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                                                                    EXHIBIT 4.39

                             EQUITY PLEDGE AGREEMENT

      THIS EQUITY PLEDGE AGREEMENT (this "PLEDGE AGREEMENT") is entered into as
of November 25, 2003 by and between TIDEL TECHNOLOGIES, INC., a Delaware
corporation ("PLEDGOR") and LAURUS MASTER FUND, LTD., a Cayman Islands company
("LAURUS").

                                    RECITALS

      WHEREAS, pursuant to that certain Securities Purchase Agreement, dated as
of the date hereof (as amended, modified, extended, renewed or replaced from
time to time, the "PURCHASE AGREEMENT") by and between Pledgor and Laurus,
Pledgor agreed to sell and Laurus agreed to purchase the Purchaser Notes (as
defined in the Purchase Agreement) and Pledgor agreed to issue to Laurus the
Warrant (as defined in the Purchase Agreement) (the Purchase Agreement, the
Purchaser Notes, the Warrant together with all documents, instruments and
agreements executed in connection therewith, collectively, the "PURCHASE
DOCUMENTS").

      WHEREAS, it is a condition precedent to the effectiveness of the Purchase
Agreement and the obligations of Laurus thereunder that Pledgor shall have
executed and delivered this Pledge Agreement in favor of Laurus.

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

      1. Definitions. Unless otherwise defined herein, capitalized terms used
herein shall have the meanings ascribed to such terms in the Purchase Agreement.

      2. Pledge and Grant of Security Interest. To secure the prompt payment and
performance in full when due, whether by lapse of time or otherwise, of the
Secured Obligations (as defined in Section 3 hereof), Pledgor hereby pledges and
assigns to Laurus, and grants to Laurus, a first priority security interest in
any and all right, title and interest of Pledgor in and to the following,
whether now owned or existing or owned, acquired, or arising hereafter
(collectively, the "COLLATERAL"):

            (a) Pledged Capital Stock. 100% (or, if less, the full amount owned
      by Pledgor) of each class of the issued and outstanding stock owned by
      Pledgor of each Subsidiary set forth on Schedule 1 attached hereto
      together with the certificates (or other agreements or instruments), if
      any, representing such stock, and all options and other rights,
      contractual or otherwise, with respect thereto (collectively, together
      with the shares of stock described in Section 2(b) and 2(c) below, the
      "PLEDGED CAPITAL STOCK"), including, but not limited to, the following:

                  (i) all shares or securities representing a dividend on any of
            the Pledged Capital Stock, or representing a distribution or return
            of capital upon or in respect of the Pledged Capital Stock, or
            resulting from a stock split, revision, reclassification or other
            exchange therefor, and any subscriptions, warrants, rights

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            or options issued to the holder of, or otherwise in respect of, the
            Pledged Capital Stock; and

                  (ii) without affecting the obligations of Pledgor under any
            provision prohibiting such action hereunder or under any Purchase
            Document, in the event of any consolidation or merger involving the
            issuer of any Pledged Capital Stock and in which such issuer is not
            the surviving entity, all shares of each class of the stock of the
            successor entity formed by or resulting from such consolidation or
            merger.

            (b) Additional Interests. 100% (or, if less, the full amount owned
         by Pledgor) of each class of the issued and outstanding stock owned by
         Pledgor of any Person which hereafter becomes a Subsidiary, including,
         without limitation, the certificates, if any, representing such stock.

            (c) Proceeds. All proceeds and products of the foregoing, however
         and whenever acquired and in whatever form.

         Without limiting the generality of the foregoing, it is hereby
specifically understood and agreed that Pledgor may from time to time hereafter
deliver additional shares of stock to Laurus as collateral security for the
Secured Obligations. Upon delivery to Laurus, such additional shares of stock
shall be deemed to be part of the Collateral of Pledgor and shall be subject to
the terms of this Pledge Agreement whether or not Schedule 1 is amended to refer
to such additional shares.

      3. Security for Secured Obligations. The security interest created hereby
in the Collateral of Pledgor constitutes continuing collateral security for all
of the following (the "SECURED OBLIGATIONS"): All obligations owing by Pledgor
to Laurus under the Purchaser Notes, (including, without limitation, interest
accruing at the Contract Rate (as defined in the Purchaser Notes) after the
occurrence of an Event of Default and interest accruing at the Contract Rate
after the filing of any petition in bankruptcy, or the commencement of any
insolvency, reorganization or like proceeding, relating to Pledgor, whether or
not a claim for post-filing or post-petition interest is allowed in such
proceeding) and all other obligations and liabilities of Pledgor to Laurus,
whether direct or indirect, absolute or contingent, due or to become due, or now
existing or hereafter incurred, which may arise under, out of, or in connection
with, the Purchase Agreement, the Purchaser Notes, this Agreement, the other
Purchase Documents or any other document made, delivered or given in connection
therewith, or otherwise, in each case whether on account of principal, interest,
reimbursement obligations, fees, indemnities, costs, expenses or otherwise
(including, without limitation, all fees and disbursements of counsel to Laurus
that are required to be paid by Pledgor pursuant to the terms of the Purchase
Agreement, the Purchaser Notes, this Agreement or any other Purchase Document).

      4. Delivery of the Collateral. Pledgor hereby agrees that:

            (a) Delivery of Certificates. Pledgor shall cause the delivery to
      Laurus (i) directly by its prior lender or promptly upon Pledgor's receipt
      from its prior lender, all certificates representing the Pledged Capital
      Stock of Pledgor and (ii) promptly upon the

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      receipt thereof by or on behalf of Pledgor, all other certificates and
      instruments constituting Collateral of Pledgor. Prior to delivery to
      Laurus, all such certificates and instruments constituting Collateral of
      Pledgor shall be held in trust by Pledgor for the benefit of Laurus
      pursuant hereto. All such certificates shall be delivered in suitable form
      for transfer by delivery or shall be accompanied by duly executed
      instruments of transfer or assignment in blank, substantially in the form
      provided in Schedule 2 attached hereto.

            (b) Additional Securities. If Pledgor shall receive by virtue of its
      being or having been the owner of any Collateral, any (i) stock
      certificate or other certificate representing stock, including without
      limitation, any certificate representing a dividend or distribution in
      connection with any increase or reduction of capital, reclassification,
      merger, consolidation, sale of assets, combination of shares or membership
      or equity interests, stock splits, spin-off or split-off, promissory notes
      or other instrument; (ii) option or right, whether as an addition to,
      substitution for, or an exchange for, any Collateral or otherwise; (iii)
      dividends payable in securities; or (iv) distributions of securities in
      connection with a partial or total liquidation, dissolution or reduction
      of capital, capital surplus or paid-in surplus, then Pledgor shall receive
      such certificate, instrument, option, right or distribution in trust for
      the benefit of Laurus, shall segregate it from Pledgor's other property
      and shall deliver it forthwith to Laurus in the exact form received
      together with any necessary endorsement and/or appropriate stock power
      duly executed in blank, substantially in the form provided in Schedule 2,
      to be held by Laurus as Collateral and as further collateral security for
      the Secured Obligations.

            (c) Financing Statements. Pledgor authorizes Laurus to file such UCC
      or other applicable financing statements as may be reasonably requested by
      Laurus in order to perfect and protect the security interest created
      hereby in the Collateral of Pledgor.

      5. Representations and Warranties. Pledgor hereby represents and warrants
to Laurus, that so long as any of the Secured Obligations remain outstanding or
any Purchase Document is in effect:

            (a) Authorization of Pledged Capital Stock. The Pledged Capital
      Stock is duly authorized and validly issued, is fully paid and
      nonassessable and is not subject to the preemptive rights of any Person.
      All other shares of stock constituting Collateral will be duly authorized
      and validly issued, fully paid and nonassessable and not subject to the
      preemptive rights of any Person.

            (b) Title. Pledgor has good and indefeasible title to the Collateral
      of Pledgor and will at all times be the legal and beneficial owner of such
      Collateral free and clear of any Lien, other than Permitted Liens (as such
      term is defined in the Security Agreement dated as of the date hereof made
      by Pledgor and the Subsidiaries in favor of Laurus). Except with respect
      to Permitted Liens, there exists no "adverse claim" within the meaning of
      Section 8-102 of the Uniform Commercial Code as in effect in the State of
      New York (the "UCC") with respect to the Pledged Capital Stock of Pledgor.

            (c) Exercising of Rights. To the best of Pledgor's knowledge, the
      exercise by Laurus of its rights and remedies hereunder will not violate
      any law or governmental

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      regulation or any material contractual restriction binding on or affecting
      Pledgor or any of its property.

            (d) Pledgor's Authority. No authorization, approval or action by,
      and no notice or filing with any governmental authority or with the issuer
      of any Pledged Capital Stock is required either (i) for the pledge made by
      Pledgor or for the granting of the security interest by Pledgor pursuant
      to this Pledge Agreement or (ii) to the best of Pledgor's knowledge, for
      the exercise by Laurus of its rights and remedies hereunder (except as may
      be required by laws affecting the offering and sale of securities).

            (e) Security Interest/Priority. This Pledge Agreement creates a
      valid first priority security interest in favor of the Laurus, in the
      Collateral. The taking possession by Laurus of the certificates, if any,
      representing the Pledged Capital Stock and all other certificates and
      instruments constituting Collateral will perfect and establish the first
      priority of Laurus's security interest in the Pledged Capital Stock and,
      when properly perfected by filing or registration, in all other Collateral
      represented by such Pledged Capital Stock and instruments securing the
      Secured Obligations. Except as set forth in this Section 5(e), no action
      is necessary to perfect or otherwise protect such security interest.

      6. Covenants. Pledgor hereby covenants, that so long as any of the Secured
Obligations remain outstanding or any Purchase Document is in effect, Pledgor
shall:

            (a) Books and Records. Mark its books and records (and shall cause
      each issuer of the Pledged Capital Stock of Pledgor to mark its books and
      records) to reflect the security interest granted to Laurus, pursuant to
      this Pledge Agreement and the other Purchase Documents.

            (b) Defense of Title. Warrant and defend title to and ownership of
      the Collateral of Pledgor at its own expense against the claims and
      demands of all other parties claiming an interest therein, keep the
      Collateral free from all Liens, except for Permitted Liens, and not sell,
      exchange, transfer, assign, lease or otherwise dispose of Collateral of
      Pledgor or any interest therein, except as permitted under the Purchase
      Agreement.

            (c) Further Assurances. Promptly execute and deliver at its expense
      all further instruments and documents and take all further action that may
      be reasonably necessary and desirable or that Laurus may reasonably
      request in order to (i) perfect and protect the security interest created
      hereby in the Collateral of Pledgor (including without limitation any and
      all action necessary to satisfy Laurus that Laurus has obtained a first
      priority perfected security interest in any stock; (ii) enable Laurus to
      exercise and enforce its rights and remedies hereunder in respect of the
      Collateral of Pledgor; and (iii) otherwise effect the purposes of this
      Pledge Agreement, including, without limitation and if requested by
      Laurus, delivering to Laurus irrevocable proxies in respect of the
      Collateral of Pledgor.

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            (d) Amendments. Not make or consent to any amendment or other
      modification or waiver with respect to any of the Collateral of Pledgor or
      enter into any agreement or allow to exist any restriction with respect to
      any of the Collateral of Pledgor other than pursuant hereto or as may be
      permitted under the Purchase Agreement.

            (e) Compliance with Securities Laws. File all reports and other
      information now or hereafter required to be filed by Pledgor with the
      United States Securities and Exchange Commission and any other state,
      federal or foreign agency in connection with the ownership of the
      Collateral of Pledgor.

      7. Advances by Laurus. On failure of Pledgor to perform any of the
covenants and agreements contained herein, Laurus may, at its sole option and in
its sole discretion, perform the same and in so doing may expend such sums as
Laurus may reasonably deem advisable in the performance thereof, including,
without limitation, the payment of any insurance premiums, the payment of any
taxes, a payment to obtain a release of a Lien or potential Lien (other than a
Permitted Lien), expenditures made in defending against any adverse claim (other
than a Permitted Lien) and all other expenditures which Laurus may make for the
protection of the security hereof or which may be compelled to make by operation
of law. All such sums and amounts so expended shall be repayable by Pledgor
promptly upon timely notice thereof and demand therefor, shall constitute
additional Secured Obligations and shall bear interest from the date said
amounts are expended at the Contract Rate. No such performance of any covenant
or agreement by Laurus on behalf of Pledgor, and no such advance or expenditure
therefor, shall relieve Pledgor of any default under the terms of this Pledge
Agreement or the other Purchase Documents. Laurus may make any payment hereby
authorized in accordance with any bill, statement or estimate procured from the
appropriate public office or holder of the claim to be discharged without
inquiry into the accuracy of such bill, statement or estimate or into the
validity of any tax assessment, sale, forfeiture, tax lien, title or claim
except to the extent such payment is being contested in good faith by Pledgor in
appropriate proceedings and against which adequate reserves are being maintained
in accordance with GAAP.

      8. Events of Default. The occurrence of an event which under the Purchaser
Notes would constitute an Event of Default (as defined in the Purchaser Notes)
shall be an event of default hereunder (an "EVENT OF DEFAULT").

      9. Remedies.

            (a) General Remedies. Upon the occurrence of an Event of Default and
      during the continuation thereof, Laurus shall have, in respect of the
      Collateral of Pledgor, in addition to the rights and remedies provided
      herein, in the Purchase Documents or by law, the rights and remedies of a
      secured party under the UCC or any other applicable law.

            (b) Sale of Collateral. Upon the occurrence of an Event of Default
      and during the continuation thereof, without limiting the generality of
      this Section and without notice, Laurus may, in its sole discretion, sell
      or otherwise dispose of or realize upon the Collateral, or any part
      thereof, in one or more parcels, at public or private sale, at any
      exchange or broker's board or elsewhere, at such price or prices and on
      such other terms

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      as Laurus may deem commercially reasonable, for cash, credit or for future
      delivery or otherwise in accordance with applicable law. To the extent
      permitted by law, Laurus may in such event, bid for the purchase of such
      securities. Pledgor agrees that, to the extent notice of sale shall be
      required by law and has not been waived by such Pledgor, any requirement
      of reasonable notice shall be met if notice, specifying the place of any
      public sale or the time after which any private sale is to be made, is
      personally served on or mailed, postage prepaid, to Pledgor, in accordance
      with the notice provisions of Section 12.7 of the Purchase Agreement at
      least ten (10) days before the time of such sale. Laurus shall not be
      obligated to make any sale of Collateral of Pledgor regardless of notice
      of sale having been given. Laurus may adjourn any public or private sale
      from time to time by announcement at the time and place fixed therefor,
      and such sale may, without further notice, be made at the time and place
      to which it was so adjourned.

            (c) Private Sale. Upon the occurrence of an Event of Default and
      during the continuation thereof, Pledgor recognizes that Laurus may deem
      it impracticable to effect a public sale of all or any part of the Pledged
      Capital Stock or any of the securities constituting Collateral and that
      Laurus may, therefore, determine to make one or more private sales of any
      such securities to a restricted group of purchasers who will be obligated
      to agree, among other things, to acquire such securities for their own
      account, for investment and not with a view to the distribution or resale
      thereof. Pledgor acknowledges that any such private sale may be at prices
      and on terms less favorable to the seller than the prices and other terms
      which might have been obtained at a public sale and, notwithstanding the
      foregoing, agrees that such private sale shall be deemed to have been made
      in a commercially reasonable manner and that Laurus shall have no
      obligation to delay sale of any such securities for the period of time
      necessary to permit the issuer of such securities to register such
      securities for public sale under the Securities Act of 1933, as amended.
      Pledgor further acknowledges and agrees that any offer to sell such
      securities which has been made privately in the manner described above
      shall be deemed to involve a "public sale" under the UCC, notwithstanding
      that such sale may not constitute a "public offering" under the Securities
      Act of 1933, as amended, and Laurus may, in such event, bid for the
      purchase of such securities.

            (d) Retention of Collateral. In addition to the rights and remedies
      hereunder, upon the occurrence and during the continuance of an Event of
      Default, Laurus may, after providing the notices required by Section 9-620
      of the UCC or otherwise complying with the requirements of applicable law
      of the relevant jurisdiction, retain all or any portion of the Collateral
      in satisfaction of the Secured Obligations. Unless and until Laurus shall
      have provided such notices, however, Laurus shall not be deemed to have
      retained any Collateral in satisfaction of any Secured Obligations for any
      reason.

            (e) Deficiency. In the event that the proceeds of any sale,
      collection or realization are insufficient to pay all amounts to which
      Laurus is legally entitled, Pledgor shall be liable for the deficiency,
      together with interest thereon at the Contract Rate, together with the
      costs of collection and the reasonable fees of any attorneys employed by
      Laurus to collect such deficiency. Any surplus remaining after the full
      payment and satisfaction of the Secured Obligations shall be returned to
      the Pledgor or to whomsoever a court of competent jurisdiction shall
      determine to be entitled thereto.

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      10. Rights of Laurus.

            (a) Power of Attorney. In addition to other powers of attorney
      contained herein, Pledgor hereby designates and appoints Laurus, and each
      of its designees or agents as attorney-in-fact of Pledgor, irrevocably and
      with power of substitution, with authority to take any or all of the
      following actions upon the occurrence and during the continuance of an
      Event of Default:

                  (i) to demand, collect, settle, compromise, adjust and give
            discharges and releases concerning the Collateral of Pledgor, all as
            Laurus may reasonably determine;

                  (ii) to commence and prosecute any actions at any court for
            the purposes of collecting any of the Collateral of Pledgor and
            enforcing any other right in respect thereof;

                  (iii) to defend, settle or compromise any action brought and,
            in connection therewith, give such discharge or release as Laurus
            may deem reasonably appropriate;

                  (iv) to pay or discharge taxes, liens, security interests, or
            other encumbrances levied or placed on or threatened against the
            Collateral of Pledgor;

                  (v) to direct any parties liable for any payment under any of
            the Collateral to make payment of any and all monies due and to
            become due thereunder directly to Laurus or as Laurus shall direct;

                  (vi) to receive payment of and receipt for any and all monies,
            claims, and other amounts due and to become due at any time in
            respect of or arising out of any Collateral of Pledgor;

                  (vii) to sign and endorse any drafts, assignments, proxies,
            stock powers, verifications, notices and other documents relating to
            the Collateral of Pledgor;

                  (viii) to settle, compromise or adjust any suit, action or
            proceeding described above and, in connection therewith, to give
            such discharges or releases as Laurus may deem reasonably
            appropriate;

                  (ix) to execute and deliver all assignments, conveyances,
            statements, financing statements, renewal financing statements,
            pledge agreements, affidavits, notices and other agreements,
            instruments and documents that Laurus may determine necessary in
            order to perfect and maintain the security interests and liens
            granted in this Pledge Agreement and in order to fully consummate
            all of the transactions contemplated therein;

                  (x) to exchange any of the Collateral of Pledgor or other
            property upon any merger, consolidation, reorganization,
            recapitalization or other readjustment of the issuer thereof and, in
            connection therewith, deposit any of the Collateral of

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            Pledgor with any committee, depository, transfer agent, registrar or
            other designated agency upon such terms as Laurus may determine;

                  (xi) to vote for a shareholder, partner or member resolution,
            or to sign an instrument in writing, sanctioning the transfer of any
            or all of the Pledged Capital Stock of Pledgor into the name of
            Laurus or into the name of any transferee to whom the Pledged
            Capital Stock of Pledgor or any part thereof may be sold pursuant to
            Section 9 hereof; and

                  (xii) to do and perform all such other acts and things as
            Laurus may reasonably deem to be necessary, proper or convenient in
            connection with the Collateral of Pledgor.

      This power of attorney is a power coupled with an interest and shall be
      irrevocable for so long as any of the Secured Obligations remain
      outstanding or any Purchase Document is in effect. Laurus shall be under
      no duty to exercise or withhold the exercise of any of the rights, powers,
      privileges and options expressly or implicitly granted to Laurus in this
      Pledge Agreement, and shall not be liable for any failure to do so or any
      delay in doing so. Laurus shall not be liable for any act or omission or
      for any error of judgment or any mistake of fact or law in its individual
      capacity or its capacity as attorney-in-fact except acts or omissions
      resulting from its gross negligence or willful misconduct. This power of
      attorney is conferred on Laurus solely to protect, preserve and realize
      upon its security interest in Collateral.

            (b) Performance by Laurus of Pledgor's Obligations. If Pledgor fails
      to perform any agreement or obligation contained herein, Laurus itself may
      perform, or cause performance of, such agreement or obligation, and the
      expenses of Laurus incurred in connection therewith shall be payable by
      Pledgor pursuant to Section 24 hereof.

            (c) Assignment by Laurus . Subject to Section 12.2 of the Purchase
      Agreement, Laurus may from time to time assign the Secured Obligations and
      any portion thereof and/or the Collateral and any portion thereof, and the
      assignee shall be entitled to all of the rights and remedies of Laurus
      under this Pledge Agreement in relation thereto.

            (d) The Laurus's Duty of Care. Other than the exercise of reasonable
      care to assure the safe custody of the Collateral while being held by
      Laurus hereunder, Laurus shall have no duty or liability to preserve
      rights pertaining thereto, it being understood and agreed that Pledgor
      shall be responsible for preservation of all rights in the Collateral of
      Pledgor, and Laurus shall be relieved of all responsibility for Collateral
      upon surrendering it or tendering the surrender of it to the Pledgor.
      Laurus shall be deemed to have exercised reasonable care in the custody
      and preservation of the Collateral in its possession if such Collateral is
      accorded treatment substantially equal to that which Laurus accords its
      own property, which shall be no less than the treatment employed by a
      reasonable and prudent person in the industry, it being understood that
      Laurus shall not have responsibility for (i) ascertaining or taking action
      with respect to calls, conversions, exchanges, maturities, tenders or
      other matters relating to any Collateral, whether or not

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      Laurus has or is deemed to have knowledge of such matters; or (ii) taking
      any necessary steps to preserve rights against any parties with respect to
      any Collateral.

            (e) Voting Rights in Respect of the Collateral.

                  (i) So long as no Event of Default shall have occurred and be
            continuing, to the extent permitted by law, Pledgor may exercise any
            and all voting and other consensual rights pertaining to the
            Collateral of Pledgor or any part thereof for any purpose not
            inconsistent with the terms of this Pledge Agreement or any Purchase
            Document; and

                  (ii) Upon the occurrence and during the continuance of an
            Event of Default, all rights of Pledgor to exercise the voting and
            other consensual rights which it would otherwise be entitled to
            exercise pursuant to clause (i) of this subsection (e) shall cease
            and all such rights shall thereupon become vested in Laurus which
            shall then have the sole right to exercise such voting and other
            consensual rights.

            (f) Dividend Rights in Respect of the Collateral.

                  (i) So long as no Event of Default shall have occurred and be
            continuing and subject to Section 4(b) hereof, Pledgor may receive
            and retain any and all dividends (other than dividends and other
            distributions constituting Collateral which are addressed
            hereinabove) or interest paid in respect of the Collateral to the
            extent they are allowed under the Purchase Documents.

                  (ii) Upon the occurrence and during the continuance of an
            Event of Default:

                        (A) all rights of Pledgor to receive the dividends and
                  interest payments which it would otherwise be authorized to
                  receive and retain pursuant to paragraph (i) of this
                  subsection shall cease and all such rights shall thereupon be
                  vested in Laurus which shall then have the sole right to
                  receive and hold as Collateral such dividends and interest
                  payments; and

                        (B) all dividends and interest payments which are
                  received by Pledgor contrary to the provisions of paragraph
                  (A) of this clause shall be received in trust for the benefit
                  of Laurus, shall be segregated from other property or funds of
                  Pledgor, and shall be forthwith paid over to Laurus as
                  Collateral in the exact form received, to be held by Laurus as
                  Collateral and as further collateral security for the Secured
                  Obligations.

            (g) Release of Collateral. Laurus may release any of the Collateral
      from this Pledge Agreement or may substitute any of the Collateral for
      other Collateral without altering, varying or diminishing in any way the
      force, effect, lien, pledge or security interest of this Pledge Agreement
      as to any Collateral not expressly released or substituted, and this
      Pledge Agreement shall continue as a first priority lien on all Collateral
      not expressly released or substituted.

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      11. Application of Proceeds. Upon the occurrence of and during the
continuance of an Event of Default, any payments in respect of the Secured
Obligations and any proceeds of any Collateral, when received by Laurus in cash
or its equivalent, will be applied as follows: first, to all reasonable costs
and expenses of Laurus (including without limitation reasonable attorneys' fees
and expenses) incurred in connection with the implementation and/or enforcement
of this Pledge Agreement and/or any of the other Purchase Documents; second, to
the principal amount of the Secured Obligations; third, to such of the Secured
Obligations consisting of accrued but unpaid interest and fees; fourth, to all
other amounts payable with respect to the Secured Obligations; and fifth, to the
payment of the surplus, if any, to whoever may be lawfully entitled to receive
such surplus. Pledgor shall remain liable to Laurus for any deficiency.

      12. Costs of Counsel. If at any time hereafter, whether upon the
occurrence of an Event of Default or not, Laurus employs counsel to prepare or
consider amendments, waivers or consents with respect to this Pledge Agreement,
or to take action or make a response in or with respect to any legal or arbitral
proceeding relating to this Pledge Agreement or relating to the Collateral, or
to protect the Collateral or exercise any rights or remedies under this Pledge
Agreement or with respect to the Collateral, then Pledgor agrees to promptly pay
upon demand any and all such reasonable documented costs and expenses incurred
by Laurus, all of which costs and expenses shall constitute Secured Obligations
hereunder.

      13. Continuing Agreement.

            (a) This Pledge Agreement shall be a continuing agreement in every
      respect and shall remain in full force and effect so long as any Purchase
      Document is in effect or any amounts payable thereunder shall remain
      outstanding. Upon such payment and termination, this Pledge Agreement
      shall be automatically terminated and Laurus shall, upon the request and
      at the expense of Pledgor, forthwith release all of its liens and security
      interests hereunder and shall execute and deliver all UCC termination
      statements and/or other documents reasonably requested by Pledgor
      evidencing such termination. Notwithstanding the foregoing, all releases
      and indemnities provided hereunder shall survive termination of this
      Pledge Agreement.

            (b) This Pledge Agreement shall continue to be effective or be
      automatically reinstated, as the case may be, if at any time payment, in
      whole or in part, of any of the Secured Obligations is rescinded or must
      otherwise be restored or returned by Laurus as a preference, fraudulent
      conveyance or otherwise under any bankruptcy, insolvency or similar law,
      all as though such payment had not been made; provided that in the event
      payment of all or any part of the Secured Obligations is rescinded or must
      be restored or returned, all reasonable costs and expenses (including
      without limitation any reasonable legal fees and disbursements) incurred
      by Laurus in defending and enforcing such reinstatement shall be deemed to
      be included as a part of the Secured Obligations.

      14. Amendments; Waivers; Modifications. This Pledge Agreement and the
provisions hereof may not be amended, waived, modified, changed, discharged or
terminated except as set forth in Section 12.5 of the Purchase Agreement.

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      15. Successors in Interest. This Pledge Agreement shall create a
continuing security interest in the Collateral and shall be binding upon
Pledgor, its successors and assigns and shall inure, together with the rights
and remedies of Laurus hereunder, to the benefit of Laurus and its successors
and permitted assigns; provided, however, that Pledgor may not assign its rights
or delegate its duties hereunder without the prior written consent of Laurus. To
the fullest extent permitted by law, Pledgor hereby releases Laurus, and its
successors and permitted assigns, from any liability for any act or omission
relating to this Pledge Agreement or the Collateral, except for any liability
arising from the gross negligence or willful misconduct of Laurus, or its
officers, employees or agents.

      16. Notices. All notices required or permitted to be given under this
Pledge Agreement shall be in conformance with Section 12.7 of the Purchase
Agreement.

      17. Counterparts. This Pledge Agreement may be executed in any number of
counterparts, each of which where so executed and delivered shall be an
original, but all of which shall constitute one and the same instrument. It
shall not be necessary in making proof of this Pledge Agreement to produce or
account for more than one such counterpart.

      18. Headings. The headings of the sections and subsections hereof are
provided for convenience only and shall not in any way affect the meaning or
construction of any provision of this Pledge Agreement.

      19. Governing Law; Consent to Jurisdiction and Service of Process; Waiver
of Jury Trial. THIS PLEDGE AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. THE PROVISIONS OF THE
PURCHASE AGREEMENT RELATING TO CONSENT TO JURISDICTION AND WAIVER OF JURY TRIAL
ARE HEREBY INCORPORATED BY REFERENCE HEREIN, MUTATIS MUTANDIS.

      20. Severability. If any provision of this Pledge Agreement is determined
to be illegal, invalid or unenforceable, such provision shall be fully severable
and the remaining provisions shall remain in full force and effect and shall be
construed without giving effect to the illegal, invalid or unenforceable
provisions.

      21. Entirety. This Pledge Agreement and the other Purchase Documents
represent the entire agreement of the parties hereto and thereto, and supersede
all prior agreements and understandings, oral or written, if any, including any
commitment letters or correspondence relating to the Purchase Documents or the
transactions contemplated herein and therein.

      22. Survival. All representations and warranties of Pledgor hereunder
shall survive the execution and delivery of this Pledge Agreement and the other
Purchase Documents and the delivery of the Purchaser Notes.

      23. Other Security. To the extent that any of the Secured Obligations are
now or hereafter secured by property other than the Collateral (including,
without limitation, real and other personal property owned by Pledgor), or by a
guarantee, endorsement or property of any other Person, then Laurus shall have
the right to proceed against such other property, guarantee

                                       11

<PAGE>

or endorsement upon the occurrence and during the continuance of any Event of
Default, and Laurus has the right, in its sole discretion, to determine which
rights, security, liens, security interests or remedies Laurus shall at any time
pursue, relinquish, subordinate, modify or take with respect thereto, without in
any way modifying or affecting any of them or any of Laurus's rights or the
Secured Obligations under this Pledge Agreement or under any other of the
Purchase Documents.

                  [Remainder of page intentionally left blank]

                                       12

<PAGE>

      Each of the parties hereto has caused a counterpart of this Pledge
Agreement to be duly executed and delivered as of the date first above written.

PLEDGOR:                                        TIDEL TECHNOLOGIES, INC.

                                                By: /s/ James T. Rash
                                                    ----------------------------
                                                Name: James T. Rash
                                                Title: CEO

LENDER:

                                                LAURUS MASTER FUND, LTD.

                                                By: /s/ Eugene Grin
                                                    ----------------------------
                                                Name: Eugene Grin
                                                Title: Director

                                       13

<PAGE>

                                   SCHEDULE 1

                                       to

                             Equity Pledge Agreement

                          Dated as of November __, 2003

                      In favor of Laurus Master Fund, Ltd.

                                    As Laurus

                                      Stock

<TABLE>
<CAPTION>
                              Number of      Certificate
   Name of Subsidiary     Shares/ Interests     Number     Percentage Ownership
------------------------  -----------------  ------------  --------------------
<S>                       <C>                <C>           <C>
Tidel Cash Systems, Inc                                    100% of the stock is
                                                           owned by Pledgor

Tidel Services, Inc                                        100% of the stock is
                                                           owned by Pledgor

[AnyCard International,
  Inc.]
</TABLE>

                                       14

<PAGE>

                                   SCHEDULE 2

                                       to

                                Pledge Agreement

                          Dated as of November __, 2003

                      In favor of Laurus Master Fund, Ltd.

                             Irrevocable Stock Power

      FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers to

the following shares of stock of _____________________, a ____________:

                     No. of Shares                       Certificate No.

and irrevocably appoints __________________________________ its agent and
attorney-in-fact to transfer all or any part of such stock and to take all
necessary and appropriate action to effect any such transfer. The agent and
attorney-in-fact may substitute and appoint one or more persons to act for him.
The effectiveness of a transfer pursuant to this stock power shall be subject to
any and all transfer restrictions referenced on the face of the certificates
evidencing such interest or in the certificate of incorporation or bylaws of the
subject corporation, to the extent they may from time to time exist.

                                          ___________________________________,

                                        a ___________________________________

                                        By: _________________________________

                                        Name: _______________________________

                                        Title: ______________________________

                                       15<PAGE>

                                                                    EXHIBIT 4.40

                      PARTNERSHIP INTEREST PLEDGE AGREEMENT

      THIS PLEDGE AGREEMENT (this "PLEDGE AGREEMENT") dated as of November 25,
2003 made by TIDEL CASH SYSTEMS, INC., a Delaware corporation and TIDEL
SERVICES, INC., a Delaware corporation (collectively, the "PLEDGORS"), in favor
of LAURUS MASTER FUND, LTD. , a Cayman Islands Company ("LAURUS").

                              W I T N E S S E T H:

      WHEREAS, pursuant to that certain Securities Purchase Agreement, dated as
of the date hereof (as amended, modified, extended, renewed or replaced from
time to time, the "PURCHASE AGREEMENT") by and between Tidel Technologies, Inc.
("COMPANY") and Laurus, Company agreed to sell and Laurus agreed to purchase the
Purchaser Notes (as defined in the Purchase Agreement) and Company agreed to
issue to Laurus the Warrants (as defined in the Purchase Agreement) (the
Purchase Agreement, the Purchaser Notes, the Warrant together with any and
documents, instruments and agreements executed in connection therewith,
collectively, the "PURCHASE DOCUMENTS").

      WHEREAS, Pledgors have executed and delivered to Laurus a Guaranty dated
as of the date hereof (as amended, modified and supplemented from time to time,
the "GUARANTY") pursuant to which Pledgors jointly and severally guaranteed to
Laurus the payment and performance of all of the obligations and indebtedness of
Company under the Purchase Documents.

      WHEREAS, it is a condition precedent to the effectiveness of the Purchase
Agreement and the obligations of Laurus thereunder that the Pledgors shall have
executed and delivered this Pledge Agreement to Laurus;

            NOW, THEREFORE, in consideration of the premises and for other good
and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the Pledgors hereby agree with Laurus as follows:

      1. Defined Terms. Unless otherwise defined herein, terms which are defined
in the Purchase Agreement and used herein are so used as so defined.

            (a) The following terms defined in Article 9 of the Uniform
      Commercial Code as from time to time in effect in the State of New York
      are used herein as so defined: Accounts, Proceeds, Instrument, and Chattel
      Paper; and the following terms have the following meanings:

            "AGREEMENT": this Pledge Agreement, as amended, supplemented or
      otherwise modified from time to time.

            "CODE": the Uniform Commercial Code as from time to time in effect
      in the State of New York.

<PAGE>

            "COLLATERAL": as defined in Section 2 of this Agreement.

            "GENERAL INTANGIBLES": as defined in Section 9-106 of the Code and
      shall include, without limitation, the partnership interests listed on
      Schedule 1 to this Agreement and all rights of the Pledgors to receive,
      directly or indirectly, moneys or any other rights or benefits therefrom.

            "PARTNERSHIP": Tidel Engineering, L.P., a Delaware limited
      partnership.

            "PARTNERSHIP AGREEMENT": Agreement of Limited Partnership of Tidel
      Engineering, L.P. made and entered into as of March 24, 1999 by and
      between Tidel Cash Systems, Inc. and Tidel Services, Inc.

            "PARTNERSHIP INTEREST(S)": as defined in Section 2 of this
      Agreement.

            "SECURED OBLIGATIONS": the collective reference to all obligations
      owing by Company to Laurus (including, without limitation, interest
      accruing at the Contract Rate (as defined in the Purchaser Notes) after
      the occurrence of an Event of Default and interest accruing at the
      Contract Rate after the filing of any petition in bankruptcy, or the
      commencement of any insolvency, reorganization or like proceeding,
      relating to any Pledgor, whether or not a claim for post-filing or
      post-petition interest is allowed in such proceeding) pursuant to the
      Purchaser Notes, all obligations and liabilities of Pledgors under the
      Guaranty and all other obligations and liabilities of the Pledgors and the
      Company to Laurus, whether direct or indirect, absolute or contingent, due
      or to become due, or now existing or hereafter incurred, which may arise
      under, out of, or in connection with, the Purchase Agreement, the
      Purchaser Notes, this Agreement, the other Purchase Documents or any other
      document made, delivered or given in connection therewith, or otherwise,
      in each case whether on account of principal, interest, reimbursement
      obligations, fees, indemnities, costs, expenses or otherwise (including,
      without limitation, all fees and disbursements of counsel to Laurus or to
      Laurus that are required to be paid by the Pledgors or Company pursuant to
      the terms of the Purchase Agreement, this Agreement, or any other Purchase
      Document).

      2. Grant of Security Interest. As collateral security for the prompt and
complete payment and performance when due (whether at the stated maturity, by
acceleration or otherwise) of the Secured Obligations, now existing or hereafter
arising, each of the Pledgors hereby pledges, assigns and transfers to Laurus,
and grants to Laurus, a continuing first priority security interest in any and
all of the following property now owned or at any time hereafter acquired by the
Pledgors, or in which the Pledgors may acquire any right, title or interest
(collectively, the "COLLATERAL"):

            (a) any and all of its partnership interests in the Partnership as
      set forth in Schedule 1 attached hereto, including, without limitation,
      all its rights, title and interest to participate in the operation or
      management of the Partnership and all its rights to properties, assets,
      partnership interests and distributions under the Partnership Agreement in
      respect of such partnership interest (collectively, the "PARTNERSHIP
      INTEREST(S)");

                                       2
<PAGE>

            (b) all Accounts arising out of any Partnership Agreement in respect
      of any Pledgor's Partnership Interest(s);

            (c) all General Intangibles arising out of or constituted by the
      Partnership Agreement in respect of any Pledgor's Partnership Interest(s);
      and

            (d) to the extent not otherwise included, all Proceeds of any and
      all of the foregoing.

      This Agreement shall create a continuing security interest in the
Collateral which shall remain in effect until all the Secured Obligations, now
existing or hereafter arising, shall have been paid in full and the Purchase
Documents shall no longer be in effect.

      3. Delivery to Laurus.

            (a) Each Pledgor shall deliver to Laurus (i) simultaneously with or
      prior to the execution and delivery of this Pledge Agreement, all
      certificates, if any, representing the Collateral and (ii) promptly upon
      the receipt thereof by or on behalf of such Pledgor, all other
      certificates and instruments constituting Collateral of such Pledgor.
      Prior to delivery to Laurus, all such certificates and instruments
      constituting Collateral of a Pledgor shall be held in trust by such
      Pledgor for the benefit of Laurus pursuant hereto. All such certificates
      shall be delivered in suitable form for transfer by delivery or shall be
      accompanied by duly executed instruments of transfer or assignment in
      blank, substantially in the form provided in Schedule 2 attached hereto.

            (b) If any amount payable under or in connection with any of the
      Collateral shall be or become evidenced by any promissory note, other
      Instrument or Chattel Paper, such note, Instrument or Chattel Paper shall
      be immediately delivered to Laurus, duly endorsed in a manner satisfactory
      to Laurus, to be held as Collateral pursuant to this Pledge Agreement.

            (c) Each Pledgor authorizes Laurus to file such UCC or other
      applicable financing statements as may be reasonably requested by Laurus
      in order to perfect and protect the security interest created hereby in
      the Collateral.

            (d) Each Pledgor agrees to execute and to cause the other partners
      of the Partnership to execute and deliver to Laurus such other consents,
      acknowledgments, agreements, instruments and documentation as Laurus may
      reasonably request from time to time to effectuate the conveyance,
      transfer, assignment and grant to Laurus of all of such Pledgor's right,
      title and interest in and to the Collateral and to evidence the
      substitution of Laurus in place of the such Pledgor as a partner in the
      Partnership.

      4. Transfer Powers. If at any time any equity interest in the Partnership
is evidenced by a certificate or other written instrument or document (a
"CERTIFICATE"), the Pledgor thereof shall, immediately deliver such certificate
to Laurus and, concurrently with the delivery to Laurus of each certificate by
the respective Pledgor, such Pledgor shall deliver an undated

                                       3

<PAGE>

transfer power covering such certificate, duly executed in blank with, if Laurus
so requests, signature guaranteed, in the form attached hereto in Schedule 2 or
such other form as reasonably acceptable to Laurus to be held as part of the
Collateral pursuant hereto.

      5. Rights of Collateral Agent; Limitations on Laurus' Obligations.

            (a) Pledgor Remains Liable. Anything herein to the contrary
      notwithstanding, the Pledgors shall remain liable under the Partnership
      Agreement to observe and perform all the conditions and obligations to be
      observed and performed by it thereunder, all in accordance with and
      pursuant to the terms and provisions thereof. Laurus shall not have any
      obligation or liability by reason of or arising out of this Agreement or
      the receipt by Laurus of any payment relating to any Collateral pursuant
      hereto, nor shall Laurus be obligated in any manner to perform any of the
      obligations of the Pledgors under or pursuant to the Partnership Agreement
      or any Account or General Intangible related thereto, to make any payment,
      to make any inquiry as to the nature or the sufficiency of any payment
      received by it or as to the sufficiency of any performance by any party
      under the Partnership Agreement, to present or file any claim, to take any
      action to enforce any performance or to collect the payment of any amounts
      which may have been assigned to it or to which it may be entitled at any
      time or times.

            (b) Proceeds. Laurus hereby authorizes the Pledgors to collect the
      Accounts in respect of the Pledgors' respective Partnership Interest(s).
      If required by Laurus at any time after the occurrence and during the
      continuance of an Event of Default, the Accounts in respect of the
      Pledgors' Partnership Interest(s) and any Proceeds of such Accounts, when
      and if collected by the Pledgors, shall be forthwith deposited by the
      Pledgors in the exact form received, duly endorsed by such Pledgor and
      Laurus if required, in a special bank account maintained by Laurus,
      subject to withdrawal by Laurus only, as hereinafter provided, and, until
      so turned over, shall be held by the Pledgors in trust for Laurus,
      segregated from other funds of the Pledgors.

      6. Representations and Warranties. Upon and after the closing of the
transactions contemplated by the Purchase Agreement (and after giving full
effect thereto), each of the Pledgors hereby represents and warrants that:

            (a) Title; No Other Liens. Except for the lien granted to Laurus
      pursuant to this Agreement and other than as may be permitted pursuant to
      any Purchase Document, such Pledgor owns each item of the Collateral free
      and clear of any and all liens or claims of others. No security agreement,
      financing statement or other public notice with respect to all or any part
      of the Collateral is on file or of record in any public office except such
      as may have been filed in favor of Laurus pursuant to this Agreement or
      the other Purchase Documents.

            (b) Perfected First Priority Liens. Upon the filing of any necessary
      and appropriate financing statements, the Liens granted pursuant to this
      Agreement shall constitute perfected first priority Liens on the
      Collateral in favor of Laurus and shall be enforceable as such against all
      creditors of and purchasers from the Pledgors.

                                       4

<PAGE>

            (c) Accounts. The Pledgors' respective chief executive offices and
      principal places of business, and the place where the Pledgors keep their
      records concerning the Accounts, is located at:

      Tidel Services, Inc.                          Tidel Cash Systems, Inc.
      2900 Wilcrest, Suite 205                      2900 Wilcrest, Suite 205
      Houston, Texas 77042                          Houston, Texas 77042

      7. Covenants. Each of the Pledgors covenants and agrees with Laurus that
until the Secured Obligations are paid in full and the security interest granted
pursuant to this Agreement is released:

            (a) Books and Records. Such Pledgor shall mark its books and records
      (and shall cause the Partnership to mark its books and records) to reflect
      the security interest granted to Laurus for the benefit of Laurus pursuant
      to this Pledge Agreement.

            (b) If such Pledgor shall, as a result of its ownership of the
      Partnership Interest of such Pledgor, become entitled to receive or shall
      receive any certificate (including, without limitation, any certificate
      representing a dividend or a distribution in connection with any
      reclassification, increase or reduction of capital or any certificate
      issued in connection with any reorganization), option or rights, whether
      in addition to, in substitution of, as a conversion of, or in exchange for
      any shares of the Partnership Interest of such Pledgor, or otherwise in
      respect thereof, such Pledgor shall accept the same as the agent for
      Laurus, hold the same in trust for Laurus and deliver the same forthwith
      to Laurus in the exact form received, duly endorsed by such Pledgor to
      Laurus, if required, together with an undated transfer power covering such
      certificate duly executed in blank by such Pledgor and with, if Laurus so
      requests, signature guaranteed, to be held by Laurus, subject to the terms
      hereof, as additional collateral security for the Secured Obligations.
      Except in connection with any distributions that are not otherwise
      prohibited hereunder and except as expressly permitted by any Purchase
      Document any sums paid upon or in respect of the Partnership Interest of
      such Pledgor as a dividend or other distribution or upon the liquidation
      or dissolution of the Partnership shall be paid over to Laurus to be held
      by it hereunder as additional collateral security for the Secured
      Obligations, and in case any distribution of capital shall be made on or
      in respect of the Partnership Interest of such Pledgor or any property
      shall be distributed upon or with respect to the Partnership Interest of
      such Pledgor pursuant to any recapitalization, reclassification or
      reorganization of the Partnership, the property so distributed shall be
      delivered to Laurus to be held by it hereunder as additional collateral
      security for the Secured Obligations. If any sums of money or property so
      paid or distributed in respect of the Partnership Interest of such Pledgor
      shall be received by any Pledgor, such Pledgor shall, until such money or
      property is paid or delivered to Laurus, hold such money or property in
      trust for Laurus, segregated from other funds of such Pledgor, as
      additional collateral security for the Secured Obligations.

            (c) Further Documentation; Pledge of Instruments. At any time and
      from time to time, upon the written request of Laurus, and at the sole
      expense of the Pledgors,

                                       5

<PAGE>

      the Pledgors will promptly and duly execute and deliver such further
      instruments and documents and take such further action as Laurus may
      reasonably request for the purpose of obtaining or preserving the full
      benefits of this Agreement and of the rights and powers herein granted,
      including, without limitation, the filing of any financing or continuation
      statements under the Uniform Commercial Code in effect in any jurisdiction
      with respect to the liens created hereby. The Pledgors also hereby
      authorizes Laurus to file any such financing or continuation statement
      without the signature of the Pledgor to the extent permitted by applicable
      law. The Pledgor and Laurus agree that a carbon, photographic or other
      reproduction of this Agreement or a financing statement is sufficient as a
      financing statement. If any amount payable under or in connection with any
      of the Collateral shall be or become evidenced by any promissory note,
      other Instrument or Chattel Paper, such note, Instrument or Chattel Paper
      shall be immediately delivered to Laurus, duly endorsed in a manner
      satisfactory to Laurus, to be held as Collateral pursuant to this
      Agreement.

            (d) Indemnification. The Pledgors will pay, and save Laurus harmless
      from, any and all liabilities, reasonable costs and expenses (including,
      without limitation, legal fees and expenses) (i) with respect to, or
      resulting from, any delay in paying, any and all excise, sales or other
      taxes which may be payable or determined to be payable with respect to any
      of the Collateral, (ii) with respect to, or resulting from, any delay in
      complying with any law, treaty rule or regulation applicable to any of the
      Collateral or (iii) in connection with the grant, perfection and
      enforcement of the first priority security interest contemplated by this
      Agreement, except for any such liabilities which result from the gross
      negligence or wilful misconduct of Laurus.

            (e) Maintenance of Records. Each Pledgor will keep and maintain at
      its own cost and expense satisfactory and complete records of the
      Collateral, including, without limitation, a record of all payments
      received and all credits granted.

            (f) Limitation on Liens on Collateral. No Pledgor will create, incur
      or permit to exist any liens on the Collateral and each Pledgor will
      defend the Collateral against, and will take such other action as is
      necessary to remove, any lien or claim on or to the Collateral, other than
      the liens created hereby, and other than as may be permitted pursuant to
      the Purchase Documents, and will defend the right, title and interest of
      Laurus in and to any of the Collateral against the claims and demands of
      all persons and entities.

            (g) Further Identification of Collateral. Each Pledgor will furnish
      to Laurus from time to time statements and schedules further identifying
      and describing the Collateral and such other reports in connection with
      the Collateral as Laurus may reasonably request, all in reasonable detail.

            (h) Changes in Locations, Name, etc. No Pledgor will, unless it
      shall give 30 days' written notice to such effect to Laurus and any
      filings required under the Uniform Commercial Code in effect in any
      affected jurisdictions to maintain the perfected security interest granted
      pursuant to this Agreement shall have been made, (i) change the location
      of its chief executive office or principal place of business from that
      specified in Section

                                       6

<PAGE>

      6(c) or remove its books and records from such location or (ii) change its
      name, identity or structure to such an extent that any financing statement
      filed by Laurus in connection with this Agreement would become seriously
      misleading.

      8. Laurus' Appointment as Attorney-in-Fact. (a) Powers. Each of the
Pledgors hereby irrevocably constitutes and appoints Laurus and any officer or
agent thereof, to the extent permitted by the terms of the Intercreditor
Agreement and to the extent permitted under applicable law, with full power of
substitution, as its true and lawful attorney-in-fact with full irrevocable
power and authority in the place and stead of the Pledgor and in the name of the
Pledgor or in its own name, from time to time in Laurus' discretion, for the
purpose of carrying out the terms of this Agreement, to take any and all
appropriate action and to execute any and all documents and instruments which
may be necessary or desirable to accomplish the purposes of this Agreement, and,
without limiting the generality of the foregoing, each Pledgor hereby gives
Laurus, the power and right, on behalf of such Pledgor, without notice to or
assent by such Pledgor, to do the following:

            (i) upon the occurrence and during the continuance of any Event of
      Default, to exercise all partnership rights, powers and privileges with
      respect to the Partnership Interest(s) to the same extent as a partner
      under the Partnership Agreements;

            (ii) upon the occurrence and during the continuance of any Event of
      Default, in the name of such Pledgor or its own name, or otherwise, to
      take possession of and endorse and collect any checks, drafts, notes,
      acceptances or other instruments for the payment of moneys due under (i)
      any Account, Instrument or General Intangible owing to such Pledgor as a
      general partner under the Partnership Agreement or (ii) for the payment of
      any other moneys due to such Pledgor as a partner under any Partnership
      Agreement and to file any claim or to take any other action or proceeding
      in any court of law or equity or otherwise deemed appropriate by Laurus
      for the purpose of collecting any and all such moneys due under any
      Account, Instrument, General Intangible or the Partnership Agreement
      whenever payable;

            (iii) to pay or discharge taxes and liens levied or placed on the
      Collateral; and

            (iv) upon the occurrence and during the continuance of any Event of
      Default, (a) to direct any party liable for any payment under any of the
      Collateral to make payment of any and all moneys due or to become due
      thereunder directly to Laurus or as Laurus shall direct; (b) to ask for or
      demand, collect, receive payment of and receipt for, any and all moneys,
      claims and other amounts due or to become due at any time in respect of or
      arising out of the Collateral; (c) to sign and endorse any invoices,
      freight or express bills, bills of lading, storage or warehouse receipts,
      drafts against debtors, assignments, verifications, notices and other
      documents in connection with any of the Collateral; (d) to commence and
      prosecute any suits, actions or proceedings at law or in equity in any
      court of competent jurisdiction to collect the Collateral or any part
      thereof and to enforce any other right in respect of the Collateral; (e)
      to defend any suit, action or proceeding brought against the Pledgor with
      respect to the Collateral; (f) to settle,

                                       7

<PAGE>

      compromise or adjust any suit, action or proceeding described in clause
      (e) above and, in connection therewith, to give such discharges or
      releases as Laurus may deem appropriate; and (g) generally, to sell,
      transfer, pledge and make any agreement with respect to or otherwise deal
      with any of the Collateral as fully and completely as though Laurus were
      the absolute owner thereof for all purposes, and to do, at Laurus's option
      and such Pledgor's expense, at any time, or from time to time, all
      reasonable acts and things which Laurus deems necessary to protect,
      preserve or realize upon the Collateral and Laurus's liens thereon and to
      effect the intent of this Agreement, all as fully and effectively as the
      Pledgor might do.

      Each Pledgor hereby ratifies all that said attorneys shall lawfully do or
      cause to be done by virtue hereof. This power of attorney is a power
      coupled with an interest and shall be irrevocable.

            (b) Other Powers. Each Pledgor also authorizes Laurus, at any time
      and from time to time, to execute, in connection with the sale provided
      for in Section 8 hereof, any endorsements, assignments or other
      instruments of conveyance or transfer with respect to the Collateral.

            (c) No Duty on Laurus' Part. The powers conferred on Laurus
      hereunder are solely to protect Laurus's interests in the Collateral and
      shall not impose any duty upon it to exercise any such powers. Laurus
      shall be accountable only for amounts that it actually receives as a
      result of the exercise of such powers, and neither it nor any of its
      officers, directors, employees or agents shall be responsible to the
      Pledgors for any act or failure to act hereunder, except for its or their
      gross negligence or willful misconduct.

      9. Performance by Laurus of Pledgors' Obligations; Rights of Pledgors
Prior to Event of Default.

            (a) If either Pledgor fails to perform or comply with any of its
      agreements contained herein and Laurus, as provided for by the terms of
      this Agreement, shall itself perform or comply, or otherwise cause
      performance or compliance, with such agreement, the expenses of Laurus
      incurred in connection with such performance or compliance, together with
      interest thereon accruing at the Contract Rate shall be payable by such
      Pledgor to Laurus on demand and shall constitute Secured Obligations
      secured hereby.

            (b) Unless an Event of Default shall have occurred and be
      continuing, the Pledgors shall be entitled to receive all distributions
      made pursuant to the Partnership Agreements and exercise all voting rights
      and take all action it is authorized to take thereunder, provided that no
      distribution shall be made which is prohibited by any Purchase Document,
      the relevant Partnership Agreement or any of the other documents executed
      in connection with the transactions contemplated hereby; and, provided
      further, that no vote or other action taken shall impair any of the
      Collateral provided to Laurus pursuant to this Agreement.

                                       8

<PAGE>

      10. Remedies; Rights Upon Default.

            (a) If an Event of Default shall occur and be continuing, Laurus may
      exercise in addition to all other rights and remedies granted to it in
      this Agreement and in any other instrument or agreement securing,
      evidencing or relating to the Secured Obligations, all rights and remedies
      of a secured party under the Code. Without limiting the generality of the
      foregoing, Laurus, without demand of performance or other demand,
      presentment, protest, advertisement or notice of any kind (except the
      notice specified below of time and place of public or private sale) to or
      upon the Pledgors or any other person or entity (all and each of which
      demands, presentment, protest, advertisements and notices are hereby
      waived), may in such circumstances forthwith collect, receive, appropriate
      and realize upon the Collateral, or any part thereof, and/or may forthwith
      sell, lease, assign, give option or options to purchase, or otherwise
      dispose of and deliver said Collateral or any part thereof (or contract to
      do any of the foregoing), in one or more parcels at public or private sale
      or sales, at any exchange, broker's board or office of Laurus or elsewhere
      upon such terms and conditions as it may deem advisable and at such prices
      as it may deem advisable and at such prices as it may deem best, for cash
      or on credit or for future delivery without assumption of any credit risk.
      Laurus shall have the right upon any such public sale or sales, and, to
      the extent permitted by law, upon any such private sale or sales, to
      purchase the whole or any part of said Collateral so sold, free of any
      right or equity of redemption in the Pledgors, which right or equity of
      redemption is hereby waived or released. The Pledgors further agree, at
      Laurus's request, to assemble the Collateral and make it available to
      Laurus at places which Laurus shall reasonably select, whether at the
      Pledgor's premises or elsewhere. Laurus shall apply the proceeds of any
      such collection, recovery, receipt, appropriation, realization or sale as
      follows: first, to all reasonable costs and expenses of Laurus (including
      without limitation reasonable attorneys' fees and expenses) incurred in
      connection with the implementation and/or enforcement of this Pledge
      Agreement and/or any of the other Purchase Documents; second, to the
      principal amount of the Secured Obligations; third, to such of the Secured
      Obligations consisting of accrued but unpaid interest and fees; fourth, to
      all other amounts payable with respect to the Secured Obligations; and
      fifth, to the payment of the surplus, if any, to whoever may be lawfully
      entitled to receive such surplus. Pledgor shall remain liable to Laurus
      for any deficiency. To the extent permitted by applicable law, the
      Pledgors waive all claims, damages, and demands against Laurus arising out
      of the repossession, retention or sale of the Collateral. Each Pledgor
      further waives any and all rights under the Partnership Agreement which,
      whether exercised by such Pledgor or not, would prevent, inhibit or
      interfere with the granting of a security interest in the Collateral to
      Laurus, the foreclosure of such security interest in the Collateral by
      Laurus or the full realization by Laurus of any of its other rights under
      this Pledge Agreement or the other Purchase Documents. If any notice of a
      proposed sale or disposition of Collateral shall be required by law, such
      notice shall be deemed reasonably and properly given if given (effective
      upon dispatch) in any manner provided in the Purchase Agreement at least
      10 days before such sale or disposition.

                                       9

<PAGE>

            (b) If an Event of Default shall occur and be continuing, Laurus may
         (but need not), upon notice to the Pledgors, exercise all voting and
         other rights of the Pledgors as a general, as the case may be, partner
         of the Partnership and exercise all other rights as a general partner
         provided under the Partnership Agreements in respect of the Partnership
         Interest(s) and Laurus shall receive all permitted distributions, if
         any, made for the account of the Pledgors as a general partner under
         the Partnership Agreement.

            11. Limitation on Laurus' Duties in Respect of Collateral. Laurus'
      sole duty, with respect to the custody, safekeeping and physical
      preservation of any Collateral in its possession, under the Code or
      otherwise, shall be to deal with it in the same manner as Laurus deals
      with similar property for its own account. Neither Laurus nor any of its
      directors, officers, employees or agents shall be liable for failure to
      demand, collect or realize upon all or any part of the Collateral or for
      any delay in doing so or shall be under any obligation to sell or
      otherwise dispose of any Collateral upon the request of the Pledgors or
      otherwise.

            12. Powers Coupled with an Interest. All authorizations and agencies
      herein contained with respect to the Collateral are irrevocable and powers
      coupled with an interest.

            13. Notices. Notices hereunder shall be given in accordance with
      subsection 12.7 of the Purchase Agreement.

            14. Severability. Any provision of this Agreement which is
      prohibited or unenforceable in any jurisdiction shall, as to such
      jurisdiction, be ineffective to the extent of such prohibition or
      unenforceability without invalidating the remaining provisions hereof, and
      any such prohibition or enforceability in any jurisdiction shall not
      invalidate or render unenforceable such provision in any other
      jurisdiction.

            15. Section Headings. The paragraph headings used in this Agreement
      are for convenience of reference only and are not to affect the
      construction hereof or be taken into consideration in the interpretation
      hereof.

            16. No Waiver; Cumulative Remedies. Laurus shall not by any act
      (except pursuant to the execution of a written instrument pursuant to
      Section 17 hereof), delay, indulgence, omission or otherwise be deemed to
      have waived any right or remedy hereunder or to have acquiesced in any
      Default or Event of Default or in any breach of any of the terms and
      conditions hereof. No failure to exercise, nor any delay in exercising, on
      the part of Laurus, any right, power or privilege hereunder shall operate
      as a waiver thereof. No single or partial exercise of any right, power or
      privilege hereunder shall preclude any other or further exercise thereof
      or the exercise of any other right, power or privilege. A waiver by Laurus
      of any right or remedy hereunder on any one occasion shall not be
      construed as a bar to any right or remedy which Laurus would otherwise
      have on any future occasion. The rights and remedies herein provided are
      cumulative, may be exercised singly or concurrently and are not exclusive
      of any rights or remedies provided by law.

            17. Waivers and Amendments; Successors and Assigns. None of the
      terms or provisions of this Agreement may be waived, amended, supplemented
      or otherwise modified

                                       10

<PAGE>

      except by a written instrument executed by the Pledgors and Laurus;
      provided that any provision of this Agreement may be waived by Laurus in a
      letter or agreement executed by Laurus or by facsimile transmission from
      Laurus. This Agreement shall be binding upon the successors and assigns of
      the Pledgors and shall inure to the benefit of Laurus, and the successors
      and assigns of Laurus.

            18. Governing Law; Consent to Jurisdiction and Service of Process;
      Waiver of Jury Trial. THIS PLEDGE AGREEMENT AND THE RIGHTS AND OBLIGATIONS
      OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND
      INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. THE
      PROVISIONS OF THE PURCHASE AGREEMENT RELATING TO CONSENT TO JURISDICTION
      AND WAIVER OF JURY TRIAL ARE HEREBY INCORPORATED BY REFERENCE HEREIN,
      MUTATIS MUTANDIS.

                    [Remainder of page intentionally blank.]

                                       11

<PAGE>

      IN WITNESS WHEREOF, the Pledgors have caused this Partnership Interest
Pledge Agreement to be duly executed and delivered as of the date first above
written.

                                            TIDEL CASH SYSTEMS, INC.

                                            By: /s/ James T. Rash
                                                --------------------------------
                                            Name: James T. Rash
                                            Title: CEO

                                            TIDEL SERVICES, INC.

                                            By: /s/ James T. Rash
                                                --------------------------------
                                            Name: James T. Rash
                                            Title: CEO

                                            LAURUS MASTER FUND, LTD.

                                            By: /s/ Eugene Grin
                                                --------------------------------
                                            Name: Eugene Grin
                                            Title: Director

                                       12
<PAGE>

Schedules

Schedule 1 - Description of Partnership Interests
Schedule 2 - Form of Transfer Power

                                       13

<PAGE>

                                   SCHEDULE 1

                      DESCRIPTION OF PARTNERSHIP INTERESTS

1)    All limited and general partnership interests in the Partnerships held by
the Pledgors from time to time.

<TABLE>
<CAPTION>
                                                                       Type of
          Partnership                                                 Partnership       Percent
             Issuer                          Owner                     Interest        Ownership
-----------------------------------  ---------------------------  -------------------  ---------
<S>                                  <C>                          <C>                  <C>
Tidel Engineering, L.P., a Delaware  Tidel Cash Systems, Inc., a  General Partnership      1%
corporation                          Delaware corporation

Tidel Engineering, L.P., a Delaware  Tidel Services, Inc., a      Limited Partnership     99%
limited partnership                  Delaware corporation
</TABLE>

                                       14

<PAGE>

                                   SCHEDULE 2

                           IRREVOCABLE TRANSFER POWER

      FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers to
      ________________ ____________ the following equity interest in __________
     , a ______________.

            Certificate No.                    No. of Interests

and irrevocably appoints

its agent and attorney-in-fact to transfer all or any part of such equity
interest and to take all necessary and appropriate action to effect any such
transfer. The agent and attorney-in-fact may substitute and appoint one or more
persons to act for him. The effectiveness of a transfer pursuant to this
transfer power shall be subject to any and all transfer restrictions referenced
on the face of the certificates evidencing such interest or in the certificate
of incorporation or bylaws of the subject corporation, to the extent they may
from time to time exist.

Date:______________                                   PLEDGOR:

                                                      By: ______________________
                                                      Name:

Witness by:

___________________                                   Signature Guaranteed

___________________

                                       15

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