Exhibit 10.4
 EXECUTION VERSION
 Pledge Agreement
 Dated as of
 July 8, 2011
 Made by
 THE PLEDGORS LISTED ON THE SIGNATURE PAGES HEREOF
 in Favor of
 WELLS FARGO BANK, NATIONAL ASSOCIATION,  as Administrative Agent




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TABLE OF CONTENTS
 PageARTICLE I Definitions
    
    
    1Section 1.01 Definitions
    
    
    1Section 1.02 Other Definitional Provisions
    
    
    3ARTICLE II Grant of Security Interest
    
    
    3Section 2.01 Grant of Security Interest
    
    
    3Section 2.02 Transfer of Pledged Securities
    
    
    3Section 2.03 No Subrogation
    
    
    4Section 2.04 Amendments, Etc. With Respect to the Obligations
    
    
    4Section 2.05 Waivers
    
    
    5Section 2.06 Pledge Absolute and Unconditional
    
    
    5Section 2.07 Reinstatement
    
    
    7ARTICLE III Representations and Warranties
    
    
    7Section 3.01 Title; No Other Liens
    
    
    7Section 3.02 Perfected First Priority Liens
    
    
    7Section 3.03 Pledgor Information
    
    
    7Section 3.04 Pledged Securities
    
    
    8Section 3.05 Truth of Information
    
    
    8ARTICLE IV Covenants
    
    
    8Section 4.01 Maintenance of Perfected Security Interest; Further Documentation
    
    
    8Section 4.02 Changes in Locations, Name, Etc.
    
    
    8Section 4.03 Pledged Securities
    
    
    9Section 4.04 Article 8 of the UCC
    
    
    10ARTICLE V Remedial Provisions
    
    
    10Section 5.01 UCC and Other Remedies
    
    
    10Section 5.02 Proceeds
    
    
    12Section 5.03 Pledged Securities
    
    
    12Section 5.04 Private Sales of Pledged Securities
    
    
    14Section 5.05 Deficiency
    
    
    14Section 5.06 Non-Judicial Enforcement
    
    
    14ARTICLE VI The Administrative Agent
    
    
    15Section 6.01 Administrative Agents Appointment as Attorney-in-Fact, Etc.
    
    
    15Section 6.02 Duty of Administrative Agent
    
    
    16Section 6.03 Filing of Financing Statements
    
    
    17Section 6.04 Authority of Administrative Agent
    
    
    17ARTICLE VII Subordination of Obligations
    
    
    17Section 7.01 Subordination of All Pledgor Claims
    
    
    17Section 7.02 Claims in Bankruptcy
    
    
    17Section 7.03 Payments Held in Trust
    
    
    18




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PageSection 7.04 Liens Subordinate
    
    
    18ARTICLE VIII Miscellaneous
    
    
    18Section 8.01 Waiver
    
    
    18Section 8.02 Notices
    
    
    18Section 8.03 Amendments in Writing
    
    
    18Section 8.04 Successors and Assigns
    
    
    19Section 8.05 Survival; Revival; Reinstatement
    
    
    19Section 8.06 Counterparts; Integration; Effectiveness; Conflicts
    
    
    19Section 8.07 Severability
    
    
    20Section 8.08 Governing Law; Submission to Jurisdiction
    
    
    20Section 8.09 Headings
    
    
    21Section 8.10 Acknowledgments
    
    
    21Section 8.11 Additional Equity Interests
    
    
    22Section 8.12 Additional Pledgors
    
    
    22Section 8.13 Releases
    
    
    22Section 8.14 Acceptance
    
    
    23
 ANNEXES:
 I
    
    Form of Pledged Securities SupplementII
    
    Form of Additional Pledgor Supplement
 SCHEDULES:
 1
    
    Notice Addresses of Pledgors2
    
    Description of Pledged Securities3
    
    Filings and Other Actions Required to Perfect Security Interests4
    
    Location of Jurisdiction of Organization and Chief Executive Office




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PLEDGE AGREEMENT Pledgors Pledgor Administrative Agent Lenders Credit Agreement Borrower
     ARTICLE I
DEFINITIONS
 Definitions
   Administrative Agent
 Agreement
 Borrower
 Collateral
 Credit Agreement
 1




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Issuers
 Lenders
 Payment in Full
 Pledged Securities Schedule 2 Annex I
 Pledgor
 Pledgor Claims
 Proceeds
 Secured Documents
 Secured Hedging Agreement
 Secured Parties
 Secured Treasury Management Agreement
 Securities Act
 2




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UCC provided however
 Other Definitional Provisions
    ARTICLE II
GRANT OF SECURITY INTEREST
 Grant of Security Interest Collateral
 provided however
 Transfer of Pledged Securities Schedule
2
 3




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provided
 No Subrogation
 Amendments, Etc. With Respect to the Obligations
 4




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Waivers
 Pledge Absolute and Unconditional
      5




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6




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Reinstatement
 ARTICLE III
REPRESENTATIONS AND WARRANTIES
  Title; No Other Liens
 Perfected First Priority Liens Schedule 3
 Pledgor Information Schedule 4
 7




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Pledged Securities Schedule 2 Schedule 2
 Truth of Information
 ARTICLE IV
COVENANTS
  Maintenance of Perfected Security Interest; Further Documentation
    Changes in Locations, Name, Etc.
 8




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Pledged Securities
 Schedule 2 provided
   9




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mutatis mutandis
 provided
 Schedule 2
 Schedule 2
 Article 8 of the UCC
 ARTICLE V
REMEDIAL PROVISIONS
 UCC and Other Remedies
  10




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11




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Proceeds
 Pledged Securities
 provided however
  12




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13




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Private Sales of Pledged Securities
   Deficiency
 Non-Judicial Enforcement
 14




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ARTICLE VI
THE ADMINISTRATIVE AGENT
 Administrative Agents Appointment as Attorney-in-Fact, Etc.
     15




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Duty of Administrative Agent
 16




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Filing of Financing Statements
 Authority of Administrative Agent
 ARTICLE VII
SUBORDINATION OF OBLIGATIONS
 Subordination of All Pledgor Claims Pledgor Claims
 Claims in Bankruptcy
 17




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Payments Held in Trust
 Liens Subordinate
 ARTICLE VIII
MISCELLANEOUS
 Waiver
 Notices provided Schedule 1
 Amendments in Writing
 18




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Successors and Assigns provided
 Survival; Revival; Reinstatement
   Counterparts; Integration; Effectiveness; Conflicts
  THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS EMBODY THE ENTIRE AGREEMENT AND UNDERSTANDING
AMONG THE PARTIES RELATING TO THE SUBJECT MATTER HEREOF AND THEREOF AND SUPERSEDE ANY AND ALL
PREVIOUS AGREEMENTS AND UNDERSTANDINGS, ORAL OR WRITTEN, RELATING TO THE SUBJECT MATTER HEREOF AND
THEREOF. THIS AGREEMENT AND THE LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES
HERETO AND THERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR
 19




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SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE
PARTIES.
   Severability
 Governing Law; Submission to Jurisdiction
   SCHEDULE 1
 20




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Headings
 Acknowledgments
     21




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EACH PARTY HERETO AGREES AND COVENANTS THAT IT WILL NOT CONTEST THE VALIDITY OR ENFORCEABILITY OF
ANY EXCULPATORY PROVISION OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS ON THE BASIS THAT THE
PARTY HAD NO NOTICE OR KNOWLEDGE OF SUCH PROVISION OR THAT THE PROVISION IS NOT CONSPICUOUS.
 Additional Equity Interests Annex I
 Additional Pledgors Annex II
 Releases
 Full Release
 Partial Release
 22




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provided
 Retention in Satisfaction
 Release of Pledgors
 Acceptance
  23




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PLEDGORS:
    
    EXTERRAN HOLDINGS, INC.By:
    
    /s/ J. Michael AndersonJ. Michael AndersonSenior Vice President and Chief Financial OfficerEXTERRAN ENERGY SOLUTIONS, L.P.By:
    
    /s/ J. Michael AndersonJ. Michael AndersonSenior Vice President and Chief Financial OfficerEES GP, L.P.By:
    
    EXTERRAN ENERGY CORP., 

its general partnerBy:
    
    /s/ J. Michael Anderson

J. Michael AndersonSenior Vice President and Chief Financial OfficerHANOVER ASIA, INC.By:
    
    /s/ J. Michael AndersonJ. Michael AndersonSenior Vice President and Chief Financial Officer




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UNIVERSAL COMPRESSION INTERNATIONAL, INC.By:
    
    /s/ J. Michael AndersonJ. Michael AndersonSenior Vice President and Chief Financial OfficerENTERRA COMPRESSION INVESTMENT COMPANYBy:
    
    /s/ J. Michael AndersonJ. Michael AndersonSenior Vice President and Chief Financial OfficerEXTERRAN GENERAL HOLDINGS LLCBy:
    
    /s/ J. Michael AndersonJ. Michael AndersonSenior Vice President and Chief Financial OfficerEXTERRAN ENERGY CORP.By:
    
    /s/ J. Michael AndersonJ. Michael AndersonSenior Vice President and Chief Financial OfficerUNIVERSAL COMPRESSION SERVICES, LLCBy:
    
    /s/ J. Michael AndersonJ. Michael AndersonSenior Vice President and Chief Financial Officer




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EXH GP LP LLCBy:
    
    /s/ Pamela JasinskiPamela JasinskiManagerEXH MLP LP LLCBy:
    
    /s/ Pamela JasinskiPamela JasinskiManagerEXTERRAN HOLDINGS HL LLCBy:
    
    /s/ Pamela JasinskiPamela JasinskiManagerEXTERRAN HL LLCBy:
    
    /s/ Pamela JasinskiPamela JasinskiManager




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Acknowledged and Agreed
to as 
of the date hereof
by:ADMINISTRATIVE AGENT:
    
    WELLS FARGO BANK, NATIONAL ASSOCIATIONBy:
Name:
    
    /s/ Donald W. Herrick, Jr.

Donald W. Herrick, Jr.Title:
    
    Director




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Annex I
 FORM OF PLEDGED SECURITIES SUPPLEMENT
 Pledgor Administrative Agent Lenders
  Borrower Credit Agreement
 Pledge Agreement
 Schedule 2-S
   Pledge Agreement Schedule 2-S Collateral Schedule 2-S Schedule 2 Schedule 2-S Schedule 2
 Annex I-1




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Governing Law
 Annex I-2




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[PLEDGOR]By:Name:Title:
 Annex I-3




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Annex II
 FORM OF ADDITIONAL PLEDGOR SUPPLEMENT
 Additional Pledgor Administrative Agent Lenders
  Borrower Credit Agreement
 Pledge Agreement
   Grant of Security Interest Collateral
 provided however
 Annex II-1




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provided however
 Obligations Under the Pledge Agreement Annex A 1
 Representations, Warranties and Covenants
 Governing Law.
 
 1
    
    Refer to each Schedule which needs
to be supplemented. Annex II-2




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[ADDITIONAL PLEDGOR]By:Name:Title:
 Annex II-3




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Annex A
to Additional Pledgor Supplement
 Annex A-1




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Notice Addresses of Pledgors
 
 
 
 
 
 
 
 
 
 
 
 Schedule 1-1




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Schedule 1-2




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Description of Pledged Securities
 Stock
    
    No. of
    
    Percentages ofCertificate
    
    Shares
    
    Issued StockOwner
    
    Issuer
    
    No.
    
    Pledged
    
    PledgedEES GP, L.P.
    
    Exterran Energy Solutions, L.P.
    
    N/A
    
    N/A
    
    1%Exterran HL LLC
    
    Exterran Energy Solutions, L.P.
    
    N/A
    
    N/A
    
    99%Hanover Asia, Inc.
    
    Exterran Columbia Leasing LLC
    
    N/A
    
    N/A
    
    100%Hanover Asia, Inc.
    
    PT Exterran Indonesia
    
    N/A
    
    27,225
    
    49.5%Universal Compression International, Inc.
    
    PT Exterran Indonesia
    
    N/A
    
    853
    
    15.5%Enterra Compression Investment Company
    
    Enterra Global Holdings LLC
    
    N/A
    
    N/A
    
    65%Enterra Compression Investment Company
    
    Exterran (Singapore) Pte. Ltd.
    
    6
    
    65
    
    65%Enterra Compression Investment Company
    
    Exterran Holding Company NL B.V.
    
    N/A
    
    N/A
    
    65%Enterra Compression Investment Company
    
    Universal Compression Cayman Ltd.
    
    N/A
    
    N/A
    
    65%Enterra Compression Investment Company
    
    Universal Compression Mauritius
    
    2
    
    2,599,935
    
    65%Enterra Compression Investment Company
    
    Universal Compression Services, LLC
    
    N/A
    
    N/A
    
    65%Enterra Compression Investment Company
    
    Exterran International Holdings LLC
    
    N/A
    
    N/A
    
    100%Exterran Energy Solutions, L.P.
    
    EES Leasing LLC
    
    N/A
    
    N/A
    
    100%Exterran Energy Solutions, L.P.
    
    Hanover Asia, Inc.
    
    C-2
    
    100
    
    100%Exterran Energy Solutions, L.P.
    
    Exterran Energy Solutions Compania Limitada
    
    N/A
    
    N/A
    
    65%Exterran Energy Solutions, L.P.
    
    Exterran Services de Mexico, S. de R.L. de C.V.
    
    N/A
    
    N/A
    
    65%Exterran Energy Solutions, L.P.
    
    Hanover de Mexico, S. de R.L. de C.V.
    
    N/A
    
    N/A
    
    65%
 Schedule 2-1




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Stock
    
    No. of
    
    Percentages ofCertificate
    
    Shares
    
    Issued StockOwner
    
    Issuer
    
    No.
    
    Pledged
    
    PledgedExterran Energy Solutions, L.P.
    
    Hanover Ecuador LLC
    
    N/A
    
    N/A
    
    65%Exterran Energy Solutions, L.P.
    
    Exterran International SA
    
    N/A
    
    N/A
    
    66% (based on voting rights)Exterran Energy Solutions, L.P.
    
    HC Leasing, Inc.
    
    1
    
    1,000
    
    100%Exterran Energy Solutions, L.P.
    
    Exterran Water Management Services, LLC
    
    N/A
    
    N/A
    
    100%Exterran Energy Solutions, L.P.
    
    Universal Compression International, Inc.
    
    1
    
    100
    
    100%Exterran Energy Solutions, L.P.
    
    H.C.C. Compressor de Venezuela, C.A.
    
    2
    
    330
    
    66%Exterran Energy Solutions, L.P.
    
    EXH Cayman Ltd. (formerly HC Cayman Ltd.)
    
    2
    
    660
    
    66%Exterran Energy Solutions, L.P.
    
    EXH MLP LP LLC
    
    N/A
    
    N/A
    
    100%Exterran Energy Solutions, L.P.
    
    EXH GP LP LLC
    
    1
    
    1
    
    100%Exterran Energy Solutions, L.P.
    
    Exterran GP LLC
    
    1
    
    1
    
    100%Exterran Energy Solutions, L.P.
    
    Exterran Energy Middle-East LLC
    
    N/A
    
    N/A
    
    65%Exterran General Holdings LLC
    
    EES GP, L.P.
    
    N/A
    
    N/A
    
    99%Exterran Energy Corp.
    
    EES GP, L.P.
    
    N/A
    
    N/A
    
    1%Exterran Energy Corp.
    
    Exterran General Holdings LLC
    
    N/A
    
    N/A
    
    100%Exterran Energy Corp.
    
    Exterran Holdings HL LLC
    
    N/A
    
    N/A
    
    100%Exterran Holdings HL LLC
    
    Exterran HL LLC
    
    N/A
    
    N/A
    
    100%Exterran Holdings, Inc.
    
    Exterran Energy Corp.
    
    1
    
    100
    
    100%
 Schedule 2-2




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Stock
    
    No. of
    
    Percentages ofCertificate
    
    Shares
    
    Issued StockOwner
    
    Issuer
    
    No.
    
    Pledged
    
    PledgedEXH MLP LP LLC
    
    Exterran Partners, L.P.
    
    
    
    
    
    100% of the commonunits owned, which iscurrently 7,751,641,excluding Treasuryunits, and 100% of thesubordinated unitsUniversal Compression International, Inc.
    
    Exterran (Beijing) Energy Equipment Company Ltd.
    
    N/A
    
    N/A
    
    65%Universal Compression International, Inc.
    
    Enterra Compression Investment Company
    
    4
    
    1,002
    
    100%5
    
    2
    
    (combined)Universal Compression International, Inc.
    
    Excel Energy Services Limited
    
    N/A
    
    N/A
    
    65%Universal Compression International, Inc.
    
    Universal Compression International Ltd.
    
    4
    
    65
    
    65%Universal Compression Services LLC
    
    Exterran (Australia) Pty Ltd
    
    2
    
    65
    
    65%7
    
    1,894,440
    
    (combined)Universal Compression Services LLC
    
    Exterran (Thailand), Ltd.
    
    36
    
    390,000
    
    65%Universal Compression Services LLC
    
    Exterran Peru, S.R.L.
    
    N/A
    
    N/A
    
    65%Universal Compression Services LLC
    
    Universal Compression Services de Venezuela C.A.
    
    1
    
    2,317,657
    
    65%Exterran Energy Solutions, L.P.
    
    Hanover Canada Corporation
    
    5
    
    66
    
    66%EXH GP LP LLC
    
    Exterran General Partner, L.P.
    
    N/A
    
    N/A
    
    99.999%
 Schedule 2-3




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Filings and Other Actions Required to Perfect Security Interests
 1.
    
    Filing of UCC-1 Financing Statements, naming each Pledgor as debtor and the Administrative
Agent as secured party, and describing the Collateral, with the Secretary of State of the
State of Delaware.
 2.
    
    Delivery to the Administrative Agent of all Pledged Securities consisting of certificated
securities, in each case properly endorsed for transfer or in blank.
 Schedule 3-1




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Location of Jurisdiction of Organization and Chief Executive Office
 Legal name:
    
    EES GP, L.P.Address:
    
    16666 Northchase DriveHouston, TX 77060Jurisdiction of organization:
    
    DelawareOrganizational number:
    
    4555005Location of
chief executive office or sole place of business:
    
    see address aboveLegal name:
    
    Enterra Compression Investment CompanyAddress:
    
    16666 Northchase DriveHouston, TX 77060Jurisdiction of organization:
    
    DelawareOrganizational number:
    
    2566768Location of
chief executive office or sole place of business:
    
    see address aboveLegal name:
    
    EXH GP LP LLCAddress:
    
    103 Foulk RoadWilmington DE 19803Jurisdiction of organization:
    
    DelawareOrganizational number:
    
    4229732Location of
chief executive office or sole place of business:
    
    see address aboveLegal name:
    
    EXH MLP LP LLCAddress:
    
    103 Foulk RoadWilmington DE 19803Jurisdiction of organization:
    
    DelawareOrganizational number:
    
    4229737Location of chief executive officer or sole place of business:
    
    see address aboveLegal name:
    
    Exterran Energy Corp.Address:
    
    16666 Northchase DriveHouston, TX 77060Jurisdiction of organization:
    
    DelawareOrganizational number:
    
    3134929Location of
chief executive office or sole place of business:
    
    see address above
 Schedule 4-1




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Legal name:
    
    Exterran Energy Solutions, L.P.Address:
    
    16666 Northchase DriveHouston, TX 77060Jurisdiction of organization:
    
    DelawareOrganizational number:
    
    3326660Location of chief executive officer or sole place of business:
    
    see address aboveLegal name:
    
    Exterran General Holdings LLCAddress:
    
    16666 Northchase DriveHouston, TX 77060Jurisdiction of organization:
    
    DelawareOrganizational number:
    
    3326648Location of chief executive officer or sole place of business:
    
    see address aboveLegal name:
    
    Exterran HL LLCAddress:
    
    103 Foulk RoadWilmington DE 19803Jurisdiction of organization:
    
    DelawareOrganizational number:
    
    3608657Location of chief executive officer or sole place of business:
    
    see address aboveLegal name:
    
    Exterran Holdings HL LLCAddress:
    
    103 Foulk RoadWilmington DE 19803Jurisdiction of organization:
    
    DelawareOrganizational number:
    
    3608238Location of chief executive officer or sole place of business:
    
    see address aboveLegal name:
    
    Exterran Holdings, Inc.Address:
    
    16666 Northchase DriveHouston, TX 77060Jurisdiction of organization:
    
    DelawareOrganizational number:
    
    4295474Location of
chief executive office or sole place of business:
    
    see address above
 Schedule 4-2




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Legal name:
    
    Hanover Asia, Inc.Address:
    
    16666 Northchase DriveHouston, TX 77060Jurisdiction of organization:
    
    DelawareOrganizational number:
    
    3070145Location of
chief executive office or sole place of business:
    
    see address aboveLegal name:
    
    Universal Compression International, Inc.Address:
    
    16666 Northchase DriveHouston, TX 77060Jurisdiction of organization:
    
    DelawareOrganizational number:
    
    2931334Location of
chief executive office or sole place of business:
    
    see address aboveLegal name:
    
    Universal Compression Services LLCAddress:
    
    16666 Northchase DriveHouston, TX 77060Jurisdiction of organization:
    
    DelawareOrganizational number:
    
    3000319Location of
chief executive office or sole place of business:
    
    see address above
 Schedule 4-3