Document:

<PAGE>

                                                                    EXHIBIT 4.17

                           GENERAL SECURITY AGREEMENT

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

BETWEEN:

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

            (the "BORROWER")

            -and-

            The Parties listed on Schedule "A" attached hereto;

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

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

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

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

<PAGE>
                                      -2-

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

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

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

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

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

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

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

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

<PAGE>
                                      -3-

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

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

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

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

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

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

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

<PAGE>
                                      -4-

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

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

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

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

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

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

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

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

<PAGE>
                                      -5-

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

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

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

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

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

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

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

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

      (c)   the sale or lease of Collateral;

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

<PAGE>
                                      -6-

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

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

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

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

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

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

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

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

      (b)   to take possession of the Collateral;

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

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

<PAGE>
                                      -7-

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

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

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

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

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

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

<PAGE>
                                      -8-

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

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

           (i)   if to the Borrower:

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

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

           (ii)  if to the Lenders,

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

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

<PAGE>
                                      -9-

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

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

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

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

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

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

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

<PAGE>
                                      -10-

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

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

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

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

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

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

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

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

<PAGE>
                                      -11-

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

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

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

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

                                        VISUAL BIBLE INTERNATIONAL, INC.

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

<PAGE>

                                  SCHEDULE "A"
                                LIST OF LENDERS

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

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

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

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

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

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

4.    Art Kleinstein
      305 Madison
      Denver, Colorado
      80206

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

<PAGE>

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

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

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

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

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

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

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

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

<PAGE>

                                  SCHEDULE "B"
               ADDITIONAL PLACES WHERE COLLATERAL MAY BE LOCATED

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

<PAGE>

                                   SCHEDULE"C"

                               LIST OF AGREEMENTS

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

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

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

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

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

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

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

<PAGE>

                                  SCHEDULE "D"
                                 OTHER LENDERS

                        VISUAL BIBLE INTERNATIONAL, INC.

                               DEBENTURE FINANCING

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

PURPOSE - THE GOSPEL OF JOHN

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

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

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

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

                                                                   EXHIBIT 4.18

================================================================================

                              SECURITY AGREEMENT

                                 BY AND AMONG

                       VISUAL BIBLE INTERNATIONAL, INC.

                                      AND

                    THE DEBENTURE HOLDERS SIGNATORY HERETO

                               DECEMBER 24, 2002

================================================================================

<PAGE>

                                                                   EXHIBIT 4.18

      SECURITY AGREEMENT (the "Agreement"), dated as of December 24, 2002, by
and among VISUAL BIBLE INTERNATIONAL, INC., a Florida Corporation (the
"Debtor"), and the securityholders signatory hereto (each, a "Secured Party"
and collectively, the "Secured Parties").

      A.    Each Secured Party has executed a subscription agreement (each, a
"Subscription Agreement") for the purchase of Units (as defined therein)
consisting of certain debentures of the Company, shares of Common Stock (as
defined below) and warrants to purchase Common Stock.  This Agreement is being
executed in connection with the purchase of the Units.

      B.    Capitalized terms used herein but not otherwise defined shall have
the meanings ascribed to them in the Subscription Agreement.

      In consideration of the parties mutual covenants and agreements contained
herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree
as follows:

SECTION 1.  DEFINED TERMS

            1.1 Definitions. (a) The following terms which are defined in the
Uniform Commercial Code in effect in the State of New York on the date hereof
are used herein as so defined: "Accounts", "Certificated Security", "Chattel
Paper", "Commercial Tort Claim", "Deposit Account", "Document", "Electronic
Chattel Paper", "Equipment", "Fixture", "General Intangible", "Goods",
"Instrument", "Inventory", "Investment Property", "Letter-of-Credit Right",
"Payment Intangible", "Proceeds" or "Security Accounts".

            (b) The following terms shall have the following meanings:

            "Debtor Obligations" means the collective reference to the unpaid
      principal of and interest on the Debentures and all other obligations and
      liabilities of the Debtor to each Secured Party, whether direct or
      indirect, absolute or contingent, due or to become due, or now existing
      or hereafter incurred, which may arise under, out of, or in connection
      with, the Debentures or the Subscription Agreement, this Agreement, or
      any other document made, delivered or given in connection therewith, in
      each case whether on account of principal, interest, reimbursement
      obligations, fees, indemnities, costs, expenses or otherwise.

            "Code" means the Uniform Commercial Code as from time to time in
      effect in the State of New York.

            "Collateral" is defined in Section 2.1.

            "Liens" means in respect of  property or assets, any mortgage,
      pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien
      (statutory or other), preference, priority or other security agreement or
      preferential arrangement of any kind or nature whatsoever (including,
      without limitation, any conditional sale or other title retention
      agreement, any financing lease having substantially the same economic
      effect as any of the foregoing, and the filing of any financing statement
      under the Code or comparable law of any jurisdiction in respect of any of
      the foregoing).

            "Person" means any individual, corporation , partnership, limited
      liability company, joint venture, trust, unincorporated organization,
      other form of business or legal entity or government authority.

<PAGE>

            "Securities Act" means the Securities Act of 1933, as amended.

SECTION 2.  GRANT OF SECURITY INTEREST

            2.1 Collateral.  As collateral security for the prompt and complete
payment and performance when due (whether at the stated maturity by
acceleration or otherwise) of the Debtor Obligations, the Debtor hereby
assigns, mortgages, pledges, hypothecates, transfers and sets over to the
Secured Parties, grants a continuing security interest (the "Security
Interest") to the Secured Parties on all properties and assets of the Debtor
described herein and in all properties and assets in which such Debtor at any
time in the future may acquire any right, title or interest, including, without
limitation, the following (collectively, the "Collateral"):

            (a) all Accounts, including, but not limited to, all accounts
receivable;

            (b) all Chattel Paper and Electronic Chattel Paper, both tangible
and intangible;

            (c) all Inventory;

            (d) all Equipment;

            (e) all Fixtures;

            (f) all other Goods (not included in Sections 2.3 through 2.5
above);

            (g) all Instruments, including promissory notes;

            (h) all Certificated Securities;

            (i) all Investment Property;

            (j) all Documents;

            (k) all Deposit Accounts;

            (l) the Commercial Tort Claims set forth in Schedule 2.11 hereto;

            (m) all Letter-of-Credit Rights;

            (n) any and all rights, title and interests in any partnership,
including, but not limited to, those partnership interests set forth on
Schedule 2.13 hereto;

            (o) the following intellectual property (collectively, the
"Intellectual Property"):

                  (i)   all United States, international and foreign patents,
            patent applications and statutory invention registrations, together
            with all reissues, divisions, continuations, continuations-in-part,
            extensions and reexaminations thereof, all inventions therein, all
            rights therein provided by international treaties or conventions
            and all improvements thereto, and all other rights of any kind
            whatsoever of Debtor accruing thereunder or pertaining thereto (the
            "Patents");

                  (ii)  all trademarks (including, without limitation, service
            marks), certification marks, collective marks -- and all goodwill
            residing in and identified by said marks --

                                       2
<PAGE>

            trade dress, logos, domain names, product configurations, trade
            names, business names, corporate names and other source identifiers,
            whether or not registered, whether currently in use or not, and all
            other marks registered in the U.S. Patent and Trademark Office or in
            any office or agency of any State or Territory of the United States
            or any foreign country and all rights therein provided by
            international treaties or conventions, all reissues, extensions and
            renewals of any of the foregoing, together in each case with the
            goodwill of the business connected therewith and symbolized thereby,
            and all rights corresponding thereto throughout the world and all
            other rights of any kind whatsoever of Debtor accruing thereunder or
            pertaining thereto (the "Trademarks");

                  (iii) all copyrights, copyright applications, copyright
            registrations and like protections in each work of authorship,
            whether statutory or common law, whether published or unpublished,
            any renewals or extensions thereof, all copyrights of works based
            on, incorporated in, derived from, or relating to works covered by
            such copyrights, together with all rights corresponding thereto
            throughout the world and all other rights of any kind whatsoever of
            such accruing thereunder or pertaining thereto (the "Copyrights");

                  (iv)  all of Debtor's confidential and proprietary
            information, including, without limitation, know-how, trade
            secrets, manufacturing and production processes and techniques,
            inventions, research and development information, technical data,
            financial, marketing and business data, pricing and cost
            information, business and marketing plans and customer and supplier
            lists and information (the "Trade Secrets");

                  (v)   all of Debtor's computer software programs and
            databases (including, without limitation, source code, object code
            and all related applications and data files), firmware, and
            documentation and materials relating thereto, and all rights with
            respect to the foregoing, together with any and all options,
            warranties, service contracts, program services, test rights,
            maintenance rights, improvement rights, renewal rights and
            indemnifications and any substitutions, replacements, additions or
            model conversions of any of the foregoing (the "Computer
            Software");

                  (vi)  all of Debtor's license agreements, permits,
            authorizations and franchises, whether with respect to the Patents,
            Trademarks, Copyrights, Trade Secrets or Computer Software, or with
            respect to the patents, trademarks, copyrights, trade secrets,
            computer software or other proprietary right of any other Person,
            and all income, royalties and other payments now or hereafter due
            and/or payable with respect thereto, subject, in each case, to the
            terms of such license agreements, permits, authorizations and
            franchises, (the "Licenses");

                  (vii) any and all of Debtor's claims for damages for past,
            present and future infringement, misappropriation or breach with
            respect to the Patents, Trademarks, Copyrights, Trade Secrets,
            Computer Software or Licenses, with the right, but not the
            obligation, to sue for and collect, or otherwise recover, such
            damages;

            (p) any and all other General Intangibles, including Payment
Intangibles;

            (q) any other tangible or intangible property not included in the
property set forth above;

            (r) all other rights appurtenant to the property described above;
and

                                       3
<PAGE>

            (s) all cash and noncash Proceeds of any and all of the foregoing.

            2.2 Excluded Collateral.  Notwithstanding the provisions of Section
2.1, the grant of security interest provided for therein shall not extend to,
and the term "Collateral" shall not include, any assets listed on Schedule 2.2
attached hereto.

SECTION 3.  [INTENTIONALLY OMITTED]

SECTION 4.  COVENANTS

            The Debtor covenants and agrees with the Secured Parties that, from
and after the date of this Agreement, until this Agreement is terminated and
the security interests created hereby are released:

            4.1 Delivery of Instruments and Chattel Paper.  If any amount
payable under or in connection with any of the Collateral shall be or become
evidenced by any Instrument or Chattel Paper, such Instrument or Chattel Paper
shall be immediately delivered to the Secured Parties, duly indorsed in a
manner satisfactory to the Secured Parties holding a majority in aggregate
principal amount of the outstanding Debentures (the "Majority Holders", to be
held as Collateral pursuant to this Agreement.

            4.2 Maintenance of Insurance. (a) Debtor will maintain, with
financially sound and reputable companies, insurance policies (i) insuring the
Inventory and Equipment owned by such Debtor against loss by fire, explosion,
theft and such other casualties as may be reasonably satisfactory to the
Majority Holders and (ii) insuring the Debtor, against liability for personal
injury and property damage relating to such Inventory and Equipment owned by
the Debtor, such policies to be in such form and amounts and having such
coverage as may be reasonably satisfactory to the Majority Holders.

            (b) Debtor shall deliver to the Secured Parties copies of, or
certificates of the issuing companies with respect to, endorsements of any and
all policies of insurance owned by Debtor as described in preceding subsection
(a), naming the Secured Parties as a loss payee and each Secured Party as an
additional insured and indicating that the policy will not be terminated or
amended without at least thirty (30) days' prior written notice from the
insurer to the Majority Holders.

            (c) As further security for the due payment and performance of the
Debtor Obligations, the Debtor hereby assigns to the Secured Parties all sums
which may become payable under or in respect of any policy of insurance owned
by such Debtor covering or in any manner relating to the Collateral, and the
Debtor hereby directs each insurance company issuing any such policy to make
payment of such sums directly to the Secured Parties.  Debtor hereby appoints
the as Debtor's attorney-in-fact (to act through a representative chosen by the
Majority Holders (such representative, the "Majority Representative") and in
Debtor's or in the Secured Parties' name to do one or more of the following:
(i) endorse any check or draft representing any such payment or execute any
proof of claim, subrogation receipt or any other document required by such
insurance company as a condition to or otherwise in connection with such
payment; or (ii) assign any such policies.  All such sums received by the
Secured Parties shall be applied by the Secured Parties to satisfaction of the
Debtor Obligations or, to the extent that such sums represent unearned premiums
in respect of any policy of insurance on the Collateral refunded by reason of
cancellation, toward payment for similar insurance protecting the respective
interests of Debtor and the Secured Parties, or as otherwise required by
applicable law, and to the extent not so applied shall be paid over to Debtor.

            (d) The Debtor shall deliver to the Secured Parties a report of a
reputable insurance broker with respect to such insurance as the Secured
Parties may from time to time reasonably request.

                                       4
<PAGE>

            4.3 Maintenance of Perfected Security Interest, Further
Documentation. (a) Debtor argues that it shall use its best efforts to perfect
(including, without limitation, preparing and filing any required financing
statements and delivering to the Secured Parties (or their representative) such
Collateral as may only be perfected by possession) the security interest in the
Collateral created by this Agreement within ten (10) days of the date hereof.
Debtor shall maintain the security interest created by this Agreement as a
perfected security interest and shall defend such security interest against the
claims and demands of all Persons whomsoever.

            (b) At any time and from time to time, upon the written request of
the Secured Parties, and at the sole expense of the Debtor, the Debtor will
promptly and duly execute and deliver such further instruments and documents
and take such further actions as the Secured Parties may reasonably request for
the purpose of obtaining or preserving the full benefits of this Agreement and
of the rights and powers herein granted, including, without limitation, the
filing of any financing or continuation statements under the Uniform Commercial
Code in effect in any jurisdiction with respect to the security interests
created hereby.

            (c) The Security Interest granted hereunder shall upon completion of
all required filings and registrations rank pari passu with all of the security
interests of the Debtor granted to secure advances made by those persons
providing production and pre-launch marketing credit facilities in connection
with the film adaptation by the Debtor of the Gospel of John as described on
Schedule 4.4(c) hereto, provided that the principal amount of such credit
facilities, together with the principal amount of the Debtor Obligations, shall
not exceed in the aggregate the amount of U.S. $11,000,000, and shall rank
prior to all other security interests granted by the Debtor in the Collateral.

            4.4 Change of Name; Identity; Corporate Structure; or Chief
Executive Office Location of Inventory and Equipment.  Debtor will not change
its name, identity, corporate structure (including, without limitation, its
jurisdiction of formation) or the location of its chief executive office or
location of its Inventory or Equipment without (i) giving the Secured Parties
at least thirty (30) days' prior written notice clearly describing such new
name, identity, corporate structure or new location and providing such other
information in connection therewith as the Majority Holders may request, and
(ii) taking all action satisfactory to the Majority Holders as they may
reasonably request to maintain the security interest of the Secured Parties in
the Collateral intended to be granted hereby at all times fully perfected with
the same or better priority and in full force and effect.

            4.5 Maintain Records.  Debtor will keep and maintain at its own cost
and expense satisfactory and complete records of the Collateral.

            4.6 Right of Inspection. Debtor shall ensure that any one or more
representatives, agents and advisers of Secured Parties will, on reasonable
grounds and with reasonable prior notice (but not more often than once during
each financial year of Debtor unless the Majority Holders reasonably believes
that an Event of Default has occurred), be allowed to have access to the
assets, books, records and premises of Debtor and to inspect the same during
normal business hours (at the expense of Debtor or its agent).

            4.7 Payment of Obligations. Debtor will pay promptly when due all
taxes, assessments and governmental charges or levies imposed upon the
Collateral, as well as all claims of any kind (including, without limitation,
claims for labor, materials, supplies and services) against or with respect to
the Collateral, except that no such charge need be paid if (i) the validity
thereof is being contested in good faith by appropriate proceedings, (ii) such
proceedings do not involve, in the sole reasonable opinion of the Majority
Holders, any material danger for the sale, forfeiture or loss of any of

                                       5
<PAGE>

the Collateral or any interest therein and (iii) such charge is adequately
reserved against on the Debtor's books in accordance with generally accepted
accounting principles.

            4.8 Disposition of Collateral. Debtor shall not be entitled to sell
or otherwise dispose of any of the Collateral except for the sale of Inventory
and the collection of Accounts in the ordinary course of the Company's
business; provided, however, that at any time that there is an Event of Default
(as defined herein) outstanding, Debtor shall not be entitled to sell or other
dispose of Inventory or collect Accounts.

SECTION 5.  REMEDIES

            5.1 Default.  The Security Interest shall become enforceable, and
the Secured Parties shall be entitled to exercise the remedies set forth in
this Section 5 immediately upon the occurrence of a material breach of any of
the covenants contained in this Agreement or a default or event of default (as
defined in either (a) a material breach of any of the covenants set out herein
following (i) receipt by the Debtor of written notice of such material breach
from the Secured Parties (which notice shall include reasonable particulars of
such breach), and (ii) the expiration of a ten (10) day cure period during
which the Debtor has failed to remedy such breach, or (b) a default or event of
default (as defined in either of the Debenture or in the Subscription
Agreement); provided that all required notices of default have been provided to
the Debtor; and provided further that all applicable cure periods with respect
to such default have expired and the Debtor has not remedied such default prior
to the expiration thereof) (each, an "Event of Default").  Each Secured Party
shall be entitled to receive its pro-rata share (based upon the percentage that
such Secured Party's aggregate principal advances to the Debtor represent of
the total aggregate principal advances by all of the Secured Parties to the
Debtor) of all proceeds received as a result of the enforcement of the Security
Interest.

            5.2 Control of Remedies.  Any of the remedies set forth in this
Section 5 shall be controlled by the Majority Holders and the determination of
the Majority Holders shall be binding upon other Secured Parties.

            5.3 Rights and Remedies Generally.  If an Event of Default shall
occur and be continuing, then and in every such case, each Secured Party shall
have all the rights of a secured party under the Code, shall have all rights
now or hereafter existing under all other applicable laws, and, subject to any
mandatory requirements of applicable law then in effect, shall have all the
rights set forth in the Debenture, the Subscription Agreement, this Security
Agreement and any other agreements related thereto and all the rights set forth
with respect to the Collateral in any other security agreement between the
parties.

            5.4 Assembly of Collateral.  If an Event of Default shall occur and
be continuing, upon reasonable notice to Debtor, Debtor shall, at its own
expense, assemble the Collateral (or from time to time any portion thereof) and
make the Collateral available to the Secured Parties at any place or places
designated by the Majority Holders.

            5.5 Disposition of Collateral.  The Majority Holders will give
Debtor reasonable notice of the time and place of any public sale of the
Collateral or any part thereof or of the time after which any private sale or
any other intended disposition thereof is to be made.  Debtor agrees that the
requirements of reasonable notice to it shall be met if such notice is mailed,
postage prepaid at least ten (10) days before the time of any public sale or
after which any private sale may be made.

            5.6 Notification to Account Debtors and Other Persons Obligated on
Collateral.  If an Event of Default shall have occurred and be continuing,
Debtor shall, at the request of the Majority

                                       6
<PAGE>

Holders, notify account debtors and other persons obligated on any of the
Collateral of the security interest of the Secured Party in any Account, Chattel
Paper, General Intangible, Instrument or other Collateral and that payment
thereof is to be made directly to the Secured Parties or to any financial
institution designated by the Majority Holders as the Secured Parties' agent
therefor, and the Majority Holders may themselves, if an Event of Default shall
have occurred and be continuing, without notice to or demand upon Debtor, so
notify account debtors and other persons obligated on Collateral. After the
making of such a request or the giving of any such notification, Debtor shall
hold any proceeds of collection of Accounts, Chattel Paper, General Intangibles,
Instruments and other Collateral received by Debtor as trustee for the Secured
Parties without commingling the same with other funds of Debtor and shall turn
the same over to the Secured Parties in the identical form received, together
with any necessary endorsements or assignments. The Secured Parties shall apply
the proceeds of collection of Accounts, Chattel Paper, General Intangibles,
Instruments and other Collateral received by the Secured Parties to the
Liabilities.

            5.7 Recourse. Debtor shall remain liable for any deficiency if the
proceeds of any sale or other disposition of the Collateral are insufficient to
satisfy the Debtor Obligations.  Debtor shall also be liable for all reasonable
expenses of the Secured Parties incurred in connection with collecting such
deficiency, including, without limitation, the reasonable fees and
disbursements of any outside attorneys employed by the Secured Parties to
collect such deficiency. The Secured Parties shall promptly return to Debtor
any proceeds of any sale or other disposition of the Collateral in excess of
the Liabilities and any reimbursable expenses incurred in connection with the
satisfaction thereof.

            5.8 Expenses; Attorneys Fees.  Debtor shall reimburse the Secured
Parties for all their reasonable expenses in connection with the exercise of
its rights hereunder, including, without limitation, all reasonable outside
attorneys' fees and legal expenses incurred by the Secured Parties.  All such
expenses shall be secured hereby.

            5.9 Limitation.  Notwithstanding anything herein to the contrary,
any action permitted by the Subscription Agreement or Debenture shall not be
deemed a breach of this Agreement.

SECTION 6.  MISCELLANEOUS

            6.1 Successors and Assigns.  Except as otherwise provided in this
Agreement, the terms and conditions of this Agreement shall inure to the
benefit of and be binding upon the respective permitted successors and assigns
of the parties.  Nothing in this Agreement, express or implied, is intended to
confer upon any party other than the parties hereto or their respective
successors and assigns any rights, remedies, obligations, or liabilities under
or by reason of this Agreement, except as expressly provided in this Agreement.

            6.2 Amendments and Waivers.  This Agreement may be supplemented or
amended only by a subsequent writing signed by each of the parties hereto (or
their successors or permitted assigns), and any provision hereof may be waived
only by a written instrument signed by the party charged therewith.

            6.3 Notices.  Unless otherwise provided, any notice required or
permitted by this Agreement shall be in writing and shall be deemed sufficient
upon delivery, when delivered personally or by overnight courier or sent by
telegram or fax, or forty-eight (48) hours after being deposited in the United
States mail as certified or registered mail with postage prepaid, and addressed
to the party to be notified at such party's address as set forth as set forth
in the Subscription Agreement or as subsequently modified by written notice.

                                       7
<PAGE>

            6.4 Severability.  If one or more provisions of this Agreement are
held to be unenforceable under applicable law, such provision shall be
automatically reformed so as to be enforceable while as nearly as possible
preserving the original intent of the parties.

            6.5 GOVERNING LAW.  THIS AGREEMENT SHALL BE GOVERNED, CONSTRUED AND
ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING
EFFECT TO ITS CONFLICTS OF LAWS, RULES OR PRINCIPLES.

            6.6 JURISDICTION AND VENUE.  ANY SUIT, ACTION OR PROCEEDING WITH
RESPECT TO THIS AGREEMENT SHALL BE BROUGHT IN THE COURTS OF NEW YORK COUNTY IN
THE STATE OF NEW YORK OR IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN
DISTRICT OF NEW YORK. THE PARTIESHEREBY ACCEPT THE EXCLUSIVE JURISDICTION OF
THOSE COURTS FOR THE PURPOSE OF ANY SUCH SUIT, ACTION OR PROCEEDING. THE
PARTIES HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY
OBJECTION THAT ANY OF THEM MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF
ANY SUIT, ACTION OR PROCEEDING RISING OUT OF OR RELATING TO THIS SUBSCRIPTION
AGREEMENT OR ANY JUDGMENT ENTERED BY ANY COURT IN RESPECT THEREOF BROUGHT IN
ANY OF THE ABOVE DESCRIBED COURTS AND HEREBY FURTHER IRREVOCABLY WAIVE ANY
CLAIM THAT ANY SUIT, ACTION OR PROCEEDING BROUGHT IN NEW YORK COUNTY, NEW YORK,
HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. THE PARTIES, FURTHER, CONSENT TO
SERVICE OF PROCESS IN ANY SUCH ACTION OR LEGAL PROCEEDING BY MEANS OF
REGISTERED MAIL OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, IN CARE OF THE
ADDRESS SET FORTH HEREIN OR SUCH OTHER ADDRESS AS EITHER PARTY MAY FURNISH IN
WRITING TO THE OTHER, PROVIDED PROCESS IS ACTUALLY RECEIVED.

            6.7 Entire Agreement.  This Agreement and the other documents,
instruments and agreements executed in connection herewith constitute the
entire agreement by, between and among the parties as to the subject matter
hereof and merges and supersedes any prior discussions, understandings and
agreements of any and every nature by, between and among them as to the subject
matter hereof.

            6.8 Additional Parties.  The parties hereto agree that subsequent
Persons who purchase Units by executing a Subscription Agreement shall, upon
execution of a counterpart signature page hereto, be added as a party to this
Agreement and have all rights and privileges of the "Investors" and be subject
and bound by all the terms and conditions hereof as if such subsequent party
was one of the Investors on the date hereof.

            6.9 Sections and Headings.  The sections and headings used in this
Agreement are used for convenience only and are not to be considered in
construing or interpreting this Agreement.

            6.10 Counterparts.  This Agreement may be executed in counterparts
and each such counterpart shall for all purposes be deemed to be an original,
and all such counterparts shall together constitute but one and the same
instrument.

                          [Signature Pages to Follow]

                                       8
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have duly executed this Security
Agreement as of the date first written above.

                                              VISUAL BIBLE INTERNATIONAL, INC.,
                                              as Debtor
                                              _________________________________
                                              By:
                                              Title:

[US Security Agreement]

<PAGE>

                                         SECURED PARTY:
                                         RED BROOK DEVELOPMENTS LIMITED

                                         _____________________________________
                                         By:
                                         Title:

[US Security Agreement]

<PAGE>

                                         SECURED PARTY:
                                         RUTH REISMAN LIMITED

                                         _____________________________________
                                         By:        Ruth Reisman
                                         Title:

[US Security Agreement]

<PAGE>

                                         SECURED PARTY:
                                         AUGUSTA HOLDING INC.

                                         _____________________________________
                                         By:
                                         Title:

[US Security Agreement]

<PAGE>

                                         SECURED PARTY:
                                         ART KLEINSTEIN

                                         _____________________________________

[US Security Agreement]

<PAGE>

                                         SECURED PARTY:
                                         BEVERLY REISMAN

                                         _____________________________________

[US Security Agreement]

<PAGE>

                                         SECURED PARTY:
                                         ZIVOJIN MAZNIC

                                         _____________________________________

[US Security Agreement]

<PAGE>

                                         SECURED PARTY:
                                         RONALD PROSSERMAN

                                         _____________________________________

[US Security Agreement]

<PAGE>

                                         SECURED PARTY:
                                         GEORGE STEELS

                                         _____________________________________

[US Security Agreement]

<PAGE>

                                 SCHEDULE 2.2
                              LIST OF AGREEMENTS

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

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

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

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

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

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

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

[US Security Agreement]

<PAGE>

                                SCHEDULE 4.4(c)
                                 OTHER LENDERS

                       VISUAL BIBLE INTERNATIONAL, INC.

                              DEBENTURE FINANCING

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

PURPOSE - THE GOSPEL OF JOHN

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

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

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

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

[US Security Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00081-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00081-of-00352.parquet"}]]