Document:

EXHIBIT 4.1(c) 

SECOND AMENDED AND RESTATED PLEDGE AGREEMENT

          This
Second Amended and Restated Pledge Agreement (the “Agreement”) is dated as of September 19, 2007, by and among
the parties executing this Agreement under the heading “Pledgors” on the
signature pages hereto (such parties, along with any parties who execute and
deliver to the Agent an agreement in the form attached hereto as Schedule C,
being hereinafter referred to collectively as the “Pledgors” and individually as a “Pledgor”) and
Harris N.A., a national banking association (“Harris”), with its mailing address at 111
West Monroe Street, Chicago, Illinois 60603, acting as collateral agent
hereunder for the Secured Creditors hereinafter identified and defined (Harris
acting as such collateral agent and any successor or successors to Harris
acting in such capacity being hereinafter referred to as the “Agent”); 

WITNESSETH THAT:

          WHEREAS, EMCOR Group, Inc., a
Delaware corporation (the “Company”)
and certain of its subsidiaries, as Pledgors, heretofore executed and delivered
to the Agent that certain Amended and Restated Pledge Agreement dated as of
October 14, 2005 (such Amended and Restated Pledge Agreement, as the same has
been amended and supplemented, being hereinafter referred to as the “Prior Pledge Agreement”) pursuant to
which certain Pledgors granted the Agent a lien on and continuing security
interest in certain personal property of such Pledgors described therein as
collateral security for, among other things, all indebtedness, obligations and
liabilities of the Company, EMCOR Group (UK) plc, a United Kingdom public
limited company (“EMCOR UK”),
Comstock Canada, Ltd., a Canadian corporation (“Comstock”;
and the Company, EMCOR UK, and Comstock being hereinafter referred to
collectively as the “Revolver Borrowers”)
under that certain Amended and Restated Credit Agreement dated as of October
14, 2005, as amended from time to time (the “Credit
Agreement”), by and among the Revolver Borrowers, Harris,
individually and as agent (the “Revolver
Agent”) and the lenders party thereto (Harris, in its individual
capacity, and such other lenders which are now or which from time to time
hereafter become party to the Credit Agreement being hereinafter referred to
collectively as the “Revolver Lenders”
and individually as a “Revolver Lender”)
and all Hedging Liability (as hereinafter defined) of the Revolver Borrowers,
and certain of their subsidiaries; 

          WHEREAS, the Company, Bank of
Montreal, a Canadian chartered bank, acting through its Chicago Branch (“BMO”), as administrative agent (the
“Term Loan Agent”), and the lenders party
thereto have entered into a Term Loan Agreement dated as of September 19, 2007
(such Term Loan Agreement, as the same may be amended, modified or restated
from time to time, being hereinafter referred to as the “Term Loan Agreement”), pursuant to which
BMO and the other lenders from time to time party to the Term Loan Agreement
(BMO, in its individual capacity, and such other lenders which are now or which
from time to time hereafter become party to the Term Loan Agreement being
hereinafter referred to collectively as the “Term
Loan Lenders” and individually as a “Term
Loan Lender”) have agreed, subject to certain terms and conditions,
to extend a term loan and make certain other financial accommodations available
to the Company (the Company, as the borrower under the Term Loan Agreement,
together with the Revolver Borrowers, hereinafter referred to collectively, as
the “Borrowers” and individually
as a “Borrower”); 

          WHEREAS, the Revolver Agent, the
Term Loan Agent, and the Agent have entered into an Intercreditor and
Collateral Agency Agreement dated of even date herewith (the “Intercreditor Agreement”) pursuant to
which the Revolver Agent, on behalf of the Revolver Lenders and the Term Loan
Agent, on behalf of the Term Loan Lenders have appointed Harris, as collateral
agent hereunder; 

          WHEREAS, as a condition precedent to
(i) extending credit or otherwise making financial accommodations available to
the Revolver Borrowers under the Credit Agreement, (ii) making the term loan
available to the Company under the Term Loan Agreement, and (iii) entering into
the Intercreditor Agreement, the Revolver Lenders and the Term Loan Lenders
require, among other things, that each Pledgor grant to the Agent for the
benefit of the Revolver Lenders and the Term Loan Lenders a lien on and
security interest in certain personal property of such Pledgor pursuant to this
Agreement, and, in connection therewith, that the Prior Pledge Agreement be
amended and restated in its entirety to read as set forth in this Agreement; 

          WHEREAS, the Borrowers and the other
Pledgors may from time to time enter into one or more agreements with respect
to interest rate exchange, swap, cap, collar, floor or other similar agreements
and one or more foreign currency contracts, currency swap contracts or other
similar agreements with one or more of the Revolver Lenders or the Term Loan
Lenders, or their affiliates, for the purpose of hedging or otherwise
protecting against interest rate and foreign currency exposure (the liability
of the Borrowers and the other Pledgors in respect of such interest rate and
foreign currency hedging agreements being hereinafter referred to as “Hedging Liability”) (the Revolver Agent,
the Term Loan Agent, the Revolver Lenders, the Term Loan Lenders, together with
any affiliates of such lenders to whom any Hedging Liability is owed, being
hereinafter referred to collectively as the “Secured
Creditors” and individually as a “Secured
Creditor”); 

          WHEREAS, except as indicated on
Schedule A attached hereto, the Company owns, directly or indirectly, all or
substantially all of the equity interests in each Pledgor (other than the
Company), and the Borrowers provide each Pledgor with financial, management,
administrative, and technical support which enables such Pledgor to conduct its
business in an orderly and efficient manner in the ordinary course; and 

          WHEREAS, each Pledgor will benefit,
directly and indirectly, from credit and other financial accommodations
extended by the Secured Creditors to the Borrowers. 

          NOW,THEREFORE, for and in consideration of,
among other things,
the execution and delivery by the Term Loan Lenders of the Term Loan Agreement,
the Revolver Agent, the Term Loan Agent and the Agent of the Intercreditor
Agreement, and other good and valuable consideration, receipt whereof is hereby
acknowledged, the parties hereto hereby agree as follows: 

	
 

	
 

	
SECTION 1.

	
TERMS DEFINED IN CREDIT AGREEMENT AND TERM LOAN AGREEMENT.

          All
capitalized terms used herein without definition shall have the same meanings
herein as such terms have in the Credit Agreement or the Term Loan Agreement,
as the context may require. The term “Pledgor” and “Pledgors” as used herein
shall mean and include the Pledgors collectively and also each individually,
with all grants, representations, warranties and covenants 

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of and by the
Pledgors, or any of them, herein contained to constitute joint and several
grants, representations, warranties and covenants of and by the Pledgors; provided, however, that unless the context
in which the same is used shall otherwise require, any grant, representation,
warranty or covenant contained herein related to the Pledged Securities shall
be made by each Pledgor only with respect to the Pledged Securities owned by it
or represented by such Pledgor as owned by it. 

	
 

	
 

	
SECTION 2.

	
GRANT OF SECURITY INTEREST IN THE PLEDGED SECURITIES;
 OBLIGATIONS SECURED.

          (a)
Subject to the terms of the Credit Agreement and the Term Loan Agreement, each
Pledgor hereby pledges and deposits with the Agent, and grants to the Agent a
security interest in, in each case for the benefit of the Secured Creditors,
and acknowledges and agrees that the Agent has and shall continue to have for
the benefit of the Secured Creditors a continuing security interest in, any and
all right, title and interest of such Pledgor, whether now existing or
hereafter acquired or arising, in and to (i) all shares of the capital stock or
other equity interests of each Restricted Subsidiary owned or held by such
Pledgor, whether now existing or hereafter formed or acquired (those of such
shares delivered to and deposited with the Agent concurrently herewith being
listed and described on Schedule A as of the date hereof), (ii) all
substitutions and additions to such shares or other equity interests, (iii) all
dividends, distributions and sums distributable or payable from, upon or in
respect of such shares or other equity interests, (iv) all other rights or
privileges incident to such shares or other equity interests, and (v) all
proceeds and products of any of the foregoing (such shares, equity interests
and all other of the foregoing being hereinafter sometimes referred to as the “Pledged Securities”); provided,
however, that the Pledged
Securities hereunder shall not include any interest held by a Pledgor in the
capital stock of any of its Unrestricted Subsidiaries or any of its Foreign
Subsidiaries; provided further
however that the pledge and security interest created hereby shall remain
subject in all respects to the provisions of Section 4.1 of the Credit
Agreement and the Term Loan Agreement. 

          (b)
This Agreement is made and given to secure, and shall secure, the payment and
performance of: (i) each of (A) any and all indebtedness, obligations and
liabilities of the Borrowers to the Secured Creditors, or any of them
individually, evidenced by or otherwise arising out of or relating to the
Credit Agreement, the Term Loan Agreement or any promissory note of any
Borrower heretofore or hereafter issued under the Credit Agreement or the Term
Loan Agreement; (B) any and all obligations of the Revolver Borrowers, or any
of them individually, to reimburse the Revolver Agent or any Revolver Lender
with respect to any letter of credit or banker’s acceptance issued to or for
the account of the Revolver Borrowers, or any of them individually, under the
Credit Agreement; (C) any and all obligations of the Borrowers, or any of them
individually, to the Secured Creditors, or any of them individually, with
respect to Hedging Liability; and (D) any and all liabilities of the Borrowers
or the Pledgors, or any of them individually, arising out of any guaranty
issued by the Borrowers or the Pledgors, or any of them individually, relating
to the foregoing or any part thereof, as well as for any and all other
indebtedness, obligations and liabilities of the Borrowers and the Pledgors, or
any of them individually, to the Agent or the Secured Creditors, or any of them
individually, evidenced by or otherwise arising out of or relating to this
Agreement, the Guaranties or any other Loan Document; in each case, whether now
existing or hereafter arising (and whether arising before or after the filing
of a petition in bankruptcy), due or to become due, direct or indirect,
absolute or contingent, and howsoever evidenced, held or acquired, and owing in
any currency; and (ii) any 

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and all
expenses and charges, legal or otherwise, suffered or incurred by the Agent or
the Secured Creditors, or any of them individually, in collecting or enforcing
any of such indebtedness, obligations or liabilities or in realizing on or
protecting or preserving any security therefor, including, without limitation,
the lien and security interest granted to the Agent in the Pledged Securities
hereby (all of the foregoing being hereinafter referred to as the “Obligations”). Notwithstanding anything
in this Agreement to the contrary, the right of recovery against any Pledgor
under this Agreement shall not exceed $1 less than the lowest amount which
would render such Pledgor’s obligations under this Agreement void or voidable
under applicable law, including fraudulent conveyance law. 

	
 

	
 

	
SECTION 3.

	
COVENANTS, REPRESENTATIONS AND WARRANTIES. 

          Subject
to the terms of the Credit Agreement and the Loan Agreement, each Pledgor
hereby covenants and agrees with, and represents and warrants to, the Agent and
the Secured Creditors as follows: 

	
 

	
 

	
 

	
          (a)
 The certificates for all shares of stock, equity interests and other
 securities owned by each Pledgor (other than securities evidencing an
 ownership interest in any entity whose total assets are less than or equal to
 $100,000) in each case to the extent certificated now or at any time
 constituting the Pledged Securities shall be delivered to the Agent duly
 endorsed in blank for transfer or accompanied by an appropriate assignment or
 assignments or an appropriate undated stock power or powers, in every case
 sufficient to transfer title thereto. The Agent may at any time after the
 occurrence of an Event of Default and during the continuance thereof cause to
 be transferred into its name or the name of its nominee or nominees any and
 all of the Pledged Securities hereunder. The Agent shall at all times have
 the right to exchange the certificates representing the Pledged Securities
 for certificates of smaller or larger denominations. 

	
 

	
 

	
 

	
          (b)
 Each Pledgor is and will be the sole and lawful legal and beneficial owner of
 all of the Pledged Securities deposited by such Pledgor hereunder. Each
 Pledgor agrees not to sell, assign, pledge or otherwise dispose of any of
 such Pledgor’s Pledged Securities or any interest therein except for the
 security interest granted to the Agent hereunder and liens permitted by
 Sections 4.1 and 7.11 of the Credit Agreement and the Term Loan Agreement and
 except for the sale or other disposition of Pledged Securities permitted by
 the Credit Agreement or the Term Loan Agreement (including, without
 limitation, Sections 7.14 and 7.15 in each such agreement). In the case of
 such permitted sale, disposition or dissolution, the Agent shall release the
 lien upon such Pledged Securities and deliver such Pledged Securities to the
 relevant Pledgor. The Pledged Securities are and will be free and clear of
 all security interests, Liens, rights, claims, attachments, levies and
 encumbrances of every kind, nature and description and whether voluntary or
 involuntary except for the pledge to the Agent hereunder and for other Liens
 permitted by the Credit Agreement and the Term Loan Agreement, and each
 Pledgor will warrant and defend all Pledged Securities which such Pledgor has
 deposited with the Agent against any claims and demands of all other persons
 at any time claiming the same or any interest therein adverse to the Agent
 and the Secured Creditors. Each Pledgor has the right to vote the Pledged
 Securities (except as set forth herein) and there are no restrictions upon
 the voting rights associated with, or the transfer of, any of the Pledged 

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Securities,
 except as provided by any law applicable to the sale of securities generally
 or the terms and provisions of this Agreement.

	
 

	
 

	
 

	
          (c)
 The Pledged Securities have been validly issued and are fully paid and
 non-assessable (except for the provisions of Section 630 of the Business
 Corporation Law of the State of New York as to New York corporations). There are
 no outstanding commitments or other obligations of the issuers of the Pledged
 Securities to issue, and no options, warrants or other rights of any
 individual or entity to acquire, any share of any class or series of capital
 stock or other equity interests of such issuers. Except otherwise indicated
 on Schedule A, the Pledged Securities listed and described on Schedule A
 attached hereto constitute all of the issued and outstanding capital stock or
 other equity interests of every series and class of each issuer thereof. Each
 Pledgor further agrees that in the event any such issuer shall issue any
 additional capital stock of any series or class, each Pledgor will forthwith
 pledge and deposit hereunder, or cause to be pledged and deposited hereunder,
 all such additional shares of such capital stock. 

	
 

	
 

	
 

	
          (d)
 On failure of any Pledgor to perform any of the agreements and covenants
 herein contained, the Agent may perform the same and in so doing may expend
 such sums as the Agent may deem advisable in the performance thereof,
 including without limitation the payment of any taxes, liens and
 encumbrances, expenditures made in defending against any adverse claim or
 demand and all other expenditures which the Agent may be compelled to make by
 operation of law or which Agent may make by agreement or otherwise for the
 protection of the security hereof. All such sums and amounts so expended
 shall be due and payable, immediately without notice or demand, shall
 constitute additional Obligations hereby secured together with interest
 thereon at the rate per annum (computed on the basis of a year of 360 days)
 determined by adding 2% to the Domestic Rate from time to time in effect
 (with any change in such rate per annum as so determined by reason of a
 change in such Domestic Rate to become effective on the date of such change
 in said Domestic Rate) (such rate per annum as so determined being
 hereinafter referred to as the “Reimbursement
 Rate”). No such performance of any covenant or agreement by the
 Agent on behalf of such Pledgor, and no such advancement or expenditure
 therefor, shall relieve such Pledgor of any default under the terms of this
 Agreement or in any way obligate the Agent or any Secured Creditor to take
 any further or future action with respect thereto. The Agent is authorized to
 charge any depository account of any Pledgor maintained with the Agent for
 the amount of such sums and amounts so expended. 

	
 

	
 

	
 

	
          (e)
 Each Pledgor represents that this Agreement, together with its delivery to
 the Agent of the certificates evidencing the Pledged Securities and stock
 powers therefor, creates a valid security interest securing payment and
 performance of the Obligations and that no other action is necessary to
 perfect such security interest. Each Pledgor agrees to execute and deliver to
 the Agent such further agreements and assignments or other instruments and to
 do all such other things as the Agent may deem reasonably necessary or
 appropriate to assure the Agent of such Pledgor’s pledge of the Pledged Securities
 hereunder. 

	
 

	
 

	
 

	
          (f)
 If, as and when any Pledgor delivers any securities for pledge hereunder in
 addition to those listed on Schedule A hereto, the Pledgors shall furnish the
 Agent a duly 

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completed
 and executed amendment to such Schedule in substantially the form (with
 appropriate insertions) of Schedule B hereto reflecting the securities
 pledged hereunder after giving effect to such addition. 

	
 

	
 

	
SECTION 4.

	
VOTING RIGHTS AND DIVIDENDS. 

	
 

	
 

	
 

	
Unless and
 until an Event of Default hereunder has occurred and is continuing:

	
 

	
 

	
 

	
          (a)
 Each Pledgor shall be entitled to exercise all voting and/or consensual
 powers pertaining to such Pledgor’s Pledged Securities or any part thereof,
 for all purposes not inconsistent with the terms of this Agreement, the
 Credit Agreement, the Term Loan Agreement or any other document evidencing or
 otherwise relating to any Obligations. 

	
 

	
 

	
 

	
          (b)
 To the extent not prohibited by the terms of the Credit Agreement and the
 Term Loan Agreement, each Pledgor shall be entitled to receive and retain all
 dividends and distributions in respect of the Pledged Securities which are
 paid in cash of whatsoever nature. 

	
 

	
 

	
 

	
          (c)
 In order to permit each Pledgor to exercise such voting and/or consensual
 powers which he is entitled to exercise under clause (a) above and to receive
 such distributions which such Pledgor is entitled to receive and retain under
 clause (b) above, the Agent shall, if necessary, upon the written request of
 such Pledgor, from time to time execute and deliver to such Pledgor
 appropriate proxies and dividend orders. 

	
 

	
 

	
SECTION 5.

	
POWER OF ATTORNEY.
 

          Each
Pledgor does hereby irrevocably constitute and appoint the Agent its true and
lawful attorney, with full power of substitution, for it and in its name, place
and stead, to ask, demand, collect, receive, receipt for, sue for, compound and
give acquittance for any and all sums or properties which may be or become due,
payable or distributable on or in respect of such Pledgor’s Pledged Securities
or which constitute a part thereof, with full power to settle, adjust or
compromise any claim thereunder or therefor as fully as such Pledgor could
itself do, and to endorse or sign the name of such Pledgor on all commercial
paper given in payment or in part payment thereof and on all documents of
satisfaction, discharge or receipt required or requested in connection
therewith, and in the Agent’s discretion, to file any claim or take any other
action or proceeding, either in its own name or in the name of such Pledgor, or
otherwise, which the Agent may deem necessary or appropriate to collect or
otherwise realize upon any and all of such Pledgor’s Pledged Securities, or
effect a transfer thereof, or which may be necessary or appropriate to protect
and preserve the right, title and interest of the Agent in and to such
Pledgor’s Pledged Securities and the security intended to be afforded hereby; provided, however, that the Agent agrees
not to exercise the powers of attorney set forth in this Section unless an
Event of Default has occurred and is continuing. 

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SECTION 6.

	
DEFAULTS AND REMEDIES. 

          (a)
The occurrence of any event or the existence of any condition which is
specified as an “Event of Default” under the Credit Agreement or the Term Loan
Agreement shall constitute an “Event of
Default” hereunder. 

          (b)
Upon the occurrence and during the continuance of any Event of Default
hereunder, all rights of the Pledgors to exercise the voting and/or consensual
powers which they are entitled to exercise pursuant to Section 4(a) hereof
and/or to receive and retain the distributions which they are entitled to
receive and retain pursuant to Section 4(b) hereof, shall, at the option of the
Agent, cease and thereupon become vested in the Agent, which, in addition to
all other rights provided herein or by law, shall then be entitled solely and
exclusively to exercise all voting and other consensual powers pertaining to
the Pledged Securities and/or to receive and retain the distributions which the
Pledgors would otherwise have been authorized to retain pursuant to Section
4(b) hereof and shall then be entitled solely and exclusively to exercise any
and all rights of conversion, exchange or subscription or any other rights,
privileges or options pertaining to the Pledged Securities as if the Agent were
the absolute owner thereof including, without limitation, the rights to
exchange, at its discretion, any and all of the Pledged Securities upon the
merger, consolidation, reorganization, recapitalization or other readjustment
of the respective issuer thereof or upon the exercise by or on behalf of any
such issuer or the Agent of any right, privilege or option pertaining to the
Pledged Securities and, in connection therewith, to deposit and deliver any and
all of the Pledged Securities with any committee, depositary, transfer agent,
registrar or other designated agency upon such terms and conditions as the
Agent may determine. 

          (c)
Upon the occurrence and during the continuance of any Event of Default
hereunder, the Agent shall have, in addition to all other rights provided
herein or by law, the rights and remedies of a secured party under the Uniform
Commercial Code of Illinois in respect to the Pledged Securities (regardless of
whether such Uniform Commercial Code is the law of the jurisdiction where the
rights or remedies are asserted and regardless of whether such Code applies to
the affected Pledged Securities) and further the Agent may, without demand and
without advertisement or notice, all of which the Pledgors waive to the extent
permitted by law, at any time or times, sell and deliver any or all of the
Pledged Securities held by or for it at public or private sale, at any
securities exchange or broker’s board or at any of the Agent’s offices or
elsewhere, for cash, upon credit or otherwise, at such prices and upon such
terms as the Agent deems advisable, in its sole discretion. In the exercise of
any such remedies, the Agent may sell all the Pledged Securities as a unit even
though the sales price thereof may be in excess of the amount remaining unpaid
on the Obligations. Also, if less than all the Pledged Securities are sold, the
Agent shall have no duty to marshal or apportion the part of the Pledged Securities
so sold as between the Pledgors, or any of them, but may sell and deliver any
or all of the Pledged Securities without regard to which of the Pledgors are
the owners thereof. The Agent is authorized at any sale or other disposition of
the Pledged Securities, if it deems it advisable so to do, to restrict the
prospective bidders or 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 any of the Pledged Securities. The Agent or
any Secured Creditor may be the purchaser at any sale or other disposition of
the Pledged Securities. The Pledgors hereby waive all of their rights of
redemption from any sale or other disposition of the Pledged Securities. Any
requirement of reasonable notice shall be met if such notice is personally
served on or mailed, postage prepaid, to the Pledgors in accordance with
Section 11(h) hereof at least 10 days before 

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the time of
sale or other event giving rise to the requirement of such notice; provided, however, no notification need be
given to a Pledgor if such Pledgor has signed, after an Event of Default
hereunder has occurred, a statement renouncing any right to notification of
sale or other intended disposition. The Agent shall not be obligated to make
any sale or other disposition of the Pledged Securities regardless of notice
having been given. The Agent may postpone or cause the postponement of the sale
of all or any portion of the Pledged Securities by announcement at the time and
place of such sale, and such sale may, without further notice, be made at the
time and place to which the sale was postponed or the Agent may further
postpone such sale by announcement made at such time and place. The proceeds of
sale shall be applied first to all costs and expenses of sale, including
attorney’s fees and court costs, and second to the payment of the Obligations
in accordance with the terms of the Intercreditor Agreement. 

          (d)
No delay or omission on the part of the Agent in the exercise of any right or
remedy hereunder shall operate as a waiver of such right or remedy, nor shall
the exercise of any such right or remedy preclude the later or further exercise
thereof. All rights or remedies of the Agent on account of the collateral or on
account of any of the indebtedness hereby secured, whether arising under this
Agreement, any other instrument or document, or at law or in equity, shall be
cumulative and not exclusive of each other, and may be exercised by the Agent
at such times and in such order as the Agent may determine. The Pledgors agree
to pay all costs and expenses (including court costs and reasonable attorney’s
fees) incurred by the Agent in enforcing or collecting any of the Obligations
secured hereunder, in enforcing any of the terms hereof or in retaking,
holding, preparing for sale, selling, collecting or otherwise realizing upon
any Pledged Securities, including, without limitation, any of the foregoing
arising in, arising under or related to a case under the United States
Bankruptcy Code or any successor statute(s) thereto; and all such costs and
expenses shall constitute additional Obligations hereby secured which shall be
payable on demand together with interest thereon at the Reimbursement Rate.
Neither the Agent nor any Secured Creditor, nor any party acting as its
attorney, shall be liable for any acts or omissions or for any error of
judgment or mistake of fact or law other than such person’s gross negligence or
willful misconduct. 

	
 

	
 

	
SECTION 7.

	
PRIMARY SECURITY;
 OBLIGATIONS ABSOLUTE. 

          The
pledge and security herein created and provided for stand as direct and primary
security for the Obligations. No application of any sums received by the Agent
in respect of the Pledged Securities or any disposition thereof to the
reduction of the Obligations or any portion thereof shall in any manner entitle
any Pledgor to any right, title or interest in or to the Obligations or any
collateral security therefor, whether by subrogation or otherwise, unless and
until all Obligations have been fully paid and satisfied and each of the
commitments of the Secured Creditors to extend credit or otherwise make
financial accommodations available to the Borrowers, or any one of them, under
the Credit Agreement and the Term Loan Agreement have expired or otherwise have
been terminated. The Pledgors acknowledge and agree that the pledge and
security hereby created and provided for are absolute and unconditional and
shall not in any manner be affected or impaired by any acts or omissions
whatsoever of the Agent, the Secured Creditors or any other holder of any
Obligations, and without limiting the generality of the foregoing, the pledge
and security hereof shall not be impaired by any acceptance by the Agent, the
Secured Creditors or any other holder of any Obligations of any other security
for or guarantors upon any Obligations or by any failure, neglect or omission
on the part of the Agent, any Secured Creditor or any other holder of any
Obligations to realize upon or protect any 

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Obligations or
any collateral security therefor. The pledge and security hereof shall not in
any manner be impaired or affected by (and the Agent and the Secured Creditors,
without notice to anyone, are hereby authorized to make from time to time) any
sale, pledge, surrender, compromise, settlement, release, renewal, extension,
indulgence, alteration, substitution, exchange, change in, modification or
disposition of any Obligations, or of any collateral security therefor, or of
any guaranty thereof, or of the Credit Agreement, or of the Term Loan Agreement
or any other instrument or document delivered in connection therewith. The
Secured Creditors may at their discretion at any time grant credit to the
Borrowers, or any of them, without notice to the Pledgors in such amounts and
on such terms as the Secured Creditors may elect without in any manner
impairing the pledge and security hereby created and provided for. In order to
foreclose or otherwise realize hereon and to exercise the rights granted the
Agent hereunder and under applicable law, there shall be no obligation on the
part of the Agent or the Secured Creditors or any other holder of any
Obligations at any time to first resort for payment to the Borrowers or to any
other obligor on any Obligations or to any guaranty of the Obligations or any
portion thereof or to resort to any other collateral security, property, liens
or any other rights or remedies whatsoever, and the Agent shall have the right
to enforce this instrument irrespective of whether or not other proceedings or
steps are pending seeking resort to or realization upon or from any of the
foregoing. 

	
 

	
 

	
SECTION 8.

	
APPLICATION OF PROCEEDS. 

          The
proceeds and avails of the Pledged Securities at any time received by the Agent
after the occurrence and during the continuance of any Event of Default
hereunder shall, when received by the Agent in cash or its equivalent, be
applied by the Agent in reduction of the Obligations as set forth in the
Intercreditor Agreement. The Pledgors shall remain liable to the Agent and the
Secured Creditors for any deficiency. Any surplus remaining after the full
payment and satisfaction of the Obligations shall be returned to the Borrowers
on behalf of the Pledgors or to whomsoever a court of competent jurisdiction
shall determine to be entitled thereto. 

	
 

	
 

	
SECTION 9.

	
CONTINUING AGREEMENT.
 

          This
Agreement shall be a continuing agreement in every respect and shall remain in
full force and effect until all of the Obligations, both for principal and
interest, have been fully paid and satisfied and each of the commitments by the
Secured Creditors to extend credit or otherwise make financial accommodations
available to the Borrowers under the Credit Agreement and the Term Loan
Agreement have expired or otherwise have been terminated. Upon such termination
of this Agreement, the Agent shall, upon the request and at the expense of the
Pledgors, forthwith release all its liens and security interests hereunder. 

	
 

	
 

	
SECTION 10.

	
THE AGENT. 

          In
acting under or by virtue of this Agreement, the Agent shall be entitled to all
the rights, authority, privileges and immunities provided in the Credit
Agreement and the Term Loan Agreement, all of which provisions of the Credit
Agreement and the Term Loan Agreement (including, without limitation, Section
10 of each such agreement) are incorporated by reference herein with the same
force and effect as if set forth herein. The Agent hereby disclaims any 

- 9 -

representation
or warranty to the Secured Creditors concerning the perfection of the security
interest granted hereunder or the value of the Pledged Securities. 

	
 

	
 

	
SECTION 11.

	
MISCELLANEOUS. 

          (a)
Each Pledgor agrees to pay to the Agent upon demand the cost and expenses
incurred by the Agent in connection with the filing of any financing statements
or any other steps taken by the Agent in connection with the perfection or
protection of such Pledgor’s Pledged Securities hereunder and in connection
with releasing such pledge and security interest herein granted and provided
for upon termination hereof. 

          (b)
No waiver or modification or amendment to the terms of this Agreement shall be
effective as against the Agent and the Secured Creditors unless the same is in
writing and signed by an officer of the Agent. No such waiver, modification or
amendment shall in any way affect any of the rights or remedies of the Agent
and the Secured Creditors hereunder except to the extent that such waiver,
modification or amendment specifically provides. 

          (c)
This Agreement and all of the rights, privileges, remedies and options given to
the Agent and the Secured Creditors hereunder and in and to any of the Pledged
Securities hereunder shall inure to the benefit of the Agent and the Secured
Creditors and their successors and assigns; and all the terms, conditions,
promises, covenants, representations and warranties of and in this Agreement
shall bind each Pledgor and its successors and assigns, provided that no Pledgor
may assign its rights or delegate its duties hereunder without the Agent’s
prior written consent. 

          (d)
In the event that any provision hereof shall be deemed to be invalid by reason
of the operation of any law or by reason of the interpretation placed thereon
by any court, this Agreement shall be construed as not containing such
provision, but only as to such locations where such law or interpretation is
operative, and the invalidity of such provision shall not affect the validity
of any remaining provision hereof, and any and all other provisions hereof
which are otherwise lawful and valid shall remain in full force and effect. 

          (e)
No Secured Creditor shall have the right to institute any suit, action or
proceeding in equity or at law for the enforcement of any remedy under or upon
this Agreement; it being understood and intended that no one or more of the
Secured Creditors shall have any right in any manner whatsoever to affect,
disturb or prejudice the lien of this Agreement by its or their action or to
enforce any right hereunder, and that all proceedings at law or in equity shall
be instituted, had and maintained by the Agent in the manner herein provided
and for the benefit of the Secured Creditors. 

          (f)
This Agreement shall be deemed to have been made in the State of Illinois. This
Agreement and all rights and obligations hereunder, including matters of
construction, validity and performance shall be governed by the internal laws
of the State of Illinois. All terms which are used in this Agreement which are
defined in the Uniform Commercial Code of Illinois shall have the same meanings
herein as said terms do in such Uniform Commercial Code unless this Agreement
shall otherwise specifically provide. The headings in this instrument are for
convenience of reference only and shall not limit or otherwise affect the
meaning of any provision hereof. 

- 10 -

          (g)
This Agreement may be executed in any number of counterparts, each constituting
an original, but all together one and the same instrument. Each Pledgor
acknowledges that this Agreement is and shall be effective upon its execution
and delivery by such Pledgor to the Agent, and it shall not be necessary for
the Agent to execute this Agreement or any other acceptance hereof or otherwise
to signify or express its acceptance hereof. 

          (h)
Except as otherwise specified herein, all notices hereunder shall be in writing
(including, without limitation, notice by telecopy) and shall be given to the
relevant party, and shall be deemed to have been made when given to the
relevant party, in accordance with Section 8 of the Intercreditor Agreement.
All notices to the Pledgors hereunder shall be made to the Company, as their
agent, in accordance with Section 8 of the Intercreditor Agreement. 

          (i)
In the event the Secured Creditors shall at any time in their discretion permit
a substitution of Pledgors hereunder or a party shall wish to become a Pledgor
hereunder, such substituted or additional Pledgor shall, upon executing an
agreement in the form attached hereto as Schedule C, become a party hereto and
be bound by all the terms and conditions hereof to the same extent as though
such Pledgor had originally executed this Agreement and, in the case of a
substitution, in lieu of the Pledgor being replaced. No such substitution shall
be effective absent the written consent of Secured Creditors nor shall it in
any manner affect the obligations of the other Debtors hereunder. 

          (j)
JURY TRIAL WAIVER. EACH PLEDGOR, THE AGENT,
AND EACH SECURED CREDITOR HEREBY
IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY.

          (k)
PERSONAL  JURISDICTION.
(i)  EXCLUSIVE  JURISDICTION.  EXCEPT  AS  PROVIDED  IN
SUBSECTION (ii),  EACH PLEDGOR,  THE AGENT AND
THE SECURED CREDITORS AGREE  THAT  ALL  DISPUTES  BETWEEN  THEM
ARISING  OUT  OF,  CONNECTED
WITH,  RELATED  TO,  OR  INCIDENTAL  TO  THE  RELATIONSHIP  ESTABLISHED
BETWEEN  THEM  IN  CONNECTION  WITH  THIS  AGREEMENT,  AND
WHETHER  ARISING  IN  CONTRACT,  TORT,  EQUITY,
OR  OTHERWISE,  SHALL  BE  RESOLVED  ONLY  BY  STATE  OR  FEDERAL
COURTS  LOCATED  IN COOK COUNTY,  ILLINOIS,  BUT  EACH  OF  THE PLEDGORS,  THE AGENT  AND
THE SECURED CREDITORS ACKNOWLEDGE
THAT  ANY  APPEALS  FROM  THOSE  COURTS  MAY  HAVE  TO  BE  HEARD  BY  A  COURT  LOCATED
OUTSIDE  OF COOK COUNTY,  ILLINOIS.
EACH PLEDGOR WAIVES  IN
ALL  DISPUTES  ANY  OBJECTION  THAT  IT  MAY  HAVE  TO  THE  LOCATION  OF  THE  COURT
CONSIDERING  THE  DISPUTE.

          (ii)
OTHER JURISDICTIONS. EACH PLEDGOR AGREES  THAT  THE AGENT AND
THE SECURED  CREDITORS SHALL  HAVE  THE  RIGHT  TO  PROCEED  AGAINST
SUCH  PLEDGOR  OR  ITS
PROPERTY  IN  A  COURT  IN  ANY  LOCATION  TO  ENABLE THE AGENT  OR
ANY SECURED CREDITOR TO  REALIZE  ON  SUCH  PROPERTY,
OR  TO  ENFORCE  A  JUDGMENT  OR  OTHER
COURT  ORDER  ENTERED  IN  FAVOR  OF  THE AGENT  OR  ANY SECURED CREDITOR.  EACH PLEDGOR AGREES  THAT  IT
SHALL  NOT  ASSERT  ANY
PERMISSIVE  COUNTERCLAIMS  IN  ANY  PROCEEDING  BROUGHT  IN  ACCORDANCE  WITH  THIS
PROVISION  BY  THE AGENT TO  REALIZE  ON  SUCH  PROPERTY,
 OR  TO  ENFORCE  A  JUDGMENT  OR  OTHER
COURT  ORDER  IN  FAVOR  OF  THE AGENT  OR  ANY SECURED CREDITOR.  EACH PLEDGOR WAIVES  ANY
OBJECTION  THAT  IT  MAY  HAVE  TO  THE  LOCATION  OF  THE  COURT  IN  WHICH  THE   AGENT  OR  ANY SECURED CREDITOR HAS
COMMENCED  A  PROCEEDING  DESCRIBED  IN  THIS  SUBSECTION.  

- 11 -

          (l)
In the event of any inconsistency between this Agreement, the Credit Agreement
or the Term Loan Agreement, respectively, the terms of the Credit Agreement or
the Term Loan Agreement, as applicable, shall govern. 

          (m)
Upon the execution and delivery of this Agreement by the Company, the other
Pledgors and the Agent, this Agreement shall supersede all provisions of the
Prior Pledge Agreement as of such date. Each Pledgor hereby agrees that,
notwithstanding the execution and delivery of this Agreement, the liens and
security interests created and provided for under the Prior Pledge Agreement
continue in effect under and pursuant to the terms of this Agreement for the
benefit of all of the Obligations secured hereby. Nothing herein contained
shall in any manner affect or impair the priority of the liens and security
interests created and provided for by the Prior Pledge Agreement as to the
indebtedness and obligations which would otherwise be secured thereby prior to
giving effect to this Agreement. 

[SIGNATURE PAGES TO FOLLOW]

- 12 -

          IN
WITNESS WHEREOF, each Pledgor has caused
this Agreement to be duly executed and delivered as of the date first above
written.

	
 

	
 

	
 

	
 

	
 

	
 

	
“PLEDGORS” 

	
 

	
 

	
 

	
EMCOR GROUP, INC.

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	

	
 

	
Name:

	
 

	
 

	
 

	

	
 

	
Title:

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
FORTI/POOLE AND KENT, L.L.C.

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	

	
 

	
Name:

	
R. Kevin
 Matz

	
 

	
Title:

	
Manager

	
 

	
 

	
 

	
 

	
CSUSA HOLDINGS L.L.C.

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	

	
 

	
Name:

	
R. Kevin
 Matz

	
 

	
Title:

	
Manager

	
 

	
 

	
 

	
 

	
TRIMECH PLUMBING L.L.C.

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	

	
 

	
Name:

	
R. Kevin
 Matz

	
 

	
Title:

	
Vice
 President

	
 

	
 

	
 

	
 

	
SHAMBAUGH & SON, L.P.

	
 

	
By: CSUSA
 Holdings L.L.C., its General Partner

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	

	
 

	
Name:

	
R. Kevin
 Matz

	
 

	
Title:

	
Manager

S-1

	
 

	
 

	
 

	
 

	
 

	
 

	
BORDER ELECTRIC CO., L.P.

	
 

	
By: CSUSA
 Holdings L.L.C., its General Partner

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	

	
 

	
Name:

	
R. Kevin
 Matz

	
 

	
Title:

	
Manager

	
 

	
 

	
 

	
 

	
BORDER MECHANICAL CO., L.P.

	
 

	
By: CSUSA
 Holdings L.L.C., its General Partner

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	

	
 

	
Name:

	
R. Kevin
 Matz

	
 

	
Title:

	
Manager

	
 

	
 

	
 

	
 

	
WELSBACH ELECTRIC CORP.

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	

	
 

	
Name:

	
 

	
 

	
 

	

	
 

	
Title:

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
AIRCOND CORPORATION

	
 

	
AIR SYSTEMS,
 INC.

	
 

	
ATLANTIC COAST
 MECHANICAL, INC.

	
 

	
B & B CONTRACTING
 & SUPPLY COMPANY

	
 

	
BTE SERVICE, INC.

	
 

	
BUILDING TECHNOLOGY
 ENGINEERS, INC.

	
 

	
CENTRAL MECHANICAL
 CONSTRUCTION CO., INC.

	
 

	
CES FACILITIES MANAGEMENT
 SERVICES, INC.

	
 

	
COMBUSTIONEER CORPORATION

	
 

	
CONTRA COSTA ELECTRIC, INC.

	
 

	
CS48 ACQUISITION CORP.

	
 

	
DESIGN AIR,
 LIMITED

	
 

	
DUFFY MECHANICAL
 CORP.

	
 

	
DYN SPECIALTY
 CONTRACTING, INC.

	
 

	
DYNALECTRIC COMPANY

	
 

	
DYNALECTRIC COMPANY
 OF NEVADA

	
 

	
DYNALECTRIC COMPANY
 OF OHIO

	
 

	
DYNALECTRIC OF
 MICHIGAN, INC.

	
 

	
EMCOR CONSTRUCTION
 SERVICES, INC. 

	
 

	
EMCOR-CSI HOLDING CO.

	
 

	
EMCOR ENERGY SERVICES,
 INC

S-2

	
 

	
 

	
 

	
EMCOR FACILITIES SERVICES,
 INC.

	
 

	
EMCOR GOVERNMENT SERVICES,
 INC.

	
 

	
EMCOR GOWAN, INC.

	
 

	
EMCOR HYRE ELECTRIC
 CO. OF INDIANA, INC.

	
 

	
EMCOR INTERNATIONAL
 INC.

	
 

	
EMCOR MECHANICAL/ELECTRICAL
 SERVICES (EAST), INC.

	
 

	
EMCOR SERVICES MIDWEST,
 INC.

	
 

	
EMCOR SERVICES NORTHEAST,
 INC.

	
 

	
EMCOR SERVICES NEW
 YORK/NEW JERSEY, INC.

	
 

	
F & G MANAGEMENT,
 INC.

	
 

	
F & G MECHANICAL
 CORPORATION

	
 

	
F & G PLUMBING,
 INC.

	
 

	
FLUIDICS, INC.

	
 

	
FOREST ELECTRIC
 CORP.

	
 

	
GIBSON ELECTRIC
 CO., INC.

	
 

	
GREAT MONUMENT
 CONSTRUCTION COMPANY

	
 

	
HANSEN MECHANICAL
 CONTRACTORS, INC.

	
 

	
HERITAGE MECHANICAL
 SERVICES, INC.

	
 

	
HILLCREST SHEET
 METAL, INC.

	
 

	
HVAC, LTD.

	
 

	
ILLINGWORTH CORPORATION

	
 

	
INTE-FAC CORP.

	
 

	
J.C. HIGGINS CORP.

	
 

	
KDC INC.

	
 

	
KILGUST MECHANICAL,
 INC.

	
 

	
KUEMPEL SERVICE,
 INC.

	
 

	
LABOV MECHANICAL,
 INC.

	
 

	
LABOV PLUMBING,
 INC.

	
 

	
LOWRIE ELECTRIC
 COMPANY, INC.

	
 

	
MANDELL MECHANICAL
 CORPORATION

	
 

	
MARELICH MECHANICAL
 CO., INC.

	
 

	
MAXIMUM REFRIGERATION
 & AIR CONDITIONING CORP.

	
 

	
MEADOWLANDS FIRE
 PROTECTION CORP.

	
 

	
MES HOLDINGS CORPORATION

	
 

	
MESA ENERGY
 SYSTEMS, INC.

	
 

	
MIDLAND FIRE
 PROTECTION, INC.

	
 

	
MONUMENTAL HEATING,
 VENTILATING AND AIR CONDITIONING CONTRACTORS,
 INC.

	
 

	
MONUMENTAL INVESTMENT
 CORPORATION

	
 

	
NEW ENGLAND
 MECHANICAL SERVICES OF MASSACHUSETTS, INC.

	
 

	
NEW ENGLAND
 MECHANICAL SERVICES, INC.

S-3

	
 

	
 

	
 

	
NOGLE & BLACK
 MECHANICAL, INC.

	
 

	
NORTH JERSEY
 MECHANICAL CONTRACTORS, INC.

	
 

	
PACE MECHANICAL
 SERVICES, INC.

	
 

	
PENGUIN AIR
 CONDITIONING CORP.

	
 

	
PENGUIN MAINTENANCE
 AND SERVICES INC.

	
 

	
POOLE & KENT
 COMPANY OF FLORIDA

	
 

	
POOLE AND KENT-NEW
 ENGLAND, INC.

	
 

	
POOLE AND KENT-CONNECTICUT,
 INC.

	
 

	
R. S. HARRITAN &
 COMPANY, INC.

	
 

	
S. A. COMUNALE CO.,
 INC.

	
 

	
THE BETLEM SERVICE
 CORPORATION

	
 

	
THE FAGAN COMPANY

	
 

	
THE FRED B.
 DEBRA CO.

	
 

	
THE POOLE AND
 KENT COMPANY

	
 

	
THE POOLE AND
 KENT CORPORATION

	
 

	
TRAUTMAN & SHREVE,
 INC.

	
 

	
UNIVERSITY MARELICH
 MECHANICAL, INC.

	
 

	
UNIVERSITY MECHANICAL
 & ENGINEERING CONTRACTORS, INC., A CALIFORNIA
 CORPORATION

	
 

	
UNIVERSITY MECHANICAL
 & ENGINEERING CONTRACTORS, INC., AN ARIZONA
 CORPORATION

	
 

	
VIOX SERVICES,
 INC.

	
 

	
WALKER-J-WALKER,
 INC.

	
 

	
WELSBACH ELECTRIC
 CORP. OF L.I.

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	

	
 

	
Name:

	
R. Kevin
 Matz

	
 

	
Title:

	
Vice
 President

S-4

          The
following entities enter into the Agreement effective as of the effective date
of the FR Acquisition as such term is defined in the Term Loan Agreement. 

	
 

	
 

	
 

	
 

	
 

	
FR X OHMSTEDE ACQUISITIONS CO.

	
 

	
HNT HOLDINGS INC.

	
 

	
OHMSTEDE INDUSTRIAL SERVICES INC.

	
 

	
BEAUMONT REAL ESTATE HOLDING COMPANY

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	

	
 

	
Name:

	
R. Kevin
 Matz

	
 

	
Title:

	
Vice
 President

	
 

	
 

	
 

	
 

	
 

	
OHMSTEDE PARTNERS LLC

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	

	
 

	
Name:

	
R. Kevin
 Matz

	
 

	
Title:

	
Vice
 President

	
 

	
 

	
 

	
 

	
 

	
OHMSTEDE HOLDINGS LLC

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	

	
 

	
Name:

	
R. Kevin
 Matz

	
 

	
Title:

	
Manager

	
 

	
 

	
 

	
 

	
 

	
OHMSTEDE LTD.

	
 

	
By: Ohmstede
 Partners LLC, its General Partner

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	

	
 

	
Name:

	
R. Kevin
 Matz

	
 

	
Title:

	
Vice
 President

S-5

	
 

	
 

	
 

	
 

	
          Acknowledged
 and agreed to as of the date first above written.

	
 

	
 

	
HARRIS N.A., as Agent

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	

	
 

	
Name:

	
 

	
 

	
 

	
 

	

	
 

	
Title:

	
 

	
 

	
 

	
 

	
 

	

S-6

SCHEDULE A

THE PLEDGED SECURITIES

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
PLEDGOR

	
 

	
PLEDGED SECURITIES

	
 

	
CERTIF.
NO./NO
. OF SHARES

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
EMCOR Group,
 Inc.

	
 

	
MES Holdings
 Corporation

	
 

	
No. 1

	
 

	
100 shares

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
EMCOR Group
 (UK) PLC

	
 

	
No. __

	
 

	
1 share

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Delcommerce
 (Contract

	
 

	
No. 7

	
 

	
1 share

	
 

	
 

	
Services) Limited

	
 

	
 

	
 

	
 

	
 

	
 

	
Delcommerce
 (Contract

	
 

	
No. 10

	
 

	
1,000 shares

	
 

	
 

	
Services) Limited

	
 

	
 

	
 

	
 

	
 

	
 

	
Drake &
 Scull (Scotland)

	
 

	
No. __

	
 

	
1 share

	
 

	
 

	
Limited

	
 

	
 

	
 

	
 

	
 

	
 

	
Drake &
 Scull (International)

	
 

	
No. 8

	
 

	
1 share

	
 

	
 

	
Limited

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
EMCOR

	
 

	
Inte-Fac
 Corp.

	
 

	
No. 2

	
 

	
200 shares

	
Mechanical/Electrical

	
 

	
Forest
 Electric Corp.

	
 

	
No. 2

	
 

	
100 shares

	
Services
 (East), Inc.

	
 

	
J.C. Higgins
 Corp.

	
 

	
No. 2

	
 

	
100 shares

	
 

	
 

	
Penguin
 Maintenance and

	
 

	
No. 2

	
 

	
100 shares

	
 

	
 

	
Services Inc.

	
 

	
 

	
 

	
 

	
 

	
 

	
Penguin Air
 Conditioning Corp.

	
 

	
No. A-5

	
 

	
100 shares

	
 

	
 

	
 

	
 

	
No. B-4

	
 

	
500 shares

	
 

	
 

	
Welsbach
 Electric Corp.

	
 

	
No. 3

	
 

	
100 shares

	
 

	
 

	
Welsbach
 Electric Corp. of L.I.

	
 

	
No. 5

	
 

	
10 shares

	
 

	
 

	
R. S.
 Harritan & Company, Inc.

	
 

	
No. 2

	
 

	
100 shares

	
 

	
 

	
Mandell
 Mechanical

	
 

	
CS4

	
 

	
100 shares

	
 

	
 

	
Corporation

	
 

	
 

	
 

	
 

	
 

	
 

	
Heritage
 Mechanical Services,

	
 

	
No. 2

	
 

	
100 shares

	
 

	
 

	
Inc.

	
 

	
 

	
 

	
 

	
 

	
 

	
EMCOR Energy
 Services, Inc.

	
 

	
No. 1

	
 

	
100 shares

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
J.C. Higgins
 Corp.

	
 

	
Labov
 Mechanical, Inc.

	
 

	
No. 1

	
 

	
100 shares

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Midland Fire
 Protection, Inc.

	
 

	
No. 3

	
 

	
100 shares

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Labov
 Mechanical, Inc.

	
 

	
Labov
 Plumbing, Inc.

	
 

	
No. 2

	
 

	
90 shares

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
PLEDGOR

	
 

	
PLEDGED
SECURITIES

	
 

	
CERTIF.
NO./NO. OF SHARES

	
 

	
 

	
 

	
 

	
 

	
EMCOR
 Construction

	
 

	
EMCOR
 Mechanical/Electrical

	
 

	
No. 3

	
 

	
100 shares

	
Services,
 Inc.

	
 

	
Services (East), Inc.

	
 

	
 

	
 

	
 

	
 

	
 

	
EMCOR Hyre Electric
 Co. of

	
 

	
No. 1

	
 

	
100 shares

	
 

	
 

	
Indiana, Inc.

	
 

	
 

	
 

	
 

	
 

	
 

	
Dyn
 Specialty Contracting, Inc.

	
 

	
No. 8

	
 

	
100 shares

	
 

	
 

	
University
 Mechanical &

	
 

	
No. 2021

	
 

	
20 shares

	
 

	
 

	
Engineering Contractors, Inc.

	
 

	
 

	
 

	
 

	
 

	
 

	
Marelich
 Mechanical Co., Inc.

	
 

	
No. 2

	
 

	
100 shares

	
 

	
 

	
University
 Marelich

	
 

	
No. 1

	
 

	
100 shares

	
 

	
 

	
Mechanical, Inc.

	
 

	
 

	
 

	
 

	
 

	
 

	
Design Air,
 Limited

	
 

	
No. 6

	
 

	
550 shares

	
 

	
 

	
EMCOR Gowan,
 Inc.

	
 

	
No. 4

	
 

	
100 shares

	
 

	
 

	
Duffy
 Mechanical Corp.

	
 

	
No. 20

	
 

	
100 shares

	
 

	
 

	
Dynalectric
 Company of Ohio

	
 

	
No. 2

	
 

	
100 shares

	
 

	
 

	
Dynalectric
 of Michigan, Inc.

	
 

	
No. 2

	
 

	
100 shares

	
 

	
 

	
The Fred B.
 DeBra Co.

	
 

	
No. 2

	
 

	
100 shares

	
 

	
 

	
Gibson
 Electric Co., Inc.

	
 

	
No. 4

	
 

	
1,000 shares

	
 

	
 

	
S. A.
 Comunale Co., Inc.

	
 

	
No. 64B

	
 

	
100 shares

	
 

	
 

	
 

	
 

	
No. 67

	
 

	
100 shares

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
University
 Mechanical &

	
 

	
Hansen
 Mechanical

	
 

	
No. 33

	
 

	
1,539 shares

	
Engineering
 Contractors,

	
 

	
Contractors, Inc.

	
 

	
 

	
 

	
 

	
Inc., a
 California

	
 

	
Pace
 Mechanical Services, Inc.

	
 

	
No. 4

	
 

	
100 shares

	
corporation

	
 

	
Trautman
 & Shreve, Inc.

	
 

	
No. 3

	
 

	
100 shares

	
 

	
 

	
University
 Mechanical &

	
 

	
No. 5

	
 

	
30,000 shares

	
 

	
 

	
Engineering Contractors, Inc.,

	
 

	
 

	
 

	
 

	
 

	
 

	
an Arizona corporation

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
MES Holdings

	
 

	
EMCOR
 Construction Services,

	
 

	
No. 1

	
 

	
100 shares

	
Corporation

	
 

	
Inc.

	
 

	
 

	
 

	
 

	
 

	
 

	
EMCOR
 Facilities Services,

	
 

	
No. 1

	
 

	
100 shares

	
 

	
 

	
Inc.

	
 

	
 

	
 

	
 

	
 

	
 

	
EMCOR
 International, Inc.

	
 

	
No. 7

	
 

	
100 shares

	
 

	
 

	
Monumental
 Investment

	
 

	
No. AC14

	
 

	
100 shares

	
 

	
 

	
Corporation

	
 

	
 

	
 

	
 

	
 

	
 

	
EMCOR-CSI
 Holding Co.

	
 

	
No. 2

	
 

	
100 shares

	
 

	
 

	
Poole &
 Kent Company of

	
 

	
No. 1

	
 

	
100 shares

	
 

	
 

	
Florida

	
 

	
 

	
 

	
 

-2-

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
PLEDGOR

	
 

	
PLEDGED
SECURITIES

	
 

	
CERTIF.
NO./NO. OF SHARES

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
EMCOR
 Facilities

	
 

	
BTE Services
 Inc.

	
 

	
No. 3

	
 

	
1,000 shares

	
Services,
 Inc.

	
 

	
Building
 Technologies

	
 

	
No. 4

	
 

	
1,000 shares

	
 

	
 

	
Engineers, Inc.

	
 

	
 

	
 

	
 

	
 

	
 

	
Mesa Energy
 Systems, Inc.

	
 

	
No. 23

	
 

	
100 shares

	
 

	
 

	
EMCOR
 Government Services,

	
 

	
No. A8

	
 

	
13,585,000 shares

	
 

	
 

	
Inc.

	
 

	
 

	
 

	
 

	
 

	
 

	
Air Systems,
 Inc.

	
 

	
No. 7

	
 

	
100 shares

	
 

	
 

	
EMCOR
 Services Northeast, Inc.

	
 

	
No. 51

	
 

	
2,500 shares

	
 

	
 

	
EMCOR
 Services New York/New

	
 

	
No. CS4

	
 

	
100 shares

	
 

	
 

	
Jersey, Inc.

	
 

	
 

	
 

	
 

	
 

	
 

	
Fluidics,
 Inc.

	
 

	
No. 13

	
 

	
99 shares

	
 

	
 

	
FR X
 Ohmstede Acquisitions Co.

	
 

	
No. 2

	
 

	
1,000 shares

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
EMCOR
 Services New

	
 

	
 

	
 

	
 

	
 

	
 

	
York/New
 Jersey, Inc.

	
 

	
Trimech
 Plumbing L.L.C.

	
 

	
Class A
 Member 90%

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Dyn
 Specialty

	
 

	
Dynalectric
 Company

	
 

	
No. 1

	
 

	
100 shares

	
Contracting,
 Inc.

	
 

	
Dynalectric
 Company of

	
 

	
No. 13

	
 

	
166 1/2 shares

	
 

	
 

	
Nevada

	
 

	
 

	
 

	
 

	
 

	
 

	
Contra Costa
 Electric, Inc.

	
 

	
No. 39

	
 

	
100 shares

	
 

	
 

	
B & B
 Contracting & Supply

	
 

	
No. 2

	
 

	
1,000 shares

	
 

	
 

	
Company

	
 

	
 

	
 

	
 

	
 

	
 

	
KDC Inc.

	
 

	
No. 16

	
 

	
8,333 shares

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Monumental
 Investment

	
 

	
The Poole
 and Kent Corporation

	
 

	
No. 4

	
 

	
5,000 shares

	
Corporation

	
 

	
Poole and
 Kent Connecticut,

	
 

	
No. 1

	
 

	
10,000 shares

	
 

	
 

	
Inc.

	
 

	
 

	
 

	
 

	
 

	
 

	
Poole and
 Kent New England,

	
 

	
No. 4

	
 

	
10,000 shares

	
 

	
 

	
Inc.

	
 

	
 

	
 

	
 

	
 

	
 

	
Monumental
 Heating,

	
 

	
No. 2

	
 

	
1,000 shares

	
 

	
 

	
Ventilating and Air

	
 

	
 

	
 

	
 

	
 

	
 

	
Conditioning Contractors, Inc.

	
 

	
 

	
 

	
 

	
 

	
 

	
HVAC, Ltd.

	
 

	
No. 2

	
 

	
5,000 shares

	
 

	
 

	
The Poole
 and Kent Company

	
 

	
No. 1

	
 

	
5,000 shares

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Monumental
 Heating,

	
 

	
Forti/Poole
 and Kent LLC

	
 

	
NA

	
 

	
NA

	
Ventilating
 and Air

	
 

	
 

	
 

	
 

	
 

	
 

	
Conditioning
 Contractors,

	
 

	
 

	
 

	
 

	
 

	
 

	
Inc.

	
 

	
 

	
 

	
 

	
 

	
 

-3-

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
PLEDGOR

	
 

	
PLEDGED
SECURITIES

	
 

	
CERTIF.
NO./NO. OF SHARES

	
 

	
 

	
 

	
 

	
 

	
HVAC, Ltd.

	
 

	
Atlantic
 Coast Mechanical, Inc.

	
 

	
No. 2

	
 

	
50 shares

	
 

	
 

	
Great
 Monument Construction

	
 

	
No. 2

	
 

	
5,000 shares

	
 

	
 

	
Company

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
EMCOR-CSI
 Holding Co.

	
 

	
CSUSA
 Holdings L.L.C.

	
 

	
NA

	
 

	
NA

	
 

	
 

	
Central
 Mechanical

	
 

	
No. CS3

	
 

	
100 shares

	
 

	
 

	
Construction Co., Inc.

	
 

	
 

	
 

	
 

	
 

	
 

	
F & G
 Mechanical Corporation

	
 

	
No. CS3

	
 

	
100 shares

	
 

	
 

	
F & G
 Management, Inc.

	
 

	
No. 2

	
 

	
100 shares

	
 

	
 

	
Hillcrest
 Sheet Metal, Inc.

	
 

	
No. CS3

	
 

	
100 shares

	
 

	
 

	
Kilgust
 Mechanical, Inc.

	
 

	
No. CS3

	
 

	
100 shares

	
 

	
 

	
Kuempel
 Service, Inc.

	
 

	
No. CS3

	
 

	
100 shares

	
 

	
 

	
Lowrie
 Electric Company, Inc.

	
 

	
No. CS3

	
 

	
100 shares

	
 

	
 

	
Maximum
 Refrigeration and Air

	
 

	
No. CS3

	
 

	
100 shares

	
 

	
 

	
Conditioning Corp.

	
 

	
 

	
 

	
 

	
 

	
 

	
Meadowland
 Fire Protection

	
 

	
No. CS3

	
 

	
100 shares

	
 

	
 

	
Corp.

	
 

	
 

	
 

	
 

	
 

	
 

	
Nogle &
 Black Mechanical, Inc.

	
 

	
No. CS3

	
 

	
100 shares

	
 

	
 

	
North Jersey
 Mechanical

	
 

	
No. CS3

	
 

	
100 shares

	
 

	
 

	
Contractors, Inc.

	
 

	
 

	
 

	
 

	
 

	
 

	
The Fagan
 Company

	
 

	
No. CS3

	
 

	
100 shares

	
 

	
 

	
Walker-J-Walker,
 Inc.

	
 

	
No. CS3

	
 

	
100 shares

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
F & G
 Mechanical

	
 

	
F & G
 Plumbing, Inc.

	
 

	
No. 1

	
 

	
100 shares

	
Corporation

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
CSUSA
 Holdings L.L.C.

	
 

	
Shambaugh
 & Son, L.P.

	
 

	
General
 Partnership Interest

	
 

	
 

	
Border
 Electric Co., L.P.

	
 

	
General
 Partnership Interest

	
 

	
 

	
Border
 Mechanical Co., L.P.

	
 

	
General
 Partnership Interest

	
 

	
 

	
CS48
 Acquisition Corp.

	
 

	
CS-3

	
 

	
100 shares

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
CS48 Acquisition
 Corp.

	
 

	
Shambaugh
 & Son, L.P.

	
 

	
Limited
 Partnership Interest

	
 

	
 

	
Border
 Electric Co., L.P.

	
 

	
Limited
 Partnership Interest

	
 

	
 

	
Border
 Mechanical Co., L.P.

	
 

	
Limited
 Partnership Interest

	
 

	
 

	
 

	
 

	
 

	
EMCOR
 International Inc.

	
 

	
Comstock
 Canada Ltd.

	
 

	
 

	
 

	
 

	
 

	
 

	
EMCOR (Cayman
 Islands) Ltd.

	
 

	
 

	
 

	
 

	
 

	
 

	
EMCOR
 (Cayman Islands) No.

	
 

	
 

	
 

	
 

	
 

	
 

	
2 Ltd.

	
 

	
 

	
 

	
 

	
 

	
 

	
EMCOR (UK)
 Limited

	
 

	
No.11

	
 

	
1,400,000 shares

	
 

	
 

	
 

	
 

	
No. __

	
 

	
1,400,000 shares

	
 

	
 

	
 

	
 

	
No. 10

	
 

	
2,600,000 shares

	
 

	
 

	
 

	
 

	
No. __

	
 

	
2,600,000 shares

-4-

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
PLEDGOR

	
 

	
PLEDGED
SECURITIES

	
 

	
CERTIF.
NO./NO. OF SHARES

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
3072454 Nova
 Scotia Company

	
 

	
No. 2R

	
 

	
100 shares

	
 

	
 

	
 

	
 

	
No. 3

	
 

	
17,394,000 shares

	
 

	
 

	
3072455 Nova
 Scotia Company

	
 

	
No. 2R

	
 

	
100 shares

	
 

	
 

	
 

	
 

	
No. 3

	
 

	
16,647 shares

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
EMCOR
 Government

	
 

	
Aircond
 Corporation

	
 

	
No. 2

	
 

	
5,000 shares

	
Services,
 Inc.

	
 

	
The Betlem
 Service Corporation

	
 

	
No. 39

	
 

	
640 shares

	
 

	
 

	
CES
 Facilities Management

	
 

	
No. 2

	
 

	
1,000 shares

	
 

	
 

	
Services, Inc.

	
 

	
 

	
 

	
 

	
 

	
 

	
Combustioneer
 Corporation

	
 

	
No. 11

	
 

	
2,500 shares

	
 

	
 

	
EMCOR
 Services Midwest, Inc.

	
 

	
No. 2

	
 

	
100 shares

	
 

	
 

	
Illingworth
 Corporation

	
 

	
No. 60

	
 

	
857 shares

	
 

	
 

	
New England
 Mechanical

	
 

	
No. 29

	
 

	
54 shares

	
 

	
 

	
Services, Inc.

	
 

	
No. 30

	
 

	
559 shares

	
 

	
 

	
Viox
 Services, Inc.

	
 

	
No. 3

	
 

	
1,620 shares

	
 

	
 

	
 

	
 

	
No. 4

	
 

	
180 shares

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
New England
 Mechanical

	
 

	
New England
 Mechanical

	
 

	
No. 1

	
 

	
100 shares

	
Services,
 Inc.

	
 

	
Services of
 Massachusetts, Inc.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
FR X
 Ohmstede

	
 

	
HNT Holdings
 Inc.

	
 

	
No. 12

	
 

	
238,799 shares

	
Acquisitions
 Co.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
HNT Holdings
 Inc.

	
 

	
Ohmstede
 Partners LLC

	
 

	
No. 1

	
 

	
100 units

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Ohmstede
 Holdings LLC

	
 

	
No. 1

	
 

	
100 units

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Ohmstede
 Partners LLC

	
 

	
Ohmstede
 Ltd.

	
 

	
No. 1

	
 

	
1 unit

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Ohmstede
 Holdings LLC

	
 

	
Ohmstede
 Ltd.

	
 

	
No. 2

	
 

	
99 units

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Ohmstede
 Ltd.

	
 

	
Ohmstede
 Industrial Services,

	
 

	
No. 19

	
 

	
400 shares

	
 

	
 

	
Inc.

	
 

	
 

	
 

	
 

	
 

	
 

	
Beaumont
 Real Estate Holding

	
 

	
No. 1

	
 

	
1000 shares

	
 

	
 

	
Company

	
 

	
 

	
 

	
 

          Such
Securities represent all of the issued and outstanding capital stock of each
series and class of each issuer hereof and other equity interests of each
issuer hereof except that Labov Mechanical, Inc. owns only 90% of the
outstanding stock of Labov Plumbing, Inc. and EMCOR-CSI Holding Co. owns only
90% of the outstanding stock of F & G Mechanical Corporation. 

-5-

SCHEDULE B

AMENDMENT TO SECOND AMENDED AND RESTATED
PLEDGE AGREEMENT  

          Reference
is hereby made to that certain Second Amended and Restated Pledge Agreement
dated as of September _, 2007, as heretofore amended (the “Pledge Agreement”), from the Pledgors
signatory thereto to Harris N.A. (“Harris”),
as collateral agent for the Secured Creditors (Harris acting as such collateral
agent and any successor or successors to Harris in such capacity being
hereinafter referred to as the “Agent”).
Capitalized terms not otherwise defined herein shall have the meaning set forth
in the Pledge Agreement. 

          Subsequent
to the Pledgors’ delivery of the Pledge Agreement, certain shares of stock have
been added as Pledged Securities under the Pledge Agreement. As a result of such addition, Schedule A of
the Pledge Agreement does not accurately describe the shares of capital stock
currently held by the Agent as collateral under the Pledge Agreement. 

          The
Pledgors now desire to amend Schedule A to the Pledge Agreement to reflect such
addition, and this instrument shall constitute an agreement between the
Pledgors and the Agent amending the Pledge Agreement in the respects, but only
in the respects, hereinafter set forth:

	
 

	
 

	
 

	
          1.
 Schedule A of the Pledge Agreement shall be and hereby is amended and as so
 amended shall be restated in its entirety to read as Annex A attached hereto.

	
 

	
 

	
 

	
          2.
 As collateral security for the Obligations, each Pledgor hereby grants to the
 Agent a continuing security interest in, and acknowledges and agrees that the
 Agent has and shall continue to have a continuing security interest in, all
 the shares of capital stock of each issuer listed and described on Annex A
 attached hereto and all the other properties, rights, interests and
 privileges comprising the Pledged Securities (as such term is defined in the Pledge
 Agreement after giving effect to this Amendment), to the same extent and with
 the same force and effect as if the shares of stock described on Annex A had
 originally been included on Schedule A to the Pledge Agreement. The foregoing granting clause is in
 addition to and supplemental of and not in substitution for the granting
 clause contained in the Pledge Agreement.
 Neither the Pledgors nor the Agent intend by this Amendment to in any
 way impair or otherwise affect the lien of the Pledge Agreement on such of
 the Pledged Securities which were subject to the Pledge Agreement prior to
 giving effect to this Amendment. 

	
 

	
 

	
 

	
          3.
 Each Pledgor hereby repeats and reaffirms all of its covenants, agreements,
 representations and warranties contained in the Pledge Agreement, each and
 all of which shall be applicable to all of the stock and other properties,
 rights, interests and privileges subject to the lien of the Pledge Agreement
 after giving effect to this Amendment.
 Each Pledgor hereby certifies that no Event of Default or event which,
 with notice or lapse of time or both, would constitute an Event of Default
 exists under the Pledge Agreement after giving effect to this Amendment. 

	
 

	
 

	
 

	
          4.
 No reference to this Amendment need be made in any note, instrument or other
 document at any time referring to the Pledge Agreement, any reference in any
 of such to the Pledge Agreement to be deemed to reference to the Pledge
 Agreement as modified hereby. All references
 in the Pledge Agreement to the term “Pledged Securities” shall be deemed a
 reference to such term as defined in the Pledge Agreement after giving effect
 to this Amendment. 

	
 

	
 

	
 

	
          5.
 Except as specifically modified hereby, all the terms and conditions of the
 Pledge Agreement shall stand and remain unchanged and in full force and
 effect. This Amendment shall be
 effective upon the Pledgors’ execution and delivery thereof to the Agent, no
 acceptance by the Agent being required. 

                    Dated
as of __________, 200_. 

	
 

	
 

	
 

	
 

	
 

	
PLEDGORS:
 

	
 

	
 

	
 

	
[INSERT
 NAMES OF EXISTING
PLEDGORS] 

	
 

	
 

	
 

	
By 

	
 

	
 

	
 

	

	
 

	
 

	
Its

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
          Acknowledged
 and agreed to as of the date first above written.

	
 

	
 

	
 

	
HARRIS N.A.,
 as Agent 

	
 

	
 

	
 

	
By

	
 

	
 

	
 

	
 

	

	
 

	
 

	
Its

	
 

	
 

	
 

	
 

	

-2-

ANNEX A

TO AMENDMENT TO PLEDGE AGREEMENT

THE PLEDGED SECURITIES

	
 

	
 

	
 

	
 

	
 

	
NAME OF 

	
NAME OF 

	
 

	
 

	
PERCENTAGE
OF 

	
PLEDGOR 

	
ISSUER 

	
 

	
NO. OF
SHARES 

	
ISSUER’S
STOCK 

SCHEDULE C

ASSUMPTION AND SUPPLEMENTAL PLEDGE AGREEMENT

          THIS
AGREEMENT dated as of this _____ day of ______________, 200_ from [new
pledgor], a __________ corporation (the “New
Pledgor”), to Harris N.A. (“Harris”),
as collateral agent for the Secured Creditors (defined in the Pledge Agreement
hereinafter identified and defined) (Harris acting as such collateral agent and
any successor or successors to Harris in such capacity being hereinafter
referred to as the “Agent”);  

WITNESSETH  THAT:

          WHEREAS,
EMCOR Group, Inc. and certain other parties have executed and delivered to the
Agent that certain Second Amended and Restated Pledge Agreement dated as of
September ___, 2007 or supplements thereto (such Second Amended and Restated
Pledge Agreement, as the same may from time to time be modified or amended,
including supplements thereto which add additional parties as Pledgors
thereunder, being hereinafter referred to as the “Pledge Agreement”) pursuant to which such parties (the
“Existing Pledgors”) have granted to the
Agent for the benefit of the Secured Creditors a lien on and security interest
in such Existing Pledgors’ Pledged Securities (as such term is defined in the
Pledge Agreement) to secure the Obligations (as such term is defined in the
Pledge Agreement) of the Borrowers referred to therein owing to the Agent and
the Secured Creditors arising out of or related to the Credit Agreement and the
Term Loan Agreement referred to therein; and 

          WHEREAS,
the Borrowers provide the New Pledgor with substantial financial, managerial,
administrative, technical and design support and the New Pledgor will directly
and substantially benefit from credit and other financial accommodations
extended and to be extended by the Secured Creditors to the Borrowers; 

          NOW,
THEREFORE, FOR VALUE RECEIVED, and in consideration of
advances made or to be made, or credit accommodations given or to be given, to
the Borrowers by the Secured Creditors from time to time, the New Pledgor
hereby agrees as follows: 

          1.
The New Pledgor acknowledges and agrees that it shall become a “Pledgor” party
to the Pledge Agreement effective upon the date the New Pledgor’s execution of
this Agreement and the delivery of this Agreement to the Agent, and that upon
such execution and delivery, all references in the Pledge Agreement to the
terms “Pledgor” or “Pledgors” shall be deemed to include the New Pledgor. Without limiting the generality of the
foregoing, the New Pledgor hereby repeats and reaffirms all grants (including
the grant of a lien and security interest), covenants, agreements, representations
and warranties contained in the Pledge Agreement as amended hereby, each and
all of which are and shall remain applicable to the Pledged Securities from
time to time owned by the New Pledgor or in which the New Pledgor from time to
time has any rights. Without limiting
the foregoing, in order to secure payment of the Obligations, whether now
existing or hereafter arising, the New Pledgor does hereby grant to the Agent
for the benefit of the Secured Creditors, and hereby agrees that the Agent has
and shall continue to 

have for the
benefit of the Secured Creditors a continuing security interest in, among other
things, all of the New Pledgor’s Pledged Securities (as such term is defined in
the Pledge Agreement) described in, and subject to the limitations set forth
in, Section 2 of the Pledge Agreement, each and all of such granting clauses
being incorporated herein by reference with the same force and effect as if set
forth in their entirety except that all references in such clauses to the
Existing Pledgor or any of them shall be deemed to include references to the
New Pledgor. Nothing contained herein
shall in any manner impair the priority of the liens and security interests
heretofore granted in favor of the Agent under the Pledge Agreement. 

          2.
The New Pledgor hereby acknowledges and agrees that the Obligations are secured
by all of the Pledged Securities according to, and otherwise on and subject to,
the terms and conditions of the Pledge Agreement to the same extent and with
the same force and effect as if the New Pledgor had originally been one of the
Existing Pledgors under the Pledge Agreement and had originally executed the
same as such an Existing Pledgor. 

          3.
All capitalized terms used in this Agreement without definition shall have the
same meaning herein as such terms have in the Pledge Agreement, except that any
reference to the term “Pledgor” or “Pledgors” and any provision of the Pledge
Agreement providing meaning to such term shall be deemed a reference to the
Existing Pledgors and the New Pledgor.
Except as specifically modified hereby, all of the terms and conditions
of the Pledge Agreement shall stand and remain unchanged and in full force and
effect. 

          4.
The New Pledgor agrees to execute and deliver such further instruments and documents
and do such further acts and things as the Agent may reasonably deem necessary
or proper to carry out more effectively the purposes of this Agreement. 

          5.
No reference to this Agreement need be made in the Pledge Agreement or in any
other document or instrument making reference to the Pledge Agreement, any
reference to the Pledge Agreement in any of such to be deemed a reference to
the Pledge Agreement as modified hereby. 

          6.
This Agreement shall be governed by and construed in accordance with the State
of Illinois (without regard to principles of conflicts of law). 

	
 

	
 

	
 

	
 

	
 

	
[NEW
 PLEDGOR]

	
 

	
 

	
 

	
 

	
 

	
By

	
 

	
 

	
 

	
 

	

	
 

	
 

	
Its

	
 

	
 

	
 

	
 

	

C-2EXHIBIT 4.1(d) 

GUARANTY AGREEMENT

          This
Guaranty Agreement (the “Guaranty”) is dated as of September 19,
2007, by the parties executing this Guaranty under the heading “Guarantors”
(such parties, along with any other parties who execute and deliver to the
Agent hereinafter identified and defined an agreement in the form attached
hereto as Exhibit A, being hereinafter referred to collectively as the “Guarantors”
and individually as a “Guarantor”) in favor of the Guaranteed
Creditors referred to below.

WITNESSETH:

          WHEREAS,
EMCOR Group, Inc., a Delaware corporation (the “Borrower”), Bank of
Montreal (“BMO”),
individually as a lender and as administrative agent (BMO, in such capacity as
administrative agent, hereinafter referred to as the “Agent”) and certain other
lenders have entered into a Term Loan Agreement dated as of September 19, 2007
(such Term Loan Agreement, as the same may be amended, modified or restated
from time to time, being hereinafter referred to as the “Loan Agreement”), pursuant
to which BMO and such other lenders from time to time party thereto (BMO, in
its individual capacity, and such other lenders which are now or which from
time to time hereafter become party to the Loan Agreement being hereinafter
referred to collectively as the “Lenders” and individually as a “Lender”)
have agreed, subject to certain terms and conditions, to make a term loan and
make certain other financial accommodations available to the Borrower;

          WHEREAS,
as a condition precedent to making the term loan or otherwise making financial
accommodations available to the Borrower under the Loan Agreement, the Lenders
have required, among other things, that the Guarantors guarantee the payment
and performance of the Borrower’s obligations and liabilities arising under or
otherwise relating to the Loan Agreement and, in that regard, that the
Guarantors execute and deliver this Guaranty in favor of the Agent and the
Lenders (the Agent and the Lenders together with any affiliates of the Lenders
to whom any Hedging Liability (each as defined below) is owed being hereinafter
referred to collectively as the “Guaranteed Creditors” and individually as
a “Guaranteed
Creditor”);

          WHEREAS,
the Borrower and the other Guarantors may from time to time enter into one or
more agreements with respect to interest rate exchange, swap, cap, collar,
floor or other similar agreements and one or more foreign currency contracts,
currency swap contracts or other similar agreements with one or more of the
Lenders, or their affiliates, for the purpose of hedging or otherwise
protecting against interest rate and foreign currency exposure (the liability
of the Borrower and the Guarantors in respect of such interest rate and foreign
currency hedging agreements being hereinafter referred to as “Hedging
Liability”);

          WHEREAS,
the Borrower owns, directly or indirectly, all or substantially all of the
equity interests in each Guarantor, and the Borrower provides each Guarantor
with financial, management, administrative, and technical support which enables
such Guarantor to conduct its business in an orderly and efficient manner in
the ordinary course; and

          WHEREAS,
each Guarantor will benefit, directly and indirectly, from credit and other
financial accommodations extended by the Lenders to the Borrower.

          NOW,
THEREFORE, FOR VALUE RECEIVED, and in consideration of advances made or to
be made, or credit accommodations given or to be given, to the Borrower by the
Lenders from time to time, each Guarantor hereby makes the following
representations and warranties to the Guaranteed Creditors, and hereby
covenants and agrees with the Guaranteed Creditors, as follows:

          1.
All capitalized terms used herein without definition shall have the same
meanings herein as such terms have in the Loan Agreement. 

          2.
Each Guarantor hereby jointly and severally guarantees to the Guaranteed
Creditors, the due and punctual payment of (i) any and all indebtedness,
obligations and liabilities of the Borrower owing to the Guaranteed Creditors,
or any of them individually, evidenced by or otherwise arising out of or
relating to the Loan Agreement, any promissory note of the Borrower heretofore
or hereafter issued under the Loan Agreement, all obligations of the Borrower
and the Guarantors to the Guaranteed Creditors, and to any of them
individually, with respect to Hedging Liability, and any liability of the
Borrower arising out of any guaranty issued by it relating to the foregoing or
any part thereof, as well as for any and all other indebtedness, obligations
and liabilities of the Borrower and the Guarantors, or any of them
individually, to the Guaranteed Creditors, or any of them individually,
evidenced by or otherwise arising out of or relating to any other Loan
Document, in each case, whether now existing or hereafter arising (and whether
arising before or after the filing of a petition in bankruptcy), due or to
become due, direct or indirect, absolute or contingent, and howsoever evidenced,
held or acquired, and owing in any currency, and (ii) any and all expenses
and charges, legal or otherwise, suffered or incurred by the Guaranteed
Creditors, or any of them individually, in collecting or enforcing any of such
indebtedness, obligations or liabilities or in realizing on or protecting or
preserving any security therefor (all of the foregoing hereinafter referred to
as the “indebtedness
hereby guaranteed”). In case of failure by the Borrower
punctually to pay any indebtedness hereby guaranteed, each Guarantor hereby
jointly and severally agrees to make such payment or to cause such payment to
be made punctually as and when the same shall become due and payable, whether
at stated maturity, by acceleration or otherwise, and as if such payment were
made by the Borrower.

          3.
Each Guarantor further jointly and severally agrees to pay all expenses, legal
and/or otherwise (including court costs and reasonable attorneys’ fees), paid
or incurred by any Guaranteed Creditor in endeavoring to collect the
indebtedness hereby guaranteed, or any part thereof, and in protecting,
defending or enforcing this Guaranty in any litigation, bankruptcy or
insolvency proceedings or otherwise.

          4.
Until the indebtedness hereby guaranteed is paid and satisfied in full and each
of the commitments by the Guaranteed Creditors to extend any indebtedness
hereby guaranteed have expired or otherwise have terminated, each Guarantor
agrees that, upon demand, such Guarantor will then pay to the Agent for the benefit
of the Guaranteed Creditors the full amount of the indebtedness hereby
guaranteed whether or not any proceedings or steps are pending seeking payment
of the indebtedness hereby guaranteed from any one or more of the other
Guarantors. 

-2-

          5.
Each Guarantor agrees that such Guarantor will not exercise or enforce any
right of exoneration, contribution, reimbursement, recourse or subrogation
available to such Guarantor against any person liable for payment of the
indebtedness hereby guaranteed, or as to any security therefor, unless and
until the full amount owing to the Guaranteed Creditors of the indebtedness
hereby guaranteed has been fully paid and satisfied and each of the commitments
by the Guaranteed Creditors to extend any indebtedness hereby guaranteed to the
Borrower shall have expired or otherwise shall have terminated. The payment by
any Guarantor of any amount or amounts to the Guaranteed Creditors pursuant
hereto shall not in any wise entitle any such Guarantor, either at law, in equity
or otherwise, to any right, title or interest (whether by way of subrogation or
otherwise) in and to the indebtedness hereby guaranteed or any part thereof or
any collateral security therefor or any other rights or remedies in any way
relating thereto or in and to any amounts theretofore, then or thereafter paid
or applicable to the payment thereof howsoever such payment may be made and
from whatsoever source such payment may be derived unless and until all of the
indebtedness hereby guaranteed and all costs and expenses suffered or incurred
by the Guaranteed Creditors in enforcing this Guaranty have been paid and
satisfied in full and each of the commitments by the Guaranteed Creditors to
extend any indebtedness hereby guaranteed to the Borrower shall have expired or
otherwise shall have terminated and unless and until such payment in full and
termination, any payments made by any Guarantor hereunder and any other
payments from whatsoever source derived on account of or applicable to the
indebtedness hereby guaranteed or any part thereof shall be held and taken to
be merely payments in gross to the Guaranteed Creditors reducing pro tanto the
indebtedness hereby guaranteed.

          6.
To the extent permitted by the Loan Agreement, each Guaranteed Creditor may,
without any notice whatsoever to any of the Guarantors, sell, assign, or
transfer all of the indebtedness hereby guaranteed, or any part thereof, or
grant participations therein, and in that event each and every immediate and
successive assignee, transferee, or holder of all or any part of the
indebtedness hereby guaranteed, shall have the right through the Agent pursuant
to Section 19 hereof to enforce this Guaranty, by suit or otherwise, for
the benefit of such assignee, transferee, or holder as fully as if such
assignee, transferee, or holder were herein by name specifically given such
rights, powers and benefits; but each Guaranteed Creditor through the Agent
pursuant to Section 19 hereof shall have an unimpaired right to enforce this
Guaranty for its own benefit, as to so much of the indebtedness hereby
guaranteed that it has not sold, assigned or transferred.

          7.
This Guaranty is a continuing, absolute and unconditional Guaranty, and shall
remain in full force and effect until written notice of its discontinuance
executed by the Borrower and all the Guarantors shall be actually received by
the Guaranteed Creditors, and also until any and all of the indebtedness hereby
guaranteed which was created or existing before receipt of such notice shall be
fully paid and satisfied and each of the commitments by the Guaranteed
Creditors to extend any indebtedness hereby guaranteed to the Borrower shall
have expired or otherwise shall have terminated. The dissolution of any
Guarantor shall not terminate this Guaranty as to such Guarantor until notice
of such dissolution shall have been actually received by the Guaranteed
Creditors, nor until all of the indebtedness hereby guaranteed, created or
existing or committed to be extended in each case before receipt of such notice
shall be fully paid and satisfied. The Guaranteed Creditors may at any time or
from time to time release any Guarantor from its obligations hereunder or
effect any compromise with any Guarantor and no such release or compromise shall
in any manner impair or otherwise affect the obligations

-3-

hereunder of
the other Guarantors. The Guaranteed Creditors shall release a Guarantor from
its obligations hereunder upon a sale of all the outstanding capital stock
owned by the Borrower and any Subsidiary as permitted by Sections 7.14 or
7.15 of the Loan Agreement. No release, compromise, or discharge of any one or
more of the Guarantors shall release, compromise or discharge the obligations
of the other Guarantors hereunder.

          8.
In case of the dissolution, liquidation (except as permitted by the Loan
Agreement) or insolvency (howsoever evidenced) of, or the institution of
bankruptcy or receivership proceedings against, the Borrower or any Material
Restricted Subsidiary, all of the indebtedness hereby guaranteed which is then
existing shall, at the option of the Lenders (as determined in accordance with
the terms of the Loan Agreement), immediately become due or accrued and payable
from the Material Restricted Subsidiary. All payments received from the
Borrower or on account of the indebtedness hereby guaranteed from whatsoever
source, shall be taken and applied as payment in gross, and this Guaranty shall
apply to and secure any ultimate balance that shall remain owing to the Guaranteed
Creditors.

          9.
The liability hereunder shall in no way be affected or impaired by (and the
Guaranteed Creditors are hereby expressly authorized to make from time to time,
without notice to any of the Guarantors) any sale, pledge, surrender, compromise,
settlement, release, renewal, extension, indulgence, alteration, substitution,
exchange, change in, modification or other disposition of any of the
indebtedness hereby guaranteed, either express or implied, or of any Loan
Document or any other contract or contracts evidencing any thereof, or of any
security or collateral therefor or any guaranty thereof. The liability
hereunder shall in no way be affected or impaired by any acceptance by the
Guaranteed Creditors of any security for or other guarantors upon any of the
indebtedness hereby guaranteed, or by any failure, neglect or omission on the
part of the Guaranteed Creditors to realize upon or protect any of the
indebtedness hereby guaranteed, or any collateral or security therefor, or to
exercise any lien upon or right of appropriation of any moneys, credits or
property of the Borrower, possessed by the Guaranteed Creditors, toward the
liquidation of the indebtedness hereby guaranteed, or by any application of
payments or credits thereon. The Guaranteed Creditors shall have the exclusive
right to determine how, when and what application of payments and credits, if
any, shall be made on said indebtedness hereby guaranteed, or any part of same.
In order to hold any Guarantor liable hereunder, there shall be no obligation
on the part of the Guaranteed Creditors at any time, to resort for payment to
the Borrower or to any other Guarantor, or to any other person or entity, their
properties or estate, or resort to any collateral, security, property, liens or
other rights or remedies whatsoever, and the Guaranteed Creditors shall have
the right to enforce this Guaranty against any Guarantor irrespective of
whether or not other proceedings or steps are pending seeking resort to or
realization upon or from any of the foregoing.

          10.
In the event the Guaranteed Creditors shall at any time in their discretion
permit a substitution of Guarantors hereunder or a party shall wish to become
Guarantor hereunder, such substituted or additional Guarantor shall, upon
executing an agreement in the form attached hereto as Exhibit A, become a
party hereto and be bound by all the terms and conditions hereof to the same
extent as though such Guarantor had originally executed this Guaranty and, in
the case of a substitution, in lieu of the Guarantor being replaced. No such
substitution shall be effective absent the written consent of the Guaranteed
Creditors nor shall it in any manner affect the obligations of the other
Guarantors hereunder.

-4-

          11.
All diligence in collection or protection, and all presentment, demand, protest
and/or notice, as to any and everyone, whether or not the Borrower or the
Guarantors or others, of dishonor and of default and of non-payment and of the
creation and existence of any and all of said indebtedness hereby guaranteed,
and of any security and collateral therefor, and of the acceptance of this
Guaranty, and of any and all extensions of credit and indulgence hereunder, are
expressly waived.

          12.
No act of commission or omission of any kind, or at any time, upon the part of
the Guaranteed Creditors in respect to any matter whatsoever, shall in any way
affect or impair this Guaranty.

          13.
The Guarantors waive any and all defenses, claims and discharges of the Borrower,
or any other obligor, pertaining to the indebtedness hereby guaranteed, except
the defense of discharge by payment in full. Without limiting the generality of
the foregoing, the Guarantors will not assert, plead or enforce against the
Guaranteed Creditors any defense of waiver, release, discharge in bankruptcy,
statute of limitations, res judicata, statue of frauds, anti-deficiency
statute, fraud, incapacity, minority, usury, illegality or unenforceability
which may be available to the Borrower or any other person liable in respect of
any of the indebtedness hereby guaranteed, or any set-off available against the
Guaranteed Creditors to the Borrower or any such other person, whether or not
on account of a related transaction. The Guarantors agree that the Guarantors
shall be and remain jointly and severally liable for any deficiency remaining
after foreclosure or other realization on any lien or security interest
securing the indebtedness hereby guaranteed, whether or not the liability of
the Borrower or any other obligor for such deficiency is discharged pursuant to
statute or judicial decision.

          14.
If any payment applied by the Guaranteed Creditors to the indebtedness hereby
guaranteed is thereafter set aside, recovered, rescinded or required to be
returned for any reason (including, without limitation, the bankruptcy,
insolvency or reorganization of the Borrower or any other obligor), the
indebtedness hereby guaranteed to which such payment was applied shall for the
purposes of this Guaranty be deemed to have continued in existence,
notwithstanding such application, and this Guaranty shall be enforceable as to
such of the indebtedness hereby guaranteed as fully as if such application had
never been made.

          15.
The liability of the Guarantors under this Guaranty is in addition to and shall
be cumulative with all other liabilities of the Guarantors after the date
hereof to the Guaranteed Creditors as a Guarantor of the indebtedness hereby
guaranteed, without any limitation as to amount, unless the instrument or
agreement evidencing or creating such other liability specifically provides to
the contrary.

          16.
Any invalidity or unenforceability of any provision or application of this
Guaranty shall not affect other lawful provisions and applications hereof, and
to this end the provisions of this Guaranty are declared to be severable.
Without limiting the generality of the foregoing, any invalidity or
unenforceability against any Guarantor of any provision or application of the
Guaranty shall not affect the validity or enforceability of the provisions or
application of this Guaranty as against the other Guarantors. 

          17.
Notwithstanding anything herein to the contrary, the right of recovery against
any Guarantor under this Guaranty shall not exceed $l less than the lowest
amount which would

-5-

render such
Guarantor’s obligations under this Guaranty void or voidable under applicable
law, including fraudulent conveyance law. 

          18.
Any demand for payment on this Guaranty or any other notice required or desired
to be given hereunder to any Guarantor shall be deemed to have been validly
served, given or delivered to such Guarantor when given to such Guarantor or
when given to the Borrower in accordance with the Loan Agreement.

          19.
No Guaranteed Creditor shall have the right to institute any suit, action or
proceeding in equity or at law in connection with this Guaranty for the
enforcement of any remedy under or upon this Guaranty; it being understood and
intended that no one or more of the Guaranteed Creditor shall have any right in
any manner whatsoever to enforce any right hereunder, and that all proceedings
at law or in equity shall be instituted, had and maintained by the Agent in the
manner herein provided and for the benefit of the Guaranteed Creditor.

          20.
JURY
TRIAL WAIVER. EACH GUARANTOR AND EACH GUARANTEED
CREDITOR HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO
TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS
GUARANTY OR THE TRANSACTIONS CONTEMPLATED HEREBY.

          21. PERSONAL
JURISDICTION. (a) EXCLUSIVE JURISDICTION. EXCEPT
AS PROVIDED IN SUBSECTION (b), THE GUARANTEED CREDITORS
AND THE GUARANTORS AGREE THAT ALL DISPUTES AMONG THEM ARISING OUT OF,
CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED AMONG
THEM IN CONNECTION WITH THIS GUARANTY, AND WHETHER ARISING IN CONTRACT, TORT,
EQUITY, OR OTHERWISE, SHALL BE RESOLVED ONLY BY STATE OR FEDERAL COURTS LOCATED
IN COOK COUNTY, ILLINOIS BUT EACH OF THE GUARANTEED
CREDITORS AND THE GUARANTORS ACKNOWLEDGE THAT ANY APPEALS FROM THOSE
COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF COOK COUNTY,
ILLINOIS. EACH GUARANTOR WAIVES IN ALL DISPUTES ANY OBJECTION
THAT SUCH GUARANTOR MAY HAVE TO THE LOCATION OF THE COURT CONSIDERING THE
DISPUTE OR ANY OBJECTION THAT SUCH GUARANTOR MAY HAVE THAT ANY ONE OR MORE OF
THE OTHER GUARANTORS HAVE NOT BEEN JOINED IN SUCH PROCEEDING.

          (b)
OTHER JURISDICTIONS. EACH GUARANTOR AGREES THAT THE
GUARANTEED CREDITORS
SHALL HAVE THE RIGHT TO PROCEED AGAINST EACH OF THE GUARANTORS OR
THEIR PROPERTY (“PROPERTY”)
IN A COURT IN ANY LOCATION TO ENABLE THE GUARANTEED CREDITORS
TO REALIZE ON PROPERTY, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER ENTERED
IN FAVOR OF THE GUARANTEED CREDITORS, WHETHER OR NOT PROCEEDING SEPARATELY
AGAINST A GUARANTOR OR ITS PROPERTY OR JOINTLY AGAINST ANY ONE OR MORE OTHER
GUARANTORS OR THEIR PROPERTY. EACH GUARANTOR AGREES THAT IT WILL
NOT ASSERT ANY PERMISSIVE COUNTERCLAIMS IN ANY PROCEEDING BROUGHT IN ACCORDANCE
WITH THIS PROVISION BY THE GUARANTEED CREDITORS TO REALIZE ON
PROPERTY, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF
THE GUARANTEED CREDITORS. EACH GUARANTOR WAIVES ANY
OBJECTION THAT IT MAY HAVE TO THE LOCATION OF THE COURT IN WHICH THE
GUARANTEED CREDITORS HAS COMMENCED A PROCEEDING DESCRIBED IN
THIS SUBSECTION.

          22.
THIS GUARANTY SHALL BE GOVERNED BY AND CONSTRUED ACCORDING TO
THE LAW OF THE STATE OF ILLINOIS (without regard to principles of
conflicts of laws) in which state it shall be performed by the Guarantors and
may not be waived, amended, released or otherwise changed

-6-

except by a writing signed by
the Agent on behalf of the Guaranteed Creditors. This Guaranty and every part
thereof shall be effective upon delivery to the Agent, without further act,
condition or acceptance by the Guaranteed Creditors, shall be binding upon the
Guarantors and upon the legal representatives, successors and assigns of the
Guarantors, and shall inure to the benefit of the Guaranteed Creditors, their
successors, legal representatives and assigns. The Guarantors waive notice of
the Guaranteed Creditors’ acceptance hereof. This Guaranty may be executed in
counterparts and by different parties hereto on separate counterparts each of which
shall be an original, but all together to be one and the same instrument.

          23.
In the event of any inconsistency between this Agreement and the Loan
Agreement, the terms of the Loan Agreement shall govern.

[SIGNATURE
PAGES TO FOLLOW] 

-7-

          IN WITNESS WHEREOF, each Guarantor has caused this Agreement to
be executed and delivered as of the date first above written.

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 “GUARANTORS”

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 FORTI/POOLE AND KENT, L.L.C.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By: 

 	
  

 	
  

 
	
  

 	
  

 	  

  
	
  

 	  Name: 

 	
 R. Kevin Matz

 
	
  

 	  Title:

 	
 Manager

 
	
  

 	
  

 
	
  

 	
 CSUSA HOLDINGS L.L.C.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	  

  
	
  

 	  Name: 

 	
 R. Kevin Matz

 
	
  

 	  Title:

 	
 Manager

 
	
  

 	
  

 
	
  

 	
 TRIMECH PLUMBING L.L.C.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	  

  
	
  

 	  Name: 

 	
 R. Kevin Matz

 
	
  

 	  Title:

 	
 Vice President

 
	
  

 	
  

 
	
  

 	
 SHAMBAUGH & SON, L.P.

 
	
  

 	
 By: CSUSA Holdings L.L.C., its General Partner

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 	
  

 
	
  

 	
  

 	  

  
	
  

 	  Name: 

 	
 R. Kevin Matz

 
	
  

 	  Title:

 	
 Manager

 
	
  

 	
  

 
	
  

 	
 BORDER ELECTRIC CO., L.P.

 
	
  

 	
 By: CSUSA Holdings L.L.C., its General Partner

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 	
  

 
	
  

 	
  

 	  

  
	
  

 	  Name: 

 	
 R. Kevin Matz

 
	
  

 	  Title:

 	
 Manager

 

S-1

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 BORDER MECHANICAL CO., L.P.

 
	
  

 	
 By: CSUSA Holdings L.L.C., its General Partner

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By: 

 	
  

 	
  

 
	
  

 	
  

 	  

  
	
  

 	  Name: 

 	
 R. Kevin Matz

 
	
  

 	  Title:

 	
 Manager

 
	
  

 	
  

 
	
  

 	
 WELSBACH ELECTRIC CORP.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 	
  

 
	
  

 	
  

 	  

  
	
  

 	  Name: 

 	
  

 
	
  

 	   

 	  

  
	
  

 	  Title:

 	
  

 
	
  

 	   

 	  

  
	
  

 	
  

 
	
  

 	  AIRCOND CORPORATION

 
	
  

 	  AIR SYSTEMS,
  INC.

 
	
  

 	  ATLANTIC
  COAST MECHANICAL, INC.

 
	
  

 	  B & B CONTRACTING
  & SUPPLY COMPANY

 
	
  

 	  BTE SERVICE,
  INC.

 
	
  

 	  BUILDING
  TECHNOLOGY ENGINEERS, INC.

 
	
  

 	  CENTRAL MECHANICAL
  CONSTRUCTION CO., INC.

 
	
  

 	  CES FACILITIES
  MANAGEMENT SERVICES, INC.

 
	
  

 	  COMBUSTIONEER
  CORPORATION

 
	
  

 	  CONTRA COSTA
  ELECTRIC, INC.

 
	
  

 	  CS48 ACQUISITION
  CORP.

 
	
  

 	  DESIGN AIR,
  LIMITED

 
	
  

 	  DUFFY MECHANICAL
  CORP.

 
	
  

 	  DYN SPECIALTY
  CONTRACTING, INC.

 
	
  

 	  DYNALECTRIC
  COMPANY

 
	
  

 	  DYNALECTRIC
  COMPANY OF NEVADA

 
	
  

 	  DYNALECTRIC
  COMPANY OF OHIO

 
	
  

 	  DYNALECTRIC OF
  MICHIGAN, INC.

 
	
  

 	  EMCOR CONSTRUCTION
  SERVICES, INC. 

 
	
  

 	  EMCOR-CSI HOLDING
  CO.

 
	
  

 	  EMCOR ENERGY
  SERVICES, INC

 
	
  

 	  EMCOR FACILITIES
  SERVICES, INC.

 
	
  

 	  EMCOR GOVERNMENT
  SERVICES, INC.

 
	
  

 	  EMCOR GOWAN,
  INC.

 
	
  

 	  EMCOR HYRE
  ELECTRIC CO. OF INDIANA, INC.

 
	
  

 	  EMCOR INTERNATIONAL
  INC.

 
	
  

 	  EMCOR MECHANICAL/ELECTRICAL
  SERVICES (EAST), INC.

 
	
  

 	  EMCOR SERVICES
  MIDWEST, INC.

 
	
  

 	  EMCOR SERVICES
  NORTHEAST, INC.

 

S-2

	
  

 	   

 
	
  

 	  EMCOR SERVICES
  NEW YORK/NEW JERSEY, INC.

 
	
  

 	  F & G MANAGEMENT,
  INC.

 
	
  

 	  F & G MECHANICAL
  CORPORATION

 
	
  

 	  F & G PLUMBING,
  INC.

 
	
  

 	  FLUIDICS,
  INC.

 
	
  

 	  FOREST ELECTRIC
  CORP.

 
	
  

 	  GIBSON ELECTRIC
  CO., INC.

 
	
  

 	  GREAT MONUMENT
  CONSTRUCTION COMPANY

 
	
  

 	  HANSEN MECHANICAL
  CONTRACTORS, INC.

 
	
  

 	  HERITAGE
  MECHANICAL SERVICES, INC.

 
	
  

 	  HILLCREST
  SHEET METAL, INC.

 
	
  

 	  HVAC, LTD.

 
	
  

 	  ILLINGWORTH
  CORPORATION

 
	
  

 	  INTE-FAC
  CORP.

 
	
  

 	  J.C. HIGGINS
  CORP.

 
	
  

 	  KDC INC.

 
	
  

 	  KILGUST MECHANICAL,
  INC.

 
	
  

 	  KUEMPEL SERVICE,
  INC.

 
	
  

 	  LABOV MECHANICAL,
  INC.

 
	
  

 	  LABOV PLUMBING,
  INC.

 
	
  

 	  LOWRIE ELECTRIC
  COMPANY, INC.

 
	
  

 	  MANDELL MECHANICAL
  CORPORATION

 
	
  

 	  MARELICH
  MECHANICAL CO., INC.

 
	
  

 	  MAXIMUM REFRIGERATION
  & AIR CONDITIONING CORP.

 
	
  

 	  MEADOWLANDS
  FIRE PROTECTION CORP.

 
	
  

 	  MES HOLDINGS
  CORPORATION

 
	
  

 	  MESA ENERGY
  SYSTEMS, INC.

 
	
  

 	  MIDLAND FIRE
  PROTECTION, INC.

 
	
  

 	  MONUMENTAL
  HEATING, VENTILATING AND AIR CONDITIONING
  CONTRACTORS, INC.

 
	
  

 	  MONUMENTAL
  INVESTMENT CORPORATION

 
	
  

 	  NEW ENGLAND
  MECHANICAL SERVICES OF MASSACHUSETTS, INC.

 
	
  

 	  NEW ENGLAND
  MECHANICAL SERVICES, INC.

 
	
  

 	  NOGLE
  & BLACK MECHANICAL, INC.

 
	
  

 	  NORTH JERSEY
  MECHANICAL CONTRACTORS, INC.

 
	
  

 	  PACE MECHANICAL
  SERVICES, INC.

 
	
  

 	  PENGUIN AIR
  CONDITIONING CORP.

 
	
  

 	  PENGUIN MAINTENANCE
  AND SERVICES INC.

 
	
  

 	  POOLE
  & KENT COMPANY OF FLORIDA

 
	
  

 	  POOLE AND
  KENT-NEW ENGLAND, INC.

 
	
  

 	  POOLE AND
  KENT-CONNECTICUT, INC.

 
	
  

 	  R. S. HARRITAN
  & COMPANY, INC.

 

S-3

	
  

 	
  

 	
  

 	
  

 
	
  

 	  S. A. COMUNALE
  CO., INC.

 
	
  

 	  THE BETLEM
  SERVICE CORPORATION

 
	
  

 	  THE FAGAN
  COMPANY

 
	
  

 	  THE FRED
  B. DEBRA CO.

 
	
  

 	  THE POOLE
  AND KENT COMPANY

 
	
  

 	  THE POOLE
  AND KENT CORPORATION

 
	
  

 	  TRAUTMAN
  & SHREVE, INC.

 
	
  

 	  UNIVERSITY
  MARELICH MECHANICAL, INC.

 
	
  

 	  UNIVERSITY
  MECHANICAL & ENGINEERING CONTRACTORS, INC., A
  CALIFORNIA CORPORATION

 
	
  

 	  UNIVERSITY
  MECHANICAL & ENGINEERING CONTRACTORS, INC., AN
  ARIZONA CORPORATION

 
	
  

 	  VIOX SERVICES,
  INC.

 
	
  

 	  WALKER-J-WALKER,
  INC.

 
	
  

 	  WELSBACH
  ELECTRIC CORP. OF L.I.

 
	
  

 
	
  

 	  By: 

 	   

 
	
  

 	   

 	  

  
	
  

 	  Name: 

 	  R. Kevin Matz

 
	
  

 	  Title:

 	  Vice President

 

S-4

          The
following entities enter into the Agreement effective as of the effective date
of the FR Acquisition as such term is defined in the Term Loan Agreement. 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 FR X OHMSTEDE ACQUISITIONS CO.

 
	
  

 	
 HNT HOLDINGS INC.

 
	
  

 	
 OHMSTEDE INDUSTRIAL SERVICES INC.

 
	
  

 	
 BEAUMONT REAL ESTATE HOLDING
  COMPANY

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 	
  

 
	
  

 	
  

 	  

  
	
  

 	  Name: 

 	
 R. Kevin Matz

 
	
  

 	  Title:

 	
 Vice President

 
	
  

 	   

 	
  

 
	
  

 	
 OHMSTEDE PARTNERS LLC

 
	
  

 	
  

 
	
  

 	
 By: 

 	
  

 
	
  

 	
  

 	  

  
	
  

 	  Name: 

 	
 R. Kevin Matz

 
	
  

 	  Title:

 	
 Vice President

 
	
  

 	   

 	
  

 
	
  

 	
 OHMSTEDE HOLDINGS LLC

 
	
  

 	
  

 
	
  

 	
 By:

 	
  

 	
  

 
	
  

 	
  

 	  

  
	
  

 	  Name: 

 	
 R. Kevin Matz

 
	
  

 	  Title:

 	
 Manager

 
	
  

 	   

 	
  

 
	
  

 	
 OHMSTEDE LTD.

 
	
  

 	
 By: Ohmstede Partners LLC, its General Partner

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 	
  

 
	
  

 	
  

 	  

  
	
  

 	  Name: 

 	
 R. Kevin Matz

 
	
  

 	  Title:

 	
 Vice President

 

S-5

Acknowledged
and agreed to as of the date first above written.

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 BANK OF MONTREAL, as Agent

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By

 	
  

 	
  

 
	
  

 	
  

 	  

  
	
  

 	  Name

 	
  

 
	
  

 	   

 	  

  
	
  

 	  Title

 	
  

 
	
  

 	   

 	  

  

S-6

EXHIBIT A

TO

GUARANTY AGREEMENT  

ASSUMPTION AND
SUPPLEMENTAL GUARANTY AGREEMENT 

          This
Assumption and Supplemental Guaranty Agreement is dated as of this _____ day of
_________, 20__, made by [new guarantor], a(n) __________
corporation/limited liability company/partnership (the “New Guarantor”);

WITNESSETH THAT: 

          WHEREAS,
certain parties have executed and delivered to the Guaranteed Creditors that
certain Guaranty Agreement dated as of September ___, 2007, or supplements
thereto (such Guaranty Agreement, as the same may from time to time be modified
or amended, including supplements thereto which add or substitute parties as
Guarantors thereunder, being hereinafter referred to as the “Guaranty”)
pursuant to which such parties (the “Existing Guarantors”) have guaranteed to
the Guaranteed Creditors referred to therein the full and prompt payment of,
among other things, any and all indebtedness, obligations and liabilities of
EMCOR Group, Inc. (the “Borrower”) arising under or relating
to the Loan Agreement and the other Loan Documents described therein; and

          WHEREAS,
the Borrower provides the New Guarantor with substantial financial, managerial,
administrative, technical and design support and the New Guarantor will
directly and substantially benefit from credit and other financial
accommodations extended and to be extended by the Lenders to the Borrower;

          NOW,
THEREFORE, FOR VALUE RECEIVED, and in consideration of advances made or to be
made, or credit accommodations given or to be given, to the Borrower by the
Lenders from time to time, the New Guarantor hereby agrees as follows:

          1.
The New Guarantor acknowledges and agrees that it shall become a “Guarantor”
party to the Guaranty effective upon the date the New Guarantor’s execution of
this Agreement and the delivery of this Agreement to the Agent on behalf of the
Guaranteed Creditors, and that upon such execution and delivery, all references
in the Guaranty to the terms “Guarantor” or “Guarantors” shall be deemed to
include the New Guarantor.

          2.
The New Guarantor hereby assumes and becomes liable (jointly and severally with
all the other Guarantors) for the indebtedness hereby guaranteed (as defined in
the Guaranty) and agrees to pay and otherwise perform all of the obligations of
a Guarantor under the Guaranty according to, and otherwise on and subject to,
the terms and conditions of the Guaranty to the same extent and with the same
force and effect as if the New Guarantor had originally been one of the
Existing Guarantors under the Guaranty and had originally executed the same as
such an Existing Guarantor.

          3.
All capitalized terms used in this Agreement without definition shall have the
same meaning herein as such terms have in the Guaranty, except that any
reference to the term “Guarantor” or “Guarantors” and any provision of the
Guaranty providing meaning to such term shall be deemed a reference to the
Existing Guarantors and the New Guarantor. Except as specifically modified
hereby, all of the terms and conditions of the Guaranty shall stand and remain
unchanged and in full force and effect.

          4.
The New Guarantor agrees to execute and deliver such further instruments and
documents and do such further acts and things as the Agent or any other
Guaranteed Creditor may deem necessary or proper to carry out more effectively
the purposes of this Agreement.

          5.
No reference to this Agreement need be made in the Guaranty or in any other
document or instrument making reference to the Guaranty, any reference to the
Guaranty in any of such to be deemed a reference to the Guaranty as modified
hereby.

          6.
This Agreement shall be governed by and construed in accordance with the State
of Illinois (without regard to principles of conflicts of law) in which state
it shall performed by the New Guarantor.

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 GUARANTOR:

 
	
  

 	
  

 
	
  

 	
 [NEW GUARANTOR]

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By

 	
  

 	
  

 
	
  

 	
  

 	  

  
	
  

 	  Name

 	
  

 
	
  

 	   

 	  

  
	
  

 	  Title

 	
  

 
	
  

 	   

 	  

  

          Acknowledged
and agreed to as of the date first above written.

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 BANK OF MONTREAL, as Agent

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By

 	
  

 	
  

 
	
  

 	
  

 	  

  
	
  

 	  Name

 	
  

 
	
  

 	   

 	  

  
	
  

 	  Title

 	
  

 
	
  

 	   

 	  

  

-2-

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