Document:

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                                                                    EXHIBIT 4.21

                           GENERAL SECURITY AGREEMENT

          THIS AGREEMENT is made as of __________________________, 2003

BY:               VISUAL BIBLE INTERNATIONAL (CANADA), INC., a corporation
                  incorporated under the laws of the Province of Ontario and
                  carrying on business at 1235 Bay Street, Suite 300, Toronto,
                  Ontario, M5R 3K4 (the "Debtor")

IN FAVOUR OF:     The B Unit Holders (as such term is defined herein)

WHEREAS:

A.    The Debtor is the sole shareholder of The Book of John, Inc. (the
      "Canadian Co-Producer"), which is the Canadian co-producer of a feature
      length motion picture presently entitled "The Book Of John", f/k/a "The
      Gospel of John" (the "Property").

B.    Each of the B Unit Holders has executed a subscription agreement (each a
      "Subscription Agreement" and collectively the "Subscription Agreements")
      for the purchase of B Units (as defined in the Subscription Agreements)
      consisting of certain debentures (each a "Debenture" and collectively the
      "Debentures") of Visual Bible International, Inc. ("VBI"), shares of
      Common Stock (as defined in the Subscription Agreements) and warrants to
      purchase Common Stock. Pursuant to the Subscription Agreements and the
      Debentures, the B Unit Holders and VBI have entered into a Warrant
      Agreement, a Registration Rights Agreement, a Security Agreement governed
      by the laws of the State of New York and a General Security Agreement
      governed by the laws of the Province of Ontario (the "Ancillary
      Documents"; the Subscription Agreements, the Debentures, the Ancillary
      Documents and any amendments thereto are, collectively, the "VBI
      Transaction Documents").

C.    Pursuant to the VBI Transaction Documents, the B Unit Holders have
      provided certain credit facilities in favour of VBI and VBI has advanced
      the proceeds of such facilities, directly or indirectly, to the Canadian
      Co-Producer and The Gospel of John Limited, the UK co-producer of the
      Property, for use in the production of the Property.

D.    The Debtor has agreed to provide the B Unit Holders with a guarantee (the
      "Guarantee") of the obligations of VBI under the VBI Transaction
      Documents.

E.    As collateral security for the Guarantee, the Debtor has agreed to provide
      the B Unit Holders with this General Security Agreement.

In consideration of the sum of $1.00 and for other valuable consideration (the
receipt and sufficiency of which are hereby acknowledged), the Debtor agrees
with the B Unit Holders as follows:

                                1. INTERPRETATION

1.1      DEFINITIONS - In this Agreement:

"ACCESSIONS" has the meaning attributed to such term in the PPSA as in force on
the date hereof;

"ACCOUNT" has the meaning attributed to such term in the PPSA as in force on the
date hereof;

"THIS AGREEMENT", "HERETO", "HEREIN", "HEREOF", "HEREBY", "HEREUNDER" and any
similar expressions refer to this Agreement and the Schedules as they may be
amended or supplemented from time to time, and not to any particular

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                                                                    EXHIBIT 4.21

section or other portion thereof and, unless otherwise indicated, references to
Clauses, Schedules and Sections are references to clauses, schedules and
sections of this Agreement;

"B UNIT HOLDERS" means those individuals and entities described in Schedule "C"
attached hereto. For greater certainty the B Unit Holders shall also include
individuals or entities who are transferees of the parties listed on Schedule
"C" and any individual or entity who is an initial purchaser of B Units after
the execution of this General Security Agreement;

"BUSINESS DAY" means any day, other than Saturday, Sunday or any statutory
holiday in the Province of Ontario;

"CHATTEL PAPER" has the meaning attributed to such term in the PPSA as in force
on the date hereof;

"COLLATERAL" means all of the undertaking, property and assets of the Debtor
subject to, or intended to be subject to, the Security Interest, all as more
particularly described in Section 2.1, and any reference to "COLLATERAL" shall
be deemed to be a reference to "COLLATERAL OR ANY PART THEREOF" except where
otherwise specifically provided;

"DOCUMENT OF TITLE" has the meaning attributed to such term in the PPSA as in
force on the date hereof;

"EQUIPMENT" has the meaning attributed to such term in the PPSA as in force on
the date hereof;

"EVENT OF DEFAULT" has the meaning attributed to such term in Section 8;

"GOODS" has the meaning attributed to such term in the PPSA as in force on the
date hereof;

"INSTRUMENT" has the meaning attributed to such term in the PPSA as in force on
the date hereof;

"INTANGIBLE" has the meaning attributed to such term in the PPSA as in force on
the date hereof;

"INVENTORY" has the meaning attributed to such term in the PPSA as in force on
the date hereof;

"LIEN" means any mortgage, pledge, charge, assignment, security interest,
hypothec, lien or other encumbrance, including, without limitation, any
agreement to give any of the foregoing, or any conditional sale or other title
retention agreement;

"MAJORITY B UNIT HOLDERS" means the B Unit Holders holding a majority in
aggregate of the original principal amounts of the outstanding Debentures;

"MONEY" has the meaning attributed to such term in the PPSA as in force on the
date hereof;

"OBLIGATIONS" means all of the obligations, liabilities and indebtedness of the
Debtor to the B Unit Holders arising pursuant to the Guarantee;

"PERMITTED LIENS" means Liens which have been previously disclosed to the B Unit
Holders;

"PERSON" means any individual, partnership, limited partnership, joint venture,
syndicate, sole proprietorship, company or corporation with or without share
capital, unincorporated association, trust, trustee, executor, administrator or
other legal personal representative, regulatory body or agency, government or
governmental agency, authority or entity however designated or constituted;

"PPSA" means the Personal Property Security Act (Ontario) as amended from time
to time and any Act substituted therefor and amendments thereto;

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                                                                    EXHIBIT 4.21

"PROCEEDS" has the meaning attributed to such term in the PPSA as in force on
the date hereof;

"RECEIVER" means any of a receiver, manager, receiver-manager and receiver and
manager;

"SECURITY" has the meaning attributed to such term in the PPSA as in force on
the date hereof; and

"SECURITY INTEREST" has the meaning attributed to such term in Section 2.1.

1.2 CURRENCY - Except where otherwise expressly provided, all amounts in this
Agreement are stated and shall be paid in Canadian currency.

1.3 GENDER AND NUMBER - In this Agreement, unless the context otherwise
requires, words importing the singular include the plural and vice versa and
words importing gender include all genders.

1.4 INVALIDITY OF PROVISIONS - Each of the provisions contained in this
Agreement is distinct and severable and a declaration of invalidity or
unenforceability of any such provision or part thereof by a court of competent
jurisdiction shall not affect the validity or enforceability of any other
provision hereof.

1.5 AMENDMENT, WAIVER - No amendment or waiver of this Agreement shall be
binding unless executed in writing by the Majority B Unit Holders and the
Debtor. No waiver of any provision of this Agreement shall constitute a waiver
of any other provision nor shall any waiver of any provision of this Agreement
constitute a continuing waiver unless otherwise expressly provided in writing
and executed by the Majority B Unit Holders.

1.6 GOVERNING LAW, ATTORNMENT - This Agreement shall be governed by and
construed in accordance with the laws of the Province of Ontario and the laws of
Canada applicable therein and the Debtor hereby irrevocably attorns to the
jurisdiction of the courts of Ontario.

                              2. SECURITY INTEREST

2.1 CREATION OF SECURITY INTEREST - Subject to Sections 2.2 and 2.3, the Debtor
hereby grants to the B Unit Holders, by way of security interest, mortgage,
pledge, charge, assignment and hypothec a security interest (the "Security
Interest") in the undertaking of the Debtor and in:

(a) all Goods (including, without limitation, all parts, accessories,
attachments, additions and Accessions thereto) whether or not such Goods are now
or hereafter become fixtures, all Accounts, all Chattel Paper, all Documents of
Title (whether negotiable or not), all Equipment, all Instruments, all
Intangibles, all Money and all Securities, and all other personal property, if
any, in each case now owned or hereafter acquired by or on behalf of the Debtor
or in respect of which the Debtor now or hereafter has any right, title or
interest (including, without limitation, such as may be returned to or
repossessed by the Debtor) and including, without limitation, all contracts,
licenses, computer software, warranties, ownership certificates, manuals,
publications, books, statements of account, bills, invoices, letters and other
documents or records in any form evidencing or relating to any of the foregoing
property and including, without limitation, the property described in Schedule
"A" hereto;

(b) all renewals of, accretions to and substitutions for any of the property
described in Clause 2.1(a); and

(c) all Proceeds (including Proceeds of Proceeds) of any of the property
described in Clauses 2.1(a) and 2.1(b).

2.2 EXCEPTION FOR LAST DAY OF LEASES - The Security Interest granted hereby does
not and shall not extend to, and the Collateral shall not include, the last day
of the term of any lease or sub-lease, oral or written, or any agreement
therefor, now held or hereafter acquired by the Debtor, but upon the sale of the
leasehold interest or any part thereof the Debtor shall stand possessed of such
last day in trust to assign the same as the B Unit Holders shall direct.

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                                                                    EXHIBIT 4.21

2.3 EXCEPTION FOR CONTRACTUAL RIGHTS - The Security Interest granted hereby does
not and shall not extend to, and the Collateral shall not include, any
agreement, right, franchise, licence or permit (the "contractual rights") to
which the Debtor is a party or of which the Debtor has the benefit, to the
extent that the creation of the Security Interest therein would constitute a
breach of the terms of or permit any Person to terminate the contractual rights,
but the Debtor shall hold its interest therein in trust for the B Unit Holders
and shall assign such contractual rights to the B Unit Holders forthwith upon
obtaining the consent of the other party thereto. The Debtor agrees that it
shall, upon the request of the B Unit Holders, use all commercially reasonable
efforts to obtain any consent required to permit any contractual rights to be
subjected to the Security Interest.

2.4 ATTACHMENT - The attachment of the Security Interest has not been postponed
and the Security Interest shall attach to any particular Collateral as soon as
the Debtor has rights in such Collateral.

                             3. OBLIGATIONS SECURED

3.1 OBLIGATIONS SECURED - The Security Interest granted hereby secures payment,
performance and satisfaction of the Obligations.

                        4. REPRESENTATIONS AND WARRANTIES

4.1 REPRESENTATIONS AND WARRANTIES - The Debtor represents and warrants, and so
long as this Agreement remains in effect shall be deemed continuously to
represent and warrant, that:

(a) it is duly incorporated and validly existing under the laws of its
jurisdiction of incorporation and has the corporate power and capacity to own
its properties and assets and to carry on its business as presently carried on
by it;

(b) it has the corporate power and capacity to enter into this Agreement and to
do all acts and things as are required or contemplated hereunder to be done,
observed and performed by it;

(c) it has taken all necessary corporate action to authorize the execution,
delivery and performance of this Agreement;

(d) there is no unanimous shareholder agreement which restricts, in whole or in
part, the powers of the directors of the Debtor to manage or supervise the
business and affairs of the Debtor;

(e) the entering into of this Agreement and the performance by the Debtor of its
obligations hereunder does not and will not contravene, breach or result in any
default under the articles, by-laws, constating documents or other
organizational documents of the Debtor or under any mortgage, lease, agreement
or other legally binding instrument, licence, permit or law to which the Debtor
is a party or by which the Debtor or any of its properties or assets may be
bound and will not result in or permit the acceleration of the maturity of any
indebtedness, liability or obligation of the Debtor under any mortgage, lease,
agreement or other legally binding instrument of or affecting the Debtor;

(f) no authorization, consent or approval of, or filing with or notice to, any
Person is required in connection with the execution, delivery or performance of
this Agreement by the Debtor;

(g) except as disclosed in writing to the B Unit Holders, there is no court,
administrative, regulatory or similar proceeding (whether civil, quasi-criminal,
or criminal); arbitration or other dispute settlement procedure; investigation
or enquiry by any government body; or any similar matter or proceeding
(collectively "proceedings") against or involving the Debtor (whether in
progress or threatened) which, if determined adversely to the Debtor, would
adversely affect its business, property, financial condition or prospects or its
ability to perform any of the provisions of this Agreement; no event has
occurred which might give rise to any proceedings and there is no judgment,
decree, injunction, rule, award or

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                                                                    EXHIBIT 4.21

order of any governmental body outstanding against the Debtor which has or may
have an adverse effect on its business, property, financial condition or
prospects;

(h) the Debtor does not have or use a French form of name or a combined English
and French form of name;

(i) the Debtor owns the Collateral free of all Liens, except for Permitted
Liens;

(j) each Account, Chattel Paper and Instrument constituting the Collateral is
enforceable in accordance with its terms against the Person obligated to pay the
same, and the amount represented by the Debtor to the B Unit Holders from time
to time as owing by each such Person or by all such Persons will be the correct
amount actually and unconditionally owing by such Person or Persons, except for
normal cash discounts where applicable, and no such Person will have any
defence, set-off, claim or counterclaim against the Debtor which can be asserted
against the B Unit Holders, whether in any proceeding to enforce the Collateral
or otherwise; and

(k) the locations specified in Schedule "B" as to business operations and
records are accurate and complete and, with respect to Goods (including
Inventory) constituting the Collateral, the locations specified in Schedule "B"
are accurate and complete except for Goods in transit to such locations and
Inventory on lease or consignment; and all fixtures or Goods about to become
fixtures which forms part of the Collateral will be situate at one of such
locations.

                           5. AGREEMENTS OF THE DEBTOR

5.1 GENERAL AGREEMENTS - The Debtor covenants and agrees in favour of the
Lenders as follows:

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

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

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

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

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

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

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

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

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                                                                    EXHIBIT 4.21

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

5.2 RESTRICTIONS ON DEALINGS WITH THE COLLATERAL - Except as provided in Section
5.3, the Debtor agrees that it shall not, without the prior consent in writing
of the Majority B Unit Holders:

(a) sell, assign, transfer, exchange, lease, consign or otherwise dispose of any
of the Collateral;

(b) move or transfer the Collateral from its present location; or

(c) create, assume or suffer to exist any Lien upon the Collateral ranking or
purporting to rank in priority to or pari passu with the Security Interest,
other than Permitted Liens.

5.3 PERMITTED DEALINGS WITH THE COLLATERAL - The Debtor may at any time, without
the consent of the B Unit Holders:

(a) sell, assign, transfer, exchange, lease, consign or otherwise dispose of
Inventory in the ordinary course of its business; and

(b) sell or otherwise dispose of such part of its Equipment which is no longer
necessary or useful in connection with its business or which has become worn out
or obsolete or unsuitable for the purpose for which it was intended.

                                  6. SECURITIES

6.1 SECURITIES - (a) If the Collateral at any time includes Securities, the
Debtor authorizes the Majority B Unit Holders to transfer the same or any part
thereof into its own name or that of its nominee so that the Majority B Unit
Holders or its nominee may appear as the sole owner of record thereof; provided
that, until the occurrence of an Event of Default, the Majority B Unit Holders
shall deliver promptly to the Debtor all notices or other communications
received by the Majority B Unit Holders or its nominee as such registered owner.

(b) The Majority B Unit Holders may, but shall not be obligated to, vote and
exercise all rights of conversion or retraction or other similar rights with
respect to any Securities constituting the Collateral and the Majority B Unit
Holders 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 Securities constituting the Collateral.

(c) The Debtor recognizes that the Majority B Unit Holders may be unable to
effect a public sale of any or all of the Securities constituting the Collateral
by reason of certain prohibitions contained in applicable securities laws or
otherwise, and accordingly, may be compelled to resort to one or more private
sales thereof to a restricted group of purchasers who will be obliged to agree,
among other things, to acquire such Securities for their own account for
investment and not with a view to the distribution or resale thereof. The Debtor
acknowledges and agrees that any such private sale may result in prices and
other terms less favourable than if such sale were a public sale, and
notwithstanding such circumstances, agrees that any such private sale shall not
be deemed to have been made in a commercially unreasonable manner solely by
reason of its being a private sale. The Majority B Unit Holders shall be under
no obligation to delay a sale of any Securities constituting the Collateral for
the period of time necessary to permit the issuer of such securities to register
such securities for public sale under applicable securities laws, or otherwise,
even if the issuer would agree to do so.

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                                                                    EXHIBIT 4.21

                             7. COLLECTION OF DEBTS

7.1 COLLECTION OF DEBTS - Before or after the occurrence of an Event of Default,
the Majority B Unit Holders may give notice of the Security Interest to any
Person obligated to pay any debt or liability constituting the Collateral and
may also direct such Person to make all payments on account of any such debt or
liability to the B Unit Holders. The Debtor acknowledges that any payments
received by the Debtor from such Persons, whether before or after the occurrence
of an Event of Default, shall be received and held by the Debtor in trust for
the B Unit Holders and shall be turned over to the B Unit Holders upon request.

                              8. EVENTS OF DEFAULT

8.1 EVENTS OF DEFAULT - The occurrence of any of the following events shall
constitute an Event of Default:

(a) default in the payment or performance of the Obligations or any part
thereof;

(b) a material breach of any of the covenants set out herein following (i)
receipt by the Guarantor of written notice of such material breach from the B
Unit Holders (which notice shall include reasonable particulars of such breach),
and (ii) the expiration of a ten (10) day cure period during which the Guarantor
has failed to remedy such breach;

(c) a default or event of default as defined in the VBI Transaction Documents,
provided that all required notices of default have been provided to VBI and
provided further that all applicable cure periods with respect to such default
have expired and VBI has not remedied such default prior to the expiration
thereof;

(d) any representation or warranty made by the Debtor herein or in any officers'
certificate or other document delivered to the B Unit Holders pursuant hereto or
in connection with any agreement to which the B Unit Holders and the Debtor are
party is found to be false or incorrect in any way so as to make it misleading
when made or deemed to have been made;

(e) the Debtor admits its inability to pay its debts generally as they become
due or otherwise acknowledges its insolvency;

(f) the Debtor institutes any proceeding or takes any corporate action or
executes any agreement to authorize its participation in or commencement of any
proceeding:

      (i)   seeking to adjudicate it a bankrupt or insolvent; or

      (ii)  seeking liquidation, dissolution, winding up, reorganization,
            arrangement, protection, relief or composition of it or any of its
            property or debt or making a proposal with respect to it under any
            law relating to bankruptcy, insolvency, reorganization or compromise
            of debts or other similar laws (including, without limitation, any
            application under the Companies' Creditors Arrangement Act (Canada)
            or any reorganization, arrangement or compromise of debt under the
            laws of its jurisdiction of incorporation);

(g) any proceeding is commenced against or affecting the Debtor:

      (i)   seeking to adjudicate it a bankrupt or insolvent, which is not being
            defended in good faith;

      (ii)  seeking liquidation, dissolution, winding up, reorganization,
            arrangement, protection, relief or composition of it or any of its
            property or debt or making a proposal with respect to it under any
            law relating to bankruptcy, insolvency, reorganization or compromise
            of debts or other similar laws

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                                                                    EXHIBIT 4.21

            (including, without limitation, any reorganization, arrangement or
            compromise of debt under the laws of its jurisdiction of
            incorporation); or

      (iii) seeking appointment of a receiver, trustee, agent, custodian or
            other similar official for it or for any substantial part of its
            properties and assets, including the Collateral or any part thereof;

(h) any creditor of the Debtor, or any other Person, shall privately appoint a
receiver, trustee or similar official for any part of the properties and assets
of the Debtor including the Collateral or any part thereof;

(i) if any execution, distress or other enforcement process, whether by court
order or otherwise, becomes enforceable against any property of the Debtor;

(j) if any event or proceeding is taken with respect to any part of the
Collateral in any jurisdiction outside Canada which has an effect equivalent or
similar to any of the events described in Sections 8.1(f), 8.1(g), 8.1(h),
8.1(i); or

(k) the Debtor ceases or threatens to cease to carry on business in the ordinary
course, except where such cessation occurs in connection with an amalgamation,
transfer of assets or other reorganization which is effected in accordance with
the provisions hereof.

                                   9. REMEDIES

9.1 APPOINTMENT OF RECEIVER - (a) Upon the occurrence of an Event of Default,
the Majority B Unit Holders may appoint by instrument any Person, whether an
officer or an employee of the B Unit Holders or not, to be a Receiver of the
Collateral and may remove any Receiver so appointed and appoint another in place
of such Receiver in the same manner. Any such Receiver shall be deemed the agent
of the Debtor and not of the B Unit Holders for the purpose of (i) carrying on
and managing the business and affairs of the Debtor, and (ii) establishing
liability for all acts or omissions of the Receiver while acting as such, and
the B Unit Holders shall not be in any way responsible for any acts or omissions
on the part of any such Receiver, its officers, employees and agents. The Debtor
hereby irrevocably authorizes the B Unit Holders to give instructions to the
Receiver relating to the performance of its duties. The Debtor hereby
irrevocably waives any right it may have now or in the future under any
applicable law, including, without limitation, the PPSA, to make application to
a court for the removal, replacement or discharge of the Receiver or for
directions on any matter relating to the duties of the Receiver (unless such
duties are not being performed in a commercially reasonable manner) or in
respect of the Receiver's accounts or remuneration or in respect of any other
matter.

(b) Subject to the provisions of the instrument appointing it, any such Receiver
shall have the power to take possession of the Collateral, to preserve the
Collateral or its value in such manner as it considers appropriate, to carry on
or concur in carrying on all or any part of the business of the Debtor and to
sell, lease or otherwise dispose of or concur in selling, leasing or otherwise
disposing of the Collateral in such manner and on such terms as it considers to
be commercially reasonable. To facilitate the foregoing powers, any such
Receiver may enter upon, use and occupy all premises owned or occupied by the
Debtor wherein the Collateral may be situate to the exclusion of all others to
the extent permitted by law, including the Debtor, maintain the Collateral upon
such premises, borrow money on a secured or unsecured basis, incur reasonable
expenses in exercise of the rights, powers and remedies set out in this
Agreement and use the Collateral directly in carrying on the Debtor's business
or as security for loans or advances to enable it to carry on the Debtor's
business or otherwise, as such Receiver shall, in its discretion, determine. In
addition, the Receiver shall have the following rights, powers and remedies:

      (i)   to make payments to Persons having prior rights or Liens on
            properties on which the Debtor may hold a Lien and to Persons having
            prior rights or Liens on the Collateral; and

      (ii)  to demand, commence, continue or defend proceedings in the name of
            the B Unit Holders or of the Receiver or in the name of the Debtor
            for the purpose of protecting, seizing, collecting, realizing or

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                                                                    EXHIBIT 4.21

            obtaining possession or payment of the Collateral and to give
            effectual receipts and discharges therefor.

(c) Except as may be otherwise directed by the Majority B Unit Holders, all
Proceeds received from time to time by such Receiver in carrying out its
appointment shall be received in trust for and paid over to the B Unit Holders.
Every such receiver may, in the discretion of the B Unit Holders, be vested with
all or any of the rights and powers of the B Unit Holders.

9.2 EXERCISE OF REMEDIES BY THE B UNIT HOLDERS - Upon the occurrence of an Event
of Default, the Majority B Unit Holders may, either directly or through its
agents or nominees, exercise all the powers and rights available to a Receiver
by virtue of Section 9.1. In addition to the rights granted in this Agreement
and in any other agreement now or hereafter in effect between the Debtor and the
B Unit Holders and in addition to any other rights the B Unit Holders may have
at law or in equity or otherwise, the B Unit Holders shall have, both before and
after the occurrence of an Event of Default, all rights and remedies of a
secured party under the PPSA.

9.3 POSSESSION OF THE COLLATERAL - The Debtor acknowledges that the B Unit
Holders or any Receiver appointed by it may take possession of the Collateral
wherever it may be located and by any method permitted by law and the Debtor
agrees upon request from the B Unit Holders or any such Receiver to assemble and
deliver possession of the Collateral at such place or places as directed.

9.4 REMEDIES NOT EXCLUSIVE - All rights, powers and remedies of the B Unit
Holders under this Agreement may be exercised separately or in combination and
shall be in addition to, and not in substitution for, any other security now or
hereafter held by the B Unit Holders and any other rights, powers and remedies
of the B Unit Holders however created or arising. No single or partial exercise
by the B Unit Holders or any of the rights, powers and remedies under this
Agreement or under any other security now or hereafter held by the B Unit
Holders shall preclude any other and further exercise of any other right, power
or remedy pursuant to this Agreement or any other security or at law, in equity
or otherwise. The Majority B Unit Holders shall at all times have the right to
proceed against the Collateral or any other security in such order and in such
manner as it shall determine without waiving any rights, powers or remedies
which the B Unit Holders may have with respect to this Agreement or any other
security or at law, in equity or otherwise. No delay or omission by the B Unit
Holders in exercising any right, power or remedy hereunder or otherwise shall
operate as a waiver thereof or of any other right, power or remedy.

9.5 DEBTOR LIABLE FOR DEFICIENCY - The Debtor shall remain liable to the B Unit
Holders for any deficiency after the Proceeds of any sale, lease or disposition
of the Collateral are received by the B Unit Holders.

9.6 EXCLUSION OF LIABILITY OF B UNIT HOLDERS AND RECEIVER - The B Unit Holders
shall not, nor shall any Receiver appointed by it, be liable for any failure to
exercise its rights, powers or remedies arising hereunder or otherwise,
including without limitation any failure to take possession of, collect,
enforce, realize, sell, lease or otherwise dispose of, preserve or protect the
Collateral, to carry on all or any part of the business of the Debtor relating
to the Collateral or to take any steps or proceedings for any such purposes.
Neither the B Unit Holders nor any Receiver appointed by it shall have any
obligation to take any steps or proceedings to preserve rights against prior
parties to or in respect of the Collateral including without limitation any
Instrument, Chattel Paper or Securities, whether or not in the B Unit Holders'
or the Receiver's possession, and neither the B Unit Holders nor any Receiver
appointed by it shall be liable for failure to do so. Subject to the foregoing,
the B Unit Holders shall use reasonable care in the custody and preservation of
the Collateral in its possession.

9.7 NOTICE OF SALE - Unless required by law, neither the B Unit Holders nor any
Receiver appointed by it shall be required to give the Debtor any notice of any
sale, lease or other disposition of the Collateral, the date, time and place of
any public sale of the Collateral or the date after which any private
disposition of the Collateral is to be made.

                                      -9-
<PAGE>

                                                                    EXHIBIT 4.21

                           10. APPLICATION OF PROCEEDS

10.1 APPLICATION OF PROCEEDS - The Proceeds arising from the enforcement of the
Security Interest as a result of the possession by the B Unit Holders or the
Receiver of the Collateral or from any sale, lease or other disposition of, or
realization of security on, the Collateral (except following acceptance of the
Collateral in satisfaction of the Obligations) shall be applied by the B Unit
Holders or the Receiver in the following order, except to the extent otherwise
required by law:

(a) first, in payment of the B Unit Holders' reasonable costs, charges and
expenses (including legal fees on a solicitor and his own client basis) incurred
in the exercise of all or any of the rights, powers or remedies granted to it
under this Agreement, and in payment of the reasonable remuneration of the
Receiver, if any, and the reasonable costs, charges and expenses incurred by the
Receiver, if any, in the exercise of all or any of the rights, powers or
remedies granted under this Agreement;

(b) second, in payment of amounts paid by the B Unit Holders or the Receiver
pursuant to Clause 9.1(a);

(c) third, in payment of all money borrowed or advanced by the B Unit Holders or
the Receiver, if any, pursuant to the exercise of the rights, powers or remedies
set out in this Agreement and any interest thereon;

(d) fourth, in payment of the remainder of the Obligations in such order of
application as the B Unit Holders may determine;

(e) fifth, subject to Sections 10.2 and 10.3, to any Person who has a security
interest in the Collateral that is subordinate to that of the B Unit Holders and
whose interest,

      (i)   was perfected by possession, the continuance of which was prevented
            by the B Unit Holders or the Receiver taking possession of the
            Collateral, or

      (ii)  was, immediately before the sale, lease or other disposition by the
            B Unit Holders or the Receiver, perfected by registration;

(f) sixth, subject to Sections 10.2 and 10.3, to any other Person with an
interest in such Proceeds who has delivered a written notice to the B Unit
Holders or the Receiver of the interest before the distribution of such
Proceeds; and

(g) last, subject to Sections 10.2 and 10.3, to the Debtor or any other Person
who is known by the B Unit Holders or the Receiver to be an owner of the
Collateral.

10.2 PROOF OF INTEREST - Subject to applicable laws, the B Unit Holders or the
Receiver may require any Person mentioned in Clauses 10.1(e), 10.1(f) or 10.1(g)
to furnish proof of that Person's interest, and unless the proof is furnished
within ten (10) days after demand by the B Unit Holders or the Receiver, the B
Unit Holders or the Receiver need not pay over any portion of the Proceeds
referred to therein to such Person.

10.3 PAYMENT INTO COURT - Where there is a question as to who is entitled to
receive payment under Clauses 10.1(e), 10.1(f), or 10.1(g), the B Unit Holders
or the Receiver may pay the Proceeds referred to therein into court.

10.4 MONIES ACTUALLY RECEIVED - The Debtor shall be entitled to be credited only
with the actual Proceeds arising from the possession, sale, lease or other
disposition of, or realization of security on, the Collateral when received by
the B Unit Holders or the Receiver and such actual Proceeds shall mean all
amounts received in cash by the B Unit Holders or the Receiver upon such
possession, sale, lease or other disposition of, or realization of security on,
the Collateral.

                                      -10-
<PAGE>

                                                                    EXHIBIT 4.21

                                   11. GENERAL

11.1 POWER OF ATTORNEY - The Debtor hereby appoints the Majority B Unit Holders
as the Debtor's attorney, with full power of substitution, in the name and on
behalf of the Debtor, to execute, deliver and do all such acts, deeds, leases,
documents, transfers, demands, conveyances, assignments, contracts, assurances,
consents, financing statements and things as the Debtor has herein agreed to
execute, deliver or do or as may be required by the B Unit Holders or any
Receiver to give effect to this Agreement or in the exercise of any rights,
powers or remedies hereby conferred on the B Unit Holders, and generally to use
the name of the Debtor in the exercise of all or any of the rights, powers or
remedies hereby conferred on the B Unit Holders. This appointment, coupled with
an interest, shall not be revoked by the insolvency, bankruptcy, dissolution,
liquidation or other termination of the existence of the Debtor or for any other
reason.

11.2 SET-OFF - The B Unit Holders may at any time and from time to time, without
notice to the Debtor or to any other Person, set-off, appropriate and apply any
and all deposits, general or special, matured or unmatured, held by or for the
benefit of the Debtor with the B Unit Holders, and any other indebtedness and
liability of the B Unit Holders to the Debtor, matured or unmatured, against and
on account of the Obligations when due, in such order of application as the B
Unit Holders may from time to time determine.

11.3 DEALINGS WITH OTHERS - The Majority B Unit Holders may grant extensions of
time and other indulgences, take and give up security, accept compositions, make
settlements, grant releases and discharges and otherwise deal with the Debtor,
debtors of the Debtor, sureties and other Persons and with the Collateral and
other security as the B Unit Holders see fit, without prejudice to the liability
of the Debtor to the B Unit Holders or the rights, powers and remedies of the B
Unit Holders under this Agreement.

11.4 NO OBLIGATION TO ADVANCE - Nothing herein contained shall in any way
obligate the B Unit Holders to advance any funds, or otherwise make or continue
to make any credit available, to the Debtor.

11.5 PERFECTION OF SECURITY - The Debtor authorizes the B Unit Holders to file
such financing statements and other documents and do such acts, matters and
things as the B Unit Holders may consider appropriate to perfect and continue
the Security Interest, to protect and preserve the interest of the B Unit
Holders in the Collateral and to realize upon the Security Interest.

11.6 COMMUNICATION - (a) Any notice required by law or this Agreement to be
served upon either of the parties to this Agreement shall be sufficiently served
if given personally or if sent by telecopier or facsimile transmission (where
the intended recipient is equipped to receive such a form of telecommunication)
or by prepaid courier or registered mail (provided no general discontinuance of
postal service due to strike, lockout or otherwise, exists);

<TABLE>
<S>                                            <C>
If to the B Unit Holders, at the addresses     If to the Debtor:
set out in Schedule "C" attached hereto
                                               Visual Bible International (Canada), Inc.
                                               1235 Bay Street, Suite 300
                                               Toronto, Ontario, M5R 3K4

                                               Attention:  Harold Kramer
                                               Facsimile:  416-921-9951
</TABLE>

and either party may by notice given in accordance with this Section change its
address for the purposes of this Agreement.

                                      -11-
<PAGE>

                                                                    EXHIBIT 4.21

(b) Any notice shall be deemed (in the absence of evidence of prior receipt) to
have been received by the intended recipient the same day if personally served,
the next Business Day if sent by telecopier or facsimile transmission, and on
the third Business Day next following where sent by prepaid courier or by
registered mail.

11.7 SUCCESSORS AND ASSIGNS - This Agreement shall be binding on the Debtor and
its successors and shall enure to the benefit of the B Unit Holders and their
respective successors and assigns. This Agreement shall be assignable by the B
Unit Holders free of any set-off, counterclaim or equities between the Debtor
and the B Unit Holders, and the Debtor shall not assert against any assignee of
the B Unit Holders any claim or defense that the Debtor has against the B Unit
Holders.

11.8 COPY RECEIVED - The Debtor hereby acknowledges receipt of a copy of this
Agreement and a copy of the financing statement/verification statement
registered under the PPSA in respect of the Security Interest.

11.9 JOINT LIABILITY - If this Agreement has been executed by more than one
debtor, the obligations of each shall be joint and several.

            [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK.]

                                      -12-
<PAGE>

                                                                    EXHIBIT 4.21

IN WITNESS WHEREOF the Debtor has executed this Agreement on the date first
above written.

                                 VISUAL BIBLE INTERNATIONAL (CANADA), INC.

                                 By:____________________________________________

                                 Name:__________________________________________

                                 Title:_________________________________________

                                      -13-
<PAGE>

                                                                    EXHIBIT 4.21

                                  SCHEDULE "A"

                      COLLATERAL MENTIONED IN CLAUSE 2.1(a)

The Collateral includes, without limitation:

1.    All amounts payable to the Debtor in connection with the Property.

2.    All Intellectual Property of the Debtor.

For the purposes of this schedule "A", the following terms shall have the
meanings ascribed to them herein:

(a)   "Grantor Licenses" means all agreements pursuant to which the Debtor has
      granted rights or an option to acquire rights to use any Intellectual
      Property.

(b)   "Intellectual Property" means all copyrights, patents and Trademarks and
      other intellectual or industrial property now owned, or hereafter owned or
      acquired, by the Debtor, including, without limitation, trade secrets,
      Literary Properties, Physical Properties and Software, and all benefits,
      all options and all rights to use any of the foregoing, including, without
      limitation, all User Licenses and all Grantor Licenses and, when the
      context permits, all registrations and applications that have been made or
      shall be made or filed in any office in any jurisdiction in respect of the
      foregoing, and all reissues, extensions and renewals thereof.

(c)   "Literary Property" means all rights of Debtor of every kind and nature,
      including, without limitation, copyright, in and to any or all literary,
      musical, dramatic or other literary material of any kind or nature upon
      which, in whole or in part, the Property is or may be based, or from which
      the Property is or may be adapted or inspired or which may be or has been
      used or included in the Property, including, without limitation, all
      scripts, scenarios, screenplays, bibles, stories, treatments, novels,
      outlines, books, titles, concepts, characters, manuscripts or other
      properties or materials or any kind or nature in whatever state of
      completion and all drafts, versions and variations thereof.

(d)   "Physical Properties" means all physical properties of every kind or
      nature of or relating to the Property and all versions thereof, including,
      without limitation, all physical properties relating to the development,
      production, completion, delivery, exhibition, distribution or other
      exploitation of the Property, and all versions thereof or any part
      thereof, including, without limitation, the physical elements of the
      Literary Property, exposed film, developed film, positives, negatives,
      prints, answer prints, special effects, pre-print materials, including,
      without limitation, interpositives, negatives, duplicate negatives,
      internegatives, colour reversals, intermediates, lavender, fine grain
      master prints and matrices and all other forms of pre-print elements which
      may be necessary or useful to produce prints or other copies of additional
      pre-print elements, whether now known or hereafter devised, soundtracks,
      recording, audio and video tapes and disks of all types engages, cut-outs,
      trims and any and all other physical properties of any kind and nature
      relating to the Property in whatever state of completion, and all
      duplicates, drafts, versions, variations and copies of each thereof.

(e)   "Software" means all computer programs and data bases in portions of each
      of the foregoing in whatever form and on whatever medium those programs or
      databases are expressed, fixed, embodies or stored from time to time, and
      the copyright therein including, without limitation, object and source
      code versions of each such program and portion thereof and all
      corrections, updates, enhancements, translations, modifications,
      adaptations and new versions thereof together with both the media upon or
      in which such programs, data bases and portions thereof are expressed,
      fixed, embodies or stored, such as disks, diskettes, tapes and
      semi-conductor chips, and all flow charts, manuals, instructions,
      documentation and other material relating thereto.

(f)   "Trademarks" means all of the following now owned or hereafter acquired by
      the Debtor:

<PAGE>

                                                                    EXHIBIT 4.21

      (a)   all trademarks, trade names, corporate names, business names,
            business styles, trade styles, service marks, trade dress rights,
            logos, other source or business indentifiers, prints and labels on
            which any of the foregoing have appeared or appear, designs and
            general intangibles of similar nature, whether registered or
            unregistered;

      (b)   all registrations and recordings thereof, and all applications in
            connection therewith, including, without limitation, registrations,
            recordings and pending applications in the Canadian Intellectual
            Property Office or the United States patent and trademark office or
            in any similar office or agency of Canada or the United States or
            any other country or political subdivision thereof;

      (c)   all reissues, extensions or renewals of the foregoing; and

      (d)   all goodwill associated with or symbolized by any of the foregoing,

      including, without limitation those trademarks listed on Exhibit "1"
attached hereto and made a part hereof.

(g)   "User Licenses" means all agreements pursuant to which the Debtor has
      obtained rights or an option to acquire rights to use any Intellectual
      Property.

<PAGE>

                                                                    EXHIBIT 4.21

                                  SCHEDULE "A"

                                   EXHIBIT "1"
                                   TRADEMARKS

                                      Nil.

<PAGE>

                                                                    EXHIBIT 4.21

                                  SCHEDULE "B"

                   LOCATION OF BUSINESS OPERATIONS AND RECORDS

1.    LOCATIONS OF DEBTOR'S BUSINESS OPERATIONS:

      1235 Bay Street
      Suite 300
      Toronto, Ontario
      M5R 3K4

      181 Bay Street
      Suite 2500
      Toronto, Ontario
      M5J 2T7

2.    LOCATIONS OF RECORDS RELATING TO THE COLLATERAL:

      1235 Bay Street
      Suite 300
      Toronto, Ontario
      M5R 3K4

      181 Bay Street
      Suite 2500
      Toronto, Ontario
      M5J 2T7

3.    LOCATIONS OF THE COLLATERAL:

      1235 Bay Street
      Suite 300
      Toronto, Ontario
      M5R 3K4

      181 Bay Street
      Suite 2500
      Toronto, Ontario
      M5J 2T7

      350 Evans Avenue West
      Toronto, Ontario
      M8Z 1K8

      424 Adelaide Street East
      Toronto, Ontario
      M5A 1N4

<PAGE>

                                                                    EXHIBIT 4.21

                                  SCHEDULE "C"

                           LIST OF THE B UNIT HOLDERS

                        VISUAL BIBLE INTERNATIONAL, INC.
                         CONTACT LIST - B UNIT HOLDERS

ADDRESSES: B UNIT HOLDERS

1.    RED BROOK DEVELOPMENTS LIMITED

      250 Lesmill Road
      Don Mills, Ontario
      M3B 2T5
      Attention:  Mr. Elly Reisman

      Telephone (Office): (416) 449-1340, ext 132
      Fax (Office):       (416) 449-6438
      Cell:               (416) 219-5501
      Home:               (905) 881-8753

      AND TO:

      SOHO FINANCIAL, A DIVISION OF 1061569 ONTARIO LIMITED

      156 Duncan Mill Road, Suite 12
      Don Mills, Ontario
      M3B 3N2
      Attention:  Mr. Ed Rosenblat, CA

      Telephone (Office): (416) 916-1415
      Fax (Office):       (416) 449-9887
      Cell:               (416) 802-8075
      Home:               (416) 226-0528
      E-Mail:             ed@rosecorp.com

2.    WESTDALE CONSTRUCTION CO. LIMITED

      440 Adelaide Street West
      Toronto, Ontario
      M5V 1S7
      Attention:  Mr. Ron Kimel or Mr. Joe Dack

      Telephone (Office): (416) 703-1877
      Fax (Office):       (416) 504-9216
      E-Mail:             glendah@westdaleproperties.com

3.    ERIN MILLS INVESTMENT CORP.

      7501 Keele Street, Suite 500
      Concord, Ontario
      L4K 1Y2
      Attention:  Mr. Peter Smith

      Telephone: (416) 736-1809
      Fax:       (416) 736-8373
      E-Mail:    pasmith@idrect.ca

<PAGE>

                                                                    EXHIBIT 4.21

4.    MR. HERMAN GRAD

      c/o Leisure World Inc.
      8500 Warden Avenue
      Markham, Ontario
      L3R 8W3
      Attention:  Mr. Herman Grad

      Telephone (Office): (905) 470-8500
      Fax (Office):       (905) 415-7623
      E-Mail:             hgrad@leisureworld.ca

5.    MR. ART KLEINSTEIN

      150 South Dahlia
      Denver, Colorado
      80246

      Cell:   (303) 941-4856
      Fax:    (303) 322-4320
      E-Mail: yogajoy@aol.com

6.    MR. TOM KROBOT      send information to home

      8710 River Trace
      Roswell, GA
      30076

      Telephone (Home):   (770) 640-5353
      Telephone (Office): (770) 998-9663
      Fax (Office):       (770) 998-7494
      Cell:               (678) 662-2170
      E-Mail:             tkrobot@ashtonwoodshomes.com

7.    MR. MOE COLSON

      64 Russell Hill Road
      Toronto, Ontario
      M4V 2T2

      Telephone (Office): (416) 947-6040
      E-Mail:             m.colson@sympatico.ca
      Telephone (Home):   (416) 324-9905
      Fax (Home):         (416) 324-2777

8.    DR. SHELDON GLOW

      c/o 370 - 500 Portage Avenue
      Winnipeg, Manioba
      R3C 3X1

      Telephone (204) 786-5949
      Fax:      (204) 786-1896
      E-Mail:   sheldonglow@shaw.ca

<PAGE>

                                                                    EXHIBIT 4.21

9.    MR. STAN NASHEN

      2 Lake Road
      Dollard Des Ormeaux
      Quebec
      H9B 3H9

      Office: (514) 421-2277, ext. 202
      Home:   (514) 684-8273
      Cell:   (514) 891-0788
      E-Mail: snashen@BIZ-FASHION.com

10.   INGLEWOOD HOLDINGS INC.

      130 Bloor Street West, Suite 410
      Toronto, Ontario
      M5S 1N5
      Attention:  Mr. Bob Rubinoff

      Telephone (Office): (416) 967-6241
      Fax (Office):       (416) 967-9132
      E-Mail:             bobrubinoff@rogers.com<PAGE>

                                                                    EXHIBIT 4.22

                               SECURITY AGREEMENT

                                  BY AND AMONG

                        VISUAL BIBLE INTERNATIONAL, INC.

                                       AND

                  THE B UNIT DEBENTURE HOLDERS SIGNATORY HERETO

                                AUGUST ___, 2003

<PAGE>

      SECURITY AGREEMENT (this "Agreement"), dated as of August ___, 2003, by
and among VISUAL BIBLE INTERNATIONAL, INC., a Florida Corporation (the
"Debtor"), and the holders of the B Unit Debentures signatory hereto (each, a
"Secured Party" and collectively, the "Secured Parties"). Any capitalized term
used herein but not otherwise defined shall have the meaning ascribed to such
term in the B Unit Subscription Agreements (defined below).

      Each Secured Party has executed a subscription agreement (each, a "B Unit
Subscription Agreement") for the purchase of B Units consisting of B Unit
Debentures, B Unit Subscription Shares and B Unit Warrants. This Agreement is
being executed in connection with the purchase of the B Units.

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

SECTION 1. DEFINED TERMS

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

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

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

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

            "Collateral" is defined in Section 2.1.

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

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

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

<PAGE>

SECTION 2. GRANT OF SECURITY INTEREST

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

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

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

            (c)   all Inventory;

            (d)   all Equipment;

            (e)   all Fixtures;

            (f)   all other Goods (not included in (c) through (e) above);

            (g)   all Instruments, including promissory notes;

            (h)   all Certificated Securities;

            (i)   all Investment Property;

            (j)   all Documents;

            (k)   all Deposit Accounts;

            (l)   all Commercial Tort Claims;

            (m)   all Letter-of-Credit Rights;

            (n)   any and all rights, title and interests in any partnership;

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

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

                  (ii) all trademarks (including, without limitation, service
            marks), certification marks, collective marks (and all goodwill
            residing in and identified by said marks), trade dress, logos,
            domain names, product configurations, trade names, business names,
            corporate names and other source identifiers, whether or not
            registered, whether currently in use or not, and all other marks
            registered in the U.S. Patent and Trademark Office or in

                                       2
<PAGE>

            any office or agency of any State or Territory of the United States
            or any foreign country and all rights therein provided by
            international treaties or conventions, all reissues, extensions and
            renewals of any of the foregoing, together in each case with the
            goodwill of the business connected therewith and symbolized thereby,
            and all rights corresponding thereto throughout the world and all
            other rights of any kind whatsoever of Debtor accruing thereunder or
            pertaining thereto (the "Trademarks");

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

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

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

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

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

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

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

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

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

                                       3
<PAGE>

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

SECTION 3. [INTENTIONALLY OMITTED]

SECTION 4. COVENANTS

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

            4.1 Delivery of Instruments and Chattel Paper. Unless the same have
been or are delivered pursuant to Section 4.1 of the Security Agreement, dated
as of December 24, 2002, by and among the Debtor and the holders of the A Unit
Debentures (the "A Unit Security Agreement"), if any amount payable under or in
connection with any of the Collateral shall be or become evidenced by any
Instrument or Chattel Paper, such Instrument or Chattel Paper shall be
immediately delivered to the Secured Parties, duly indorsed in a manner
satisfactory to the Secured Parties holding a majority (based upon the original
principal amounts of the B Unit Debentures) of the outstanding B Unit Debentures
(the "Majority Holders"), to be held as Collateral pursuant to this Agreement.
In the event that any such Instrument or Chattel Paper is delivered pursuant to
Section 4.1 of the A Unit Security Agreement and the A Unit Security Agreement
is subsequently terminated while this Agreement remains in effect, Debtor shall
immediately cause such Instrument or Chattel Paper to be delivered to the
Secured Parties as described in the preceding sentence.

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

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

            (c) As further security for the due payment and performance of the
Debtor Obligations, the Debtor hereby assigns to the Secured Parties all sums
which may become payable under or in respect of any policy of insurance owned by
such Debtor covering or in any manner relating to the Collateral, and the Debtor
hereby directs each insurance company issuing any such policy to make payment of
such sums directly to the Secured Parties. Debtor hereby appoints the Majority
Holders as Debtor's attorney-in-fact (to act through a representative chosen by
the Majority Holders (such representative, the "Majority Representative") and in
Debtor's or in the Secured Parties' name to do one or more of the following: (i)
endorse any check or draft representing any such payment or execute any proof of
claim, subrogation receipt or any other document required by such insurance
company as a condition to or otherwise in connection with such payment; or (ii)
assign any such policies. All such sums received by the Secured Parties shall be
applied by the Secured Parties to satisfaction of the Debtor Obligations or, to
the extent that such sums represent unearned premiums in respect of any policy
of insurance on the Collateral refunded by reason of cancellation, toward
payment for similar insurance protecting the

                                       4
<PAGE>

respective interests of Debtor and the Secured Parties, or as otherwise required
by applicable law, and to the extent not so applied shall be paid over to
Debtor.

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

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

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

            (c) The B Unit Security Interest granted hereunder shall upon
completion of all required filings and registrations rank subordinate to all of
the security interests previously granted by the Debtor which are currently
existing.

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

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

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

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

                                       5
<PAGE>

reasonable opinion of the Majority Holders, any material danger for the sale,
forfeiture or loss of any of the Collateral or any interest therein and (iii)
such charge is adequately reserved against on the Debtor's books in accordance
with generally accepted accounting principles.

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

SECTION 5. REMEDIES

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

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

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

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

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

                                       6
<PAGE>

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

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

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

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

SECTION 6. MISCELLANEOUS

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

            6.2 Amendments and Waivers. This Agreement may be supplemented or
amended only by a subsequent writing signed by each of the parties hereto (or
their successors or permitted assigns), and any provision hereof may be waived
only by a written instrument signed by the party charged therewith.
NOTWITHSTANDING THE FOREGOING, EACH SECURED PARTY HEREBY AGREES THAT THIS
AGREEMENT AND EACH AND EVERY OF THE RIGHTS AND OBLIGATIONS OF EACH SECURED PARTY
HEREUNDER MAY BE CHANGED, MODIFIED OR AMENDED IN SUCH MANNER AS MAY BE MUTUALLY
DETERMINED BY THE DEBTOR AND THE MAJORITY HOLDERS.

                                       7
<PAGE>

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

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

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

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

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

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

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

                                       8
<PAGE>

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

                           [Signature Pages to Follow]

                                       9
<PAGE>

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

                                             VISUAL BIBLE INTERNATIONAL, INC.,
                                             as Debtor

                                             ___________________________________
                                             By:
                                             Title:

[US B Unit Security Agreement]

<PAGE>

                    SECURED PARTY COUNTERPART SIGNATURE PAGE

                                             SECURED PARTY:

                                             ___________________________________
                                             (Name of Secured Party)

                                             ___________________________________
                                             By:
                                             Title:

[US B Unit Security Agreement]

<PAGE>

                                  SCHEDULE 2.2
                               LIST OF AGREEMENTS

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

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

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

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

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

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

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

[US B Unit Security Agreement]

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