Document:

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                                                                  EXHIBIT 10.2.9

                                PLEDGE AGREEMENT

     THIS PLEDGE AGREEMENT (this "Pledge Agreement"), dated as of March 8,
2002, made by Quintana Minerals (USA), Inc., a Delaware corporation, JOQ
Canada, Inc., a Delaware corporation and Quintana Canada Holdings, LLC, a
Delaware limited liability company (each a "Pledgor" and collectively, the
"Pledgors"), in favor of The Bank of Nova Scotia, as agent (together with any
successor(s) thereto in such capacity, the "Agent") for each of the Lender
Parties (as defined below).

                              W I T N E S S E T H:

     WHEREAS, pursuant to that certain Credit Agreement, dated as of March 8,
2002 (together with all amendments and other modifications, if any, from time
to time thereafter made thereto, the "2002 Credit Agreement"), among the
Borrower, the various financial institutions as are or may become parties
hereto (collectively, the "2002 Lenders"), The Bank of Nova Scotia and
Bayerische Landesbank Girozentrale, as Lead Arrangers and Bookrunners on the
Revolving Facility, Salomon Smith Barney Inc. and Deutsche Banc Alex. Brown
Inc., as Lead Arrangers and Bookrunners on the Term B Facility, The Bank of
Nova Scotia, as Joint Administrative Agent and Funding Agent, Citicorp USA,
Inc., as Joint Administrative Agent, Bank of America, National Association and
Credit Suisse First Boston, Cayman Islands Branch as Lead Arrangers and
Syndication Agents for the Revolving Facility and TD Securities (USA) Inc. as
Lead Arranger for the Revolving Facility, the Lenders have extended Commitments
to make Loans and to issue Letters of Credit to the Borrower; and

     WHEREAS, pursuant to that certain Second Amended and Restated Credit
Agreement, dated as of May 23, 2000 (together with all amendments and other
modifications, if any, from time to time made thereto, the "2000 Credit
Agreement" and together with the 2002 Credit Agreement, the "Credit
Agreements"), among the Borrower, the various financial institutions as are or
may become parties thereto (collectively, the "2000 Lenders" and together with
the 2002 Lenders, the "Lenders"), Bayerische Landesbank Girozentrale as
co-arranger and syndication agent for the 2000 Lenders and The Bank of Nova
Scotia as lead arranger and administrative agent for the 2000 Lenders; and

     WHEREAS, as a condition precedent to the making of the initial Loans under
the 2002 Credit Agreement and to continue making loans under the 2000 Credit
Agreement, the Pledgors are required to execute and deliver this Pledge
Agreement; and

     WHEREAS, each Pledgor has duly authorized the execution, delivery and
performance of this Pledge Agreement; and

     WHEREAS, it is in the best interests of the Pledgors to execute this
Pledge Agreement inasmuch as each Pledgor will derive substantial direct and
indirect benefits from the Loans made and Letters of Credit issued from time to
time to the Borrower by the Lenders pursuant to the Credit Agreements;

     NOW THEREFORE, for good and valuable consideration the receipt of which is
hereby acknowledged, and in order to induce the Lenders to make Loans
(including the initial Loans)
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and to issue Letters of Credit for the account of the Borrower pursuant to the
Credit Agreements, the each Pledgor agrees, for the benefit of each Lender
Party, as follows:

                                    ARTICLE I
                                   DEFINITIONS

     SECTION 1.1.   Certain Terms. The following terms (whether or not
underscored) when used in this Pledge Agreement, including its preamble and
recitals, shall have the following meanings (such definitions to be equally
applicable to the singular and plural forms thereof):

     "Agent" is defined in the preamble.

     "Borrower" is defined in the first recital.

     "Collateral" is defined in Section 2.1.

     "Credit Agreements" is defined in the second recital.

     "Distributions" means all stock dividends, liquidating dividends, shares
of stock resulting from (or in connection with the exercise of) stock splits,
reclassifications, warrants, options, non-cash dividends, mergers,
consolidations, and all other distributions (whether similar or dissimilar to
the foregoing) on or with respect to any Pledged Shares or other shares of
capital stock constituting Collateral, but shall not include Dividends.

     "Dividends" means cash dividends and cash distributions with respect to
any Pledged Shares or other Pledged Property made in the ordinary course of
business and not a liquidating dividend.

     "Lender Party" means, as the context may require, any Lender, Issuer or
the Agent and each of its respective successors, transferees and assigns under
either of the Credit Agreements.

     "Lenders" is defined in the second recital.

     "Pledge Agreement" is defined in the preamble.

     "Pledged Property" means all Pledged Shares and all other pledged shares
of capital stock, all other securities, all assignments of any amounts due or
to become due, all other instruments which are now being delivered by the
Pledgors to the Agent or may from time to time hereafter be delivered by the
Pledgors to the Agent for the purpose of pledge under this Pledge Agreement or
any other Loan Document, and all proceeds of any of the foregoing.

     "Pledged Share Issuer" means each Person identified in Attachment 1 hereto
as the issuer of the Pledged Shares identified opposite the name of such
Person.

     "Pledged Shares" means all shares of capital stock of any Pledged Share
Issuer which are delivered by the Borrower to the Agent as Pledged Property
hereunder.

     "Secured Obligations" is defined in Section 2.2.

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     "Securities Act" is defined in Section 6.2.

     "U.C.C." means the Uniform Commercial Code as in effect in the State of
New York.

     SECTION 1.2.   Definitions.  Unless otherwise defined herein or the
context otherwise requires, terms used in this Pledge Agreement, including its
preamble and recitals, have the meanings provided in the Credit Agreements.

     SECTION 1.3.   U.C.C.  Definitions.  Unless otherwise defined herein or
the context otherwise requires, terms for which meanings are provided in the
U.C.C.  are used in this Pledge Agreement, including its preamble and recitals,
with such meanings.

                                   ARTICLE II
                                     PLEDGE

     SECTION 2.1.   Grant of Security Interest. Each Pledgor hereby pledges,
hypothecates, assigns, charges, mortgages, delivers, and transfers to the
Agent, for its benefit and the ratable benefit of each of the Lender Parties,
and hereby grants to the Agent, for its benefit and the ratable benefit of the
Lender Parties, a continuing security interest in, all of the following
property (the "Collateral"):

          (a)  all issued and outstanding shares of capital stock identified on
     Attachment 1 hereto of each Pledged Share Issuer identified on Attachment
     1 hereto;

          (b)  and the certificates representing the Pledged Shares and all
     dividends, cash, instruments and other property from time to time
     received, receivable or otherwise distributed in respect of or in exchange
     for any or all of the Pledged Shares;

          (c)  all additional shares of stock of any issuer of the Pledged
     Shares from time to time acquired by any Pledgor in any manner, and the
     certificates representing such additional shares, and all dividends, cash,
     instruments and other property from time to time received, receivable or
     otherwise distributed in respect of or in exchange for any or all of such
     shares; and

          (d)  all proceeds of any of the foregoing.

     SECTION 2.2.   Security for Obligations. This Pledge Agreement secures the
payment and performance in full of all Obligations of the Borrower now or
hereafter existing under the Credit Agreements, the Notes, each Letter of
Credit and each other Loan Document to which the Borrower is or may become a
party, whether for principal, interest, costs, fees, expenses, or otherwise,
and all obligations of the Pledgors now or hereafter existing under this Pledge
Agreement and each other Loan Document to which it is or may become a party
(all such obligations of the Borrower and the Pledgors being the "Secured
Obligations").

     SECTION 2.3.   Delivery of Pledged Property. All certificates or
instruments representing or evidencing any Collateral, including all Pledged
Shares, shall be delivered to and held by or on behalf of the Agent pursuant
hereto, shall be in suitable form for transfer by

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delivery, and shall be accompanied by all necessary instruments of transfer or
assignment, duly executed in blank.

     SECTION 2.4.   Intentionally Omitted.

     SECTION 2.5.   Continuing Security Interest; Transfer of Note.  This
Pledge Agreement shall create a continuing security interest in the Collateral
and shall

          (a)  remain in full force and effect until payment in full of all
     Secured Obligations and the termination of all Commitments,

          (b)  be binding upon each Pledgor and its successors, transferees and
     assigns, and

          (c)  inure, together with the rights and remedies of the Agent
     hereunder, to the benefit of the Agent and each other Lender Party.

Without limiting the foregoing clause (c), any Lender may assign or otherwise
transfer (in whole or in part) any right or obligation under the Loan Documents
to any other Person or entity, and such other Person or entity shall thereupon
become vested with all the rights and benefits in respect thereof granted to
such Lender under any Loan Document (including this Pledge Agreement) or
otherwise, subject, however, to any contrary provisions in such assignment or
transfer, and to the provisions of Section 11.11 of each of the Credit
Agreements. Upon the indefeasible payment in full, in cash, of all Secured
Obligations and the termination of all Commitments, the security interest
granted herein shall terminate and all rights to the Collateral shall revert to
the Pledgors. Upon any such termination, the Agent will, at the Borrower's sole
expense, deliver to the Borrower, without any representations, warranties or
recourse of any kind whatsoever, all certificates and instruments representing
or evidencing all Pledged Shares, together with all other Collateral held by
the Agent hereunder, and execute and deliver to each Pledgor such documents as
the Pledgors shall reasonably request to evidence such termination.

     SECTION 2.6.   Security Interest Absolute.  All rights of the Agent and
the security interests granted to the Agent hereunder, and all obligations of
the Pledgors hereunder, shall be absolute and unconditional, irrespective of

          (a)  any lack of validity or enforceability of either of the Credit
     Agreements, any Note or any other Loan Document,

          (b)  the failure of any Lender Party or any holder of any Note

               (i)    to assert any claim or demand or to enforce any right or
          remedy against the Borrower, any other Obligor or any other Person
          under the provisions of either of the Credit Agreements, any Note,
          any other Loan Document or otherwise, or

               (ii)   to exercise any right or remedy against any other
          guarantor of, or collateral securing, any Obligations of the Borrower
          or any other Obligor,

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          (c)  any change in the time, manner or place of payment of, or in any
     other term of, all or any of the Obligations or any other extension,
     compromise or renewal of any Obligation of the Borrower or any other
     Obligor,

          (d)  any reduction, limitation, impairment or termination of any
     Obligations of the Borrower or any other Obligor for any reason, including
     any claim of waiver, release, surrender, alteration or compromise, and
     shall not be subject to (and the Pledgors hereby waive any right to or
     claim of) any defense or setoff, counterclaim, recoupment or termination
     whatsoever by reason of the invalidity, illegality, nongenuineness,
     irregularity, compromise, unenforceability of, or any other event or
     occurrence affecting, any Obligations of the Borrower, any other Obligor
     or otherwise,

          (e)  any amendment to, rescission, waiver, or other modification of,
     or any consent to departure from, any of the terms of either of the Credit
     Agreements, any Note or any other Loan Document,

          (f)  any addition, exchange, release, surrender or non-perfection of
     any collateral (including the Collateral), or any amendment to or waiver
     or release of or addition to or consent to departure from any guaranty,
     for any of the Obligations, or

          (g)  any other circumstances which might otherwise constitute a
     defense available to, or a legal or equitable discharge of, the Borrower,
     any other Obligor, any surety or any guarantor.

     SECTION 2.7.   Subrogation, etc. The Pledgors will not exercise any rights
which it may acquire by reason of any payment made hereunder, whether by way of
subrogation, reimbursement or otherwise until the prior indefeasible payment in
full, in cash, of all Obligations of the Borrower and each other Obligor. Any
amount paid to any Pledgor on account of any payment made hereunder prior to
the payment in full of all Obligations of the Borrower and each other Obligor
shall be held in trust for the benefit of the Lender Parties and each holder of
a Note and shall immediately be paid to the Lender Parties and each holder of a
Note and credited and applied against the Obligations of the Borrower and each
other Obligor, whether matured or unmatured, in accordance with the terms of
the Credit Agreements; provided, however, that if

          (a)  any Pledgor has made payment to the Lender Parties and each
     holder of a Note of all or any part of the Obligations of the Borrower or
     any other Obligor, and

          (b)  all Obligations of the Borrower and each other Obligor have been
     indefeasibly paid in full, in cash, and all Commitments have been
     permanently terminated,

each Lender Party and each holder of a Note agrees that, at the Pledgors'
request, the Lender Parties and the holders of the Notes will execute and
deliver to the Pledgors appropriate documents (without recourse and without
representation or warranty and at the sole cost and expense of the Pledgors)
necessary to evidence the transfer by subrogation to the Pledgors of an
interest in the Obligations of the Borrower and each other Obligor resulting
from such payment by the Pledgors. In furtherance of the foregoing, for so long
as any Obligations or Commitments

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remain outstanding, the Pledgors shall refrain from taking any action or
commencing any proceeding against the Borrower or any other Obligor (or its
successors or assigns, whether in connection with a bankruptcy proceeding or
otherwise) to recover any amounts in respect of payments made under this Pledge
Agreement to any Lender Party or any holder of a Note.

     SECTION 2.8.   Waiver of Subrogation. Until such time as the Obligations
have been indefeasibly paid in full, in cash, and the Commitments have been
terminated, each Pledgor hereby irrevocably waives any claim or other rights
which it may now or hereafter acquire against the Borrower or any other Obligor
that arise from the existence, payment, performance or enforcement of the
Pledgors' obligations under this Pledge Agreement or any other Loan Document,
including any right of subrogation, reimbursement, exoneration, or
indemnification, any right to participate in any claim or remedy of the Lender
Parties against the Borrower or any other Obligor or any collateral which the
Agent now has or hereafter acquires, whether or not such claim, remedy or right
arises in equity, or under contract, statute or common law, including the right
to take or receive from the Borrower or any other Obligor, directly or
indirectly, in cash or other property or by set-off or in any manner, payment
or security on account of such claim or other rights. If any amount shall be
paid to any Pledgor in violation of the preceding sentence and the Obligations
shall not have been indefeasibly paid in full, in cash, and the Commitments
have not been terminated, such amount shall be deemed to have been paid to such
Pledgor for the benefit of, and held in trust for, the Lender Parties, and
shall forthwith be paid to the Lender Parties to be credited and applied upon
the Obligations, whether matured or unmatured. Each Pledgor acknowledges that
it will receive direct and indirect benefits from the financing arrangements
contemplated by the Credit Agreements and that the waiver set forth in this
Section is knowingly made in contemplation of such benefits.

                                  ARTICLE III
                         REPRESENTATIONS AND WARRANTIES

     SECTION 3.1.   Warranties, etc. Each Pledgor represents and warrants unto
each Lender Party, as at the date of each pledge and delivery hereunder
(including each pledge and delivery of Pledged Shares) by such Pledgor to the
Agent of any Collateral, as set forth in this Article.

     SECTION 3.1.1  Organization, etc. Each Pledgor is a corporation validly
organized and existing and in good standing under the laws of the State of its
organization, is duly qualified to do business and is in good standing as a
foreign organization in each jurisdiction where the nature of its business
requires such qualification and where the failure to so qualify would have a
material adverse effect on such Pledgor's ability to perform its obligations
under this Pledge Agreement or the other Loan Documents to which it is a party,
and has full power and authority and holds all requisite governmental licenses,
permits and other approvals to enter into and perform its Secured Obligations
under this Pledge Agreement and each other Loan Document to which it is a party
and to own or hold under lease its property and to conduct its business
substantially as currently conducted by it.

     SECTION 3.1.2  Due Authorization, Non-Contravention, etc. The execution,
delivery and performance by any Pledgor of this Pledge Agreement and each other
Loan Document executed or to be executed by it are within such Pledgor's
corporate powers, have been duly authorized by all necessary corporate action,
and do not

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          (a)  contravene such Pledgor's Organic Documents;

          (b)  contravene any contractual restriction (including, without
     limitation, the Senior Note Indentures), law or governmental regulation or
     court decree or order binding on or affecting such Pledgor; or

          (c)  result in, or require the creation or imposition of, any Lien
     (other than the lien created hereunder) on any of such Pledgor's
     properties.

     SECTION 3.1.3  Regulation, etc. Each Pledgor is not an "investment
company" within the meaning of the Investment Company Act of 1940, as amended,
or a "holding company", or a "subsidiary company" of a "holding company", or an
"affiliate" of a "holding company" or of a "subsidiary company" of a "holding
company", within the meaning of the Public Utility Holding Company Act of 1935,
as amended.

     SECTION 3.1.4  Validity, etc. This Pledge Agreement constitutes, and each
other Loan Document executed by each Pledgor will, on the due execution and
delivery thereof, constitute, the legal, valid and binding obligations of each
Pledgor enforceable in accordance with their respective terms except as
enforceability may be subject to or limited by (i) bankruptcy, insolvency,
reorganization, arrangement, moratorium or other similar laws affecting the
rights of creditors or (ii) general principles of equity, including the
possible unavailability of specific performance or injunctive relief.

     SECTION 3.1.5  Ownership, No Liens, etc. Each Pledgor is the legal and
beneficial owner of, and has good and marketable title to (and has full right
and authority to pledge and assign) the Collateral, free and clear of all
liens, security interests, options, or other charges or encumbrances, except
any lien or security interest granted pursuant hereto in favor of the Agent.

     SECTION 3.1.6  Valid Security Interest. The delivery of such Collateral
to the Agent is effective to create a valid, perfected, first priority security
interest in such Collateral and all proceeds thereof, securing the Secured
Obligations. No filing or other action will be necessary to perfect or protect
such security interest.

     SECTION 3.1.7  As to Pledged Shares. All of the Pledged Shares are duly
authorized and validly issued, fully paid, and non-assessable, and constitute
sixty-five percent (65%) of all of the issued and outstanding shares of capital
stock entitled to vote in the election of the Board of Directors of the Pledged
Share Issuer.

     SECTION 3.1.8  Authorization, Approval, etc. No authorization, approval,
or other action by, and no notice to or filing with, any governmental
authority, regulatory body or any other Person is required either

          (a)  for the pledge by any Pledgor of any Collateral pursuant to this
     Pledge Agreement or for the execution, delivery, and performance of this
     Pledge Agreement by any Pledgor, or

          (b)  for the exercise by the Agent of the voting or other rights
     provided for in this Pledge Agreement, or, except with respect to any
     Pledged Shares, as may be required

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     in connection with a disposition of such Pledged Shares by laws affecting
     the offering and sale of securities generally, the remedies in respect of
     the Collateral pursuant to this Pledge Agreement.

     SECTION 3.1.9  Compliance with Laws. Each Pledgor is in compliance with
the requirements of all applicable laws (including, without limitation, the
provisions of the Fair Labor Standards Act), rules, regulations and orders of
every governmental authority, the non-compliance with which might materially
adversely affect the business, properties, assets, operations, condition
(financial or otherwise) or prospects of any Pledgor or the value of the
Collateral or the worth of the Collateral as collateral security.

                                   ARTICLE IV
                                    COVENANTS

     SECTION 4.1.   Protect Collateral; Further Assurances, etc. No Pledgor
will sell, assign, transfer, pledge, or encumber in any other manner the
Collateral (except in favor of the Agent hereunder or in favor of Restricted
Subsidiary (as such term is defined in the Pre-2000 Indenture)). Each Pledgor
will warrant and defend the right and title herein granted unto the Agent in
and to the Collateral (and all right, title, and interest represented by the
Collateral) against the claims and demands of all Persons whomsoever. Each
Pledgor agrees that at any time, and from time to time, at the expense of the
Pledgors, the Pledgors will promptly execute and deliver all further
instruments, and take all further action, that may be necessary or desirable,
or that the Agent may reasonably request, in order to perfect and protect any
security interest granted or purported to be granted hereby or to enable the
Agent to exercise and enforce its rights and remedies hereunder with respect to
any Collateral.

     SECTION 4.2.   Stock Powers, etc. The Pledgors agree that all Pledged
Shares (and all other shares of capital stock constituting Collateral)
delivered by the Pledgors pursuant to this Pledge Agreement will be accompanied
by duly executed undated blank stock powers, or other equivalent instruments of
transfer acceptable to the Agent. The Pledgors will, from time to time upon the
request of the Agent, promptly deliver to the Agent such stock powers,
instruments, and similar documents, satisfactory in form and substance to the
Agent, with respect to the Collateral as the Agent may reasonably request and
will, from time to time upon the request of the Agent after the occurrence of
any Event of Default, promptly transfer any Pledged Shares or other shares of
common stock constituting Collateral into the name of any nominee designated by
the Agent.

     SECTION 4.3.   Continuous Pledge. Subject to Section 2.4, the Pledgors
will, at all times, keep pledged to the Agent pursuant hereto all Pledged
Shares and all other shares of capital stock constituting Collateral, all
Dividends and Distributions with respect thereto, and all other Collateral and
other securities, instruments, proceeds, and rights from time to time received
by or distributable to any Pledgor in respect of any Collateral.

     SECTION 4.4.   Voting Rights; Dividends, etc.  The Pledgors agree after
any Event of Default shall have occurred and be continuing and the Agent has
notified the Pledgors of the Agent's intention to exercise its voting power
under this Section 4.4(b)

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               (i)    the Agent may exercise (to the exclusion of the Pledgors)
          the voting power and all other incidental rights of ownership with
          respect to any Pledged Shares or other shares of capital stock
          constituting Collateral and each Pledgor hereby grants the Agent an
          irrevocable proxy, exercisable under such circumstances, to vote the
          Pledged Shares and such other Collateral; and

               (ii)   promptly to deliver to the Agent such additional proxies
          and other documents as may be necessary to allow the Agent to
          exercise such voting power.

The Agent agrees that unless an Event of Default shall have occurred and be
continuing and the Agent shall have given the notice referred to in Section
4.4(b), the Pledgors shall have the exclusive voting power with respect to any
shares of capital stock (including any of the Pledged Shares) constituting
Collateral and the Agent shall, upon the written request of the Pledgors,
promptly deliver such proxies and other documents, if any, as shall be
reasonably requested by the Pledgors which are necessary to allow the Pledgors
to exercise voting power with respect to any such share of capital stock
(including any of the Pledged Shares) constituting Collateral; provided,
however, that no vote shall be cast, or consent, waiver, or ratification given,
or action taken by the Pledgors that would impair any Collateral or be
inconsistent with or violate any provision of the Credit Agreements or any
other Loan Document (including this Pledge Agreement).

     SECTION 4.5.   Additional Undertakings. The Pledgors will not, without the
prior written consent of the Agent take or omit to take any action the taking
or the omission of which would result in any impairment or alteration of any
obligation of the maker of any instrument constituting Collateral.

                                    ARTICLE V
                                    THE AGENT

     SECTION 5.1.   Agent Appointed Attorney-in-Fact. The Pledgors hereby
irrevocably appoint the Agent the Pledgors' attorney-in-fact, with full
authority in the place and stead of each Pledgor and in the name of each
Pledgor or otherwise, from time to time in the Agent's discretion, to take any
action and to execute any instrument which the Agent may deem necessary or
advisable to accomplish the purposes of this Pledge Agreement, including
without limitation:

          (a)  after the occurrence and continuance of an Event of Default, to
     ask, demand, collect, sue for, recover, compromise, receive and give
     acquittance and receipts for moneys due and to become due under or in
     respect of any of the Collateral;

          (b)  to receive, endorse, and collect any drafts or other
     instruments, documents and chattel paper, in connection with clause (a)
     above; and

          (c)  to file any claims or take any action or institute any
     proceedings which the Agent may deem necessary or desirable for the
     collection of any of the Collateral or otherwise to enforce the rights of
     the Agent with respect to any of the Collateral.

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Each Pledgor hereby acknowledges, consents and agrees that the power of
attorney granted pursuant to this Section is irrevocable and coupled with an
interest.

     SECTION 5.2.   Agent May Perform. If any Pledgor fails to perform any
agreement contained herein, the Agent may itself perform, or cause performance
of, such agreement, and the reasonable expenses of the Agent incurred in
connection therewith shall be payable by the Pledgors pursuant to Section 6.4.

     SECTION 5.3.   Agent Has No Duty. The powers conferred on the Agent
hereunder are solely to protect its interest (on behalf of the Lender Parties)
in the Collateral and shall not impose any duty on it to exercise any such
powers.  Except for reasonable care of any Collateral in its possession and the
accounting for moneys actually received by it hereunder, the Agent shall have
no duty as to any Collateral or responsibility for (a) ascertaining or taking
action with respect to calls, conversions, exchanges, maturities, tenders or
other matters relative to any Pledged Property, whether or not the Agent has or
is deemed to have knowledge of such matters, or (b) taking any necessary steps
to preserve rights against prior parties or any other rights pertaining to any
Collateral.

     SECTION 5.4.   Reasonable Care. The Agent is required to exercise
reasonable care in the custody and preservation of any of the Collateral in its
possession; provided, however, the Agent shall be deemed to have exercised
reasonable care in the custody and preservation of any of the Collateral, if it
takes such action for that purpose as any Pledgor reasonably requests in
writing at times other than upon the occurrence and during the continuance of
any Event of Default, but failure of the Agent to comply with any such request
at any time shall not in itself be deemed a failure to exercise reasonable care.

                                   ARTICLE VI
                                    REMEDIES

     SECTION 6.1.   Certain Remedies.  If any Event of Default shall have
occurred and be continuing:

          (a)  The Agent may exercise in respect of the Collateral, in addition
     to other rights and remedies provided for herein or otherwise available to
     it, all the rights and remedies of a secured party on default under the
     U.C.C. (whether or not the U.C.C.  applies to the affected Collateral) and
     also may, without notice except as specified below, sell the Collateral or
     any part thereof in one or more parcels at public or private sale, at any
     of the Agent's offices or elsewhere, for cash, on credit or for future
     delivery, and upon such other terms as the Agent may deem commercially
     reasonable.  The Pledgors agree that, to the extent notice of sale shall
     be required by law, at least ten days' prior notice to the Pledgors of the
     time and place of any public sale or the time after which any private sale
     is to be made shall constitute reasonable notification.  The Agent shall
     not be obligated to make any sale of Collateral regardless of notice of
     sale having been given.  The Agent 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.

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          (b)  The Agent may

               (i)    transfer all or any part of the Collateral into the name
          of the Agent or its nominee, with or without disclosing that such
          Collateral is subject to the lien and security interest hereunder,

               (ii)   notify the parties obligated on any of the Collateral to
          make payment to the Agent of any amount due or to become due
          thereunder,

               (iii)  enforce collection of any of the Collateral by suit or
          otherwise, and surrender, release or exchange all or any part thereof,
          or compromise or extend or renew for any period (whether or not longer
          than the original period) any obligations of any nature of any party
          with respect thereto,

               (iv)   endorse any checks, drafts, or other writings in the
          Pledgors' name to allow collection of the Collateral,

               (v)    take control of any proceeds of the Collateral, and

               (vi)   execute (in the name, place and stead of the Pledgors)
          endorsements, assignments, stock powers and other instruments of
          conveyance or transfer with respect to all or any of the Collateral.

     SECTION 6.2.   Securities Laws. If the Agent shall determine to exercise
its right to sell all or any of the Collateral pursuant to Section 6.1, the
Pledgors agree that, upon request of the Agent, the Pledgors will, at their own
expense:

          (a)  execute and deliver, and cause each issuer of the Collateral
     contemplated to be sold and the directors and officers thereof to execute
     and deliver, all such instruments and documents, and do or cause to be
     done all such other acts and things, as may be necessary or, in the
     opinion of the Agent, advisable to register such Collateral under the
     provisions of the Securities Act of 1933, as from time to time amended
     (the "Securities Act"), and to cause the registration statement relating
     thereto to become effective and to remain effective for such period as
     prospectuses are required by law to be furnished, and to make all
     amendments and supplements thereto and to the related prospectus which, in
     the opinion of the Agent, are necessary or advisable, all in conformity
     with the requirements of the Securities Act and the rules and regulations
     of the Securities and Exchange Commission applicable thereto;

          (b)  use its best efforts to qualify the Collateral under the state
     securities or "Blue Sky" laws and to obtain all necessary governmental
     approvals for the sale of the Collateral, as requested by the Agent;

          (c)  cause each such issuer to make available to its security
     holders, as soon as practicable, an earnings statement that will satisfy
     the provisions of Section 11(a) of the Securities Act; and

                                      11
<PAGE>
          (d)  do or cause to be done all such other acts and things as may be
     necessary to make such sale of the Collateral or any part thereof valid
     and binding and in compliance with applicable law.

     SECTION 6.3.   Compliance with Restrictions. The Pledgors agree that in
any sale of any of the Collateral whenever an Event of Default shall have
occurred and be continuing, the Agent is hereby authorized to comply with any
limitation or restriction in connection with such sale as it may be advised by
counsel is necessary in order to avoid any violation of applicable law
(including compliance with such procedures as may restrict the number of
prospective bidders and purchasers, require that such prospective bidders and
purchasers have certain qualifications, and restrict such prospective bidders
and purchasers to persons who will represent and agree that they are purchasing
for their own account for investment and not with a view to the distribution or
resale of such Collateral), or in order to obtain any required approval of the
sale or of the purchaser by any governmental regulatory authority or official,
and the Pledgors further agree that such compliance shall not result in such
sale being considered or deemed not to have been made in a commercially
reasonable manner, nor shall the Agent be liable nor accountable to the
Pledgors for any discount allowed by the reason of the fact that such
Collateral is sold in compliance with any such limitation or restriction.

     SECTION 6.4.   Application of Proceeds. All cash proceeds received by the
Agent in respect of any sale of, collection from, or other realization upon,
all or any part of the Collateral may thereafter be applied (after payment of
any amounts payable to the Agent pursuant to Article III of the Credit
Agreements and Section 6.4) in whole or in part by the Agent against, all or
any part of the Secured Obligations in such order as the Agent shall elect.

     Any surplus of such cash or cash proceeds held by the Agent and remaining
after payment in full of all the Secured Obligations, and the termination of
all Commitments, shall be paid over to the Pledgors or to whomsoever may be
lawfully entitled to receive such surplus.

     SECTION 6.5.   Indemnity and Expenses. The Pledgors hereby indemnify and
hold harmless the Agent from and against any and all claims, losses, and
liabilities arising out of or resulting from this Pledge Agreement (including
enforcement of this Pledge Agreement), except claims, losses, or liabilities
resulting from the Agent's gross negligence or wilful misconduct. Upon demand,
the Pledgors will pay to the Agent the amount of any and all reasonable
expenses, including the reasonable fees and disbursements of its counsel and of
any experts and agents, which the Agent may incur in connection with:

          (a)  the administration of this Pledge Agreement, the Credit
     Agreements and each other Loan Document;

          (b)  the custody, preservation, use, or operation of, or the sale of,
     collection from, or other realization upon, any of the Collateral;

          (c)  the exercise or enforcement of any of the rights of the Agent
     hereunder; or

          (d)  the failure by any Pledgor to perform or observe any of the
     provisions hereof.

                                      12
<PAGE>
                                  ARTICLE VII
                            MISCELLANEOUS PROVISIONS

     SECTION 7.1.   Loan Document. This Pledge Agreement is a Loan Document
executed pursuant to the Credit Agreements and shall (unless otherwise
expressly indicated herein) be construed, administered and applied in
accordance with the terms and provisions thereof.

     SECTION 7.2.   Amendments, etc. No amendment to or waiver of any provision
of this Pledge Agreement nor consent to any departure by the Pledgors herefrom
shall in any event be effective unless the same shall be in writing and signed
by the Agent, and then such waiver or consent shall be effective only in the
specific instance and for the specific purpose for which it is given.

     SECTION 7.3.   Protection of Collateral. The Agent may from time to time,
at its option, perform any act which the Pledgors agree hereunder to perform
and which the Pledgors shall fail to perform after being requested in writing
so to perform (it being understood that no such request need be given after the
occurrence and during the continuance of an Event of Default) and the Agent may
from time to time take any other action which the Agent reasonably deems
necessary for the maintenance, preservation or protection of any of the
Collateral or of its security interest therein.

     SECTION 7.4.   Addresses for Notices. All notices and other communications
provided for hereunder shall be in writing (including telegraphic
communication) and, if to the Pledgors, mailed or telegraphed or delivered to
it at the address set forth below its signature hereto, if to the Agent, mailed
or delivered to it, addressed to it at the address of the Agent specified in
the 2002 Credit Agreement or, as to either party, at such other address as
shall be designated by such party in a written notice to each other party
complying as to delivery with the terms of this Section. All such notices and
other communications shall, when mailed or telegraphed, respectively, be
effective when deposited in the mails or delivered to the telegraph company,
respectively, addressed as aforesaid.

     SECTION 7.5.   Section Captions.  Section captions used in this Pledge
Agreement are for convenience of reference only, and shall not affect the
construction of this Pledge Agreement.

     SECTION 7.6.   Severability. Wherever possible each provision of this
Pledge Agreement shall be interpreted in such manner as to be effective and
valid under applicable law, but if any provision of this Pledge Agreement shall
be prohibited by or invalid under such law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the
remainder of such provision or the remaining provisions of this Pledge
Agreement.

     SECTION 7.7.   Governing Law, Entire Agreement, etc. THIS PLEDGE AGREEMENT
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE
STATE OF NEW YORK, EXCEPT TO THE EXTENT THAT THE VALIDITY OR PERFECTION OF THE
SECURITY INTEREST HEREUNDER, OR REMEDIES HEREUNDER, IN RESPECT OF ANY
PARTICULAR COLLATERAL ARE GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE
STATE OF NEW

                                      13
<PAGE>
YORK. THIS PLEDGE AGREEMENT AND THE OTHER LOAN DOCUMENTS CONSTITUTE THE ENTIRE
UNDERSTANDING AMONG THE PARTIES HERETO WITH RESPECT TO THE SUBJECT MATTER
HEREOF AND SUPERSEDE ANY PRIOR AGREEMENTS, WRITTEN OR ORAL, WITH RESPECT
THERETO.

     SECTION 7.8.   Forum Selection and Consent to Jurisdiction. ANY LITIGATION
BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS PLEDGE
AGREEMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER
VERBAL OR WRITTEN) OR ACTIONS OF THE LENDER PARTIES OR THE PLEDGORS SHALL BE
BROUGHT AND MAINTAINED EXCLUSIVELY IN THE COURTS OF THE STATE OF NEW YORK OR IN
THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK;
PROVIDED, HOWEVER, THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY COLLATERAL OR
OTHER PROPERTY MAY BE BROUGHT, AT THE AGENT'S OPTION, IN THE COURTS OF ANY
JURISDICTION WHERE SUCH COLLATERAL OR OTHER PROPERTY MAY BE FOUND. EACH PLEDGOR
HEREBY EXPRESSLY AND IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE COURTS OF
THE STATE OF NEW YORK AND OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN
DISTRICT OF NEW YORK FOR THE PURPOSE OF ANY SUCH LITIGATION AS SET FORTH ABOVE
AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN
CONNECTION WITH SUCH LITIGATION.  EACH PLEDGOR FURTHER IRREVOCABLY CONSENTS TO
THE SERVICE OF PROCESS BY REGISTERED MAIL, POSTAGE PREPAID, OR BY PERSONAL
SERVICE WITHIN OR WITHOUT THE STATE OF NEW YORK. EACH PLEDGOR HEREBY EXPRESSLY
AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION
WHICH IT MAY HAVE OR HEREAFTER MAY HAVE TO THE LAYING OF VENUE OF ANY SUCH
LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY
SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. TO THE EXTENT THAT
ANY PLEDGOR HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY
COURT OR FROM ANY LEGAL PROCESS (WHETHER THROUGH SERVICE OR NOTICE, ATTACHMENT
PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION OR OTHERWISE) WITH RESPECT TO
ITSELF OR ITS PROPERTY, SUCH PLEDGOR HEREBY IRREVOCABLY WAIVES SUCH IMMUNITY IN
RESPECT OF ITS OBLIGATIONS UNDER THIS PLEDGE AGREEMENT.

     SECTION 7.9.   Waiver of Jury Trial. THE LENDER PARTIES AND THE PLEDGORS
HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE
TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT
OF, UNDER, OR IN CONNECTION WITH, THIS PLEDGE AGREEMENT, OR ANY COURSE OF
CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS
OF THE LENDER PARTIES OR THE PLEDGORS. THE PLEDGORS ACKNOWLEDGE AND AGREE THAT
THEY HAVE RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR THIS PROVISION (AND
EACH OTHER PROVISION OF EACH OTHER LOAN DOCUMENT TO WHICH IT IS A

                                      14
<PAGE>
PARTY) AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE LENDER PARTIES
ENTERING INTO THE CREDIT AGREEMENTS AND EACH SUCH OTHER LOAN DOCUMENT.

     IN WITNESS WHEREOF, the parties hereto have caused this Pledge Agreement
to be duly executed and delivered by their respective officers thereunto duly
authorized as of the day and year first above written.

                                QUINTANA CANADA HOLDINGS, LLC
                                a Delaware limited liability company

                                By:__________________________________
                                Name:________________________________
                                Title:_______________________________

                                Address:

                                Facsimile No.:

                                Attention:

                                       15
<PAGE>
                                QUINTANA MINERALS (USA), INC.
                                a Delaware corporation

                                By:__________________________________
                                Name:________________________________
                                Title:_______________________________

                                Address:

                                Facsimile No.:

                                Attention:

                                       16
<PAGE>
                                JOQ CANADA, INC.
                                a Delaware corporation

                                By:__________________________________
                                Name:________________________________
                                Title:_______________________________

                                Address:

                                Facsimile No.:

                                Attention:

                                       17
<PAGE>
                                THE BANK OF NOVA SCOTIA

                                By:__________________________________
                                Name:________________________________
                                Title:_______________________________

                                Address:        580 California Street
                                                Suite 2100
                                                San Francisco, CA 94111

                                Facsimile No.:  (415) 397-0791

                                Attention:      Jon Burckin

                                with a copy to:

                                                The Bank of Nova Scotia
                                                600 Peachtree Street, N.E.
                                                Suite 2700
                                                Atlanta, GA 30308

                                Attention:      Hilma Gabbidon
                                                Administrative Agent
                                                Loan Administration

                                Facsimile No.:  (404) 888-8998

                                       18
<PAGE>
                                                                    ATTACHMENT 1
                                                                              to
                                                                Pledge Agreement

<TABLE>
<CAPTION>
Pledged Shares
--------------

Pledged Share Issuer                Class A Common Stock
--------------------                --------------------
                                     Authorized       Outstanding    % of Shares
                                       Shares           Shares         Pledged
                                     ----------       -----------    -----------
<S>                                  <C>              <C>            <C>
Calpine Canada Energy Ltd.           1,000,000,000      35,100        65%
</TABLE>

(3,391 Class A shares pledged by Quintana Minerals (USA), Inc.)
(16,034 Class A shares pledged by Quintana Canada Holdings, LLC)
(3,390 Class A shares pledged by JOQ Canada, Inc.)<PAGE>
                                                                 Exhibit 10.2.10

                                    GUARANTY

         THIS GUARANTY (this "Guaranty"), dated as of March 8, 2002, made by
each of Quintana Minerals (USA), Inc., a Delaware corporation, JOQ Canada, Inc.,
a Delaware corporation and Quintana Canada Holdings, LLC, a Delaware limited
liability company (each a "Guarantor" and collectively, the "Guarantors"), in
favor of each of the Lender Parties (as defined below). Capitalized terms used
herein shall have the meanings ascribed thereto in Article I hereto.

                              W I T N E S S E T H:

         WHEREAS, pursuant to that certain Credit Agreement, dated as of March
8, 2002 (together with all amendments and other modifications, if any, from time
to time thereafter made thereto, the "2002 Credit Agreement"), among the
Borrower, the various financial institutions as are or may become parties hereto
(collectively, the "2002 Lenders"), The Bank of Nova Scotia and Bayerische
Landesbank Girozentrale, as Lead Arrangers and Bookrunners on the Revolving
Facility, Salomon Smith Barney Inc. and Deutsche Banc Alex. Brown Inc., as Lead
Arrangers and Bookrunners on the Term B Facility, The Bank of Nova Scotia, as
Joint Administrative Agent and Funding Agent, Citicorp USA, Inc., as Joint
Administrative Agent, Bank of America, National Association and Credit Suisse
First Boston, Cayman Islands Branch as Lead Arrangers and Syndication Agents for
the Revolving Facility and TD Securities (USA) Inc. as Lead Arranger for the
Revolving Facility, the Lenders have extended Commitments to make Loans and to
issue Letters of Credit to the Borrower; and

         WHEREAS, pursuant to that certain Second Amended and Restated Credit
Agreement, dated as of May 23, 2000, (together with all amendments and other
modifications, if any, from time to time made thereto, the "2000 Credit
Agreement" and together with the 2002 Credit Agreement, the "Credit
Agreements"), among the Borrower, the various financial institutions as are or
may become parties thereto (collectively, the "2000 Lenders" and together with
the 2002 Lenders, the "Lenders"), Bayerische Landesbank Girozentrale as
co-arranger and syndication agent for the 2000 Lenders and The Bank of Nova
Scotia as lead arranger and administrative agent for the 2000 Lenders; and

         WHEREAS, as a condition precedent to the effectiveness of the 2002
Credit Agreement, the Guarantors are required to execute and deliver this
Guaranty;

         WHEREAS, each Guarantor has duly authorized the execution, delivery and
performance of this Guaranty; and

         WHEREAS, it is in the best interests of the Guarantors to execute this
Guaranty inasmuch as each Guarantor will derive substantial direct and indirect
benefits from the Credit Extensions pursuant to the Credit Agreements;

         NOW THEREFORE, for good and valuable consideration the receipt of which
is hereby acknowledged, and in order to induce the Lenders to make the Credit
Extensions available to the Borrower pursuant to the Credit Agreements, the
Guarantors agree, for the benefit of each Lender Party, as follows:
<PAGE>
                                   ARTICLE I

                          DEFINITIONS AND INCORPORATION

         SECTION 1.1. Certain Terms. The following terms (whether or not
underscored) when used in this Guaranty, including its preamble and recitals,
shall have the following meanings (such definitions to be equally applicable to
the singular and plural forms thereof):

         "Agent" means The Bank of Nova Scotia, when acting in its capacity as
Agent under the Credit Agreements, and includes any successor Agent appointed
pursuant to Section 10.4 of the Credit Agreements.

         "Borrower" is defined in the first recital.

         "Consent Agreement" means that certain consent agreement, dated as of
even date herewith among CCEC, Calpine Canada Energy Finance ULC, an unlimited
liability company subsisting under the laws of the Province of Nova Scotia,
Quintana Canada Holdings, LLC, a Delaware limited liability company, the
Borrower, Citicorp USA, Inc., and Credit Suisse First Boston.

         "Credit Agreements" is defined in the second recital.

         "Debentures" means those certain term debentures dated as of April 25,
2001, August 14, 2001 and August 23, 2001 as the same may have been amended from
time to time, between CCEC and Calpine Canada Energy Finance ULC, an unlimited
liability company subsisting under the laws of the Province of Nova Scotia.

         "Guarantor" and "Guarantors" are defined in the preamble.

         "Guaranty" is defined in the preamble.

         "Lender Party" means, as the context may require, any Lender or the
Agent and each of its respective successors, transferees and assigns.

         "Lenders" means each of the financial institutions party to the Credit
Agreements as a Lender which has executed either the 2000 Credit Agreement or
the 2002 Credit Agreement, and any person which has become a party thereto as a
Lender, and includes The Bank of Nova Scotia in its capacity as a Lender, but
excluding any such financial institution, the Commitment of which has been
reduced to zero, and excluding the Agent in its capacity as the Agent.

         "Obligations" means, as applicable, all obligations (monetary or
otherwise) of each Guarantor arising under or in connection with this Guaranty
or of each other Obligor under each other Loan Document that such Obligor may be
party to.

         "Obligor" means the Borrower, each Guarantor or any other Person (other
than the Agent or any Lender) obligated under, or otherwise a party to, any Loan
Document.

                                       2
<PAGE>
         "Organic Document" means, relative to any Obligor, its certificate or
articles of incorporation, partnership agreement, or similar organizational
document, its bylaws and all shareholder agreements, voting trusts and similar
arrangements applicable to any of its authorized shares of capital stock or
other ownership interests.

         "Subscription Agreements" means those certain subscription agreements
dated as of April 25, 2001, August 14, 2001 and August 23, 2001 as the same may
have been amended from time to time, between CCEC and Quintana Canada Holdings,
LLC, a Delaware limited liability company.

         "Term Debenture Documents" means the Debentures, the Subscription
Agreements, the Consent Agreement and all other agreements ancillary thereto.

         "U.C.C." means the Uniform Commercial Code as in effect in the State of
New York.

         SECTION 1.2. Definitions. Unless otherwise defined herein or the
context otherwise requires, terms used in this Guaranty, including its preamble
and recitals, have the meanings provided in each of the Credit Agreements.

         SECTION 1.3. U.C.C. Definitions. Unless otherwise defined herein or the
context otherwise requires, terms for which meanings are provided in the U.C.C.
are used in this Guaranty, including its preamble and recitals, with such
meanings.

                                   ARTICLE II

                               GUARANTY PROVISIONS

         SECTION 2.1. Guaranty. Each Guarantor hereby absolutely,
unconditionally and irrevocably

                  (a) guarantees the full and punctual payment when due, whether
         at stated maturity, by required prepayment, declaration, acceleration,
         demand or otherwise, of all Obligations (which term as used herein in
         connection with the Borrower has the meaning provided in the Credit
         Agreements) of the Borrower under the Loan Documents (subject to the
         last sentence of this Section 2.1), whether for principal, interest,
         fees, expenses or otherwise (including all such amounts which would
         become due but for the operation of the automatic stay under Section
         362(a) of the United States Bankruptcy Code, 11 U.S.C. Section 362(a),
         and the operation of Sections 502(b) and 506(b) of the United States
         Bankruptcy Code, 11 U.S.C. Section 502(b) and Section 506(b)), and

                  (b) indemnifies and holds harmless each Lender Party for any
         and all costs and expenses (including reasonable attorney's fees and
         expenses) incurred by such Lender Party or such holder, as the case may
         be, in enforcing any rights under this Guaranty.

This Guaranty constitutes a guaranty of payment when due and not of collection,
and each Guarantor specifically agrees that it shall not be necessary or
required that any Lender Party exercise any right, assert any claim or demand or
enforce any remedy whatsoever against the

                                       3
<PAGE>
Borrower or any other Obligor (or any other Person) before or as a condition to
the obligations of any Guarantor hereunder. At any time when an Event of Default
(as defined in the Credit Agreements) is continuing, the Lender Parties or any
one or more of them shall be entitled to immediate payment of the Obligations by
any Guarantor on written demand for payment made by the Agent to such Guarantor.
Notwithstanding anything in this Guaranty to the contrary, the recourse of the
Lender Parties against each Guarantor under this Guaranty shall be limited
solely to such Guarantor's ownership interests in Calpine Canada Energy Ltd., a
Nova Scotia limited liability company ("CCEC") pledged to the Agent, for the
benefit of the Lender Parties, pursuant to that certain Pledge Agreement, dated
as of even date herewith between the Guarantors and Agent.

         SECTION 2.2. Acceleration of Guaranty. Each Guarantor agrees that, in
the event of (a) the dissolution or insolvency of the Borrower, any other
Obligor or any Guarantor, or (b) the inability or failure of the Borrower, any
other Obligor or any Guarantor to pay debts as they become due, or (c) an
assignment by the Borrower, any other Obligor or any Guarantor for the benefit
of creditors, or (d) the commencement of any case or proceeding in respect of
the Borrower, any other Obligor or any Guarantor under any bankruptcy,
insolvency or similar laws and, if such case or proceeding is not commenced by
the Person which is the subject of such case or proceeding, such case or
proceeding shall be consented to or acquiesced in by such Person or shall result
in an order for relief or shall remain for 60 days undismissed, and if any such
event as described above shall occur at a time when any of the Obligations of
the Borrower may not then be due and payable, the Guarantors will pay to the
Lenders forthwith the full amount which would be payable hereunder by the
Guarantors if all such Obligations were then due and payable.

         SECTION 2.3. Guaranty Absolute, etc. Subject to the last sentence of
Section 2.1, this Guaranty shall in all respects be a continuing, absolute,
unconditional and irrevocable guaranty of payment, and shall remain in full
force and effect until all Obligations of the Borrower have been paid in full,
all Obligations of the Guarantors hereunder shall have been paid in full and all
Commitments shall have terminated. Each Guarantor guarantees that the
Obligations of the Borrower and its Subsidiaries will be paid strictly in
accordance with the terms of the Credit Agreements and each other Loan Document
under which they arise, regardless of any law, regulation or order now or
hereafter in effect in any jurisdiction affecting any of such terms or the
rights of any Lender Party with respect thereto. Subject to the last sentence of
Section 2.1, the liability of the Guarantors under this Guaranty shall be
absolute, unconditional and irrevocable irrespective of:

                  (a) any lack of validity, legality or enforceability of the
         Credit Agreements or any other Loan Document;

                  (b) the failure of any Lender Party

                           (i) to assert any claim or demand or to enforce any
                  right or remedy against the Borrower, any other Obligor or any
                  other Person (including any other guarantor) under the
                  provisions of the Credit Agreements, any other Loan Document
                  or otherwise, or

                                       4
<PAGE>
                           (ii) to exercise any right or remedy against any
                  other guarantor of, or collateral securing, any Obligations of
                  the Borrower or any other Obligor;

                  (c) any change in the time, manner or place of payment of, or
         in any other term of, all or any of the Obligations of the Borrower or
         any other Obligor, or any other extension, compromise or renewal of any
         Obligation of the Borrower or any other Obligor;

                  (d) any reduction, limitation, impairment or termination of
         the Obligations of the Borrower or any other Obligor for any reason
         (other than the full and final payment of the Obligations), including
         any claim of waiver, release, surrender, alteration or compromise, and
         shall not be subject to (and the Guarantors hereby waive any right to
         or claim of) any defense or setoff, counterclaim, recoupment or
         termination whatsoever by reason of the invalidity, illegality,
         nongenuineness, irregularity, compromise, unenforceability of, or any
         other event or occurrence affecting, the Obligations of the Borrower,
         any other Obligor or otherwise;

                  (e) any amendment to any of the terms of the Credit Agreements
         or any other Loan Document, and the Obligations of the Guarantors shall
         be modified to reflect any such amendment;

                  (f) any rescission, waiver, or other modification of, or any
         consent to departure from, any of the terms of the Credit Agreements or
         any other Loan Document;

                  (g) any addition, exchange, release, surrender or
         non-perfection of any collateral, or any amendment to or waiver or
         release or addition of, or consent to departure from, any other
         guaranty, held by any Lender Party securing any of the Obligations of
         the Borrower or any other Obligor; or

                  (h) any other circumstance which might otherwise constitute a
         defense available to, or a legal or equitable discharge of, any
         Guarantor, the Borrower, any other Obligor, any surety or any
         guarantor, other than full and final payment of the Obligations.

         SECTION 2.4. Reinstatement, etc. Each Guarantor agrees that this
Guaranty shall continue to be effective or be reinstated, as the case may be, if
at any time any payment (in whole or in part) of any of the Obligations is
rescinded or must otherwise be restored by any Lender Party upon the insolvency,
bankruptcy or reorganization of any Guarantor, the Borrower, any other Obligor
or otherwise, all as though such payment had not been made.

         SECTION 2.5. Waiver, etc. Each Guarantor hereby waives promptness,
diligence, notice of acceptance and any other notice with respect to any of the
Obligations of the Borrower or any other Obligor and this Guaranty and any
requirement that the Agent or any other Lender Party protect, secure, perfect or
insure any security interest or lien, or any property subject thereto, or
exhaust any right or take any action against the Borrower, any other Obligor or
any other Person (including any other guarantor) or entity or any collateral
securing the Obligations of the Borrower or any other Obligor, as the case may
be.

                                       5
<PAGE>
         SECTION 2.6. Waiver of Subrogation. Until such time as the Obligations
have been indefeasibly paid in full, in cash, and the Commitments have been
terminated, each Guarantor hereby irrevocably waives any claim or other rights
which it may now or hereafter acquire against the Borrower that arise from the
existence, payment, performance or enforcement of the Guarantors' Obligations
under this Guaranty or any other Loan Document, including any right of
subrogation, reimbursement, exoneration, or indemnification, any right to
participate in any claim or remedy of the Lender Parties against the Borrower or
any other Obligor or any collateral which the Agent now has or hereafter
acquires, whether or not such claim, remedy or right arises in equity, or under
contract, statute or common law, including the right to take or receive from the
Borrower or any other Obligor, directly or indirectly, in cash or other property
or by set-off or in any manner, payment or security on account of such claim or
other rights. If any amount shall be paid to any Guarantor in violation of the
preceding sentence and the Obligations shall not have been indefeasibly paid in
full, in cash, and the Commitments have not been terminated, such amount shall
be deemed to have been paid to such Guarantor for the benefit of, and held in
trust for, the Lender Parties, and shall forthwith be paid to the Lender Parties
to be credited and applied upon the Obligations, whether matured or unmatured.
Each Guarantor acknowledges that it will receive direct and indirect benefits
from the financing arrangements contemplated by the Credit Agreements and that
the waiver set forth in this Section is knowingly made in contemplation of such
benefits.

         SECTION 2.7. Successors, Transferees and Assigns; Transfers of Notes,
etc. This Guaranty shall:

                  (a) be binding upon each Guarantor, and its successors,
         transferees and assigns; and

                  (b) inure to the benefit of and be enforceable by the Agent
         and each other Lender Party.

Without limiting the generality of clause (b), any Lender may assign or
otherwise transfer (in whole or in part) any Loan held by it, all or any part of
its Commitment under either of the Credit Agreements or its other interests
under the Credit Agreements to any other Person or entity, and such other Person
or entity shall thereupon become vested with all rights and benefits in respect
thereof granted to such Lender under any Loan Document (including this Guaranty)
or otherwise, subject, however, to the provisions of Sections 11.11 of the
Credit Agreements.

                                  ARTICLE III

                         REPRESENTATIONS AND WARRANTIES

         SECTION 3.1. Representations and Warranties. Each Guarantor hereby
represents and warrants unto each Lender Party as set forth in this Article III.

         SECTION 3.1.1. Due Authorization, Non-Contravention, etc. The
execution, delivery and performance by the Guarantor of this Guaranty are within
the Guarantor's corporate powers, have been duly authorized by all necessary
corporate action, and do not

                  (a) contravene the Guarantor's Organic Documents;

                                       6
<PAGE>
                  (b) contravene any contractual restriction, law or
         governmental regulation or court decree or order binding on or
         affecting the Guarantor; or

                  (c) result in, or require the creation or imposition of, any
         security interest on any of the Guarantor's properties.

         SECTION 3.1.2. Government Approval, Regulation, etc. No authorization
or approval or other action by, and no notice to or filing with, any
governmental authority or regulatory body or other Person is required for the
due execution, delivery or performance by the Guarantor of this Guaranty.

         SECTION 3.1.3. Validity, etc. This Guaranty constitutes the legal,
valid and binding obligations of the Guarantor enforceable in accordance with
its terms except as enforceability may be subject to or limited by (i)
bankruptcy, insolvency, reorganization, arrangement, moratorium or other similar
laws affecting the rights of creditors or (ii) general principles of equity,
including the possible unavailability of specific performance or injunctive
relief.

                                   ARTICLE IV

                                    COVENANTS

         SECTION 4.1. Limitations. No Guarantor shall create, incur, assume or
suffer to exist any Indebtedness other than as permitted by the Credit
Agreement. Each Guarantor covenants and agrees that it will not transfer, pledge
or encumber its ownership interests in CCEC.

         SECTION 4.2. Compliance with other agreements. Each Guarantor shall or
shall cause CCEC to be in compliance with the terms and conditions of the Term
Debenture Documents.

                                    ARTICLE V

                            MISCELLANEOUS PROVISIONS

         SECTION 5.1. Loan Document. This Guaranty is a Loan Document executed
pursuant to the Credit Agreements and shall (unless otherwise expressly
indicated herein) be construed, administered and applied in accordance with the
terms and provisions hereof.

         SECTION 5.2. Binding on Successors, Transferees and Assigns;
Assignment. In addition to, and not in limitation of, Section 2.7, this Guaranty
shall be binding upon each Guarantor and its successors, transferees and assigns
and shall inure to the benefit of and be enforceable by each Lender Party and
their respective successors, transferees and assigns (to the full extent
provided pursuant to Section 2.7); provided, however, that the Guarantors may
not assign any of its obligations hereunder without the prior written consent of
all Lenders.

         SECTION 5.3. Amendments, etc. No amendment to or waiver of any
provision of this Guaranty, nor consent to any departure by any Guarantor
herefrom, shall in any event be effective unless the same shall be in writing
and signed by the Agent, and then such waiver or consent shall be effective only
in the specific instance and for the specific purpose for which given.

                                       7
<PAGE>
         SECTION 5.4. Notices. All notices and other communications provided to
any Guarantor under this Guaranty including demands for payments hereunder shall
be in writing or by facsimile and addressed, delivered or transmitted to each
Guarantor at its address or telecopy number set forth below its signature hereto
or at such other address or telecopy number as may be designated by such
Guarantor in a notice to the Lender Parties. Any notice, if mailed and properly
addressed with postage prepaid or if properly addressed and sent by pre-paid
courier service, shall be deemed given when received; any notice, if transmitted
by facsimile, shall be deemed given when transmitted.

         SECTION 5.5. No Waiver; Remedies. In addition to, and not in limitation
of, Section 2.3 and Section 2.5, no failure on the part of any Lender Party to
exercise, and no delay in exercising, any right hereunder shall operate as a
waiver thereof; nor shall any single or partial exercise of any right hereunder
preclude any other or further exercise thereof or the exercise of any other
right. The remedies herein provided are cumulative and not exclusive of any
remedies provided by law.

         SECTION 5.6. Captions. Section captions used in this Guaranty are for
convenience of reference only, and shall not affect the construction of this
Guaranty.

         SECTION 5.7. Severability. Wherever possible each provision of this
Guaranty shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Guaranty shall be prohibited by or
invalid under such law, such provision shall be ineffective to the extent of
such prohibition or invalidity, without invalidating the remainder of such
provision or the remaining provisions of this Guaranty.

         SECTION 5.8. Judgment Currency. Each Guarantor acknowledges that the
Obligations of the Borrower may be payable in Canadian Dollars or United States
Dollars or partly in one currency and partly in another. Each Guarantor agrees
to make all required payments hereunder in the currency or currencies in which
the Obligations of the Borrower are owing.

                  (a) If, for the purpose of obtaining or enforcing judgment
         against any Guarantor in any court in any jurisdiction, it becomes
         necessary to convert into any other currency (such other currency being
         hereinafter in this Section 5.8 referred to as the "Judgment Currency")
         an amount due in Canadian Dollars or United States Dollars under this
         Guaranty (including a conversion of Canadian Dollars to United States
         Dollars), the conversion shall be made at the rate of exchange
         prevailing on the Banking Day immediately preceding:

                           (i) the date of actual payment of the amount due, in
                  the case of any proceeding in the courts of any jurisdiction
                  that will give effect to such conversion being made on such
                  date; or

                           (ii) the date on which the judgment is given, in the
                  case of any proceeding in the courts of any other
                  jurisdiction;

         (the date as of which such conversion is made pursuant to this Section
         5.8 being hereinafter in this Section 5.8 referred to as the "Judgment
         Conversion Date").

                                       8
<PAGE>
                  (b) If, in the case of any proceeding in the court of any
         jurisdiction referred to in this Section 5.8, there is a change in the
         rate of exchange prevailing between the Judgment Conversion Date and
         the date of actual payment of the amount due, such Guarantor shall pay
         such additional amount (if any) as may be necessary to ensure that the
         amount paid in the Judgment Currency, when converted at the rate of
         exchange prevailing on the date of payment, will produce the amount of
         Canadian Dollars or United States Dollars, as the case may be, which
         could have been purchased with the amount of Judgment Currency
         stipulated in the judgment or judicial order at the rate of exchange
         prevailing on the Judgment Conversion Date.

                  (c) Any amount due from any Guarantor under the provisions of
         Section 5.8(b) shall be due as a separate debt and shall not be
         affected by or merged into any judgment being obtained for any other
         amounts due under or in respect of this Guaranty.

                  (d) The term "rate of exchange" in this Section 5.8 means the
         rate of exchange at which the Agent is able, on the relevant date, to
         purchase the currency converted for the Judgment Currency.

         SECTION 5.9. Payments Free and Clear of Taxes.

                  (a) Section 5.6 of the 2002 Credit Agreement is hereby
         incorporated into this Guaranty in its entirety; provided, that, each
         reference in such Section 5.6 of the 2002 Credit Agreement to the
         Borrower shall be deemed to refer to each Guarantor.

                  (b) The provisions of this Section 5.9 shall survive the
         termination of the Credit Agreements and this Guaranty and the payment
         and satisfaction of all Obligations of the Borrower to the Lender
         Parties.

         SECTION 5.10. Governing Law. THIS GUARANTY SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK. FOR
PURPOSES OF ANY ACTION OR PROCEEDING INVOLVING THIS GUARANTY, EACH GUARANTOR
HEREBY EXPRESSLY SUBMITS TO THE JURISDICTION OF ALL FEDERAL AND STATE COURTS
LOCATED IN THE STATE OF NEW YORK AND CONSENTS THAT IT MAY BE SERVED WITH ANY
PROCESS OR PAPER BY REGISTERED MAIL OR BY PERSONAL SERVICE WITHIN OR WITHOUT THE
STATE OF NEW YORK.

         SECTION 5.11. Waiver of Jury Trial. EACH GUARANTOR HEREBY KNOWINGLY,
VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHTS IT MAY HAVE TO A TRIAL BY JURY
IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN
CONNECTION WITH, THIS GUARANTY. EACH GUARANTOR ACKNOWLEDGES AND AGREES THAT IT
HAS RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR THIS PROVISION AND THAT THIS
PROVISION IS A MATERIAL INDUCEMENT FOR THE LENDER PARTIES ENTERING INTO THE
CREDIT AGREEMENT.

                                       9
<PAGE>
         SECTION 5.12. Forum Selection and Consent to Jurisdiction. ANY
LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS
GUARANTY, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER
VERBAL OR WRITTEN) OR ACTIONS OF THE AGENT, THE LENDERS OR ANY GUARANTOR SHALL
BE BROUGHT AND MAINTAINED EXCLUSIVELY IN THE COURTS OF THE STATE OF NEW YORK OR
IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK;
PROVIDED, HOWEVER, THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY COLLATERAL OR
OTHER PROPERTY MAY BE BROUGHT, AT THE AGENT'S OPTION, IN THE COURTS OF ANY
JURISDICTION WHERE SUCH COLLATERAL OR OTHER PROPERTY MAY BE FOUND. EACH
GUARANTOR HEREBY EXPRESSLY AND IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE
COURTS OF THE STATE OF NEW YORK AND OF THE UNITED STATES DISTRICT COURT FOR THE
SOUTHERN DISTRICT OF NEW YORK FOR THE PURPOSE OF ANY SUCH LITIGATION AS SET
FORTH ABOVE AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY
IN CONNECTION WITH SUCH LITIGATION. EACH GUARANTOR FURTHER IRREVOCABLY CONSENTS
TO THE SERVICE OF PROCESS BY PERSONAL SERVICE WITHIN OR WITHOUT THE STATE OF NEW
YORK OR IN ANY MANNER PROVIDED BY LAW. EACH GUARANTOR HEREBY EXPRESSLY AND
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH
IT MAY HAVE OR HEREAFTER MAY HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION
BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH
LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. TO THE EXTENT THAT ANY
GUARANTOR HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY
COURT OR FROM ANY LEGAL PROCESS (WHETHER THROUGH SERVICE OR NOTICE, ATTACHMENT
PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION OR OTHERWISE) WITH RESPECT TO
ITSELF OR ITS PROPERTY, EACH GUARANTOR HEREBY IRREVOCABLY WAIVES SUCH IMMUNITY
IN RESPECT OF ITS OBLIGATIONS UNDER THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS.

         SECTION 5.13. Additional Waivers. Each Guarantor authorizes Agent, at
its sole option, without notice or demand and without affecting the liability of
any Guarantor hereunder, to release and reconvey (with or without the receipt of
any consideration) any lien against any or all real or personal property
security for the Obligations, to foreclose any or all deeds of trust, mortgages,
security agreements or other instruments or agreements by judicial or
nonjudicial sale, and to exercise any other remedy against Borrower any security
or any other guarantor, all without affecting the liability of any Guarantor
hereunder.

         SECTION 5.13.1. Each Guarantor waives any defenses or benefits that may
be derived from California Code of Civil Procedure Sections 580a, 580b, 580d or
726, or comparable provisions of the laws of the State of California or any
other jurisdiction, and all other suretyship defenses it would otherwise have
under California law or the laws of any other jurisdiction.

                                       10
<PAGE>
         SECTION 5.13.2. Each Guarantor waives any right to receive notice of
any judicial or nonjudicial sale or foreclosure of any real property, and the
failure of any Guarantor to receive such notice shall not impair or affect such
Guarantor's liability hereunder. Each Guarantor waives all rights and defenses
arising out of an election of remedies by Agent or any Lender Party, even though
that election of remedies, such as nonjudicial foreclosure with respect to
security for a guaranteed obligation, has destroyed any Guarantor's rights of
subrogation and reimbursement against Borrower or any other Person by operation
of Section 580d of the Code of Civil Procedure or otherwise.

         SECTION 5.13.3. Each Guarantor acknowledges that it has, in this
Guaranty, waived any and all rights of subrogation and reimbursement and any
other rights and defenses available to such Guarantor by reason of Sections 2787
to 2855, inclusive, of the California Civil Code, including, without limitation,
(a) any defenses such Guarantor may have to its guaranty obligations by reason
of an election of remedies by Agent or any Lender Party and (b) any rights or
defenses such Guarantor may have by reason of protection afforded to Borrower or
any other Person with respect to the obligation so guaranteed pursuant to the
antideficiency or other laws of the State of California limiting or discharging
Borrower's indebtedness, including, without limitation, Section 580a, 580b,
580d, or 726 of the California Code of Civil Procedure.

         SECTION 5.13.4. For the avoidance of doubt, each Guarantor waives all
rights and defenses that such Guarantor may have because the Obligations may be
secured by real property. This means, among other things:

                  (a) The Agent may collect from any Guarantor without first
         foreclosing on any real or personal property collateral pledged by
         Borrower or any other Person;

                  (b) If the Agent forecloses on any real property collateral
         pledged by Borrower or any other Person:

                           (i) The amount of the Obligations may be reduced only
                  by the price for which that collateral is sold at the
                  foreclosure sale, even if the collateral is worth more than
                  the sale price.

                           (ii) The Agent for the benefit of the Lender Parties
                  may collect from any Guarantor even if the Agent, by
                  foreclosing on the real property collateral, has destroyed any
                  right any Guarantor may have to collect from Borrower or any
                  other Person.

         This is an unconditional and irrevocable waiver of any rights and
defenses any Guarantor may have because the Obligations are secured by real
property. These rights and defenses include, but are not limited to, any rights
or defenses based upon Section 580a, 580b, 580d, or 726 of the California Code
of Civil Procedure.

                                       11
<PAGE>
         IN WITNESS WHEREOF, the Guarantor has caused this Guaranty to be duly
executed and delivered by its officer thereunto duly authorized as of the date
first above written.

                                           QUINTANA MINERALS (USA), INC.,
                                           a Delaware corporation

                                           By:__________________________________
                                           Name:________________________________
                                           Title:_______________________________

                                           JOQ CANADA, INC.,
                                           a Delaware corporation

                                           By:__________________________________
                                           Name:________________________________
                                           Title:_______________________________

                                           QUINTANA CANADA HOLDINGS, LLC,
                                           a Delaware limited liability company

                                           By:__________________________________
                                           Name:________________________________
                                           Title:_______________________________

                                       12

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