Document:

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                                                                     EXHIBIT 4.1

                                                  SUBSCRIBER NUMBER:____________

                                                  SUBSCRIBER NAME:______________

                        B UNIT SUBSCRIPTION AGREEMENT

                        VISUAL BIBLE INTERNATIONAL, INC.

      IN MAKING AN INVESTMENT DECISION INVESTORS MUST RELY ON THEIR OWN
      EXAMINATION OF THE ISSUER AND THE TERMS SET FORTH HEREIN, INCLUDING THE
      MERITS AND RISKS INVOLVED. THE SECURITIES THAT ARE THE SUBJECT OF THIS
      SUBSCRIPTION AGREEMENT HAVE NOT BEEN RECOMMENDED BY ANY FEDERAL OR STATE
      SECURITIES COMMISSION OR REGULATORY AUTHORITY. FURTHERMORE, THE FOREGOING
      AUTHORITIES HAVE NOT CONFIRMED THE ACCURACY OR DETERMINED THE ADEQUACY OF
      THIS SUBSCRIPTION AGREEMENT, AND ANY REPRESENTATION TO THE CONTRARY IS A
      CRIMINAL OFFENSE. THE SECURITIES TO BE PURCHASED PURSUANT TO THIS
      SUBSCRIPTION AGREEMENT ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND
      RESALE UNDER APPLICABLE FEDERAL AND STATE SECURITIES LAWS AND MAY NOT BE
      TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE APPLICABLE FEDERAL AND
      STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION THEREFROM. INVESTORS
      SHOULD BE AWARE THAT THEY WILL BE REQUIRED TO BEAR THE FINANCIAL RISKS OF
      THE INVESTMENT IN THE B UNITS THAT ARE THE SUBJECT OF THIS SUBSCRIPTION
      AGREEMENT FOR AN INDEFINITE PERIOD OF TIME.

      THE SECURITIES TO BE PURCHASED PURSUANT HERETO ARE OFFERED AND SOLD TO
      CERTAIN CANADIAN CITIZENS WITHOUT A PROSPECTUS IN ACCORDANCE WITH
      APPLICABLE ONTARIO SECURITIES LAWS (THE "ONTARIO SECURITIES LAWS") IN
      RELIANCE UPON CLAIMED EXEMPTIONS FROM THE REGISTRATION AND PROSPECTUS
      REQUIREMENTS THEREOF, THE APPLICABILITY OF WHICH DEPENDS, IN PART, UPON
      THE STATUS OF THE PURCHASER AS AN ACCREDITED INVESTOR. ANY SECURITIES
      PURCHASED BY CANADIAN CITIZENS PURSUANT HERETO WILL INCLUDE AN APPROPRIATE
      LEGEND. THE SECURITIES PURCHASED PURSUANT HERETO CAN NOT BE RE-SOLD
      PUBLICLY OR OTHERWISE IN THE PROVINCE OF ONTARIO, OTHERWISE IN CANADA OR
      TO CANADIAN CITIZENS WITHOUT COMPLIANCE WITH APPLICABLE ONTARIO SECURITIES
      LAWS AND SUCH OTHER LAWS, RULES AND REGULATIONS PROMULGATED BY OTHER
      APPLICABLE GOVERNMENTAL AUTHORITIES OR AGENCIES IN OTHER PROVINCES OF
      CANADA.

      Subscription Agreement (the "Subscription Agreement") between Visual Bible
International, Inc., a Florida corporation ("Company") and

________________________________________________________________ ("Purchaser").

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                                                                     EXHIBIT 4.1

      1. Purchase and Sale.

            (a) The Company hereby agrees to sell to the Purchaser and the
Purchaser hereby agrees to purchase from the Company units (each, a "B Unit" and
collectively, the "B Units") at a price of US$1.00 per B Unit for an aggregate
subscription price (the "Subscription Price") of US$
______________________________, all in accordance with the terms set forth in
this Subscription Agreement. Each B Unit consists of a Fifteen percent (15%)
US$1.00 principal amount (the "Principal") debenture (the "B Unit Debenture"),
1.5 shares (the "B Unit Subscription Shares") of the $.001 par value common
stock of the Company (the "Common Stock") and 0.75 warrants (the "B Unit
Warrants") to purchase shares of Common Stock (the "B Unit Warrant Shares").
Each B Unit Warrant will, upon exercise thereof pursuant to the terms and
conditions included therein, entitle the holder thereof to purchase one (1) B
Unit Warrant Share. In addition, the Purchaser shall be entitled to a pro rata
portion of certain royalty payments (the "Subject Royalties") to be made to the
holders of all of the B Unit Debentures purchased as part of the Current
Offering (as hereinafter defined) and which Subject Royalties are described as
part of the B Unit Debentures. The forms of the B Unit Debenture and the Warrant
Agreement are attached hereto as a part of composite Exhibit 1.(a). THIS
SUBSCRIPTION AGREEMENT ONCE EXECUTED BY THE COMPANY AND THE PURCHASER IS
IRREVOCABLE.

            (b) The closing (the "Closing") of the purchase of the B Units under
this Subscription Agreement shall occur within five (5) business days after the
execution hereof by the Purchaser.

            (c) Within fourteen (14) business days after the Closing, the
Company shall issue and deliver to Purchaser: (i) that number of B Unit
Subscription Shares equal to the product obtained by multiplying: (a) the
Subscription Price by (b) 1.5; and (ii) that number of B Units Warrants equal to
the product obtained, rounded, if necessary, to the nearest whole number, by
multiplying: (a) the Subscription Price by (x) .75.

            (d) The Company and the Purchaser have agreed that the value of each
Subscription Share is $0.08 (the "Subscription Share Valuation") and that the
value of each B Unit Warrant is $0.04 (the "B Unit Warrant Valuation").

            (e) The Company shall, as a condition precedent to the obligation of
the Purchaser to acquire the B Units, provide to Purchaser an opinion of counsel
(the "Opinion of Counsel") reasonably acceptable to Purchaser which Opinion of
Counsel shall indicate that, subject to the exceptions, qualifications and
limitations stated therein, in a properly presented case under current Florida
law, brought in regard to the enforcement of paragraphs 6.(f) and 6.(i) hereof
(the "Subject Paragraphs"), a Florida court exercising jurisdiction over such
case would enforce the Subject Paragraphs.

            (f) The terms associated with the Subject Royalties shall be as
described in the B Unit Debenture.

      2. Representations and Warranties of Purchaser. The Purchaser
acknowledges, represents, warrants and agrees as follows:

            (a) The purchase of the B Units involves a high degree of risk, in
that:

                  (i) an investment in the B Units is highly speculative, and
      only those parties that can afford the loss of the entire investment
      should consider investing in the B Units;

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                                                                     EXHIBIT 4.1

                  (2) Purchaser may not be able to liquidate an investment in
      the B Unit Debenture, the B Unit Subscription Shares, the B Unit Warrants
      or the B Unit Warrant Shares; and

                  (3) Purchaser could sustain the loss of Purchaser's entire
      investment in the B Units.

            (b) This Subscription Agreement has not been reviewed by the
Securities and Exchange Commission (the "SEC") or any state securities agency.
The B Unit Debenture, the B Unit Subscription Shares, the B Unit Warrants and
the B Unit Warrant Shares have not be registered under the Securities Act of
1933 (the "Act") and/or applicable state securities laws and/or the securities
laws of any foreign jurisdiction (collectively, the "Securities Laws") and are
"Restricted Securities" as such term is defined by Rule 144 under the Act.

            (c) None of the SEC, any state securities agency or any securities
agency of any foreign jurisdiction has made any finding or determination of the
fairness or suitability for investment in or any endorsement of Company or of
the B Units.

            (d) The price of the B Units should not be considered as an
indication of any price at which the B Unit Debenture may be subsequently sold
or the price at which any of the B Unit Subscription Shares, the B Unit Warrants
or the B Unit Warrant Shares may trade in the future.

            (e) In addition to the other acknowledgments, representations,
warranties and agreements contained herein, in the event Purchaser is other than
a natural person, Purchaser represents and warrants that:

                  (1) The Purchaser is duly organized, validly existing and in
      good standing under the laws of the jurisdiction of its organization, and
      has all requisite power and authority to purchase and hold the B Unit
      Debenture, the B Unit Subscription Shares and the B Unit Warrants that
      form the B Units.

                  (2) The decision to invest by the Purchaser, the execution and
      delivery of this Subscription Agreement by the Purchaser, the performance
      by the Purchaser of its obligations hereunder and the consummation by the
      Purchaser of the transaction contemplated hereby have been duly authorized
      and no other proceedings on the part of the Purchaser is necessary.

                  (3) The person executing this Subscription Agreement on behalf
      of the Purchaser has all right, power and authority to execute and deliver
      this Subscription Agreement on behalf of the Purchaser. This Subscription
      Agreement has been duly executed and delivered by the Purchaser and,
      assuming the due authorization, execution and delivery hereof by the
      Company, will constitute the legal, valid and binding obligations of the
      Purchaser, enforceable against the Purchaser in accordance with its terms,
      except as the same may be limited by applicable bankruptcy, insolvency,
      reorganization, moratorium or other similar laws affecting the rights of
      creditors generally and the availability of equitable remedies.

            (f) In addition to the other acknowledgments, representations,
warranties and agreements contained herein, in the event Purchaser is a natural
person, Purchaser represents and warrants that he or she has reached the age of
majority in the jurisdiction in which he or she resides and has the legal
capacity to purchase and hold the B Unit Debenture, the B Unit Subscription
Shares and the B Unit Warrants that form the B Units.

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                                                                     EXHIBIT 4.1

            (g) Purchaser is an accredited investor (an "Accredited Investor")
as such term is defined in Rule 501 of Regulation D promulgated under the Act in
that, among other things, the personal net worth or past and anticipated income
of Purchaser are in excess of the amounts required pursuant to such rule.

            (h) The Purchaser is able to bear the economic risks of the
investment in the B Units and, consequently, without limiting the generality of
the foregoing, is able to hold the B Unit Debenture, the B Unit Subscription
Shares and the B Unit Warrants that form the B Units for an indefinite period of
time and has a sufficient net worth to sustain a loss of the entire investment
in the B Unit Debenture, the B Unit Subscription Shares and the B Unit Warrants
in the event such loss should occur.

            (i) The B Units are being acquired by the Purchaser for the
Purchaser's own account with no intention of selling, assigning or otherwise
disposing of any participation or interest therein, and not with a view toward
the distribution thereof.

            (j) The Purchaser has such knowledge and experience in financial and
business matters as to be capable of evaluating the merits and risks of an
investment in the B Units and of protecting the Purchaser's interests in
connection with this transaction, or Purchaser has employed the services of an
investment advisor, attorney or accountant to review any documents furnished or
made available by Company to Purchaser in connection with the purchase of the B
Units by Purchaser in order to evaluate, on behalf of Purchaser, the merits and
risks of an investment in the B Units. The Purchaser recognizes that an
investment in the B Units involves a high degree of risk and that the Purchaser
may lose the entire investment in the B Units.

            (k) The terms upon which Purchaser has agreed to acquire the B Units
is set forth in this Subscription Agreement and the documents and instruments
executed by and between Purchaser and the Company in connection therewith.
Purchaser has been encouraged to review all filings of the Company with the SEC
which are available at an internet site maintained by the SEC at
http://www.sec.gov. THE PURCHASER ACKNOWLEDGES THAT PURCHASER HAS HAD THE
OPPORTUNITY TO ASK QUESTIONS OF AND RECEIVE ANSWERS FROM A REPRESENTATIVE OF THE
COMPANY, AND THAT PURCHASER HAS OBTAINED FROM THE COMPANY OR OTHERWISE SUCH
INFORMATION OR DATA AS PURCHASER MAY DEEM APPROPRIATE IN ORDER TO PROVIDE THE
PURCHASER WITH THE BASIS OF MAKING AN INFORMED INVESTMENT DECISION WITH RESPECT
TO THE PURCHASE OF B UNITS. Except as may be set forth herein, no
representations or warranties have been made to Purchaser by Company or any
agent, employee or affiliate of Company, as a condition to executing this
Subscription Agreement, and Purchaser is not relying on any information other
than that which results from the independent investigation of Purchaser.

            (l) Purchaser understands that the Company is currently seeking to
raise (the "Current Offering") as much as Eight Million Five Hundred Thousand
Dollars (US$8,500,000.00) through the sale of units which are substantially the
same as the B Units being purchased by Purchaser pursuant hereto, and in that
regard it may execute subscription agreements with other parties for the sale of
units substantially the same as the B Units purchased by Purchaser pursuant
hereto (the "Other Units"). Subject to the A Unit Investor Rights, the Company
may at anytime and from time to time offer additional securities of the Company
to such parties and in such manner as may be deemed appropriate by the Company
(collectively, the "Subsequent Issuances"). Purchaser further understands that
in connection with the Subsequent Issuances, the Company may, subject to the A
Unit Investor Rights, offer rights, preferences or privileges which are more or
less favorable to any potential purchaser than those offered by the Company
pursuant to this Subscription Agreement and the Company makes no representation
or warranty to the Purchaser in regard to any term or condition that may be
offered in connection with any such Subsequent Issuance. As a result of the sale
by the Company of the Other Units

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                                                                     EXHIBIT 4.1

or as a result of the Subsequent Issuances, the percentage ownership of the then
existing stockholders of the Company will be reduced and such stockholders may
experience dilution.

            (m) Purchaser understands that NOTWITHSTANDING THE FACT THAT A
LIMITED PUBLIC MARKET MAY PRESENTLY EXIST FOR OTHER SECURITIES OF THE COMPANY,
neither the B Unit Debentures, the B Unit Subscription Shares, the B Unit
Warrants nor the B Unit Warrant Shares can be sold publicly. Furthermore,
Purchaser understands that at such time as any of the foregoing may be sold
publicly there is no assurance that a public market will then exist.

            (n) Purchaser understands that none of the B Unit Debentures, the B
Unit Subscription Shares, the B Unit Warrants, the B Unit Warrant Shares or the
offer and sale thereof have been registered under the Act or under the
Securities Laws, that the transfer of any and all of the foregoing is restricted
and that the same must be held indefinitely unless any of same are subsequently
registered under the Act or any applicable Securities Laws or an exemption from
registration is available to Purchaser. Purchaser understands that Company is
the only party that may register any of the foregoing under the Act or under the
Securities Laws and that Company is under no obligation to do so except as
specifically set forth in that certain Registration Rights Agreement (as
hereinafter defined) executed as of even date herewith.

            (o) The Purchaser is not subscribing for the B Units as a result of,
nor is the Purchaser aware of, any advertisement, article, notice or other
communication published in any newspaper, magazine, or similar media or
broadcast over television or radio, or presented at any seminar or meeting with
respect to the B Units or the Company. The Purchaser may have received a term
sheet (the "Term Sheet") from the Company which Term Sheet is intended by the
Company to serve solely as a summary description of the Current Offering.

            (p) Purchaser understands that a legend (the "Legend") will be
placed on the B Unit Debenture, the certificate representing the B Unit
Subscription Shares, the B Unit Warrants and the B Unit Warrant Shares stating
that the each of same has not been registered under the Act or other applicable
Securities Laws and setting forth or referring to the restrictions on
transferability and sale thereof. The form of the Legend is attached hereto as
Exhibit 2.(p).

            (q) Purchaser acknowledges, understands and agrees that in any and
all matters relating to the Current Offering, including but not necessarily
limited to the B Unit Debentures, the Subject Royalties, and the Related
Agreements (as hereinafter defined), any action relating thereto shall be
determined by the holders of a majority (based upon the original principal
amounts of the B Unit Debentures purchased as part of the Current Offering) of
all of the B Unit Debentures purchased as part of the Current Offering.

      3. Representations, Warranties and Covenants by Company. Company hereby
represents and warrants to and covenants with Purchaser that as of the date
hereof and the date of issuance by the Company of the B Unit Debenture, the B
Unit Subscription Shares, the B Unit Warrants and the B Unit Warrant Shares:

            (a) Company is a corporation duly organized, existing and in good
standing under the laws of the State of Florida and has the corporate power to
conduct the business presently conducted by it.

            (b) The execution, delivery and performance of this Subscription
Agreement by Company has been duly approved by the board of directors (the
"Board") of Company and all other

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                                                                     EXHIBIT 4.1

actions required to authorize and effect the offer and sale of the B Units to
Purchaser has been duly taken and approved.

            (c) The B Unit Debentures, the B Unit Subscription Shares, the B
Unit Warrants and the B Unit Warrant Shares are duly authorized. The B Unit
Subscription Shares and the B Unit Warrant Shares, when issued in accordance
with the terms hereof or the B Unit Warrants, as the case may be, will be fully
paid and non-assessable with no personal liability attaching thereto.

            (d) The authorized capital stock of the Company consists of
300,000,000 shares of Common Stock and 200,000,000 shares of preferred stock,
par value $.001 per share (the "Preferred Stock"). Without giving effect to the
issuance of the B Units, any Other Units and any Subsequent Issuances, as of the
date hereof, there are approximately 47,000,000 shares of Common Stock issued
and outstanding and 1,550,000 shares of Series B Preferred Stock outstanding.
Such Series B Preferred Stock provides, among other things, for the ability to
convert the Series B Preferred Stock into 1,550,000 shares of Common Stock.
Other than certain warrants (the "A Unit Warrants") issued by the Company in
connection with those certain existing debentures issued by the Company (the "A
Unit Debentures"), which A Unit Warrants are exercisable for approximately
3,100,000 shares of Common Stock, such investor rights provided by the Company
to purchasers of the A Unit Debentures (the "A Unit Investor Rights"), the right
of Red Brook Developments Ltd. ("Red Brook") to convert certain loans to the
Company into A Units, and the right of Moe Colson ("Colson") to convert a loan
in the amount of $150,000 into 150,000 A Units, there are no outstanding or
authorized options, warrants, purchase rights, subscription rights, conversion
rights, exchange rights, or other contracts or commitments that could require
the Company to issue, sell, reserve or otherwise cause to become outstanding
additional shares of its capital stock. The Company expects to implement an
incentive stock option plan for up to 5,000,000 shares of its Common Stock. The
holders of outstanding shares of the Common Stock are entitled to receive
dividends out of assets legally available therefor at such times and in such
amounts, if any, as the Board from time to time may determine. Holders of Common
Stock are entitled to one vote for each share held on all matters submitted to a
vote of stockholders. Other than a certain stockholder agreement between Pan
Zone Co., Ltd. and Covenant Film Productions Limited Partnership, the Company is
not aware of any agreement between any of its stockholders which would affect
the right of the owner of its Common Stock to exercise such owner's right to
vote such Common Stock. Holders of the Series B Preferred Stock are entitled to
one vote for each share held on all matters submitted to a vote of stockholders.
Holders of the Common Stock are not entitled to preemptive rights, and the
Common Stock is not subject to conversion or redemption. Other than such
registration rights provided by the Company to purchasers of the A Unit
Debentures and the Registration Rights Agreement to be executed by the Company
in connection with the Current Offering, the Company is not a party to any
agreement which would obligate the Company to undertake any registration of its
securities.

            (e) The execution and delivery of this Subscription Agreement, the B
Unit Debentures, the B Unit Warrants, the Registration Rights Agreement (as
hereinafter defined) and any security agreements executed by the Company in
connection with the B Unit Debentures (the "Subject Security Agreements"), the
consummation of the transactions contemplated by this Subscription Agreement,
the B Unit Debentures, the B Unit Warrants, the Registration Rights Agreement
and the Subject Security Agreements (hereinafter collectively referred to as the
"Related Agreements") and the issuance of the B Units will not conflict with or
result in a violation of the terms or provisions of, or constitute a default
under, or result in the creation or imposition of any lien, charge or
encumbrance upon any property or asset of the Company or its Subsidiaries (as
hereinafter defined) pursuant to:

                  (1) the articles of incorporation or bylaws of Company;

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                                                                     EXHIBIT 4.1

                  (2) any bond, debenture, note or other evidence of
      indebtedness, any other material agreement or instrument to which Company
      or any of its Subsidiaries is a party or by which Company or any of the
      property of Company or any of its Subsidiaries may be bound; or

                  (3) of any material order, rule, regulation, writ, injunction
      or decree of any government, governmental instrumentality or court,
      domestic or foreign.

            (f) Company will not pay any placement fees to any party in
connection with the Current Offering.

            (g) Company shall, if Purchaser so requests, permit the transfer of
the B Unit Debentures, the B Unit Subscription Shares, the B Unit Warrants and
the B Unit Warrant Shares out of the name of Purchaser when a request therefor
is accompanied by an opinion of counsel reasonably satisfactory to Company to
the effect that neither the sale nor the proposed transfer results in a
violation of the Act or other applicable Securities Laws and/or conformity with
any Legend placed upon any document, instrument or certificate representing the
foregoing.

            (h) Company shall not, and shall not permit any Subsidiary, to: (i)
undertake any financing (debt, equity or combination thereof); (ii) incur any
indebtedness; (iii) permit any liens or other encumbrances on its assets
(tangible or intangible); or (iv) sell any or all of its assets (tangible or
intangible) other than in the ordinary course of business consistent with past
practice.

            (i) For the purposes hereof, "Subsidiary" means any corporation of
which the Company (or a Subsidiary thereof) owns a majority of the common stock
or has the power to vote or direct the voting of sufficient securities to elect
a majority of the directors. The Company presently has two wholly-owned
subsidiaries, Visual Bible, Inc., a Florida corporation ("VB") and Visual Bible
(Canada), Inc., an Ontario, Canada corporation ("VB Canada"). VB Canada has one
wholly owned subsidiary, The Book of John, Inc., an Ontario, Canada corporation
("TBJ"). VB has one wholly-owned subsidiary, Visual Entertainment, Inc., a Texas
corporation ("VE"). VE has one wholly-owned subsidiary, Visual Entertainment
Music, LLC, a Texas limited liability company ("VEM"). Neither VB, VE nor VEM
currently engage in any business activity. All of the issued and outstanding
shares of capital stock of each Subsidiary of the Company and that of the
respective Subsidiaries of each Subsidiary have been duly authorized and are
validly issued, fully paid, and nonassessable. Company holds of record and owns
beneficially all of the outstanding shares of each Subsidiary of Company, free
and clear of any restrictions on transfer (other than restrictions under the Act
and state securities laws), taxes, security interests, options, warrants,
purchase rights, contracts, commitments, equities, claims, and demands, except
to the extent of the security agreements executed by the Company in connection
with the A Unit Debentures (the "Existing Security Agreements"). Except in
connection with the Existing Security Agreements, there are no outstanding or
authorized options, warrants, purchase rights, conversion rights, exchange
rights, or other contracts or commitments that could require any of Company and
its Subsidiaries to sell, transfer, or otherwise dispose of any capital stock of
any of its Subsidiaries or that could require any Subsidiary of Company to
issue, sell, or otherwise cause to become outstanding any of its own capital
stock. There are no outstanding stock appreciation, phantom stock, profit
participation, or similar rights with respect to any Subsidiary of the Company.
There are no voting trusts, proxies, or other agreements or understandings with
respect to the voting of any capital stock of any Subsidiary of the Company.
None of the Company nor its Subsidiaries controls directly or indirectly or has
any direct or indirect equity participation in any corporation, partnership,
trust, or other business association which is not a Subsidiary of the Company.

            (j) No consent, waiver, approval, order or authorization of, or
registration, declaration or filing with, any court, administrative agency or
commission or other federal, state, county,

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                                                                     EXHIBIT 4.1

local or foreign governmental authority, instrumentality, agency or commission
("Governmental Entity") or any third party is required by or with respect to the
Company or its Subsidiaries in connection with the execution and delivery of
this Subscription Agreement or the Related Agreements or the consummation of the
transactions contemplated hereby or thereby, except for such consents, waivers,
approvals, orders, authorizations, registrations, declarations and filings as
have been obtained and except for required approvals under the Existing Security
Agreements as to certain provisions of the Subject Security Agreements (the
"Required Approvals"). The Company shall timely seek and diligently pursue the
receipt of the Required Approvals.

            (k) Other than as set forth as a part of the filings of the Company
with the SEC, there is no action, suit or proceeding of any nature pending or,
to the Company's knowledge, threatened against the Company or any Subsidiary, or
their properties or any of their officers, directors or managers, in their
respective capacities as such nor, to the knowledge of the Company, is there any
reasonable basis therefor. To the Company's knowledge, there is no investigation
pending or threatened against the Company or any Subsidiary, or their properties
or any of their officers or directors by or before any Governmental Entity. No
Governmental Entity has at any time challenged or questioned the legal right of
the Company or any Subsidiary to conduct its operations as presently or
previously conducted.

            (l) The execution and delivery of this Subscription Agreement and
the Related Agreements by the Company does not, and the consummation of the
transactions contemplated hereby and thereby will not, conflict with, or result
in any violation of, or default under (with or without notice or lapse of time,
or both), or give rise to a right of termination, cancellation of acceleration
of any obligation or loss of any benefit under (any such event, a "Conflict"):
(i) any provision of the articles of incorporation or bylaws of the Company or
(ii) any mortgage, indenture, lease, contract or other agreement or instrument,
permit, concession, franchise, license, judgment, order, decree, statute, law,
ordinance, rule or regulation applicable to the Company, the Subsidiaries or
their properties or assets, except that as a result of certain provisions of the
Subject Security Agreements the Company must obtain the Required Approvals in
order to undertake certain provisions of the Subject Security Agreements.

            (m) Neither the Company nor any of its Subsidiaries is: (i) in
violation of its charter or bylaws; (ii) in default, and no event has occurred
which with notice or lapse of time or both, would constitute a default, in the
due performance or observation of any term, covenant or condition contained in
any material indenture, mortgage or deed of trust, loan agreement or other
material agreement or instrument to which it is a party or by which its is bound
or to which any of its properties or assets is subject; or (iii) in violation of
any law ordinance, governmental rule, regulation or court decree to which it or
its property or assets may be subject except, in the case of clause (ii) or
(iii), for any default or violation that could not reasonably be expected to
result in a material adverse change in the business, financial condition,
operations, results of operations, or future prospects of Company or any of its
Subsidiaries.

            (n) Company and its Subsidiaries possess all material consents,
licenses, permits, grants or other authorization issued by the Governmental
Entity (i) pursuant to which the Company and its Subsidiaries currently operate
or hold any interest in any of their properties or (ii) which is required for
the operation of their businesses or the holding of any such interests (herein
collectively called the "Company Authorizations"). The Company Authorizations
are in full force and effect and constitute all the Company Authorizations
required to permit the Company and its Subsidiaries to operate or conduct their
businesses or hold any interest in their properties.

            (o) The Company and its Subsidiaries have filed all tax returns
(federal, state and local) required to be filed by each of them, except that the
Company and its Subsidiaries are delinquent in the filing of federal, state and
local tax returns for the years 2000, 2001 and 2002. The Company expects

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                                                                     EXHIBIT 4.1

to file all of such delinquent tax returns on or before November 30, 2003. The
Company does not believe that such returns when filed will require payment by
the Company of any taxes or other assessments, however, if such payments are
necessary, the Company, or its Subsidiary, as applicable will promptly pay the
same. All taxes shown to be due and payable on the returns for all years other
than 2000, 2001 and 2002, any assessments imposed and all other taxes due and
payable by the Company and its Subsidiaries will be paid prior to the time they
become delinquent. Neither the Company nor any Subsidiary has been advised: (i)
that any of its returns, federal, state or other, have been or are being audited
as of the date hereof; or (ii) of any deficiency in assessment or proposed
judgment to its federal, state or other taxes.

            (p) The Company is not an "investment company" or an Affiliate of an
"investment company" within the meaning of the Investment Company Act of 1940,
as amended (the "Investment Company Act") and the rules and regulations of the
SEC thereunder.

            (q) The Company is not a "holding company" or a Subsidiary of a
"holding company" within the meaning of the Public Utility Holding Company Act
of 1955, as amended (the "Public Utility Holding Company Act").

            (r) The Company and each Subsidiary maintains a system of internal
accounting controls sufficient to provide reasonable assurance that (i)
transactions are executed in accordance with management's general or specific
authorizations; (ii) transactions are recorded as necessary to permit
preparation of financial statements in conformity with generally accepted
account principals and to maintain asset accountability; (iii) access to
financial assets is permitted only in accordance with management's general or
specific authorizations; and (iv) the recorded accountability for assets is
compared with the existing assets at reasonable intervals and appropriate action
is taken with respect to any differences to the necessary.

            (s) The Company and its Subsidiaries maintain commercial and general
liability insurance policies of a nature and in amounts as is customary and
sufficient for similarly situated businesses.

            (t) Except in connection with matters relating to the International
Bible Society, the Company and its Subsidiaries have sufficient legal rights to
all patents, copyrights, trade secrets, trademarks, trade names, service marks,
domain names, information, proprietary rights and processes (collectively
"Proprietary Information") necessary to their businesses as conducted, or as
reasonably contemplated to be conducted, by the Company and its Subsidiaries
without any conflict with or infringement upon the rights of others. There are
no outstanding options, licenses, or agreements of any kind relating to the
foregoing, nor is the Company or any of its Subsidiaries bound by or a party to
any options, licenses or agreements of any kind with respect to the patents,
trademarks, service marks, trade names, copyrights, trade secrets, licenses,
information, proprietary rights and processes of any other person or entity. The
Company has not received any written communications alleging that the Company or
any of its Subsidiaries has violated or infringed, or that the Company or any of
its Subsidiaries would, by conducting its business as proposed, violate or
infringe any of the patents, trademarks, service marks, trade names, copyrights
or trade secrets or other proprietary rights of any other person or entity.

            (u) The Company and its Subsidiaries have never owned any real
property. The Company and its Subsidiaries have valid right to lease or
otherwise use all items of real and personal property which are material to the
businesses of the Company and its Subsidiaries, in each case, such rights are in
full force and effect, are valid and binding in accordance with their respective
terms of use or occupancy, and there is not, under any of the foregoing, any
existing default or event of default (or event which with notice or lapse of
time, or both, would constitute a default). The Company and its Subsidiaries
have good and valid title to, or, in the case of leased properties and assets,
valid leasehold

                                       9
<PAGE>

                                                                     EXHIBIT 4.1

interests in, all of their tangible properties and assets, real, personal and
mixed, used or held for use in their businesses, free and clear of any liens,
except for liens for taxes not yet due and payable and other statutory liens for
amounts not yet due.

            (v) Neither the Company nor any of its Subsidiaries is bound by or
subject to (and none of their assets or properties is bound by or subject to)
any written or oral, express or implied, contract, commitment or arrangement
with any labor union, and no labor union has requested or has sought to
represent any of the employees, representatives or agents of the Company or any
Subsidiary. There is no strike or other labor dispute involving the Company or
any of its Subsidiaries pending, or to the best of the Company's knowledge,
threatened, nor is the Company aware of any labor organization activity
involving its employees or the employees of its Subsidiaries. The Company is not
aware that any officer or key employee, or that any group of key employees,
intends to terminate their employment with the Company or any of its
Subsidiaries, nor does the Company have a present intention to terminate the
employment of any of the foregoing. The Company and its Subsidiaries have
complied with all applicable state and federal equal employment opportunity and
other laws related to employment.

            (w) For the purposes hereof , "Prohibited Transaction" has the
meaning set forth in ERISA Sec. 406 and Code Sec. 4975, "Reportable Event" has
the meaning set forth in ERISA Sec. 4043, "Multiemployer Plan" has the meaning
set forth in ERISA Sec. 3(37), "Fiduciary" has the meaning set forth in ERISA
Sec. 3(21), "PBGC" means the Pension Benefit Guaranty Corporation; "Code" means
the Internal Revenue Code of 1986, as amended; "Employee Pension Benefit Plan"
has the meaning set forth in ERISA Sec. 3(2) and "Employee Welfare Benefit Plan"
has the meaning set forth in ERISA Sec. 3(1). Neither the Company nor any
Subsidiary has never maintained any Employee Benefit Plan and there have been no
Prohibited Transactions with respect to any Employee Benefit Plan. No Fiduciary
has any liability for breach of fiduciary duty or any other failure to act or
comply in connection with the administration or investment of the assets of any
Employee Benefit Plan of the Company or any Subsidiary. No action, suit,
proceeding, hearing, or investigation with respect to the administration or the
investment of the assets of any Employee Benefit Plan is pending or, to the
knowledge of the Company, threatened. Neither the Company nor any Subsidiary has
ever incurred, and the Company has no reason to expect that Company or any
Subsidiary will incur, any liability to the PBGC or otherwise under Title IV of
ERISA or under the Code with respect to any such Employee Benefit Plan which is
an Employee Pension Benefit Plan. Neither the Company nor any Subsidiary has
ever contributed to or ever has been required to contribute to any Multiemployer
Plan or has any liability under any Multiemployer Plan. Neither the Company nor
any Subsidiary has ever maintained or contributed to, or ever has been required
to contribute to any Employee Welfare Benefit Plan providing medical, health, or
life insurance or other welfare-type benefits for current or future retired or
terminated employees, their spouses, or their dependents.

            (x) For the purposes hereof, "Environmental, Health, and Safety
Laws" means the Comprehensive Environmental Response, Compensation and Liability
Act of 1980, the Resource Conservation and Recovery Act of 1976, and the
Occupational Safety and Health Act of 1970, each as amended, together with all
other laws (including rules, regulations, codes, plans, injunctions, judgments,
orders, decrees, rulings, and charges thereunder) of federal, state, local, and
foreign governments (and all agencies thereof) concerning pollution or
protection of the environment, public health and safety, or employee health and
safety, including laws relating to emissions, discharges, releases, or
threatened releases of pollutants, contaminants, or chemical, industrial,
hazardous, or toxic materials or wastes into ambient air, surface water, ground
water, or lands or otherwise relating to the manufacture, processing,
distribution, use, treatment, storage, disposal, transport, or handling of
pollutants, contaminants, or chemical, industrial, hazardous, or toxic materials
or wastes. The Company, and its predecessors and Affiliates has, to the best
knowledge of the Company, complied with all Environmental, Health, and Safety
Laws, and no action, suit, proceeding, hearing, investigation, charge,
complaint, claim, demand, or

                                       10
<PAGE>

                                                                     EXHIBIT 4.1

notice has been filed or commenced against any of them alleging any failure so
to comply. Neither the Company nor any Subsidiary has any liability for and
neither it nor its predecessors and Affiliates has handled or disposed of any
substance, arranged for the disposal of any substance, exposed any employee or
other individual to any substance or condition, or owned or operated any
property or facility in any manner that could form the basis for any present or
future action, suit, proceeding, hearing, investigation, charge, complaint,
claim, or demand against the Company or any Subsidiary for damage to any site,
location, or body of water (surface or subsurface), for any illness of or
personal injury to any employee or other individual, or for any reason under any
Environmental, Health, and Safety Law.

            (y) To the best knowledge of the Company, neither the Company nor
any director, officer, employee, agent, or other person associated with or
acting on behalf of either the Company or any Subsidiary has (i) used any
corporate funds for any unlawful contribution, gift, entertainment, or other
unlawful expense relating to political activity; (ii) made any direct or
indirect unlawful payment to any foreign or domestic governmental official or
employee from corporate funds; (iii) violated or is in violation of any
provision of the Foreign Corrupt Practices Act of 1977, as amended; or (iv) made
any unlawful bribes, rebate, payoff, influence payment, kickback or other
unlawful payment.

            (z) The Company does not own any "margin securities" as that term is
defined in Regulation U of the Board of Governors of the Federal Reserve System
(the "Federal Reserve Board") and none of the proceeds of the B Units will be
used, directly or indirectly, for the purpose of purchasing or carrying any
margin security, for the purpose of reducing or retiring any indebtedness which
was originally incurred to purchase or carry any margin security or for any
other purpose which might cause the B Unit Debenture, the B Unit Subscription
Shares, the B Unit Warrants or the B Unit Warrant Shares to be considered a
"purpose credit" within the meanings of Regulation T, U or X of the Federal
Reserve Board.

            (aa) Neither the Company nor any Affiliate thereof has, directly or
through any agent, sold, offered for sale, solicited offers to buy or otherwise
negotiated in respect of, any security (as such term is defined in the Act)
which is or will be integrated with the sale of the B Units in a manner that
would require registration of the B Unit Debenture, the B Unit Subscription
Shares, the B Unit Warrants or the B Unit Warrant Shares under the Act.

            (bb) None of the Company, any of its Affiliates or any other person
acting on its behalf or their behalf has engaged, in connection with the
offering of the B Units in any form of general solicitation or general
advertising within the meaning of Rule 502 (c) under the Act.

            (cc) The Company has not taken nor will it take, directly or
indirectly, any action prohibited by Regulation M under the Securities Exchange
Act of 1934 (the "Exchange Act") in connection with the offering of the B Units.

            (dd) Neither the Company nor any of its Subsidiaries does business
with the government of Cuba or with any person or Affiliate located in Cuba
within the meaning of Florida Statute Section 517.075.

            (ee) Assuming the accuracy of the representations and warranties of
the Purchasers contained herein and compliance by the Purchasers with the
representations, warranties and covenants contained as part of the Related
Agreements, the offer, sale and issuance of the B Units and the B Unit
Debentures, the Unit Shares, the B Unit Warrants and the B Unit Warrant Shares
will be exempt from the registration requirements of the Act, and such offer,
sale and issuance complies with the requirements of the Trust Indenture Act of
1939, as amended (the "Trust Indenture Act").

                                       11
<PAGE>

                                                                     EXHIBIT 4.1

      4. Sales of DVD Units Through Fulfillment Corporations. The Company
undertakes, covenants and agrees that all sales of DVD Units (as such term is
defined in the B Unit Debentures) to United States and Canadian purchasers will
be undertaken by the Company on a direct market basis through Fulfillment
Corporations (as such term is defined in the B Unit Debentures) at all times
that any Principal Amount, Interest or B Unit Accrued Royalties (as such terms
are defined in the B Unit Debenture) remain outstanding under the B Unit
Debentures. In the event that the Company engages the services of more than one
Fulfillment Corporation, the Company will negotiate in good faith with the
holders of the B Unit Debentures regarding the implementation of a trust or
other suitable arrangement pursuant to which the payments due under the B Unit
Debentures will be administered.

      5. Registration Rights. The Purchaser shall be entitled to certain
registration rights (the "Registration Rights") as to the B Unit Subscription
Shares and as to the B Unit Warrant Shares. Such Registration Rights are set
forth in that certain registration rights agreement (the "Registration Rights
Agreement") executed by Company and Purchaser even date herewith, the form of
which Registration Rights Agreement is attached hereto as Exhibit 5.

      6. Miscellaneous Provisions.

            (a) Assignment. The Purchaser agrees not to transfer or assign this
Subscription Agreement, or any of the Purchaser's interest herein, and further
agrees that the transfer or assignment of the B Unit Debentures, the B Unit
Subscription Shares, the B Unit Warrants and the B Unit Warrant Shares shall be
made only in accordance with all applicable laws.

            (b) Attorney Fees. If Purchaser retains the services of counsel by
reason of default hereunder, all costs of suit and all reasonable attorneys'
fees and such other reasonable expenses so incurred by Purchaser shall be paid
by Company. If Company retains the services of counsel by reason of default by
Purchaser hereunder, all costs of suit and all reasonable attorneys' fees and
such other reasonable expenses so incurred by Company shall be paid by Purchaser
and may be off set by Purchaser against any Principal outstanding under the B
Unit Debenture.

            (c) Counterparts. This Subscription Agreement may be executed in
counterparts. Upon execution and delivery of this Subscription Agreement by
Purchaser and Company, this Subscription Agreement shall become a binding
obligation of Purchaser and Company with respect to the purchase of the B Units
as indicated herein.

            (d) Entire Agreement. This Subscription Agreement and the other
documents, instruments and agreements executed in connection herewith
constitutes 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.

            (e) Further Documents. The parties agree to execute all such further
documents, agreements and instruments and take such other and further action as
may be necessary or appropriate to carry out the purposes and intent of this
Subscription Agreement.

            (f) Governing Law. THIS SUBSCRIPTION 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. PURCHASER
HAS CONSULTED WITH COUNSEL AND FULLY UNDERSTANDS THE IMPACT OF THE PROVISION OF
THIS PARAGRAPH.

                                       12
<PAGE>

                                                                     EXHIBIT 4.1

            (g) Headings. The headings contained in this Subscription Agreement
have been inserted for convenience of reference only and do not limit or
otherwise affect construction or interpretation of any term or provision hereof.

            (h) Invalidity. Any term or provision of this Subscription Agreement
that is invalid or unenforceable in any situation in any jurisdiction shall not
affect the validity or enforceability of the remaining terms and provisions
hereof or the validity or enforceability of the offending term or provision in
any other situation or in any other jurisdiction.

            (i) Jurisdiction and Venue. ANY SUIT, ACTION OR PROCEEDING WITH
RESPECT TO THIS SUBSCRIPTION AGREEMENT AND THE RELATED DOCUMENTS SHALL BE
BROUGHT EXCLUSIVELY 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 SUBSCRIPTION AGREEMENT OR ANY JUDGMENT ENTERED BY ANY
COURT IN RESPECT THEREOF BROUGHT IN ANY OF THE ABOVE DESCRIBED COURTS AND HEREBY
FURTHER IRREVOCABLY WAIVE ANY CLAIM THAT ANY SUIT, ACTION OR PROCEEDING BROUGHT
IN NEW YORK COUNTY, NEW YORK, HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. THE
PARTIES, FURTHER, CONSENT TO SERVICE OF PROCESS IN ANY SUCH ACTION OR LEGAL
PROCEEDING BY MEANS OF REGISTERED MAIL OR CERTIFIED MAIL, RETURN RECEIPT
REQUESTED, IN CARE OF THE ADDRESS SET FORTH HEREIN OR SUCH OTHER ADDRESS AS
EITHER PARTY MAY FURNISH IN WRITING TO THE OTHER, PROVIDED PROCESS IS ACTUALLY
RECEIVED. PURCHASER HAS CONSULTED WITH COUNSEL AND FULLY UNDERSTANDS THE IMPACT
OF THE PROVISION OF THIS PARAGRAPH AND PARAGRAPH 6.(f).

            (j) Modification. This Subscription Agreement shall not be changed,
modified or amended, except by a writing signed by the parties to be charged,
and this Subscription Agreement may not be discharged, except by performance in
accordance with its terms or by a writing signed by the party to be charged.
NOTWITHSTANDING THE FOREGOING, PURCHASER HEREBY AGREES THAT THIS SUBSCRIPTION
AGREEMENT AND EACH AND EVERY OF THE RIGHTS AND OBLIGATIONS OF THE PURCHASER
HEREUNDER MAY BE CHANGED, MODIFIED OR AMENDED IN SUCH MANNER AS MAY BE MUTUALLY
DETERMINED BY THE COMPANY AND THE HOLDERS OF A MAJORITY (BASED UPON THE ORIGINAL
PRINCIPAL AMOUNTS OF THE B UNIT DEBENTURES PURCHASED AS PART OF THE CURRENT
OFFERING) OF ALL OF THE B UNIT DEBENTURES PURCHASED AS PART OF THE CURRENT
OFFERING.

            (k) Notices. All notices, consents and other communications under
this Subscription Agreement shall be in writing and in each case addressed, as
applicable, to Company at its business address or to Purchaser at the address
set forth herein, or to such other address as a party may designate as to itself
by notice addressed to the other party, and same shall be deemed to have been
duly given:

                  (1) when delivered by hand; or

                                       13
<PAGE>

                                                                     EXHIBIT 4.1

                  (2) one business day after the business day of transmission
      when sent by telex or telecopier (with receipt confirmed), provided that a
      copy is mailed by United States mail; or

                  (3) one business day after the business day of deposit with
      the carrier, when sent by Express Mail, FedEx or other recognized express
      delivery service for overnight delivery.

            (l) Transfer Opinion Costs. Should Purchaser so request a transfer
of the B Unit Debentures, the B Unit Subscription Shares, the B Unit Warrants or
the B Unit Warrant Shares out of the name of Purchaser, and in the event that an
opinion of counsel is required by the Company in order to permit any such
transfer, Company shall pay the reasonable costs of any such opinion, provided
that, should counsel other than counsel to the Company provide any such opinion,
in no event shall Company be required to pay an amount for such opinion in
excess of the amount routinely charged to the Company by its counsel for
substantially similar opinions.

            (m) Subscription Agreement Binding on Heirs and Assigns. This
Subscription Agreement shall be binding upon Purchaser and the heirs,
successors, estate, legal representatives and assigns of Purchaser. This
Subscription Agreement shall be binding upon Company and the successors, legal
representatives and assigns of Company.

            (n) Survival of Representations and Warranties. The representations,
warranties and covenants of each of the Purchaser and Company contained herein
shall survive the purchase of the B Units.

            (o) Waiver. A waiver by either party of a breach of any provision of
this Subscription Agreement shall not operate or be construed as a waiver of any
subsequent breach by the same party.

                          (Signatures Appear Next Page)

                                       14
<PAGE>

                                                                     EXHIBIT 4.1

      IN WITNESS WHEREOF, Purchaser hereby represents and warrants that
Purchaser has read this entire Subscription Agreement and has executed this
Subscription Agreement this __ day of _______________, 2003.

      (PLEASE SIGN AS NAME(S) APPEAR IN THIS SUBSCRIPTION AGREEMENT. WHEN
      SIGNING AS ATTORNEY, EXECUTOR, PERSONAL REPRESENTATIVE, ADMINISTRATOR,
      TRUSTEE OR GUARDIAN, PLEASE GIVE TITLE AS SUCH. IF JOINT OWNERSHIP, BOTH
      PARTIES MUST SIGN.)

                                       PURCHASER SIGNATURE

                                       _________________________________________
                                       (Insert Purchaser Name)

                                       _________________________________________
                                       (Signature)

                                       _________________________________________
                                       (Insert Title, if applicable)

                                       CO-PURCHASER SIGNATURE, if applicable

                                       _________________________________________
                                       (Insert Co-Purchaser Name, if applicable)

                                       _________________________________________
                                       (Signature)

                                       _________________________________________
                                       (Insert Title, if applicable)

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

                             NOT FOR PURCHASER USE:

Accepted this _______ day of ______________ 2003.

Visual Bible International, Inc.

By: ________________________________________

Title: ______________________________________

                                       15
<PAGE>

                                                                     EXHIBIT 4.1

                 PURCHASER INFORMATION AND ISSUANCE INSTRUCTIONS

      Purchaser represents and warrants to Company that the following
information is complete, accurate and may be relied upon by Company. In
accordance with the foregoing, the following (PLEASE PROVIDE LEGIBLE RESPONSES)
is hereby provided:

      1. Date of Birth of Individual Purchaser or Date of Incorporation of
Organization Purchaser, as applicable.

      2. Date of Birth of Individual Purchaser Spouse (if co-purchaser).

      3. State or Country of Residence of Individual Purchaser or State or
Country of Incorporation of Organization Purchaser, as applicable.

      4. Tax Identification Number of Individual Purchaser and Spouse (if
co-purchaser); or Tax Identification of Number of Organization Purchaser, as
applicable.

      5. If Purchaser is an Organization, provide number of equity owners of
Organization.

      6. Purchaser Address.

         City: ______________ County: ________________ Postal Code: ____________

         Country: ___________ Telephone Number: (_________________)

      7. Occupation of Individual Purchaser.

      8. The B Unit Debenture, the certificates representing the B Unit
Subscription Shares and the B Unit Warrants purchased pursuant hereto shall be
issued by the Company as follows (any issuance in any name other than the name
of Purchaser must be approved by the Company).

                                       16
<PAGE>

                                                                     EXHIBIT 4.1

                                  Exhibit 1.(a)

                 The B Unit Debenture and the Warrant Agreement

                                       17
<PAGE>

                                                                     EXHIBIT 4.1

                                  Exhibit 2.(p)

                                   The Legend

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OR OTHER
JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY
BE OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS
EXEMPT FORM, OR NOT SUBJECT TO, SUCH REGISTRATION.

THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES THAT PRIOR TO THE
DATE (THE "RESALE DATE") WHICH IS TWO YEARS AFTER THE LATER OF THE ORIGINAL
ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE COMPANY OR ANY AFFILIATE OF THE
COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), TO
OFFER, SELL OR OTHERWISE TRANSFER THIS SECURITY ONLY (A) TO THE COMPANY, (B)
PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE
SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE
PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("RULE 144A"), TO A PERSON IT
REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A
THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN
RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE
UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E)
TO AN "ACCREDITED INVESTOR" WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR
(7) UNDER THE SECURITIES ACT THAT IS AN INSTITUTIONAL ACCREDITED INVESTOR
ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF SUCH AN
INSTITUTIONAL ACCREDITED INVESTOR, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW
TO OR FOR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE
SECURITIES ACT OR (F) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY'S RIGHT
PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO
REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE
COMPANY. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE
RESALE RESTRICTION TERMINATION DATE.

                               The Canadian Legend

THIS SECURITY HAS BEEN OFFERED AND SOLD WITHOUT A PROSPECTUS FILED IN ACCORDANCE
WITH THE ONTARIO SECURITIES LAWS (THE "ONTARIO SECURITIES LAWS") WITH THE
ONTARIO SECURITIES COMMISSION (THE "OSC") IN RELIANCE UPON CLAIMED EXEMPTIONS
FROM THE REGISTRATION AND PROSPECTUS REQUIREMENTS THEREOF, THE APPLICABILITY OF
WHICH DEPENDS, IN PART, UPON THE ACQUISITION THEREOF BY AN ACCREDITED INVESTOR.
NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE RE-SOLD

                                       18
<PAGE>

                                                                     EXHIBIT 4.1

PUBLICLY OR OTHERWISE IN THE PROVINCE OF ONTARIO, OTHERWISE IN CANADA OR TO
CANADIAN CITIZENS WITHOUT COMPLIANCE WITH APPLICABLE ONTARIO SECURITIES LAWS AND
SUCH OTHER LAWS, RULES AND REGULATIONS PROMULGATED BY OTHER APPLICABLE
GOVERNMENTAL AUTHORITIES OR AGENCIES IN OTHER PROVINCES OF CANADA (COLLECTIVELY,
THE "CANADIAN SECURITIES LAWS") IN THE ABSENCE OF COMPLIANCE WITH THE CANADIAN
SECURITIES LAWS OR UNLESS SUCH TRANSACTION IS EXEMPT FORM, OR NOT SUBJECT TO,
SUCH CANADIAN SECURITIES LAWS.

                                       19
<PAGE>

                                                                     EXHIBIT 4.1

                                    Exhibit 5

                        The Registration Rights Agreement

                                       20<PAGE>

                                                                     EXHIBIT 4.5

                           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

                                     - 1 -
<PAGE>

                                                                     EXHIBIT 4.5

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;

                                     - 2 -
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                                                                     EXHIBIT 4.5

"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.

                                     - 3 -
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                                                                     EXHIBIT 4.5

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

                                     - 4 -
<PAGE>

                                                                     EXHIBIT 4.5

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

                                     - 5 -
<PAGE>

                                                                     EXHIBIT 4.5

(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.

                                     - 6 -
<PAGE>

                                                                     EXHIBIT 4.5

                             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

                                     - 7 -
<PAGE>

                                                                     EXHIBIT 4.5

            (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

                                     - 8 -
<PAGE>

                                                                     EXHIBIT 4.5

            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 4.5

                           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 4.5

                                   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);

      If to the B Unit Holders, at     If to the Debtor:
      the addresses 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

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

                                     - 11 -
<PAGE>

                                                                     EXHIBIT 4.5

(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 4.5

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 4.5

                                  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 4.5

      (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 4.5

                                  SCHEDULE "A"

                                   EXHIBIT "1"
                                   TRADEMARKS

                                      Nil.

<PAGE>

                                                                     EXHIBIT 4.5

                                  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 4.5

                                  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 4.5

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 4.5

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

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