Document:

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                                                                   EXHIBIT 4.16

                                CALL AGREEMENT

            THIS AGREEMENT made as of the 13th day of June, 2002,

B E T W E E N:

                     COVENANT FILM PRODUCTIONS LIMITED
                     PARTNERSHIP

                     a limited partnership formed under the
                     laws of Delaware

                     (hereinafter referred to as "COVENANT")

                                                             OF THE FIRST PART;

                                -  and  -

                     PAN ZONE CO., LTD.,
                     a corporation existing under the laws of
                     the British Virgin Islands

                     (hereinafter referred to as "PAN ZONE")

                                                            OF THE SECOND PART.

            WHEREAS Pan Zone is the beneficial owner of 1,184,364 Preferred
Shares (as hereinafter defined) in the capital of Visual Bible International,
Inc. (the "Corporation");

            AND WHEREAS Covenant and Pan Zone desire to enter into an agreement
providing Covenant with certain rights and obligations in respect of the
purchase and acquisition of 592,182 Preferred Shares of the Corporation
(collectively, the "Optioned Shares") beneficially owned by Pan Zone and
deposited as Deposited Shares under the Shareholders Agreement as hereinafter
defined;

            NOW THEREFORE THIS AGREEMENT WITNESSES that for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the Parties hereto agree as follows:

                                   ARTICLE 1
                                INTERPRETATION

1.1         For the purposes of this Agreement, unless the context requires
otherwise, the following capitalized terms have the following meanings:

      (a)   "AGREEMENT" means this Agreement as it may be amended or
            supplemented 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.

      (b)   "BUSINESS DAY" means any day except Saturday, Sunday or any day on
            which banks are generally not open for business in the City of
            Toronto.

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                                       2

      (c)   "CALL NOTICE" has the meaning given in Section 2.1(b).

      (d)   "CALL RIGHT" has the meaning given in Section 2.1(a).

      (e)   "CLOSING DATE" has the meaning given in Section 3.1.

      (f)   "CLOSING" has the meaning given in Section 3.1.

      (g)   "DEPOSITARY" means ________________________________.

      (h)   "ENCUMBRANCES" has the meaning given in Section 2.1(e).

      (i)   "FINANCING COMMITMENT" means a "Production Financing Commitment and
            Facilities" as defined in the Financing Commitment Provision.

      (j)   "FINANCIAL COMMITMENT PROVISION" means Section 2.1(a) of the
            Investment Agreement.

      (k)   "INVESTMENT AGREEMENT" means the finder and consulting services
            agreement among the Corporation, Pan Zone and Covenant Film
            Productions Inc. dated February 22, 2002.

      (l)   "OPTIONED SHARES" has the meaning ascribed thereto in the second
            recital hereto.

      (m)   "PARTY" means a party to this Agreement and any reference to a
            Party includes its successors and permitted assigns; and "Parties"
            means both Parties.

      (n)   "PREFERRED SHARE" means a preferred share that is one of the
            preferred shares issued by the Corporation as provided in one of
            the releases attached hereto as Schedule A and having the terms
            attached thereto set out in Exhibit 1 to such release.

      (o)   "PURCHASE PRICE" has the meaning given in Section 2.1(a).

      (p)   "SHAREHOLDERS AGREEMENT" means the shareholders agreement among
            Covenant, Pan Zone and _______________________________ made as of
            the date hereof.

1.2         BUSINESS DAY.  In the event that any day on which any action is
required to be taken hereunder is not a Business Day, then such action shall be
required to be taken at the requisite time on the next succeeding Business Day.

1.3         GENDER AND NUMBERS.  Unless the context requires otherwise, words
importing the singular number include the plural, and vice versa, and words
importing gender include all genders.

1.4         CAPTIONS.  The division of this Agreement into Articles and
Sections and the insertion of captions are for convenience of reference only and
shall not affect the construction or interpretation of any term or provision
hereof.

1.5         DOLLAR AMOUNTS.  All amounts referred to in this Agreement are in
lawful currency of the United States of America unless expressly stated
otherwise.

1.6         ARTICLE AND SECTION REFERENCES.  Unless the context requires
otherwise, references in this Agreement to Articles and Sections are to Articles
and Sections of this Agreement.

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                                       3

                                   ARTICLE 2
                                  CALL RIGHT

2.1         CALL RIGHT.

      (a)   Subject to Sections 2.1(b) and (e), Covenant shall have the right
            (the "Call Right") exercisable at any time and from time to time
            after the date hereof until December 31, 2005, to purchase from Pan
            Zone all or any portion of the Optioned Shares owned by Pan Zone,
            from time to time, free and clear of all Encumbrances, at a price
            (the "Purchase Price") equal to US$3.50 per Optioned Share (being
            the issue price of each Optioned Share plus US$0.75 per common
            share into which the Optioned Shares may be converted), which price
            shall be equitably adjusted in the event of changes to the Optioned
            Shares.

      (b)   Subject to Section 2.1(e), the Call Right shall be exercisable upon
            two (2) days' prior written notice by Covenant to Pan Zone and the
            Depositary setting out the number of Optioned Shares to be
            purchased (the "Call Notice").  For greater certainty, the exercise
            of the Call Right as to a portion of the Optioned Shares shall not
            prevent the further exercise from time to time of the Call Right as
            to all or a portion of the remaining Optioned Shares.  Provided
            that in the event that in any Call Notice, Covenant specifies that
            the Depositary is required to follow one of the two Market Sale
            Procedures permitted by the said Section 3.10 of the Shareholders
            Agreement, completion of the exercise of the Call Right triggered
            by such Call Notice and payment of the Purchase Price payable to
            Pan Zone in connection therewith shall be governed by and in
            accordance with the applicable Market Sale Procedure so required to
            be followed and not the succeeding provisions of this Agreement.

      (c)   Subject to the proviso in Section 2.1(b), at the time of Closing,
            Pan Zone will convey to Covenant good and marketable title to the
            Optioned Shares owned by Pan Zone, free and clear of any mortgages,
            charges, liens, encumbrances, security interests, demands or other
            limitations of any nature or kind whatsoever (collectively, the
            "Encumbrances").

      (d)   Except for depositing the Optioned Shares in accordance with the
            Shareholders Agreement, Pan Zone shall not, without the prior
            written consent of Covenant (which consent shall be in the sole and
            exclusive discretion of Covenant), transfer, convert to common
            shares of the Corporation, pledge, sell, encumber or otherwise
            assign or dispose of any Optioned Shares owned by Pan Zone from
            time to time.

      (e)   Covenant may not give a Call Notice at any time on or after the
            date on which any person who, pursuant to a Financing Commitment
            (for which no substitution has theretofore been made as hereinafter
            provided) (a "Dishonored Commitment"), has agreed to provide the
            Corporation with funds or credit, has breached such obligation
            until the Corporation has been provided, in accordance with the
            Financing Commitment Provision, with another Financing Commitment
            to provide funds or credit in an amount equivalent to the amount of
            funds or credit remaining to be provided to the Corporation on the
            Dishonored Commitment on terms not less favorable to the
            Corporation than those provided for in the Dishonored Commitment.

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                                       4

                                   ARTICLE 3
                              CLOSING PROCEDURES

3.1         TIME AND PLACE OF CLOSING.  Subject to the proviso in Section
2.1(b), the closing of any purchase and sale of the Optioned Shares to be
purchased under the Call Right (the "Closing") shall take place at the offices
of the Depositary or at such place and at such time on a Business Day as is
agreed upon by Covenant and Pan Zone, but in any event no later than the second
Business Day after the receipt by Pan Zone of Covenant's Call Notice (the
"Closing Date").

3.2         PAYMENT OF PURCHASE PRICE.  Subject tot he proviso in Section
2.1(b), payment of the Purchase Price by Covenant to Pan Zone for the Optioned
Shares being purchased shall be made at the Closing. Subject to the proviso in
Section 2.1(b), such payment shall be satisfied by the delivery by Covenant to
Pan Zone of a certified cheque or bank draft, or by wire transfer of immediately
available funds from Covenant to Pan Zone, in the amount of the Purchase Price,
or in such other manner as otherwise may be agreed upon in writing by Covenant
and Pan Zone.

3.3         TRANSFER OF THE OPTIONED SHARES.  Subject to the proviso in Section
2.1(b), at Closing, Pan Zone shall deliver to the Depositary a duly executed
direction and assignment in form satisfactory to the Depositary and to Covenant
transferring to Covenant all its beneficial interest in the Optioned Shares
described in the applicable Call Notice and the delivery of such direction and
assignment shall constitute Pan Zone's representation and warranty to Covenant
(the truth of which shall be a condition of closing and which shall survive
closing and continue in full force and effect thereafter) that the Optioned
Shares to be purchase are being delivered free and clear of any and all
Encumbrances except the Shareholders Agreement.

                                   ARTICLE 4
                           MISCELLANEOUS PROVISIONS

4.1         AMENDMENT.  No amendment of this Agreement will be effective unless
made in writing and signed by the Parties.

4.2         WAIVER.  A waiver of any default, breach or non-compliance under
this Agreement is not effective unless made in writing and signed by the Party
to be bound by the waiver. No waiver shall be inferred from or implied by any
failure to act or delay in acting by a Party in respect of any default, breach,
non-observance or by anything done or omitted to be done by the other Party. The
waiver by a Party of any default, breach or non-compliance under this Agreement
shall not operate as a waiver of that Party's rights under this Agreement in
respect of any continuing or subsequent default, breach or non-compliance
(whether of the same or any other nature).

4.3         TIME OF ESSENCE.  Time shall be of the essence of this Agreement in
all respects.

4.4         NOTICES.

      (a)   Any notice or other communication required or permitted to be given
            by this Agreement shall be in writing and shall be effectively
            given and made if (i) delivered personally; or (ii) sent by prepaid
            courier service; or (iii) sent by registered mail; or (iv) sent by
            fax or other similar means of electronic communication, in each
            case to the applicable address set out below:

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                                       5

                  (i)   if to Covenant, to:

                        1201 North Market Street
                        Wilmington, New Castle County
                        Delaware  19801

                        Attention:     _____________________
                        Facsimile:     _____________________

                        with a copy to:
                        Lang Michener
                        BCE Place
                        Suite 2500, 181 Bay Street
                        Toronto, Ontario
                        M5J 2T7

                        Attention:  Howard M. Drabinksy

                        Facsimile:  (416) 365-1719

                  (ii)  if to Pan Zone, to:

                        Unit A&B, 27F
                        Jian Hui Building
                        922 Heng Shan Road
                        Shanghai, China

                        Attention:  Mr. Alan Lam
                        Facsimile:  011-8621-6447-7930

      (b)   Any notice or other communication so given shall be deemed to have
            been given and received on the day of delivery if delivered, or on
            the day of faxing, provided that such day is a Business Day and
            such notice or other communication is so delivered or faxed before
            4:30 p.m. on such day.  Otherwise, such notice or communication
            shall be deemed to have been given and received on the next
            following Business Day.  Any notice or other communication sent by
            registered mail shall be deemed to have been given and received on
            the fifth Business Day following the mailing thereof; provided,
            however, that no such notice or other communication shall be mailed
            during any actual or apprehended disruption of postal services.
            Any such notice or other communication given in any other manner
            shall be deemed to have been given and received only upon actual
            receipt.

      (c)   Either Party may from time to time change its address under this
            Section 4.4 by notice to the other Party given in the manner
            provided by this section.

4.5         SUCCESSORS AND ASSIGNS.  This Agreement shall enure to the benefit
of, and be binding on, the Parties and their respective successors and permitted
assigns. Except as otherwise provided herein, Pan Zone may not assign or
transfer, whether absolutely, by way of security or otherwise, all or any part
of its rights or obligations under this Agreement without the prior written
consent of Covenant, which consent shall not be unreasonably withheld or
delayed.

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                                       6

4.6         FURTHER ASSURANCES.  Each party shall promptly do, execute, deliver
or cause to be done, executed and delivered all further acts, documents and
things in connection with this Agreement that the other Party may reasonably
require for the purposes of giving effect to this Agreement.

4.7         GOVERNING LAW.  This Agreement shall be governed by and construed
in accordance with the laws of the State of New York, and any dispute arising
hereunder or related hereto shall be adjudicated upon by the Courts of the State
of New York or the Federal District Court for the District in which New York
City is located and the parties for such purpose hereby attorn to the
jurisdiction of such Courts.

4.8         COUNTERPARTS.  This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original and all of which
taken together shall be deemed to constitute one and the same instrument.
Counterparts may be executed either in original or faxed form and the parties
adopt any signatures received by a receiving fax machine as original signatures
of the parties; provided, however, that any party providing its signature in
such manner shall promptly forward to the other party an original of the signed
copy of this Agreement which was so faxed.

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                                       7

IN WITNESS WHEREOF the parties hereto have executed this Agreement.

                                    COVENANT FILM PRODUCTIONS LIMITED
                                    PARTNERSHIP BY ITS GENERAL PARTNER COVENANT
                                    FILM PRODUCTIONS INC.

                                    By:    /s/ Joel B. Michaels
                                       ----------------------------------------
                                       Name: Joel B. Michaels
                                       Title: President

                                    PAN ZONE CO., LTD.

                                    By:    /s/ Illegible
                                       ----------------------------------------
                                       Name:
                                       Title:

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                                       8

                          FIRST AMENDMENT TO CALL AGREEMENT

This First Amendment to the Call Agreement, dated as of June 13, 2002 (the
"Call Agreement"), between COVENANT FILM PRODUCTIONS LIMITED PARTNERSHIP
("Covenant") and PAN ZONE CO., LTD. ("Pan Zone"), is made as of December 23,
2002, by and between Covenant and Pan Zone (this "Amendment").

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

1.    The second WHEREAS clause of the Call Agreement is hereby amended by
      deleting "592,182" and replacing it with "296,091".

2.    All references to the Call Agreement in any other agreements or documents
      shall on and after the date hereof be deemed to refer to the Call
      Agreement as amended hereby. Except as amended hereby, the Call Agreement
      shall remain in full force and effect and is hereby ratified, adopted and
      confirmed in all respects.

3.    This Amendment may be executed in counterparts, each of which shall be
      deemed an original, but all of which together shall constitute one and the
      same instrument.

4.    THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
      INTERNAL LAWS OF THE STATE OF NEW YORK.

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                                       9

            IN WITNESS WHEREOF the parties hereto have executed this Amendment.

                                    COVENANT FILM PRODUCTIONS
                                    LIMITED PARTNERSHIP,
                                    by its General Partner
                                    COVENANT FILM PRODUCTIONS INC.

                                    By:    /s/ Illegible
                                       ---------------------------------------
                                       Name:
                                       Title:

                                    PAN ZONE CO., LTD.

                                    By:    /s/ Illegible
                                       ---------------------------------------
                                       Name:
                                       Title:<PAGE>

                                                                    EXHIBIT 4.17

                           GENERAL SECURITY AGREEMENT

             This Agreement is made the 24th day of December, 2002,

BETWEEN:

            VISUAL BIBLE INTERNATIONAL, INC.,
            a corporation existing under the laws of the State of
            Florida,

            (the "BORROWER")

            -and-

            The Parties listed on Schedule "A" attached hereto;

            (each a "LENDER" and collectively, the "LENDERS").

      WHEREAS each of the Lenders has executed a subscription agreement (each, a
"Subscription Agreement", and collectively the "Subscription Agreements") for
the purchase of Units (as defined therein) consisting of certain debentures of
the Borrower (each a "Debenture", and collectively, the "Debentures"), shares of
Common Stock (as defined therein) and warrants to purchase Common Stock, and
this Agreement is being executed in connection with the purchase of Units.

      NOW THEREFORE FOR GOOD AND VALUABLE CONSIDERATION, the receipt and
sufficiency of which are acknowledged, the Borrower agrees with the Lenders as
follows:

1.    OBLIGATIONS SECURED. The Security Interest (as hereinafter defined) is
granted to the Lenders by the Borrower as continuing security for the payment of
all present and future indebtedness and liabilities of the Borrower to the
Lenders, including interest thereon, and for the prompt and complete performance
of all other present and future obligations of the Borrower to the Lenders
pursuant to the Debentures and the Subscription Agreements, (collectively, the
"OBLIGATIONS").

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                                      -2-

2.    CREATION OF SECURITY INTEREST. As general and continuing security for the
payment and performance when due of all the Obligations, the Debtor hereby
mortgages, pledges, hypothecates, transfers, assigns and charges to each of the
Lenders, and hereby grants to each of the Lenders a security interest in (such
mortgages, pledges, hypothecations, transfers, assignments, charges and security
interests are referred to collectively as the "SECURITY INTEREST"), all present
and after-acquired undertaking and property of the Borrower of any nature
whatsoever (such undertaking and property are referred to collectively as the
"COLLATERAL") including, without limitation, the following:

      (a)   EQUIPMENT - all present and future equipment of the Borrower
            wheresoever situate, including all machinery, fixtures, plant,
            tools, furniture, vehicles of any kind or description, all spare
            parts, accessories installed in or affixed or attached to any of the
            foregoing, and all drawings, specifications, plans and manuals
            relating thereto ("EQUIPMENT");

      (b)   INVENTORY - all present and future inventory of whatever kind of the
            Borrower wheresoever situate, including all raw materials, materials
            used or consumed in the business of the Borrower, work-in-progress,
            finished goods, goods used for packing, materials used in the
            business of the Borrower not intended for sale, and goods acquired
            or held for sale or furnished or to be furnished under contracts of
            rental or service ("INVENTORY");

      (c)   ACCOUNTS - all present and future debts, demands and amounts due or
            accruing due to the Borrower whether or not earned by performance,
            including without limitation its book debts, accounts receivable,
            and claims under policies of insurance; and all contracts, security
            interests and other rights and benefits in respect thereof
            ("ACCOUNTS");

      (d)   INTANGIBLES - all present and future intangible personal property of
            the Borrower, including all contract rights, goodwill, patents,
            trade marks, copyrights and other intellectual property, and all
            other choses in action of the Borrower of every kind, whether due at
            the present time or hereafter to become due or owing;

      (e)   DOCUMENTS OF TITLE - all present and future documents of title of
            the Borrower, whether negotiable or otherwise, including all
            warehouse receipts and bills of lading;

      (f)   CHATTEL PAPER - all present and future agreements made between the
            Borrower as secured party and others which evidence both a monetary
            obligation and a security interest in or a lease of specific goods
            ("CHATTEL PAPER");

      (g)   INSTRUMENTS - all present and future bills, letters of credit, notes
            and cheques (as such are defined pursuant to the Bills of Exchange
            Act (Canada)), and all other writings that evidence a right to the
            payment of money and are of a type that in the ordinary course of
            business are transferred by delivery without any necessary
            endorsement or assignment ("INSTRUMENTS");

<PAGE>
                                      -3-

      (h)   MONEY - all present and future money of the Borrower, whether
            authorized or adopted by the Parliament of Canada as part of its
            currency or any foreign government as part of its currency
            ("MONEY");

      (i)   SECURITIES - all present and future securities held by the Borrower,
            including shares, options, rights, warrants, joint venture
            interests, interests in limited partnerships, bonds, debentures and
            all other documents which constitute evidence of a share,
            participation or other interest of the Borrower in property or in an
            enterprise or which constitute evidence of an obligation of the
            issuer; and including an uncertificated security within the meaning
            of Part VI (Investment Securities) of the Business Corporations Act
            (Ontario) and all substitutions therefor and dividends and income
            derived therefrom;

      (j)   DOCUMENTS - all books, accounts, invoices, letters, papers,
            documents and other records in any form or medium evidencing or
            relating to collateral subject to the Security Interest;

      (k)   REAL PROPERTY - all real and immovable property, wherever situate,
            and all buildings, structures, fixtures, hereditaments and
            appurtenances thereon or relating thereto; and

      (l)   PROCEEDS - all personal property in any form derived directly or
            indirectly from any dealing with collateral subject to the Security
            Interest or the proceeds therefrom, including insurance proceeds and
            any other payment representing indemnity or compensation for loss of
            or damage thereto or the proceeds therefrom ("PROCEEDS").

Without limiting the generality of the description of Collateral as set out in
this Section 2, and for greater certainty, the Collateral shall include all
present and future real and personal property of the Borrower located on or
about or in transit to or from the address of the Borrower set out on this
Agreement and the location(s) set out in Schedule "B" attached hereto.
Notwithstanding the foregoing, the Collateral shall not include any right, title
or interest of the Borrower to or arising from the agreements listed on Schedule
"C" attached hereto. The Security Interest granted hereunder shall upon
completion of all required filings and registrations rank pari passu with all of
the security interests of the Borrower granted to secure advances made by those
persons providing production and pre-launch marketing credit facilities in
connection with the film adaptation by the Borrower of the Gospel of John as
described on Schedule "D" hereto, provided that the principal amount of such
credit facilities, together with the principal amount of the Obligations, shall
not exceed in the aggregate the amount of U.S. $11,000,000, and shall rank prior
to all other security interests granted by the Borrower in the Collateral.

3.    ATTACHMENT. The Borrower acknowledges and agrees that (i) value has been
given, (ii) the Borrower has rights in the Collateral, and (iii) the Security
Interest shall attach to existing Collateral upon execution of this Agreement by
the Borrower and to each item of after-acquired Collateral at the time that the
Borrower acquires any rights therein.

<PAGE>
                                      -4-

4.    DEALINGS WITH COLLATERAL. Until the Security Interest becomes enforceable,
the Borrower may sell its Inventory and collect its Accounts in the ordinary
course of its business; provided that after the Security Interest becomes
enforceable, all Accounts collected by the Borrower shall be immediately
remitted to the Lenders. Until remitted, all Accounts received by the Borrower
shall be held by the Borrower as agent and in trust for the Lenders.

5.    EXCEPTION RE LEASEHOLD INTERESTS AND CONTRACTUAL RIGHTS. The last day of
the term of any lease, sublease or agreement therefor is specifically excepted
from the Security Interest, but the Borrower agrees to stand possessed of such
last day in trust for any person acquiring such interest of the Borrower. To the
extent that the creation of the Security Interest would constitute a breach or
cause the acceleration of any agreement, right, licence or permit to which the
Borrower is a party, the Security Interest shall not attach thereto, but the
Borrower shall hold its interest therein in trust for the Lenders, and the
Security Interest shall attach to such agreement, right, license or permit
forthwith upon obtaining the consent of the other party thereto.

6.    COVENANTS OF BORROWER. Except as otherwise expressly provided herein or in
the Debentures or the Subscription Agreements, the Borrower covenants and agrees
in favour of the Lenders as follows:

      (a)   to keep the Collateral free and clear of all taxes, assessments,
            liens, mortgages, charges, claims, encumbrances and security
            interests whatsoever, except for the Security Interest;

      (b)   not to sell, exchange, transfer, assign, lease or otherwise dispose
            of or deal in any way with the Collateral or any interest therein,
            or enter into any agreement or undertaking to do so; except as may
            be permitted in this Agreement;

      (c)   to keep the Collateral in good condition, and to keep the Collateral
            located at the places warranted herein;

      (d)   to obtain from financially responsible insurance companies and
            maintain insurance in respect of such risks and in such amounts as
            the Majority Lenders (as hereinafter defined) may reasonably require
            from time to time, and such insurance shall include a standard
            mortgage clause approved by the Insurance Bureau of Canada, and the
            Borrower agrees to cause the interest of the Lenders to be noted as
            its interest might appear on such policies of insurance (except
            public liability insurance), and to furnish the Lenders upon request
            with certificates of insurance and certified copies of such
            policies;

      (e)   to promptly notify the Lenders of any loss or damage to the
            Collateral, and of any change in any information provided in this
            Agreement;

<PAGE>
                                      -5-

      (f)   to promptly pay all taxes, assessments, rates, levies, payroll
            deductions, vacation pay, workers' compensation assessments, and any
            other charges which could result in the creation of a statutory lien
            or deemed trust in respect of the Collateral;

      (g)   to deliver to the Lenders such information concerning the Collateral
            or the Borrower as the Lenders may reasonably request from time to
            time, including aged lists of Inventory and Accounts and annual and
            monthly financial statements of the Borrower;

      (i)   to allow the Lenders to have access to all premises of the Borrower
            at which Collateral may be located and to inspect the Collateral and
            all records of the Borrower pertaining thereto from time to time;
            and

      (j)   to do, make, execute and deliver such further and other assignments,
            transfers, deeds, agreements and other documents as may be
            reasonably required by the Lenders to establish in favour of the
            Lenders the Security Interest intended to be created hereby and to
            accomplish the intention of this Agreement.

7.    ENFORCEMENT. The Security Interest shall become enforceable immediately
upon the occurrence of (a) a material breach of any of the covenants set out
herein following (i) receipt by the Borrower of written notice of such material
breach from the Lenders (which notice shall include reasonable particulars of
such breach), and (ii)the expiration of a ten (10) day cure period during which
the Borrower has failed to remedy such breach, or (b) a default or event of
default as defined in the Debenture or in the Subscription Agreement provided
that all required notices of default have been provided to the Borrower and
provided further that all applicable cure periods with respect to such default
have expired and the Borrower has not remedied such default prior to the
expiration thereof. Each of the Lenders shall be entitled to receive its
pro-rata share (based upon the percentage that such Lender's aggregate principal
advances to the Borrower represent of the total aggregate principal advances by
all of the Lenders to the Borrower) of all proceeds received as a result of the
enforcement of the Security Interest.

8.    REMEDIES. In the event that the Security Interest becomes enforceable, the
Lenders shall have the following remedies in addition to any other remedies
available at law or equity or contained in any other agreement between the
Borrower and the Lenders, all of which remedies shall be independent and
cumulative:

      (a)   entry of any premises where Collateral may be located;

      (b)   possession of Collateral by any method permitted by law;

      (c)   the sale or lease of Collateral;

      (d)   the collection of any rents, income and profits received in
            connection with the business of the Borrower or the Collateral;

<PAGE>
                                      -6-

      (e)   the collection, realization, sale or other dealing with any
            Accounts;

      (f)   the appointment by instrument in writing of a receiver or a receiver
            and manager (each of which is herein called a "RECEIVER") of the
            Collateral;

      (g)   the exercise by the Lender of any of the powers set out in Section
            12, without the appointment of a Receiver;

      (h)   proceedings in any court of competent jurisdiction for the
            appointment of a receiver or a receiver and manager or for the sale
            of the Collateral; and

      (i)   the filing of proofs of claim and other documents in order to have
            the claims of the Lender lodged in any bankruptcy, winding-up or
            other judicial proceeding relating to the Borrower.

The remedies of the Lenders set forth in this section or elsewhere in this
Agreement, shall be exclusively controlled by the "Majority Lenders", which for
the purposes hereof shall mean the Lenders holding a majority in aggregate
principal amount of the outstanding Debentures.

9.    POWERS OF RECEIVER. Any Receiver appointed by the Majority Lenders may be
any person or persons, and the Majority Lenders may remove any Receiver so
appointed and appoint another or others instead. Any Receiver appointed shall
act as agent for the Lenders for the purposes of taking possession of the
Collateral and (except as provided below) as agent for the Borrower for all
other purposes, including without limitation the occupation of any premises of
the Borrower and in carrying on the Borrower's business. For the purposes of
realizing upon the Security Interest, the Receiver may sell, lease or otherwise
dispose of Collateral as agent for the Borrower or as agent for the Lenders as
it may determine in its discretion. The Borrower agrees to ratify and confirm
all actions of the Receiver acting as agent for the Borrower, and to release and
indemnify the Receiver in respect of all such actions. Any Receiver so appointed
shall have the following powers:

      (a)   to enter upon, use and occupy all premises owned or occupied by the
            Borrower;

      (b)   to take possession of the Collateral;

      (c)   to carry on the business of the Borrower;

      (d)   to borrow money required for the maintenance, preservation or
            protection of the Collateral or for the carrying on of the business
            of the Borrower, and in the discretion of such Receiver, to charge
            and grant further security interests in the Collateral in priority
            to the Security Interest, as security for the money so borrowed;

<PAGE>
                                      -7-

      (e)   to sell, lease or otherwise dispose of the Collateral or any part
            thereof on such terms and conditions and in such manner as the
            Receiver shall determine in its discretion;

      (f)   to demand, commence, continue or defend any judicial or
            administrative proceedings for the purpose of protecting, seizing,
            collecting, realizing or obtaining possession or payment of the
            Collateral, and to give valid and effectual receipts and discharges
            therefor and to compromise or give time for the payment or
            performance of all or any part of the Accounts or any other
            obligation of any third party to the Borrower; and

      (g)   to exercise any rights or remedies which could have been exercised
            by the Lender against the Borrower or the Collateral.

10.   DISPOSITION. The Majority Lenders may sell, lease or otherwise dispose of
any Collateral as a whole or in separate parcels by public auction or private
tender or by private contract with or without notice and with or without
advertising and without any other formality, all of which are hereby expressly
waived by the Borrower and any such sale, lease or disposition shall be on such
terms and conditions as to credit, as to upset or reserve bid or price and
otherwise as the Majority Lenders may consider commercially reasonable. In the
event that any disposition is made on credit or part cash and part credit, each
Lender need only credit the actual cash received at the time of disposition
against the Obligations and any payments made pursuant to any credit granted at
the time of the disposition shall be credited against the Obligations as and
when received. The Majority Lenders may rescind, terminate or vary any contract
for the sale, lease or disposition of any Collateral and may resell, relet or
otherwise redispose of the Collateral without being accountable or otherwise
liable for any loss occasioned thereby. Any sale, lease or other disposition of
any Collateral may be made by the Majority Lender whether or not it has taken
possession of the Collateral.

11.   FAILURE OF THE LENDER TO EXERCISE REMEDIES. The Lenders shall not be
liable for any delay or failure to enforce any remedies available to it or any
delay or failure to institute any proceedings for such purposes.

12.   APPLICATION OF PAYMENTS. All payments made in respect of the Obligations
and all monies received by the Lenders or any Receiver appointed by the Majority
Lenders in respect of the enforcement of the Security Interest (including the
receipt of any Money) may be held as security for the Obligations or applied in
such manner as may be determined in the discretion of the Majority Lenders or
the Receiver, as the case may be, and the Lenders may at any time apply or
change any such appropriation of such payments or monies to such part or parts
of the Obligations as the Lenders may determine in its discretion. The Borrower
shall remain liable to the Lenders for any deficiency; and any surplus funds
realized after the satisfaction of all Obligations shall be paid in accordance
with applicable law.

<PAGE>
                                      -8-

13.   DEALINGS BY THE LENDERS. The Majority Lenders may grant extensions of time
and other indulgences, take and give up securities, accept compositions, grant
releases and discharges, and otherwise deal with the Collateral, the Borrower,
debtors of the Borrower, guarantors and sureties of the Borrower, and others as
the Majority Lenders may see fit, without prejudice to the Obligations and the
rights of the Lenders to hold and realize upon the Security Interest. The
Lenders have no obligation to keep Collateral identifiable, or to preserve
rights against prior secured creditors in respect of any Collateral.

14.   NOTICE. Any demand, notice, direction or other communication to be made or
given hereunder (in each case, "COMMUNICATION") shall be in writing and shall be
made or given by personal delivery, by courier, by facsimile transmission, or
sent by registered mail, charges prepaid, addressed to the respective parties as
follows:

           (i)   if to the Borrower:

                 Visual Bible International, Inc.
                 1235 Bay Street
                 Suite 300
                 Toronto, Ontario
                 M5R 3K4

                 Facsimile no:  (416)921-9951
                 Attention: Executive Vice President and Chief Financial Officer

           (ii)  if to the Lenders,

                 at the respective addresses and facsimile numbers indicated in
           Schedule "A",

or to such other address or facsimile number as any party may from time to time
designate in accordance with this Section. Any Communication made by personal
delivery or by courier shall be conclusively deemed to have been given and
received on the day of actual delivery thereof or if such day is not a Business
Day, on the first Business Day thereafter. Any Communication made or given by
facsimile on a Business Day before 4:00 p.m. (local time of the recipient) shall
be conclusively deemed to have been given and received on such Business Day and
otherwise shall be conclusively deemed to have been given and received on the
first Business Day following the transmittal thereof. Any Communication that is
mailed shall be conclusively deemed to have been given and received on the fifth
Business Day following the date of mailing but if, at the time of mailing or
within five Business Days thereafter, there is or occurs a labour dispute or
other event that might reasonably be expected to disrupt delivery of documents
by mail, any Communication shall be delivered or transmitted by any other means
provided for in this Section. When used in this Agreement, "BUSINESS DAY" shall
mean a day other than a Saturday, Sunday or any statutory holiday in the
Province of Ontario.

<PAGE>
                                      -9-

15.   POWER OF ATTORNEY. The Borrower hereby constitutes and appoints each
Lender or any officer thereof as its true and lawful attorney, effective upon
the occurrence and during the continuance of an Event of Default, with full
power of substitution, to execute all documents and take all actions as may be
necessary or desirable to perform any obligations of the Borrower arising
pursuant to this Agreement, and in executing such documents and taking such
actions, to use the name of the Borrower whenever and wherever it may be
considered necessary or expedient. These powers are coupled with an interest and
are irrevocable until all of the Obligations have been repaid in full and this
Agreement is terminated and the Security Interest created herein has been
released.

16.   SEPARATE SECURITY. This Agreement and the Security Interest are in
addition to and not in substitution for any other security now or hereafter held
by the Lenders in respect of the Borrower, the Obligations or the Collateral and
any other present and future rights or remedies which the Lender might have with
respect thereto.

17.   LENDERS NOT OBLIGED TO ADVANCE. Nothing in this Agreement shall obligate
the Lenders to make any loan or accommodation to the Borrower or any other party
in connection with this Agreement, or extend the time for payment or
satisfaction of any Obligations.

18.   AMALGAMATION OF BORROWER. The Borrower acknowledges and agrees that in the
event that it amalgamates with any other persons (which it is prohibited from
doing without the prior written consent of the Lenders) then the Collateral and
the Security Interest shall extend to and include all like property of the
amalgamated corporation and all references herein to Borrower shall extend to
and include the amalgamated corporation and all references herein to Obligations
shall extend to and include all of the debts, liabilities and obligations of
every type and kind of the amalgamated corporation.

19.   AMENDMENTS. This Agreement may not be amended or otherwise modified except
by an instrument in writing executed by all the parties hereto.

20.   WAIVERS. The Lenders shall not, by any act, delay, omission or otherwise,
be deemed to have expressly or impliedly waived any of its rights, powers and/or
remedies unless such waiver shall be in writing and executed by authorized
officers of the Majority Lenders. Any such waiver shall be enforceable only to
the extent specifically set forth therein. A waiver by the Lenders of any right,
power and/or remedy on any one occasion shall not be construed as a bar to or
waiver of any such right, power and/or remedy which the Lenders would otherwise
have on any future occasion, whether similar in kind or otherwise.

21.   ASSIGNMENT. Each Lender may from time to time upon notice to, but without
the consent of the Borrower, assign or transfer this Agreement and the
Obligations or any portion thereof or interest therein to any other party (the
"ASSIGNEE"). The Assignee shall, to the extent of the interest so assigned or
transferred, be entitled to the benefit of and the right to enforce this
Agreement to the same extent as if the Assignee were such Lender. The Borrower
shall not be entitled to assign or transfer this Agreement or any of the
Borrower's rights, duties or obligations hereunder without the prior written
consent of the Lenders.

<PAGE>
                                      -10-

22.   RELEASE AND RECONVEYANCE. Upon payment in full of the Obligations to the
Lenders, the Lenders shall upon receipt of a written request from the Borrower
release the Security Interest and reassign the Collateral to the Borrower
without recourse and without representations or warranties, and the Lenders
shall at the request and expense of the Borrower execute and deliver all such
discharges, releases, reassignments and further assurances as may be reasonably
required in this regard.

23.   NUMBER, GENDER AND PERSONS. Unless the context otherwise requires, words
importing the singular in number only shall include the plural and vice versa,
words importing the use of gender shall include the masculine, feminine and
neuter genders and words importing persons shall include individuals,
corporations, partnerships, associations, trusts, unincorporated organizations,
governmental bodies and other legal or business entities.

24.   SEVERABILITY. If any provision of this Agreement is determined by a court
of competent jurisdiction to be invalid, illegal or unenforceable in any
respect, such determination shall not impair or affect the validity, legality or
enforceability of the remaining provisions hereof, and each such provision shall
be interpreted in such a manner as to render them valid, legal and enforceable
to the greatest extent permitted by applicable law. Each provision of this
Agreement is declared to be separate, severable and distinct.

25.   SUCCESSORS AND ASSIGNS. This Agreement shall enure to the benefit of each
Lender and its successors and assigns, and shall be binding upon the Borrower
and its successors and permitted assigns.

26.   TIME. Time shall be of the essence of this Agreement.

27.   EXECUTION BY FACSIMILE. Delivery of an executed copy of a signature page
to this Agreement by facsimile transmission shall be effective as delivery of a
manually executed copy of this Agreement and the Borrower undertakes to provide
the Lenders with a copy of this Agreement bearing original signatures forthwith
upon demand.

28.   GOVERNING LAW AND ATTORNMENT. This Agreement shall be governed by and
interpreted in accordance with the laws of the Province of Ontario and the
federal laws of Canada applicable therein. Without prejudice to the ability of
each Lender to enforce this Agreement in any other proper jurisdiction, the
Borrower irrevocably submits and attorns to the non-exclusive jurisdiction of
the courts of the Province of Ontario in connection with this Agreement.

29.   ENTIRE AGREEMENT. This Agreement, including any schedules attached hereto,
constitutes the entire agreement between the Borrower and the Lenders relating
to the subject-matter hereof and supersedes all prior agreements,
representations, warranties, conditions or collateral agreements, whether oral
or written, express or implied, with respect to the subject matter hereof.

<PAGE>
                                      -11-

30.   EXPENSES. The Borrower shall pay forthwith upon demand by all or any of
the Lenders all expenses, including the reasonable fees, disbursements and other
charges of its counsel (on a solicitor and his own client basis), experts or
agents which the Lenders may incur in connection with (i) the negotiation and
preparation of this Agreement, (ii) the administration of this Agreement, (iii)
the custody or preservation of, or the sale of, collection from or other
realization upon any of the Collateral, (iv) the exercise, enforcement or
protection of any of the rights of the Lenders hereunder or (v) the failure of
the Borrower to perform or observe any of the provisions hereof.

31.   FURTHER ASSURANCES. The Borrower shall forthwith, at its own expense and
from time to time, do or file, or cause to be done or filed, all such things and
shall execute and deliver all such documents, agreements, opinions, certificates
and instruments reasonably requested by each Lender or its counsel as may be
necessary or desirable to complete the transactions contemplated by this
Agreement and carry out its provisions and intention.

32.   COPY OF AGREEMENT. The Borrower acknowledges receipt of an executed copy
of this Agreement.

THIS AGREEMENT has been executed by the Borrower on the date first stated above.

                                        VISUAL BIBLE INTERNATIONAL, INC.

                                        By:______________________________
                                           Harold Kramer
                                           Executive Vice-President and
                                           Chief Financial Officer

<PAGE>

                                  SCHEDULE "A"
                                LIST OF LENDERS

1.    Augusta Holding Inc.
      30 St. Clair Avenue West, Suite 1205
      Toronto, Ontario
      M4V 3A1

      Facsimile no: (416)323-3382
      Attention: Martin Prosseman

2.    Beverly Reisman
      c/o Soho Financial
      156 Duncan Mill Road, Suite 12
      Don Mills, Ontario
      M3B 3N2

      Facsimile no: (416)449-7758
      Attention: Mr. Ed Rosenblat, C.A.

3.    George Steels
      68 Liebeck Cres.
      Unionville, Ontario
      L3R 1Y5

      Facsimile no: (905)477-0094
      Attention: Mr. George Steels

4.    Art Kleinstein
      305 Madison
      Denver, Colorado
      80206

      Facsimile no: (303)322-4320
      Attention: Art Kleinstein

<PAGE>

5.    Ron Prosserman
      30 St. Clair Avenue West, Suite 1205
      Toronto, Ontario
      M4V 3A1

      Facsimile no: (416)323-3382
      Attention: Mr. Ron Prosserman

6.    Ruth Reisman Limited
      120 Eglington Avenue East, Suite 500
      Toronto, Ontario
      M4P 1E2

      Facsimile no: (416)481-3110
      Attention: Ruth Reisman

7.    Zivojin Maznic
      1004-100 Upper Madison Avenue
      Toronto, Ontario
      M2N 6M4

      Facsimile no: (416)590-1207
      Attention: Mr. Zivojin Maznic

8.    Red Brook Developments Limited
      250 Lesmill Road
      Don Mills, Ontario
      M3B 2T5

      Facsimile no: (416)449-8438
      Attention: Elly Reisman

<PAGE>

                                  SCHEDULE "B"
               ADDITIONAL PLACES WHERE COLLATERAL MAY BE LOCATED

1.    5100 Town Center Circle
      Suite 430
      Boca Raton, Florida
      33486

<PAGE>

                                   SCHEDULE"C"

                               LIST OF AGREEMENTS

1.    Settlement and New Licensing Agreement between International Bible Society
      and Visual Bible International, Inc. entered into as of November 2, 2001;

2.    Licensing Agreement between American Bible Society and Visual Bible
      International, Inc. entered into as of September 20, 2000;

3.    Licensing Agreement between Genesis Broadcasting Systems, Inc. and Visual
      Bible International, Inc.;

4.    Memorandum of Understanding between The United Bible Societies and Visual
      Bible International, Inc.;

5.    Licensing Agreement between The Bible Society in Italy/Societa Biblica
      Britannica E Forestiera Editrice Elledici and Visual Bible, Inc. entered
      into as of October 11, 2001;

6.    Licensing Agreement between The Bible Society of Brazil and Visual Bible,
      Inc. entered into September 17, 2001; and

7.    Agreement between Thomas Nelson Publishers and Visual Bible, Inc. dated
      September 1, 2001, as amended.

<PAGE>

                                  SCHEDULE "D"
                                 OTHER LENDERS

                        VISUAL BIBLE INTERNATIONAL, INC.

                               DEBENTURE FINANCING

                            MINIMUM - US$4.0 MILLION
                            MAXIMUM - US$5.0 MILLION

PURPOSE - THE GOSPEL OF JOHN

Production financing - US$3.5 Million
Pre-launch marketing - US$.5 - 1.5 Million

SECURITY PARI PASSU - PRO RATED PARTICIPATION
FACILITIES LISTED BELOW OR EQUIVALENT REPLACEMENT FACILITIES

<TABLE>
<CAPTION>
                                                        US$(000)
                                                         GROSS
<S>                                                     <C>
1. Visual Bible Debentures                                5,000
2. Cdn. federal & provincial tax credits                  1,350
3. Think Film - North American distribution                 550
4. Cinemavault Releasing Inc. - foreign distribution      1,450
5. UK sale leaseback                                      1,350
6. Film Finances, Inc. - completion guarantor               600
                - contingency budget
7. Deluxe Labs and Video                                    500
                                                         ------
TOTAL                                                    10,800
                                                         ======
</TABLE>

NOTE: PRO RATED SECURITY COVERAGE NOT TO EXCEED US$11 MILLION + INTEREST

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