Document:

Prepared by R.R. Donnelley Financial -- Guarantee and Indemnity

 Exhibit 4.21 
  
 Guarantee and Indemnity 
  
 between 
  
 Mad Catz Interactive Asia Limited 
 as
Guarantor 
  
 and 
  
 Congress Financial Corporation (Central) 
 as Collateral Agent 

 
 relating to 
  
 Certain loan provided by the Collateral Agent to Mad 
 Catz, Inc. 

 CONTENTS 
  
 
	 
	 1.
 	  	 Definitions and Construction
 	  	 1
 
	 
	 2.
 	  	 Guarantee and Indemnities
 	  	 2
 
	 
	 3.
 	  	 Continuing Security
 	  	 3
 
	 
	 4.
 	  	 New Accounts
 	  	 3
 
	 
	 5.
 	  	 Waiver of defences
 	  	 3
 
	 
	 6.
 	  	 Immediate Recourse
 	  	 4
 
	 
	 7.
 	  	 Deferral of Guarantor’s rights
 	  	 4
 
	 
	 8.
 	  	 Effectiveness of Security
 	  	 5
 
	 
	 9.
 	  	 Avoidance of Payments
 	  	 5
 
	 
	 10.
 	  	 Taxes
 	  	 5
 
	 
	 11.
 	  	 Interest
 	  	 6
 
	 
	 12.
 	  	 Representations and Warranties
 	  	 6
 
	 
	 13.
 	  	 Payments
 	  	 6
 
	 
	 14.
 	  	 Set-Off
 	  	 6
 
	 
	 15.
 	  	 Appropriations
 	  	 7
 
	 
	 16.
 	  	 Stamp Duty
 	  	 7
 
	 
	 17.
 	  	 Benefit of Guarantee
 	  	 7
 
	 
	 18.
 	  	 Assignment and Transfer
 	  	 7
 
	 
	 19.
 	  	 Information
 	  	 8
 
	 
	 20.
 	  	 Certificate
 	  	 8
 
	 
	 21.
 	  	 Remedies and Waivers
 	  	 8
 
	 
	 22.
 	  	 Partial Invalidity
 	  	 8
 
	 
	 23.
 	  	 Notices
 	  	 9
 
	 
	 24.
 	  	 Law and Jurisdiction
 	  	 10
 
	 
	 25.
 	  	 Miscellaneous
 	  	 10
 

 
 

 i 

  
 THIS GUARANTEE AND INDEMNITY is dated 01 August 2002 and made

  
 BETWEEN: 
  

	 	(1)
	 
	Mad Catz Interactive Asia Limited, (the “Guarantor”), registered in the HKSAR as company number 798220 and having its registered office
at Unit 1717-19, 17th Floor, Grand Central Plaza, Tower 2, 138 Shatin Rural Committee Road, Shatin, New Territories, Hong Kong (fax number (852) 2210 2888); and 
 

  

	 	(2)
	 
	Congress Financial Corporation (Central), (the “Collateral Agent”), registered in Illinois and having its registered office at 150 South
Wacker Drive, Chicago, Illinois 60606, in its capacity as collateral agent for and on behalf of the Lender (as defined in the Loan Agreement) pursuant to the Loan Agreement (fax number (312) 332 0424). 
 

  
 BACKGROUND: 
  

	 	(A)
	 
	The Collateral Agent has made and has agreed to make various loan and other facilities available to the Principal pursuant to the Loan Agreement. 

  

	 	(B)
	 
	The Guarantor is indirectly beneficially wholly owned by Mad Catz interactive, Inc., which also wholly owns the Principal. 
 

 

	 	(C)
	 
	The Guarantor has agreed to enter into this Guarantee and Indemnity in favour of the Collateral Agent as security for the obligations of the Principal under the
Loan Agreement to the Lender (as defined in the Loan Agreement) (acting through the Collateral Agent). 
 

  
 NOW IT IS AGREED as follows: 
  

	1.
	 
	Definitions and Construction 
 

  

	 	1.1
	 
	In this Guarantee: 
 

  
 “Financing Agreements” bears the same meaning as contained in the Loan Agreement; 
  
 “HKSAR” means the Hong Kong Special Administrative Region of the People’s Republic of China; 
  
 “Loan Agreement” means a First Amended and Restated Loan Agreement between the Collateral Agent, in its capacity as collateral agent for and on behalf of the Lenders (as defined in the Loan Agreement)
pursuant to the Loan Agreement, and the Principal dated 5 September 2001 and an Amending Agreement between the same parties dated 18 June 2002 and as the same may from time to time be amended, varied, modified or supplemented; 

 
 the “Principal” means Mad Catz, Inc., registered in Delaware as company number 3007186 and having its chief
executive office at 7480 Mission Valley Road, Suite 101, San Diego, California, 92108 as the borrower under the Loan Agreement. 
  
 “Secured Obligations” means the obligations and liabilities of the Principal to the Lender to pay all and any sums which are or at any time may be payable by the Principal to the Lender under the Loan Agreement or
any of the other Financing Agreements and all other moneys payable under or pursuant to this Guarantee; 
 

 1 

 “Tax” includes any form of taxation, levy, duty, charge, contribution or impost of whatever nature
(including any applicable fine, penalty, surcharge or interest) imposed by any local, municipal, governmental, state, federal or other fiscal, revenue, customs and/or excise authority, body or official anywhere in the world competent to impose any
of them. 
  

	 	1.2
	 
	Unless the context otherwise requires, any reference in this Guarantee to: 
 

  
 Secured Obligations is deemed to include a reference to any part of them or it; 
  
 the “Collateral Agent” or the “Lender” or the “Guarantor” or the “Principal” shall be construed so as to
include its successors and assigns and transferees; 
  
 a “Clause” shall be construed as a reference
to a Clause of this Guarantee; 
  
 a “person” shall be construed as a reference to any individual,
company, body corporate, corporation sole or aggregate, government, state or agency of a state, firm, partnership, joint venture, association, organisation, trust or entity; 
  
 a “subsidiary” of any person shall have the meaning ascribed to that term by section 2 of the Companies Ordinance (Cap 32) as it is in force at the date of
this Guarantee; 
  
 a “successor” of any party to this Guarantee shall be construed as including any
person to whom all or any part of the rights or obligations of such party under this Guarantee shall have been assigned or transferred or who shall have assumed all or any part of such rights or obligations; and 
  
 “this Guarantee” shall be construed as a reference to this Guarantee and Indemnity as the same may from time to time be
amended, varied, modified or supplemented. 
  

	 	1.3
	 
	The headings are inserted for convenience only and shall not affect the construction of this Guarantee. 
 

  

	 	1.4
	 
	In this Guarantee, any reference to the Collateral Agent is a reference to Congress Financial Corporation (Central) as Lender and as US Collateral Agent under
the Loan Agreement. 
 

  

	 	1.5
	 
	Unless expressly defined in this Guarantee, capitalised terms defined in the Loan Agreement have the same meaning in this Guarantee. 

  

	2.
	 
	Guarantee and Indemnities 
 

  

	 	2.1
	 
	In consideration of the Collateral Agent under the Loan Agreement agreeing to make and continue to make loan and other facilities available to the Principal
under the Loan Agreement, the Guarantor irrevocably and unconditionally: 
 

  

	 	(A)
	 
	guarantees to the Collateral Agent punctual performance by the Principal of all the Secured Obligations; and 
 

  

	 	(B)
	 
	undertakes with the Collateral Agent that whenever the Principal does not pay any amount when due under or in connection with or arising out of the Secured
Obligations the Guarantor shall immediately on demand pay that amount as if it was the principal obligor; and 
 

 

 2 

  

	 	(C)
	 
	agrees, as a primary obligation, to indemnify the Collateral Agent immediately on demand against any cost, loss or liability suffered by the Collateral Agent as
a result of any Secured Obligations being or becoming unenforceable, void, voidable, ineffective, invalid or illegal (and the amount of the cost, loss or liability shall be equal to the amount which the Collateral Agent would otherwise have been
entitled to recover). 
 

  

	 	2.2
	 
	Without prejudice to Clause 2.1 but taking into account any payments made thereunder, the Guarantor agrees, as a primary obligation, to indemnify the Collateral
Agent on demand from and against all losses, costs and expenses incurred or suffered by the Collateral Agent as a result of or in connection with any failure by the Principal (whether or not caused by or connected with any invalidity, illegality,
voidability, unenforceability or ineffectiveness) fully and promptly to pay or discharge any of the Secured Obligations as and when the same shall respectively become (or, but for any such invalidity, illegality, voidability, unenforceability or
ineffectiveness, would have become) due for payment or discharge. 
 

  

	 	2.3
	 
	The Guarantor agrees to indemnify the Collateral Agent and keep it indemnified on demand from and against all liabilities, losses, costs and expenses incurred
or suffered by the Collateral Agent in connection with or as a result of any of the obligations or undertakings expressed to be assumed by the Guarantor in this Guarantee not being performed or observed fully and punctually. 

  

	 	2.4
	 
	The obligations of the Guarantor under each of Clauses 2.1, 2.2 and 2.3 shall be separate and independent from each other. 
 

 

	 	2.5
	 
	Unless the Collateral Agent otherwise agrees in writing, each payment by the Guarantor under Clauses 2.1, 2.2 and 2.3 will be made in the currency in which the
relevant amount was payable by the Principal or in which the relevant liability, loss, cost or expense was incurred or suffered by the Collateral Agent (as the case may be). 
 

  

	3.
	 
	Continuing Security 
 

  
 The obligations of the Guarantor contained in this Guarantee shall constitute and be continuing obligations and shall not be satisfied, discharged or affected by any intermediate payment or satisfaction of all or any of the
Secured Obligations. 
  

	4.
	 
	New Accounts 
 

  
 If for any reason this Guarantee ceases to be a continuing security to the Collateral Agent, the Collateral Agent may either continue any then existing account(s) with the Principal or open one or more fresh accounts with the
Principal, but in any case the obligations expressed to be assumed by the Guarantor in this Guarantee shall remain unaffected by and be computed without regard to any payment into or out of any such account after this Guarantee has ceased to be a
continuing security. 
  

	5.
	 
	Waiver of defences 
 

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

 3 

  

	 	(A)
	 
	any time, waiver or consent granted to, or composition with, or other indulgence being granted to, the Principal or any other person; 

  

	 	(B)
	 
	the release of the Principal or any other person under the terms of any composition or arrangement with any creditor; 
 

 

	 	(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 Principal 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 the Principal or any other person;

 

  

	 	(E)
	 
	any amendment (however fundamental), waiver, release or replacement of any document setting out the terms of the Secured Obligations or any other document or
security; 
 

  

	 	(F)
	 
	any unenforceability, illegality or invalidity of any obligation of any person under any document setting out the terms of the Secured Obligations or any other
document or security; or 
 

  

	 	(G)
	 
	any insolvency or similar proceedings affecting or any re-organisation or other change in the Principal or any other person. 
 

 

	6.
	 
	Immediate Recourse 
 

  
 The Guarantor waives any right it may have of first requiring the Collateral Agent to proceed against or enforce any other rights or security or claim payment from any person before claiming from the Guarantor under this
Guarantee. This waiver applies irrespective of any law or any provision governing the Secured Obligations to the contrary. 
  

	7.
	 
	Deferral of Guarantor’s rights 
 

  

	 	7.1
	 
	The Guarantor agrees that until the Collateral Agent is satisfied that (i) the Collateral Agent is under no commitment, obligation or Secured Obligations
(whether actual or contingent) to the Principal or any other person which could lead to the Principal incurring any further Secured Obligations to the Collateral Agent, (ii) the Principal has no Secured Obligations to the Collateral Agent in respect
of any matter or thing whatsoever and (iii) the Guarantor has no liability (whether actual or contingent) to the Collateral Agent under or pursuant to this Guarantee, the Guarantor shall not, without the Collateral Agent’s prior written
consent: 
 

  

	 	(A)
	 
	in respect of any amount paid or payable by the Guarantor (whether actually or contingently) under or in respect of this Guarantee, seek to recover or enforce
repayment from or by the Principal or any other surety, whether by indemnity, subrogation, contribution or otherwise, or to exercise or take the benefit of any right, claim or remedy of any kind which may accrue howsoever to the Guarantor in respect
of such amount; or 
 

  

	 	(B)
	 
	claim payment of any other moneys for the time being due, owing, payable or incurred to the Guarantor from or by the Principal or any other surety on any
 
 

 

 4 

	 	
account whatsoever, or exercise any other right, claim or remedy of any kind which the Guarantor has in respect thereof; or 
 

  

	 	(C)
	 
	sell, negotiate, endorse, assign, charge or otherwise deal with any liability or obligation to the Guarantor of the Principal or any other surety (whether
arising from any payment made by the Guarantor under or in respect of this Guarantee or on any other account whatsoever); or 
 

  

	 	(D)
	 
	take or permit to subsist any security from the Principal or any other surety for or in respect of any of the obligations expressed to be assumed by the
Guarantor under this Guarantee; or 
 

  

	 	(E)
	 
	in the event of any bankruptcy, liquidation, winding-up or dissolution of the Principal or any other surety claim or prove in competition with the Collateral
Agent, or accept any direct or indirect payment or distribution, in respect of any moneys owing to the Guarantor by the Principal or such other surety on any account whatsoever. 
 

  

	8.
	 
	Effectiveness of Security 
 

  
 This Guarantee shall be in addition to, independent of and is not in any way prejudiced by any other guarantee or security which the Collateral Agent may now or at any time in the future hold or take
for or in respect of the Secured Obligations or any of them. 
  

	9.
	 
	Avoidance of Payments 
 

  

	 	9.1
	 
	Any settlement, release or discharge between the Guarantor and the Collateral Agent shall be deemed to be conditional upon no right, security, disposition or
payment granted or made to the Collateral Agent by the Principal or the Guarantor or any other person being void, avoided or set aside, either wholly or in part, for any reason whatsoever, including by virtue of any provisions or enactments relating
to bankruptcy, insolvency, administration, liquidation or winding-up for the time being in force. 
 

  

	 	9.2
	 
	In the event of the whole or any part of any such right, security, disposition or payment being so void, avoided or set aside, the Collateral Agent shall be
entitled to enforce this Guarantee against the Guarantor subsequently as if such settlement, release or discharge had not occurred and such right, security, disposition or payment (or, as the case may be, the part thereof so void, avoided or set
aside) had not been granted or made. 
 

  

	10.
	 
	Taxes 
 

  
 All payments to be made by the Guarantor under this Guarantee shall be made free and clear of and without any deduction or withholding for or on account of tax unless the Guarantor is required by law to make any such payment subject
to any such deduction or withholding, in which case the sum payable by the Guarantor in respect of which such deduction or withholding is required to be made shall be increased to the extent necessary to ensure that, after the making of such
deduction or withholding, the Collateral Agent receives and retains (free from any liability in respect of any such deduction or withholding) a net sum equal to the sum which it would have received and so retained had no such deduction or
withholding been made or required to be made. 
 

 5 

  

	11.
	 
	Interest 
 

  

	 	11.1
	 
	The Guarantor agrees to pay interest to the Collateral Agent on all sums demanded and payable under this Guarantee calculated from the due date up to the actual
date of payment (after, as well as before, judgement) at the rate of interest applicable at the relevant time under the Loan Agreement. 
 

  

	 	11.2
	 
	Unless the Collateral Agent otherwise agrees in writing, each payment by the Guarantor under Clause 11.1 will be made in the same currency as that in which the
sum in respect of which it accrued was due. 
 

  

	12.
	 
	Representations and Warranties 
 

  
 The Guarantor represents and warrants to the Collateral Agent that: 
  

	 	12.1
	 
	it has the appropriate power to enter into and perform the terms and conditions of this Guarantee and has taken all necessary action to authorise the execution,
delivery and performance of this Guarantee and the obligations expressed as being assumed by it under this Guarantee constitute its valid, legal and binding obligations; 
 

  

	 	12.2
	 
	none of the provisions, covenants and obligations on its part contained in this Guarantee contravenes any of the provisions of its memorandum or articles of
association or other constitutional documents and neither this Guarantee nor its performance will infringe any law or obligation binding upon it; and 
 

  

	 	12.3
	 
	no authorisation or registration of or with any governmental, judicial or other authority or other third party nor payment of any stamp, registration or other
Tax is required or desirable in connection with the execution, performance, validity, enforceability or admissibility in evidence of this Guarantee, other than the registration of this Guarantee at the Companies Registry under section 80 of the
Companies Ordinance (Cap. 32). 
 

  

	13.
	 
	Payments 
 

  

	 	13.1
	 
	Each payment to be made by the Guarantor under this Guarantee shall be made to the Collateral Agent, in the appropriate currency in accordance with the terms
hereof, in such manner as the Collateral Agent may from time to time direct. 
 

  

	 	13.2
	 
	All such payments shall be calculated without reference to any set-off or counterclaim and shall be made in full and free and clear of, and without any
deduction for or on account of, any set-off or counterclaim. 
 

  

	14.
	 
	Set-Off 
 

  
 The Collateral Agent may set off any matured obligation due from the Guarantor (to the extent beneficially owned by the Collateral Agent) against any matured obligation owed by the Collateral Agent to the Guarantor, regardless of the
place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Collateral Agent may convert either obligation for the purpose of the set-off by applying a rate of exchange which, in the
Collateral Agent’s opinion, fairly reflects market rates of exchange prevailing at the time of such conversion. 
 

 6 

  

	15.
	 
	Appropriations 
 

  
 Until the Collateral Agent is satisfied that (i) the Collateral Agent is under no commitment, obligation or liability (whether actual or contingent) to the Principal or any other person which could lead to the Principal incurring any
further Secured Obligations to the Collateral Agent and (ii) the Principal has no Secured Obligations to the Collateral Agent in respect of any matter or thing whatsoever, the Collateral Agent may: 
  

	 	(A)
	 
	refrain from applying or enforcing any other moneys, security or rights held or received by it in respect of the Secured Obligations or any of them, or apply
and/or enforce such moneys, security or rights in such manner and order as it sees fit (whether against the Secured Obligations or otherwise) and the Guarantor shall not be entitled to the benefit of the same; and 
 

 

	 	(B)
	 
	hold in an interest-bearing suspense account any moneys received from the Guarantor or on account of the Guarantor’s liability. 

  

	16.
	 
	Stamp Duty 
 

  
 The Guarantor shall pay all stamp, documentary, registration and other taxes to which this Guarantee or any judgment given in connection with this Guarantee is or at any time may be subject. 
  

	17.
	 
	Benefit of Guarantee 
 

  
 This Guarantee shall be binding upon and enure to the benefit of each party to this Guarantee and its successors. 
  

	18.
	 
	Assignment and Transfer 
 

  

	 	18.1.
	 
	By this Guarantee the Guarantor gives its irrevocable consent and continuing agreement to the assignment by the Collateral Agent of any one or more of its
rights under this Guarantee. 
 

  

	 	18.2
	 
	The Guarantor may not assign and/or transfer any one or more of its rights and/or obligations under this Guarantee. 
 

  

	 	18.3
	 
	If the Collateral Agent assigns and/or transfers all or any part of its rights and/or obligations under (and in accordance with the terms of) the Loan Agreement
to any person, all or such equivalent part of its rights and benefits under this Guarantee shall, upon and by virtue of such assignment and/or transfer, be assigned to such person. 
 

  

	 	18.4
	 
	The Collateral Agent may give such information relating to the Guarantor or this Guarantee as it thinks fit to any person proposing to take an assignment and/or
transfer from the Collateral Agent and/or to enter into contractual relations with the Collateral Agent with respect to this Guarantee. 
 

  

	 	18.5
	 
	The Guarantor’s liability under this Guarantee shall extend to all liabilities of the Principal to the Lender or the Collateral Agent on their behalves
notwithstanding any change of name of the Collateral Agent and/or the Collateral Agent’s absorption by or in or amalgamation with any other entity or the acquisition of all or part of its undertaking by any other entity and to all sums in
respect of advances and other banking facilities from such other entity. 
 

 

 7 

  

	19.
	 
	Information 
 

  

	 	19.1
	 
	The Guarantor will immediately provide the Collateral Agent with any information about the Guarantor and/or any of its subsidiaries, associates or affiliates
(including information about its and/or any such subsidiary’s, associate’s or affiliate’s assets, liabilities and financial affairs) which the Collateral Agent reasonably requests. 
 

  

	 	19.2
	 
	Without prejudice to any right or duty of disclosure conferred or imposed by law, the Collateral Agent shall be entitled to disclose any information about the
Guarantor and/or any of its subsidiaries, associates or affiliates to: 
 

  

	 	(A)
	 
	any person connected or associated with the Collateral Agent; and/or 
 

  

	 	(B)
	 
	any actual or potential assignee or transferee of the whole or any part of the benefit of this Guarantee and/or any of the Secured Obligations; and/or

 

  

	 	(C)
	 
	any other successor or proposed successor of the Collateral Agent; and/or 
 

  

	 	(D)
	 
	any person who has otherwise entered into or may otherwise enter into any contractual relations with the Collateral Agent in relation to this Guarantee and/or
any of the Secured Obligations (including any sub-participation arrangement); and/or 
 

  

	 	(E)
	 
	any person for the purpose of or in connection with any exercise by the Collateral Agent of any of its rights under this Guarantee and/or in relation to any of
the Secured Obligations; and/or 
 

  

	 	(F)
	 
	whom, and to the extent that, information is required to be disposed by any applicable law or regulation. 
 

  

	20.
	 
	Certificate 
 

  
 Any demand, notification or certificate given by the Collateral Agent specifying all or any amounts at any time due from the Guarantor under any provision of this Guarantee shall, in the absence of manifest error, be conclusive and
binding on the Guarantor. 
  

	21.
	 
	Remedies and Waivers 
 

  
 No failure to exercise, nor any delay in exercising, on the part of the Collateral Agent, any right or remedy under this Guarantee 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 in this Guarantee are cumulative and not exclusive of any rights or remedies provided by law. 
  

	22.
	 
	Partial Invalidity 
 

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

 8 

  

	23.
	 
	Notices 
 

  

	 	23.1
	 
	Any notice, communication or demand to be given under this Guarantee or in connection with the matters contemplated by it shall, except where otherwise
specifically provided, be in writing. 
 

  

	 	23.2
	 
	Any such notice, communication or demand shall be delivered or sent to the intended recipient at its address or facsimile number, and marked for the attention
of its department or officer, as provided in Clause 23.3. All notice from the Collateral Agent to the Guarantor shall be copied to Mad Catz, Inc Any notice will only be effective: 
 

  

	 	(A)
	 
	if by way of fax, when received in legible form; or 
 

  

	 	(B)
	 
	if by way of letter, when it has been left at the relevant address or three business days (if local post) or ten business days (if overseas post) after being
deposited in the post postage prepaid in an envelope addressed to the intended recipient at that address; 
 

  

	 	and
	 
	if addressed to such department or officer. 
 

  

	 	23.3
	 
	The addresses and other details referred to in Clause 23.2 are, subject to Clause 23.4: 
 

  

Name: Mad Catz Interactive Asia Limited, c/o B & McK Nominees Limited 
 Address: 1401 Hutchison House, 10 Harcourt Road, Hong Kong 
 Facsimile number: 852- 2845 0476 
 For the attention of: Mr Graeme Halford, Mr Andrew Aglionby and Ms Grace Kwok 
  
 Name: Mad Catz, Inc. 
 Address: 7480 Mission Valley Road, Suite 101, San Diego, California 92108

 Facsimile number: (619) 683 2813 
 For the attention of:
Whitney Peterson 
  
 Name: Congress Financial Corporation (Central) 
 Address: 150 South Wacker Drive, Chicago, Illinois 60606 
 Facsimile number: (312) 332-0424 

For the attention of: Harry Rosenfeld, Senior Vice-President 
  

	 	23.4
	 
	Either the Guarantor or the Collateral Agent may notify the other of any change to its address or any of its other details specified in Clause 23.3, provided
that such notification shall only be effective on the date specified in such notice or five working days after the notice is given, whichever is later. 
 

 

 9 

  

	24.
	 
	Law and Jurisdiction 
 

  

	 	24.1
	 
	This Guarantee is governed by and will be construed in accordance with the law of the HKSAR; 
 

  

	 	24.2
	 
	Subject to Clause 24.2, the parties irrevocably agree that the courts of the HKSAR shall have exclusive jurisdiction in relation to any legal action or
proceedings arising out of or in connection with this Guarantee (“Proceedings”) and waive any objection to Proceedings in such courts on the grounds of venue or on the grounds that Proceedings have been brought in an inappropriate forum.

 

  

	 	24.3
	 
	The parties agree that Clause 24.2 operates for the benefit of the Collateral Agent and accordingly the Collateral Agent shall be entitled to take Proceedings
in any other court or courts having jurisdiction. 
 

  

	 	24.4
	 
	To the extent that the Guarantor may be entitled in any jurisdiction to claim for itself or its assets immunity from any suit, execution, attachment (whether
provisional or final, in aid of execution, before judgment or otherwise) or other legal process or to the extent that in any jurisdiction such immunity (whether or not claimed) may be attributed to it or its assets, it irrevocably agrees not to
claim and irrevocably waives such immunity to the fullest extent permitted by the laws of such jurisdiction. 
 

  

	25.
	 
	Miscellaneous 
 

  

	 	25.1
	 
	The Guarantor will indemnify the Collateral Agent on demand against any loss or expense (including, without limitation, legal fees) sustained or incurred as a
result either of a failure by the Guarantor to perform any of its obligations under this Guarantee or of any representation or warranty made in this Guarantee having been incorrect when made. 
 

  

	 	25.2
	 
	Interest payable by the Guarantor to the Collateral Agent under this Guarantee will accrue both before and after judgment on a daily basis and on the basis of a
360 or 365 day year (as the Collateral Agent shall determine) and shall be compounded (both before and after judgment) at such intervals as the Collateral Agent shall determine. Interest will be payable on demand made by the Collateral Agent from
time to time. 
 

  

	 	25.3
	 
	No variation of the terms of this Guarantee shall be valid unless in writing signed by the Guarantor and confirmed in writing by the Collateral Agent.

 

  

	 	25.4
	 
	This Guarantee may be executed in any number of counterparts and this will have the same effect as if the signatures on the counterparts were on a single copy
of this Guarantee. 
 

  

	 	25.5
	 
	This Guarantee is intended by the Guarantor to take effect, and has been executed and delivered by the Guarantor, as a deed notwithstanding that the Collateral
Agent may have executed it under hand only. 
 

 

 10 

  
 This Guarantee was duly signed and sealed as a deed and delivered on the date which first appears on
page 1. 
  
 The common seal
of                                   ) 
 Mad Catz Interactive Asia Limited        )
                                        
                                    C.S. 
 was affixed in the presence of:—              ) 
  
 Director’s signature /s/ ANDREW SCHMIDT 
  
 Full name
        Andrew Schmidt                 
  
 Secretary’s signature
                                   
  
 Full name                   
                                     
  
 Signed for and on behalf
of                            ) 
 Congress Financial Corporation                 ) 
 (Central) (as
collateral agent for                   ) 
 and on behalf of the Lender)
                         ) 
 by: /s/
HARRY ROSENFELD                       ) 
 

 11Prepared by R.R. Donnelley Financial -- Debenture dated August 1, 2002

 Exhibit 4.22 
  
 Debenture 
  
 by 
  

MAD CATZ INTERACTIVE ASIA LIMITED 
 as Company 
  
 in favour of 
  
 CONGRESS FINANCIAL CORPORATION (CENTRAL) 
 as Collateral Agent 

 CONTENTS 
  
 
	 
	 1.
 	  	 INTERPRETATION
 	  	 1
 
	 
	 2.
 	  	 SECURED OBLIGATIONS
 	  	 3
 
	 
	 3.
 	  	 SECURITY
 	  	 3
 
	 
	 4.
 	  	 RESTRICTIONS
 	  	 5
 
	 
	 5.
 	  	 DEEDS, SECURITIES AND DEBTS
 	  	 8
 
	 
	 6.
 	  	 INSURANCE
 	  	 9
 
	 
	 7.
 	  	 COVENANTS BY THE COMPANY
 	  	 9
 
	 
	 8.
 	  	 NOTICE OF CRYSTALLISATION
 	  	 9
 
	 
	 9.
 	  	 POWERS OF THE COLLATERAL AGENT
 	  	 10
 
	 
	 10.
 	  	 RECEIVERS
 	  	 10
 
	 
	 11.
 	  	 APPROPRIATION
 	  	 12
 
	 
	 12.
 	  	 PROTECTION OF SECURITY
 	  	 12
 
	 
	 13.
 	  	 REPRESENTATIONS AND WARRANTIES
 	  	 13
 
	 
	 14.
 	  	 PAYMENTS
 	  	 13
 
	 
	 15.
 	  	 COMMUNICATIONS
 	  	 14
 
	 
	 16.
 	  	 LAW AND JURISDICTION
 	  	 15
 
	 
	 17.
 	  	 ASSIGNMENT AND TRANSFER
 	  	 15
 
	 
	 18.
 	  	 MISCELLANEOUS
 	  	 16
 
	 
	 19.
 	  	 PRESERVATION OF RIGHTS
 	  	 17
 

 
 

 i 

  
 THIS DEBENTURE is dated 1 August 2002 and made 
  
 BY: 
  
 MAD CATZ INTERACTIVE ASIA
LIMITED, (the “Company”) registered in the HKSAR as company number 798220 and having its registered office at Unit 1717-19, 17th Floor, Grand Central Plaza, Tower 2, 138 Shatin Rural Committee Road, Shatin, New Territories, Hong
Kong; 
  
 IN FAVOUR OF: 
  
 CONGRESS FINANCIAL CORPORATION (CENTRAL) registered in Illinois and having its registered office at 150 South Wacker Drive, Chicago, Illinois 60606, in its capacity as collateral agent for and on behalf of the Lender (as
defined in the Loan Agreement) pursuant to the Loan Agreement (the “Collateral Agent”) (fax number (312) 332 0424). 
  
 WHEREAS 
  

	(A)
	 
	The Collateral Agent has made and has agreed to make various loan and other facilities available to the Principal pursuant to the Loan Agreement. 

  

	(B)
	 
	The Company is indirectly beneficially wholly owned by Mad Catz Interactive, Inc., which also wholly owns the Principal. 
 

 

	(C)
	 
	The Company has agreed to provide and procure the provision of security in favour of the Collateral Agent for the obligations of the Principal under the Loan
Agreement to the Lender (as defined in the Loan Agreement) (acting through the Collateral Agent) including, inter alia, a debenture over its property, assets and undertakings upon the terms and conditions of this Deed. 

  

	1.
	 
	INTERPRETATION 
 

  

	 	1.1
	 
	Definitions:    In this Deed:— 
 

  
 “Charged Property” means the property, assets and undertaking mortgaged, charged or assigned by the Company to the Collateral Agent by Clause 3;

  
 “Encumbrance” includes any mortgage, charge (fixed or floating), pledge, hypothecation or lien
and any other arrangement or interest (whether by way of assignment, trust, title retention or otherwise) which has the effect of creating security or payment priority (including, without limitation, the deposit of monies or property with a person
with the intention of affording such person a right of set-off or lien) and any sale and leaseback, sale and repurchase or deferred purchase arrangements and any other agreement or arrangement having substantially the same economic effect as any of
the foregoing; 
  
 “Enforcement Event” means an Event of Default in respect of which a declaration
is made or steps are taken in accordance with clause 9.2 (Remedies) of the Loan Agreement; 
  
 “Financing
Agreements” bears the same meaning as contained in the Loan Agreement; 
  
 “HKSAR” means
the Hong Kong Special Administrative Region of the People’s Republic of China; 
 

 1 

  
 “Interest” in respect of any amount means such amount calculated
from the due date up to the actual date of payment (after, as well as before, judgement) at the rate of interest applicable at the relevant time under the Loan Agreement; 
  
 “Loan Agreement” means a First Amended and Restated Loan Agreement between the Collateral Agent, in its capacity as collateral agent for and on behalf of
the Lender (as defined in the Loan Agreement) pursuant to the Loan Agreement, and the Principal dated 5 September 2001 and an Amending Agreement between the same parties dated 18 June 2002, as the same may from time to time be amended, varied,
modified or supplemented; 
  
 “Ordinance” means the Conveyancing and Property Ordinance (Cap. 219)
of the laws of Hong Kong; 
  
 “Principal” means Mad Catz, Inc., registered in Delaware as company
number 3007186 and having its chief executive office at 7480 Mission Valley Road, Suite 101, San Diego, California, 92108 as the borrower under the Loan Agreement; 
  
 “Proceeds Accounts” means the Company’s accounts with Bank of China (Hong Kong) Limited in the HKSAR (multi-currency savings account
no.012-352-92-00652-0 and HK$ current account no.012-352-0-00800-6) or such other account(s) as the Collateral Agent may specify from time to time; 
  
 “Relevant Currency” means in relation to each of the Secured Obligations the currency in which it is from time to time denominated; 
  
 “Secured Obligations” means the obligations and liabilities of the Principal to the Lender to pay all and any sums which
are or at any time may be payable by the Principal to the Lender under the Loan Agreement or any of the other Financing Agreements and all other moneys payable under or pursuant to this Deed; 
  

“Subsidiary” shall have the meaning ascribed to that term by section 2 of the Companies Ordinance (Cap 32) as it is in force at the date of this Deed;
and 
  
 “Tax” includes any form of taxation, levy, duty, charge, contribution or impost of whatever
nature (including any applicable fine, penalty, surcharge or interest) imposed by any local, municipal, governmental, state, federal or other fiscal, revenue, customs and/or excise authority, body or official anywhere in the world competent to
impose any of them. 
  

	 	1.2
	 
	Aids to construction: Unless the context otherwise requires, any reference in this Deed to: 
 

  
 Secured Obligations is deemed to include a reference to any part of them or it; 
  
 the “Collateral Agent” or the “Lender” or the “Company” or the
“Principal” shall be construed so as to include its successors and assigns and transferees; 
  
 a
“Clause” shall be construed as a reference to a Clause of this Deed; 
  
 a “person”
shall be construed as a reference to any individual, company, body corporate, corporation sole or aggregate, government, state or agency of a state, firm, partnership, joint venture, association, organisation, trust or entity; 
 

 2 

 a “subsidiary” of any person shall have the meaning ascribed to that term by section 2 of the Companies
Ordinance (Cap 32) as it is in force at the date of this Deed; 
  
 a “successor” of any party to
this Deed shall be construed as including any person to whom all or any part of the rights or obligations of such party under this Deed shall have been assigned or transferred or who shall have assumed all or any part of such rights or obligations;
and 
  
 “this Deed” shall be construed as a reference to this Deed as the same may from time to time
be amended, varied, modified or supplemented. 
  

	 	1.3
	 
	Headings:    The headings are inserted for convenience only and shall not affect the construction of this Deed. 

  

	 	1.4
	 
	Reference to Collateral Agent:     In this Deed, any reference to the Collateral Agent is a reference to Congress Financial
Corporation (Central) as Lender and as US Collateral Agent under the Loan Agreement. 
 

  

	 	1.5
	 
	Loan Agreement:    Unless expressly defined in this Deed, capitalised terms defined in the Loan Agreement have the same meaning in
this Deed. 
 

  

	2.
	 
	SECURED OBLIGATIONS 
 

  
 This Deed is granted by the Company to secure the obligations and liabilities of the Principal to the Lender under the Loan Agreement and/or the other Financing Agreements, and may be enforced by the Collateral Agent
immediately upon the occurrence of an Enforcement Event. 
  

	3.
	 
	SECURITY 
 

  
 As a continuing security for the discharge on demand of the Secured Obligations and as beneficial owner, the Company:— 
  

	 	3.1
	 
	Unspecified present and future real property:    charges to the Collateral Agent by way of fixed equitable charge all estates or
interests in any real property now and in the future vested in or charged to the Company; 
 

  

	 	3.2
	 
	Rights attaching to real property:    assigns to the Collateral Agent the benefit of all covenants and rights relating to the
Company’s real property and the benefit of all easements serving or relating to such property, subject to reassignment on redemption; 
 

  

	 	3.3
	 
	Licences:    charges to the Collateral Agent by way of first fixed equitable charge all licences, permits and consents now and in the
future vested in or charged to the Company; 
 

  

	 	3.4
	 
	Insurances:    assigns to the Collateral Agent the proceeds of each policy of insurance now or in the future issued in relation to
the Company’s real property and the other assets charged by this Deed, subject to reassignment on redemption; 
 

  

	 	3.5
	 
	Plant, machinery etc:    charges to the Collateral Agent by way of fixed charge all the plant, machinery, fixtures and fittings now
and in the future belonging to the Company and all right, title and interest of the Company under any agreements (present or future) relating to the purchase, lease or hire purchase of the same; 
 

 

 3 

  

	 	3.6
	 
	Furniture etc:    charges to the Collateral Agent by way of fixed charge all vehicles, computers, furniture, equipment, tools and
other chattels now and in the future belonging to the Company and all right, title and interest of the Company under any agreements (present or future) relating to the purchase, lease or hire purchase of the same, not regularly disposed of in the
ordinary course of business; 
 

  

	 	3.7
	 
	Goodwill/uncalled capital:    charges to the Collateral Agent by way of fixed charge all the goodwill and uncalled capital of the
Company present and future; 
 

  

	 	3.8
	 
	Intellectual property:    charges to the Collateral Agent by way of fixed charge all intellectual property rights now and in the
future belonging to the Company; 
 

  

	 	3.9
	 
	Securities:    charges to the Collateral Agent by way of fixed charge all shares, stock, debentures and other securities (whether,
without limitation, certificated or uncertificated or units of security in an account or balance (whether held as a member or by a nominee) within any clearing, settlement or transfer system whatsoever and wherever situated) now and in the future
belonging to the Company together with all the right, title and interest in and to interest and other income and all voting and all other rights of whatsoever kind; 
 

  

	 	3.10
	 
	Hedging arrangements:    assigns to the Collateral Agent the benefit of any interest rate swap, currency swap, cap or collar
arrangement, future, option, forward rate agreement or other derivative instrument (howsoever described) or any other agreement with the Collateral Agent or any third party for protecting or hedging any of the Secured Obligations to the Collateral
Agent at any time, subject to reassignment on redemption; 
 

  

	 	3.11
	 
	Contractual arrangements:    assigns to the Collateral Agent the benefit of any contractual arrangements (howsoever described),
including but not limited to contracts of employment with its employees; 
 

  

	 	3.12
	 
	Debts:    charges to the Collateral Agent by way of fixed charge all book debts and other debts now and in the future owing to the
Company and the proceeds of payment or realisation of each of them until the payment of such proceeds into the Proceeds Accounts in accordance with Clause 5.2; 
 

  

	 	3.13
	 
	Negotiable instruments:    charges to the Collateral Agent by way of fixed charge all negotiable instruments at any time drawn,
issued or endorsed in favour of, or held by or on behalf of, the Company, including any such instruments which at any time have been deposited with the Collateral Agent (whether or not endorsed to the Collateral Agent); 

  

	 	3.14
	 
	Credit balances:    charges to the Collateral Agent by way of fixed charge all funds standing to the credit of the Company from time
to time on any account with any bank or financial institution, including the Proceeds Accounts; 
 

  

	 	3.15
	 
	Choses in action/claims:    charges to the Collateral Agent by way of fixed charge all choses in action and claims now and in the
future belonging to the Company not otherwise charged or assigned by Clauses 3.1 to 3.14; and 
 

  

	 	3.16
	 
	Other property:    charges to the Collateral Agent by way of floating charge all the undertaking and all property, assets and rights
of the Company present and future wherever situate not from time to time subject to a mortgage, fixed charge or assignment under this Deed. 
 

 

 4 

  

	4.
	 
	RESTRICTIONS 
 

  
 The Company will not (and, in the case of clauses 4.1, 4.2, 4.6, 4.7, 4.11, 4.12, 4.13, 4.14, 4.15, 4.16, 4.17, 4.19, 4.20, 4.21 and 4.22, will not permit any of its Subsidiaries to) do any of the following without the previous
written consent of the Collateral Agent: — 
  

	 	4.1
	 
	Negative pledge:    create or permit to arise or continue any Encumbrance affecting the Charged Property or increase or extend any
liability of the Company secured on any of the Charged Property or otherwise create, incur, assume or suffer to exist any Encumbrance on the Collateral (or any part thereof), or any of its, or its Subsidiaries’ other assets, other than any
liens arising by operation of law and in the ordinary course of business; or 
 

  

	 	4.2
	 
	Disposals of fixed charge property:    sell, lease, convey, assign, transfer or otherwise dispose of (each a
“Transfer”) all or any portion of the Charged Property charged by Clauses 3.1 to 3.15 inclusive or, following crystallisation of the floating charge created by Clause 3.16, the Charged Property charged by Clause 3.16, except:

 

  

	 	(A)
	 
	a Transfer to the Principal; 
 

  

	 	(B)
	 
	Transfers of assets in the ordinary course of business not required for the efficient operation of the Company for fair value with a book value not exceeding
Canadian Dollars 10,000,000 in the aggregate for all fiscal years cumulative for the life of the Company for all such Transfers under this Clause (C); 
 

  

	 	(C)
	 
	Transfers of obsolete, worn out or defective equipment and other assets for fair value in cash and/or cash equivalents; 
 

 

	 	(D)
	 
	Transfers of assets by a Subsidiary of the Company to the Company and by the Company to its Subsidiaries; and 
 

  
 provided that all proceeds received from any such Transfer shall be deposited in the Proceeds Accounts; or 
  

	 	4.3
	 
	Dealing with debts:    deal with the Company’s book debts and other debts otherwise than by collecting them in the ordinary
course of the Company’s business or (without limitation) realise its book debts and other debts by means of block discounting, factoring or the like; or 
 

  

	 	4.4
	 
	Disposals of floating charge property:    sell, lease, convey, assign, transfer or otherwise dispose of (each a
“Transfer”) all or any portion of the Charged Property charged by Clause 3.16 other than in the ordinary course of, and for the purposes of, carrying on its business (that is not related to the Principal) while the floating charge
remains uncrystallised or as otherwise permitted (but subject to the same proviso) under Clause 4.2; or 
 

  

	 	4.5
	 
	Dealings with property:    grant or accept a surrender of, or vary any lease or licence of, or part with or share possession or
occupation of, its property or any part of it or reduce any sum payable under them nor enter into any onerous or restrictive obligations affecting its property or any part of it nor consent to any assignment or sub-lease of any interest in its
property or any part of it; or 
 

 

 5 

  

	 	4.6
	 
	Indebtedness:    create, incur, assume or suffer to exist any Indebtedness, except under this Deed or permitted inter-company Debt or
as otherwise specially permitted by the Collateral Agent; or 
 

  

	 	4.7
	 
	Investments, Acquisitions, Etc: 
 

  

	 	(A)
	 
	purchase, hold or acquire any capital stock, evidences of indebtedness or other securities (including any option, warrant or other right to acquire any of the
foregoing) of, make or permit to exist any loans or advances to, guaranty any obligations of, or make or permit to exist any investment or any other interest in, any other person, or purchase or otherwise acquire (in one transaction or a series of
transactions) any assets of any other person constituting a business unit, or become a general or limited partner in any partnership or a joint venturer in any joint venture or enter into any profit sharing or royalty agreement or similar
arrangement whereby the income or profits of the Company or any of its Subsidiaries are, or might be, shared with any person, except: 
 

  

	 	(1)
	 
	the Company may own capital stock of wholly-owned Subsidiaries; 
 

  

	 	(2)
	 
	the Company may make equity contributions in any its Subsidiary; 
 

  

	 	(3)
	 
	the Company may enter into reasonable joint marketing agreements or arrangements; 
 

  

	 	(4)
	 
	the Company may enter into the transactions to be entered into by it as contemplated by the Loan Agreement or the Financing Agreements; 

  

	 	(B)
	 
	enter into any management contract (other than any agreement made by the Company and/or a Subsidiary thereof which is approved by the Collateral Agent) or
similar arrangement whereby its business or operations are managed by any other person; or 
 

  

	 	4.8
	 
	Payments:    declare or make any payment except payments by the Company under any Financing Agreement, to the extent that such
payments have been budgeted in the then-applicable operating budget; or 
 

  

	 	4.9
	 
	Limitations on Issuance of Interests: 
 

  

	 	(A)
	 
	issue any additional capital stock of the Company or any other interest in the Company, to any person, except for additional capital stock which is common stock
and which is subject to the perfected Encumbrance in favour of the Collateral Agent pursuant to a charge over shares (the “Charge Over Shares”) in the Company by Mad Catz Interactive, Inc. and 1328158 Ontario Inc. in favour of the
Collateral Agent entered in on or about the date of this Deed or such other documentation as shall be reasonably acceptable to the Collateral Agent and which is delivered to the Collateral Agent, together with undated stock powers for each stock
certificate representing such additional capital stock, executed in blank; 
 

  

	 	(B)
	 
	permit any of its Subsidiaries to issue any additional capital stock or any other interest in any such Subsidiary to any person, except to the Company and only
if such additional capital stock is (i) subject to the perfected Encumbrance of the Collateral Agent as the case may be, pursuant to the such documentation as shall be reasonably acceptable to the Collateral Agent and (ii) delivered to the
Collateral
 
 

 

 6 

	 	
Agent together with undated stock powers for each stock certificate representing such additional capital stock, executed in blank; or 
 

  

	 	4.10
	 
	Limitations on Transfers of Interests:    consent to the transfer (by assignment, sale or otherwise) of any capital stock or any
other equity interest of the Company, or permit the transfer (by assignment, sale or otherwise) of any capital stock or any other equity interest of any of its Subsidiaries, except any transfer of the capital stock made subject to the Encumbrance
and the terms of the Charge Over Shares pursuant to which such capital stock is charged (including, without limitation, the delivery by the transferee to the Collateral Agent as the case may be, of an irrevocable proxy and power as contemplated by
such applicable agreement). 
 

  

	 	4.11
	 
	Leases:    enter into any lease or leases as a lessee except for (a) leases of personal property in the ordinary course of business,
(b) leases of real property in the ordinary course of business, and (c) leases of office equipment and automobiles in the ordinary course of business of the Company; or 
 

  

	 	4.12
	 
	Change of Office:    change the location of its chief executive office or principal place of business or jurisdiction of organization
or the office where it keeps its records and all contracts related thereto from that existing on the date hereof, unless the Company or such Subsidiary, as applicable, shall have given the Collateral Agent at least twenty (20) days’ prior
written notice thereof and all action necessary or advisable in the Collateral Agent’s reasonable opinion to protect and perfect the Encumbrances interests in the Collateral shall have been taken; or 
 

  

	 	4.13
	 
	Change of Name:    change its name unless the Company or such Subsidiary, as applicable, shall have given the Collateral Agent at
least twenty (20) days’ prior written notice thereof and all action necessary or advisable in the Collateral Agent’s reasonable opinion to protect and perfect the Encumbrances and security interests in the Collateral shall have been taken;
or 
 

  

	 	4.14
	 
	Transactions with Subsidiaries:    enter into any agreement with any Subsidiary of the Company except transactions in the ordinary
course of business which are on fair and reasonable terms not less favourable than the Company or such Subsidiary could obtain in an arm’s-length transaction with a person which is not a Subsidiary and transactions among the Company and its
Subsidiaries or among such Subsidiaries; or 
 

  

	 	4.15
	 
	Sale and Leaseback:    enter into any arrangement with any person providing for the leasing of real or personal property which has
been or is to be sold by it to such person; or 
 

  

	 	4.16
	 
	Capital Expenditures; Other Purchases of Assets: 
 

  

	 	(A)
	 
	from and after the date of this Deed, make any expenditure in respect of the purchase of capital assets, except for such expenditures which could not reasonably
be expected to adversely affect the Company and (i) which do not cause the Company and its Subsidiaries to spend more than Canadian Dollar 1,000,000 in the aggregate in any fiscal year in respect of such expenditures (ii) are approved by the
Collateral Agent in writing; 
 

  

	 	(B)
	 
	purchase or acquire any assets or other property other than purchases of assets permitted under the Loan Agreement; or 
 

 

 7 

  

	 	4.17
	 
	Unrelated Activities; Abandonment:    engage in any business other than providing sourcing and purchasing services to customers with
respect to products, or abandon the diligent operation and maintenance of such business; or 
 

  

	 	4.18
	 
	Set-off:    exercise any right of set-off with respect to amounts owing to it by the Collateral Agent, any Lender or the Principal;
or 
 

  

	 	4.19
	 
	Subsidiaries:    create or otherwise acquire any Subsidiary unless the Company gives the Collateral Agent notice thereof and unless:

 

  

	 	(A)
	 
	such Subsidiary is a newly created, wholly-owned direct Subsidiary of the Company; 
 

  

	 	(B)
	 
	such Subsidiary shall, if the Collateral Agent shall so request, execute and deliver a security agreement as the Collateral Agent may reasonably request or
consent to; 
 

  

	 	(C)
	 
	the Company shall charge to the Collateral Agent, all of the outstanding shares of capital stock or other ownership interests of such Subsidiary pursuant to
documentation reasonably satisfactory to the Collateral Agent; 
 

  

	 	(D)
	 
	the Collateral Agent shall have received evidence reasonably satisfactory to it that the Collateral Agent shall have, if required by the Collateral Agent, a
perfected first priority security interest in the collateral set forth in any such security agreement and/or pledge agreement; and 
 

  

	 	(E)
	 
	if the Collateral Agent requests, the Collateral Agent shall have received legal opinions in form and substance reasonably satisfactory to the Collateral Agent
with respect to paragraphs (B) through (D) of the foregoing; or 
 

  

	 	4.20
	 
	Amendments of Documents:    amend, supplement or otherwise modify, or permit the amendment, modification or supplementation of any
documents in a manner which is inconsistent with or violates the terms of or could reasonably be expected to prevent compliance with any of the terms of any Financing Agreement or could materially adversely affect the Lender or any Collateral; or

 

  

	 	4.21
	 
	Immunity:    in any proceeding in the HKSAR, Canada or elsewhere, in connection with any Financing Agreement, claim for itself or any
of its assets, immunity from suit, execution, attachment or other legal process; or 
 

  

	 	4.22
	 
	Restrictive Agreements:    enter into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or
imposes any condition upon the ability of the Company or such Subsidiary to create, incur or permit to exist any Encumbrance upon any of its property or assets to secure the Obligations, provided that the foregoing shall not apply to restrictions
and conditions imposed by law or by the Financing Agreements. 
 

  

	5.
	 
	DEEDS, SECURITIES AND DEBTS 
 

  

	 	5.1
	 
	Deeds, policies and certificates:    The Company will from time to time deposit with the Collateral Agent all deeds and documents of
title relating to the Company’s property, all licences, permits and consents representing the Charged Property in Clause 3.3 (Licences), all insurance policies relating to any of the Charged Property and all certificates representing the
Charged Property mentioned in Clause 3.9 (Securities). 
 

 

 8 

  

	 	5.2
	 
	Debts:    The Company will pay into the Proceeds Accounts the proceeds of payment or realisation of all the Company’s
book debts and other debts. 
 

  

	6.
	 
	INSURANCE 
 

  

	 	6.1
	 
	Cover:    The Company will to the Collateral Agent’s reasonable satisfaction keep comprehensively insured for its full
reinstatement cost (due allowance being made for inflation during the period of insurance and reinstatement) all of the Charged Property which is of an insurable nature in such name and in such offices as the Collateral Agent shall in writing
approve and on such terms, for such amounts and of such types as would be effected by prudent companies carrying on business similar to the Company (including in respect of environmental pollution) and on terms requiring the insurers not to cancel
the policy without giving at least 14 days’ prior notice to the Collateral Agent. 
 

  

	 	6.2
	 
	Policy endorsement/premiums:    The Company will have the policies of insurance of the Charged Property endorsed with notice
of the Collateral Agent’s interest and will punctually pay when due all premiums payable in respect of any insurance of the Charged Property and if required by the Collateral Agent will deliver to the Collateral Agent evidence satisfactory to
the Collateral Agent of payment of such premiums. 
 

  

	 	6.3
	 
	Proceeds:    The Company will hold in trust for the Collateral Agent all money received under any insurance of the Charged
Property and at the Collateral Agent’s option will apply the same in making good the relevant loss or damage or in or towards discharge of the Secured Obligations. 
 

  

	 	6.4
	 
	Default:    If the Company defaults in its obligations under this Clause 6 the Collateral Agent may enter the Charged Property
and effect insurance as specified in Clause 6.1 (without becoming liable to account as Collateral Agent in possession). 
 

  

	7.
	 
	COVENANTS BY THE COMPANY 
 

  

	 	7.1
	 
	The Company undertakes to and covenants with the Collateral Agent to comply with each and every agreement and covenant that applies to it (in its capacity as an
Obligor under the Loan Agreement) contained in the Loan Agreement (“US Covenants”) as though they are set forth herein. 
 

  

	 	7.2
	 
	Notwithstanding anything contained in the US Covenants to the contrary, the Company shall be permitted to open any new location in the HKSAR provided that it
delivers notices and any documents required by the Collateral Agent to the Collateral Agent as required under Section 8.2 of the Loan Agreement. 
 

  

	 	7.3
	 
	Notwithstanding anything contained in the US Covenants to the contrary, the Company shall be permitted to declare dividends and distributions to its
shareholders. 
 

  

	8.
	 
	NOTICE OF CRYSTALLISATION 
 

  
 The Collateral Agent may at any time by written notice to the Company convert the floating charge created by this Deed into a fixed charge as regards any of the Charged Property specified in the
notice. 
 

 9 

  

	9.
	 
	POWERS OF THE COLLATERAL AGENT 
 

  

	 	9.1
	 
	Dealings with property:    The Collateral Agent may without restriction grant or accept surrenders of leases or licences of the
Company’s property or any part of it and grant or vary or reduce any sum payable under any leases, licences or tenancy agreements. 
 

  

	 	9.2
	 
	Exercise of powers:    Paragraph 11 of the fourth schedule to the Ordinance shall not apply and the Collateral Agent may exercise its
power of sale and other powers under the Ordinance or any other law or this Deed at any time after the date of this Deed. 
 

  

	 	9.3
	 
	Receivers:    The Collateral Agent may, without notice to the Company at any time and from time to time under the hand of any person
authorised by it to do so or by a deed, appoint or remove a receiver or receivers of the Charged Property, fix and pay the fees of a receiver and remove any receiver so appointed and appoint another in his place, but any receiver shall be deemed to
be the agent of the Company and the Company shall be solely responsible for the receiver’s acts, defaults and remuneration. 
 

  

	 	9.4
	 
	Other powers:    All or any of the powers conferred on a receiver by Clause 10 may be exercised by the Collateral Agent without first
appointing a receiver or despite any such appointment. 
 

  

	 	9.5
	 
	Possession:    The Collateral Agent will not be liable to account to the Company as Collateral Agent in possession for any money not
actually received by the Collateral Agent and if the Collateral Agent or any receiver takes possession of the Charged Property it or he may at any time relinquish such possession. 
 

  

	 	9.6
	 
	Protection of purchasers:    No purchaser or other person shall be obliged or concerned to see or enquire whether the right of the
Collateral Agent to appoint a receiver or the right of the Collateral Agent or any receiver to exercise any of the powers conferred by this Deed has arisen or become exercisable nor be concerned with notice to the contrary or with the propriety of
the exercise or purported exercise of such powers. 
 

  

	10.
	 
	RECEIVERS 
 

  

	 	10.1
	 
	Powers:    Any receiver appointed by the Collateral Agent shall be a receiver and manager and shall (in addition to the powers
conferred upon receivers under the laws of HKSAR, including, without limitation, the Ordinance) have the following powers exercisable upon such terms and conditions as he thinks fit:— 
 

  

	 	(A)
	 
	Possession/management:    to enter into and take possession of and generally to manage the Charged Property and any business of the
Company; 
 

  

	 	(B)
	 
	Contracts:    to enter into, carry into effect, complete, deliver, perform, repudiate, rescind or vary any deed, contract,
transaction or arrangement to which the Company is or is to be a party; 
 

  

	 	(C)
	 
	Work on property:    to carry out on any property of the Company or on any other property which it may in his opinion be necessary or
desirable to work upon in conjunction with any such property any new works or complete any unfinished works of building, reconstruction, maintenance, furnishing or equipment and to apply for and obtain all planning permissions, building regulation
approvals and other permissions, consents or licences as may be necessary or desirable for such
 
 

 

 10 

	 	
purposes and to effect and/or carry out any development, building or other works as he shall in his absolute discretion think fit; 
 

  

	 	(D)
	 
	Acquisitions, grants, releases and covenants:    to purchase or acquire any land or other property and purchase, acquire,
grant or release any interest in or right over land or other property and enter into, take or release the benefit of covenants (positive or restrictive) binding on or benefiting the property of the Company or any part of it; 

  

	 	(E)
	 
	Disposals:    to sell, lease, licence, surrender or accept surrenders of leases or licences, charge or otherwise deal with and
dispose of the Charged Property without restriction including (without limitation) power to dispose of any fixtures separately from the land; 
 

  

	 	(F)
	 
	Execution of documentation:    to carry into effect and complete any transaction by executing deeds or documents in the name
of or on behalf of the Company; 
 

  

	 	(G)
	 
	Insurance/bonds:    to insure the Charged Property and any works and effect indemnity insurance or other similar insurance and
obtain bonds or give commitments, guarantees, indemnities and security; 
 

  

	 	(H)
	 
	Capital calls:    to call up any uncalled capital of the Company with all the powers conferred by the articles of association
of the Company in relation to calls; 
 

  

	 	(I)
	 
	Advisers/employees:    to engage, rely on the advice of and discharge advisers, consultants, officers, managers, agents,
workmen and others; 
 

  

	 	(J)
	 
	Supplies:    to purchase materials, tools, equipment, goods or supplies; 
 

  

	 	(K)
	 
	Litigation:    to bring, continue or defend any claim, dispute, action or legal proceedings and enter into any arrangement or
compromise; 
 

  

	 	(L)
	 
	Borrowing and security:    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; 
 

  

	 	(M)
	 
	Access:    to have access to and make use of the premises and the accounting and other records of the Company and the services
of its staff for all or any of the purposes set out in this Clause; 
 

  

	 	(N)
	 
	Rank in insolvency:    to rank and claim in the bankruptcy, insolvency, sequestration or liquidation of any person or company
indebted to the Company, to receive dividends and other distributions from or on behalf of any such person and to enter into arrangements with any such person and/or all or some of its creditors; 
 

  

	 	(O)
	 
	Other acts:    to do any other acts which he may consider to be incidental or conducive to any of his powers or to the
realisation of the Charged Property. 
 

  

	 	10.2
	 
	Joint Receivers:    In the case of joint receivers any power may be exercised jointly or severally. 

 

 11 

  

	 	10.3
	 
	Application of receipts:    The receiver shall apply all money he receives first in repayment of all money borrowed by him and in
payment of his expenses and liabilities (including the payment of preferential debts), secondly in payment of his fees and thirdly in or towards satisfaction of the Secured Obligations (with expenses incurred by the Collateral Agent in connection
with this Deed being satisfied first, interest being satisfied second and principal thereafter) and the surplus (if any) shall be paid to the Company or other persons entitled to it. 
 

  

	11.
	 
	APPROPRIATION 
 

  

	 	11.1
	 
	Appropriation:    Subject to Clause 11.2, the Collateral Agent may apply all payments received in respect of the Secured Obligations
in or towards discharge of such part of the Secured Obligations as it thinks fit. 
 

  

	 	11.2
	 
	Notice of other interest:    The Collateral Agent may open a new account or accounts upon the Collateral Agent receiving actual or
constructive notice of any charge or interest affecting the Charged Property and whether or not the Collateral Agent opens any such account no payment received by the Collateral Agent after receiving such notice shall (if followed by any payment out
of or debit to the relevant account) be appropriated towards or have the effect of discharging the Secured Obligations outstanding at the time of receiving such notice. 
 

  

	12.
	 
	PROTECTION OF SECURITY 
 

  

	 	12.1
	 
	Preservation of security and rights:    The collateral constituted by this Deed and the rights, powers and remedies of the Collateral
Agent provided by this Deed or by law shall be cumulative, in addition to and independent of every other security which the Collateral Agent may at any time hold for the Secured Obligations or any rights, powers and remedies provided by law. No
prior security held by the Collateral Agent over the whole or any part of the Charged Property shall merge into the collateral hereby constituted. 
 

  

	 	12.2
	 
	Power of attorney:    The Company, by way of security, irrevocably appoints the Collateral Agent to be its attorney and in its name,
on its behalf and as its act and deed to execute, deliver and perfect all documents and do all things that the Collateral Agent may consider to be requisite for (a) carrying out any obligation imposed on the Company under this Deed or (b) exercising
any of the rights conferred on the Collateral Agent by this Deed or by law, (including, after the security constituted hereby has become enforceable, the exercise of any right of a legal or a beneficial owner of the Charged Property). The Company
shall ratify and confirm all things done and all documents executed by the Collateral Agent in the exercise of that power of attorney. 
 

  

	 	12.3
	 
	Further assurance:    The Company will at its own cost at the Collateral Agent’s or any receiver’s request execute any deed
or document and take any action required by the Collateral Agent or any receiver (including, without limitation, giving notices of the security interests created by this Deed and procuring acknowledgements thereof and consents thereto as the
Collateral Agent may require) to perfect or protect the security granted by this Deed or its priority or further to secure on the Charged Property the Secured Obligations or for facilitating the realisation or appropriation of the Charged Property
or the exercise of any rights or powers of the Collateral Agent or any receiver or for establishing the nature or extent of the Charged Property. 
 

  

	 	12.4
	 
	Change in Company’s constitution:    The Collateral Agent’s rights under this Deed shall not be affected by any change in
the Company’s name, constitution or composition or by
 
 

 

 12 

	 	
the reorganisation, merger, amalgamation, bankruptcy, liquidation, insolvency or incapacity of the Company. 
 

  

	13.
	 
	REPRESENTATIONS AND WARRANTIES 
 

  

	 	13.1
	 
	The Company represents and warrants to the Collateral Agent that each of the representations and warranties contained in the Loan Agreement as it applies to the
Company (in its capacity as an Obligor under the Loan Agreement) is true and correct in all material respects. 
 

  

	 	13.2
	 
	Such representations and warranties shall be deemed to have been repeated by the Company on the date of each additional borrowing or other credit accommodation
under the Loan Agreement. 
 

  

	14.
	 
	PAYMENTS 
 

  

	 	14.1
	 
	No deductions:    All sums payable by the Company to the Collateral Agent shall be paid in the Relevant Currency in immediately
available funds and shall be paid to the credit of such account as the Collateral Agent may designate. All such payments shall be made in full without set-off of any sum owing by the Collateral Agent to the Company or counter-claim and free and
clear of any deduction of or withholding for or on account of any Tax or for any other reason, except to the extent that any such deduction or withholding is required by law. 
 

  

	 	14.2
	 
	Grossing-up:    If at any time the Company is required by law to make any deduction or withholding from any payment due from the
Company to the Collateral Agent under this Deed, the Company shall simultaneously pay to the Collateral Agent whatever additional amount is necessary to ensure that the Collateral Agent receives a net sum equal to the payment it would have received
had no deduction or withholding been made. 
 

  

	 	14.3
	 
	Set-off:    The Collateral Agent shall be entitled at any time or times without notice (both before and after demand) to set off any
liability of the Company to the Collateral Agent against any liability of the Collateral Agent to the Company (in either case whether actual or contingent, present or future and irrespective of the branch or office, currency or place of payment) and
may for such purpose convert or exchange any currency and estimate any unascertained obligation. 
 

  

	 	14.4
	 
	Restriction on deposits:    Despite any term to the contrary in relation to any deposit or credit balance at any time on any account
of the Company with the Collateral Agent, no such deposit or balance shall be repayable or capable of being assigned, mortgaged, charged or otherwise disposed of or dealt with by the Company before the Secured Obligations have been discharged in
full, but the Collateral Agent may permit any withdrawal without affecting the continued application of this Clause. 
 

  

	 	14.5
	 
	Relevant Currency:    The Company’s liability under this Deed is to discharge the Secured Obligations in the Relevant Currency.
If at any time the Collateral Agent receives a payment (including by set-off or as a result of the enforcement of this Deed) referable to any of the Secured Obligations from any source in a currency other than the Relevant Currency, then such
payment shall take effect as a payment to the Collateral Agent of the amount in the Relevant Currency which the Collateral Agent is able to purchase (after deduction of any relevant costs) with the amount of the payment so received in accordance
with its usual practice. 
 

 

 13 

  

	 	14.6
	 
	Currency indemnity:    To the extent that any payment to the Collateral Agent, whether by the Company or by any other person under
any judgment or court order, in a currency other than the Relevant Currency, on actual conversion into the Relevant Currency (after deduction of any relevant costs), falls short of the relevant liability of the Company expressed in the Relevant
Currency, the Company as a separate and independent obligation shall on demand from time to time indemnify the Collateral Agent against such shortfall and pay Interest on such shortfall from the date of such payment to the date on which the
shortfall is paid. 
 

  

	 	14.7
	 
	Certificates:    A certificate signed by an official of the Collateral Agent as to the amount at any time of the Secured Obligations
shall be conclusive evidence against the Company, except in the case of manifest error. 
 

  

	 	15.
	 
	COMMUNICATIONS 
 

  

	 	15.1
	 
	Written:    Any notice, communication or demand to be given under this Deed or in connection with the matters contemplated by it
shall, except where otherwise specifically provided, be in writing. 
 

  

	 	15.2
	 
	Delivery:    Any such notice, communication or demand shall be delivered or sent to the intended recipient at its address or
facsimile number, and marked for the attention of its department or officer, as provided in Clause 15.3. All notice from the Collateral Agent to the Company shall be copied to Mad Catz, Inc Any notice will only be effective: 

  

	 	(A)
	 
	if by way of fax, when received in legible form; or 
 

  

	 	(B)
	 
	if by way of letter, when it has been left at the relevant address or three business days (if local post) or ten business days (if overseas post) after being
deposited in the post postage prepaid in an envelope addressed to the intended recipient at that address; 
 

  
 and if addressed to such department or officer. 
  

	 	15.3
	 
	Addresses:    The addresses and other details referred to in Clause 15.2 are, subject to Clause 15.4: 

  
 Name:    Mad Catz Interactive Asia Limited, c/o B & McK Nominees Limited

  
 Address:    1401 Hutchison House, 10 Harcourt Road, Hong Kong 
  
 Facsimile number:    852- 2845 0476 
  
 For the attention of:    Mr Graeme Halford, Mr Andrew Aglionby and Ms Grace Kwok 
  
 Name:    Mad Catz, Inc. 
  
 Address:    7480 Mission Valley Road, Suite 101, San Diego, California 92108 
  
 Facsimile number:    [·] [Mad Catz to confirm] 
  
 For the attention of:    Whitney Peterson 
 

 14 

  
 Name: Congress Financial Corporation (Central) 
  
 Address: 150 South Wacker Drive, Chicago, Illinois 60606 
  
 Facsimile number: (312) 332-0424 
  
 For
the attention of: Harry Rosenfeld, Senior Vice-President 
  

	 	15.4
	 
	Change of Addresses:    Either the Company or the Collateral Agent may notify the other of any change to its address or any of its
other details specified in Clause 15.3, provided that such notification shall only be effective on the date specified in such notice or five working days after the notice is given, whichever is later. 
 

  

	16.
	 
	LAW AND JURISDICTION 
 

  

	 	16.1
	 
	Law:    This Deed is governed by and will be construed in accordance with the law of the HKSAR. 
 

 

	 	16.2
	 
	Jurisdiction: 
 

  

	 	(A)
	 
	Subject to Clause (B), the parties irrevocably agree that the courts of the HKSAR shall have exclusive jurisdiction in relation to any legal action or
proceedings arising out of or in connection with this Deed (“Proceedings”) and waive any objection to Proceedings in such courts on the grounds of venue or on the grounds that Proceedings have been brought in an inappropriate forum.

 

  

	 	(B)
	 
	The parties agree that Clause (A) operates for the benefit of the Collateral Agent and accordingly the Collateral Agent shall be entitled to take Proceedings in
any other court or courts having jurisdiction. 
 

  

	 	(C)
	 
	To the extent that the Company may be entitled in any jurisdiction to claim for itself or its assets immunity from any suit, execution, attachment (whether
provisional or final, in aid of execution, before judgment or otherwise) or other legal process or to the extent that in any jurisdiction such immunity (whether or not claimed) may be attributed to it or its assets, it irrevocably agrees not to
claim and irrevocably waives such immunity to the fullest extent permitted by the laws of such jurisdiction. 
 

  

	17.
	 
	ASSIGNMENT AND TRANSFER 
 

  

	 	17.1
	 
	Company’s consent to assignment by Collateral Agent:    By this Deed the Company gives its irrevocable consent and continuing
agreement to the assignment by the Collateral Agent of any one or more of its rights under this Deed. 
 

  

	 	17.2
	 
	No assignment/transfer by Company:    The Company may not assign and/or transfer any one or more of its rights and/or obligations
under this Deed. 
 

  

	 	17.3
	 
	Loan Agreement:    If the Collateral Agent assigns and/or transfers all or any part of its rights and/or obligations under (and in
accordance with the terms of) the Loan Agreement to any person, all or such equivalent part of its rights and benefits under this Deed shall, upon and by virtue of such assignment and/or transfer, be assigned to such person. 

 

 15 

  

	 	17.4
	 
	Confidentiality:    The Collateral Agent may give such information relating to the Company or this Deed as it thinks fit to any
person proposing to take an assignment and/or transfer from the Collateral Agent and/or to enter into contractual relations with the Collateral Agent with respect to this Deed. 
 

  

	 	17.5
	 
	Merger or amalgamation:    The Company’s liability under this Deed shall extend to all liabilities of the Principal to the
Lender or the Collateral Agent on their behalf notwithstanding any change of name of the Collateral Agent and/or the Collateral Agent’s absorption by or in or amalgamation with any other entity or the acquisition of all or part of its
undertaking by any other entity and to all sums in respect of advances and other banking facilities from such other entity. 
 

  

	 	17.6
	 
	Successors:    This Deed shall remain in effect despite any amalgamation or merger (however effected) relating to the Collateral
Agent, and references to the Collateral Agent shall be deemed to include any assignee or successor in title of the Collateral Agent and any person who, under the laws of its jurisdiction of incorporation or domicile, has assumed the rights and
obligations of the Collateral Agent hereunder or to which under such laws the same have been transferred. 
 

  

	18.
	 
	MISCELLANEOUS 
 

  

	 	18.1
	 
	Delays:    The Collateral Agent’s rights and powers under this Deed will not be affected or impaired by any delay or omission by
the Collateral Agent in exercising them or any previous exercise of them. 
 

  

	 	18.2
	 
	Severability:    Each of the provisions of this Deed shall be severable and distinct from one another and if at any time any one or
more of those provisions (or any part) is or becomes invalid, illegal or unenforceable in any jurisdiction the validity, legality and enforceability in such jurisdiction of the remaining provisions and the validity, legality and enforceability of
that or any other provision in any other jurisdiction shall not in any way be affected or impaired. 
 

  

	 	18.3
	 
	Indemnity:    The Company will indemnify the Collateral Agent on demand against any loss or expense (including, without limitation,
legal fees) sustained or incurred as a result either of a failure by the Company to perform any of its obligations under this Deed or of any representation or warranty made in this Deed having been incorrect when made. 

  

	 	18.4
	 
	Interest:    Interest payable by the Company to the Collateral Agent under this Deed will accrue both before and after judgment on a
daily basis and on the basis of a 360 or 365 day year (as the Collateral Agent shall determine) and shall be compounded (both before and after judgment) at such intervals as the Collateral Agent shall determine. Interest will be payable on demand
made by the Collateral Agent from time to time. 
 

  

	 	18.5
	 
	Variations:    No variation of the terms of this Deed shall be valid unless in writing signed by the Company and confirmed in writing
by the Collateral Agent. 
 

  

	 	18.6
	 
	Counterparts:    This Deed may be executed in any number of counterparts and this will have the same effect as if the signatures on
the counterparts were on a single copy of this Deed. 
 

  

	 	18.7
	 
	Execution as a deed:    This Deed is intended by the Company to take effect, and has been executed and delivered by the Company, as a
deed notwithstanding that the Collateral Agent may have executed it under hand only. 
 

 

 16 

  

	19.
	 
	PRESERVATION OF RIGHTS 
 

  

	 	19.1
	 
	Continuing Obligations:    The security constituted by this Deed shall be continuing security and will extend to the ultimate balance
of the Secured Obligations regardless of any intermediate payment or satisfaction of the whole or any part of the Secured Obligations. 
 

  

	 	19.2
	 
	No Effect on Obligations:    The obligations of the Company under this Deed will not be affected by an act, omission, matter or thing
which, but for this Clause, would reduce, release or prejudice any of its obligations under this Deed (without limitation and whether or not known to it or the Collateral Agent) including: 
 

  

	 	(A)
	 
	any time, waiver or consent granted to, or composition with, or other indulgence being granted to, the Principal or any other person; 

  

	 	(B)
	 
	the release of the Principal or any other person under the terms of any composition or arrangement with any creditor; 
 

 

	 	(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 Principal 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 the Principal or any other person;

 

  

	 	(E)
	 
	any amendment (however fundamental), waiver, release or replacement of any document setting out the terms of the Secured Obligations or any other document or
security; 
 

  

	 	(F)
	 
	any unenforceability, illegality or invalidity of any obligation of any person under any document setting out the terms of the Secured Obligations or any other
document or security; or 
 

  

	 	(G)
	 
	any insolvency or similar proceedings affecting or any re-organisation or other change in the Principal or any other person. 
 

 

	 	19.3
	 
	Insolvency Claw-back:    Any settlement or discharge hereunder shall be conditional upon no security or payment to the Collateral
Agent by, or on behalf of, the Principal or the Company being avoided or reduced by virtue of any bankruptcy, insolvency, liquidation or similar laws of general application and shall in those circumstances be void. 
 

 

	 	19.4
	 
	First Demand Obligations:    The Collateral Agent shall not be obliged before exercising any of its rights, powers or remedies
conferred upon it in respect of the Company by this Deed or by law: 
 

  

	 	(A)
	 
	to make any demand of the Principal; 
 

  

	 	(B)
	 
	to take any action or obtain judgment in any court against the Principal; 
 

  

	 	(C)
	 
	to make or file any claim or proof in a winding-up or dissolution of the Principal; or 
 

 

 17 

  

	 	(D)
	 
	to enforce or seek to enforce any other security taken in respect of any of the obligations of the Principal to the Collateral Agent. 

  

	 	19.5
	 
	Subrogation:    The Company agrees that, until the discharge in full of the Secured Obligations, any rights which the Company may at
any time have by reason of performance by of its obligations under this Deed: 
 

  

	 	(A)
	 
	to be indemnified by the Principal; and/or 
 

  

	 	(B)
	 
	to claim any contribution from any other person of the Principal’s or the Company’s obligations to the Collateral Agent; and/or 

  

	 	(C)
	 
	to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Collateral Agent or of any other security taken
pursuant to, or in connection with, this Deed by the Collateral Agent, 
 

  
 shall be exercised by
the Company in such manner and upon such terms as the Collateral Agent may require and the Company further agrees to hold any moneys at any time received by it as a result of the exercise of any such rights for and on behalf of, and to the order of,
the Collateral Agent for application in or towards payment of any sums at any time owed to the Collateral Agent by the Principal or the Company. 
  

	 	19.6
	 
	Suspense account:    For the purpose of preserving the Collateral Agent’s right to prove in the liquidation, bankruptcy or other
insolvency of the Principal and the Company for the full amount of the Secured Obligations, the Collateral Agent may place any money received under this Deed to the credit of a securities realised or a suspense account for so long as it thinks fit,
without any obligation in the meantime to apply such money in or towards discharge of any of the Secured Obligations. 
 

 

 18 

  
 This Deed was duly signed and sealed as a deed and delivered on the date which first appears on page 1.

  
  
 The common seal
of                                   ) 
 Mad Catz Interactive Asia Limited        )
                                        
                                    C.S. 
 was affixed in the presence of:—              ) 
  
 Director’s signature /s/ ANDREW SCHMIDT 
  
 Full name
        Andrew Schmidt                 
  
 Secretary’s signature
                                   
  
 Full name                   
                                     
  
 Signed for and on behalf
of                            ) 
 Congress Financial Corporation                 ) 
 (Central) (as
collateral agent for                   ) 
 and on behalf of the Lender)
                         ) 
 by: /s/
HARRY ROSENFELD                            ) 
 

 19

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