Titan Global Holdings, Inc.
<DOCUMENT>
<TYPE>EX-10.12
<SEQUENCE>11
<FILENAME>v088219_ex10-12.htm
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Greystone
      Business Credit II, L.L.C.</strong></font></div>
    <div>
      <hr style="COLOR: black" align="left" noshade size="1" width="100%">
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>STOCK
      PLEDGE AGREEMENT</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
      STOCK PLEDGE AGREEMENT dated as of September 17, 2007 (the "</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Pledge
      Agreement</em></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">")
      is
      executed by </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">APPALACHIAN
      OIL COMPANY, INC., </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a
      Tennessee corporation</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      ("</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Assignor</em></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"),
      whose
      address is 407 International Parkway, Suite 403, Richardson, Texas 75088, to
      and
      for the benefit of GREYSTONE BUSINESS CREDIT II, L.L.C., a Delaware limited
      liability company, in its capacity as Agent under the Loan and Security
      Agreement described below ("</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Agent</em></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"),
      whose
      address is 152 West 57</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>th</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      Street,
      60</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>th</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      Floor,
      New York, New York 10019.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>RECITALS:</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Lenders
      have made loans (the "</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Loans</em></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">")
      to
      Assignor ("</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Borrower</em></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"),
      arising under and pursuant to that certain Loan and Security Agreement dated
      as
      of the date hereof, executed by and among Borrower, Agent and the lenders (the
      "</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Lenders</em></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">")
      from
      time to time party thereto (as amended, supplemented or modified from time
      to
      time, the "</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Loan
      Agreement</em></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">").</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">B.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      a
      condition to Agent and the Lenders' entering into the Loan Agreement and making
      the Loans, Agent and Lenders require that Assignor enter into this Pledge
      Agreement in order to secure the obligations and performance of Assignor
      hereunder and of Borrower under the Loan Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">NOW,
      THEREFORE, for and in consideration of the foregoing premises, which are hereby
      incorporated herein as true, and the mutual promises and agreements contained
      herein, Assignor and Agent hereby agree as follows:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>AGREEMENTS:</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>1.</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Grant
      of Security Interest</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      To
      secure the Obligations described in Paragraph 2, Assignor hereby assigns,
      pledges and grants to Agent, for the benefit of the Lenders, as a secured party
      and a secured creditor under the Uniform Commercial Code of New York, in effect
      from time to time (the "</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>UCC</em></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"),
      a
      security interest in and to the following (collectively, the "</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Collateral</em></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"):</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">together
      with all voting rights thereto, the shares of the common stock of any
      Issuers</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">as
      evidenced by the Certificates set forth on </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Schedule
      I</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      attached
      hereto (collectively, the "</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Certificates</em></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"),
      together with any Stock of any Issuer delivered to Agent pursuant to Section
      4(b) hereof or otherwise in the possession of Agent and any and all other shares
      of the capital stock of any Issuer hereafter owned or acquired by Assignor
      by
      reason of a stock dividend or a sale or other transfer of the capital stock
      of
      any Issuer by Assignor, as a result of or 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, together with all
      substitutions or replacements of any of the foregoing (together with any other
      stock in any Issuer required to be pledged and delivered hereunder being
      collectively referred to herein as the "</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Stock</em></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">");</font></div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      Certificates and any and all other certificates now or hereinafter in the
      possession of Assignor or Agent evidencing the Stock, together with any stock
      powers therefor;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">all
      payments, income and dividends (whether in cash, stock or other property),
      liquidating dividends, stock warrants, stock options, stock rights, subscription
      rights, securities of any Issuer or any other distributions of any other
      property which Assignor is now or may hereafter be entitled to receive on
      account of the Stock (collectively, the "</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Distributions</em></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">");
      and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">any
      and
      all products and proceeds of any kind of any and all of the foregoing
      Collateral, including the proceeds of any insurance thereon, now or hereafter
      owned or acquired by Assignor.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2.</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Obligations</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      The
      obligations secured by this Pledge Agreement (the "</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Obligations</em></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">")
      are
      the following:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">any
      and
      all obligations and liabilities of Borrower to Agent and Lenders whether direct
      or indirect, joint or several, absolute or contingent, now or hereafter
      existing, and however created, evidenced or arising, including, but not limited
      to, the obligations and liabilities of Borrower arising under and pursuant
      to</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      Loan
      Agreement and any and all extensions or renewals thereof or replacements or
      substitutions therefor;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">any
      and
      all sums advanced by Agent and Lenders in order to preserve the Collateral
      or to
      perfect its security interest in the Collateral; and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">in
      the
      event of any proceeding to enforce the collection of the Obligations, the
      reasonable expenses of retaking, holding, preparing for sale or lease, selling
      or otherwise disposing of or realizing on the Collateral, or of any exercise
      by
      Agent of its rights in the event of a default under any agreement between
      Borrower and Agent or any Lender, together with reasonable attorneys' fees
      and
      court costs.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>3.</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Representations
      and Warranties</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      Assignor represents and warrants to Agent and Lenders as follows:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Assignor
      is a corporation duly organized, existing and in good standing under the laws
      of
      the State of Tennessee, with full and adequate power to carry on and conduct
      its
      business as presently conducted, and is duly licensed or qualified in all
      foreign jurisdictions wherein the nature of its activities require such
      qualification or licensing.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Assignor's
      state issued organizational identification number is 0017459. The exact legal
      name of Assignor is as set forth in the preamble of this Agreement, and Assignor
      currently does not conduct, nor has it during the last five (5) years conducted,
      business under any other name or trade name. Assignor will not change its name,
      its organizational identification number, if it has one, its type of
      organization, its jurisdiction of organization or other legal
      structure.</font></div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Assignor
      has full right, power and authority, without obtaining the consent of any other
      person, body or governmental agency, to enter into and deliver this Pledge
      Agreement, to pledge, assign and grant a security interest in and deliver the
      Collateral to Agent, and to perform all of its duties and obligations under
      this
      Pledge Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
      necessary and appropriate action has been taken on the part of Assignor to
      authorize the execution and delivery of this Pledge Agreement. This Pledge
      Agreement is a valid and binding agreement and contract of Assignor in
      accordance with its terms. No basis presently exists for any claim against
      Agent
      or any Lender under this Pledge Agreement or with respect to the enforcement
      thereof, and this Pledge Agreement is subject to no defenses of any
      kind.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(e)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      execution, delivery and performance by Assignor of this Pledge Agreement and
      any
      other documents or instruments to be executed and delivered by Assignor in
      connection therewith is valid, binding and enforceable against Assignor, and
      shall not: (i)&#160;violate or contravene articles of incorporation or bylaws of
      Assignor or any existing law or regulation or any order, writ, injunction or
      decree of any court or governmental authority, or (ii)&#160;conflict with, be
      inconsistent with, or result in any breach or default of any of the terms,
      covenants, conditions, or provisions of any indenture, mortgage, deed of trust,
      instrument, document, agreement or contract of any kind to which Assignor is
      a
      party, or by which Assignor or any of its property or assets may be bound,
      and
      will not result in the creation or imposition of any security interest in any
      properties pursuant to the provisions of any such mortgage, indenture, contract
      or other agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(f)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To
      the
      best of Assignor's knowledge, no condition, circumstance, document, restriction,
      litigation or proceeding (or threatened litigation or proceeding or basis
      therefor) exists which could adversely affect the validity or priority of the
      liens and security interests granted to Agent hereunder, which could materially
      adversely affect the ability of Assignor to perform the obligations under this
      Pledge Agreement, which would constitute a default hereunder or thereunder
      or
      which would constitute such a default with the giving of notice or lapse of
      time
      or both.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(g)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">None
      of
      the actions contemplated by this Pledge Agreement are in violation of or
      restricted by any restrictive agreement, stop transfer order, any legend
      appearing on the certificates evidencing any of the Collateral consisting of
      Stock, the Securities Act of 1933, as amended, the Securities Exchange Act
      of
      1934, as amended, any state blue-sky or securities law, any Canadian federal
      or
      provincial blue-sky or securities law, or any rule or regulation issued under
      the foregoing acts and laws.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(h)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      nature and transaction of the business and operations of Assignor, and the
      use
      of its properties and assets will not materially violate or conflict with any
      applicable law, statute, ordinance, rule, regulation or order of any kind
      including without limitation zoning, building, environmental, land use, noise
      abatement, occupational health and safety or other laws, any building permit
      or
      any condition, grant, easement, covenant, condition or restriction, whether
      recorded or not.</font></div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25">&#160;</div>
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        <div id="GLFTR" style="WIDTH: 100%" align="left">
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      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Assignor
      is the beneficial and record owner of the Collateral. All of the Collateral
      is
      free of all pledges, hypothecation, mortgages, security interests, charges
      or
      other encumbrances, except those in favor of Agent.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(j)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
      of
      the Stock pledged hereunder has been and continues to be duly and validly
      authorized and issued, fully paid and nonassessable shares of each Issuer of
      such stock, and was not issued in violation of any preemptive rights or any
      agreement by which such Issuer is bound.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(k)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Assignor
      has either previously or simultaneously herewith delivered to Agent the
      Certificates for all of the Stock, together with appropriate stock powers
      therefor executed in blank by Assignor.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(l)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Upon
      delivery of the duly executed Pledge Agreement and any Certificates evidencing
      all of the Stock, together with stock powers therefor, Agent, for the benefit
      of
      the Lenders, shall have a valid first lien and security interest in all of
      the
      Collateral hereunder, free and clear of all other, and subject to no pledges,
      hypothecation, mortgages, security interest, charges or other encumbrances,
      except in favor of Agent.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>4.</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Covenants</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      Until
      the Obligations have been satisfied and discharged in full, Assignor covenants
      to and agrees with Agent and Lenders as follows:</font></div>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Assignor
      shall not sell, assign, deliver, convey or otherwise dispose of or transfer,
      or
      create, grant, incur or permit to exist any pledge, mortgage, lien, security
      interest, charge or other encumbrance whatsoever (except in favor of Agent)
      in
      or with respect to the Collateral hereunder or any interest
      therein.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If,
      at
      any time following an Event of Default hereunder, Assignor receives or is
      entitled to receive into its possession any payments, checks, instruments,
      chattel paper, dividends on account of or in respect of the Collateral, or
      any
      other Collateral or proceeds thereof, such Assignor shall accept such Collateral
      as Agent's agent, in trust for Agent without commingling such Collateral with
      any other property of such Assignor and shall, upon receipt, immediately deliver
      such Collateral to Agent in the exact form so received, with any necessary
      endorsement of Assignor or stock powers executed by Assignor in
      blank.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Assignor
      will, at all times and from time to time, defend the Collateral against any
      and
      all claims of any person or party whose claims are adverse to the claims, rights
      or interest of Agent and Lenders, and Assignor shall indemnify and hold Agent
      and Lenders harmless from any and all such adverse claims. Assignor shall bear
      all risk of loss, damage and diminution in value with respect to the Collateral,
      and Assignor agrees that neither Agent nor any Lender shall have any liability
      or obligation to Assignor with respect to, and is hereby released by Assignor
      from any of, the foregoing.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">At
      any
      time and from time to time after the occurrence of an Event of Default (as
      hereinafter defined) or a default under any of the Obligations which is
      continuing uncured and unwaived, Assignor shall, upon request of Agent, execute
      and deliver to Agent any proxies, stock powers or assignments with respect
      to
      any of the Stock, or endorse any instruments or chattel paper with respect
      to
      the Collateral as so requested.</font></div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>5.</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Events
      of Default</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      Assignor shall be in default under this Pledge Agreement upon the occurrence
      of
      any one or more of the following events or conditions (an "</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Event
      of Default</em></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"):</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">nonpayment
      of any of the Obligations when due, whether by acceleration or
      otherwise;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Assignor
      shall default in the performance or fail to perform any promise, covenant or
      agreement to be performed by Assignor hereunder or under any other agreement
      now
      existing or hereafter entered into between Assignor and Agent, or Borrower
      shall
      default in the performance or fail to perform any promise, covenant or agreement
      to be performed by Borrower under any other agreement now existing or hereafter
      entered into between Borrower and Agent or any Lender;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">any
      misrepresentation or breach of any warranty by Assignor in this Pledge
      Agreement, in connection with the Collateral or in any other agreement entered
      into between Assignor and Agent or any Lender, or by Borrower in the Loan
      Agreement or in any other document or agreement entered into between Borrower
      and Agent or any Lender;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      dissolution</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">of
      Borrower;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(e)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Borrower
      shall make an assignment for the benefit of creditors, fail to pay, or admit
      in
      writing its inability to pay its debts as they mature; or a trustee for any
      substantial part of the assets of Borrower is applied for or appointed, and
      in
      the case of such trustee being appointed in a proceeding brought against
      Borrower, (i)&#160;such party, by any action or failure to act indicates its
      approval of, consent to or acquiescence therein, or (ii)&#160;an order shall be
      entered approving the petition in such proceedings and such order is not
      vacated, stayed on appeal or otherwise shall not have ceased to continue in
      effect within thirty (30) days after the entry thereof;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(f)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">any
      proceeding shall be commenced by or against Borrower under any Bankruptcy,
      receivership, insolvency, reorganization, readjustment of debt, dissolution
      or
      liquidation law or statute of the United States, any state or any foreign
      jurisdiction, and in the case of any such proceeding being instituted against
      Borrower, (i)&#160;such party, by any action or failure to act indicates its
      approval of, consent to or acquiescence therein, or (ii)&#160;an order shall be
      entered approving the petition in such proceedings and such order is not
      vacated, stayed on appeal or otherwise shall not have ceased to continue in
      effect within thirty (30) days after the entry thereof;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(g)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      entry
      of any judgment, levy, attachment, garnishment or other process against
      Borrower, or the creation or filing of any lien or encumbrance upon the
      Collateral or the making of any levy, judicial seizure, or attachment thereof
      or
      thereon;</font></div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-5-</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(h)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      failure of Assignor to do any act necessary to preserve and maintain the value
      and collectability of any of the Collateral; and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Agent
      or
      Required Lender in good faith deems itself or themselves insecure.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>6.</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Rights
      and Remedies of Agent</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      Upon
      the happening or occurrence of an Event of Default hereunder which is continuing
      uncured and unwaived, and at any time thereafter and from time to time, Agent
      shall have all of the rights and remedies of a secured party under the Uniform
      Commercial Code as enacted in and then in effect in New York. In addition,
      Agent
      shall also have the following rights and remedies:</font></div>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Without
      further notice to Assignor, Agent shall have the right and be entitled to notify
      any Issuer of any of the Stock to make payment to Agent and to receive all
      Distributions to be applied toward the satisfaction of the Obligations and
      to
      exercise all voting, conversion, exchange, subscription or other corporate
      rights, privileges or options pertaining to such Stock.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Agent
      shall have the right, at its discretion, to transfer to or register in the
      name
      of Agent or any nominee of Agent any of the Collateral.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Without
      demand, notice or advertisement, all of which are hereby expressly waived to
      the
      extent permitted by applicable law, Agent may sell, pledge, transfer or
      otherwise dispose of, or enter into an agreement with respect to the foregoing,
      or otherwise realize on the Collateral and any other Collateral, or any part
      thereof, at any broker's board or on any exchange or at public or private sale
      or sales, held at such place or places in the City of New York, New York or
      otherwise, and at such time or times within ordinary business hours, for a
      purchase price or prices in cash or, without assuming any credit risk or thereby
      discharging the Obligations to the extent of said purchase price until paid
      in
      cash and reserving the right to resell the Collateral upon the failure of said
      purchaser to so pay the purchase price therefor, upon credit or future delivery,
      and upon such other terms and conditions as Agent deems satisfactory, and,
      if
      required by law, as set forth in any applicable notice. Agent shall not be
      obligated to make any such sale pursuant to any such applicable notice required
      by law. Agent may, without notice or publication, adjourn any such sale or
      cause
      the same to be adjourned from time to time by announcement at the time and
      place
      fixed for the sale, and such sale may be made at any time or place to which
      the
      same may be so adjourned. Agent, for its own account, may purchase any or all
      of
      the Collateral at any public sale and, in lieu of payment of the purchase price
      therefor, may set off or apply the purchase price against the Obligations.
      Agent
      is authorized, at any sale, if it deems it advisable so to do, to restrict
      the
      prospective bidders or purchasers to financially reputable 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 sale of any of the
      Collateral. Upon any such sale, Agent shall have the right to deliver, assign,
      and transfer to the purchaser thereof, including Agent, that portion of the
      Collateral so sold. Each purchaser, including Agent, at any sale shall hold
      the
      property sold absolutely free from any claim or right of whatsoever kind,
      including any equity or right of redemption of Assignor, and Assignor hereby
      specifically waives and releases all rights of redemption, stay or appraisal
      which it has or may have under any rule or law or statute now existing or
      hereafter adopted. Agent, however, instead of exercising the power of
      disposition herein conferred upon it, may proceed by a suit or suits at law
      or
      in equity to foreclose the pledge and sell the Collateral, or any portion
      thereof, under a judgment or decree of a court or courts of competent
      jurisdiction. After deducting from the proceeds of the foregoing sale or other
      disposition of said Collateral, all expenses incurred by Agent in connection
      therewith (including reasonable attorneys' fees), Agent shall apply such
      proceeds towards the satisfaction of the Obligations and shall account to
      Assignor for any surplus of such proceeds.</font></div>
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    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
      at any
      time after the occurrence and during the continuance of an Event of Default
      without cure or waiver, in the opinion of counsel for Agent, any proposed
      disposition of Collateral hereunder requires registration, qualification,
      notification, or other action under or compliance with any state blue sky or
      securities law or the Federal Securities Act of 1933, as amended, or any rules
      or regulations thereunder (collectively, the "</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Securities
      Laws</em></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"),
      Assignor, at the request of Agent, will as expeditiously as possible use its
      best efforts to take such action or cause such action to be taken, comply or
      cause compliance with such Securities Laws and maintain such compliance or
      cause
      such compliance to be maintained for such period as may be necessary to permit
      such disposition. Assignor acknowledges that a breach of the above covenant
      contained in this Section 6 may cause irreparable injury to Agent and that
      Agent
      will have no adequate remedy at law with respect to such breach, and
      consequently, Assignor agrees that the above covenant shall be specifically
      enforceable and Assignor hereby waives, to the extent such waiver is enforceable
      under law, and agrees not to assert any defenses against an action for specific
      performance of such covenant. In connection with the foregoing, Assignor will
      (i)&#160;pay all expenses imposed on or demanded of Agent or any Lender under
      the Securities Laws in connection with such compliance, including the expense
      of
      furnishing to Agent an adequate number of copies of the prospectus contained
      in
      any such registration statement, (ii)&#160;indemnify and hold Agent and Lenders
      harmless from and against any and all claims and liabilities caused by any
      untrue statement of a material fact or omission to state a material fact
      required to be stated in any registration statement, offering circular or
      prospectus used in connection with such compliance, or necessary to make the
      statements therein not misleading, and (iii)&#160;pay all expenses (including
      reasonable attorneys' fees) incurred by Agent in specifically enforcing the
      above covenant.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      rights and remedies provided herein, in the Loan Agreement and in any other
      agreements between Assignor and Agent are cumulative and are in addition to
      and
      not exclusive of the rights and remedies of a secured party under the Uniform
      Commercial Code and any other rights or remedies provided by applicable law.
      Assignor hereby (i)&#160;names, constitutes and appoints Agent as Assignor's
      proxy and attorney-in-fact in Assignor's name, place and stead,
      (ii)&#160;authorizes Agent to take, at any time without the appropriate
      signature of Assignor, any action </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">to
      take
      any action for and on behalf of Assignor which is required of Assignor or
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">permitted
      to be taken by the Agent hereunder, including, without limitation, voting any
      and all of the Stock or other securities, as such proxy may elect, for and
      in
      the name, place and stead of Assignor, as to all matters coming before
      shareholders, and (iii)&#160;acknowledges that the constitution and appointment
      of such proxy and attorney-in-fact are coupled with an interest and are
      irrevocable. The rights, powers and authority of said proxy and attorney-in-fact
      shall remain in full force and effect, and shall not be rescinded, revoked,
      terminated, amended or otherwise modified, until all Obligations have been
      fully
      satisfied.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>7.</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>No
      Duty Concerning Collection on Collateral</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      Agent
      shall not be liable for its failure to give notice to Assignor of a default
      under any agreement between Assignor and Agent. Agent and Lenders shall not
      be
      liable for its failure to use diligence to collect any amount payable in respect
      to the Collateral, but shall be liable only to account to Assignor for what
      Agent and Lenders may actually collect or receive thereon.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>8.</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Further
      Assurances</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      Assignor hereby irrevocably authorizes the Agent at any time and from time
      to
      time to file in any jurisdiction any initial Uniform Commercial Code financing
      statements and/or amendments thereto naming the Agent, as Secured Party, and
      Assignor, as Debtor, that (a)&#160;describe the Collateral, and (b)&#160;contain
      any other information required by part 5 of Article 9 of the Uniform Commercial
      Code for the sufficiency or filing office acceptance of any financing statement
      or amendment, and which shall evidence the Agent's perfection of a security
      interest in such Collateral as security for the Obligations. Assignor, upon
      demand, shall furnish to the Agent such further information, execute and deliver
      such other documents and do all such other acts and things as the Agent may
      at
      any time, or from time to time, reasonably request as being necessary or
      appropriate to establish and maintain a perfected first security interest in
      the
      Collateral or to otherwise evidence, document or conclude the transactions
      contemplated hereby, including, without limitation, registering any Stock
      pledged hereunder with each Issuer of the Stock in the event such Stock is
      at
      any time uncertificated. Assignor shall pay all costs and expenses of
      registering such Stock or of filing such financing statements, of all searches
      of records, wherever filing or recording or searching of records is deemed
      by
      the Agent to be necessary and desirable, or otherwise incurred by the Agent
      or
      its agents in carrying out the provisions of this Pledge Agreement. A
      photographic, carbon or other reproduction of this Pledge Agreement shall be
      sufficient as a financing statement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>9.</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Reserved</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>10.</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Care
      in Custody</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      Agent
      shall be deemed to have exercised reasonable care in the custody and
      preservation of the Collateral and in protecting any rights with respect to
      the
      Collateral against prior parties, if Agent takes such action for that purpose
      as
      Assignor shall request in writing, but failure of Agent to comply with any
      such
      request shall not of itself by deemed a failure to exercise reasonable care,
      provided, however, that in any event Agent's responsibility for the safekeeping
      of the Collateral shall not extend to matters beyond the control of Agent,
      including, without limitation, acts of God, war, insurrection, riot,
      governmental actions or acts of any corporate or other depository.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>11.</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Waiver
      of Defenses</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      No
      renewal or extension of the time of payment of the Obligations; no release
      or
      surrender of, or failure to perfect or enforce any security interest for the
      Obligations; no release of any person primarily or secondarily liable on the
      Obligations (including any maker, indorser, or guarantor); no delay in
      enforcement of payment of the Obligations; and no delay or omission in
      exercising any right or power with respect of the Obligations or any security
      agreement securing the Obligations shall affect the rights of Agent in the
      Collateral. Assignor hereby waives presentment, protest, demand, notice of
      dishonor or default, notice of any loans made, extensions granted, or other
      action taken in reliance hereon and all demands and notices of any kind in
      connection with the Obligations.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>12.</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Waiver
      of Assignor's Subrogation Rights</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      In case
      of the death, legal incompetency or insolvency (howsoever evidenced) of
      Borrower, or in case of any bankruptcy, reorganization, debt arrangement or
      other proceeding under any bankruptcy or insolvency law, or any dissolution,
      liquidation or receivership proceeding is instituted by or against Borrower,
      all
      Obligations then existing shall, without notice to anyone, immediately become
      due or accrued and be payable, jointly and severally, from Assignor. If
      bankruptcy or reorganization proceedings at any time are instituted by or
      against Borrower under the United States Bankruptcy Code, Assignor hereby:
      (a)&#160;expressly and irrevocably waives, to the fullest extent possible, on
      behalf of itself and its successors and assigns and any other person, any and
      all rights at law or in equity to subrogation, to reimbursement, to exoneration,
      to contribution, to indemnification, to set off or to any other rights that
      could accrue to a surety against a principal, to a guarantor against a maker
      or
      obligor, to an accommodation party against the party accommodated, to a holder
      or transferee against a maker, or to the holder of a claim against any person,
      and which Assignor may have or hereafter acquire against any person in
      connection with or as a result of Assignor's execution, delivery and/or
      performance of this Pledge Agreement, or any other documents to which Assignor
      is a party or otherwise; (b)&#160;expressly and irrevocably waives any "claim"
      (as such term is defined in the United States Bankruptcy Code) of any kind
      against Borrower, and further agrees that it shall not have or assert any such
      rights against any person (including any surety), either directly or as an
      attempted set off to any action commenced against Assignor by Agent or any
      other
      person; and (c)&#160;acknowledges and agrees that (i)&#160;this waiver is
      intended to benefit Agent and Lenders and shall not limit or otherwise effect
      Assignor's liability hereunder or the enforceability of this Pledge Agreement,
      (ii)&#160;Borrower and its successors and assigns are intended third party
      beneficiaries of this waiver, and (iii)&#160;the agreements set forth in this
      Section and Agent's rights under this Section shall survive payment in full
      of
      the Obligations.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>13.</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Waiver
      by Agent</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      No
      course of dealing between Assignor and Agent or any Lender, nor any failure
      to
      exercise, nor any delay in exercising any right, remedy, power or privilege
      of
      Agent or any Lender hereunder, under the Loan Documents or under any other
      agreement entered into between Assignor and Agent or any Lender, shall operate
      as a waiver thereof. No waiver by Agent of any Event of Default or any right
      or
      remedy hereunder, under the Loan Agreement or under any document or agreement
      shall constitute a waiver of any other event of default, right or remedy of
      Agent, nor of the same event of default, right or remedy on a future
      occasion.</font></div>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>14.</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Governing
      Law; Severability</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      This
      Pledge Agreement has been made and entered into in New York and shall be
      governed by and construed in accordance with the laws of the State of New York.
      Wherever possible each provision of this Pledge Agreement shall be interpreted
      in such manner as to be effective and valid under applicable law, but if any
      provision of this Pledge Agreement shall be prohibited by or invalid under
      such
      law, such provision shall be ineffective to the extent of such prohibition
      or
      invalidity, without invalidating the remainder of such provision or the
      remaining provisions of this Pledge Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>15.</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Successors
      and Assigns</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      This
      Pledge Agreement and all rights and liabilities hereunder and in and to any
      and
      all Collateral shall inure to the benefit of Agent and their successors and
      assigns, and shall be binding on Assignor, its successors and
      assigns.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>16.</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Notice</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      Any
      notice of any sale, lease, other disposition, or other intended action by Agent
      shall be deemed reasonable if in writing, addressed to Assignor at the address
      set forth above, or any other address designated in a written notice by Assignor
      previously received by Agent and deposited, first class postage prepaid, in
      the
      United States mails five (5) days in advance of the intended disposition or
      other intended action, provided, however, that the foregoing shall not preclude
      the fact that failure to give such notice or notice by other means may be
      reasonable under the particular circumstances involved.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>17.</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Duration
      and Effect</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      This
      Pledge Agreement shall remain and continue in full force and effect
      (notwithstanding, without limitation, the dissolution of </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Borrower</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)
      from
      the date hereof until all of the Obligations have been </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">fully
      and
      completely paid, satisfied and discharged</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Thereupon,
      this Pledge Agreement shall terminate and Agent shall release any Collateral
      still held by it which has not been sold or otherwise disposed of in accordance
      with Section 6 hereof and applied toward the satisfaction of the Obligations
      hereunder, and Agent shall deliver any such Collateral to Assignor, together
      with any necessary stock powers or assignment executed by Agent in blank, at
      Assignor's expense. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Assignor
      acknowledges that this Pledge Agreement is and shall be effective upon execution
      by Assignor and delivery to and acceptance hereof by Agent, and it shall not
      be
      necessary for Agent to execute any acceptance hereof or otherwise to signify
      or
      express its acceptance hereof to Assignor.</font></div>
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      <div>&#160;</div>
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      WITNESS WHEREOF, Assignor and Agent have duly executed and delivered this Stock
      Pledge Agreement as of the date first above written.</font></div>
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          <tr>
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                as Agent
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:
                <u>/s/&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u></font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Title:
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    <div>
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          <tr>
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            <td width="2%">&#160;</td>
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            <td width="2%">&#160;</td>
            <td valign="top" width="12%">&#160;</td>
            <td width="2%">&#160;</td>
            <td valign="top" width="13%">&#160;</td>
            <td width="2%">&#160;</td>
            <td valign="top" width="12%">&#160;</td>
            <td width="2%">&#160;</td>
            <td valign="top" width="13%">&#160;</td>
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            <td align="left" valign="top" width="13%" style="border-bottom: medium none;">
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            <tr valign="top" style="line-height: 1.25;">
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    <div>
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      to and
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      Lenders, and agrees to pay all payments, income and dividends (whether in cash,
      stock or other property), liquidating dividends, stock warrants, stock options,
      stock rights, subscription rights, securities of the undersigned and any other
      distributions of any other property which Assignor is now or may hereafter
      be
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          <tr>
            <td align="left" valign="top" width="40%">
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:
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                ___________________________________</font></div>
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            <td align="left" valign="top" width="40%">&#160;</td>
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          <tr>
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            <td align="left" valign="top" width="40%">&#160;</td>
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                _____________________________________</font></div>
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                ___________________________________</font></div>
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                limited liability company</font></div>
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                <u>/s/&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u></font></div>
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                ___________________________________</font></div>
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                ____________________________________</font></div>
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