Document:

10.7

    EXHIBIT
      10.7

     

    MASTER
      SECURITY AGREEMENT

     

    
      	
              To:

            	
              Laurus
                Master Fund, Ltd.

            

    

    c/o
      M&C Corporate Services Limited

    P.O.
      Box
      309 GT

    Ugland
      House

    South
      Church Street

    George
      Town

    Grand
      Cayman, Cayman Islands

     

    
      	Date:	
              December
                31, 2005

            

    

     

    To
      Whom
      It May Concern:

     

    1.  Defined
      Terms:

     

    Any
      reference herein to “Collateral”
shall,
      unless the context otherwise requires, be deemed a reference to “Collateral or
      any part thereof”. As pertaining only to each company party hereto organized
      under the laws of a State of the United States, all items of Collateral which
      are defined in the Uniform Commercial Code as the same may, from time to time,
      be in effect in the State of organization of such company shall have the
      meanings set forth in such Uniform Commercial Code. The term “Proceeds”,
      whenever used herein shall, by way of example, include trade-ins, equipment,
      money, bank accounts, notes, chattel paper, goods, contracts rights, accounts
      and any other personal property or obligation received when such Collateral
      or
      Proceeds are sold, exchanged, collected or otherwise disposed of or dealt
      with.

     

    2.  To
      secure
      the payment of all Obligations (as hereafter defined), Creative Vistas, Inc.,
      an
      Arizona Corporation, Iview Digital Video Solutions Inc., a Canadian corporation,
      Cancable Holding Corp., a Delaware corporation, Cancable Inc., an Ontario
      corporation, Cancable, Inc., a Nevada corporation, A.C. Technical Systems Ltd.,
      an Ontario Corporation, Creative Vistas Acquisition Corp., an Ontario
      Corporation, and each other entity (other than Laurus Master Fund, Ltd.
      (“Laurus”))
      that
      is required to enter into this Master Security Agreement (each an “Assignor”
and,
      collectively, the “Assignors”)
      hereby
      assigns and grants to Laurus a continuing security interest in all of the
      following property now owned or at any time hereafter acquired by any Assignor,
      or in which any Assignor now have or at any time in the future may acquire
      any
      right, title or interest (the “Collateral”):
      all
      cash, cash equivalents, accounts (including, for greater certainty, all blocked
      accounts, collection accounts, lockboxes and other restricted accounts),
      accounts receivable, deposit accounts, inventory, equipment, goods, documents
      of
      title, instruments (including, without limitation, promissory notes), contract
      rights, commercial tort claims set forth on Schedule B to this Master Security
      Agreement, general intangibles (including, without limitation, payment
      intangibles and an absolute right to license on terms no less favorable than
      those current in effect among Assignors’ affiliates), supporting obligations,
      chattel paper, investment property (including, without limitation, all
      partnership interests, limited liability company membership interests and all
      other equity interests owned by any Assignor), letter of credit rights,
      trademarks, trademark applications, tradestyles, patents, patent applications,
      copyrights, copyright applications and other intellectual property in which
      any
      Assignor now have or hereafter may acquire any right, title or
      interest, all
      Proceeds and products thereof (including, without limitation, proceeds of
      insurance) and all additions, accessions and substitutions thereto or therefore.
      In the event any Assignor wishes to finance an acquisition in the ordinary
      course of business of any hereafter acquired equipment and have obtained a
      commitment from a financing source to finance such equipment from an unrelated
      third party, Laurus agrees to release its security interest on such hereafter
      acquired equipment so financed by such third party financing source. Except
      as
      otherwise defined herein, all capitalized terms used herein shall have the
      meaning provided such terms in the Securities Purchase Agreement referred to
      below.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    3.  The
      term
“Obligations”
as
      used
      herein shall mean and include all debts, liabilities and obligations owing
      by
      each Assignor to Laurus arising under, out of, or in connection with:
      (i) that certain Securities Purchase Agreement dated as of the date hereof
      by and between Cancable Holding Corp., Cancable Inc. and Laurus (the
“Securities
      Purchase Agreement”)
      and
      (ii) the Related Agreements referred to in the Securities Purchase
      Agreement, (as each may be amended, modified, restated or supplemented from
      time
      to time, are collectively referred to herein as the “Documents”)
      and in
      connection with any documents, instruments or agreements relating to or executed
      in connection with the Documents or any documents, instruments or agreements
      referred to therein or otherwise, and in connection with any other indebtedness,
      obligations or liabilities of any Assignor to Laurus, whether now existing
      or
      hereafter arising, direct or indirect, liquidated or unliquidated, absolute
      or
      contingent, due or not due and whether under, pursuant to or evidenced by a
      note, agreement, guaranty, instrument or otherwise, in each case, irrespective
      of the genuineness, validity, regularity or enforceability of such Obligations,
      or of any instrument evidencing any of the Obligations or of any collateral
      therefor or of the existence or extent of such collateral, and irrespective
      of
      the allowability, allowance or disallowance of any or all of the Obligations,
      in
      any case commenced by or against any Assignor under Title 11, United States
      Code, the Bankruptcy
      and Insolvency Act
      (Canada)
      and the Companies’
      Creditors Arrangement Act,
      including, without limitation, obligations or indebtedness of the Company and
      each Assignor for post-petition interest, fees, costs and charges that would
      have accrued or been added to the Obligations but for the commencement of such
      case.

     

    4.  The
      Assignors acknowledge and agree that: (i) value has been given, or will be
      given upon the making of payment under the Securities Purchase Agreement by
      Laurus; (ii) the Assignors have rights in the Collateral; and
      (iii) the Assignors and Laurus have not agreed to postpone the time for
      attachment of the security interest granted hereunder which shall attach upon
      the execution of this Master Security Agreement and, in the case of Collateral
      acquired after the date hereof, when such Assignor has rights
      therein.

     

    5.  Each
      Assignor hereby jointly and severally represents, warrants and covenants to
      Laurus that:

     

    (a)  it
      is a
      corporation, partnership or limited liability company, as the case may be,
      validly existing, in good standing and organized under the respective laws
      of
      its jurisdiction of organization set forth on Schedule A, and each Assignor
      will
      provide Laurus thirty (30) days’ prior written notice of any change in any of
      its respective jurisdiction of organization;

     

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

     

    (b)  its
      legal
      name is as set forth in its respective Certificate of Incorporation or other
      organizational document (as applicable) as amended through the date hereof
      and
      as set forth on Schedule A, and it will provide Laurus thirty (30) days’ prior
      written notice of any change in its legal name;

     

    (c)  its
      organizational corporate identification number (if applicable) is as set forth
      on Schedule A hereto, and it will provide Laurus thirty (30) days’ prior written
      notice of any change in any of its organizational identification
      number;

     

    (d)  it
      is the
      lawful owner of its respective Collateral and it has the sole right to grant
      a
      security interest therein and will defend the Collateral against all claims
      and
      demands of all persons and entities;

     

    (e)  it
      will
      keep its respective Collateral free and clear of all attachments, levies, taxes,
      liens, security interests and encumbrances of every kind and nature
      (“Encumbrances”),
      except (i) Encumbrances securing the Obligations, (ii) to the extent
      said Encumbrance does not secure indebtedness in excess of US$250,000 and such
      Encumbrance is removed or otherwise released within ten (10) days of the
      creation thereof, and (iii) Encumbrances set forth on Schedule 4.9 of the
      Securities Purchase Agreement;

     

    (f)  it
      will,
      at its and the other Assignors joint and several cost and expense keep the
      Collateral in good state of repair (ordinary wear and tear excepted) and will
      not waste or destroy the same or any part thereof other than ordinary course
      discarding of items no longer used or useful in its or such other Assignors’
business;

     

    (g)  it
      will
      not without Laurus’ prior written consent, sell, exchange, lease or otherwise
      dispose of the Collateral, whether by sale, lease or otherwise, except in the
      ordinary course of business and for the disposition or transfer in the ordinary
      course of business during any fiscal year of obsolete and worn-out equipment
      or
      equipment no longer necessary for its ongoing needs, or equipment that is
      replaced by more economical or functional equipment having an aggregate fair
      market value of not more than US$400,000 and only to the extent
      that:

     

    (i)  the
      Proceeds of any such disposition are used to acquire replacement Collateral
      which is subject to Laurus’ first priority perfected security interest, or are
      used to repay Obligations or to pay general corporate expenses; and

     

    (ii)  following
      the occurrence of an Event of Default which continues to exist the proceeds
      of
      which are remitted to Laurus to be held as cash collateral for the
      Obligations;

     

    (h)  it
      will
      insure or cause the Collateral to be insured against loss or damage by fire,
      theft, burglary, pilferage, loss in transit and such other hazards as Laurus
      shall specify in amounts and under policies by insurers acceptable to Laurus.
      Laurus shall either be named as loss payee or additional insured as its interest
      may appear in all of the Assignors’ policies of insurance. Each insurance policy
      shall include an endorsement whereby the insurers agree to give Laurus not
      less
      than thirty (30) days notice of the cancellation of the policy of insurance
      and
      permit Laurus to cure any default which may exist under the policy. All premiums
      on each Assignor’s insurance policies shall be paid by such Assignor and the
      policies shall be delivered to Laurus. If any such Assignor fails to do so,
      Laurus may procure such insurance and the cost thereof shall be promptly
      reimbursed by the Assignors, jointly and severally, and shall constitute
      Obligations;

     

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

     

    (i)  it
      will,
      acting reasonably prior to an Event of Default, at all reasonable times allow
      Laurus or Laurus’ representatives free access to and the right of inspection of
      the Collateral upon 24 hours notice; and

     

    (j)  such
      Assignor (jointly and severally with each other Assignor) hereby indemnifies
      and
      saves Laurus harmless from all loss, costs, damage, liability and/or expense,
      including reasonable legal fees, that Laurus may sustain or incur to enforce
      payment, performance or fulfillment of any of the Obligations and/or in the
      enforcement of this Master Security Agreement or in the prosecution or defense
      of any action or proceeding either against Laurus or any Assignor concerning
      any
      matter growing out of or in connection with this Master Security Agreement,
      and/or any of the Obligations and/or any of the Collateral except to the extent
      caused by Laurus’ own gross negligence or willful misconduct (as determined by a
      court of competent jurisdiction in a final and nonappealable decision);
      and

     

    (k)  all
      commercial tort claims (as defined in the Uniform Commercial Code as in effect
      in the State of New York) held by any Assignor are set forth on Schedule B
      to
      this Master Security Agreement; each Assignor hereby agrees that it shall
      promptly, and in any event within five (5) Business Days after the same is
      acquired by it, notify Laurus of any commercial tort claim acquired by it and
      unless otherwise consented to in writing by Laurus, it shall enter into a
      supplement to this Master Security Agreement granting to Laurus a security
      interest in such commercial tort claim, securing the Obligations.

     

    6.  The
      occurrence of any “Event
      of Default”
under
      and as defined in the Note which shall have occurred and be continuing beyond
      any applicable cure period, shall constitute an Event of Default under this
      Master Security Agreement.

     

    7.  Upon
      the
      occurrence of any Event of Default and at any time thereafter, Laurus may
      declare all Obligations immediately due and payable. To the extent applicable,
      both before and after the occurrence of an Event of Default, Laurus shall have
      all rights and remedies of a secured party under the Personal
      Property Security Act
      (Ontario) (as amended from time to time, which Act, including amendments thereto
      and any Act substituted therefore and amendment thereto, is herein referred
      to
      as the “PPSA”),
      the
      Uniform Commercial Code (as in effect in the State of New York, or, if by reason
      of mandatory provisions of law, any or all of the rights and remedies with
      respect to, Laurus' security interest in any Collateral is governed by the
      Uniform Commercial Code as in effect in a jurisdiction other than the State
      of
      New York, as in effect in such other jurisdiction) this Agreement and other
      applicable law. Upon the occurrence of any Event of Default and at any time
      thereafter, Laurus will have the right to take possession of, collect, demand,
      sue on, enforce, recover and receive the Collateral and give valid and binding
      receipts and discharges therefore and in respect thereof. Laurus will also
      have
      the right to maintain possession of the Collateral on each Assignor’s premises
      or to remove the Collateral or any part thereof to such other premises as Laurus
      may desire. Upon Laurus’ request, after the occurrence of any Event of Default,
      each of the Assignors shall assemble or cause the Collateral to be assembled
      and
      make it available to Laurus at a place designated by Laurus. If any notification
      of intended disposition of any Collateral is required by law, such notification,
      if mailed, shall be deemed commercially reasonable if mailed at least ten (10)
      days before such disposition, postage prepaid, addressed to any Assignor either
      at such Assignor’s address shown herein or at any address appearing on Laurus’
records for such Assignor. Any proceeds of any disposition of any of the
      Collateral shall be applied by Laurus to the payment of all expenses in
      connection with the sale of the Collateral, including operating any Assignor’s
      accounts, preparing and enforcing this Agreement, taking and maintaining custody
      of, preserving, repairing, possessing, preparing for disposition and disposing
      of Collateral and in enforcing or collecting indebtedness and all such costs,
      charges and expenses, including reasonable legal fees, expenses and
      disbursements and any balance of such proceeds may be applied by Laurus toward
      the payment of the Obligations in such order of application as Laurus may elect,
      and each Assignor shall be liable for any deficiency. The parties hereto each
      hereby agree that the exercise by any party hereto of any right granted to
      it or
      the exercise by any party hereto of any remedy available to it (including,
      without limitation, the issuance of a notice of redemption, a borrowing request
      and/or a notice of default), in each case, hereunder and under each Document
      which has been publicly filed with the SEC shall not constitute confidential
      information and no party shall have any duty to the other party to maintain
      such
      information as confidential.

     

    
      
         

      

      
        -4-

        
          

        

      

      
         

      

    

     

    8.  Upon
      the
      occurrence of and during the continuance of any Event of Default, Laurus may
      appoint or reappoint by instrument in writing, any person or persons, whether
      an
      officer or officers or an employee or employees of Laurus or not, to be an
      interim receiver, receiver or receivers (hereinafter called a “Receiver”,
      which
      term when used herein shall include a receiver and manager) of any Collateral
      of
      Cancable Inc., A.C. Technical Systems Ltd., Creative Vistas Acquisition Corp.
      and Iview Digital Video Solutions Inc. (collectively, the “Canadian
      Companies”)
      (including any interest, income or profits therefrom) and may remove any
      Receiver so appointed and appoint another in his/her/its stead. Any such
      Receiver shall, so far as concerns responsibility for his/her/its acts, be
      deemed the agent of each Canadian Company and not Laurus, and Laurus shall
      not
      be in any way responsible for any misconduct, negligence or non-feasance on
      the
      part of any such Receiver or his/her/its servants, agents or employees. Subject
      to the provisions of the instrument appointing him/her/it, any such Receiver
      shall have power to take possession of Collateral, to preserve Collateral or
      its
      value, to carry on or concur in carrying on all or any part of the business
      of
      each Canadian Company and to sell, lease, license or otherwise dispose of or
      concur in selling, leasing, licensing or otherwise disposing of Collateral.
      To
      facilitate the foregoing powers, any such Receiver may, to the exclusion of
      all
      others, including any Canadian Company, enter upon, use and occupy all premises
      owned or occupied by each Canadian Company wherein Collateral may be situate,
      maintain Collateral upon such premises, borrow money on a secured or unsecured
      basis and use Collateral directly in carrying on each Canadian Company’s
      business or as security for loans or advances to enable the Receiver to carry
      on
      each Canadian Company’s business or otherwise, as such Receiver shall, in its
      discretion, determine. Except as may be otherwise directed by Laurus, all money
      received from time to time by such Receiver in carrying out his/her/its
      appointment shall be received in trust for and be paid over to Laurus. Every
      such Receiver may, in the discretion of Laurus, be vested with all or any of
      the
      rights and powers of Laurus. 

     

    9.  Upon
      and
      during the continuance of any Event of Default, Laurus may, either directly
      or
      through its agents or nominees, exercise any or all of the powers and rights
      given to a Receiver by virtue of Section 8.

     

    
      
         

      

      
        -5-

        
          

        

      

      
         

      

    

     

    10.  Laurus
      shall use reasonable care with respect to the Collateral in its possession
      or
      under its control. Laurus shall not have any other duty as to any collateral
      in
      its possession or control or in the possession or control of any agent or
      nominee of Laurus, or any income thereon or as to the preservation of rights
      against prior parties or any other rights pertaining thereto.

     

    11.  If
      any
      Assignor defaults in the performance or fulfillment of any of the terms,
      conditions, promises, covenants, provisions or warranties on such Assignor’s
      part to be performed or fulfilled under or pursuant to this Master Security
      Agreement, Laurus may, at its option without waiving its right to enforce this
      Master Security Agreement according to its terms, immediately or at any time
      thereafter and without notice to any Assignor, perform or fulfill the same
      or
      cause the performance or fulfillment of the same for each Assignor’s joint and
      several account and at each Assignor’s joint and several cost and expense, and
      the cost and expense thereof (including reasonable legal fees) shall be added
      to
      the Obligations and shall be payable on demand with interest thereon at the
      highest rate permitted by law.

     

    12.  Each
      Assignor appoints Laurus, any of Laurus’ officers, employees or any other person
      or entity whom Laurus may designate as such Assignor’s attorney, with power to
      execute such documents on each of such Assignor’s behalf and to supply any
      omitted information and correct patent errors in any documents executed by
      any
      Assignor or on any Assignor’s behalf; to file financing statements against such
      Assignor covering the Collateral (and, in connection with the filing of any
      such
      financing statements or financing change statements, describe the Collateral
      as
“all assets and all personal property, whether now owned and/or hereafter
      acquired” (or any substantially similar variation thereof)); to sign such
      Assignor’s name on public records; and to do all other things Laurus deems
      necessary to carry out this Master Security Agreement. Each Assignor hereby
      ratifies and approves all acts of the attorney and neither Laurus nor the
      attorney will be liable for any acts of commission or omission, nor for any
      error of judgment or mistake of fact or law other than gross negligence or
      willful misconduct (as determined by a court of competent jurisdiction in a
      final and non-appealable decision). This power being coupled with an interest,
      is irrevocable so long as any Obligations remains unpaid. 

     

    13.  No
      delay
      or failure on Laurus’ part in exercising any right, privilege or option
      hereunder shall operate as a waiver of such or of any other right, privilege,
      remedy or option, and no waiver whatever shall be valid unless in writing,
      signed by Laurus and then only to the extent therein set forth, and no waiver
      by
      Laurus of any default shall operate as a waiver of any other default or of
      the
      same default on a future occasion. Laurus’ books and records containing entries
      with respect to the Obligations shall be admissible in evidence in any action
      or
      proceeding, shall be binding upon each Assignor for the purpose of establishing
      the items therein set forth and shall constitute prima facie proof thereof.
      Laurus shall have the right to enforce any one or more of the remedies available
      to Laurus, successively, alternately or concurrently. However, Laurus shall
      not
      be liable or accountable for any failure to exercise its remedies, take
      possession of, collect, enforce, realize, sell, lease,
      license
      or otherwise dispose of Collateral or to institute any proceeding for such
      purposes. Each Assignor agrees to join with Laurus in executing financing
      statements or other instruments to the extent required by the Uniform Commercial
      Code or the PPSA in form satisfactory to Laurus and in executing such other
      documents or instruments as may be required or deemed necessary by Laurus for
      purposes of affecting or continuing Laurus’ security interest in the
      Collateral.

     

    
      
         

      

      
        -6-

        
          

        

      

      
         

      

    

     

    14.  This
      Master Security Agreement shall be governed by and construed in accordance
      with
      the laws of the Province of Ontario and the federal laws of Canada, and cannot
      be terminated orally. All of the rights, remedies, options, privileges and
      elections given to Laurus hereunder shall inure to the benefit of Laurus’
successors and assigns. The term “Laurus” as herein used shall include Laurus,
      any parent of Laurus’, any of Laurus’ subsidiaries and any co-subsidiaries of
      Laurus’ parent, whether now existing or hereafter created or acquired, and all
      of the terms, conditions, promises, covenants, provisions and warranties of
      this
      Agreement shall inure to the benefit of each of the foregoing, and shall bind
      the representatives, successors and assigns of each Assignor. Laurus and each
      Assignor hereby (a) waive any and all right to trial by jury in litigation
      relating to this Agreement and the transactions contemplated hereby and each
      Assignor agrees not to assert any counterclaim in such litigation,
      (b) submit to the nonexclusive jurisdiction of any New York State court
      sitting in the borough of Manhattan, the city of New York, and (c) waive
      any objection Laurus or each Assignor may have as to the bringing or maintaining
      of such action with any such court.

     

    15.  Each
      Assignor hereby acknowledges receipt of a copy of this Master Security
      Agreement.

     

    16.  This
      Master Security Agreement may be executed in any number of counterparts which
      shall, collectively and separately constitute one agreement. Any signature
      delivered by a party by facsimile transmission or by sending a scanned copy
      by
      electronic mail shall be deemed an original signature hereto.

     

    17.  It
      is
      understood and agreed that any person or entity that desires to become an
      Assignor hereunder, or is required to execute a counterpart of this Master
      Security Agreement after the date hereof pursuant to the requirements of any
      Document, shall become an Assignor hereunder by (x) executing a joinder
      agreement in form and substance satisfactory to Laurus, (y) delivering
      supplements to such exhibits and annexes to such Documents as Laurus shall
      reasonably request and (z) taking all actions as specified in this
      Agreement as would have been taken by such Assignor had it been an original
      party to this Agreement, in each case with all documents required above to
      be
      delivered to Laurus and with all documents and actions required above to be
      taken to the reasonable satisfaction of Laurus.

     

    18.  All
      notices from Laurus to any Assignor shall be sufficiently given if mailed or
      delivered to such Assignor’s address set forth below.

     

    19.  If
      there
      is any inconsistency between the provisions hereof and the provisions of the
      Note, the provisions of the Note shall prevail.

     

    
      
         

      

      
        -7-

        
          

        

      

      
         

      

    

     

    Very
      truly yours,

     

    CREATIVE
      VISTAS, INC. (Arizona)

     

    By: 
      /s/
      Dominic Burns

    
      
        

      

    

    Name:
      Dominic Burns

    Title:
      President

    Address:

     

    IVIEW
      DIGITAL VIDEO SOLUTIONS INC. (Canada)

     

    By: 
      /s/
      Sayan
      Navaratnam

    
      
        

      

    

    Name:
      Sayan
      Navaratnam

    Title:
      President

    Address:

     

    CANCABLE
      INC. (Ontario)

     

    By: 
      /s/
      Ross
      Jepson

    
      
        

      

    

    Name:
      Ross Jepson

    Title:
      President

    Address:

     

    CANCABLE,
      INC. (Nevada)

     

    By: 
      /s/
      Ross
      Jepson

    
      
        

      

    

    Name:
      Ross Jepson

    Title:
      President and Secretary

    Address:

     

    CANCABLE
      HOLDING CORP. (Delaware)

     

    By: 
      /s/
      Sayan
      Navaratnam

    
      
        

      

    

    Name: 
      Sayan
      Navaratnam

    Title: Chairman
      and CEO

    Address

     

    
      
         

      

      
        -8-

        
          

        

      

      
         

      

    

     

    A.C.
      TECHNICAL SYSTEMS LTD. (Ontario)

     

    By: 
      /s/
      Dominic Burns

    
      
        

      

    

    Name:
      Dominic Burns

    Title:
      President and Secretary

    Address:

     

    CREATIVE
      VISTAS ACQUISITION CORP. (Ontario)

     

    By: 
      /s/
      Sayan
      Navaratnam

    
      
        

      

    

    Name:
      Sayan
      Navaratnam

    Title:
      President and Secretary

    Address:

     

    ACKNOWLEDGED:

     

    LAURUS
      MASTER FUND, LTD.

     

    By: 
      /s/
      David
      Grin

    
      
        

      

    

    Name:
      David Grin

    Title:
      Director

    Address:

     

     

    [Signature
      Page to the Master Security Agreement]

     

    
      
         

      

      
        -9-

        
          

        

      

      
         

      

    

    

    SCHEDULE
      “A”

     

    
      	
              Entity

            	
              Jurisdiction
                of Organization

            	
              Organization
                Identification Number

            
	
              Iview
                Digital Video Solutions Inc.

            	
              Canada

            	
              6450539

            
	
              Cancable
                Inc.

            	
              Ontario

            	
              1226184

            
	
              Cancable,
                Inc.

            	
              Nevada

            	
              C18766-99

            
	
              Cancable
                Holding Corp.

            	
              Delaware

            	
              51039105

            
	
              A.C.
                Technical Systems Ltd.

            	
              Ontario

            	
              1314831

            
	
              Creative
                Vistas Acquisition Corp.

            	
              Ontario

            	
              1632625

            
	
              Creative
                Vistas, Inc.

            	
              Arizona

            	
              01574843

            

    

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    SCHEDULE
      “B”

     

    COMMERCIAL
      TORT CLAIM

     

    

     

    None.Unassociated Document

    EXHIBIT
      10.8

     

    SHARE
      PLEDGE AGREEMENT

     

    This
      Share Pledge Agreement (this “Agreement”),
      dated
      as of December 31, 2005, among Laurus
      Master Fund, Ltd.
      (the
“Pledgee”),
      Creative
      Vistas, Inc.,
      an
      Arizona corporation, (the “Parent”),
      Cancable
      Holding Corp.,
      a
      Delaware corporation (“Holding”),
      Cancable
      Inc.,
      an
      Ontario corporation (the “Company”),
      Creative Vistas Acquisition Corp, an Ontario corporation (“Acquisition”)
      (together with the Company, Holding, Parent, the “Pledgors”
and,
      each a “Pledgor”).
      

     

    BACKGROUND

     

    The
      Company has entered into a Securities Purchase Agreement, dated as of December
      31, 2005 (as amended, modified, restated or supplemented from time to time,
      the
“Securities
      Purchase Agreement”),
      pursuant to which the Pledgee provides or will provide certain financial
      accommodations to the Company.

     

    In
      order
      to induce the Pledgee to provide or continue to provide financial
      accommodations, the Pledgors have agreed to pledge and grant a security interest
      in the collateral described herein to the Pledgee on the terms and conditions
      set forth herein.

     

    NOW,
      THEREFORE,
      in
      consideration of the premises and for other good and valuable consideration
      the
      receipt of which is hereby acknowledged, the parties hereto agree as
      follows:

     

    1.  Defined
      Terms.
      All
      capitalized terms used herein which are not defined shall have the meanings
      given to them in the Securities Purchase Agreement.

     

    2.  Pledge
      and Grant of Security Interest.
      To
      secure the full and punctual payment and performance of (the following clauses
      (a) and (b), collectively, the “Indebtedness”):
      (a) the
      obligations under the Securities Purchase Agreement and the Related Agreements
      referred to in the Securities Purchase Agreement, (the Securities Purchase
      Agreement and the Related Agreements, as each may be amended, restated, modified
      and/or supplemented from time to time, collectively, the “Documents”),
      and
      (b) all other indebtedness, obligations and liabilities of the Pledgors to
      the Pledgee whether now existing or hereafter arising, direct or indirect,
      liquidated or unliquidated, absolute or contingent, due or not due and whether
      under, pursuant to or evidenced by a note, agreement, guaranty, instrument
      or
      otherwise (in each case, irrespective of the genuineness, validity, regularity
      or enforceability of such Indebtedness, or of any instrument evidencing any
      of
      the Indebtedness or of any collateral therefor or of the existence or extent
      of
      such collateral, and irrespective of the allowability, allowance or disallowance
      of any or all of such in any case commenced by or against the Pledgor under
      Title 11, United States Code, the
      Bankruptcy
      and Insolvency Act
      (Canada)
      (the “BIA”)
      and
      the Companies’
      Creditors Arrangement Act
      (the
“CCAA”)
      including, without limitation, obligations or indebtedness of the Pledgors
      for
      post-petition interest, fees, costs and charges that would have accrued or
      been
      added to the Indebtedness but for the commencement of such case), the Pledgors
      hereby pledge, assign, hypothecate, transfer and grant a security interest
      to
      Pledgee in all of the following (the “Collateral”):

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (a)  the
      shares set forth on Schedule
      A
      annexed
      hereto and expressly made a part hereof (together with any additional shares
      or
      other equity interests acquired by any Pledgor, the “Pledged
      Shares”),
      the
      certificates representing the Pledged Shares and all dividends, cash,
      instruments and other property or proceeds from time to time received,
      receivable or otherwise distributed in respect of or in exchange for any or
      all
      of the Pledged Shares;

     

    (b)  all
      additional shares of any issuer (each, an “Issuer”)
      of the
      Pledged Shares from time to time acquired by any Pledgor in any manner,
      including, without limitation, dividends or a distribution in connection with
      any increase or reduction of capital, reclassification, merger, amalgamation,
      consolidation, sale of assets, combination of shares, stock split, spin-off
      or
      split-off (which shares shall be deemed to be part of the Collateral), and
      the
      certificates representing such additional shares, and all dividends, cash,
      instruments and other property or proceeds from time to time received,
      receivable or otherwise distributed in respect of or in exchange for any or
      all
      of such shares; and

     

    (c)  all
      options and rights, whether as an addition to, in substitution of or in exchange
      for any Pledged Shares and all dividends, cash, instruments and other property
      or proceeds from time to time received, receivable or otherwise distributed
      in
      respect of or in exchange for any or all such options and rights.

     

    3.  Delivery
      of Collateral.
      All
      certificates representing or evidencing the Pledged Shares shall be delivered
      to
      and held by or on behalf of Pledgee pursuant hereto and shall be accompanied
      by
      duly executed instruments of transfer or assignment in blank, all in form and
      substance satisfactory to Pledgee. Each Pledgor hereby authorizes the Issuer
      upon demand by the Pledgee to deliver any certificates, instruments or other
      distributions issued in connection with the Collateral directly to the Pledgee,
      in each case to be held by the Pledgee, subject to the terms hereof. Upon an
      Event of Default (as defined below) under the Note that has occurred and is
      continuing beyond any applicable grace period, the Pledgee shall have the right,
      during such time in its discretion and without notice to the Pledgor, to
      transfer to or to register in the name of the Pledgee or any of its nominees
      any
      or all of the Pledged Shares. In addition, the Pledgee shall have the right
      at
      such time to exchange certificates or instruments representing or evidencing
      Pledged Shares for certificates or instruments of smaller or larger
      denominations.

     

    4.  Representations
      and Warranties of each Pledgor.
      The
      Pledgors jointly and severally represent and warrant to the Pledgee (which
      representations and warranties shall be deemed to continue to be made until
      all
      of the Indebtedness has been paid in full and each Document and each agreement
      and instrument entered into in connection therewith has been irrevocably
      terminated) that:

     

    (a)  the
      execution, delivery and performance by the Pledgors of this Agreement and the
      pledge of the Collateral hereunder do not and will not result in any violation
      of any agreement, indenture, instrument, license, judgment, decree, order,
      law,
      statute, ordinance or other governmental rule or regulation applicable to any
      Pledgor;

     

    (b)  this
      Agreement constitutes the legal, valid, and binding obligation of the Pledgors
      enforceable against each Pledgor in accordance with its terms;

     

    (c)  (i) all
      Pledged Shares owned by the Pledgors are set forth on Schedule A hereto and
      (ii) the Pledgors are the direct and beneficial owner of all of the Pledged
      Shares;

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

    (d)  all
      of
      the Pledged Shares have been duly authorized, validly issued and are fully
      paid
      and nonassessable;

     

    (e)  no
      consent or approval of any person (including any Issuer), corporation,
      governmental body, regulatory authority or other entity, is or will be necessary
      for (i) the execution, delivery and performance of this Agreement,
      (ii) the exercise by the Pledgee of any rights with respect to the
      Collateral or (iii) the pledge and assignment of, and the grant of a
      security interest in, the Collateral hereunder;

     

    (f)  there
      are
      no pending or, to the best of Pledgors’ knowledge, threatened actions or
      proceedings before any court, judicial body, administrative agency or arbitrator
      which may materially adversely affect the Collateral;

     

    (g)  each
      Pledgor has the requisite power and authority to enter into this Agreement
      and
      to pledge and assign the Collateral to the Pledgee in accordance with the terms
      of this Agreement;

     

    (h)  the
      Pledgors own the Collateral (including those set out in Schedule A hereto)
      and,
      except for the pledge and security interest granted to Pledgee hereunder, the
      Collateral shall be, immediately following the closing of the transactions
      contemplated by the Documents, free and clear of any other security interest,
      pledge, claim, lien, charge, hypothecation, assignment, offset or encumbrance
      whatsoever (collectively, “Liens”);

     

    (i)  other
      than restrictions generally applicable under the US Securities Act (as defined
      below) or the Securities
      Act
      (Ontario), there are no restrictions on transfer of the Pledged Shares contained
      in the certificate of incorporation or by-laws (or equivalent organizational
      documents) of the Issuer or otherwise which have not otherwise been enforceably
      and legally complied with or waived as the case may be, by the necessary
      parties;

     

    (j)  none
      of
      the Pledged Shares have been issued or transferred in violation of the
      securities registration, securities disclosure or similar laws of any
      jurisdiction to which such issuance or transfer may be subject;

     

    (k)  the
      pledge and assignment of the Collateral and the grant of a security interest
      under this Agreement vest in the Pledgee all rights of the Pledgors in the
      Collateral as contemplated by this Agreement; and

     

    (l)  except
      as
      set forth on Schedule A hereto, the Pledged Shares constitute one hundred
      percent (100%) of the issued and outstanding shares of each Issuer.

     

    5.  Covenants.
      The
      Pledgors jointly and severally covenant that, until the Indebtedness shall
      be
      satisfied in full and each Document and each agreement and instrument entered
      into in connection therewith is irrevocably terminated:

     

    (a)  No
      Pledgor will sell, assign, transfer, convey, or otherwise dispose of its rights
      in or to the Collateral or any interest therein; nor will any Pledgor create,
      incur or permit to exist any Lien whatsoever with respect to any of the
      Collateral or the proceeds thereof other than that created hereby. 

     

    (b)  The
      Pledgors will, at their expense, defend Pledgee’s right, title and security
      interest in and to the Collateral against the claims of any other
      party.

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

     

    (c)  The
      Pledgors shall at any time, and from time to time, upon the written request
      of
      Pledgee, execute and deliver such further documents and do such further acts
      and
      things as Pledgee may reasonably request in order to effect the purposes of
      this
      Agreement including, but without limitation, delivering to Pledgee upon the
      occurrence of an Event of Default irrevocable proxies in respect of the
      Collateral in form satisfactory to Pledgee. Until receipt thereof, upon an
      Event
      of Default that has occurred and is continuing beyond any applicable grace
      period, this Agreement shall constitute each Pledgor’s proxy to Pledgee or its
      nominee to vote all shares of Collateral then registered in such Pledgor’s
      name.

     

    (d)  No
      Pledgor will consent to or approve the issuance of (i) any additional
      shares of any class of shares or other equity interests of the Issuer; or
      (ii) any securities convertible either voluntarily by the holder thereof or
      automatically upon the occurrence or nonoccurrence of any event or condition
      into, or any securities exchangeable for, any such shares, unless, in either
      case, such shares are pledged as Collateral pursuant to this
      Agreement.

     

    6.  Voting
      Rights and Dividends.
      Until
      the occurrence of an Event of Default which is continuing: (i) the
      Pledgors may exercise all rights to vote and to exercise all rights of
      conversion or retraction or other similar rights with respect to any Collateral;
      provided that no such exercise, in the opinion of the Pledgee, will have an
      adverse effect on the value of Collateral and all expenses of the Pledgee in
      connection therewith have been paid in full and provided further that, upon
      the
      exercise of the conversion or retraction right, the additional Collateral
      resulting therefrom shall be paid or delivered to the Pledgee; (ii) the
      Pledgors shall be entitled to receive all dividends (whether paid or distributed
      in cash, securities or other property) and interest declared and paid or
      distributed in respect of the Collateral, and such dividends and interest shall
      cease to be subject to the security interest if paid or distributed to the
      Pledgor at any time other than during the period of an Event of Default that
      has
      occurred and is continuing; and (iii) the
      Collateral will remain registered in the names of the Pledgors and will not
      be
      transferred into the name of the Pledgee or its nominee. In addition to the
      Pledgee’s rights and remedies set forth in Section 9
      hereof,
      in case an Event of Default shall have occurred and be continuing, beyond any
      applicable cure period, the Pledgee shall (i) be
      entitled to vote the Collateral, (ii) be
      entitled to give consents, waivers and ratifications in respect of the
      Collateral (each Pledgor hereby irrevocably constituting and appointing the
      Pledgee, with full power of substitution, the proxy and attorney-in-fact of
      such
      Pledgor for such purposes) and (iii) be
      entitled to collect and receive for its own use cash dividends paid on the
      Collateral. The Pledgors shall not be permitted to exercise or refrain from
      exercising any voting rights or other powers if, in the reasonable judgment
      of
      the Pledgee, such action would have a material adverse effect on the value
      of
      the Collateral or any part thereof; and, provided,
      further,
      that
      each Pledgor shall give at least three (3) business days’ written notice of the
      manner in which such Pledgor intends to exercise, or the reasons for refraining
      from exercising, any voting rights or other powers other than with respect
      to
      any election of directors and voting with respect to any incidental matters.
      Following the occurrence of an Event of Default and during the continuance
      of
      such Event of Event, all dividends and all other distributions in respect of
      any
      of the Collateral, shall be delivered to the Pledgee to hold as Collateral
      and
      shall, if received by any Pledgor, be received in trust for the benefit of
      the
      Pledgee, be segregated from the other property or funds of any Pledgor, and
      be
      forthwith delivered to the Pledgee as Collateral in the same form as so received
      (with any necessary endorsement).

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

    7.  Attachment.
      Each
      Pledgor acknowledges and agrees that: (i) value
      has been given, or will be given upon the making of payment under the Securities
      Purchase Agreement by Laurus; (ii) the
      Pledgors have rights in the Collateral; and (iii) the
      Pledgors and Laurus have not agreed to postpone the time for attachment of
      the
      security interest granted hereunder which shall attach upon the execution of
      this Agreement and, in the case of Collateral acquired after the date hereof,
      when the Pledgor has rights therein.

     

    8.  Event
      of Default.
      An
      Event of Default shall be deemed to have occurred and may be declared by the
      Pledgee upon the occurrence of an “Event of Default” under and as defined in the
      Note which shall have occurred and be continuing beyond any applicable cure
      period.

     

    9.  Remedies.
      In case
      an Event of Default shall have occurred and be declared by the Pledgee, the
      Pledgee may: 

     

    (a)  Transfer
      any or all of the Collateral into its name, or into the name of its nominee
      or
      nominees;

     

    (b)  Exercise
      all corporate rights with respect to the Collateral including, without
      limitation, all rights of conversion, exchange, subscription or any other
      rights, privileges or options pertaining to any shares of the Collateral as
      if
      it were the absolute owner thereof, including, but without limitation, the
      right
      to exchange, at its discretion, any or all of the Collateral upon the merger,
      consolidation, amalgamation, reorganization, recapitalization or other
      readjustment of the Issuer thereof, or upon the exercise by the Issuer of any
      right, privilege or option pertaining to any of the Collateral, and, in
      connection therewith, to deposit and deliver any and all of the Collateral
      with
      any committee, depository, transfer agent, registrar or other designated agent
      upon such terms and conditions as it may determine, all without liability except
      to account for property actually received by it; and

     

    (c)  Subject
      to any requirement of applicable law including for greater certainty, the
Personal
      Property Security Act
      (Ontario) (as amended from time to time, which Act, including amendments thereto
      and any Act substituted therefore and amendments thereto is herein referred
      to
      as the “PPSA”)
      and
      the Uniform Commercial Code (the “UCC”)
      as in
      effect in the State of New York (or, if by reason of mandatory provisions of
      law, any or all of the rights and remedies with respect to, Pledgee’s security
      interest in any Collateral is governed by the Uniform Commercial Code as in
      effect in a jurisdiction other than the State of New York, as in effect in
      such
      other jurisdiction), sell, assign and deliver the whole or, from time to time,
      any part of the Collateral at the time held by the Pledgee, at any private
      sale
      or at public auction, with or without demand, advertisement or notice of the
      time or place of sale or adjournment thereof or otherwise (all of which are
      hereby waived, except such notice as is required by applicable law and cannot
      be
      waived), for cash or credit or for other property for immediate or future
      delivery, and for such price or prices and on such terms as the Pledgee in
      its
      sole discretion may determine, or as may be required by applicable law, provided
      that the foregoing shall be done in a commercially reasonable
      manner.

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

     

    Each
      Pledgor hereby waives and releases any and all right or equity of redemption,
      whether before or after sale hereunder. At any such sale, unless prohibited
      by
      applicable law, the Pledgee may bid for and purchase the whole or any part
      of
      the Collateral so sold free from any such right or equity of redemption. All
      moneys received by the Pledgee hereunder whether upon sale of the Collateral
      or
      any part thereof or otherwise shall be held by the Pledgee and applied by it
      as
      provided in Section 11
      hereof.
      No failure or delay on the part of the Pledgee in exercising any rights
      hereunder shall operate as a waiver of any such rights nor shall any single
      or
      partial exercise of any such rights preclude any other or future exercise
      thereof or the exercise of any other rights hereunder. The Pledgee shall have
      no
      duty as to the collection or protection of the Collateral or any income thereon
      nor any duty as to preservation of any rights pertaining thereto, except to
      apply the funds in accordance with the requirements of Section 11
      hereof.
      The Pledgee may exercise its rights with respect to property held hereunder
      without resort to other security for or sources of reimbursement for the
      Indebtedness. In addition to the foregoing, to the extent applicable, Pledgee
      shall have all of the rights, remedies and privileges of a secured party under
      the UCC and the PPSA regardless of the jurisdiction in which enforcement hereof
      is sought as in effect in the State of New York (or, if by reason of mandatory
      provisions of law, any or all of the rights and remedies with respect to,
      Pledgee’s security interest in any Collateral is governed by the Uniform
      Commercial Code as in effect in a jurisdiction other than the State of New
      York,
      as in effect in such other jurisdiction)

     

    10.  Private
      Sale.
      Each
      Pledgor recognizes that the Pledgee may be unable to effect (or to do so only
      after delay which would adversely affect the value that might be realized from
      the Collateral) a public sale of all or part of the Collateral by reason of
      certain prohibitions contained in the Securities Act of 1933 (the “US
      Securities Act”),
      or
      the Securities
      Act
      (Ontario), 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 Collateral for their own account, for investment and not with
      a
      view to the distribution or resale thereof. Each Pledgor agrees that any such
      private sale may be at prices and on terms less favorable to the seller than
      if
      sold at public sales and that such private sales shall be deemed to have been
      made in a commercially reasonable manner. Each Pledgor agrees that the Pledgee
      has no obligation to delay sale of any Collateral for the period of time
      necessary to permit the Issuer to register the Collateral for public sale under
      the US Securities Act or the Securities
      Act
      (Ontario).

     

    11.  Proceeds
      of Sale.
      Subject
      to applicable law, the proceeds of any collection, recovery, receipt,
      appropriation, realization or sale of the Collateral shall be applied by the
      Pledgee as follows:

     

    (a)  First,
      to
      the payment of all costs, reasonable expenses and charges of the Pledgee and
      to
      the reimbursement of the Pledgee for the prior payment of such costs, reasonable
      expenses and charges incurred in connection with the care and safekeeping of
      the
      Collateral (including, without limitation, the reasonable expenses of any sale
      or any other disposition of any of the Collateral), the expenses of any taking,
      legal fees and reasonable expenses, court costs, any other fees or expenses
      incurred or expenditures or advances made by Pledgee in the protection,
      enforcement or exercise of its rights, powers or remedies
      hereunder;

     

    (b)  Second,
      to the payment of the Indebtedness, in whole or in part, in such order as the
      Pledgee may elect, whether or not such Indebtedness is then due;

     

    (c)  Third,
      to
      the extent applicable, to such persons, firms, corporations or other entities
      as
      required by applicable law including, without limitation, Section 9-504(1)(c)
      of
      the UCC and 64(1) of the PPSA; and

     

    (d)  Fourth,
      to the extent of any surplus to the Pledgors or as a court of competent
      jurisdiction may direct.

     

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

     

    In
      the
      event that the proceeds of any collection, recovery, receipt, appropriation,
      realization or sale are insufficient to satisfy the Indebtedness, the Pledgors
      shall be jointly and severally liable for the deficiency plus the costs and
      fees
      of any lawyers employed by Pledgee to collect such deficiency.

     

    12.  Waiver
      of Marshaling.
      Each
      Pledgor hereby waives any right to compel any marshaling of any of the
      Collateral.

     

    13.  No
      Waiver.
      Any and
      all of the Pledgee’s rights with respect to the Liens granted under this
      Agreement shall continue unimpaired, and the Pledgors shall be and remain
      jointly and severally obligated in accordance with the terms hereof,
      notwithstanding (a) the bankruptcy, insolvency or reorganization of any
      Pledgor, (b) the release or substitution of any item of the Collateral at
      any time, or of any rights or interests therein, or (c) any delay,
      extension of time, renewal, compromise or other indulgence granted by the
      Pledgee in reference to any of the Indebtedness. Each Pledgor hereby waives
      all
      notice of any such delay, extension, release, substitution, renewal, compromise
      or other indulgence, and hereby consents to be bound hereby as fully and
      effectively as if such Pledgor had expressly agreed thereto in advance. No
      delay
      or extension of time by the Pledgee in exercising any power of sale, option
      or
      other right or remedy hereunder, and no failure by the Pledgee to give notice
      or
      make demand, shall constitute a waiver thereof, or limit, impair or prejudice
      the Pledgee’s right to take any action against any Pledgor or to exercise any
      other power of sale, option or any other right or remedy.

     

    14.  Expenses.
      The
      Collateral shall secure, and the Pledgors shall pay to Pledgee on demand, from
      time to time, all reasonable costs and expenses, (including but not limited
      to,
      reasonable legal fees and costs, taxes, and all transfer, recording, filing
      and
      other charges) of, or incidental to, the custody, care, transfer, administration
      of the Collateral or any other collateral, or in any way relating to the
      enforcement, protection or preservation of the rights or remedies of the Pledgee
      under this Agreement or with respect to any of the Indebtedness.

     

    15.  The
      Pledgee Appointed Attorney-In-Fact and Performance by the
      Pledgee.
      Upon
      the occurrence of an Event of Default, each Pledgor hereby irrevocably
      constitutes and appoints the Pledgee as such Pledgor’s true and lawful
      attorney-in-fact, with full power of substitution, to execute, acknowledge
      and
      deliver any instruments and to do in such Pledgor’s name, place and stead, all
      such acts, things and deeds for and on behalf of and in the name of such
      Pledgor, which such Pledgor could or might do or which the Pledgee may deem
      necessary, desirable or convenient to accomplish the purposes of this Agreement,
      including, without limitation, to execute such instruments of assignment or
      transfer or orders and to register, convey or otherwise transfer title to the
      Collateral into the Pledgee’s name. Each Pledgor hereby ratifies and confirms
      all that said attorney-in-fact may so do and hereby declares this power of
      attorney to be coupled with an interest and irrevocable. If any Pledgor fails
      to
      perform any agreement herein contained, the Pledgee may itself perform or cause
      performance thereof, and any costs and expenses of the Pledgee incurred in
      connection therewith shall be paid by the Pledgors as provided in Section
11
      hereof.

     

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

     

    16.  Waivers.
      EACH
      PARTY HERETO HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM,
      DEMAND, ACTION OR CAUSE OF ACTION (A) ARISING UNDER THIS AGREEMENT OR ANY
      OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION
      HEREWITH, OR (B) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE
      DEALINGS OF THE PARTIES HERETO OR ANY OTHER AGREEMENT EXECUTED OR DELIVERED
      BY
      THEM IN CONNECTION HEREWITH, OR THE TRANSACTIONS RELATED HERETO OR THERETO,
      IN
      EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN
      CONTRACT OR TORT OR OTHERWISE AND EACH PARTY HERETO HEREBY AGREES AND CONSENTS
      THAT ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT
      TRIAL WITHOUT A JURY, AND THAT ANY PARTY MAY FILE AN ORIGINAL COUNTERPART OR
      A
      COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH
      PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 

     

    17.  Recapture.
      Notwithstanding anything to the contrary in this Agreement, if the Pledgee
      receives any payment or payments on account of the Indebtedness, which payment
      or payments or any part thereof are subsequently invalidated, declared to be
      fraudulent or preferential, set aside and/or required to be repaid to a trustee,
      receiver, interim receiver, receiver and manager or any other party under the
      United States Bankruptcy Code, the BIA, the CCAA, or any other federal,
      provincial or state bankruptcy, reorganization, moratorium or insolvency law
      relating to or affecting the enforcement of creditors’ rights generally, common
      law or equitable doctrine, then to the extent of any sum not finally retained
      by
      the Pledgee, the Pledgors’ obligations to the Pledgee shall be reinstated and
      this Agreement shall remain in full force and effect (or be reinstated) until
      payment shall have been made to Pledgee, which payment shall be due on
      demand.

     

    18.  Captions.
      All
      captions in this Agreement are included herein for convenience of reference
      only
      and shall not constitute part of this Agreement for any other
      purpose.

     

    19.  Miscellaneous.

     

    (a)  This
      Agreement constitutes the entire and final agreement among the parties with
      respect to the subject matter hereof and may not be changed, terminated or
      otherwise varied except by a writing duly executed by the parties
      hereto.

     

    (b)  No
      waiver
      of any term or condition of this Agreement, whether by delay, omission or
      otherwise, shall be effective unless in writing and signed by the party sought
      to be charged, and then such waiver shall be effective only in the specific
      instance and for the purpose for which given.

     

    (c)  In
      the
      event that any provision of this Agreement or the application thereof to any
      Pledgor or any circumstance in any jurisdiction governing this Agreement shall,
      to any extent, be invalid or unenforceable under any applicable statute,
      regulation, or rule of law, such provision shall be deemed inoperative to the
      extent that it may conflict therewith and shall be deemed modified to conform
      to
      such statute, regulation or rule of law, and the remainder of this Agreement
      and
      the application of any such invalid or unenforceable provision to parties,
      jurisdictions, or circumstances other than to whom or to which it is held
      invalid or unenforceable shall not be affected thereby, nor shall same affect
      the validity or enforceability of any other provision of this
      Agreement.

     

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

     

    (d)  This
      Agreement shall inure to the benefit of and be binding upon each Pledgor, and
      the Pledgors’ respective successors and assigns, and shall inure to the benefit
      of and be binding upon the Pledgee and its successors and assigns.

     

    (e)  Any
      notice or other communication required or permitted pursuant to this Agreement
      shall be given in accordance with the Securities Purchase Agreement.

     

    (f)  This
      Agreement shall be governed by and construed and enforced in all respects in
      accordance with the laws of the Province of Ontario and the federal laws of
      Canada.

     

    (g)  EACH
      PLEDGOR EXPRESSLY CONSENTS TO THE JURISDICTION AND VENUE OF EACH COURT OF
      COMPETENT JURISDICTION LOCATED IN THE STATE OF NEW YORK FOR ALL PURPOSES IN
      CONNECTION WITH THIS AGREEMENT. ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY
      OR
      INDIRECTLY ANY MATTER OR CLAIM IN ANY WAY ARISING OUT OF, RELATED TO OR
      CONNECTED WITH THIS AGREEMENT SHALL BE BROUGHT ONLY IN A STATE COURT LOCATED
      IN
      THE COUNTY OF NEW YORK, STATE OF NEW YORK. EACH PLEDGOR FURTHER CONSENTS THAT
      ANY SUMMONS, SUBPOENA OR OTHER PROCESS OR PAPERS (INCLUDING, WITHOUT LIMITATION,
      ANY NOTICE OR MOTION OR OTHER APPLICATION TO EITHER OF THE AFOREMENTIONED COURTS
      OR A JUDGE THEREOF) OR ANY NOTICE IN CONNECTION WITH ANY PROCEEDINGS HEREUNDER,
      MAY BE SERVED INSIDE OR OUTSIDE OF THE STATE OF NEW YORK OR THE SOUTHERN
      DISTRICT OF NEW YORK BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED,
      OR BY PERSONAL SERVICE PROVIDED A REASONABLE TIME FOR APPEARANCE IS PERMITTED,
      OR IN SUCH OTHER MANNER AS MAY BE PERMISSIBLE UNDER THE RULES OF SAID COURTS.
      EACH PLEDGOR WAIVES ANY OBJECTION TO JURISDICTION AND VENUE OF ANY ACTION
      INSTITUTED HEREON AND SHALL NOT ASSERT ANY DEFENSE BASED ON LACK OF JURISDICTION
      OR VENUE OR BASED UPON FORUM NON CONVENIENS.

     

    (h)  It
      is
      understood and agreed that any person or entity that desires to become a Pledgor
      hereunder, or is required to execute a counterpart of this Share Pledge
      Agreement after the date hereof pursuant to the requirements of any Document,
      shall become a Pledgor hereunder by (x) executing a joinder agreement in
      form and substance satisfactory to the Pledgee, (y) delivering supplements
      to such exhibits and annexes to such Documents as the Pledgee shall reasonably
      request and (z) taking all actions as specified in this Agreement as would
      have been taken by such Pledgor had it been an original party to this Agreement,
      in each case with all documents required above to be delivered to the Pledgee
      and with all documents and actions required above to be taken to the reasonable
      satisfaction of the Pledgee.

     

    (i)  This
      Agreement may be executed in one or more counterparts, each of which shall
      be
      deemed an original and all of which when taken together shall constitute one
      and
      the same agreement. Any signature delivered by a party by facsimile transmission
      or by sending a scanned copy by electronic mail shall be deemed an original
      signature hereto.

     

    (j)  If
      there
      is any inconsistency between the provisions of this Agreement and the provisions
      of the Note, the provisions of the Note shall prevail.

     

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

     

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

     

     

    CREATIVE
      VISTAS, INC. 

    an
      Arizona corporation

     

    Per: 
      /s/
      Dominic Burns

    
      
        

      

    

    Name: Dominic
      Burns

    Title: President

     

    CREATIVE
      VISTAS ACQUISITION CORP.

    an
      Ontario corporation

     

    Per: 
      /s/
      Sayan
      Navaratnam

    
      
        

      

    

    Name: Sayan
      Navaratnam

    Title: President
      and Secretary

     

    CANCABLE
      INC.,
      an
      Ontario corporation

     

    Per: 
      /s/
      Ross
      Jepson

    
      
        

      

    

    Name: Ross
      Jepson

    Title: President

     

    CANCABLE
      HOLDING CORP.,

    a
      Delaware corporation

     

    Per: 
      /s/
      Sayan
      Navaratnam

    
      
        

      

    

    Name: Sayan
      Navaratnam

    Title: Chairman
      and CEO

     

    LAURUS
      MASTER FUND, LTD.

     

    Per: 
      /s/
      David
      Grin

    
      
        

      

    

    Name: David
      Grin

    Title: Director

     

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

    

    SCHEDULE
      “A”
      to the Share Pledge Agreement

     

    Pledged
      Shares

     

    
      	
              Pledgor

            	
              Issuer

            	
              Class
                of Share

            	
              Share
                Certificate Number

            	
              Number
                of Shares

            	
              Percentage

              of
                Shares Owned

            
	
              Creative
                Vistas, Inc.

            	
              Cancable
                Holding Corp. (Delaware) 

            	
              Common

               

            	
              1

            	
              51

            	
              51%

            
	
              Creative
                Vistas, Inc.

            	
              Creative
                Vistas Acquisition Corp.

            	
              NVE

            	
              NVE-1

            	
              100

            	
              100%

            
	
              VFV

            	
              VFV-2

            	
              50

            	
              50%

            
	
              Creative
                Vistas Acquisition Corp.

            	
              Iview
                Digital Video Solutions Inc. (Canada)

            	
              Common

            	
              C-1

            	
              100

            	
              100%

            
	
              Creative
                Vistas Acquisition Corp.

            	
              A.C.
                Technical Systems Ltd.

            	
              Common

            	
              C-9

            	
              10,000,000

            	
              100%

            
	
              Cancable
                Holding Corp.

            	
              Cancable
                Inc. (Ontario)

            	
              Common

            	
               

            	
              31,178,608

            	
              100%

            
	
              Cancable
                Inc.

            	
              Cancable,
                Inc. (Nevada)

            	
              Common

            	
              1

            	
              25,000

            	
              100%

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00095-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00095-of-00352.parquet"}]]