Document:

Nexaira Wireless Inc.: Exhibit 10.3 - Filed by newsfilecorp.com

SECURITY AGREEMENT

     This Security Agreement (this
“Agreement”) dated May 16, 2011, by and between among NEXAIRA WIRELESS (BC)
LTD., a corporation organized under the laws of the province of British Columbia
(“Guarantor”), with an address at 1404-510 West Hastings Street, Vancouver, BC
V6B 1L8 and CENTURION CREDIT FUNDING LLC, a Delaware limited liability company
(“Lender”), with an address at 152 West 57th Street, 54th Floor, New York, New
York 10019, Attn: David Steinberg.

Background

     A. NEXAIRA, INC., a California
corporation (“Borrower”) has established certain financing arrangements with
Lender, pursuant to the terms of that certain Loan and Security Agreement, dated
of even date herewith, by and among Borrower and Lender (as it may hereafter be
amended, supplemented or replaced from time to time, “Loan Agreement”). All
capitalized terms used but not defined herein have the meanings given to them in
the Loan Agreement except that all references to “Guarantied Obligations” shall
have the meaning given to such term in the Guaranty (as defined below). All
other capitalized terms contained in this Agreement, unless defined herein, have
the meanings provided for by the UCC to the extent the same are used or defined
therein.

     B. Guarantor has executed and
delivered to Lender a General Continuing Guaranty, of even date herewith
(“Guaranty”), pursuant to which Guarantor guaranteed, as surety, all Obligations
of Borrower to Lender. Guarantor desires to grant to Lender security interests
in the property described herein to secure all of Guarantied Obligations.

     NOW, THEREFORE, the parties
hereto, intending to be legally bound hereby, agree as follows:

SECTION 1- SECURITY INTEREST

     1.1 Description: As
security for the payment of the Guarantied Obligations and all obligations and
undertakings of every kind or nature whatsoever of Guarantor to Lender, whether
now existing or hereafter incurred, matured or unmatured, direct or indirect,
primary or secondary, related or unrelated or due or to become due, arising
under the Guaranty, and any extensions, modifications, substitutions, increases
and renewals thereof, and substitutions therefor; the payment of all amounts
advanced by Lender to preserve, protect, defend, and enforce its rights
hereunder and in the following property in accordance with the terms of this
Agreement; and the payment of all expenses incurred by Lender in connection
therewith, Guarantor hereby assigns and grants to Lender a continuing lien on
and security interest in, upon and to the following property (“Collateral”):

          (a)
Accounts, Contract Rights, Etc. - All of Guarantor’s now owned and
hereafter acquired, created, or arising Accounts (including, without limitation,
all accounts receivable, notes receivable, contract rights, Chattel Paper,
Documents (including documents of title), Instruments and letters of credit and
Letter of Credit Rights; 

          (b)
Inventory - All of Guarantor’s now owned or hereafter acquired, created
or arising Inventory of every nature and kind, wherever located; 

          (c)
General Intangibles - All of Guarantor’s now owned and hereafter
acquired, created or arising General Intangibles of every kind and description,
including, but not limited, to all existing and future payment intangibles,
licenses, certificates of need, customer lists, telephone lists and directories,
choses in action, loans, claims, books, records, patents and patent
applications, copyrights, trademarks, tradenames, tradestyles, trademark
applications, blueprints, drawings, designs and plans, trade secrets, contracts,
contract rights, distributorship agreements, licenses, license agreements,
formulae, tax and any other types of refunds, and computer information,
software, records and data;

          (d)
Equipment - All of Guarantor’s now owned and hereafter acquired
Equipment, including, without limitation, machinery, vehicles, furniture,
leasehold improvements and fixtures, wherever located, and all replacements,
parts, accessories, accessions, substitutions and additions thereto;

          (e)
Investment Property. – All of Guarantor’s now existing and hereafter
acquired Investment Property (whether certificated or uncertificated);

          (f)
Deposit Accounts and Other Property - All of Guarantor’s now existing and
hereafter acquired or arising Deposit Accounts, lockboxes, investment accounts,
commercial paper, and certificates of deposit, of every nature, wherever
located, and all funds received thereby, deposited therein or associated;

          (g)
Property in Lender’s Possession - All property of Guarantor, now or
hereafter in Lender’s possession; 

          (h)
Other Property – All books and Records, supporting obligations,
commercial tort claims and all other personal property of Guarantor not
described above whether now existing or hereafter acquired; and 

          (i)
Proceeds - The collections, proceeds (including, without limitation,
casualty proceeds) and products in whatever form, whether cash or non-cash, of
all of the foregoing.

     1.2 Lien Documents: As
Lender deems necessary, and as Lender may request from time to time, Guarantor
shall execute and deliver to Lender, or have executed and delivered (all in form
and substance satisfactory to Lender), any agreements, documents, instruments
and writings, required to evidence, perfect or protect Lender’s lien and
security interest in the Collateral required hereunder. 

     1.3 Other Actions:

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          (a)
Lender is hereby authorized to file financing statements and amendments to
financing statements without Guarantor's signature in accordance with the UCC.
Guarantor hereby authorizes Lender to file all financing statements and
amendments to financing statements describing the Collateral in any filing
office as Lender, in its sole discretion may determine, including financing
statements listing "All Assets" in the collateral description therein. Guarantor
agrees to comply with the requirements of all state and federal laws and
requests of Lender in order for Lender to have and maintain a valid and
perfected first security interest in the Collateral including, without
limitation, executing such documents as Lender may require to obtain Control (as
defined in the UCC) over all Deposit Accounts, Letter of Credit Rights and
Investment Property.

          (b)
In addition to the foregoing, Guarantor shall do anything further that may be
reasonably required by Lender to secure Lender and effectuate the intentions and
objects of this Agreement, including, without limitation, the execution and
delivery of security agreements, contracts and any other documents required
hereunder. At Lender's request, Guarantor shall also immediately deliver (with
execution by Guarantor of all necessary documents or forms to reflect, implement
or enforce the liens described herein) to Lender all items of which Lender must
receive possession to obtain a perfected security interest, including without
limitation, all notes, stock powers, letters of credit, certificates and
documents of title (other than motor vehicle titles unless an Event of Default
occurs), Chattel Paper, Investment Property. Warehouse Receipts, Instruments,
and any other similar instruments constituting Collateral.

     1.4 Filing Security
Agreement: A carbon, photographic or other reproduction or other copy of
this Agreement or of a financing statement is sufficient as and may be filed in
lieu of a financing statement.

     1.5 Power of Attorney:
Each of the officers of Lender or its representative is hereby irrevocably made,
constituted and appointed the true and lawful attorney for Guarantor (without
requiring it to act as such) with full power of substitution to do the
following: (a) execute in the name of Guarantor, schedules, assignments,
instruments, documents and statements that Guarantor is obligated to give Lender
hereunder or is necessary to perfect (or continue to evidence the perfection of
such security interest or lien); (b) endorse the name of Guarantor upon any and
all checks, drafts, money orders and other instruments for the payment of monies
that are payable to Guarantor and constitute collections on Guarantor’s Accounts
or other Collateral; (c) effectuate the transfer of any Investment Property on
the books of the issuer thereof to the name of Lender or to the name of Lender’s
nominee, designee or assignee; and (d) do such other and further acts and deeds
in the name of Guarantor that Lender may reasonably deem necessary or desirable
to enforce any Account or other Collateral or perfect Lender’s security interest
or lien in the Collateral.

SECTION 2- REPRESENTATIONS AND
WARRANTIES

     2.1 Guarantor represents and
warrants to Lender that:

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          (a)
Ratification - Each representation and warranty made by Borrower in the
Loan Agreement relating to Guarantor is hereby ratified and confirmed and
incorporated by reference as if set forth herein in full;

          (b)
Corporate Organization - Guarantor (i) is duly organized and validly
existing under the laws of its state of formation, (ii) has the power and
authority to operate its business and to own its assets, including without
limitation the Collateral, and (iii) is duly qualified, is validly existing and
in good standing and has lawful power and authority to engage in the business it
conducts in each state where the nature and extent of its business requires
qualification;

          (c)
Non-Contravention - The making and performance of this Agreement and
other agreements executed in connection herewith will not (immediately, with the
passage of time or with the giving of notice or both):

               (i)
violate the certificate or articles of formation or incorporation or operating
agreement or bylaws of Guarantor, as applicable, or result in a default under
any contract, agreement or instrument to which Guarantor is a party or by which
Guarantor or its assets are or may be bound, or

               (ii)
result in the creation or imposition of any security interest in, or lien or
encumbrance upon, any of the assets of Guarantor, except such as are in favor of
Lender;

          (d)
Power and Authority - Guarantor has the power and authority to enter into
and perform this Agreement and to incur the obligations herein and therein
provided for, and has taken all proper and necessary action, corporate, company
or otherwise, to authorize the execution, delivery and performance of this
Agreement;

          (e)
Enforceable - This Agreement is valid, binding and enforceable against
Guarantor in accordance with its terms except as such enforceability may be
limited by applicable bankruptcy, insolvency, moratorium or similar laws
affecting the enforcement of creditors rights generally and subject to any
equitable principles limiting the right to obtain specific performance of any
such obligation;

          (f)
Consents and Approvals - All necessary consents, approvals or
authorizations of, or filing, registration or qualification with, any Person,
required to be obtained by Guarantor in connection with the execution and
delivery of this Agreement or the undertaking or performance of any obligation
hereunder have been obtained;

          (g)
Names and Intellectual Property

               (i)
Except as set forth on Schedule 2.1(g)(i) hereof, for the past five (5) years,
Guarantor has not conducted business under or used any other name (whether
corporate or assumed) except for the name set forth in the preamble to this
Agreement;

 4

               (ii)
All trademarks, trademark applications, service marks, patents, patent
applications, and copyrights Guarantor uses, plans to use or has a right to use
are shown on Schedule 2.1(g)(ii) attached hereto and made a part hereof and
Guarantor is the sole owner of such Property. Guarantor is not in violation of
any rights of any other Person with respect to such Property; 

          (h)
Title - The Collateral is free and clear of any and all liens, claims,
encumbrances or security interests other than the security interests created
hereby and security interests granted in favor of Lender pursuant to the Loan
Agreement;

          (i)
Perfection - This Agreement is effective to create in favor of Lender a
legal, valid and enforceable lien in all right, title and interest of Guarantor
in the Collateral, and when financing statements have been filed in the offices
of the jurisdiction under such Guarantor’s name, Lender will have perfected
liens in such Collateral as may be perfected by the filing of a financing
statement, superior in right to any and all other liens, existing or future;

          (j)
Places of Business - The only places of business of Guarantor, and the
places where Guarantor keeps and intends to keep its Collateral, is 1404-510
West Hastings Street, Vancouver, BC V6B 1L8

          (k)
Commercial Tort Claims - Guarantor does not hold or have any interest in
any Commercial Tort Claims (as defined in the UCC); and

          (l)
Investment Property

               (i)
Guarantor is pledging hereunder all of Guarantor’s interest and ownership in the
entities listed on Schedule 2.1(l)(i) attached hereto;

               (ii)
All Investment Property consisting of equity interests owned by Guarantor have
been duly and validly authorized and issued by the issuer thereof and such
Investment Property is fully paid for and non-assessable

               (iii)
Contemporaneously with the execution hereof, Guarantor is delivering to Lender
all stock and membership certificates or any certificates representing or
evidencing the Investment Property in the entities listed on Schedule
2.1(l)(i) hereof, accompanied by duly executed instruments of transfer or
assignments in blank to be held by Lender in accordance with the terms
hereof

          (m)
Governmental Consent - Neither the nature of Guarantor or of any
Guarantor’s business or assets, nor any relationship between Guarantor and any
other Person, nor any circumstance affecting Guarantor in connection with the
execution or delivery of this Agreement, is such as to require a consent,
approval or authorization of, or filing, registration or qualification with, any
governmental authority on the part of Guarantor in connection with the execution and delivery of this Agreement or the issuance or
delivery of the other Loan Documents to which it is a party.

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SECTION 3- COVENANTS

     3.1 Guarantor covenants that:

          (a)
Payment of Taxes and Claims - Guarantor shall pay, before they become
delinquent,

               (i)
all taxes, assessments and governmental charges or levies imposed upon it or
upon any assets of Guarantor, including without limitation the Collateral,
and

               (ii)
all claims or demands of materialmen, mechanics, carriers, warehousemen,
landlords and other Persons entitled to the benefit of statutory or common law
liens, which, if unpaid, would result in the imposition of a lien, claim or
encumbrance upon its assets; provided, however, that Guarantor shall not be
required to pay any such tax, assessment, charge, levy, claim or demand if the
amount, applicability or validity thereof shall at the time be contested in good
faith and by appropriate proceedings by Guarantor, and if Guarantor shall have
set aside on its books adequate reserves in respect thereof, if so required in
accordance with GAAP; which deferment of payment is permissible so long as no
lien, claim or encumbrance has been entered and Guarantor’s title to, and its
right to use such assets are not materially adversely affected thereby;

          (b)
Property - Guarantor shall maintain its assets in good condition (normal
wear and tear excepted) and make all necessary renewals, replacements,
additions, betterments and improvements thereto and will pay and discharge when
due the cost of repairs and maintenance to its assets, and will pay all rentals
when due for all real estate leased by Guarantor; 

          (c)
Property Insurance, Public and Products Liability Insurance - Guarantor
shall maintain or cause to be maintained insurance against fire, flood, casualty
and such other hazards in such amounts, with such deductibles and with such
insurers as are customarily used by companies operating in the same industry as
Guarantor. At Lender’s request, Guarantor shall furnish Lender with insurance
certificates certified as true and correct and being in full force and effect or
such other evidence of insurance as Lender may require. In the event Guarantor
fails to procure or cause to be procured any such insurance or to timely pay or
cause to be paid the premium(s) on any such insurance, Lender may do so for
Guarantor, but Guarantor shall continue to be liable for the same. Guarantor
further covenants that all insurance premiums owing under its current casualty
policy have been paid. Guarantor also agrees to notify Lender, promptly, upon
Guarantor’s receipt of a notice of termination, cancellation, or non-renewal
from its insurance company of any such policy. The policies of all such
liability insurance shall contain standard additional insured clauses issued in
favor of Lender and the policies of all casualty insurance shall contain
standard lender loss payee endorsements issued in favor of Lender. Such policies shall expressly provide that the
requisite insurance cannot be altered or canceled without thirty (30) days prior
written notice to Lender and shall insure Lender notwithstanding the act or
neglect of the insured. In the event Guarantor fails to procure or cause to be
procured any such insurance or to timely pay or cause to be paid the premium(s)
on any such insurance, Lender may do so for Guarantor, but Guarantor shall
continue to be liable for the same. Guarantor hereby appoints Lender as its
attorney-in-fact, exercisable at Lender’s option, to endorse any check which may
be payable to Guarantor in order to collect the proceeds of such insurance.
Proceeds of such insurance policies shall be paid to the endorsees thereunder as
their interest may appear. Amounts paid to Lender under such policies shall be
applied by Lender to the outstanding Obligations.

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          (d)
Financial Records - Guarantor shall keep current and accurate books of
records and accounts in which full and correct entries will be made of all of
its business transactions, and will reflect in its financial statements adequate
accruals and appropriations to reserves, all in accordance with GAAP. Guarantor
shall not change its fiscal year end date without the prior written consent of
Lender;

          (e)
Corporate Existence and Rights - Guarantor shall do (or cause to be done)
all things necessary to preserve and keep in full force and effect its
existence, good standing, rights and franchises. Guarantor shall maintain any
and all licenses, permits, franchises or other governmental authorizations
necessary to the ownership of its assets or to the conduct of its
businesses;

          (f)
Compliance with Laws - Guarantor: (i) shall be in compliance with any and
all laws, ordinances, governmental rules and regulations, and court or
administrative orders or decrees to which it is subject, whether federal, state
or local, (including, without limitation, Healthcare Laws and environmental
laws) and (ii) shall obtain any and all licenses, permits, franchises or other
governmental authorizations necessary to the ownership of its Property or to the
conduct of its businesses, which violation or failure to obtain causes or could
cause a Material Adverse Effect. Guarantor shall timely satisfy all assessments,
fines, costs and penalties imposed (after exhaustion of all appeals, provided a
stay has been put in effect during such appeal) by any Governmental Authority
against Guarantor or any assets of Guarantor;

          (g)
Issue Taxes - Guarantor shall pay all taxes (other than taxes based upon
or measured by any Lender’s income or revenues or any personal property tax), if
any, in connection with the recording of any lien documents. The obligations of
Guarantor hereunder shall survive the termination of this Agreement;

          (h)
Merger, Consolidation, Dissolution or Liquidation - Guarantor shall not
merge or consolidate with any other Person or commence a dissolution or
liquidation;

          (i)
Sale of Property - Guarantor shall not engage in any Asset Disposition
other than Inventory sold in the ordinary course of Guarantor’s business;

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          (j)
Liens and Encumbrances - Guarantor shall not: (i) execute a negative
pledge agreement with any Person covering any of its assets except for the
benefit of Lender pursuant to the Loan Documents, or (ii) cause or permit or
agree or consent to cause or permit in the future (upon the happening of a
contingency or otherwise), its assets (including, without limitation, the
Collateral), whether now owned or hereafter acquired, to be subject to a lien,
claim or encumbrance or be subject to any claim except for such liens in favor
of Lender;

          (k)
Other Agreements - Guarantor shall not become or be a party to any
contract or agreement which at the time of becoming a party to such contract or
agreement materially impairs Guarantor’s ability to perform under this
Agreement, or under any other instrument, agreement or document to which
Guarantor is a party or by which it is or may be bound;

          (l)
Change of Location or Jurisdiction of Organization - Guarantor agrees
that it shall not change its name or jurisdiction of organization without
Lender’s consent and that if the location of its principal place of business
changes from that indicated on the signature pages of this Agreement, Guarantor
will immediately notify the Lender in writing; and

          (m)
Commercial Tort Claim: Guarantor shall provide written notice to Lender
of any Commercial Tort Claim (as defined in the UCC as in effect from time to
time) to which Guarantor is or becomes a party or which otherwise inures to the
benefit of Guarantor. Such notice shall contain a sufficient description of the
Commercial Tort Claim including the parties, the court in which the claim was
commenced (if applicable), the docket number assigned to the case (if
applicable) and an explanation of the events giving rise to such claim.
Guarantor shall grant Lender a security interest in such Commercial Tort Claim
to secure payment of the Indebtedness. Guarantor shall execute and deliver such
instruments, documents and agreements as Lender may require in order to obtain
and perfect such security interest including, without limitation, a security
agreement or amendment to any existing security agreement all in form and
substance satisfactory to Lender. Guarantor authorizes Lender to file (without
Guarantor's signature), financing statements or amendments to existing financing
statements as Lender deems necessary to perfect the security interest.

SECTION 4- DEFAULT

     4.1 Events of Default:
Each of the following events or conditions shall constitute an event of default
(“Event of Default”):

          (a)
failure of Guarantor to perform or observe any covenant or agreement contained
in this Agreement or pay or perform any obligation under the Guaranty;

          (b)
any warranty, representation or other statement by or on behalf of Guarantor
contained in or pursuant to this Agreement or the Guaranty is false, erroneous
or misleading in any material respect when made; or

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          (c)
the occurrence of an Event of Default under the Loan Agreement, or any Loan
Documents.

     4.2 Upon the occurrence of an
Event of Default, Lender shall have the option to declare Guarantor in default
under this Agreement, and all other existing and future agreements of any kind
(related or unrelated) with Lender, and declare all existing and future
liabilities, indebtedness and obligations of Guarantor to Lender, including the
Guarantied Obligations, whether matured or contingent, related or unrelated, due
or to become due, immediately due and payable including, but not limited to,
interest, principal, expenses, advances to protect Lender’s position and all of
Lender’s rights hereunder and thereunder, all without demand, notice,
presentment or protest or further action of any kind.

     4.3 Rights and Remedies on
Default: In addition to all other rights, options and remedies granted to
Lender under this Agreement or otherwise available at law or in equity, (each of
which is also then exercisable by Lender), Lender may, upon the occurrence of an
Event of Default, exercise any other rights granted to it under the UCC and any
other applicable law, including, without limitation, the following rights and
remedies:

          (a)
the right to take possession of, send notices, and collect directly the
Collateral, with or without judicial process (including, without limitation the
right to notify the United States postal authority to redirect all mail
addressed to Guarantor to an address designated by Lender); 

          (b)
by its own means or with judicial assistance, enter Guarantor’s premises and
take possession of the Collateral, or render it unusable, or dispose of the
Collateral on such premises without any liability for rent, storage, utilities
or other sums, and Guarantor shall not resist or interfere with such action;

          (c)
require Guarantor at Guarantor’s expense to assemble all or any part of the
Collateral and make it available to Lender at any place designated by Lender;

          (d)
In addition to all other rights granted to Lender herein or otherwise available
at law or in equity, Lender shall have the following rights, each of which may
be exercised at Lender’s sole discretion (but without any obligation to do so),
at any time following the occurrence of an Event of Default, without further
consent of Guarantor: (i) transfer the whole or any part of the Investment
Property into the name of itself or its nominee or to conduct a sale of the
Investment Property pursuant to the UCC or pursuant to any other applicable law;
(ii) vote the Investment Property; (iii) notify the persons obligated on any of
the Investment Property to make payment to Lender of any amounts due or to
become due thereon; and (iv) release, surrender or exchange any of the
Investment Property at any time, or to compromise any dispute with respect to
the same.

          (e)
Guarantor hereby authorizes and instructs each issuer of the Investment Property
to comply with any instruction received by it from Lender in writing that states
that an Event of Default has occurred and without any other or further
instruction from Guarantor, and Guarantor agrees that each such issuer shall be
fully protected in so complying. 

9

Guarantor hereby agrees that a notice received by it at least
ten (10) days before the time of any intended public sale or of the time after
which any private sale or other disposition of the Collateral is to be made,
shall be deemed to be reasonable notice of such sale or other disposition. If
permitted by applicable law, any perishable inventory or Collateral which
threatens to speedily decline in value or which is sold on a recognized market
may be sold immediately by Lender without prior notice to Guarantor. Guarantor
covenants and agrees not to interfere with or impose any obstacle to Lender’s
exercise of its rights and remedies with respect to the Collateral, after the
occurrence of an Event of Default hereunder.

     4.4 Nature of Remedies:
Lender shall have the right to proceed against all or any portion of the
Collateral in any order and may apply such Collateral to the liabilities and
obligations of Guarantor to Lender in any order. All rights and remedies granted
Lender hereunder and under any agreement referred to herein, or otherwise
available at law or in equity, shall be deemed concurrent and cumulative, and
not alternative remedies, and Lender may proceed with any number of remedies at
the same time until all existing and future liabilities and obligations of
Guarantor to Lender, are satisfied in full. The exercise of any one right or
remedy shall not be deemed a waiver or release of any other right or remedy, and
Lender, upon the occurrence of an Event of Default, may proceed against
Guarantor, and/or the Collateral, at any time, under any agreement, with any
available remedy and in any order.

     4.5 Sales of Investment
Property. Guarantor recognizes that Lender may be unable to effect, or may
effect only after such delay which would adversely affect the value that might
be realized from the Investment Property, a public sale of all or part of the
Investment Property by reason of certain prohibitions contained in the
Securities Act of 1933, as amended (“Securities Act”) and may be compelled to
resort to one or more private sales to a restricted group of purchasers who will
be obliged to agree, among other things, to acquire such securities for their
own account, for investment and not with a view to the distribution or resale
thereof. Each Guarantor agrees that any such private sale may be at prices and
on terms less favorable to Lender or the seller than if sold at public sales,
and therefore recognizes and confirms that such private sales shall not be
deemed to have been made in a commercially unreasonable manner solely because
they were made privately. Guarantor agrees that Lender has no obligation to
delay the sale of any such securities for the period of time necessary to permit
the issuer of such securities to register such securities for public sale under
the Securities Act. Guarantor agrees that, in connection with any sale or other
disposition of the Investment Property, Guarantor may, at Guarantor’s option,
disclaim any and all warranties regarding the Investment Property and that any
such disclaimer shall constitute commercially reasonable conduct on the part of
Lender.

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SECTION 5- MISCELLANEOUS

     5.1 Waiver:

          (a)
No omission or delay by Lender in exercising any right or power under this
Agreement or any other document will impair such right or power or be construed
to be a waiver of any default, or Event of Default or an acquiescence therein,
and any single or partial exercise of any such right or power will not preclude
other or further exercise thereof or the exercise of any other right, and no
waiver of Lender’s rights hereunder will be valid unless in writing and signed
by Lender, and then only to the extent specified.

          (b)
Guarantor releases Lender, its agents, administrators and executors, its
officers, employees and agents, of and from any claims for loss or damage
resulting from acts or conduct of any or all of them arising through the date
hereof, unless caused solely by the willful misconduct or gross negligence of
Lender.

     5.2 Modification: No
modification hereof or any agreement referred to herein shall be binding or
enforceable unless in writing and signed on behalf of the party against whom
enforcement is sought. The provisions of this Agreement and other agreements and
documents referred to herein are to be deemed severable, and the invalidity or
unenforceability of any provision shall not affect or impair the remaining
provisions which shall continue in full force and effect.

     5.3 Signatories: Each
individual signatory hereto represents and warrants that he is duly authorized
to execute this Agreement on behalf of his principal and that he executes the
Agreement in such capacity and not as a party.

     5.4 Successors and
Assigns: All provisions herein shall inure to, become binding upon the
successors, representatives, trustees, administrators, executors, heirs and
assigns of the parties hereto. Signature by facsimile or PDF shall bind the
parties hereto.

5.5 APPLICABLE LAW.

          (a)
THIS AGREEMENT AND ALL MATTERS RELATING HERETO AND ARISING HEREFROM (WHETHER
ARISING UNDER CONTRACT LAW, TORT LAW OR OTHERWISE) SHALL BE GOVERNED BY, AND
SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE
STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES.

          (b)
GUARANTOR HEREBY CONSENTS TO THE JURISDICTION OF ANY STATE OR FEDERAL COURT
LOCATED WITHIN THE COUNTY OF NEW YORK, STATE OF NEW YORK, AND IRREVOCABLY AGREES
THAT, SUBJECT TO LENDOR’S ELECTION, ALL ACTIONS OR PROCEEDINGS ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS OR THE OBLIGATIONS SHALL
BE LITIGATED IN SUCH COURTS. GUARANTOR ACCEPTS FOR ITSELF AND IN CONNECTION WITH
ITS PROPERTIES, GENERALLY AND UNCONDITIONALLY, THE NON-EXCLUSIVE JURISDICTION OF
THE AFORESAID COURTS AND WAIVES ANY DEFENSE OF FORUM NON CONVENIENS, AND
IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION WITH THIS
AGREEMENT, THE OTHER LOAN DOCUMENTS OR THE OBLIGATIONS. 

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          (c)
GUARANTOR AND LENDOR, BY ITS ACCEPTANCE HEREOF, EACH HEREBY WAIVES THEIR
RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR
ARISING OUT OF THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS OR THE OBLIGATIONS.
GUARANTOR AND LENDOR, BY ITS ACCEPTANCE HEREOF, EACH ACKNOWLEDGES THAT THIS
WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH
HAS ALREADY RELIED ON THE WAIVER IN ENTERING INTO THIS AGREEMENT AND THE OTHER
LOAN DOCUMENTS AND THAT EACH WILL CONTINUE TO RELY ON THE WAIVER IN THEIR
RELATED FUTURE DEALINGS. GUARANTOR FURTHER WARRANTS AND REPRESENTS THAT EACH HAS
REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT EACH KNOWINGLY AND
VOLUNTARILY WAIVES THEIR RESPECTIVE JURY TRIAL RIGHTS FOLLOWING CONSULTATION
WITH LEGAL COUNSEL.

     5.6 Notice.

          (a)
In any action or proceeding brought by Lender to enforce the terms hereof, the
Guarantor waives personal service of the summons, complaint, and any motion or
other process, and agrees that notice thereof may be served (i) in person, (ii)
by registered or certified mail, return receipt requested, or (iii) by
nationally recognized overnight courier (which in the case of (i) above, will be
deemed received on the date of delivery; in the case of (ii) above, will be
deemed received 3 days after deposit in the U.S. Mail; and in the case of (iii)
above, will be deemed received one (1) day after delivery to the courier).
Service may be made at the address of the Guarantor set forth in the preamble to
this Agreement or such other address at which the Guarantor is then located.

          (b)
Any and all notices which may be given to the Guarantor by Lender hereunder
shall be sent to the Guarantor at the address of the Guarantor set forth in the
preamble to this Agreement (or such other address at which the Guarantor is then
located) and shall be deemed given to and received by the Guarantor if sent by
facsimile transmission or if sent in the manner provided for service of process
in Section 5.6(a) above. Notices sent by facsimile shall be deemed received on
the date sent. Notices otherwise sent shall be deemed received on the applicable
date(s) provided for receipt of service of process under Section 5.6(a)
above

[SIGNATURE ON FOLLOWING PAGE]

12

     IN WITNESS WHEREOF, the
undersigned parties have executed this Agreement the day and year first above
written.

	GUARANTOR: 	NEXAIRA WIRELESS (BC) LTD. 

	  	 	  
	  	 	  
	  	By: 	 
	  	 	Name: 
	  	 	Title: 

[SIGNATURE PAGE TO SECURITY AGREEMENT]

S-1

SCHEDULE 2.1(G)(i)

NAMES

	November 10, 2004 	Incorporated in Alberta, Canada under the name
      of M2M Wireless Ltd. 
	 	 
	March 23, 2006 	Name changed to Nexaira Inc. 
	 	 
	February 19, 2010 	Continued from Alberta into British Columbia,
      Canada with name changed to Nexaira Wireless (BC) Ltd.

SCHEDULE 2.1(G)(ii)

INTELLECTUAL PROPERTY

None.

SCHEDULE 2.1(L)(i)

PLEDGED ENTITIES

Nexaira, Inc.Nexaira Wireless Inc.: Exhibit 10.4 - Filed by newsfilecorp.com

GENERAL CONTINUING GUARANTY

     This GENERAL CONTINUING
GUARANTY (this “Guaranty”), dated as of May 16, 2011 is executed and
delivered by NEXAIRA WIRELESS. INC., a Nevada corporation (“Guarantor”), with an
address at 6650 Lusk Boulevard, Suite B203 San Diego, California 92121, in favor
of CENTURIION CREDIT FUNDING LLC, a Delaware limited liability company,
with an address at 152 West 57th Street, 54th Floor, New York, New York 10019,
Attn: David Steinberg, as lender (together with its successors and assigns, if
any, “Lender”).

     WHEREAS, NEXAIRA, INC., a
California corporation (the “Borrower”) and Lender are, contemporaneously
herewith, entering into that certain Loan and Security Agreement of even date
herewith (as amended, restated, modified, renewed or extended from time to time,
the “Loan Agreement”); 

     WHEREAS, Guarantor is an
affiliate of Borrower and, as such, will benefit by virtue of the financial
accommodations extended to Borrower by Lender; and

     WHEREAS, in order to
induce Lender to enter into the Loan Agreement and the other Loan Documents and
to extend, at Lender’s sole discretion, the financial accommodations to Borrower
pursuant to the Loan Agreement, and in consideration thereof, and in
consideration of any loans or other financial accommodations heretofore or
hereafter extended by Lender to Borrower, pursuant to the Loan Documents,
Guarantor has agreed to guaranty the Guarantied Obligations.

     NOW, THEREFORE, in
consideration of the foregoing, Guarantor, intending to be legally bound, hereby
agrees as follows:

     1. Definitions and
Construction.

          (a)
Definitions. Capitalized terms used herein and not otherwise defined
herein shall have the meanings ascribed to them in the Loan Agreement. The
following terms, as used in this Guaranty, shall have the following
meanings:

          “Borrower”
has the meaning set forth in the recitals to this Guaranty.

          “Loan
Agreement” has the meaning set forth in the recitals to this Guaranty.

          “Guarantied
Obligations” means the Obligations now or hereafter existing under any Loan
Document of every kind and nature, whether joint or several, due or to become
due, absolute or contingent, now existing or hereafter arising, and whether for
principal, interest (including all interest that accrues after the commencement
of any Insolvency Proceeding irrespective of whether a claim therefor is allowed
or allowable in such case or proceeding), fees, costs, expenses or otherwise,
and any and all expenses (including counsel fees and expenses) incurred by
Lender in enforcing, protecting, preserving or defending any rights under this
Guaranty. Without limiting the generality of the foregoing, Guarantied
Obligations shall include all amounts that constitute part of the Guarantied
Obligations and would be owed by Borrower to Lender under any Loan Document but
for the fact that they are unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar
proceeding involving Borrower or any other guarantor. 

1

          “Guarantor”
has the meaning set forth in the preamble to this Guaranty.

          “Guaranty”
has the meaning set forth in the preamble to this Guaranty.

          “Insolvency
Proceeding” means any proceeding commenced by or against any Person under
any provision of title 11 of the United States Code, as in effect from time to
time, or under any other state or federal bankruptcy or insolvency law,
assignments for the benefit of creditors, formal or informal moratoria,
compositions, extensions generally with creditors, or proceedings seeking
reorganization, arrangement of other similar relief.

          “Lender”
has the meaning set forth in the preamble to this Guaranty.

          “Record”
means information that is inscribed on a tangible medium or which is stored in
an electronic or other medium and is retrievable in perceivable form.

          “Voidable
Transfer” has the meaning set forth in Section 10 of this
Guaranty.

          (b)
Construction. Unless the context of this Guaranty clearly requires
otherwise, references to the plural include the singular, references to the
singular include the plural, the part includes the whole, the terms “includes”
and “including” are not limiting, and the term “or” has, except where otherwise
indicated, the inclusive meaning represented by the phrase “and/or.” The words
“hereof,” “herein,” “hereby,” “hereunder,” and other similar terms in this
Guaranty refer to this Guaranty as a whole and not to any particular provision
of this Guaranty. Section, subsection, clause, schedule, and exhibit references
herein are to this Guaranty unless otherwise specified. Any reference in this
Guaranty to any agreement, instrument, or document shall include all
alterations, amendments, changes, extensions, modifications, renewals,
replacements, substitutions, joinders, and supplements, thereto and thereof, as
applicable (subject to any restrictions on such alterations, amendments,
changes, extensions, modifications, renewals, replacements, substitutions,
joinders, and supplements set forth herein or in the Loan Agreement). Neither
this Guaranty nor any uncertainty or ambiguity herein shall be construed or
resolved against Lender, whether under any rule of construction or otherwise. On
the contrary, this Guaranty has been reviewed by all parties and shall be
construed and interpreted according to the ordinary meaning of the words used so
as to accomplish fairly the purposes and intentions of Guarantor and Lender. Any
reference herein to the satisfaction or payment in full of the Guarantied
Obligations shall mean the indefeasible payment in full in cash of all
Guarantied Obligations and the full and final termination of the Loan Agreement.
Any reference herein to any Person shall be construed to include such Person’s
successors and permitted assigns. Any requirement of a writing contained herein
shall be satisfied by the transmission of a Record and any Record transmitted
shall constitute a representation and warranty as to the accuracy and
completeness of the information contained therein. The captions and headings are
for convenience of reference only and shall not affect the construction of this
Guaranty.

2

     2. Representations and
Warranties. The Guarantor represents and warrants that: 

          (a)
The Guarantor’s execution and performance of this Guaranty shall not (i) violate
or result in a default or breach (immediately or with the passage of time) under
any contract, agreement or instrument to which the Guarantor is a party, or by
which the Guarantor is bound, (ii) violate or result in a default or breach
under any order, decree, award, injunction, judgment, law, regulation or rule,
(iii) cause or result in the imposition or creation of any lien upon any
property of the Guarantor, or (iv) violate or result in a breach of the articles
of incorporation or by-laws of the Guarantor.

          (b)
The Guarantor has the full power and authority to enter into and perform under
this Guaranty, which has been authorized by all necessary corporate or company
action, as applicable, on behalf of the Guarantor.

          (c)
No consent, license or approval of, or filing or registration with, any
governmental authority is necessary for the execution and performance hereof by
the Guarantor.

          (d)
This Guaranty constitutes the valid and binding obligation of the Guarantor
enforceable in accordance with its terms, except as such enforceability may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium and
similar laws affecting the enforcement of creditors’ rights generally and
general equitable principles.

          (e)
This Guaranty promotes and furthers the business and interests of the Guarantor
and the creation of the obligations hereunder will result in direct financial
benefit to the Guarantor.

     3. Guarantied
Obligations. Guarantor hereby jointly and severally with any other
guarantor of the Guarantied Obligations, irrevocably and unconditionally
guaranties and becomes surety to Lender, as and for its own debt, until the
final and indefeasible payment in full thereof, in cash, has been made, (a) the
due and punctual payment of the Guarantied Obligations, when and as the same
shall become due and payable, whether at maturity, pursuant to a mandatory
prepayment requirement, by acceleration, or otherwise to be made in United
States Dollars in immediately available funds; it being the intent of Guarantor
that the guaranty set forth herein shall be a guaranty of payment and not a
guaranty of collection; and (b) the punctual and faithful performance, keeping,
observance, and fulfillment by Borrower and each other guarantor of the
Guarantied Obligations of all of the agreements, conditions, covenants, and
obligations of such Persons contained in the Loan Agreement and under each of
the other Loan Documents.

     4. Continuing
Guaranty. This Guaranty includes, but is not limited to, Guarantied
Obligations arising under successive transactions continuing, compromising,
extending, increasing, modifying, releasing, or renewing the Guarantied
Obligations, changing the interest rate, payment terms, or other terms and
conditions thereof, or creating new or additional Guarantied Obligations after
prior Guarantied Obligations have been satisfied in whole or in part. To the
maximum extent permitted by law, Guarantor hereby waives any right to revoke
this Guaranty as to future Guarantied Obligations. If such a revocation is
effective notwithstanding the foregoing waiver, Guarantor acknowledges and
agrees that (a) no such revocation shall be effective until written notice
thereof has been received by Lender, (b) no such revocation shall apply to any
Guarantied Obligations in existence on the date of receipt by Lender of such
written notice (including any subsequent continuation, extension, or
renewal thereof, or change in the interest rate, payment terms, or other terms
and conditions thereof), (c) no such revocation shall apply to any Guarantied
Obligations made or created after such date to the extent made or created
pursuant to a legally binding agreement of Lender in existence on the date of
such revocation, (d) no payment by Guarantor, Borrower, or from any other
source, prior to the date of Lender’s receipt of written notice of such
revocation shall reduce the maximum obligation of Guarantor hereunder, and (e)
any payment by Borrower or from any source other than Guarantor subsequent to
the date of such revocation shall first be applied to that portion of the
Guarantied Obligations as to which the revocation is effective and which are
not, therefore, guarantied hereunder, and to the extent so applied shall not
reduce the maximum obligation of Guarantor hereunder.

3

     5. Performance Under this
Guaranty. In the event that Borrower or any other guarantor fails to
make any payment or prepayment of any Guarantied Obligations, on the due date
thereof, or if Borrower or any other guarantor shall fail to perform, keep,
observe, or fulfill any other obligation referred to in clause (b) of
Section 3 of this Guaranty in the manner provided in the Loan Agreement
or any other Loan Document, Guarantor immediately shall cause, as applicable,
such payment or prepayment in respect of the Guarantied Obligations to be made
or such obligation to be performed, kept, observed, or fulfilled.

     6. Primary
Obligations. This Guaranty is a primary and original obligation of
Guarantor, is not merely the creation of a surety relationship, and is an
absolute, unconditional, unlimited and continuing guaranty of payment and
performance which shall remain in full force and effect without respect to
future changes in conditions. Guarantor hereby agrees that it is directly,
jointly and severally with any other guarantor of the Guarantied Obligations,
liable to Lender, that the obligations of Guarantor hereunder are independent of
the obligations of Borrower or any other guarantor, and that a separate action
may be brought against Guarantor, whether such action is brought against
Borrower or any other guarantor or whether Borrower or any other guarantor is
joined in such action. Guarantor hereby agrees that its liability hereunder
shall be immediate and shall not be contingent upon the exercise or enforcement
by Lender of whatever remedies they may have against Borrower or any other
guarantor, or the enforcement of any lien or realization upon any security by
any member of Lender. Guarantor hereby agrees that any release which may be
given by Lender to Borrower or any other guarantor, or with respect to any
property or asset subject to a Lien, shall not release Guarantor. Guarantor
consents and agrees that Lender shall not be under any obligation to marshal any
property or assets of Borrower or any other guarantor in favor of Guarantor, or
against or in payment of any or all of the Guarantied Obligations.

     7. Waivers.

          (a)
To the fullest extent permitted by applicable law, Guarantor hereby waives: (i)
notice of acceptance hereof; (ii) notice of any loans or other financial
accommodations made or extended under the Loan Agreement, or the creation,
existence or modification of any Guarantied Obligations; (iii) notice of the
amount of the Guarantied Obligations, subject, however, to Guarantor’s right to
make inquiry of Lender to ascertain the amount of the Guarantied Obligations at
any reasonable time; (iv) notice of any adverse change in the financial
condition of Borrower or of any other fact that might increase Guarantor’s risk
hereunder; (v) notice of presentment for payment, demand,
protest, and notice thereof as to any instrument among the Loan Documents; (vi)
notice of any nonpayment, Default or Event of Default under any of the Loan
Documents; (vii) notice of demand or taking of any action by Lender under the
Loan Documents; and (viii) all other notices (except if such notice is
specifically required to be given to Guarantor under this Guaranty or any other
Loan Documents to which Guarantor is a party) and demands to which Guarantor
might otherwise be entitled.

4

          (b)
To the fullest extent permitted by applicable law, Guarantor hereby waives the
right by statute or otherwise to require Lender to institute suit against
Borrower or any other guarantor or to exhaust any rights and remedies which
Lender has or may have against Borrower or any other guarantor. In this regard,
Guarantor agrees that it is bound to the payment or prepayment of each and all
Guarantied Obligations, whether now existing or hereafter arising, as fully as
if the Guarantied Obligations were directly owing to Lender by Guarantor.
Guarantor further waives any defense arising by reason of any disability or
other defense (other than the defense that the Guarantied Obligations have been
fully and finally performed and indefeasibly paid in full in cash, to the extent
of any such payment) of Borrower or any other guarantor or by reason of the
cessation from any cause whatsoever of the liability of Borrower or any other
guarantor in respect thereof.

          (c)
To the fullest extent permitted by applicable law, Guarantor hereby waives: (i)
any right to assert against Lender any defense (legal or equitable), set-off,
counterclaim, or claim which Guarantor may now or at any time hereafter have
against Borrower or any other guarantor or other party liable to Lender; (ii)
any defense, set-off, counterclaim, or claim, of any kind or nature, arising
directly or indirectly from the present or future lack of perfection,
sufficiency, validity, or enforceability of the Guarantied Obligations or any
security therefor; (iii) any right or defense arising by reason of any claim or
defense based upon an election of remedies by Lender including any defense based
upon an election of remedies by Lender; (iv) the benefit of any statute of
limitations affecting Guarantor’s liability hereunder or the enforcement
thereof, and any act which shall defer or delay the operation of any statute of
limitations applicable to the Guarantied Obligations shall similarly operate to
defer or delay the operation of such statute of limitations applicable to
Guarantor’s liability hereunder; (v) any defense based upon any act or omission
of Borrower or any other Person that directly or indirectly results in the
discharge or release of Borrower or any other Person or any of the Guarantied
Obligations or any security therefor; and (vi) all other rights and defenses the
assertion or exercise of which would in any way diminish the liability of
Guarantor hereunder.

          (d)
Until the Guarantied Obligations have been paid in full in cash, (i) Guarantor
hereby waives any right of subrogation Guarantor has or may have as against
Borrower or any other guarantor with respect to the Guarantied Obligations; (ii)
in addition, Guarantor hereby waives any right to proceed against Borrower or
any other Person, now or hereafter, for contribution, indemnity, reimbursement,
or any other suretyship rights and claims (irrespective of whether direct or
indirect, liquidated or contingent), with respect to the Guarantied Obligations;
and (iii) in addition, Guarantor also hereby waives any right to proceed or to
seek recourse against or with respect to any property or asset of Borrower or
any other guarantor. Any payments received by Guarantor in violation of this
Section shall be held in trust for and immediately remitted to Lender.

5

          (e)
WITHOUT LIMITING THE GENERALITY OF ANY OTHER WAIVER OR OTHER PROVISION SET FORTH
IN THIS GUARANTY, GUARANTOR WAIVES ALL RIGHTS AND DEFENSES ARISING OUT OF AN
ELECTION OF REMEDIES BY LENDER, EVEN THOUGH SUCH ELECTION OF REMEDIES, SUCH AS A
NONJUDICIAL FORECLOSURE WITH RESPECT TO SECURITY FOR THE GUARANTIED OBLIGATIONS,
HAS DESTROYED GUARANTOR’S RIGHTS OF SUBROGATION AND REIMBURSEMENT AGAINST
BORROWER BY THE OPERATION OF APPLICABLE LAW.

          (f)
Without limiting the generality of any other waiver or other provision set forth
in this Guaranty, Guarantor hereby also agrees to the following waivers:

               (i)
Lender’s right to enforce this Guaranty is absolute and is not contingent upon
the genuineness, validity, enforceability or voidability of the Guarantied
Obligations, the Loan Documents or rights in any property pledged by any Person.
Guarantor agrees that Lender’s rights under this Guaranty shall be enforceable
even if Borrower or any other guarantor has no liability at the time of
execution of the Loan Documents or the Guarantied Obligations are unenforceable
in whole or in part, or Borrower or any other guarantor ceases to be liable with
respect to all or any portion of the Guarantied Obligations.

               (ii)
Guarantor agrees that Lender’s rights under the Loan Documents will remain
enforceable even if the amount secured by the Loan Documents is larger in amount
and more burdensome than that for which Borrower or any other guarantor is
responsible. The enforceability of this Guaranty against Guarantor shall
continue until all sums due under the Loan Documents have been paid in full and
shall not be limited or affected in any way by any impairment or any diminution
or loss of value of any security or collateral for the Obligations, from
whatever cause, the failure of any security interest in any such security or
collateral or any disability or other defense of Borrower, any other guarantor,
Guarantor of collateral for any person’s obligations to Lender or any other
person in connection with the Loan Documents.

               (iii)
Guarantor waives the right to require Lender to (A) proceed against Borrower,
any other guarantor of Borrower’s obligations under any Loan Document, any other
guarantor of collateral for any person’s obligations to Lender or any other
person in connection with the Guarantied Obligations, (B) proceed against or
exhaust any other security or collateral Lender may hold, or (C) pursue any
other right or remedy for Guarantor’s benefit, and agrees that Lender may
exercise its right under this Guaranty without taking any action against
Borrower, any other guarantor of Borrower’s obligations under the Loan
Documents, any other guarantor of collateral for any person’s obligations to
Lender or any other person in connection with the Guarantied Obligations, and
without proceeding against or exhausting any security or collateral Lender
holds.

     8. Releases.
Guarantor consents and agrees that, without notice to or by Guarantor and
without affecting or impairing the obligations of Guarantor hereunder, Lender
may, by action or inaction, compromise or settle, shorten or extend the maturity
date of the Obligations or any other period of duration or the time for the
payment or prepayment of the Obligations, or discharge the performance of the
Obligations, or may refuse to enforce the Obligations, or otherwise elect not to
enforce the Obligations, or may, by action or inaction, release all or any one or more parties to, any one or more of the terms and
provisions of the Loan Agreement or any of the other Loan Documents or may grant
other indulgences to Borrower or any other guarantor in respect thereof, or may
amend or modify in any manner and at any time (or from time to time) any one or
more of the Obligations, the Loan Agreement or any other Loan Document
(including any increase or decrease in the principal amount of any Obligations
or the interest, fees or other amounts that may accrue from time to time in
respect thereof), or may, by action or inaction, release or substitute Borrower
or Guarantor of the Guarantied Obligations, or may enforce, exchange, release,
or waive, by action or inaction, any security for the Guarantied Obligations or
any other guaranty of the Guarantied Obligations, or any portion thereof.

6

     9. No Election.
Lender shall have the right to seek recourse against Guarantor to the fullest
extent provided for herein and no election by Lender to proceed in one form of
action or proceeding, or against any party, or on any obligation, shall
constitute a waiver of Lender’s right to proceed in any other form of action or
proceeding or against other parties unless Lender has expressly waived such
right in writing. Specifically, but without limiting the generality of the
foregoing, no action or proceeding by Lender under any document or instrument
evidencing the Guarantied Obligations shall serve to diminish the liability of
Guarantor under this Guaranty except to the extent that Lender finally and
unconditionally shall have realized indefeasible payment in full of the
Guarantied Obligations by such action or proceeding.

     10. Revival and
Reinstatement. If the incurrence or payment of the Guarantied
Obligations or the obligations of any Loan Party under the Loan Documents or the
transfer by any Loan Party to Lender of any property of any Loan Party should
for any reason subsequently be declared to be void or voidable under any state
or federal law relating to creditors’ rights, including provisions of the
Bankruptcy Code relating to fraudulent conveyances, preferences, or other
voidable or recoverable payments of money or transfers of property
(collectively, a “Voidable Transfer”), and if Lender is required to repay
or restore, in whole or in part, any such Voidable Transfer, or elects to do so
upon the reasonable advice of its counsel, then, as to any such Voidable
Transfer, or the amount thereof that Lender is required or elects to repay or
restore, and as to all reasonable costs, expenses, and attorneys fees of Lender
related thereto, the liability of Guarantor automatically shall be revived,
reinstated, and restored and shall exist as though such Voidable Transfer had
never been made.

     11. Financial
Condition. Guarantor represents and warrants to Lender that it is
currently informed of the financial condition of Borrower and the other
guarantors of the Guarantied Obligations and of all other circumstances which a
diligent inquiry would reveal and which bear upon the risk of nonpayment of the
Guarantied Obligations. Guarantor further represents and warrants to Lender that
it has read and understands the terms and conditions of the Loan Agreement and
each other Loan Document. Guarantor hereby covenants that it will continue to
keep itself informed of Borrower’s financial condition, the financial condition
of other guarantors, if any, and of all other circumstances which bear upon the
risk of nonpayment or nonperformance of the Guarantied Obligations. Guarantor
further covenants that it waives any defense in connection with Guarantor’s
failure to receive or examine at any time the Loan Documents or any amendments,
supplements, restatements or replacements therefor.

     12. Payments;
Application. All payments to be made hereunder by Guarantor shall be
made in United States Dollars, in immediately available funds, and without
deduction (whether for taxes or otherwise) or offset and shall be applied
to the Guarantied Obligations in accordance with the terms of the Loan
Agreement.

7

     13. Attorneys Fees and
Costs. Guarantor agrees to pay, on demand, all attorneys fees and all
other costs and expenses which may be incurred by Lender in connection with the
enforcement of this Guaranty or in any way arising out of, or consequential to,
the protection, assertion, or enforcement of the Guarantied Obligations (or any
security therefor), irrespective of whether suit is brought.

     14. Notices. All
notices and other communications hereunder to Lender shall be in writing and
shall be mailed, sent, or delivered in accordance Section 8.7 of the Loan
Agreement. All notices and other communications hereunder to Guarantor shall be
in writing and shall be mailed, sent, or delivered to Guarantor’s address set
forth in the preamble to this Guaranty in accordance with Section 8.7 of
the Loan Agreement.

     15. Cumulative
Remedies. No remedy under this Guaranty, under the Loan Agreement, or
any other Loan Document is intended to be exclusive of any other remedy, but
each and every remedy shall be cumulative and in addition to any and every other
remedy given under this Guaranty, under the Loan Agreement, or any other Loan
Document, and those provided by law. No delay or omission by Lender to exercise
any right under this Guaranty shall impair any such right nor be construed to be
a waiver thereof. No failure on the part of Lender to exercise, and no delay in
exercising, any right under this Guaranty shall operate as a waiver thereof; nor
shall any single or partial exercise of any right under this Guaranty preclude
any other or further exercise thereof or the exercise of any other right.

     16. Severability of
Provisions. If any provision of this Guaranty is held to be illegal,
invalid, or unenforceable, such provision shall be fully severable, and the
remaining provisions of this Guaranty shall remain in full force and effect and
shall not be affected thereby.

     17. Entire Agreement;
Amendments. This Guaranty constitutes the entire agreement between
Guarantor and Lender pertaining to the subject matter contained herein. This
Guaranty may not be altered, amended, or modified, nor may any provision hereof
be waived or noncompliance therewith consented to, except by means of a writing
executed by Guarantor and Lender. Any such alteration, amendment, modification,
waiver, or consent shall be effective only to the extent specified therein and
for the specific purpose for which given. No course of dealing and no delay or
waiver of any right or default under this Guaranty shall be deemed a waiver of
any other, similar or dissimilar, right or default or otherwise prejudice the
rights and remedies hereunder.

     18. Successors and
Assigns. This Guaranty shall be binding upon Guarantor and its
successors and assigns and shall inure to the benefit of the successors and
assigns of Lender; provided, however, that Guarantor shall not
assign this Guaranty or delegate any of its duties hereunder without Lender’s
prior written consent and any unconsented assignment shall be absolutely null
and void. In the event of any assignment, participation, or other transfer of
rights by Lender, the rights and benefits herein conferred upon Lender shall
automatically extend to and be vested in such assignee or other transferee.

8

     19. No Third Party
Beneficiary. This Guaranty is solely for the benefit of Lender and each
of its successors and assigns and may not be relied on by any other Person.

     20. CHOICE OF LAW AND
VENUE; JURY TRIAL WAIVER.

          (a)
THIS GUARANTY AND ALL MATTERS RELATING HERETO AND ARISING HEREFROM (WHETHER
ARISING UNDER CONTRACT LAW, TORT LAW OR OTHERWISE) SHALL BE GOVERNED BY, AND
SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE
STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES.

          (b)
GUARANTOR HEREBY CONSENTS TO THE JURISDICTION OF ANY STATE OR FEDERAL COURT
LOCATED WITHIN THE COUNTY OF NEW YORK, STATE OF NEW YORK, AND IRREVOCABLY AGREES
THAT, SUBJECT TO LENDER’S ELECTION, ALL ACTIONS OR PROCEEDINGS ARISING OUT OF OR
RELATING TO THIS GUARANTY, THE OTHER LOAN DOCUMENTS AND THE OBLIGATIONS, OR ANY
OF THEM, SHALL BE LITIGATED IN SUCH COURTS. GUARANTOR ACCEPTS FOR ITSELF AND IN
CONNECTION WITH ITS PROPERTIES, GENERALLY AND UNCONDITIONALLY, THE NON-EXCLUSIVE
JURISDICTION OF THE AFORESAID COURTS AND WAIVES ANY DEFENSE OF FORUM NON
CONVENIENS, AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY
IN CONNECTION WITH THIS GUARANTY, THE OTHER LOAN DOCUMENTS AND THE OBLIGATIONS,
OR ANY OF THEM. IF GUARANTOR IS, OR IN THE FUTURE BECOMES, A NONRESIDENT OF THE
STATE OF NEW YORK, GUARANTOR HEREBY WAIVES PERSONAL SERVICE OF ANY AND ALL
PROCESS AND AGREES THAT ALL SUCH SERVICE OF PROCESS MAY BE MADE UPON SUCH PERSON
BY CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED, OR BY NATIONALLY
RECOGNIZED OVERNIGHT COURIER DIRECTED TO SUCH PERSON, AT SUCH PERSON’S ADDRESS
AS SET FORTH IN THE PREAMBLE OF THIS GUARANTY OR AS MOST RECENTLY NOTIFIED BY
SUCH PERSON IN WRITING PURSUANT TO SECTION 8.6 OF THE LOAN AGREEMENT AND SERVICE
SO MADE SHALL BE COMPLETE FOUR (4) BUSINESS DAYS AND TWO (2) BUSINESS DAYS,
RESPECTIVELY, AFTER THE SAME HAS BEEN POSTED AS AFORESAID.

          (c)
GUARANTOR AND LENDER, BY ITS ACCEPTANCE HEREOF, EACH HEREBY WAIVES THEIR
RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR
ARISING OUT OF THIS GUARANTY OR THE OTHER LOAN DOCUMENTS OR THE OBLIGATIONS.
GUARANTOR AND LENDER, BY ITS ACCEPTANCE HEREOF, EACH ACKNOWLEDGES THAT THIS
WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH
HAS ALREADY RELIED ON THE WAIVER IN ENTERING INTO THIS GUARANTY AND THE OTHER
LOAN DOCUMENTS AND THAT EACH WILL CONTINUE TO RELY ON THE WAIVER IN THEIR
RELATED FUTURE DEALINGS. GUARANTOR FURTHER WARRANTS AND REPRESENTS THAT EACH HAS
REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT EACH KNOWINGLY AND
VOLUNTARILY WAIVES THEIR RESPECTIVE JURY TRIAL RIGHTS FOLLOWING CONSULTATION
WITH LEGAL COUNSEL.

9

     21. Electronic
Execution. The delivery of a facsimile or electronic copy of an executed
counterpart of this Guaranty shall be deemed to be valid execution and delivery
of this Guaranty.

[SIGNATURE PAGE FOLLOWS]

10

     IN WITNESS WHEREOF, the
undersigned has executed and delivered this Guaranty as of the date first
written above.

	 	NEXAIRA WIRELESS INC. 
	 	 	  
	 	 	  
	 	By: 	 
	 	 	Name: 
	 	 	Title: 

[SIGNATURE PAGE TO GUARANTY]

S-1

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