EXHIBIT 10.7
Ingram Micro Security Agreement
GENERAL SECURITY AGREEMENT
BETWEEN: INGRAM MICRO INC. (HEREINAFTER CALLED INGRAM OR SECURED
PARTY) and, MIAD SYSTEMS LTD. (Debtor's Legal Name)
1. Consideration For valuable consideration, the receipt and sufficiency of which are acknowledged by each
party, the undersigned (hereinafter called the "Customer") enters into this security agreement with Ingram Micro
Inc. of 55 Standish Court, Mississauga, Ontario L5R 4A1 (hereinafter called "Ingram Micro").
2. Obligations Secure The Security Interest (as hereinafter defined) is granted to Ingram Micro by the Customer
as continuing security for the payment of all present and future indebtedness and liabilities of the Customer to
Ingram Micro, including interest thereon, and for the payment and performance of all other present and future
obligations of the Customer to Ingram Micro, whether direct or indirect contingent or absolute (including
obligations under this security agreement); and without limiting the generality of the foregoing, specifically including
the obligations of the Customer under any guarantee given by the Customer to Ingram Micro in respect of the
obligations of any other party, and any bill of exchange issued, accepted or endorsed by the Customer of which
Ingram Micro is the holder (collectively, the "Obligations").
3. Creation of Security Interest The Customer hereby grants, mortgages, charges, transfers, assigns and creates
to and in favor of Ingram Micro a security interest in the following:
(a) Equipment all present and future equipment of the Customer, including all machinery, fixtures, plant, tools,
furniture, vehicles of any kind or description, all spare parts, accessories installed in or affixed or attached to any
of the foregoing, and all drawings, specifications, plans and manuals relating thereto ("Equipment");
(b) Inventory all present and future inventory of the Customer, including all raw materials, materials used or
consumed in the business of the Customer, wo