Document:

Convertible Note Deed

 

Digital
Turbine Australia Pty Ltd

ACN 163
117 253

 

And

 

Mandalay
Digital Group Inc.

 

And

 

Zingo (Aust)
Pty Ltd ACN 114 185 269

 

		
        Level 12, 77 King Street Sydney NSW 2000 Australia

        Reference  1355962

             Andrew Bristow

        Ó
        Copyright Herbert Geer Lawyers

 

    	 

    	 

    

 

Table of contents

 

 

	Clause	 	 	Page
	 	 	 	 
	Details	1
	 	 
	Operative terms	2
	 	 	 	 
	1.	DEFINED TERMS	2
	 	 	 	 
	 	1.1	Defined terms	2
	 	 	 	 
	 	1.2	Interpretation	6
	 	 	 	 
	 	1.3	Headings	7
	 	 	 	 
	 	1.4	Weekends and holidays	7
	 	 	 	 
	 	1.5	Inclusive expressions	7
	 	 	 	 
	2.	Issue of Convertible Notes	7
	 	 	 	 
	 	2.1	Application	7
	 	 	 	 
	 	2.2	Actions on the Commencement Date	7
	 	 	 	 
	 	2.3	Convertible Note terms	7
	 	 	 	 
	 	2.4	Simultaneous actions	7
	 	 	 	 
	3.	warranties	8
	 	 	 	 
	 	3.1	Digital representations and warranties	8
	 	 	 	 
	 	3.2	Survival of representations and warranties	8
	 	 	 	 
	4.	MANDALAY GUARANTEE	8
	 	 	 	 
	 	4.1	Guarantee of Digital’s obligations	8
	 	 	 	 
	 	4.2	Liability not affected	9
	 	 	 	 
	 	4.3	Guarantee continuing	9
	 	 	 	 
	5.	Notices and other communications	9
	 	 	 	 
	 	5.1	Service of notices	9
	 	 	 	 
	 	5.2	Effective on receipt	9
	 	 	 	 
	6.	MISCELLANEOUS	10
	 	 	 	 
	 	6.1	Costs and stamp duty	10
	 	 	 	 
	 	6.2	Further acts	10
	 	 	 	 
	 	6.3	Entire understanding	10
	 	 	 	 
	 	6.4	No waiver or variation	10
	 	 	 	 
	 	6.5	Discretion in exercising rights	10
	 	 	 	 
	 	6.6	Partial exercise of rights	10
	 	 	 	 
	 	6.7	No partnership or agency	10
	 	 	 	 
	 	6.8	Severance	11
	 	 	 	 
	 	6.9	Assignment	11
	 	 	 	 
	 	6.10	Application of legislation	11
	 	 	 	 
	 	6.11	Counterparts	11
	 	 	 	 
	 	6.12	Provisions survive completion	11
	 	 	 	 
	 	6.13	Indemnity	11

 

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Convertible Note Deed (final) 11 April 2013

 

    	 

    	 

    

 

TABLE
OF CONTENTS (continued)

 

 

	Clause	 	 	Page
	 	 	 	 
	 	6.14	Powers of Attorney	11
	 	 	 	 
	 	6.15	Recitals	12
	 	 	 	 
	 	6.16	Exclusion of implied terms	12
	 	 	 	 
	 	6.17	Rule of construction	12
	 	 	 	 
	 	6.18	Method of payment	12
	 	 	 	 
	7.	GOVERNING LAW AND JURISDICTION	12
	 	 	 	 
	Signing page	13
	 	 
	Schedule 1	14
	 	 	 	 
	 	Terms of issue of Note	14

 

	Annexure A
	 	 
	 	Security Deed
	 	 
	Annexure B
	 	 
	 	Intercreditor Deed

 

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Details

 

	Date of this Deed	 

 

	Digital	Name	Digital Turbine Australia Pty Ltd ACN 163 117 253

 

	Mandalay	Name	Mandalay Digital Group Inc. 

 

	Noteholder	Name	Zingo (Aust) Pty Ltd ACN 114 185 269

 

	Recitals	A.             Digital has agreed to issue the Note to Noteholder.  The Note is convertible into Mandalay Shares as part consideration under the Share Purchase Agreement.
	 	B.             This Deed contains the terms and conditions that apply in respect of the issue of the Note and related matters. 
	 	C.             Mandalay agrees to guarantee all payments by Digital under the terms of the Note and to issue Mandalay Shares in accordance with the terms of this Note.

 

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Operative terms

 

		1.	DEFINED TERMS

 

		1.1	Defined terms

 

In this Deed:

 

Authorisation
means any approval, authorisation, consent, exemption, filing, licence, notarisation, registration or waiver, however described,
and any renewal of or variation to any of them.

 

Business Day means:

 

		(a)	for receiving a notice under Clause 5, a day that is not a Saturday, Sunday, public
holiday or bank holiday in the place where the notice is received; and

 

		(b)	for all other purposes, a day that is not a Saturday, Sunday, public holiday or bank holiday in
Sydney, New South Wales, Australia.

 

Business Hours means
from 9.00am to 5.00pm on a Business Day.

 

Commencement Date means
the date on which this Deed is executed by the parties.

 

Conversion means the
conversion of the Note into Mandalay Shares in accordance with this Deed and Convert and Converted have a corresponding
meaning.

 

Conversion Date means
the date that the Notes are Converted in accordance with this Deed.

 

Conversion Notice means
a written notice signed by Noteholder delivered to Digital notifying Digital and Mandalay that Noteholder requires Conversion to
occur in respect of the Note.

 

Conversion Price means
USD $0.73 per Mandalay share (adjusted for any division or consolidation of capital, share split or other capital reorganisation
that occurs after the date of this Deed and prior to the Conversion Date) converted to Australian dollars using the exchange rate
applicable as at the date of conversion.

 

Controller
has the meaning given in the Corporations Act.

 

Corporations Act means
the Corporations Act 2001 (Cth).

 

Deed means this Convertible
Note Deed including all schedules and annexures to it, as varied or replaced from time to time.

 

Event of Default means
the occurrence of any of the following events:

 

		(a)	(non-payment) Digital or Mandalay fails to pay an amount that is due and owing under this
Deed when due (or, if such failure is solely due to an administrative or systems error arising in the transmission of funds, within
2 Business Days after the due date);

 

		(b)	(Schedule 1) Digital or Mandalay fail to comply with Schedule 1 of this Deed;

 

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		(c)	(other obligation not complied with) Digital or Mandalay fail to comply with any obligation
under this Deed (other than an obligation referred to in (a) or (b) above) and, if capable of being remedied, it continues unremedied
for 10 Business Days after the earlier of:

 

		(i)	receipt by Digital or Mandalay of a notice from the Noteholder identifying the failure to comply;
or

 

		(ii)	Digital or Mandalay becoming aware of the failure to comply;

 

		(d)	(Insolvency Event) an Insolvency Event occurs in respect of Digital or Mandalay;

 

		(e)	(ceasing business) Digital or Mandalay ceases, or threatens to cease, to carry on all or
a material part of their business;

 

		(f)	(loss of priority) a Security Interest created by or purportedly created by the Security
Deed does not have or ceases to have first ranking priority or becomes ineffective to secure the payment of the Secured Money or
performance of the Secured Obligations (each as defined in the Security Deed) unless the Noteholder has failed to register the
Security Deed on the relevant register; and

 

		(g)	(provisions void):

 

		(i)	Digital or Mandalay claims that any provision of this Deed or the Security Deed is or becomes void,
voidable, illegal or unenforceable;

 

		(ii)	Digital or Mandalay takes any action to terminate, rescind or avoid any provision of this Deed
or the Security Deed; or

 

		(iii)	the execution, delivery or performance of a Transaction Document breaches or results in a contravention
of any applicable law.

 

External
Administrator means an administrator, Controller, trustee, provisional liquidator, liquidator or any other person (however
described) holding or appointed to an analogous office or acting in an analogous capacity.

 

Face Value means the
face value of the Note, which, as at the date of this Deed, is $2,280,000.

 

Insolvency Event means,
in respect of a person, any of the following occurring:

 

		(a)	an order is made, or the person passes a resolution or takes any other steps, for its winding up;

 

		(b)	an application is made for its winding up and, if the application is capable of being set aside
is not set aside within 10 Business Days of being made;

 

		(c)	any of the following occurs:

 

		(i)	an External Administrator is appointed or any steps are taken to appoint an External Administrator;
or

 

		(ii)	a resolution is passed to appoint an External Administrator, to the person
or any asset of the person;

 

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		(d)	a Security Interest is enforced, or becomes capable of being enforced against an asset of the person,
in each case involving a claim of in excess of $50,000;

 

		(e)	a distress, execution, attachment or other process is levied, issued against or enforced upon an
asset of the person in an amount of in excess of $50,000 which is not set aside or satisfied within 10 Business Days;

 

		(f)	a judgement is obtained against the person for more than $50,000 which is not set aside or satisfied
within 10 Business Days;

 

		(g)	the person:

 

		(i)	suspends payment of its debts generally;

 

		(ii)	is unable, or states that it is unable, to pay its debt when they fall due;

 

		(iii)	takes any action seeking protection from creditors or bankruptcy; or

 

		(iv)	is presumed by law to be insolvent;

 

		(h)	the person enters into or takes any step to enter into any compromise or arrangement with, or assignment
for the benefit of, any of its members or creditors;

 

		(i)	the person implements a merger, demerger or scheme of arrangement with any person;

 

		(j)	if a registered corporation under the Corporations Act, the person is deregistered, or any steps
are taken to deregister the person under the Corporations Act;

 

		(k)	any analogous event, circumstance, matter or thing,

 

		(l)	unless, in the case of paragraphs (a), (b), (c), (h), (i) or (j) it occurs as part of a solvent
reconstruction with the prior written approval of the Secured Party.

 

Intercreditor
Deed means an agreement in the form and on the terms of Annexure C.

 

Interest
means the aggregate of all amounts of interest (including default interest) payable in respect of the Note which has not been paid
to the Noteholder.

 

Liabilities includes
all liabilities (whether actual, contingent or prospective), losses, damages, costs and expenses of whatever description, but specifically
excludes:

 

		(a)	indirect or consequential loss or damage;

 

		(b)	loss of profits;

 

		(c)	loss of business opportunity; and

 

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		(d)	loss of anticipated savings.

 

Mandalay
Shares means such number of fully paid ordinary shares in the capital of Mandalay given by the formula:

 

	Number of shares =	Subscription Price
	 	Conversion Price

 

and if that
number is not a whole number then the number of shares shall be rounded up to the nearest whole number.

 

Maturity Date means
90 days from the date of this Deed unless that date is not a Business Day in which case the previous Business Day.

 

Note means a convertible
note issued in accordance with the terms of this Deed (including Schedule 1).

 

Outstanding
Amount means the Face Value, Interest and any other amounts payable in respect of the Note to the Noteholder under this Deed.

 

PPSA means
the Personal Property Securities Act 2009 (Cth).

 

Qualified Capital Raise
means a fundraising event or events undertaken by Mandalay after the date of this Deed as a result of which Mandalay

 

		(a)	raises funds through the issue of securities or the raising of debt finance (of no less than AUD$1,000,000
in relation to each event) in an aggregate amount equal to or in excess of the Face Value ; and

 

		(b)	receives the funds raised within 90 days after the date
of this Deed.

 

Redemption means the
redemption of a Convertible Note in accordance with its terms of issue and Redeem and Redeemed have a corresponding
meaning.

 

Redemption Notice means
a written notice signed by Noteholder or Digital and delivered to the other, notifying that Redemption is to occur in respect of
the Note.

 

Related Body Corporate
has the meaning given to that term in section 9 of the Corporations Act.

 

Related Entity has the
meaning given to that term in section 9 of the Corporations Act.

 

Relevant Interest has
the meaning given to that term in Section 9 of the Corporations Act.

 

Security Deed means
a deed on the terms in Annexure 1.

 

Security
Interest means:

 

		(a)	a mortgage, pledge, lien, charge, assignment by way of security, hypothecation, secured interest,
title retention arrangement, preferential right, trust arrangement or other arrangement (including, without limitation, any set-off
or flawed-asset arrangement) having the same or equivalent commercial effect as a grant of security;

 

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		(b)	to the extent not included within paragraph (a) of this definition, a PPSA Security Interest;
or

 

		(c)	an agreement to create or give any arrangement referred to in paragraph (a) or (b)
of this definition.

 

Share Purchase Agreement
means the agreement dated the same date as this Deed for the purchase by Digital of all shares in Mirror Image International Holdings
Pty Ltd ACN 114 859 237 and MIA Technology Australia Pty Ltd ACN 163 065 496.

 

Subordination Agreement
means the agreement on the terms in Annexure 2.

 

Subscription Price means
the Outstanding Amount notified by the Noteholder to Digital and Mandalay which is to be converted into Mandalay Shares.

 

Tax means all forms
of taxes, duties, imposts, charges, withholds, rates, levies or other Governmental impositions of whatever nature and by whatever
authority imposed, assessed or charged, together with all costs, charges, interest, penalties, fines, expenses and other additional
statutory charges incidental or related to the imposition.

 

Vendor means each of
the Vendors named in the Share Purchase Agreement.

 

		1.2	Interpretation

 

In this Deed unless the contrary
intention appears:

 

		(a)	a reference to a person includes a reference to a corporation, an association, joint venture, an
unincorporated body, partnership, government or local authority or agency or other entity;

 

		(b)	a reference to a document or instrument includes the document or instrument as novated, altered,
supplemented or replaced from time to time;

 

		(c)	a reference to time is to Sydney, Australia, time;

 

		(d)	a reference to a party is to a party to this Deed, and a reference to a party to a document includes
the party’s executors, administrators, successors and permitted assigns and substitutes;

 

		(e)	the singular includes the plural and vice versa;

 

		(f)	a reference to any gender includes a reference to all other genders;

 

		(g)	a reference to any legislation or to any provision of any legislation includes a reference to any
modification or re-enactment of or any provisions substituted for such legislation or provisions;

 

		(h)	where an expression is defined, another part of speech or grammatical form of that expression has
a corresponding meaning;

 

		(i)	an agreement, representation or warranty made in favour of two or more persons is made for the
benefit of them jointly and for each of them severally;

 

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		(j)	a period of time dating from a given day or the day of an act or event is to be calculated exclusive
of that day;

 

		(k)	if an act required to be done under this Deed on or by a given day is done after 5.30 pm on
that day, it is taken to be done on the following day; and

 

		(l)	a reference to a recital, clause, paragraph, schedule or annexure is to a recital, clause or paragraph
of, or schedule or annexure to, this Deed, and a reference to this Deed includes any schedule or annexure;

 

		(m)	a reference to sums expressed in dollars or $ is to Australian currency.

 

		1.3	Headings

 

Headings are inserted for convenience
only and do not affect the interpretation of this Deed.

 

		1.4	Weekends and holidays

 

Where any act is required by
this Deed to be done on a given day and that day is not a Business Day then the act is required to be done on the next following
Business Day.

 

		1.5	Inclusive expressions

 

Specifying anything in this
Deed after the words ‘including’, ‘includes’ or ‘for example’ or similar expressions does not
limit what else is included unless there is express wording to the contrary.

 

		2.	Issue of Convertible Notes

 

		2.1	Application

 

Execution of this Deed constitutes
an application by the Noteholder to subscribe for the Note and an agreement by Digital to issue the Note.

 

		2.2	Actions on the Commencement Date

 

On the Commencement
Date Digital shall:

 

		(a)	issue and allot the Note to the Noteholder; and

 

		(b)	grant a Security Interest over the shares in Mirror Image International Holdings Pty Ltd ACN 114
859 237 and MIA Technology Australia Pty Ltd ACN 163 065 496 in favour of the Noteholder on and subject to the terms of the Security
Deed and the Intercreditor Deed.

 

		2.3	Convertible Note terms

 

The Note
will be issued on and subject to the terms and conditions set out in Schedule 1.

 

		2.4	Simultaneous actions

 

The obligations of the parties
under this Clause 2 are interdependent and conditional upon one another and all actions required to be performed under
this Clause 2 will be taken to have occurred simultaneously.

 

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		3.	warranties

 

		3.1	Digital representations and warranties

 

Digital and Mandalay each represent
and warrant that as at the Commencement Date:

 

		(a)	incorporation: it is a body corporate validly existing under the laws of its place of incorporation;

 

		(b)	power: it has the corporate power to enter into and perform or cause to be performed its
obligations under this Deed and to carry out the transactions contemplated by this Deed;

 

		(c)	corporate authorisations: it has taken all necessary corporate action to authorise the entry
into of this Deed and has taken all necessary corporate action to authorise the performance of this Deed and to carry out the transaction
contemplated by this Deed;

 

		(d)	binding obligations: subject to laws generally affecting creditors' rights and principles
of equity, this Deed is valid and binding upon it;

 

		(e)	solvency: it is solvent and no resolutions have been passed nor has any other step been
taken or legal proceedings commenced or threatened against it for its winding up or dissolution or for the appointment of a liquidator,
receiver, administrator or similar officer over any or all of its assets; and

 

		(f)	no default: this Deed does not conflict with or result in the breach of or default under
any provision of its constitution or trust deed (as applicable) or any writ, order or injunction, judgement, law, rule, regulation
or instrument to which it is party or subject.

 

		3.2	Survival of representations and warranties

 

Each representation and warranty
in this Clause 3:

 

		(a)	is separate and independent and is not limited by reference to any warranty;

 

		(b)	is severable;

 

		(c)	will survive the termination of this Deed; and

 

		(d)	is given with the intent that liability under them will not be confined to breaches which are discovered
prior to the date of termination of this Deed.

 

		4.	MANDALAY GUARANTEE

 

		4.1	Guarantee of Digital’s obligations

 

Mandalay agrees for the benefit
of Noteholder to guarantee the due and punctual performance of all obligations of Digital set out in this Deed and under the terms
of the Note including any payments required under this Deed or on the terms of the Note and the issue of Mandalay Shares on the
Conversion of all or part of the Note.

 

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		4.2	Liability not affected

 

Subject to the terms of the
Intercreditor Deed, Mandalay’s liability under the guarantee contained in this Clause 4 is not affected by anything
which might release or exonerate or otherwise affect it at law or in equity, including, but not limited to one or more of the following:

 

		(n)	the Noteholder granting time or other indulgence to, compromising with or partially releasing Digital
in any way;

 

		(o)	laches, acquiescence, delay, acts or omissions on the part of the Noteholder;

 

		(p)	any variation or novation of a right of the Noteholder;

 

		(q)	any alteration of this Deed or any agreement entered into in the performance of this Deed without
the consent of the Noteholder;

 

		(r)	the insolvency, bankruptcy or winding up of Digital; or

 

		(s)	the invalidity or unenforceability of an obligation of a person other than the Noteholder.

 

		4.3	Guarantee continuing

 

The guarantee
contained in Clause 4.1 is a continuing guarantee and is not discharged by any payment, settlement of account or the occurrence
of any other thing.

 

		5.	Notices and other communications

 

		5.1	Service of notices

 

A notice, demand, consent,
approval or communication under this Deed (Notice) must be:

 

		(a)	in writing, in English and signed by a person duly authorised by the sender; and

 

		(b)	hand delivered or sent by prepaid post or facsimile to the recipient's address for Notices specified
in the Details, as varied by any Notice given by the recipient to the sender.

 

		5.2	Effective on receipt

 

A Notice takes effect when
taken to be received (or at a later time specified in it), and is taken to be received:

 

		(a)	if hand delivered, on delivery;

 

		(b)	if sent by prepaid post, on the second Business Day after the date of posting (or on the seventh
Business Day after the date of posting if posted to or from a place outside Australia);

 

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		(c)	if sent by facsimile, when the sender's facsimile system generates a message confirming successful
transmission of the entire Notice unless, within eight Business Hours after the transmission, the recipient informs the sender
that it has not received the entire Notice,

 

but if the delivery, receipt
or transmission is not on a Business Day or is after 5.00pm on a Business Day, the Notice is taken to be received at 9.00am
on the next Business Day.

 

		6.	MISCELLANEOUS

 

		6.1	Costs and stamp duty

 

Each of the parties to this
Deed shall be responsible for its own costs and expenses of and in connection with the negotiation, preparation, execution, stamping,
registration and completion of this Deed and of any document contemplated by this Deed.

 

		6.2	Further acts

 

Each of the parties to this
Deed will without further consideration sign, execute and deliver any agreement and shall perform any other act which may be necessary
or desirable to give full effect to this Deed.

 

		6.3	Entire understanding

 

This deed
supersedes all prior representations, arrangements, understandings and agreements between the parties relating to the subject matter
of this Deed and sets forth the entire and exclusive agreement and understanding between the parties relating to the subject matter
of this Deed.

 

		6.4	No waiver or variation

 

A provision of or a right created
under this Deed may not be waived or varied except in writing signed by the party or parties to be bound by the waiver or variation.

 

		6.5	Discretion in exercising rights

 

A party to this Deed may exercise
a right or remedy or give or refuse its consent in any way it considers appropriate (including by imposing conditions), unless
this Deed expressly states otherwise.

 

		6.6	Partial exercise of rights

 

Failure to exercise or enforce,
or a delay in exercising or enforcing, or the partial exercise or enforcement of, a right, power or remedy provided by law or under
this Deed by a party does not preclude, or operate as a waiver of, the exercise or enforcement, or further exercise or enforcement,
of that or any other right, power or remedy provided by law or under this Deed.

 

		6.7	No partnership or agency

 

Nothing in this Deed is intended
to create or give rise to a relationship of partnership, joint venture or agency between the parties.

 

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		6.8	Severance

 

If any provision of this Deed
is judged invalid or unenforceable for any reason whatsoever by a court of competent jurisdiction, such invalidity or unenforceability
(unless deletion of such provision would materially adversely affect one of the parties) will not affect the operation or interpretation
of any other provision of this Deed to the intent that the invalid or unenforceable provision will be treated as severed from this
Deed.

 

		6.9	Assignment

 

Neither party may assign this
Deed or any of its rights, powers or remedies under this Deed without the prior written consent of the other party.

 

		6.10	Application of legislation

 

Unless application is mandatory
by law, no legislation, proclamation, order, regulation or moratorium whether present or future shall apply to this Deed so as
to extinguish, impair, delay or otherwise alter the rights, powers or remedies of any of the parties.

 

		6.11	Counterparts

 

		(a)	This deed may consist of a number of counterparts, each of which when executed shall be an original
and all the counterparts together shall constitute one and the same instrument.

 

		(b)	A party who has executed a counterpart of this Deed may exchange that counterpart with another
party by faxing it to the other party and, if that other party requests it, promptly delivering that executed counterpart by hand
or post to the other party. However, the validity of this Deed is not affected if the party who has faxed the counterpart delays
in delivering or does not deliver it by hand or by post.

 

		6.12	Provisions survive completion

 

Each provision of this Deed
is capable of having effect after completion and each representation and warranty made in this Deed shall survive the execution,
delivery and completion of this Deed and the performance of all obligations under this Deed and shall not merge on completion.

 

		6.13	Indemnity

 

Each indemnity under this Deed
is a continuing indemnity and shall constitute a separate and independent obligation of the party giving the indemnity from its
other obligations under this Deed and shall survive the execution, delivery, completion and termination of this Deed. It is not
necessary for a party to incur expense or make payment before enforcing a right of indemnity under this Deed.

 

		6.14	Powers of Attorney

 

In the event that this Deed
is executed under power of attorney, each of the attorneys executing this Deed warrants that, as at the time of executing this
Deed, they have no notice of revocation of the power of attorney under the authority of which they execute this Deed.

 

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		6.15	Recitals

 

The parties to this Deed acknowledge
that the Recitals are true and correct and shall form part of this Deed.

 

		6.16	Exclusion of implied terms

 

To the full extent permitted
by law and other than as expressly set out in this Deed, the parties exclude all implied terms, conditions, representations and
warranties.

 

		6.17	Rule of construction

 

The parties to this Deed acknowledge
and agree that no rule of construction applies to the disadvantage of a party because that party was responsible for the preparation
of this Deed or part of it.

 

		6.18	Method of payment

 

All payments required to be
made under this Deed must be made by crediting the account of the recipient or the recipient’s nominee (specified for that
purpose) with cleared funds.

 

		7.	GOVERNING LAW AND JURISDICTION

 

		(a)	This deed shall be construed in accordance with and shall be governed by the laws in force in the
State of New South Wales.

 

		(b)	Each of the parties to this Deed irrevocably submits to and accepts the exclusive jurisdiction
of any of the Courts of the State of New South Wales or the Commonwealth of Australia and any courts of appeal from these courts.

 

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Convertible Note Deed (final) 11 April 2013

 

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Signing page

 

EXECUTED as a deed.

 

	SIGNED, SEALED and DELIVERED by DIGITAL TURBINE AUSTRALIA PTY LTD ACN 163 117 253 in accordance with section 127 of the Corporations Act 2001 (Cth):	 	 
	
         

         

         
	 	 
	
        Signature of director

         

         

         
	 	
        Signature of director/secretary

        (Please delete as applicable}

         

         

	Name (print)	 	Name (print)

 

	SIGNED, SEALED and DELIVERED by MANDALAY DIGITAL GROUP INC. by:	 	 
	
         

         

         
	 	 
	
        Signature of witness

         

         

         
	 	
        Signature of authorised person

         

         

	Name (print)	 	Name / capacity (print)

 

	SIGNED, SEALED and DELIVERED by ZINGO (AUST) PTY LTD ACN 114 185 269 in accordance with section 127 of the Corporations Act 2001 (Cth):	 	 
	
         

         

         
	 	 
	
        Signature of director

         

         

         
	 	
        Signature of director/secretary

        (Please delete as applicable}

         

         

	Name (print)	 	Name (print)

 

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Convertible Note Deed (final) 11 April 2013

 

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Schedule 1

 

Terms of issue of Note

 

		1.	Interest

 

		1.1	Interest payment table

 

		(a)	Digital must pay interest to the Noteholder on the Face Value at the interest rate of 6% per annum.

 

		(b)	Interest will accrue daily and be capitalised monthly from and including the Commencement Date
until the Note is Redeemed or Converted.

 

		(c)	Digital will pay interest accrued on the Face Value to the Noteholder in arrears on the date of
Redemption or Conversion, whichever is the earlier.

 

		1.2	Default interest

 

		(a)	Digital must pay interest on any amount which is due and payable (including on unpaid interest
under paragraph 1.1) but remains unpaid for the period from (and including) the due date until (but excluding) the date of payment.

 

		(b)	Interest payable under this clause accrues at the default rate of 8% per annum.

 

		1.3	Further interest

 

If a liability
under this Deed becomes merged in a judgment or order or exists after any winding up of Digital, then Digital, as an independent
obligation, must pay interest on the amount of that liability from the date the liability becomes payable both before and after
the judgement, order or winding up until it is paid, at the default rate of 8% per annum.

 

		2.	Redemption

 

		2.1	Redemption

 

		(a)	Unless otherwise Redeemed in accordance with this paragraph 2 or Converted in accordance
with paragraph 3, the Noteholder will be deemed to have duly delivered a Redemption Notice to Digital at 11am on
the Maturity Date.

 

		(b)	Noteholder shall have the right to Redeem the Note in full by the delivery of a Redemption Notice
to Digital on any of the following dates:

 

		(i)	the Maturity Date;

 

		(ii)	5 Business Days after Mandalay receives funds raised from a Qualified Capital Raise;

 

or,

 

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		(iii)	at any time whilst an Event of Default subsists.

 

		(c)	Unless or until otherwise Redeemed under paragraphs 2.1(a) or 2.1(b), Digital may Redeem that portion
of the Note that has not yet been Converted under clause 3 or is not then the subject of a Conversion Notice as follows:

 

		(i)	Digital must give to the Noteholder at least 5 Business Days’ written notice (Notice Period)
of its intention to Redeem the Note;

 

		(ii)	the Noteholder may at any time before the end of the Notice Period elect to Convert any or all
of the outstanding portion of the Note in accordance with clause 3;

 

		(iii)	if, by 5.00pm on the last day of the Notice Period, Digital:

 

		(A)	does not receive a Conversion Notice; or

 

		(B)	receives a Conversion Notice for less than the entire outstanding portion of the Note,

 

Digital shall
Redeem the outstanding portion of the Note (if any) that is not subject to a Conversion Notice.

 

		(d)	As soon as reasonably practicable (and in any event within 5 Business Days) after:

 

		(i)	Noteholder is deemed to have delivered a Redemption Notice under paragraph 2.1(a);

 

		(ii)	Noteholder delivers a Redemption Notice under paragraph 2.1(b); or

 

		(iii)	Digital delivers a Redemption Notice under paragraph 2.1(c),

 

Digital must pay to the Noteholder
the Face Value of that part of the Note that is outstanding, together with the amount of any accrued but unpaid interest on the
Note up to the time of payment.

 

		3.	Conversion

 

		3.1	Conversion rights

 

Provided
that a Redemption Notice has not been delivered under paragraphs 2.1(a) or 2.1(b), the Noteholder may Convert all or part
of the Outstanding Amount in respect of the Note at any time up to and including the Maturity Date by delivering a Conversion Notice
to Digital.

 

		3.2	Conversion notice

 

A Conversion Notice:

 

		(a)	will be deemed to constitute an application by the Noteholder on behalf of named Vendors to subscribe
for the Mandalay Shares to be issued at the Conversion Price;

 

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		(b)	will be deemed to constitute a Vendor’s agreement to become a member of for the purposes
of section 231(b) of the Corporations Act; and

 

		(c)	once served, is irrevocable.

 

		3.3	Timing and actions on Conversion

 

		(a)	Conversion of the Note will occur on the fifth Business Day after receipt of a Conversion
Notice by Digital.

 

		(b)	On the Conversion Date, Mandalay must issue the Mandalay Shares at the Conversion Price to the
Vendor or Vendors nominated by the Noteholder, such shares to rank equally in all respects with the other ordinary shares in the
capital of Mandalay when such shares are issued.

 

		4.	Cancellation

 

On full Redemption or full Conversion
of the Note, the Note is automatically cancelled.

 

		5.	Status

 

		(a)	The Note is a secured obligation of Digital on the terms set out in the Security Deed and is guaranteed
by Mandalay (subject to the terms of the Intercreditor Deed). On execution of this Deed, Digital shall grant a Security Interest
over the shares in Mirror Image International Holdings Pty Ltd ACN 114 859 237 and MIA Technology Newco in favour of the Noteholder
on and subject to the terms of the Security Deed and the Intercreditor Deed.

 

		(a)	The Note is not transferable.

 

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Annexure A

 

Security Deed

 

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Annexure B

 

Intercreditor Deed

 

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Convertible Note Deed (final) 11 April 2013

 

    	2Intercreditor Deed

 

Each party listed in Schedule 1

(Senior Creditors)

 

Zingo (Aust) Pty Ltd ACN 114 185 269

(Noteholder)

 

Digital Turbine Australia Pty Ltd ACN 163
117 253

(Digital)

 

Mandalay Digital Group Inc

(Mandalay)

 

		
        Level 12 77 King Street Sydney

        NSW 2000 Australia

        ReferenceADB:CER:1355962

        Andrew
        Bristow

        Ó
        Copyright Herbert Geer Lawyers

 

    	 

    	 

    

 

Table of contents

 

 

 

	Clause	Page
	 	 	 
	1.	definitions AND INTERPRETATION	1
	 	1.1	Definitions	1
	 	1.2	Interpretation	4
	 	1.3	Creditors’ obligations	5
	 	1.4	Precedence	5
	 	 	 	 
	2.	DIGITAL SECURITY	6
	 	2.1	Priority	6
	 	2.2	Digital’s obligations	6
	 	2.3	Application	6
	 	 	 	 
	3.	SUBORDINATION OF MANDALAY DEBT	6
	 	3.1	Mandalay Debt subordinated	6
	 	3.2	Continuing subordination	6
	 	 	 	 
	4.	obligations during and after subordination period	7
	 	4.1	Payments	7
	 	4.2	Liquidation payments	7
	 	 	 	 
	5.	DEALINGS BETWEEN CREDITORS	7
	 	5.1	Dealing with Digital Security	7
	 	5.2	Exercise of Powers and enforcement	8
	 	5.3	Sale of property secured by Digital Security	8
	 	5.4	Roles	8
	 	5.5	Maximum amount recoverable	8
	 	 	 	 
	6.	Changes to rights	8
	 	6.1	Reinstatement of rights	8
	 	6.2	Creditors’ rights protected	9
	 	6.3	Further actions	9
	 	 	 	 
	7.	PAYMENTS	10
	 	7.1	Manner of payment	10
	 	 	 	 
	8.	COSTS	10
	 	8.1	Costs	10
	 	8.2	Stamp duty	10
	 	8.3	Enforcement Costs	10
	 	 	 	 
	9.	GENERAL PROVISIONS	10
	 	9.1	Consideration	10
	 	9.2	Powers	10
	 	9.3	Consent and waivers	10
	 	9.4	Notices or demands as evidence	11
	 	9.5	Law and legislation	11
	 	9.5	Severability	11
	 	9.6	Variation	11

 

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TABLE
OF CONTENTS (continued)

 

 

	Clause	 	Page
	 	 	 	 
	 	9.7	Governing law and jurisdiction	11
	 	9.8	Service of process	11
	 	9.9	Counterparts	11

 

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Intercreditor Deed (final) 11 April 2013

 

    	 

    	 

    

Details

 

	Date of this Deed	2013

 

	Senior Creditors	Name	Each party listed in Schedule 1 
	 	Contact details	 (see Schedule 1)

 

	Noteholder	Name	Zingo (Aust) Pty Ltd CAN 114 185 269

 

	Digital	Name	Digital Turbine Australia Pty Ltd ACN 163 117 253

 

	Mandalay	Name	Mandalay Digital Group Inc

 

	Recitals	A.            The Senior Creditors are, or will be, the holder of the Senior Securities.
	 	B.            The Noteholder is, or will be, the holder of the Digital Security and the beneficiary of the Mandalay Guarantee. 
	 	
        C.            The
        Creditors have agreed to:

         

        (1)             regulate
        the priorities between them with respect to the Securities; and

         

        (2)             subordinate
        the Mandalay Debt,

         

        on the
        terms and conditions of this Deed.

 

Operative terms

 

		1.	definitions AND INTERPRETATION

 

		1.1	Definitions

 

In this Deed, unless the context
otherwise requires:

 

Corporations Act means
the Corporations Act 2001 (Cth);

 

Controller has the meaning
given in the Corporations Act.

 

Costs includes all charges
and expenses incurred by a Creditor, including costs, charges and expenses in connection with advisers (in the case of legal advisers,
on a full indemnity basis or solicitor and client basis, whichever is higher) and those incurred in:

 

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		(a)	the contemplated or actual enforcement or preservation of rights; and

 

		(b)	the appointment of and exercise of powers by a Controller,

 

under this Deed or a Security
Document.

 

Creditor means the Senior
Creditors and the Noteholder or either of them.

 

Digital Debt means all
money in the nature of principal, interest and Costs that Digital is or may become liable at any time (presently, prospectively
or contingently, whether alone or not and in any capacity) to pay to or for the account of the Noteholder (whether alone or not
and in any capacity) under or in relation to the Digital Security Documents.

 

Digital Security means
the equitable mortgage and Security Interest granted by Digital in favour of the Noteholder to secure the obligations of Digital
under the Digital Security Documents.

 

Digital Security Documents
means any of:

 

		(a)	this Deed;

 

		(b)	the Note Deed;

 

		(c)	the Security Deed.

 

External Administrator
means an administrator, Controller, trustee, provisional liquidator, liquidator or any other person (however described) holding
or appointed to an analogous office or acting in an analogous capacity.

 

GST has the same meaning
as in the A New Tax System (Goods and Services Tax) Act 1999 (Cth);

 

Guarantee means a guarantee,
indemnity, letter of credit, legally binding letter of comfort or other obligation of any kind:

 

		(a)	to provide funds for the payment or discharge of;

 

		(b)	to indemnify any person against the consequences of default in the payment of; or

 

		(c)	to be responsible for,

 

an obligation or monetary liability
of another person or the assumption of any responsibility or obligation in respect of the solvency or financial condition of another
person.

 

Mandalay Debt
means all money in the nature of principal, interest and Costs that Mandalay is or may become liable at any time (presently,
prospectively or contingently, whether alone or not and in any capacity) to pay to or for the account of the Noteholder
(whether alone or not and in any capacity) under the Mandalay Guarantee.

 

Mandalay Guarantee means
the unsecured guarantee given by Mandalay in favour of the Noteholder under clause 4 of the Note Deed.

 

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Note Deed means the
Convertible Note Deed between Digital, Mandalay and the Noteholder entered into simultaneously with this Deed.

 

Power means, in respect
of a Creditor, any right, power, discretion or remedy of that Creditor under any Security Document or the Mandalay Guarantee.

 

PPSA means the Personal
Property Securities Act 2009 (Cth).

 

Receiver means any person
or persons appointed as a receiver or receiver and manager pursuant to a Security.

 

Related Entity has the
meaning given in the Corporations Act.

 

Secured Property means
the right, title and interest secured in favour of both Creditors under their respective Security.

 

Security means any or
both of:

 

		(a)	the Senior Security; and

 

		(b)	the Digital Security.

 

Security Deed means
the Security Deed between Digital and the Noteholder entered into simultaneously with this Deed.

 

Security Document means:

 

		(a)	in respect of the Senior Security, each Senior Security Document; and

 

		(b)	in respect of the Digital Security, each Digital Security Document.

 

Security Interest means
any security interest under the PPSA or any other security for the payment of money or performance of obligations, including a
mortgage, charge, lien, pledge or Guarantee.

 

Senior Default means
an event of default (however described) under a Senior Security Document.

 

Senior Digital Debt
means all money and amounts (in any currency) that Digital is or may become liable at any time (presently, prospectively or contingently,
whether alone or not and in any capacity) to pay to or for the account of a Senior Creditor (whether alone or not and in any capacity)
under or in relation to the Senior Security Documents. It includes money and amounts in the nature of principal, interest, Costs,
Taxes, Guarantee obligations or damages.

 

Senior Mandalay Debt
means all money and amounts (in any currency) that Mandalay or any Subsidiary as co-obligor under a Senior Security Document is
or may become liable at any time (presently, prospectively or contingently, whether alone or not and in any capacity, including
any contingent liability owed by Mandalay in connection with liability of any of its Subsidiaries) to pay to or for the account
of a Senior Creditor (whether alone or not and in any capacity) under or in relation to the Senior Security Documents. It includes
money and amounts in the nature of principal, interest, Costs, Taxes, Guarantee obligations or damages.

 

Senior Security means
any Security Interest granted by Digital in favour of any Senior Creditor under the Senior Security Documents.

 

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Senior Security Document
means each or any of the following:

 

		(a)	this Deed;

 

		(b)	the documents listed in Schedule 1; and

 

		(c)	any other agreement or document relating to the terms of the Senior Mandalay Debt or Senior Digital
Debt from time to time.

 

Subordination means
the subordination of the Mandalay Debt effected under this Deed.

 

Subordination Period
means the period:

 

		(a)	commencing on a Senior Default; and

 

		(b)	ending on the earlier of:

 

		(i)	the payment in full of the Senior Mandalay Debt and the Senior Creditors are satisfied that no
Senior Mandalay Debt will come into existence; and

 

		(ii)	the waiver or rectification of the Senior Default.

 

Subsidiary has the meaning
given in the Corporations Act and also:

 

		(a)	an entity is a Subsidiary of another entity if it is controlled by that other entity for the purposes
of section 50AA of the Corporations Act;

 

		(b)	a trust may be a Subsidiary (and a unit or other beneficial interest in the trust is to be treated
as a share accordingly); and

 

		(c)	an entity is to be treated as a Subsidiary of a trust as if that trust were a corporation.

 

Taxes means taxes (including
GST), levies, imposts, charges and duties (including stamp and transaction duties) imposed by any authority together with any related
interest, penalties, fines and expenses in connection with them, except if imposed on our overall net income.

 

		1.2	Interpretation

 

Unless the context requires
otherwise, a reference to:

 

		(a)	a document or agreement includes any variation or replacement of it;

 

		(b)	law means common law, principles of equity, and laws made by parliament (and laws made by parliament
include State, Territory and Commonwealth laws and regulations and other instruments under them and consolidations, amendments,
re-enactments or replacements of any of them);

 

		(c)	including or such as, when introducing an example, does not limit the meaning of the words to which
the example relates to that example or to examples of a similar kind;

 

		(d)	payable, in relation to an amount, means an amount which is currently payable or will or may be
payable in the future;

 

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		(e)	person includes an individual, a firm, a body corporate, an unincorporated association and an authority;

 

		(f)	the singular includes the plural and vice versa;

 

		(g)	any thing (including any debt) includes the whole and each part of it (provided that nothing in
this clause 1.2(g) implies that performance of part of an obligation constitutes performance of the obligation);

 

		(h)	dollars or $ is to Australian currency unless the reference is to an amount payable under the Senior
Security Documents in which case it is to US dollars (unless otherwise specified); and

 

		(i)	a party to any document includes that person's successors and permitted substitutes and assigns;

 

		(j)	an agreement includes any legally enforceable arrangement, understanding, undertaking or representation
whether or not in writing;

 

		(k)	a document or agreement includes that document or agreement as novated, altered, supplemented or
replaced from time to time;

 

		(l)	clauses, schedules and annexures are to those in this Deed, and a reference to this Deed includes
any schedule and annexure;

 

		(m)	a person, corporation, trust, partnership, unincorporated body or other entity includes any of
them;

 

		(n)	time is to time in Sydney, Australia;

 

		(p)	legislation or other law or a provision of them includes regulations and other instruments under
them, and any consolidation, amendment, re-enactment or replacement.

  

		1.3	Creditors’ obligations

 

The obligations of the Creditors
under this Deed are several and:

 

		(a)	failure of a Creditor to carry out its obligations does not relieve any other Creditor of its obligations;

 

		(b)	no Creditor is responsible for the obligations of any other Creditor.

 

		1.4	Precedence

 

The parties acknowledge and
agree that this Deed takes precedence over each other Security Document in relation to its subject matter such that, if there is
any inconsistency between this Deed and any other Security Document, this Deed will prevail to the extent of the inconsistency.

 

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		2.	DIGITAL SECURITY

 

		2.1	Priority

 

The parties acknowledge and
agree that:

 

		(a)	the Digital Security is a first ranking Security Interest; and

 

		(b)	any subsequent Security Interest granted over any property secured by the Digital Security shall
be a second ranking Security Interest.

 

		2.2	Digital’s obligations

 

Until the Digital Debt is fully
paid, Digital must not without the Noteholder’s prior written consent:

 

		(a)	grant or attempt or purport to grant a Security Interest over any right, title or interest subject
to the Digital Security, which is senior to or ranks equally with the Digital Security; or

 

		(b)	transfer or sell the right, title or interest which is subject to the Digital Security.

 

		2.3	Application

 

All proceeds of enforcement
in respect of Secured Property will be applied in the following order:

 

		(a)	first, in payment of unpaid costs, fees and expenses incurred under or in connection with enforcement
of any Security;

 

		(b)	second, in payment to the Noteholder for application towards the repayment of the Digital Debt;

 

		(c)	third, in payment to Senior Creditors for application towards the repayment of the Senior Digital
Debt; and

 

		(d)	fourth, to Digital.

 

		3.	SUBORDINATION OF MANDALAY DEBT

 

		3.1	Mandalay Debt subordinated

 

During the Subordination Period,
the Mandalay Debt and all related rights, claims and payments are subordinated and postponed to, and rank in priority after, the
Senior Mandalay Debt and all related rights, claims and payments, on the terms of this Deed and irrespective of:

 

		(a)	the actual priority or validity of a Security Interest granted to secure the Senior Mandalay Debt;

 

		(b)	whether any party has granted a Security Interest to secure any part of the Senior Mandalay Debt.

 

		3.2	Continuing subordination

 

The Subordination:

 

		(a)	applies to the present and future balances of the Senior Mandalay Debt and the Mandalay Debt;

 

		(b)	is irrevocable;

 

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		(c)	is a continuing subordination until the Subordination Period ends;

 

		(d)	is not discharged by any payment, settlement of account, insolvency or anything else.

 

		4.	obligations during and after subordination period

 

		4.1	Payments

 

During the Subordination Period:

 

		(a)	the Mandalay Debt must not be paid;

 

		(b)	the Noteholder may not receive, and Mandalay must not pay, any of the Mandalay Debt to, or at the
direction of, the Noteholder or any person acting or purporting to act on behalf of the Noteholder,

 

without
the prior written consent of all Senior Creditors.

 

		4.2	Liquidation payments

 

If, during the Subordination
Period, the Noteholder receives or recovers (including by way of set off) any amounts in the liquidation of Mandalay in respect
of the Mandalay Debt or in breach of the Noteholder’s obligations under this Deed:

 

		(a)	the Noteholder must immediately pay to the Senior Creditors an amount equal to the lesser of:

 

		(i)	those amounts; and

 

		(ii)	the aggregate of the Senior Mandalay Debt at that time; and

 

		(b)	until the Noteholder pays the amounts referred to in clause 3.2(a) to the Senior Creditors, the
Noteholder must hold those amounts on trust for the Senior Creditors (and if necessary in a separate account created for that purpose).
The perpetuity period for the trust created under this clause 3.2(b) is:

 

		(i)	80 years from the date of this Deed; or

 

		(ii)	the Subordination Period,

 

whichever is shorter.

 

		5.	DEALINGS BETWEEN CREDITORS

 

		5.1	Dealing with Digital Security

 

The Noteholder must not transfer,
assign or otherwise deal with the Digital Security except for the purpose of enforcement of the Digital Security in accordance
with this Deed.

 

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		5.2	Exercise of Powers and enforcement

 

		(a)	Notwithstanding any other provision of this Deed, the parties are not required to notify, or obtain
the consent of, any other party before exercising a Power in relation to any Security Document, including the Mandalay Guarantee.

 

The parties
agree that the Subordination does not affect the actual right of the Noteholder to commence enforcement action or to demand payment
of the Mandalay Debt.

 

		5.3	Sale of property secured by Digital Security

 

On the sale of any or all of
the property secured by the Digital Security, the Senior Creditor must provide to the Noteholder duly executed releases of any
Senior Security (in respect of the Secured Property the subject of the sale) in registrable form.

 

		5.4	Roles

 

The parties must not do anything
which:

 

		(a)	may in any way prejudice the other parties rights under
this Deed; or

 

		(b)	may adversely affect the enforcement of the provisions
of this Deed; or

 

		(c)	which is likely to be inconsistent with any provision
of this Deed.

 

		5.5	Maximum amount recoverable

 

For the avoidance of doubt,
the parties agree that the maximum amount that the Noteholder can recover under the Digital Security Documents is the “Outstanding
Amount” (as that term is defined in the Note Deed) and any Costs and expenses incurred by or on behalf of the Noteholder
under or in connection with the enforcement or attempted enforcement of the Digital Security Documents.

 

		6.	Changes to rights

 

		6.1	Reinstatement of rights

 

		(a)	If a payment or other transaction relating to this Deed is void, voidable, unenforceable or defective
for any reason or a related claim is upheld, conceded or settled (each an Avoidance) then even though any party knew or
should have known of the Avoidance:

 

		(i)	the respective liabilities and Powers of the parties under this Deed will be what they would have
been, and will continue, as if the payment or transaction had not occurred; and

 

		(ii)	each party will immediately execute and do anything reasonably required by the Senior Creditors
or the Noteholder to restore each of them to the position they were in immediately before the Avoidance (including reinstating
this Deed).

 

		(b)	This clause survives any termination or full or partial discharge or release of any Security Document.

 

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		6.2	Creditors’ rights protected

 

		(a)	Rights given to any Creditor under this Deed are not affected by any act or omission by any other
Creditor or by anything else that might otherwise affect them under law or otherwise, including:

 

		(i)	any variation to or replacement of the terms by which the Senior Mandalay Debt or the Senior Digital
Debt is expressed to be owing;

 

		(ii)	any release of or grant of concession provided to Digital or Mandalay

 

		(iii)	any release or loss of the benefit of any Security;

 

		(iv)	the unenforceability of any obligations of Digital or Mandalay;

 

		(v)	any failure of any person who was intended to effectively provide a Security Interest to secure
the Senior Mandalay Debt or the Senior Digital Debt;

 

		(vi)	the insolvency of any person including Digital, Mandalay or the Noteholder.

 

		(b)	The Senior Creditors may act in their interests in relation to any matter concerning the Senior
Digital Debt or the Senior Mandalay Debt without regard to the interest of the Noteholder and without incurring any liability to
the Noteholder.

 

		(c)	This Deed does not merge with or adversely affect, and is not adversely affected by, any of the
following:

 

		(i)	any other deed, Guarantee, Security Interest, or right or remedy to which the Senior Creditors
are entitled; or

 

		(ii)	a judgment or order which the Senior Creditors obtain in connection with the Senior Digital Debt
or the Senior Mandalay Debt.

 

		6.3	Further actions

 

Each party must do anything
(such as obtaining consents, signing and producing documents, giving information, producing receipts and getting documents completed
and signed) reasonably necessary:

 

		(a)	to ensure any Security Interest created under this Deed is enforceable, perfected (including, if
possible, by control) and otherwise effective;

 

		(b)	to enable registration of any Security Interest created under this Deed with the priority it requires;

 

		(c)	to enable the Senior Creditors or the Noteholder to exercise their respective rights in connection
with this Deed.

 

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		7.	PAYMENTS

 

		7.1	Manner of payment

 

All payments by any party under
this Deed must be made in immediately available funds and in full without set-off or counterclaim except as provided by this Deed,
unless prohibited by law.

 

		8.	COSTS

 

		8.1	Costs

 

Each party must bear its own
costs in connection with the negotiation, preparation, execution, delivery and completion of this Deed and the other Security Documents.

 

		8.2	Stamp duty

 

Digital must pay any stamp
duty payable on any Security Document or any transaction contemplated by a Security Document.

 

		8.3	Enforcement Costs

 

Digital must pay or reimburse
the reasonable Costs incurred by the Noteholder in connection with the Noteholder:

 

		(a)	exercising, enforcing or protecting a Power, or attempting to do so; and

 

		(b)	obtaining or procuring performance or satisfaction of Digital’s or Mandalay's obligations
under this Deed.

 

		9.	GENERAL PROVISIONS

 

		9.1	Consideration

 

Each party acknowledges entering
into this Deed for valuable consideration received from the other parties.

 

		9.2	Powers

 

		(a)	Full or partial exercise of a Power does not prevent a further exercise of that or any other Power.

 

		(b)	No failure or delay in exercising a Power operates as a waiver.

 

		(c)	Unless expressly provided in this Deed, no Power nor any Security Document merges in, limits, adversely
affects or is adversely affected by any other Power, Security Document or judgment which a party (or anyone claiming through it)
may have or obtain.

 

		9.3	Consent and waivers

 

A consent or waiver by the
Noteholder in relation to this Deed is effective only if in writing. If given subject to conditions, the consent or waiver only
takes effect subject to compliance with those conditions.

 

Herbert Geer

Intercreditor Deed (final) 11 April 2013

 

    	10

    	 

    

		9.4	Notices or demands as evidence

 

A notice or certificate from
or demand by a Creditor stating that a default has occurred, or that a specified sum of money is owing or payable under a Security
Document or stating any other fact or determination relevant to the rights or obligations of the Creditor, under this Deed is taken
to be correct unless proved incorrect.

 

		9.5	Law and legislation

 

To the extent
permitted by law:

 

		(a)	this Deed prevails to the extent of inconsistency with any law; and

 

		(b)	any present or future legislation operating to reduce a party's obligations under this Deed or
the effectiveness of the Powers is excluded.

 

		9.5	Severability

 

A provision of this Deed that
is illegal or unenforceable in a jurisdiction is ineffective in that jurisdiction to the extent of the illegality or unenforceability.
This does not affect the validity or enforceability of that provision in any other jurisdiction, nor the remainder of this Deed
in any jurisdiction.

 

		9.6	Variation

 

A variation of this Deed must
be in writing and signed by or on behalf of each party to it.

 

		9.7	Governing law and jurisdiction

 

This Deed is governed by the
laws of New South Wales, Australia except to the extent that any act, matter or thing (including rights or obligations of a party)
relates to or is derived from provisions in the Senior Security Documents in which case the laws of California, USA, will apply.
Each party irrevocably and unconditionally submits to the non-exclusive jurisdiction of the courts of those places (and any courts
of appeal) and waives any right to object to an action being brought in those courts, including on the basis of an inconvenient
forum or those courts not having jurisdiction.

 

		9.8	Service of process

 

Without preventing any other
mode of service, any document in an action or process may be served on any party by being delivered to or left for that party at
its address for service of notices under this Deed.

 

		9.9	Counterparts

 

This Deed may be executed in
any number of counterparts. Each counterpart constitutes an original of this document, all of which together constitute one instrument.
A party who has executed a counterpart of this Deed may exchange it with another party by faxing, or by emailing a pdf (portable
document format) copy of, the executed counterpart to that other party and, if requested by that other party, will promptly deliver
the original by hand or post. Failure to make that delivery will not affect the validity of this Deed.

 

Herbert Geer

Intercreditor Deed (final) 11 April 2013

 

    	11

    	 

    

 

Signing page

 

EXECUTED as a Deed.

 

	SIGNED SEALED AND DELIVERED by Trinad Capital Master Fund, Ltd] by the authorised persons whose signatures appear below in the presence of: 	 	 
	 	 	 
	 	 	 
	Signature of witness	 	Signature of director/secretary
	 	 	(Please delete as applicable)
	 	 	 
	 	 	 
	Name and capacity (print)	 	Name (print)

 

	SIGNED SEALED AND DELIVERED by Guber Family Trust by the authorised persons whose signatures appear below in the presence of: 	 	 
	 	 	 
	 	 	 
	Signature of witness	 	Signature of director/secretary
	 	 	(Please delete as applicable)
	 	 	 
	 	 	 
	Name and capacity (print)	 	Name (print)

 

 

	SIGNED SEALED AND DELIVERED by TAJA LLC by the authorised persons whose signatures appear below in the presence of: 	 	 
	 	 	 
	 	 	 
	Signature of witness	 	Signature of director/secretary
	 	 	(Please delete as applicable)
	 	 	 
	 	 	 
	Name and capacity (print)	 	Name (print)

 

Herbert Geer

Intercreditor Deed (final) 11 April 2013

 

    	12

    	 

    

 

	SIGNED SEALED AND DELIVERED by Mandalay Digital Group Inc by the authorised persons whose signatures appear below in the presence of: 	 	 
	 	 	 
	 	 	 
	Signature of witness	 	Signature of director/secretary
	 	 	(Please delete as applicable)
	 	 	 
	 	 	 
	Name and capacity (print)	 	Name (print)

 

	SIGNED SEALED AND DELIVERED by Digital Turbine Australia Pty Ltd ACN 163 117 253  in accordance with s127 of the Corporations Act: 	 	 
	 	 	 
	 	 	 
	Signature of director	 	Signature of director/secretary
	 	 	(Please delete as applicable)
	 	 	 
	 	 	 
	Name (print)	 	Name (print)

 

	SIGNED SEALED AND DELIVERED by Zingo (Aust) Pty Ltd ACN 114 185 269  in accordance with s127 of the Corporations Act: 	 	 
	 	 	 
	 	 	 
	Signature of director	 	Signature of director/secretary
	 	 	(Please delete as applicable)
	 	 	 
	 	 	 
	Name (print)	 	Name (print)

 

Herbert Geer

Intercreditor Deed (final) 11 April 2013

 

    	13

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