)	 anything done or omitted in the exercise or purported exercise of the powers contained in this Deed; 

 

	 	(b)	 the Security Assets or the use or occupation of them by any person; or 

 

	 	(c)	 any breach by a Security Obligor of any of its obligations under this Deed. 

 

	 	28.	 MISCELLANEOUS 

  

	 	28.1	 Appropriation and suspense account 

  

	 	(a)	 FGI may apply all payments received in respect of the Secured Obligations in reduction of any part of the Secured Obligations as it thinks fit. Any such
appropriation shall override any appropriation by any Security Obligor. 

  

	 	(b)	 All monies received, recovered or realised by FGI under, or in connection with, this Deed may at the discretion of FGI be credited to a separate interest
bearing suspense account for so long as FGI determines (with interest accruing thereon at such rate, if any, as FGI may determine for the account of the relevant Security Obligor) without FGI having any obligation to apply such monies and interest
or any part thereof in or towards the discharge of any of the Secured Obligations. 

  

	 	28.2	 New accounts 

If FGI receives, or is deemed to be affected by, notice, whether actual or constructive, of any subsequent Security Interest affecting
any Security Asset and/or the proceeds of sale of any Security Asset ceases to continue in force, it may open a new account or accounts for the relevant Security Obligor. If it does not open a new account, it shall nevertheless be treated as if it
had done so at the time when it received or was deemed to have received such notice. As from that time all payments made to FGI will be credited or be treated as having been credited to the new account and will not operate to reduce any amount of
the Secured Obligations. 
  

	 	28.3	 Changes to the Parties 

  

	 	(a)	 No Security Obligor may assign any of its rights under this Deed. 

  
 27 

	 	(b)	 FGI may assign or transfer all or any part of its rights under this Deed. Each Security Obligor shall, immediately upon being requested to do so by FGI,
enter into such documents as may be necessary or desirable to effect such assignment or transfer. 

  

	 	28.4	 Memorandum and articles 

Each Security Obligor certifies that the Security does not contravene any of the provisions of the memorandum or articles of
association of that Security Obligor. 
  

	 	28.5	 Amendments and waivers 

Any provision of this Deed may be amended only if FGI and each Security Obligor so agree in writing and any breach of this Deed may be
waived before or after it occurs only if FGI so agrees in writing. A waiver given or consent granted by FGI under this Deed will be effective only if given in writing and then only in the instance and for the purpose for which it is given. 

 

	 	28.6	 Calculations and certificates 

A certificate of FGI specifying the amount of any Secured Obligation due from a Security Obligor (including details of any relevant
calculation thereof) shall be prima facie evidence of such amount against the Security Obligor in the absence of manifest error. 
  

	 	28.7	 Waiver, rights and remedies 

No failure to exercise, nor any delay in exercising, on the part of FGI, any right or remedy under this Deed shall operate as a waiver,
nor shall any single or partial exercise of any right or remedy prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided are cumulative and not exclusive of any rights or remedies provided
by law. 
  

	 	29.	 RIGHT OF APPROPRIATION 

To the extent that the Security created by this Deed constitutes a “security financial collateral arrangement” and the
Security Assets constitute “financial collateral” for the purpose of the Financial Collateral Arrangements (No 2) Regulations 2003 (the “Regulations”), FGI shall have the right, on giving prior notice to the relevant
Security Obligor, at any time after the Security becomes enforceable, to appropriate all or any part of those Security Assets in or towards discharge of the Secured Obligations. The parties agree that the value of the appropriated Security Assets
shall be, in the case of cash, the amount of cash appropriated and, in the case of Securities, determined by FGI by reference to any publicly available market price in the absence of which by such other means as FGI (acting reasonably) may select
including, without limitation, an independent valuation. For the purpose of Regulation 18(1) of the Regulations, each Security Obligor agrees that any such determination by FGI will constitute a valuation “in a commercially reasonable
manner”. 

  
 28 

	 	30.	 NOTICES 

  

	 	30.1	 Communications in writing 

Any communication to be made under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated,
may be made by letter. 
  

	 	30.2	 Addresses 

 The
address and fax number (and the department or officer, if any, for whose attention the communication is to be made) of each Party for any communication or document to be made or delivered under or in connection with the Finance Documents is that
identified with its name below or any substitute address, fax number or department or officer as one Party may notify to the other Party by not less than five Business Days notice. 

 

	 	30.3	 Delivery 

  

	 	(a)	 Subject to clause 30.3(b) below, any communication or document made or delivered by one person to another under or in connection with the Finance Documents
will only be effective: 

  

	 	(i)	 if by way of fax or electronic means, when received in legible form; or 

 

	 	(ii)	 if by way of letter, when it has been left at the relevant address or five Business Days following the day on which it was despatched by first class mail
postage prepaid, 

  

	 	    	 and, if a particular department or officer is specified with the execution of any Party below, if addressed to that department or officer.

  

	 	(b)	 Any communication or document to be made or delivered to FGI will be effective only when actually received by FGI and then only if it is expressly marked for
the attention of the department or officer identified with the execution of FGI below (or any substitute department or officer as FGI shall specify for this purpose). 

 

	 	30.4	 English language 

Any notice given under or in connection with any Finance Document must be in English. 

 

	 	30.5	 Electronic communications 

  

	 	(a)	 Save where stated to the contrary, any communication to be made between FGI and a Security Obligor under or in connection with this Deed may be made by
electronic mail or other electronic means, and FGI and the Security Obligors agree: 

  

	 	(i)	 that, unless and until notified to the contrary, this is to be an accepted form of communication; 

  
 29 

	 	(ii)	 to notify each other in writing of their electronic mail address and/or any other information required to enable the sending and receipt of information by
that means; and 

  

	 	(iii)	 to notify each other of any change to their address or any other such information supplied by them. 

 

	 	(b)	 Any electronic communication made between FGI and a Security Obligor will be effective only when actually received in readable form and in the case of any
electronic communication made by a Security Obligor to FGI only if it is addressed in such a manner as FGI shall specify for this purpose. 

  

	 	31.	 PARTIAL INVALIDITY 

All the provisions of this Deed are severable and distinct from one another and if at any time any provision is or becomes illegal,
invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of any of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any other
jurisdiction will in any way be affected or impaired. 
  

	 	32.	 RELEASE 

 Upon
the expiry of the Security Period (but not otherwise) FGI shall, at the request and cost of the Security Obligors, take whatever action is necessary to release or re-assign (without recourse or warranty) the Security Assets from the Security. 

 

	 	33.	 COUNTERPARTS 

This Deed may be executed in any number of counterparts, and this has the same effect as if the signatures (and seals, if any) on the
counterparts were on a single copy of this Deed. 
  

	 	34.	 GOVERNING LAW 

This Deed is governed by English law. 

  
 30 

	 	35.	 JURISDICTION OF ENGLISH COURTS 

  

	 	35.1	 The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Deed (including a dispute regarding
the existence, validity or termination of this Deed) (a “Dispute”). 

  

	 	35.2	 The Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to
the contrary. 

  

	 	35.3	 This clause 35 is for the benefit of FGI only. As a result, FGI shall not be prevented from taking proceedings relating to a Dispute in any other
courts with jurisdiction. To the extent allowed by law, FGI may take concurrent proceedings in any number of jurisdictions. 

 IN
WITNESS of which this Deed has been duly executed by each Security Obligor as a deed and duly executed by FGI and has been delivered on the first date specified on page 1 of this Deed. 

  
 31 

 SCHEDULE 1 

Security Obligors 
  

					
	 Company name
  
	  	 Company number

 
	  	
Registered Office
  

	 Mad Catz Europe Limited
	  	 04017563
	  	
c/o Needle Partners Limited
  

Grove House
  

Mansion Gate Drive
  

Leeds
  

England
  

LS7 4DN

	 Mad Catz GmbH
	  	 HRB 104004
	  	
Landsbergerstraße
400,81241
München

	 Mad Catz SAS
	  	 317 371 136 R.C.S.
NANTERRE
	  	 13 Rue Camille Desmoulins 92441
Issy Les Moulineaux Cedex

  
 32 

 SCHEDULE 2 

Guarantee 
  

	1	 CONTINUING GUARANTEE 

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

	2	 REINSTATEMENT 

If any payment by a Security Obligor, or any discharge given by FGI (whether in respect of the obligations of any Security Obligor or
any security for those obligations or otherwise) is avoided or reduced as a result of insolvency or any similar event: 
  

	 	(a)	 the liability of each Security Obligor under this Deed shall continue as if the payment, discharge, avoidance or reduction had not occurred; and

  

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

  

	3	 WAIVER OF DEFENCES 

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

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

 

	 	(b)	 the release of the Client or any Security Obligor or any other person under the terms of any composition or arrangement with any creditor of any member of
the Group; 

  

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

  

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

  

	 	(e)	 any amendment, novation, supplement, extension (whether of maturity or otherwise), restatement or replacement (in each case, however fundamental and of any
nature whatsoever including, without limitation, which results in any increase in any amount due or owing under any Finance Document or in the rate of interest or any other sum payable under any Finance Document) of a Finance Document or any other
document or security; 

  
 33 

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

  

	 	(g)	 any insolvency, administration or similar proceedings. 

  

	4	 IMMEDIATE RECOURSE 

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

 

	5	 APPROPRIATIONS 

Without prejudice to the provisions of clause 2 (Guarantee and indemnity), until all amounts which may be or become payable
during the Security Period by the Security Obligors under or in connection with the Finance Documents have been irrevocably paid in full, FGI may (without prejudice to its rights and obligations under any other Finance Document): 

 

	 	(a)	 refrain from applying or enforcing any other monies, security or rights held or received by FGI in respect of those amounts, or apply and enforce the same in
such manner and order as it sees fit (whether against those amounts or otherwise) and no Security Obligor shall be entitled to the benefit of the same; and 

  

	 	(b)	 hold in an interest-bearing suspense account any monies received from any Security Obligor or on account of any Security Obligor’s liability under this
Deed, 

 provided that, for so long as there is no breach of any Finance Document, FGI shall refrain from exercising
the rights and powers set out in this paragraph 5. 
  

	6	 DEFERRAL OF GUARANTORS’ RIGHTS 

Until all amounts which may be or become payable during the Security Period by the Security Obligors under, or in connection with, the
Finance Documents have been irrevocably paid in full and unless FGI otherwise directs, no Security Obligor will exercise any rights which it may have by reason of performance by it of its obligations under the Finance Documents: 

 

	 	(a)	 to be indemnified by the Client or a Security Obligor; 

  

	 	(b)	 to claim any contribution from the Client, a Security Obligor or any other guarantor or any of its assets in respect of any of the Client’s or a
Security Obligor’s obligations under the Finance Documents; 

  

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

  

	 	(d)	 to bring any legal or other proceedings for an order requiring the Client or a Security Obligor to make any payment, or perform any obligation, in respect of

  
 34 

	 	 
which any Security Obligor has given a guarantee, undertaking or indemnity under this Deed; 

  

	 	(e)	 to exercise any right of set-off against the Client or any Security Obligor; and/or 

 

	 	(f)	 to claim or prove as a creditor in the Client or any Security Obligor in competition with FGI. 

 

	7	 ADDITIONAL SECURITY 

This guarantee is in addition to, and is not in any way prejudiced by, any other guarantee or security at the date of this guarantee or
subsequently held by FGI. 

  
 35 

 SCHEDULE 3 

DETAILS OF SECURITY ASSETS 
 Part 1 -
Specified Real Property 
 None at the date of this deed 

Part 2 - Specified P&M 
 None at the date
of this deed 
 Part 3 - Charged Securities 

None at the date of this deed 
 Part 4 -
Intellectual Property 
 None at the date of this deed 

Part 5 - Inventory Insurances 
 None at the
date of this deed 
 Part 6 - P&M Insurances 

None at the date of this deed 
 Part 7 - Real
Property Insurances 
 None at the date of this deed 

  
 36 

 EXECUTION PAGE 

FGI 
  

							
	
Executed as a deed, but not delivered until
the first date specified on page 1, by
FAUNUS 
GROUP INTERNATIONAL, INC.
acting by:
	  	 )
 )

)
 )

)
	 		  	

  

					
	 President
	  	 /s/ [ILLEGIBLE]
	  	
			
	 Vice President
	  	 /s/ [ILLEGIBLE]
	  	

  

			
	 Address: 
	  	 80 Broad Street, 22nd Floor, New York, NY 10004, United States of America

		
	 Facsimile No:
	  	 +1-212-248-3404

		
	 Attention: 
	  	 Guy Joseph Albertelli

 SECURITY OBLIGORS 
  

			
	 Signed as a deed, but not delivered until the first date specified on page 1, by MAD CATZ EUROPE LIMITED acting by a director in the presence
of:
	 	 /s/ Darren Richardson

Director

			
	  
 Signature
	    	 :/s/ Darren Richardson

	 Name
	    	 : Darren Richardson

	 Occupation
	    	 : Director

	 Address
	    	 : 1-2 Shenley Pavilions

Chalkdell Drive
 Shenley
Wood, Milton Keynes
 U.K.

			
	  
 Signed as a deed, but not delivered until the first
date specified on page 1, by MAD CATZ GMBH acting by a director in the presence of:
	 	  
 /s/ Darren Ricahrdson

 

Director

			
	  
 Signature
	    	 :/s/ Darren Richardson

	 Name
	    	 : Darren Richardson

	 Occupation
	    	 : Director

	 Address
	    	 : Lands Bergerstrasse 400

91241 Munchen, Germany

  
 37 

			
	 Signed as a deed, but not delivered until the first date specified on page 1, by MAD CATZ SAS acting by a director in the presence of:
	 	 /s/ Darren Richardson
  

Director

			
	  
 Signature
	    	 :/s/ Darren Richardson

	 Name
	    	 : Darren Richardson

	 Occupation
	    	 : Director

	 Address
	    	 : 13 rue Camille

Desmoulins, 92441
 Issy
les Moulineaux
 France

  
 38EX-10.16

 Exhibit 10.16 

GENERAL SECURITY AGREEMENT 

This General Security Agreement is made as of June 30, 2015. 
  

					
	 TO:
	  	 Name:
	  	 Faunus Group International Inc.

		  	 Address:
	  	 80 Broad Street, 22nd Floor

		  		  	New York, NY 10004
		  	 Attention:
	  	Chris Fulman
		  	 Facsimile:
	  	(212) 248-3404

 RECITALS: 
 A. 1328158
Ontario Inc. and Mad Catz Interactive, Inc. (each a “Debtor” and collectively, the “Debtors”) are, or may become, indebted or liable to Faunus Group International Inc. (the
“Creditor”) pursuant to the terms of a guarantee dated as of the date hereof (as amended, supplemented, restated or replaced from time to time, the “Guarantee”) or otherwise. 

B. To secure the payment and performance of its Secured Liabilities, each Debtor has agreed to grant to the Creditor the Security Interests with respect to
its Collateral in accordance with the terms of this Agreement. 
 For good and valuable consideration, the receipt and adequacy of which are
acknowledged by each Debtor, each Debtor severally (and not jointly or jointly and severally) agrees with and in favour of the Creditor as follows: 
 1.
Definitions.  In this Agreement capitalized terms used but not otherwise defined in this Agreement shall have the meanings given to them in the Guarantee, and the following terms have the following meanings: 

“Accessions”, “Account”, “Chattel Paper”, “Certificated Security”,
“Consumer Goods”, “Document of Title”, “Equipment”, “Futures Account”, “Futures Contract”, “Futures Intermediary”, “Goods”,
“Instrument”, “Intangible”, “Inventory”, “Investment Property”, “Money”, “Proceeds”, “Securities Account”, “Securities
Intermediary”, “Security”, “Security Certificate”, “Security Entitlement”, and “Uncertificated Security” have the meanings given to them in the
PPSA. 
 “Agreement” means this agreement, including the Exhibits and recitals to this agreement, the Supplements and the
Schedules, as it or they may be amended, supplemented, restated or replaced from time to time, and the expressions “hereof”, “herein”, “hereto”, “hereunder”, “hereby” and similar expressions refer to
this Agreement and not to any particular section or other portion of this Agreement. 
 “Books and Records” means, with respect to
any Debtor, all books, records, files, papers, disks, documents and other repositories of data recording in any form or medium, evidencing or relating to the Personal Property of such Debtor which are at any time owned by such Debtor or to which
such Debtor (or any Person on such Debtor’s behalf) has access. 
 “Collateral” means, with respect to any
Debtor, all of the present and future: 

  

			
		  	General Security Agreement

  
 - 2 - 

 

	 	(a)	undertaking; 

  

	 	(b)	Personal Property (including any Personal Property that may be described in any Schedule to this Agreement or any schedules, documents or listings that such Debtor may from time to time provide to the Creditor in
connection with this Agreement); and 

  

	 	(c)	real property (including any real property that may be described in any Schedule to this Agreement or any schedules, documents or listings that such Debtor may from time to time provide to the Creditor in connection
with this Agreement and including all fixtures, improvements, buildings and other structures placed, installed or erected from time to time on any such real property), 

of such Debtor, including Books and Records, Contracts, Intellectual Property Rights and Permits, and including all such property in which such Debtor now or
in the future has any right, title or interest whatsoever, whether owned, leased, licensed, possessed or otherwise held by such Debtor, and all Proceeds of any of the foregoing, wherever located. 

“Contracts” means, with respect to any Debtor, all contracts and agreements to which such Debtor is at any time a party or pursuant to
which such Debtor has at any time acquired rights, and includes (i) all rights of such Debtor to receive money due and to become due to it in connection with a contract or agreement, (ii) all rights of such Debtor to damages arising out
of, or for breach or default with respect to, a contract or agreement, and (iii) all rights of such Debtor to perform and exercise all remedies in connection with a contract or agreement. 

“Control” means, with respect to a particular Person, the possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of such Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlled” has the corresponding meaning. 

“Control Person” means a “control person”, as such term is defined under applicable Canadian securities laws. 

“Creditor” has the meaning set out in the recitals hereto. 

“Debtors” means the Persons delivering a signature page to this Agreement and any other Person which hereafter delivers a Supplement,
and “Debtor” means any one of them. 
 “Exhibits” means the exhibits to this Agreement. 

“Governmental Authority” means the government of Canada, any other nation or any political subdivision thereof, whether provincial,
state, territorial or local, and any agency, authority, instrumentality, regulatory body, court, central bank, fiscal or monetary authority or other authority regulating financial institutions, and any other entity exercising executive, legislative,
judicial, taxing, regulatory or administrative powers or functions of or pertaining to government, including the Bank Committee on Banking Regulation and Supervisory Practices of the Bank of International Settlements. 

  
 General Security
Agreement 

  
 - 3 - 

 

 “Guarantee” has the meaning set out in the recitals hereto. 

“Intellectual Property Rights” means, with respect to any Debtor, all industrial and intellectual property rights of such
Debtor or in which such Debtor has any right, title or interest, including copyrights, patents, inventions (whether or not patented), trade-marks, get-up and trade dress, industrial designs, integrated circuit topographies, plant breeders’
rights, know how and trade secrets, registrations and applications for registration for any such industrial and intellectual property rights, and all Contracts related to any such industrial and intellectual property rights. 

“Issuer” has the meaning given to that term in the STA. 

“Laws” means all federal, provincial, municipal, foreign and international statutes, acts, codes, ordinances, decrees,
treaties, rules, regulations, municipal by-laws, judicial or arbitral or administrative or ministerial or departmental or regulatory judgments, orders, decisions, rulings or awards or any provisions of the foregoing, including general principles of
common and civil law and equity, and all policies, practices and guidelines of any Governmental Authority binding on or affecting the Person referred to in the context in which such word is used (including, in the case of tax matters, any accepted
practice or application or official interpretation of any relevant taxation authority); and “Law” means any one or more of the foregoing. 

“Lien” means, (a) with respect to any asset, any mortgage, deed of trust, lien, pledge, hypothec (whether movable or
immovable), hypothecation, encumbrance, charge, security interest, royalty interest, adverse claim, defect to title or right of set off in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement,
capital lease, title retention agreement or consignment agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to any asset, (c) any purchase option, call or similar right of a third
party with respect to such asset, (d) any netting arrangement, defeasance arrangement or reciprocal fee arrangement, and (e) any other arrangement having the effect of providing security. 

“Organizational Documents” means, with respect to any Person, such Person’s articles or other charter documents, by-laws,
unanimous shareholder agreement, partnership agreement or trust agreement, as applicable, and any and all other similar agreements, documents and instruments relative to such Person. 

“Permits” means, with respect to any Debtor, all permits, licences, waivers, exemptions, consents, certificates,
authorizations, approvals, franchises, rights-of-way, easements and entitlements that such Debtor has, requires or is required to have, to own, possess or operate any of its property or to operate and carry on any part of its business. 

“Permitted Liens” means the Security Interests of all Debtors and all other Liens permitted in writing by the Creditor.

 “Person” includes any natural person, corporation, company, limited liability company, unlimited liability company,
trust, joint venture, association, incorporated organization, partnership, Governmental Authority or other entity. 

  
 General Security
Agreement 

  
 - 4 - 

 

 “Personal Property” means personal property and includes Accounts, Chattel Paper,
Documents of Title, Equipment, Goods, Instruments, Intangibles, Inventory, Investment Property and Money. 
 “Pledged Certificated
Securities” means, with respect to any Debtor, any and all Collateral of such Debtor that is a Certificated Security. 

“Pledged Futures Contracts” means, with respect to any Debtor, any and all Collateral of such Debtor that is a Futures
Contract. 
 “Pledged Futures Accounts” means, with respect to any Debtor, any and all Collateral of such Debtor that
is a Futures Account. 
 “Pledged Futures Intermediary” means, at any time, any Person which is at such time a Futures
Intermediary at which a Pledged Futures Account is maintained. 
 “Pledged Futures Intermediary’s Jurisdiction”
means, with respect to any Pledged Futures Intermediary, its jurisdiction as determined under section 7.1(4) of the PPSA. 

“Pledged Issuer” means, with respect to any Debtor at any time, any Person which is an Issuer of, or with respect to, any
Pledged Shares of such Debtor at such time. 
 “Pledged Issuer’s Jurisdiction” means, with respect to any Pledged
Issuer, its jurisdiction as determined under section 44 of the STA. 
 “Pledged Securities” means, with respect to any
Debtor, any and all Collateral of such Debtor that is a Security. 
 “Pledged Securities Accounts” means, with respect
to any Debtor, any and all Collateral of such Debtor that is a Securities Account. 
 “Pledged Securities
Intermediary” means, at any time, any Person which is at such time a Securities Intermediary at which a Pledged Securities Account is maintained. 

“Pledged Securities Intermediary’s Jurisdiction” means, with respect to any Securities Pledged Securities Intermediary,
its jurisdiction as determined under section 45(2) of the STA. 
 “Pledged Security Certificates” means, with respect
to any Debtor, any and all Security Certificates of such Debtor representing the Pledged Certificated Securities. 
 “Pledged
Security Entitlements” means, with respect to any Debtor, any and all Collateral of such Debtor that is a Security Entitlement. 

“Pledged Shares” means, with respect to any Debtor, all Pledged Securities and Pledged Security Entitlements of such Debtor.

 “Pledged Uncertificated Securities” means, with respect to any Debtor, any and all Collateral of such Debtor that is
an Uncertificated Security. 

  
 General Security
Agreement 

  
 - 5 - 

 

 “PPSA” means the Personal Property Security Act of the Province referred to
in the “Governing Law” section of this Agreement, as such legislation may be amended, renamed or replaced from time to time, and includes all regulations from time to time made under such legislation. 

“Receiver” means an interim receiver, a receiver, a manager or a receiver and manager. 

“Release Date” means the date on which all the Secured Liabilities of each Debtor have been indefeasibly paid and discharged in full
and the Creditor has no further obligations under the Transaction Documents pursuant to which further Secured Liabilities of any Debtor might arise. 

“Reporting Pledged Issuer” means a Pledged Issuer that is a “reporting issuer”, as such term is defined under applicable
Canadian securities laws. 
 “Secured Liabilities” means, with respect to any Debtor, all present and future indebtedness,
liabilities and obligations of any and every kind, nature and description (whether direct or indirect, joint or several, absolute or contingent, matured or unmatured) of such Debtor to the Creditor under, in connection with or with respect to the
Transaction Documents, and any unpaid balance thereof. 
 “Schedules” means the schedules to this Agreement. 

“Security Interests” means, with respect to any Debtor, the Liens created by such Debtor in favour of the Creditor under this
Agreement. 
 “STA” means the Securities Transfer Act of the Province referred to in the “Governing Law” section of
this Agreement, as such legislation may be amended, renamed or replaced from time to time, and includes all regulations from time to time made under such legislation. 

“Subsidiary” means, with respect to any Person (the “parent”) at any date, any other Person (a) of which
securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned,
controlled or held, or (b) that is, as of such date, otherwise Controlled, by the parent or one or more Subsidiaries of the parent. 

“Supplement” has the meaning given to that term in Section 35. 

“ULC” means an Issuer that is an unlimited company, unlimited liability corporation or unlimited liability company. 

“ULC Laws” means the Companies Act (Nova Scotia), the Business Corporations Act (Alberta), the Business Corporations
Act (British Columbia), and any other present or future Laws governing ULCs. 
 “ULC Shares” means shares or other equity
interests in the capital stock of a ULC. 
 “Voting or Equity Securities” means (a) any “security” (as defined under
applicable Canadian securities laws), other than a bond, debenture, note or similar instrument representing indebtedness (whether secured or unsecured), of an issuer carrying a voting right either under all

  
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 circumstances or under some circumstances that have occurred and are continuing or (b) a security of an
issuer that carries a residual right to participate in the earnings of the issuer and, on liquidation or winding up of the issuer, in its assets. 
 2.
Grant of Security Interests.  As general and continuing collateral security for the due payment and performance of its Secured Liabilities, each Debtor pledges, mortgages, charges and assigns (by way of security) to the
Creditor, and grants to the Creditor a security interest in, the Collateral of such Debtor. 
 3. Limitations on Grant of Security
Interests.  If the grant of the Security Interests with respect to any Contract, Intellectual Property Right or Permit under Section 2 would result in the termination or breach of such Contract, Intellectual Property Right or
Permit, or is otherwise prohibited or ineffective (whether by the terms thereof or under applicable Law), then such Contract, Intellectual Property Right or Permit shall not be subject to the Security Interests but shall be held in trust by the
applicable Debtor for the benefit of the Creditor and, on the exercise by the Creditor of any of its rights or remedies under this Agreement following an Event of Default shall be assigned by such Debtor as directed by the Creditor; provided that:
(a) the Security Interests of such Debtor shall attach to such Contract, Intellectual Property Right or Permit, or applicable portion thereof, immediately at such time as the condition causing such termination or breach is remedied, and
(b) if a term in a Contract that prohibits or restricts the grant of the Security Interests in the whole of an Account or Chattel Paper forming part of the Collateral is unenforceable against the Creditor under applicable Law, then the
exclusion from the Security Interests set out above shall not apply to such Account or Chattel Paper. In addition, the Security Interests do not attach to Consumer Goods or extend to the last day of the term of any lease or agreement for lease of
real property. Such last day shall be held by the applicable Debtor in trust for the Creditor and, on the exercise by the Creditor of any of its rights or remedies under this Agreement following an Event of Default, shall be assigned by such Debtor
as directed by the Creditor. For greater certainty, no Intellectual Property Right in any trade-mark, get-up or trade dress is presently assigned to the Creditor by sole virtue of the grant of the Security Interests contained in Section 2. 

4. Attachment; No Obligation to Advance.  Each Debtor confirms that value has been given by the Creditor to such Debtor, that such
Debtor has rights in its Collateral existing at the date of this Agreement or the date of any Supplement, as applicable, and that such Debtor and the Creditor have not agreed to postpone the time for attachment of the Security Interests to any of
the Collateral of such Debtor. The Security Interests with respect to the Collateral of each Debtor created by this Agreement shall have effect and be deemed to be effective whether or not the Secured Liabilities of such Debtor or any part thereof
are owing or in existence before or after or upon the date of this Agreement or the date of any Supplement, as applicable. Neither the execution and delivery of this Agreement or any Supplement nor the provision of any financial accommodation by the
Creditor shall oblige the Creditor to make any financial accommodation or further financial accommodation available to any Debtor or any other Person. 
 5.
Representations and Warranties.  Each Debtor represents and warrants to the Creditor that, as of the date of this Agreement or the date of any Supplement, as applicable: 

  
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	 	(a)	Debtor Information.  All of the information set out in the Schedules and Supplements, as applicable, with respect to such Debtor is accurate and complete. 

 

	 	(b)	Title; No Other Security Interests.  Except for Permitted Liens, such Debtor owns (or, with respect to any leased or licensed property forming part of the Collateral of such Debtor, holds a valid
leasehold or licensed interest in) its Collateral free and clear of any Liens. Such Debtor is the record and beneficial owner of the Pledged Shares. No security agreement, financing statement or other notice with respect to any or all of the
Collateral of such Debtor is on file or on record in any public office, except for filings with respect to Permitted Liens. 

  

	 	(c)	Amount of Accounts.  The amount represented by such Debtor to the Creditor from time to time as owing by each account debtor or by all account debtors with respect to its Accounts of such Debtor will at
such time be the correct amount so owing by such account debtor or debtors and, unless disclosed in writing by such Debtor to the Creditor at that time, will be owed free of any dispute, set-off or counterclaim. Except as disclosed in writing by
such Debtor to the Creditor, neither such Debtor nor (to the best of such Debtor’s knowledge) any other party to any Account of such Debtor or Contract of such Debtor is in default or is likely to become in default in the performance or
observance of any of the terms of such Account or Contract where such default is or could reasonably be expected to be materially adverse to such Debtor or the Creditor. 

 

	 	(d)	Authority.  Such Debtor has full power and authority to grant to the Creditor the Security Interests granted by such Debtor and to execute, deliver and perform its obligations under this Agreement, and
such execution, delivery and performance does not contravene any of such Debtor’s Organizational Documents or any agreement, instrument or restriction to which such Debtor is a party or by which such Debtor or any of its Collateral is bound.

  

	 	(e)	Consents and Transfer Restrictions. 

  

	 	(i)	Except for any consent that has been obtained and is in full force and effect, no consent of any Person (including any counterparty with respect to any Contract, any account debtor with respect to any Account, or any
Governmental Authority with respect to any Permit) is required, or is purported to be required, for the execution, delivery, performance and enforcement of this Agreement (this representation being given without reference to the exclusions contained
in Section 3). For the purposes of complying with any transfer restrictions contained in the Organizational Documents of any Pledged Issuer, such Debtor hereby irrevocably consents to any transfer of such Debtor’s Pledged Securities of
such Pledged Issuer. 

  

	 	(ii)	 (A) No order ceasing or suspending trading in, or prohibiting the transfer of the Pledged Shares has been issued and no proceedings for this purpose
have been instituted, nor does such Debtor have any reason to 

  
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	 	believe that any such proceedings are pending, contemplated or threatened and (B) the Pledged Shares are not subject to any escrow or other agreement, arrangement, commitment or understanding, prohibiting the
transfer of the Pledged Shares, including pursuant to applicable Canadian securities laws or the rules, regulations or policies of any marketplace on which the Pledged Shares are listed, posted or traded. 

 

	 	(f)	Execution and Delivery.  This Agreement has been duly authorized, executed and delivered by such Debtor and is a valid and binding obligation of such Debtor enforceable against such Debtor in accordance
with its terms, subject only to bankruptcy, insolvency, liquidation, reorganization, moratorium and other similar Laws generally affecting the enforcement of creditors’ rights, and to the fact that equitable remedies (such as specific
performance and injunction) are discretionary remedies. 

  

	 	(g)	No Consumer Goods.  Such Debtor does not own any Consumer Goods which are material in value or which are material to the business, operations, property, condition or prospects (financial or otherwise)
of such Debtor. 

  

	 	(h)	Intellectual Property Rights.  All registrations and applications for registration pertaining to any Intellectual Property Rights of such Debtor, all other material Intellectual Property Rights of such
Debtor, and the nature of such Debtor’s right, title or interest therein, are described in the Schedules and Supplements as applicable, with respect to such Debtor. Each Intellectual Property Right of such Debtor is valid, subsisting,
unexpired, enforceable, and has not been abandoned. In the case of copyright works of such Debtor, such Debtor has obtained full and irrevocable waivers of all moral rights or similar rights pertaining to such works. Except as set out in the
Schedules and Supplements, as applicable, none of the Intellectual Property Rights of such Debtor have been licensed or franchised by such Debtor to any Person or, to the best of such Debtor’s knowledge, infringed or otherwise misused by any
Person. Except as set out in the Schedules and Supplements, as applicable, the exercise of any Intellectual Property Right of such Debtor, or any licensee or franchisee thereof, has not infringed or otherwise misused any intellectual property right
of any other Person, and such Debtor has not received and is not aware of any claim of such infringement or other misuse. 

  

	 	(i)	Partnerships, Limited Liability Companies.  The terms of any interest in a partnership or limited liability company that is Collateral of such Debtor expressly provide that such interest is a
“security” for the purposes of the STA. 

  

	 	(j)	Due Authorization.  The Pledged Securities of such Debtor have been duly authorized and validly issued and are fully paid and non-assessable. 

 

	 	(k)	 Warrants, Options, etc.  There are no outstanding warrants, options or other rights to purchase, or other agreements outstanding with
respect to, or property that is 

  
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 now or hereafter convertible into, or that requires the issuance or sale of, any Pledged Shares
of such Debtor. 
  

	 	(l)	No Required Disposition.  There is no existing agreement, option, right or privilege capable of becoming an agreement or option pursuant to which such Debtor would be required to sell, redeem or
otherwise dispose of any Pledged Shares of such Debtor or under which any Pledged Issuer has any obligation to issue any Securities of such Pledged Issuer to any Person. 

 

	 	(m)	Securities Laws.  Such Debtor is not a Control Person with respect to any Pledged Issuer and the Pledged Shares issued by a Reporting Pledged Issuer do not comprise Voting or Equity Securities of any
class (or securities convertible into Voting or Equity Securities of any class) constituting ten per cent or more of the outstanding securities of that class. 

6. Survival of Representations and Warranties.  All representations and warranties made by each Debtor in this Agreement
(a) are material, (b) shall be considered to have been relied on by the Creditor, and (c) shall survive the execution and delivery of this Agreement and any Supplement or any investigation made at any time by or on behalf of the
Creditor and any disposition or payment of the Secured Liabilities until the Release Date. 
 7. Covenants.  Each Debtor
covenants and agrees with the Creditor that: 
  

	 	(a)	Further Documentation.  Such Debtor shall from time to time, at the expense of such Debtor, promptly and duly authorize, execute and deliver such further instruments and documents, and take such further
action, as the Creditor may request for the purpose of obtaining or preserving the full benefits of, and the rights and powers granted by, this Agreement (including the filing of any financing statements or financing change statements under any
applicable legislation with respect to the Security Interests). Such Debtor acknowledges that this Agreement has been prepared based on the existing Laws in the Province referred to in the “Governing Law” section of this Agreement and that
a change in such Laws, or the Laws of other jurisdictions, may require the execution and delivery of different forms of security documentation. Accordingly, such Debtor agrees that the Creditor shall have the right to require that this Agreement be
amended, supplemented, restated or replaced, and that such Debtor shall immediately on request by the Creditor authorize, execute and deliver any such amendment, supplement, restatement or replacement (i) to reflect any changes in such Laws,
whether arising as a result of statutory amendments, court decisions or otherwise, (ii) to facilitate the creation and registration of appropriate security in all appropriate jurisdictions, or (iii) if such Debtor merges or amalgamates
with any other Person or enters into any corporate reorganization, in each case in order to confer on the Creditor Liens similar to, and having the same effect as, the Security Interests. 

 

	 	(b)	 Maintenance of Records.  Such Debtor shall keep and maintain accurate and complete records of the Collateral of such Debtor,
including a record of all 

  
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	 	payments received and all credits granted with respect to the Accounts and Contracts of such Debtor. At the written request of the Creditor, such Debtor shall mark any Collateral of such Debtor specified by the Creditor
to evidence the existence of the Security Interests. 

  

	 	(c)	Right of Inspection.  The Creditor may, at all times during normal business hours, without charge, examine and make copies of all Books and Records, and may discuss the affairs, finances and accounts of
such Debtor with its officers and accountants. The Creditor may also, without charge, enter the premises of such Debtor where any of the Collateral of such Debtor is located for the purpose of inspecting such Collateral, observing its use or
otherwise protecting its interests in such Collateral. Such Debtor, at its expense, shall provide the Creditor with such clerical and other assistance as may be reasonably requested by the Creditor to exercise any of its rights under this paragraph.

  

	 	(d)	Limitations on Other Liens.  Such Debtor shall not create, incur or permit to exist, and shall defend the Collateral of such Debtor against, and shall take such other action as is necessary to remove,
any and all Liens in and other claims affecting the Collateral of such Debtor, other than the Permitted Liens, and such Debtor shall defend the right, title and interest of the Creditor in and to the Collateral of such Debtor against the claims and
demands of all Persons. 

  

	 	(e)	Limitations on Dispositions of Collateral.  Such Debtor shall not, without the Creditor’s prior written consent, sell, lease or otherwise dispose of any of its Collateral, except that Inventory of
such Debtor may be sold, leased or otherwise disposed of and, subject to the terms of this Agreement, Accounts of such Debtor may be collected, in either case in the ordinary course of such Debtor’s business. Following an Event of Default, all
Proceeds of the Collateral of such Debtor (including all amounts received with respect to Accounts) received by or on behalf of such Debtor, whether or not arising in the ordinary course of such Debtor’s business, shall be received by such
Debtor as trustee for the Creditor and shall be immediately paid to the Creditor. 

  

	 	(f)	Limitations on Modifications, Waivers, Extensions.  Other than as not prohibited by paragraph (g) below, such Debtor shall not (i) amend, modify, terminate, permit to expire or waive any
provision of any of such Debtor’s Permits, Contracts or any documents giving rise to an Account in any manner which is or could reasonably be expected to be materially adverse to such Debtor or the Creditor, or (ii) fail to exercise
promptly and diligently its rights under each of such Debtor’s Contracts and documents giving rise to an Account if such failure is or could reasonably be expected to be materially adverse to such Debtor or the Creditor. 

 

	 	(g)	 Limitations on Discounts, Compromises, Extensions of Accounts.  Other than in the ordinary course of business of such Debtor
consistent with previous practices, such Debtor shall not (i) grant any extension of the time for payment of any Account of such Debtor, (ii) compromise, compound or settle any Account of

  
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	 	such Debtor for less than its full amount, (iii) release, wholly or partially, any Person liable for the payment of any Account of such Debtor, or (iv) allow any credit or discount of any Account of such
Debtor. 

  

	 	(h)	Maintenance of Collateral.  Such Debtor shall maintain all tangible Collateral of such Debtor in good operating condition, ordinary wear and tear excepted, and such Debtor shall provide all maintenance,
service and repairs necessary for such purpose. Such Debtor shall maintain in good standing all registrations and applications with respect to the Intellectual Property Rights of such Debtor except to the extent that any failure to do so could not
reasonably be expected to be materially adverse to such Debtor or the Creditor. 

  

	 	(i)	Insurance.  Such Debtor shall keep the Collateral of such Debtor insured with financially sound and reputable companies to its full insurable value against loss or damage by fire, explosion, theft and
such other risks as are customarily insured against by Persons carrying on similar businesses or owning similar property within the vicinity in which such Debtor’s applicable business or property is located. The applicable insurance policies
shall be in form and substance satisfactory to the Creditor, and shall (i) contain a breach of warranty clause in favour of the Creditor, (ii) provide that no cancellation, material reduction in amount or material change in coverage will
be effective until at least 30 days after receipt of written notice thereof by the Creditor, (iii) contain by way of endorsement a mortgagee clause in form and substance satisfactory to the Creditor, and (iv) name the Creditor as loss
payee as its interest may appear. Such Debtor shall, from time to time at the Creditor’s request, deliver the applicable insurance policies (or satisfactory evidence of such policies) to the Creditor. If such Debtor does not obtain or maintain
such insurance, the Creditor may, but need not, do so, in which event such Debtor shall immediately on demand reimburse the Creditor for all payments made by the Creditor in connection with obtaining and maintaining such insurance, and until
reimbursed any such payment shall form part of the Secured Liabilities of such Debtor and shall be secured by the Security Interests. Neither the Creditor nor its correspondents or its agents shall be responsible for the character, adequacy,
validity or genuineness of any insurance, the solvency of any insurer, or any other risk connected with insurance. 

  

	 	(j)	Further Identification of Collateral.  Such Debtor shall promptly furnish to the Creditor such statements and schedules further identifying and describing the Collateral of such Debtor, and such other
reports in connection with the Collateral of such Debtor, as the Creditor may from time to time reasonably request, including an updated list of any motor vehicles or other “serial number” goods owned by such Debtor and classified as
Equipment, including vehicle identification numbers. 

  

	 	(k)	 Amalgamation, Merger or Consolidation.  Such Debtor shall not permit any Pledged Issuer of such Debtor to amalgamate, merge or
consolidate unless all of the outstanding capital stock of the surviving or resulting corporation is, upon 

  
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	 	such amalgamation, merger or consolidation, pledged under this Agreement, and no cash, securities or other property is distributed with respect to the outstanding shares of any other constituent corporation.

  

	 	(l)	Agreements re Intellectual Property Rights.  Promptly upon request from time to time by the Creditor, such Debtor shall authorize, execute and deliver any and all agreements, instruments, documents and
papers that the Creditor may request to evidence the Security Interests in any Intellectual Property Rights of such Debtor and, where applicable, the goodwill of the business of such Debtor connected with the use of, and symbolized by, any such
Intellectual Property Rights. 

  

	 	(m)	Instruments; Documents of Title; Chattel Paper.  Promptly upon request from time to time by the Creditor, such Debtor shall deliver to the Creditor, endorsed and/or accompanied by such instruments of
assignment and transfer in such form and substance as the Creditor may reasonably request, any and all Instruments, Documents of Title and Chattel Paper of such Debtor included in or relating to the Collateral of such Debtor as the Creditor may
specify in its request. 

  

	 	(n)	Pledged Certificated Securities.  Such Debtor shall deliver to the Creditor any and all Pledged Security Certificates of such Debtor and other materials as may be required from time to time to provide
the Creditor with control over all Pledged Certificated Securities of such Debtor in the manner provided under section 23 of the STA. At the request of the Creditor, such Debtor shall cause all Pledged Security Certificates of such Debtor to be
registered in the name of the Creditor or its nominee. 

  

	 	(o)	Pledged Uncertificated Securities.  Such Debtor shall deliver to the Creditor any and all such documents, agreements and other materials as may be required from time to time to provide the Creditor with
control over all Pledged Uncertificated Securities of such Debtor in the manner provided under section 24 of the STA. 

  

	 	(p)	Pledged Security Entitlements.  Such Debtor shall deliver to the Creditor any and all such documents, agreements and other materials as may be required from time to time to provide the Creditor with
control over all Pledged Security Entitlements of such Debtor in the manner provided under section 25 or 26 of the STA. 

  

	 	(q)	Pledged Futures Contracts.  Such Debtor shall deliver to the Creditor any and all such documents, agreements and other materials as may be required from time to time to provide the Creditor with control
over all Pledged Futures Contracts of such Debtor in the manner provided under subsection 1(2) of the PPSA. 

  

	 	(r)	Partnerships, Limited Liability Companies.  Such Debtor shall ensure that the terms of any interest in a partnership or limited liability company that is Collateral of such Debtor shall expressly
provide that such interest is a “security” for the purposes of the STA. 

  

	 	(s)	 Transfer Restrictions.  If the constating documents of any Pledged Issuer (other than a ULC) restrict the transfer of the Securities
of such Pledged Issuer, then 

  
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	 	such Debtor shall deliver to the Creditor a certified copy of a resolution of the directors, shareholders, unitholders or partners of such Pledged Issuer, as applicable, consenting to the transfer(s) contemplated by
this Agreement, including any prospective transfer of the Collateral of such Debtor by the Creditor upon a realization on the Security Interests. 

  

	 	(t)	Notices.  Such Debtor shall advise the Creditor promptly, in reasonable detail, of: 

  

	 	(i)	any change to a Pledged Securities Intermediary’s Jurisdiction, Pledged Issuer’s Jurisdiction, or Pledged Future Intermediary’s Jurisdiction; 

 

	 	(ii)	any change in the location of the jurisdiction of incorporation or amalgamation, chief executive office or domicile of such Debtor; 

 

	 	(iii)	any change in the name of such Debtor; 

  

	 	(iv)	any merger, consolidation or amalgamation of such Debtor with any other Person; 

  

	 	(v)	any additional jurisdiction in which such Debtor carries on business or has tangible Personal Property; 

  

	 	(vi)	any additional jurisdiction in which material account debtors of such Debtor are located; 

  

	 	(vii)	any acquisition of any right, title or interest in real property by such Debtor; 

  

	 	(viii)	any acquisition of any Intellectual Property Rights which are the subject of a registration or application with any governmental intellectual property or other governing body or registry, or which are material to such
Debtor’s business; 

  

	 	(ix)	any acquisition of any Instrument, Document of Title or Chattel Paper; 

  

	 	(x)	any creation or acquisition of any Subsidiary of such Debtor; 

  

	 	(xi)	any Lien (other than Permitted Liens) on, or claim asserted against, any of the Collateral of such Debtor; 

  

	 	(xii)	the Debtor becoming (or if the Debtor could reasonably be determined to have become) a Control Person with respect to any Reporting Pledged Issuer; 

 

	 	(xiii)	the issuance of any order ceasing or suspending trading in, or prohibiting the transfer of any Pledged Shares or the institution of proceedings for such purpose, or if such Debtor has any reason to believe that any such
proceedings are pending, contemplated or threatened; or 

  
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	 	(xiv)	any occurrence of any event, claim or occurrence that could reasonably be expected to have a material adverse effect on the value of the Collateral of such Debtor or on the Security Interests. 

Such Debtor shall not effect or permit any of the changes referred to in clauses (ii) through (viii) above unless all filings have
been made and all other actions taken that are required in order for the Creditor to continue at all times following such change to have a valid and perfected Security Interest with respect to all of the Collateral of such Debtor. 

8. Voting Rights.  Unless an Event of Default has occurred and is continuing, each Debtor shall be entitled to exercise all voting
power from time to time exercisable with respect to the Pledged Shares of such Debtor and give consents, waivers and ratifications with respect thereto; provided, however, that no vote shall be cast or consent, waiver or ratification given or action
taken which would be, or would have a reasonable likelihood of being, prejudicial to the interests of the Creditor or which would have the effect of reducing the value of the Collateral of such Debtor as security for the Secured Liabilities of such
Debtor or imposing any restriction on the transferability of any of the Collateral of such Debtor. Unless an Event of Default has occurred and is continuing, the Creditor shall, from time to time at the request and expense of the applicable Debtor,
execute or cause to be executed, with respect to all Pledged Securities of such Debtor that are registered in the name of the Creditor or its nominee, valid proxies appointing such Debtor as its (or its nominee’s) proxy to attend, vote and act
for and on behalf of the Creditor or such nominee, as the case may be, at any and all meetings of the applicable Pledged Issuer’s shareholders or debt holders, all Pledged Securities that are registered in the name of the Creditor or such
nominee, as the case may be, and to execute and deliver, consent to or approve or disapprove of or withhold consent to any resolutions in writing of shareholders or debt holders of the applicable Pledged Issuer for and on behalf of the Creditor or
such nominee, as the case may be. Immediately upon the occurrence and during the continuance of any Event of Default, all such rights of the applicable Debtor to vote and give consents, waivers and ratifications shall cease and the Creditor or its
nominee shall be entitled to exercise all such voting rights and to give all such consents, waivers and ratifications. 
 9. Dividends;
Interest.  Unless an Event of Default has occurred and is continuing, each Debtor shall be entitled to receive any and all cash dividends, interest, principal payments and other forms of cash distribution on the Pledged Shares of
such Debtor which it is otherwise entitled to receive, but any and all stock and/or liquidating dividends, distributions of property, returns of capital or other distributions made on or with respect to the Pledged Shares of such Debtor, whether
resulting from a subdivision, combination or reclassification of the outstanding capital stock of any Pledged Issuer of such Debtor or received in exchange for such Pledged Shares or any part thereof or as a result of any amalgamation, merger,
consolidation, acquisition or other exchange of property to which any Pledged Issuer of such Debtor may be a party or otherwise, and any and all cash and other property received in exchange for any Pledged Shares of such Debtor shall be and become
part of the Collateral of such Debtor subject to the Security Interests and, if received by such Debtor, shall forthwith be delivered to the Creditor or its nominee (accompanied, if appropriate, by proper instruments of assignment and/or stock
powers of attorney executed by such Debtor in accordance with the Creditor’s instructions) to be held subject to the terms of this Agreement; and if any of the Pledged Security Certificates have been

  
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 registered in the name of the Creditor or its nominee, the Creditor shall execute and deliver (or cause to be
executed and delivered) to such Debtor all such dividend orders and other instruments as such Debtor may request for the purpose of enabling such Debtor to receive the dividends, distributions or other payments which such Debtor is authorized to
receive and retain pursuant to this Section. If an Event of Default has occurred and is continuing, all rights of such Debtor pursuant to this Section shall cease and the Creditor shall have the sole and exclusive right and authority to receive and
retain the cash dividends, interest, principal payments and other forms of cash distribution which such Debtor would otherwise be authorized to retain pursuant to this Section. Any money and other property paid over to or received by the Creditor
pursuant to the provisions of this Section shall be retained by the Creditor as additional Collateral hereunder and be applied in accordance with the provisions of this Agreement. 

10. Rights on Event of Default.  If an Event of Default has occurred and is continuing, then and in every such case all of the Secured
Liabilities of each Debtor shall, at the option of the Creditor, become immediately due and payable and the Security Interests of each Debtor shall become enforceable and the Creditor, in addition to any rights now or hereafter existing under
applicable Law may, personally or by agent, at such time or times as the Creditor in its discretion may determine, do any one or more of the following: 
  

	 	(a)	Rights under PPSA, etc.  Exercise against any or all Debtors all of the rights and remedies granted to secured parties under the PPSA and any other applicable statute, or otherwise available to the
Creditor by contract, at law or in equity. 

  

	 	(b)	Demand Possession.  Demand possession of any or all of the Collateral of any or all Debtors, in which event each such Debtor shall, at the expense of such Debtor, immediately cause the Collateral of
such Debtor designated by the Creditor to be assembled and made available and/or delivered to the Creditor at any place designated by the Creditor. 

  

	 	(c)	Take Possession.  Enter on any premises where any Collateral of any or all Debtors is located and take possession of, disable or remove such Collateral. 

 

	 	(d)	Deal with Collateral.  Hold, store and keep idle, or operate, lease or otherwise use or permit the use of, any or all of the Collateral of any or all Debtors for such time and on such terms as the
Creditor may determine, and demand, collect and retain all earnings and other sums due or to become due from any Person with respect to any of the Collateral of any or all Debtors. 

 

	 	(e)	Carry on Business.  Carry on, or concur in the carrying on of, any or all of the business or undertaking of any or all Debtors and enter on, occupy and use (without charge by such Debtor) any of the
premises, buildings, plant and undertaking of, or occupied or used by, any or all Debtors. 

  

	 	(f)	Enforce Collateral.  Seize, collect, receive, enforce or otherwise deal with any Collateral of any or all Debtors in such manner, on such terms and conditions and at such times as the Creditor deems
advisable. 

  
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	 	(g)	Dispose of Collateral.  Realize on any or all of the Collateral of any or all Debtors and sell, lease, assign, give options to purchase, or otherwise dispose of and deliver any or all of the Collateral
of any or all Debtors (or contract to do any of the above), in one or more parcels at any public or private sale, at any exchange, broker’s board or office of the Creditor or elsewhere, with or without advertising or other formality, except as
required by applicable Law, on such terms and conditions as the Creditor may deem advisable and at such prices as it may deem best, for cash or on credit or for future delivery. 

 

	 	(h)	Court-Approved Disposition of Collateral.  Obtain from any court of competent jurisdiction an order for the sale or foreclosure of any or all of the Collateral of any or all Debtors. 

 

	 	(i)	Purchase by Creditor.  At any public sale, and to the extent permitted by Law on any private sale, bid for and purchase any or all of the Collateral of any or all Debtors offered for sale and, upon
compliance with the terms of such sale, hold, retain, sell or otherwise dispose of such Collateral without any further accountability to any Debtor or any other Person with respect to such holding, retention, sale or other disposition, except as
required by Law. In any such sale to the Creditor, the Creditor may, for the purpose of making payment for all or any part of the Collateral of any Debtor so purchased, use any claim for any or all of the Secured Liabilities of such Debtor then due
and payable to it as a credit against the purchase price. 

  

	 	(j)	Collect Accounts.  Notify (whether in its own name or in the name of any Debtor) the account debtors under any Accounts of any or all Debtors of the assignment of such Accounts to the Creditor and
direct such account debtors to make payment of all amounts due or to become due to any or all Debtors with respect to such Accounts directly to the Creditor and, upon such notification and at the expense of any such Debtor, enforce collection of any
such Accounts, and adjust, settle or compromise the amount or payment of such Accounts, in such manner and to such extent as the Creditor deems appropriate in the circumstances. 

 

	 	(k)	Transfer of Collateral.  Transfer any Collateral of any or all Debtors that is Pledged Shares into the name of the Creditor or its nominee. 

 

	 	(l)	Voting.  Vote any or all of the Pledged Shares of any or all Debtors (whether or not transferred to the Creditor or its nominee) and give or withhold all consents, waivers and ratifications with respect
thereto and otherwise act with respect thereto as though it were the outright owner thereof. 

  

	 	(m)	Exercise Other Rights.  Exercise any and all rights, privileges, entitlements and options pertaining to any Collateral of any or all Debtors that is Pledged Shares as if the Creditor were the absolute
owner of such Pledged Shares. 

  

	 	(n)	 Dealing with Contracts and Permits.  Deal with any and all Contracts and Permits of any or all Debtors to the same extent as any such
Debtor might (including the 

  
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	 	enforcement, realization, sale, assignment, transfer, and requirement for continued performance), all on such terms and conditions and at such time or times as may seem advisable to the Creditor. 

 

	 	(o)	Payment of Liabilities.  Pay any liability secured by any Lien against any Collateral of any or all Debtors. Each such Debtor shall immediately on demand reimburse the Creditor for all such payments
and, until paid, any such reimbursement obligation shall form part of the Secured Liabilities of such Debtor and shall be secured by the Security Interests of such Debtor. 

 

	 	(p)	Borrow and Grant Liens.  Borrow money for the maintenance, preservation or protection of any Collateral of any or all Debtors or for carrying on any of the business or undertaking of any or all Debtors
and grant Liens on any Collateral of any or all Debtors (in priority to the Security Interests of any or all Debtors or otherwise) as security for the money so borrowed. Each such Debtor shall immediately on demand reimburse the Creditor for all
such borrowings and, until paid, any such reimbursement obligations shall form part of the Secured Liabilities of such Debtor and shall be secured by the Security Interests of such Debtor. 

 

	 	(q)	Appoint Receiver.  Appoint by instrument in writing one or more Receivers of any or all Debtors or any or all of the Collateral of any or all Debtors with such rights, powers and authority (including
any or all of the rights, powers and authority of the Creditor under this Agreement) as may be provided for in the instrument of appointment or any supplemental instrument, and remove and replace any such Receiver from time to time. To the extent
permitted by applicable Law, any Receiver appointed by the Creditor shall (for purposes relating to responsibility for the Receiver’s acts or omissions) be considered to be the agent of any such Debtor and not of the Creditor.

  

	 	(r)	Court-Appointed Receiver.  Obtain from any court of competent jurisdiction an order for the appointment of a Receiver of any or all Debtors or of any or all of the Collateral of any or all Debtors.

  

	 	(s)	Consultants.  Require any or all Debtors to engage a consultant of the Creditor’s choice, or engage a consultant on its own behalf, such consultant to receive the full cooperation and support of
each such Debtor and its agents and employees, including unrestricted access to the premises of each such Debtor and the Books and Records of each such Debtor; all reasonable fees and expenses of such consultant shall be for the account of each such
Debtor and each such Debtor hereby authorizes any such consultant to report directly to the Creditor and to disclose to the Creditor any and all information obtained in the course of such consultant’s employment. 

The Creditor may exercise any or all of the foregoing rights and remedies without demand of performance or other demand, presentment, protest, advertisement
or notice of any kind (except as required by applicable Law) to or on any Debtor or any other Person, and each Debtor hereby 

  
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 waives each such demand, presentment, protest, advertisement and notice to the extent permitted by applicable
Law. None of the above rights or remedies shall be exclusive of or dependent on or merge in any other right or remedy, and one or more of such rights and remedies may be exercised independently or in combination from time to time. Each Debtor
acknowledges and agrees that any action taken by the Creditor hereunder following the occurrence and during the continuance of an Event of Default shall not be rendered invalid or ineffective as a result of the curing of the Event of Default on
which such action was based. 
 11. Realization Standards.  To the extent that applicable Law imposes duties on the Creditor to
exercise remedies in a commercially reasonable manner and without prejudice to the ability of the Creditor to dispose of the Collateral in any such manner, each Debtor acknowledges and agrees that it is not commercially unreasonable for the Creditor
to (or not to) (a) incur expenses reasonably deemed significant by the Creditor to prepare the Collateral of such Debtor for disposition or otherwise to complete raw material or work in process into finished goods or other finished products for
disposition, (b) fail to obtain third party consents for access to the Collateral of such Debtor to be disposed of, (c) fail to exercise collection remedies against account debtors or other Persons obligated on the Collateral of such
Debtor or to remove Liens against the Collateral of such Debtor, (d) exercise collection remedies against account debtors and other Persons obligated on the Collateral of such Debtor directly or through the use of collection agencies and other
collection specialists, (e) dispose of Collateral of such Debtor by way of public auction, public tender or private contract, with or without advertising and without any other formality, (f) contact other Persons, whether or not in the
same business of such Debtor, for expressions of interest in acquiring all or any portion of the Collateral of such Debtor, (g) hire one or more professional auctioneers to assist in the disposition of the Collateral of such Debtor, whether or
not such Collateral is of a specialized nature or an upset or reserve bid or price is established, (h) dispose of the Collateral of such Debtor by utilizing internet sites that provide for the auction of assets of the types included in such
Collateral or that have the reasonable capacity of doing so, or that match buyers and sellers of assets, (i) dispose of assets in wholesale rather than retail markets, (j) disclaim disposition warranties, such as title, possession or quiet
enjoyment, (k) purchase insurance or credit enhancements to insure the Creditor against risks of loss, from the collection or disposition of the Collateral of such Debtor or to provide to the Creditor a guaranteed return from the collection or
disposition of such Collateral, (l) to the extent deemed appropriate by the Creditor, obtain the services of other brokers, investment bankers, consultants and other professionals to assist the Creditor in the collection or disposition of any
of the Collateral of such Debtor, (m) dispose of Collateral of such Debtor in whole or in part, (n) dispose of Collateral of such Debtor to a customer of the Creditor, and (o) establish an upset or reserve bid price with respect to
Collateral of such Debtor. 
 12. Grant of Licence.  For the purpose of enabling the Creditor to exercise its rights and remedies
under this Agreement when the Creditor is entitled to exercise such rights and remedies, and for no other purpose, each Debtor grants to the Creditor an irrevocable, non-exclusive licence (exercisable without
payment of royalty or other compensation to such Debtor) to use, assign or sublicense any or all of the Intellectual Property Rights of such Debtor, including in such licence reasonable access to all media in which any of the licensed items may be
recorded or stored and to all computer programs used for the compilation or printout of the same. For any trade-marks, get-up and trade dress and other business indicia, such licence includes an obligation on the part of the Creditor to maintain the
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 by such Debtor or, in the case of trade-marks, get-up and trade dress or other business indicia licensed to such
Debtor, the standards of quality imposed upon such Debtor by the relevant licence. For copyright works, such licence shall include the benefit of any waivers of moral rights and similar rights. 

13. Securities Laws.  The Creditor is authorized, in connection with any offer or sale of any Pledged Shares of any Debtor, to comply
with any limitation or restriction as it may be advised by counsel is necessary to comply with applicable Law, including compliance with procedures that may restrict the number of prospective bidders and purchasers, requiring that prospective
bidders and purchasers have certain qualifications, and restricting prospective bidders and purchasers to Persons who will represent and agree that they are purchasing for their own account or investment and not with a view to the distribution or
resale of such Securities. In addition to and without limiting Section 11, each Debtor further agrees that compliance with any such limitation or restriction shall not result in a sale being considered or deemed not to have been made in a
commercially reasonable manner, and the Creditor shall not be liable or accountable to such Debtor for any discount allowed by reason of the fact that such Pledged Shares are sold in compliance with any such limitation or restriction. If the
Creditor chooses to exercise its right to sell any or all Pledged Shares of any Debtor, upon written request, such Debtor shall cause each applicable Pledged Issuer to furnish to the Creditor all such information as the Creditor may request in order
to determine the number of shares and other instruments included in the Collateral of such Debtor which may be sold by the Creditor in exempt transactions under any Laws governing securities, and the rules and regulations of any applicable
securities regulatory body thereunder, as the same are from time to time in effect. 
 14. ULC Shares.  Each Debtor acknowledges
that certain of the Collateral of such Debtor may now or in the future consist of ULC Shares, and that it is the intention of the Creditor and each Debtor that the Creditor should not under any circumstances prior to realization thereon be held to
be a “member” or a “shareholder”, as applicable, of a ULC for the purposes of any ULC Laws. Therefore, notwithstanding any provisions to the contrary contained in this Agreement, the Master Facilities Agreement or any other
Transaction Document, where a Debtor is the registered owner of ULC Shares which are Collateral of such Debtor, such Debtor shall remain the sole registered owner of such ULC Shares until such time as such ULC Shares are effectively transferred into
the name of the Creditor or any other Person on the books and records of the applicable ULC. Accordingly, each Debtor shall be entitled to receive and retain for its own account any dividend on or other distribution, if any, with respect to such ULC
Shares (except for any dividend or distribution comprised of Pledged Security Certificates of such Debtor, which shall be delivered to the Creditor to hold hereunder) and shall have the right to vote such ULC Shares and to control the direction,
management and policies of the applicable ULC to the same extent as such Debtor would if such ULC Shares were not pledged to the Creditor pursuant hereto. Nothing in this Agreement, the Master Facilities Agreement or any other Transaction Document
is intended to, and nothing in this Agreement, the Master Facilities Agreement or any other Transaction Document shall, constitute the Creditor or any Person other than the applicable Debtor, a member or shareholder of a ULC for the purposes of any
ULC Laws (whether listed or unlisted, registered or beneficial), until such time as notice is given to such Debtor and further steps are taken pursuant hereto or thereto so as to register the Creditor or such other Person, as specified in such
notice, as the holder of the ULC Shares. To the extent any provision hereof would have the effect of constituting the Creditor as a member or a shareholder, as applicable, of 

  
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 any ULC prior to such time, such provision shall be severed herefrom and shall be ineffective with respect to ULC
Shares which are Collateral of any Debtor without otherwise invalidating or rendering unenforceable this Agreement or invalidating or rendering unenforceable such provision insofar as it relates to Collateral of any Debtor which is not ULC Shares.
Except upon the exercise of rights of the Creditor to sell, transfer or otherwise dispose of ULC Shares in accordance with this Agreement, each Debtor shall not cause or permit, or enable a Pledged Issuer that is a ULC to cause
or permit, the Creditor to: (a) be registered as a shareholder or member of such Pledged Issuer; (b) have any notation entered in their favour in the share register of such Pledged Issuer; (c) be held out as shareholders or
members of such Pledged Issuer; (d) receive, directly or indirectly, any dividends, property or other distributions from such Pledged Issuer by reason of the Creditor holding the Security Interests over the ULC Shares; or (e) act as a
shareholder of such Pledged Issuer, or exercise any rights of a shareholder including the right to attend a meeting of shareholders of such Pledged Issuer or to vote its ULC Shares. 

15. Application of Proceeds.  All Proceeds of Collateral of any Debtor received by the Creditor or a Receiver may be applied to
discharge or satisfy any expenses (including the Receiver’s remuneration and other expenses of enforcing the Creditor’s rights against such Debtor under this Agreement), Liens on the Collateral of such Debtor in favour of Persons other
than the Creditor, borrowings, taxes and other outgoings affecting the Collateral of such Debtor or which are considered advisable by the Creditor or the Receiver to protect, preserve, repair, process, maintain or enhance the Collateral of such
Debtor or prepare it for sale, lease or other disposition, or to keep in good standing any Liens on the Collateral of such Debtor ranking in priority to any of the Security Interests, or to sell, lease or otherwise dispose of the Collateral of such
Debtor. The balance of such Proceeds may, at the sole discretion of the Creditor, be held as collateral security for the Secured Liabilities of the applicable Debtor or be applied to such of the Secured Liabilities of the applicable Debtor (whether
or not the same are due and payable) in such manner and at such times as the Creditor considers appropriate and thereafter shall be accounted for as required by Law. 

16. Continuing Liability of Debtor.  Each Debtor shall remain liable for any Secured Liabilities of such Debtor that are outstanding
following realization of all or any part of the Collateral of such Debtor and the application of the Proceeds thereof. 
 17. Creditor’s
Appointment as Attorney-in-Fact.  Effective upon the occurrence and during the continuance of an Event of Default, each Debtor constitutes and appoints the Creditor and any officer or agent of the Creditor, with full power of
substitution, as such Debtor’s true and lawful attorney-in-fact with full power and authority in the place of such Debtor and in the name of such Debtor or in its
own name, from time to time in the Creditor’s discretion, to take any and all appropriate action and to execute any and all documents and instruments as, in the opinion of such attorney, may be necessary or desirable to accomplish the purposes
of this Agreement. Without limiting the effect of this Section, each Debtor grants the Creditor an irrevocable proxy to vote the Pledged Shares of such Debtor and to exercise all other rights, powers, privileges and remedies to which a holder
thereof would be entitled (including giving or withholding written consents of shareholders, calling special meetings of shareholders and voting at such meetings), which proxy shall be effective, automatically and without the necessity of any action
(including any transfer of any Pledged Shares of such Debtor on the books and records of a Pledged Issuer or Pledged Securities Intermediary, as applicable), upon the occurrence and 

  
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 continuance of an Event of Default. These powers are coupled with an interest and are irrevocable until the
Release Date. Nothing in this Section affects the right of the Creditor as secured party or any other Person on the Creditor’s behalf, to sign and file or deliver (as applicable) all such financing statements, financing change statements,
notices, verification statements and other documents relating to the Collateral and this Agreement as the Creditor or such other Person considers appropriate. Each Debtor hereby ratifies and confirms, and agrees to ratify and confirm, whatever
lawful acts the Creditor or any of the Creditor’s sub-agents, nominees or attorneys do or purport to do in exercise of the power of attorney granted to the Creditor pursuant to this Section. 

18. Performance by Creditor of Debtor’s Obligations.  If any Debtor fails to perform or comply with any of the obligations of
such Debtor under this Agreement, the Creditor may, but need not, perform or otherwise cause the performance or compliance of such obligation, provided that such performance or compliance shall not constitute a waiver, remedy or satisfaction of such
failure. The expenses of the Creditor incurred in connection with any such performance or compliance shall be payable by such Debtor to the Creditor immediately on demand, and until paid, any such expenses shall form part of the Secured Liabilities
of such Debtor and shall be secured by the Security Interests of such Debtor. 
 19. Interest.  If any amount payable by any Debtor
to the Creditor under this Agreement is not paid when due, such Debtor shall pay to the Creditor, immediately on demand, interest on such amount from the date due until paid, at the Interest Rate. All amounts payable by such Debtor to the Creditor
under this Agreement, and all interest on all such amounts, compounded monthly on the last Business Day of each month, shall form part of the Secured Liabilities of such Debtor and shall be secured by the Security Interests of such Debtor. 

20. Severability.  Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to that
jurisdiction, be ineffective to the extent of such prohibition or unenforceability and shall be severed from the balance of this Agreement, all without affecting the remaining provisions of this Agreement or affecting the validity or enforceability
of such provision in any other jurisdiction. 
 21. Rights of Creditor; Limitations on Creditor’s Obligations. 

 

	 	(a)	 Limitations on Creditor’s Liability.  The Creditor shall not be liable to any Debtor or any other Person for any failure or
delay in exercising any of the rights of such Debtor under this Agreement (including any failure to take possession of, collect, sell, lease or otherwise dispose of any Collateral of such Debtor, or to preserve rights against prior parties). Neither
the Creditor, a Receiver, nor any agent of the Creditor (including, in Alberta or British Columbia, any sheriff) is required to take, or shall have any liability for any failure to take or delay in taking, any steps necessary or advisable to
preserve rights against other Persons under any Collateral of any Debtor in its possession. Neither the Creditor, any Receiver, nor any agent of the Creditor shall be liable for any, and each Debtor shall bear the full risk of all, loss or damage to
any and all of the Collateral of such Debtor (including any Collateral of such Debtor in the possession of the Creditor, any Receiver, or any agent of the Creditor) caused for any reason other than the gross

  
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	 	negligence or wilful misconduct of the Creditor, such Receiver or such agent of the Creditor. 

  

	 	(b)	Debtors Remain Liable under Accounts and Contracts.  Notwithstanding any provision of this Agreement, each Debtor shall remain liable under each of the documents giving rise to the Accounts of such
Debtor and under each of the Contracts of such Debtor to observe and perform all the conditions and obligations to be observed and performed by such Debtor thereunder, all in accordance with the terms of each such document and Contract. The Creditor
shall have no obligation or liability under any Account of any Debtor (or any document giving rise thereto) or Contract of any Debtor by reason of or arising out of this Agreement or the receipt by the Creditor of any payment relating to such
Account or Contract pursuant hereto, and in particular (but without limitation), the Creditor shall not be obligated in any manner to perform any of the obligations of any Debtor under or pursuant to any Account of such Debtor (or any document
giving rise thereto) or under or pursuant to any Contract of such Debtor, to make any payment, to make any inquiry as to the nature or the sufficiency of any payment received by it or as to the sufficiency of any performance by any party under any
Account of such Debtor (or any document giving rise thereto) or under any Contract of such Debtor, to present or file any claim, to take any action to enforce any performance or to collect the payment of any amounts which may have been assigned to
it or to which it may be entitled at any time. 

  

	 	(c)	Collections on Accounts and Contracts.  Each Debtor shall be authorized to, at any time that an Event of Default is not continuing, collect the Accounts of such Debtor and payments under the Contracts
of such Debtor in the normal course of the business of such Debtor and for the purpose of carrying on the same. If required by the Creditor at any time, any payments of Accounts of such Debtor or under Contracts of such Debtor, when collected by
such Debtor, shall be forthwith (and, in any event, within two Business Days) deposited by such Debtor in the exact form received, duly endorsed by such Debtor to the Creditor if required, in a special collateral account maintained by the Creditor,
and until so deposited, shall be held by such Debtor in trust for the Creditor, segregated from the other funds of such Debtor. All such amounts while held by the Creditor (or by such Debtor in trust for the Creditor) and all income with respect
thereto shall continue to be collateral security for the Secured Liabilities and shall not constitute payment thereof until applied as hereinafter provided. If an Event of Default has occurred and is continuing, the Creditor may apply all or any
part of the amounts on deposit with respect to such Debtor in said special collateral account on account of the Secured Liabilities of such Debtor in such order as the Creditor may elect. At the Creditor’s request, such Debtor shall deliver to
the Creditor any documents evidencing and relating to the agreements and transactions which gave rise to the Accounts and the Contracts of such Debtor, including all original orders, invoices and shipping receipts. 

  
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	 	(d)	Analysis of Accounts.  At any time and from time to time, the Creditor shall have the right to analyze and verify the Accounts of any Debtor in any manner and through any medium that it reasonably
considers advisable, and each Debtor shall furnish all such assistance and information as the Creditor may require in connection therewith. At any time and from time to time, the Creditor may in its own name or in the name of others (including any
Debtor) communicate with account debtors on the Accounts of any Debtor and parties to the Contracts of any Debtor to verify with them to its satisfaction the existence, status, amount and terms of any Account or any Contract of any Debtor. At any
time and from time to time, upon the Creditor’s reasonable request and at the expense of the applicable Debtor, such Debtor shall furnish to the Creditor reports showing reconciliations, aging and test verifications of, and trial balances for,
the Accounts of such Debtor. 

  

	 	(e)	Use of Agents.  The Creditor may perform any of its rights or duties under this Agreement by or through agents and is entitled to retain counsel and to act in reliance on the advice of such counsel
concerning all matters pertaining to its rights and duties under this Agreement. 

 22. Dealings by Creditor.  The
Creditor shall not be obliged to exhaust its recourse against any Debtor or any other Person or against any other security it may hold with respect to the Secured Liabilities of such Debtor or any part thereof before realizing upon or otherwise
dealing with the Collateral of such Debtor in such manner as the Creditor may consider desirable. The Creditor may grant extensions of time and other indulgences, take and give up security, accept compositions, grant releases and discharges and
otherwise deal with any Debtor and any other Person, and with any or all of the Collateral of any Debtor, and with other security and sureties, as the Creditor may see fit, all without prejudice to the Secured Liabilities of any Debtor or to the
rights and remedies of the Creditor under this Agreement. The powers conferred on the Creditor under this Agreement are solely to protect the interests of the Creditor in the Collateral of each Debtor and shall not impose any duty upon the Creditor
to exercise any such powers. 
 23. Communication.  Any notice or other communication required or permitted to be given under this
Agreement shall be in writing and shall be effectively given if made in accordance with the Guarantee. 
 24. Release of
Information.  Each Debtor authorizes the Creditor to provide a copy of this Agreement and such other information as may be requested of the Creditor (i) to the extent necessary to enforce the Creditor’s rights, remedies
and entitlements under this Agreement, (ii) to any assignee or prospective assignee of all or any part of its Secured Liabilities, and (iii) as required by applicable Law. 

25. Expenses; Indemnity; Waiver. 
  

	 	(a)	 Each Debtor shall pay (i) all reasonable out-of-pocket expenses incurred by the Creditor, including the reasonable fees, charges and
disbursements of counsel for the Creditor and all applicable taxes, in connection with the preparation and administration of this Agreement, (ii) all reasonable out-of-pocket expenses

  
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	 	incurred by the Creditor, including the reasonable fees, charges and disbursements of counsel for the Creditor and applicable taxes, in connection with any amendments, modifications or waivers of the provisions hereof,
and (iii) all out-of-pocket expenses incurred by the Creditor, including the fees, charges and disbursements of any counsel for the Creditor and all applicable taxes, in connection with the assessment, enforcement or protection of their rights
in connection with this Agreement, including its rights under this Section, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations with respect to the Secured Liabilities of such Debtor.

  

	 	(b)	Each Debtor shall indemnify the Creditor against, and hold the Creditor harmless from, any and all losses, claims, cost recovery actions, damages, expenses and liabilities of whatsoever nature or kind and all reasonable
out-of-pocket expenses and all applicable taxes to which the Creditor may become subject arising out of or in connection with (i) the execution or delivery of this Agreement and the performance by such Debtor of its obligations hereunder,
(ii) any actual or prospective claim, litigation, investigation or proceeding relating to this Agreement or the Secured Liabilities of such Debtor, whether based on contract, tort or any other theory and regardless of whether the Creditor is a
party thereto, (iii) any other aspect of this Agreement, or (iv) the enforcement of the Creditor’s rights hereunder and any related investigation, defence, preparation of defence, litigation and enquiries; provided that such indemnity
shall not, as to the Creditor, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross
negligence (it being acknowledged that ordinary negligence does not necessarily constitute gross negligence) or wilful misconduct of or material breach of this Agreement by the Creditor. 

 

	 	(c)	No Debtor shall assert, and each Debtor hereby waives (to the fullest extent permitted by applicable Law), (i) any claim against the Creditor (or any director, officer or employee thereof), on any theory of
liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, and (ii) all of the rights, benefits and protections given by
any present or future statute that imposes limitations on the rights, powers or remedies of a secured party or on the methods of, or procedures for, realization of security, including any “seize or sue” or “anti-deficiency”
statute or any similar provision of any other statute. 

  

	 	(d)	All amounts due under this Section shall be payable not later than three Business Days after written demand therefor. 

  

	 	(e)	The indemnifications set out in this Section shall survive the Release Date and the release or extinguishment of the Security Interests. 

26. Release of Debtor.  Upon the written request of any Debtor given at any time on or after the Release Date, the Creditor shall at
the expense of such Debtor, release such Debtor and the 

  
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 Collateral of such Debtor from the Security Interests and such release shall serve to terminate any licence
granted in this Agreement. Upon such release, and at the request and expense of such Debtor, the Creditor shall execute and deliver to such Debtor such releases and discharges as such Debtor may reasonably request. 

27. Additional Security.  This Agreement is in addition to, and not in substitution of, any and all other security previously or
concurrently delivered by any Debtor or any other Person to the Creditor, all of which other security shall remain in full force and effect. 
 28.
Alteration or Waiver.  None of the terms or provisions of this Agreement may be waived, amended, supplemented or otherwise modified except by a written instrument executed by the Creditor. The Creditor shall not, by any act
or delay, be deemed to have waived any right or remedy hereunder or to have acquiesced in any Event of Default or in any breach of any of the terms and conditions hereof. No failure to exercise, nor any delay in exercising, on the part of the
Creditor, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right,
power or privilege. A waiver by the Creditor of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which the Creditor would otherwise have on any future occasion. Neither the taking of any
judgment nor the exercise of any power of seizure or sale shall extinguish the liability of any Debtor to pay the Secured Liabilities of such Debtor, nor shall the same operate as a merger of any covenant contained in this Agreement or of any other
liability, nor shall the acceptance of any payment or other security constitute or create any novation. 
 29. Environmental Licence and
Indemnity.  Each Debtor hereby grants to the Creditor and its employees and agents an irrevocable and non-exclusive licence, subject to the rights of tenants, to enter any of the premises of such Debtor to conduct audits, testing
and monitoring with respect to hazardous substances and to remove and analyze any hazardous substance at the cost and expense of such Debtor (which cost and expense shall form part of the Secured Liabilities of such Debtor and shall be payable
immediately on demand and secured by the Security Interests created by this Agreement). Each Debtor shall indemnify the Creditor and hold the Creditor harmless against and from all losses, costs, damages and expenses which the Creditor may sustain,
incur or be or become liable at any time whatsoever for by reason of or arising from the past, present or future existence, clean-up, removal or disposal of any hazardous substance on or about any property owned or occupied by the Creditor or
compliance with environmental Laws or environmental orders relating thereto, including any clean-up, decommissioning, restoration or remediation of any premises owned or occupied by such Debtor or other affected lands or property. This
indemnification shall survive the Release Date. 
 30. Amalgamation.  If any Debtor is a corporation, such Debtor acknowledges that
if it amalgamates or merges with any other corporation or corporations, then (i) the Collateral and the Security Interests of such Debtor shall extend to and include all the property and assets of the amalgamated corporation and to any property
or assets of the amalgamated corporation thereafter owned or acquired, (ii) the term “Debtor”, where used in this Agreement, shall extend to and include the amalgamated corporation, and (iii) the term “Secured
Liabilities”, where used in this Agreement, shall extend to and include the Secured Liabilities of the amalgamated corporation. 

  
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 31. Governing Law; Attornment.  This Agreement shall be governed by and construed in
accordance with the Laws of the Province of Ontario and the federal laws of Canada applicable therein. Without prejudice to the ability of the Creditor to enforce this Agreement in any other proper jurisdiction, each Debtor irrevocably submits and
attorns to the non-exclusive jurisdiction of the courts of such province. To the extent permitted by applicable Law, each Debtor irrevocably waives any objection (including any claim of inconvenient forum) that it may now or hereafter have to the
venue of any legal proceeding arising out of or relating to this Agreement in the courts of such Province. 
 32.
Interpretation.  The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and
neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The word “or” is disjunctive; the word “and” is conjunctive.
The word “shall” is mandatory; the word “may” is permissive. Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to
such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set out herein), (b) any reference herein to any statute
or any section thereof shall, unless otherwise expressly stated, be deemed to be a reference to such statute or section as amended, restated or re-enacted from time to time, (c) any reference herein to any Person shall be construed to include
such Person’s successors and permitted assigns, (d) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any
particular provision hereof, and (e) all references herein to Sections and Schedules shall be construed to refer to Sections and Schedules to, this Agreement, Section headings are for convenience of reference only, are not part of this
Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. Any reference in this Agreement to a Permitted Lien is not intended to subordinate or postpone, and shall not be interpreted as
subordinating or postponing, or as any agreement to subordinate or postpone, any Security Interest to any Permitted Lien. In accordance with the Property Law Act (British Columbia), the doctrine of consolidation applies to this
Agreement. 
 33. Paramountcy.  In the event of any conflict or inconsistency between the provisions of this Agreement and the
provisions of the Master Facilities Agreement then, notwithstanding anything contained in this Agreement, the provisions contained in the Master Facilities Agreement shall prevail to the extent of such conflict or inconsistency and the provisions of
this Agreement shall be deemed to be amended to the extent necessary to eliminate such conflict or inconsistency, it being understood that the purpose of this Agreement is to add to, and not detract from, the rights granted to the Creditor under the
Master Facilities Agreement. If any act or omission of any or all Debtors is expressly permitted under the Master Facilities Agreement but is expressly prohibited under this Agreement, such act or omission shall be permitted. If any act or omission
is expressly prohibited under this Agreement, but the Master Facilities Agreement does not expressly permit such act or omission, or if any act is expressly required to be performed under this Agreement but the Master Facilities Agreement does not
expressly relieve any or all Debtors from such performance, such circumstance shall not constitute a conflict or 

  
 General Security
Agreement 

  
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 inconsistency between the applicable provisions of this Agreement and the provisions of the
Master Facilities Agreement. 
 34. Successors and Assigns.  This Agreement shall enure to the benefit of, and be binding on, each
Debtor and its successors and permitted assigns, and shall enure to the benefit of, and be binding on, the Creditor and its successors and assigns. No Debtor may assign this Agreement, or any of its rights or obligations under this Agreement. The
Creditor may assign this Agreement and any of its rights and obligations hereunder to any Person. If any Debtor or the Creditor is an individual, then the term “Debtor” or “Creditor”, as applicable, shall also include his or her
heirs, administrators and executors. 
 35. Additional Debtors.  Additional Persons may from time to time after the date of this
Agreement become Debtors under this Agreement by executing and delivering to the Creditor a supplemental agreement (together with all schedules thereto, a “Supplement”) to this Agreement, in substantially the form attached
hereto as Exhibit A. Effective from and after the date of the execution and delivery by any Person to the Creditor of a Supplement: 
  

	 	(a)	such Person shall be, and shall be deemed for all purposes to be, a Debtor under this Agreement with the same force and effect, and subject to the same agreements, representations, indemnities, liabilities, obligations
and Security Interests, as if such Person had been an original signatory to this Agreement as a Debtor; and 

  

	 	(b)	all Collateral of such Person shall be subject to the Security Interest from such Person as security for the due payment and performance of the “Liabilities” of such Person in accordance with the provisions of
this Agreement. 

 The execution and delivery of a Supplement by any additional Person shall not require the consent of any Debtor and all of
the Secured Liabilities of each Debtor and the Security Interests granted thereby shall remain in full force and effect, notwithstanding the addition of any new Debtor to this Agreement. 

36. Acknowledgment of Receipt/Waiver.  Each Debtor acknowledges receipt of an executed copy of this Agreement and, to the extent
permitted by applicable Law, waives the right to receive a copy of any financing statement or financing change statement registered in connection with this Agreement or any verification statement issued with respect to any such financing statement
or financing change statement. 
 37. Electronic Signature and Counterparts.  Delivery of an executed signature page to this
Agreement by any Debtor by facsimile or other electronic form of transmission shall be as effective as delivery by such Debtor of a manually executed copy of this Agreement by such Debtor. This Agreement may be executed in counterparts (and by
different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. 

[signatures on the next following pages] 

  
 General Security
Agreement 

  
 S-1 

 

 IN WITNESS WHEREOF the undersigned has caused this Agreement to be duly executed as of the date first
written above. 
  

			
	1328158 ONTARIO INC.
		
	 By:
	 	 /s/ Darren Richardson

		 	 Name: Darren Richardson

		 	 Title: President & CEO

  

			
	 Signature Page
	  	
		  	  
 General Security
Agreement

  
 S-2 

 

 IN WITNESS WHEREOF the undersigned has caused this Agreement to be duly executed as of the date first
written above. 
  

			
	MAD CATZ INTERACTIVE, INC.
		
	 By:
	 	 /s/ Darren Richardson

		 	 Name: Darren Richardson

		 	 Title: President & CEO

  

			
	 Signature Page
	  	
		  	  
 General Security
Agreement

  

			
		  	

 SCHEDULE A-1 

DEBTOR INFORMATION 
 Full legal
name: Mad Catz Interactive, Inc. 
 Prior names: Incorporated on August 25, 1993 as Patch Ventures Inc.; C.O.N. August 8, 1994 to
Legacy Storage Systems International Inc.; C.O.N. December 17, 1996 to Tecmar Technologies International Inc.; C.O.N. February 18, 1998 to Xencet Investments Inc.; C.O.N. November 2, 1998 to Games Trader Inc.; C.O.N. June 29,
1999 to GTR Group Inc.; C.O.N. September 5, 2001 to Mad Catz Interactive, Inc. 
 Predecessor companies: See above 

Jurisdiction of incorporation or organization: Canada 

Address of chief executive office: 10680 Treena Street, Suite 500, San Diego, California 92131 

Jurisdictions where business is carried on or tangible Personal Property is kept: California 

Full legal name: 1328158 Ontario Inc. dba Mad Catz Canada 

Prior names: NIL 
 Predecessor companies:
Corporation is a product of an amalgamation dated December 1, 1998 between 1221514 Ontario Inc., Xencet Manufacturing Corp. and Xencet Technologies Incorporated 

Jurisdiction of incorporation or organization: Ontario 

Address of chief executive office: 10680 Treena Street, Suite 500, San Diego, California 92131 

Jurisdictions where business is carried on or tangible Personal Property is kept: California 

  

			
		  	
		  	  
 General Security
Agreement

  

			
		  	

 EXHIBIT A 

FORM OF SUPPLEMENT 
 TO

 GENERAL SECURITY AGREEMENT 
  

					
	 TO:
	 	 Name:
	  	 Faunus Group International Inc.

		 	 Address:
	  	 80 Broad Street, 22nd Floor

New York, NY 10004

		 	 Attention:
	  	 Chris Fulman

		 	 Facsimile:
	  	 (212) 248-3404

 RECITALS: 
 A. Reference
is made to the General Security Agreement (the “Security Agreement”) dated as of June [●], 2015 entered into by 1328158 Ontario Inc. and Mad Catz Interactive, Inc. and certain of their affiliates which thereafter signs
a Supplement, in favour of the Creditor. 
 B. Capitalized terms used but not otherwise defined in this Supplement have the respective meanings given to
such terms in the Security Agreement, including the definitions of terms incorporated in the Security Agreement by reference to other agreements. 
 C.
Section 35 of the Security Agreement provides that additional Persons may from time to time after the date of the Security Agreement become Debtors under the Security Agreement by executing and delivering to the Creditor a supplemental
agreement to the Security Agreement in the form of this Supplement. 
 D. The undersigned (the “New Debtor”) has agreed to become a
Debtor under the Security Agreement by executing and delivering this Supplement to the Creditor. 
 For good and valuable consideration, the
receipt and adequacy of which are acknowledged by the New Debtor, the New Debtor agrees with and in favour of the Creditor as follows: 
 1. The New Debtor
has received a copy of, and has reviewed, the Security Agreement and is executing and delivering this Supplement to the Creditor pursuant to Section 35 of the Security Agreement. 

2. Effective from and after the date this Supplement is executed and delivered to the Creditor by the New Debtor: 

 

	 	(a)	the New Debtor shall be, and shall be deemed for all purposes to be, a Debtor under the Security Agreement with the same force and effect, and subject to the same agreements, representations, indemnities, liabilities,
obligations and Security Interests, as if the New Debtor had been, as of the date of this Supplement, an original signatory to the Security Agreement as a Debtor; and 

  

			
		  	
		  	  
 General Security
Agreement

  
 - 2 - 

 

	 	(b)	all Collateral of the New Debtor shall be subject to the Security Interests granted by the New Debtor as security for the due payment and performance of the Liabilities of the New Debtor in accordance with the
provisions of the Security Agreement. 

 In furtherance of the foregoing, the New Debtor, as general and continuing collateral security for
the due payment and performance of its Secured Liabilities, pledges, mortgages, charges and assigns (by way of security) to the Creditor, and grants to the Creditor a security interest in, the Collateral of the New Debtor. The terms and provisions
of the Security Agreement are incorporated by reference in this Supplement. 
 3. The New Debtor represents and warrants to the Creditor that each of the
representations and warranties made or deemed to have been made by it under the Security Agreement as a Debtor are true and correct on the date of this Supplement. 

4. All of the information set out in Schedule A to this Supplement with respect to the New Debtor is accurate and complete as of the date of this Supplement.

 5. Upon this Supplement bearing the signature of any Person claiming to have authority to bind the New Debtor coming into the possession of the Creditor,
this Supplement and the Security Agreement shall be deemed to be finally and irrevocably executed and delivered by, and be effective and binding on, and enforceable against, the New Debtor free from any promise or condition affecting or limiting the
liabilities of the New Debtor. No statement, representation, agreement or promise by any officer, employee or agent of the Creditor, unless expressly set forth in this Supplement, forms any part of this Supplement or has induced the New Debtor to
enter into this Supplement and the Security Agreement or in any way affects any of the agreements, obligations or liabilities of the New Debtor under this Supplement and the Security Agreement. 

6. Delivery of an executed signature page to this Supplement by the New Debtor by facsimile or other electronic transmission shall be as effective as delivery
by the New Debtor of a manually executed copy of this Supplement by the New Debtor. 
 7. This Supplement shall be governed by and construed in accordance
with the laws of the Province of Ontario, and the laws of Canada applicable therein. 

  
 General Security
Agreement 

  
 - 3 - 

 

 8. This Supplement and the Security Agreement shall be binding upon the New Debtor and its successors. The New
Debtor shall not assign its rights and obligations under this Supplement or the Security Agreement, or any of its rights or obligations in this Supplement or the Security Agreement. 

Dated:         [MONTH] [DAY], [YEAR] 

 

			
	[NEW DEBTOR]
		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 General Security
Agreement 

  

			
		  	

 SCHEDULE A 

DEBTOR INFORMATION 

Full legal name: 

Prior names: 

Predecessor companies: 

Jurisdiction of incorporation or organization: 

Address of chief executive office: 

Jurisdictions where business is carried on or tangible Personal Property is kept: 

 

			
		  	
		  	  
 General Security
Agreement

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