SECURITIES PLEDGE AGREEMENT

This Securities Pledge Agreement (this “Agreement”), dated as of November 9, 2004, by and between Laurus Master Fund, Ltd. (“Laurus”) and Xxxxxx Equipment 2004 Inc., a Canadian corporation (“Pledgor”).

BACKGROUND

Xxxxxx Equipment, Inc. (“Xxxxxx USA”) and certain of its subsidiaries have entered into a Security and Purchase Agreement dated as of the date hereof (as amended, modified, restated or supplemented from time to time, the “Security Agreement”), pursuant to which Laurus provides or will provide certain financial accommodations to Xxxxxx USA and such subsidiaries.

In order to induce Laurus to provide or continue to provide the financial accommodations described in the Security Agreement, Pledgor has agreed to guarantee the obligations of Xxxxxx USA and such subsidiaries to Laurus and to pledge and grant a security interest in, inter alia, the collateral described herein to Laurus on the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration the receipt of which is hereby acknowledged, the parties hereto agree as follows:

1. Defined Terms. All capitalized terms used herein which are not defined shall have the meanings given to them in the Security Agreement.

2. Pledge and Grant of Security Interest. To secure the full and punctual payment and performance of (the following clauses (a) and (b), collectively, the “Indebtedness”) (a) the obligations or Pledgor under that certain Guarantee dated as of the date hereof (as amended, modified, restated or supplemented from time to time, the “Guarantee”) pursuant to which Pledgor guarantees all of the obligations of Xxxxxx USA and certain if its subsidiaries to Laurus pursuant to, inter alia, the Security Agreement and Ancillary Agreements (the Guarantee, Security Agreement and Ancillary Agreements, as each may be amended, restated, modified and/or supplemented from time to time, collectively, the “Documents”) and (b) all other indebtedness, obligations and liabilities of Pledgor to Laurus whether now existing or hereafter arising, direct or indirect, liquidated or unliquidated, absolute or contingent, due or not due and whether under, pursuant to or evidenced by a note, agreement, guarantee, instrument or otherwise (in each case, irrespective of the genuineness, validity, regularity or enforceability of such Indebtedness, or of any instrument evidencing any of the Indebtedness or of any collateral) therefor or of the existence or extent of such collateral, Pledgor hereby pledges, assigns, hypothecates, transfers and grants a security interest to Laurus in all of the following (the “Collateral”):

(a) the securities set forth on Schedule A annexed hereto and expressly made a part hereof (together with any additional securities or other equity interests acquired by Pledgor, the “Pledged Securities”), the certificates representing the Pledged Securities and all dividends, cash, instruments and other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the Pledged Securities;

(b) all additional securities of any issuer (each, an “Issuer”) of the Pledged Securities from time to time acquired by Pledgor in any manner, including, without limitation, stock dividends or a distribution in connection with any increase or reduction of capital, reclassification, merger, consolidation, sale of assets, combination of shares, stock split, spin-off or split-off (which shares shall be deemed to be part of the Collateral), and the certificates representing such additional shares, and all dividends, cash, instruments and other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such shares; and

(c) all options and rights, whether as an addition to, in substitution of or in exchange for any shares of any Pledged Securities and all dividends, cash, instruments and other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all such options and rights.

Pledgor acknowledges that (i) value has been given, (ii) it has rights in the Pledge Securities, (iii) it has not agreed to postpone the time of attachment of the security interest created hereby, and (iv) it has received a duplicate original copy of this Securities Pledge Agreement.

If the Securities are now or at any time hereafter become evidenced in whole or in part, by uncertificated securities registered or recorded in records maintained by or on behalf of the Issuer in the name of a clearing agency, Pledgor shall, at the request of Laurus, cause the security interest created hereby to be entered in the records of such clearing agency.

3. Delivery of Collateral. All certificates representing or evidencing the Pledged Securities shall be delivered to and held by or on behalf of Laurus pursuant hereto and shall be accompanied by duly executed instruments of transfer or assignment in blank, all in form and substance satisfactory to Laurus. Pledgor hereby authorizes the Issuer upon demand by Laurus to deliver any certificates, instruments or other distributions issued in connection with the Collateral directly to Laurus, in each case to be held by Laurus, subject to the terms hereof. Upon an Event of Default (as defined below) that has occurred and is continuing beyond any applicable grace period, Laurus shall have the right, during such time in its discretion and without notice to Pledgor, to transfer to or to register in the name of Laurus or any of its nominees any or all of the Pledged Securities. In addition, Laurus shall have the right at such time to exchange certificates or instruments representing or evidencing Pledged Securities for certificates or instruments of smaller or larger denominations.

4. Representations and Warranties of Pledgor. Pledgor represents and warrants to Laurus (which representations and warranties shall be deemed to continue to be made until all of the Indebtedness has been paid in full and each Document and each agreement and instrument entered into in connection therewith has been irrevocably terminated) that:

(a) the execution, delivery and performance by Pledgor of this Agreement and the pledge of the Collateral hereunder do not and will not result in any violation of any agreement, indenture, instrument, license, judgment, decree, order, law, statute, ordinance or other governmental rule or regulation applicable to Pledgor;


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(b) this Agreement constitutes the legal, valid, and binding obligation of Pledgor enforceable against Pledgor in accordance with its terms;

(c) (i) all Pledged Securities owned by Pledgor is set forth on Schedule A hereto and (ii) Pledgor is the direct and beneficial owner of each share of the Pledged Securities;

(d) all of the shares of the Pledged Securities have been duly authorized, validly issued and are fully paid and nonassessable;

(e) no consent or approval of any person, corporation, governmental body, regulatory authority or other entity, is or will be necessary for (i) the execution, delivery and performance of this Agreement, (ii) the exercise by Laurus of any rights with respect to the Collateral or (iii) the pledge and assignment of, and the grant of a security interest in, the Collateral hereunder;

(f) there are no pending or, to the best of Pledgor’s knowledge, threatened actions or proceedings before any court, judicial body, administrative agency or arbitrator which may materially adversely affect the Collateral;

(g) Pledgor has the requisite power and authority to enter into this Agreement and to pledge and assign the Collateral to Laurus in accordance with the terms of this Agreement;

(h) Pledgor owns each item of the Collateral and, except for the pledge and security interest granted to Laurus hereunder, the Collateral shall be, immediately following the closing of the transactions contemplated by the Documents, free and clear of any other security interest, pledge, claim, lien, charge, hypothecation, assignment, offset or encumbrance whatsoever (collectively, “Liens”);

(i) there are no restrictions on transfer of the Pledged Securities contained in the certificate of incorporation or by-laws (or equivalent organizational documents) of the Issuer or otherwise which have not otherwise been enforceably and legally waived by the necessary parties;

(j) none of the Pledged Securities has been issued or transferred in violation of the securities registration, securities disclosure or similar laws of any jurisdiction to which such issuance or transfer may be subject;

(k) the pledge and assignment of the Collateral and the grant of a security interest under this Agreement vest in Laurus all rights of Pledgor in the Collateral as contemplated by this Agreement;

(l) The Pledged Securities constitute one hundred percent (100%) of the issued and outstanding shares in the capital stock of Xxxxxx Equipment Europe N.V.


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5. Covenants. Pledgor covenants that, until the Indebtedness shall be satisfied in full and each Document and each agreement and instrument entered into in connection therewith is irrevocably terminated:

(a) Pledgor will not sell, assign, transfer, convey, or otherwise dispose of its rights in or to the Collateral or any interest therein; nor will Pledgor create, incur or permit to exist any Lien whatsoever with respect to any of the Collateral or the proceeds thereof other than that created hereby.

(b) Pledgor will, at its expense, defend Laurus’s right, title and security interest in and to the Collateral against the claims of any other party.

(c) Pledgor shall at any time, and from time to time, upon the written request of Laurus, execute and deliver such further documents and do such further acts and things as Laurus may reasonably request in order to effect the purposes of this Agreement including, but without limitation, delivering to Laurus upon the occurrence of an Event of Default irrevocable proxies in respect of the Collateral in form satisfactory to Laurus. Until receipt thereof, upon an Event of Default that has occurred and is continuing beyond any applicable grace period, this Agreement shall constitute Pledgor’s proxy to Laurus or its nominee to vote all shares of Collateral then registered in Pledgor’s name.

(d) Pledgor will not consent to or approve the issuance of (i) any additional shares of any class of securities or other equity interests of the Issuer; or (ii) any securities convertible either voluntarily by the holder thereof or automatically upon the occurrence or nonoccurrence of any event or condition into, or any securities exchangeable for, any such shares, unless, in either case, such shares are pledged as Collateral pursuant to this Agreement.

6. Voting Rights and Dividends. In addition to Laurus’s rights and remedies set forth in Section 8 hereof, in case an Event of Default shall have occurred and be continuing, beyond any applicable cure period, Laurus shall (i) be entitled to vote the Collateral, (ii) be entitled to give consents, waivers and ratifications in respect of the Collateral (Pledgor hereby irrevocably constituting and appointing Laurus, with full power of substitution, the proxy and attorney-in-fact of Pledgor for such purposes) and (iii) be entitled to collect and receive for its own use cash dividends paid on the Collateral. Pledgor shall not be permitted to exercise or refrain from exercising any voting rights or other powers if, in the reasonable judgment of Laurus, such action would have a material adverse effect on the value of the Collateral or any part thereof; and, provided, further, that Pledgor shall give at least five (5) days’ written notice of the manner in which Pledgor intends to exercise, or the reasons for refraining from exercising, any voting rights or other powers other than with respect to any election of directors and voting with respect to any incidental matters. Following the occurrence of an Event of Default, all dividends and all other distributions in respect of any of the Collateral, shall be delivered to Laurus to hold as Collateral and shall, if received by Pledgor, be received in trust for the benefit of Laurus, be segregated from the other property or funds of Pledgor, and be forthwith delivered to Laurus as Collateral in the same form as so received (with any necessary endorsement).

7. Event of Default. An Event of Default shall be deemed to have occurred and may be declared by Laurus upon the happening of any of the following events:


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(a) An “Event of Default” (or similar term) under any Document or any agreement or note related to any Document shall have occurred and be continuing beyond any applicable cure period;

(b) Pledgor shall default in the performance of any of its obligations under any agreement between Pledgor and Laurus, including, without limitation, this Agreement, and such default shall not be cured for a period of fifteen (15) days after the occurrence thereof;

(c) Any representation or warranty of Pledgor made herein, in any Document or in any agreement, statement or certificate given in writing pursuant hereto or thereto or in connection herewith or therewith shall be false or misleading in any material respect;

(d) Any portion of the Collateral is subjected to levy of execution, attachment, distraint or other judicial process; or any portion of the Collateral is the subject of a claim (other than by Laurus) of a Lien or other right or interest in or to the Collateral and such levy or claim shall not be cured, disputed or stayed within a period of forty (40) days after the occurrence thereof; or

(e) Pledgor shall (i) apply for, consent to, or suffer to exist the appointment of, or the taking of possession by, a receiver, custodian, trustee, liquidator, sequestrator or other fiduciary of itself or of all or a substantial part of its property, (ii) make a general assignment for the benefit of creditors, (iii) commence any proceedings under any provincial or federal bankruptcy, reorganization, arrangement or readjustment of debt, dissolution, winding-up, adjustment, composition or liquidation laws (as now or hereafter in effect), (iv) be adjudicated a bankrupt or insolvent, (v) file a petition seeking to take advantage of any other law providing for the relief of debtors, (vi) acquiesce to, or fail to have dismissed, within sixty (60) days, any petition filed against it in any proceeding commenced against it under such bankruptcy laws, or (vii) take any action for the purpose of effecting any of the foregoing.

8. Remedies. In case an Event of Default shall have occurred and be declared by Laurus, Laurus may:

(a) Transfer any or all of the Collateral into its name, or into the name of its nominee or nominees;

(b) Exercise all corporate rights with respect to the Collateral including, without limitation, all rights of conversion, exchange, subscription or any other rights, privileges or options pertaining to any shares of the Collateral as if it were the absolute owner thereof, including, but without limitation, the right to exchange, at its discretion, any or all of the Collateral upon the merger, consolidation, reorganization, recapitalization or other readjustment of the Issuer thereof, or upon the exercise by the Issuer of any right, privilege or option pertaining to any of the Collateral, and, in connection therewith, to deposit and deliver any and all of the Collateral with any committee, depository, transfer agent, registrar or other designated agent upon such terms and conditions as it may determine, all without liability except to account for property actually received by it; and


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(c) Subject to any requirement of applicable law, sell, assign and deliver the whole or, from time to time, any part of the Collateral at the time held by Laurus, at any private sale or at public auction, with or without demand, advertisement or notice of the time or place of sale or adjournment thereof or otherwise (all of which are hereby waived, except such notice as is required by applicable law and cannot be waived), for cash or credit or for other property for immediate or future delivery, and for such price or prices and on such terms as Laurus in its sole discretion may determine, or as may be required by applicable law. Without prejudice to the ability of Laurus to dispose of the Pledged Securities in any manner which is commercially reasonable, Pledgor acknowledges that a disposition of Pledged Securities by Laurus which takes place substantially in accordance with the following provisions shall be deemed to be commercially reasonable:

(i)	Pledged Securities may be disposed of in whole or in part;

(ii)	Pledged Securities may be disposed of by public auction, public tender or private contract, with or without advertising and without any other formality;

(iii)

any assignee of such Pledged Securities may be Laurus;

(iv)	any sale conducted by Laurus shall be at such time and place, on such notice and in accordance with such procedures as Laurus, in its sole discretion, may deem advantageous;

(v)

Pledged Securities may be disposed of in any manner and on any terms necessary to avoid violation of applicable law (including, without limitation, compliance with such procedures as may restrict the number of prospective bidders and purchasers, require that the prospective bidders and purchasers have certain qualifications, and restrict the prospective bidders and purchasers to persons who will represent and agree that they are purchasing for their own account for investment and not with a view to the distribution or resale of the Pledged Securities) or in order to obtain any required approval of the disposition (or of the resulting purchase) by any governmental or regulatory authority or official;

(vi)	a disposition of Pledged Securities may be on such terms and conditions as to credit or otherwise as Laurus, in its sole discretion, may deem advantageous; and

(vii)

Laurus may establish an upset or reserve bid or price in respect of the Pledged Securities.

Pledgor hereby waives and releases any and all right or equity of redemption, whether before or after sale hereunder. At any such sale, unless prohibited by applicable law, Laurus may bid for and purchase the whole or any part of the Collateral so sold free from any such right or equity of redemption. All moneys received by Laurus hereunder whether upon sale of the Collateral or any part thereof or otherwise shall be held by Laurus and applied by it as provided in Section 10 hereof. No failure or delay on the part of Laurus in exercising any rights hereunder shall operate as a waiver of any such rights nor shall any single or partial exercise of any such rights preclude any other or future exercise thereof or the exercise of any other rights hereunder. Any remedy may be exercised separately or in combination and shall be in addition to, and not in substitution for, any other rights Laurus may have, however created. Laurus shall not be bound to exercise any right or remedy, and the exercise of rights and remedies shall be without prejudice to the rights of Laurus in respect of the Indebtedness including the right to claim for any deficiency. Laurus shall have no duty as to the collection or protection of the Collateral or any income thereon nor any duty as to preservation of any rights pertaining thereto, except to apply the funds in accordance with the requirements of Section 10 hereof. Laurus may exercise its rights with respect to property held hereunder without resort to other security for or sources of reimbursement for the Indebtedness. Laurus shall not be obliged to exhaust its recourse against Pledgor or any other person or against any other security it may hold in respect of the Indebtedness before realizing upon or otherwise dealing with the Pledged Securities in such manner as Laurus may consider desirable. Laurus may grant extensions or other indulgences, take and give up security, accept compositions, grant releases and discharges and otherwise deal with Pledgor and with other persons, sureties or security as it may see fit without prejudice to the Indebtedness, the liability of Pledgor or the rights of Laurus in respect of the Pledged Securities. Laurus shall not be (i) liable or accountable for any failure to collect, realize or obtain payment in respect of the Pledged Securities, (ii) bound to institute proceedings for the purpose of collecting, enforcing, realizing or obtaining payment of the Pledged Securities or for the purpose of preserving any rights of any persons, (iii) responsible for any loss occasioned by any sale or other dealing with the Pledged Securities or by the retention of or failure to sell or otherwise deal with the Pledged Securities, or (iv) bound to protect the Pledged Securities from depreciating in value or becoming worthless. In addition to the foregoing, Laurus shall have all of the rights, remedies and privileges of a secured party under the Uniform Commercial Code of New York regardless of the jurisdiction in which enforcement hereof is sought.


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9. Private Sale. Pledgor recognizes that Laurus may be unable to effect (or to do so only after delay which would adversely affect the value that might be realized from the Collateral) a public sale of all or part of the Collateral by reason of certain prohibitions contained in applicable securities law, and may be compelled to resort to one or more private sales to a restricted group of purchasers who will be obliged to agree, among other things, to acquire such Collateral for their own account, for investment and not with a view to the distribution or resale thereof. Pledgor agrees that any such private sale may be at prices and on terms less favourable to the seller than if sold at public sales and that such private sales shall be deemed to have been made in a commercially reasonable manner. Pledgor agrees that Laurus has no obligation to delay sale of any Collateral for the period of time necessary to permit the Issuer to register the Collateral for public sale under applicable securities law.

10. Proceeds of Sale. The proceeds of any collection, recovery, receipt, appropriation, realization or sale of the Collateral shall be applied by Laurus as follows:

(a)

First, to the payment of all costs, reasonable expenses and charges of Laurus and to the reimbursement of Laurus for the prior payment of such costs, reasonable expenses and charges incurred in connection with the care and safekeeping of the Collateral (including, without limitation, the reasonable expenses of any sale or any other disposition of any of the Collateral), the expenses of any taking, attorneys’ fees and reasonable expenses, court costs, any other fees or expenses incurred or expenditures or advances made by Laurus in the protection, enforcement or exercise of its rights, powers or remedies hereunder;


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(b)	Second, to the payment of the Indebtedness, in whole or in part, in such order as Laurus may elect, whether or not such Indebtedness is then due;

(c)	Third, to such persons, firms, corporations or other entities as required by applicable law including, without limitation, the Personal Property Security Act (New Brunswick) or the UCC; and

(d)	Fourth, to the extent of any surplus to the Pledgor or as a court of competent jurisdiction may direct.

In the event that the proceeds of any collection, recovery, receipt, appropriation, realization or sale are insufficient to satisfy the Indebtedness, Pledgor shall be liable for the deficiency plus the costs and fees of any attorneys employed by Laurus to collect such deficiency.

11. Waiver of Marshaling. Pledgor hereby waives any right to compel any marshaling of any of the Collateral.

12. No Waiver. Any and all of Laurus’ rights with respect to the Liens granted under this Agreement shall continue unimpaired, and Pledgor shall be and remain obligated in accordance with the terms hereof, notwithstanding (a) the bankruptcy, insolvency, winding-up, liquidation or reorganization of Pledgor, (b) the release or substitution of any item of the Collateral at any time, or of any rights or interests therein, or (c) any delay, extension of time, renewal, compromise or other indulgence granted by Laurus in reference to any of the Indebtedness. Pledgor hereby waives all notice of any such delay, extension, release, substitution, renewal, compromise or other indulgence, and hereby consents to be bound hereby as fully and effectively as if Pledgor had expressly agreed thereto in advance. No delay or extension of time by Laurus in exercising any power of sale, option or other right or remedy hereunder, and no failure by Laurus to give notice or make demand, shall constitute a waiver thereof, or limit, impair or prejudice Laurus’s right to take any action against Pledgor or to exercise any other power of sale, option or any other right or remedy.

13. Expenses. The Collateral shall secure, and Pledgor shall pay to Laurus on demand, from time to time, all reasonable costs and expenses, (including but not limited to, reasonable attorneys’ fees and costs, taxes, and all transfer, recording, filing and other charges) of, or incidental to, the custody, care, transfer, administration of the Collateral or any other collateral, or in any way relating to the enforcement, protection or preservation of the rights or remedies of Laurus under this Agreement or with respect to any of the Indebtedness.

14. Laurus Appointed Attorney-In-Fact and Performance by Laurus. Upon the occurrence of an Event of Default, Pledgor hereby irrevocably constitutes and appoints Laurus as Pledgor’s true and lawful attorney-in-fact, with full power of substitution, to execute, acknowledge and deliver any instruments and to do in Pledgor’s name, place and stead, all such acts, things and deeds for and on behalf of and in the name of Pledgor, which Pledgor could or might do or which Laurus may deem necessary, desirable or convenient to accomplish the purposes of this Agreement, including, without limitation, to execute such instruments of assignment or transfer or orders and to register, convey or otherwise transfer title to the Collateral into Laurus’s name. Pledgor hereby ratifies and confirms all that said attorney-in-fact may so do and hereby declares this power of attorney to be coupled with an interest and irrevocable. If Pledgor fails to perform any agreement herein contained, Laurus may itself perform or cause performance thereof, and any costs and expenses of Laurus incurred in connection therewith shall be paid by the Pledgor as provided in Section 10 hereof.


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15. WAIVERS. EACH PARTY HERETO HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (A) ARISING UNDER THIS AGREEMENT OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR (B) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OTHER AGREEMENT EXECUTED OR DELIVERED BY THEM IN CONNECTION HEREWITH, OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE AND EACH PARTY HERETO HEREBY AGREES AND CONSENTS THAT ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY.

16. Recapture. Notwithstanding anything to the contrary in this Agreement, if Laurus receives any payment or payments on account of the Indebtedness, which payment or payments or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to a trustee, receiver, or any other party under the Bankruptcy and Insolvency Act, as amended, or any other federal or provincial bankruptcy, reorganization, moratorium or insolvency law relating to or affecting the enforcement of creditors’ rights generally, common law or equitable doctrine, then to the extent of any sum not finally retained by Laurus, Pledgor’s obligations to Laurus shall be reinstated and this Agreement shall remain in full force and effect (or be reinstated) until payment shall have been made to Laurus, which payment shall be due on demand.

17. Captions. All captions in this Agreement are included herein for convenience of reference only and shall not constitute part of this Agreement for any other purpose.

18. Miscellaneous.

(a)	This Agreement constitutes the entire and final agreement among the parties with respect to the subject matter hereof and may not be changed, terminated or otherwise varied except by a writing duly executed by the parties hereto.

(b)	No waiver of any term or condition of this Agreement, whether by delay, omission or otherwise, shall be effective unless in writing and signed by the party sought to be charged, and then such waiver shall be effective only in the specific instance and for the purpose for which given.


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(c)

In the event that any provision of this Agreement or the application thereof to Pledgor or any circumstance in any jurisdiction governing this Agreement shall, to any extent, be invalid or unenforceable under any applicable statute, regulation, or rule of law, such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform to such statute, regulation or rule of law, and the remainder of this Agreement and the application of any such invalid or unenforceable provision to parties, jurisdictions, or circumstances other than to whom or to which it is held invalid or unenforceable shall not be affected thereby, nor shall same affect the validity or enforceability of any other provision of this Agreement.

(d)	This Agreement shall be binding upon Pledgor, and Pledgor’s successors and assigns, and shall inure to the benefit of Laurus and its successors and assigns.

(e)	Any notice or other communication required or permitted pursuant to this Agreement shall be given in accordance with the General Security Agreement entered into by Pledgor in favour of Laurus dated as of the date hereof.

(f)	This Agreement shall be governed by and construed and enforced in all respects in accordance with the laws of the Province of New Brunswick and the laws of Canada applicable therein applied to contracts to be performed wholly within the Province of New Brunswick.

(g)

PLEDGOR EXPRESSLY CONSENTS TO THE JURISDICTION AND VENUE OF EACH COURT OF COMPETENT JURISDICTION LOCATED IN THE STATE OF NEW YORK FOR ALL PURPOSES IN CONNECTION WITH THIS AGREEMENT. ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY ANY MATTER OR CLAIM IN ANY WAY ARISING OUT OF, RELATED TO OR CONNECTED WITH THIS AGREEMENT SHALL BE BROUGHT ONLY IN A STATE COURT LOCATED IN THE COUNTY OF NEW YORK, STATE OF NEW YORK. PLEDGOR FURTHER CONSENTS THAT ANY SUMMONS, SUBPOENA OR OTHER PROCESS OR PAPERS (INCLUDING, WITHOUT LIMITATION, ANY NOTICE OR MOTION OR OTHER APPLICATION TO EITHER OF THE AFOREMENTIONED COURTS OR A JUDGE THEREOF) OR ANY NOTICE IN CONNECTION WITH ANY PROCEEDINGS HEREUNDER, MAY BE SERVED INSIDE OR OUTSIDE OF THE STATE OF NEW YORK OR THE SOUTHERN DISTRICT OF NEW YORK BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, OR BY PERSONAL SERVICE PROVIDED A REASONABLE TIME FOR APPEARANCE IS PERMITTED, OR IN SUCH OTHER MANNER AS MAY BE PERMISSIBLE UNDER THE RULES OF SAID COURTS. EACH PLEDGOR WAIVES ANY OBJECTION TO JURISDICTION AND VENUE OF ANY ACTION INSTITUTED HEREON AND SHALL NOT ASSERT ANY DEFENSE BASED ON LACK OF JURISDICTION OR VENUE OR BASED UPON FORUM NON CONVENIENS.


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(h)

It is understood and agreed that any person or entity that desires to become a Pledgor hereunder, or is required to execute a counterpart of this Securities Pledge Agreement after the date hereof pursuant to the requirements of any Document, shall become a Pledgor hereunder by (x) executing a Joinder Agreement in form and substance satisfactory to Laurus, (y) delivering supplements to such exhibits and annexes to such Documents as Laurus shall reasonably request and (z) taking all actions as specified in this Agreement as would have been taken by such Pledgor had it been an original party to this Agreement, in each case with all documents required above to be delivered to Laurus and with all documents and actions required above to be taken to the reasonable satisfaction of Laurus.

(i)

No person dealing with Laurus or an agent or receiver shall be required to determine (i) whether the security interest created hereby has become enforceable, (ii) whether the powers which such person is purporting to exercise have become exercisable, (iii) whether any money remains due to Laurus by Pledgor, (iv) the necessity or expediency of the stipulations and conditions subject to which any sale or lease shall be made, (v) the propriety or regularity of any sale or other dealing by Laurus with the Pledged Securities, or (vi) how any money paid to Laurus has been applied.

(j)	This Securities Pledge Agreement is in addition to and without prejudice to all other security now held or which may hereafter be held by Laurus in respect of the Indebtedness.

(k)	This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all of which when taken together shall constitute one and the same agreement. Any signature delivered by a party by facsimile transmission shall be deemed an original signature hereto.

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IN WITNESS WHEREOF, Pledgor has causes this Securities Pledge Agreement to be executed as of the day and year first written above.


	XXXXXX EQUIPMENT 2004, INC.

	By:	/s/ XXXXXXXX XXXX

		Name: Xxxxxxxx Xxxx Title: President


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SCHEDULE A to the Securities Pledge Agreement

Pledged Securities

Pledgor

Issuer

Class of Securities

Securities Certificate Number

Par Value

Number of Securities

Xxxxxx Equipment 2004 Inc.

Xxxxxx Equipment Europe N.V.

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Table of Contents

SECURITIES PLEDGE AGREEMENT

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