Security Agreement dated as of July 11, 2001 made by Maptuit Corporation (the "CORPORATION") to and in
favour of ZixIt Corporation (the "LENDER").
(a) The Lender has advanced funds to the Corporation as evidenced by a convertible promissory note of even
date herewith, issued by the Corporation to and in favour of the Lender (such promissory note as it may at any
time or from time to time be amended, supplemented, restated or replaced (the "NOTE"); and
(b) The Corporation has agreed to execute and deliver this security agreement to and in favour of the Lender as
security for the payment and performance of the Corporation's obligations to the Lender under the Note.
In consideration of the foregoing and other good and valuable consideration (the receipt and adequacy of which
are acknowledged), the Corporation agrees as follows:
SECTION 1.1 TERMS INCORPORATED BY REFERENCE.
Terms defined in the Personal Property Security Act (Ontario) (the "PPSA") and used in this security agreement
shall have the meanings specified in the PPSA.
SECTION 1.2 GRANT OF SECURITY.
Subject to Section 1.5, the Corporation grants to the Lender a security interest (the "SECURITY INTEREST")
in all the Corporation's right, title and interest in and to the property, assets and undertaking of the Corporation
now owned or hereafter acquired (collectively, the "COLLATERAL") including, without limitation, any and all of
(a) inventory including goods held for sale, lease or resale, goods furnished or to be furnished to third parties
under contracts of lease, consignment or service, goods which are raw materials or work in process, goods used
in or procured for packing and materials used or consumed in the business of the Corporation;
(b) equipment, machinery, furniture, fixtures, plants, vehicles and other goods of every kind and description and
all licences and other rights and
all records, files, charts, plans, drawings, sp