Document:

Exhibit
      10.6

     

    STOCK
      PLEDGE AGREEMENT

     

    This
      Stock Pledge Agreement (this “Agreement”),
      dated
      as of September 18, 2007, among Valens U.S. SPV I, LLC (the “Pledgee”),
      as
      agent for Purchasers (as defined in the Securities Purchase Agreement (as
      defined below)), True North Energy Corporation, a Nevada corporation
      (“TNEC”),
      and
      each of the other undersigned parties, if any, (other than the Pledgee and
      TNEC)
      (TNEC and each such other undersigned party, a “Pledgor”
and
      collectively, the “Pledgors”).

     

    BACKGROUND

     

    TNEC
      and
      ICF Energy Corporation (“ICF,”
and
      together with TNEC, the “Borrowers”
and
      each a “Borrower”)
      have
      entered into a Securities Purchase Agreement, dated as of the date hereof (as
      amended, modified, restated or supplemented from time to time, the “Securities
      Purchase Agreement”),
      pursuant to which the Agent and the other Purchasers provide or will provide
      certain financial accommodations to the Borrowers.

     

    In
      order
      to induce the Agent and the other Creditor Parties to provide or continue to
      provide the financial accommodations described in the Securities Purchase
      Agreement, each Pledgor has agreed to pledge and grant a security interest
      in
      the collateral described herein to the Pledgee, for the ratable benefit of
      the
      Creditor Parties, on the terms and conditions set forth herein.

     

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

     

    1. Defined
      Terms.
      All
      capitalized terms used herein which are not defined shall have the meanings
      given to them in the Securities Purchase Agreement.

     

    2. Pledge
      and Grant of Security Interest.
      To
      secure the full and punctual payment and performance of (the following clauses
      (a) and (b), collectively, the “Obligations”)
      (a)
      the obligations owing to the Pledgee and other Creditor Parties under the
      Securities Purchase Agreement and the Related Agreements referred to in the
      Securities Purchase Agreement (the Securities Purchase Agreement and the Related
      Agreements, as each may be amended, restated, modified and/or supplemented
      from
      time to time, collectively, the “Documents”)
      and
      (b) all other obligations and liabilities of each Pledgor and ICF to the Pledgee
      and the other Creditor Parties, whether now existing or hereafter arising,
      direct or indirect, liquidated or unliquidated, absolute or contingent, due
      or
      not due and whether under, pursuant to or evidenced by a note, agreement,
      guaranty, instrument or otherwise (in each case, irrespective of the
      genuineness, validity, regularity or enforceability of such Obligations, or
      of
      any instrument evidencing any of the Obligations or of any collateral therefor
      or of the existence or extent of such collateral, and irrespective of the
      allowability, allowance or disallowance of any or all of such in any case
      commenced by or against any Pledgor and/or ICF under Title 11, United States
      Code, including, without limitation, obligations of each Pledgor and ICF for
      post-petition interest, fees, costs and charges that would have accrued or
      been
      added to the Obligations but for the commencement of such case), each Pledgor
      hereby pledges, assigns, hypothecates, transfers and grants a security interest
      to Pledgee, for the ratable benefit of the Creditor Parties, in all of the
      following (the “Collateral”):

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (a) the
      shares of stock set forth on Schedule
      A
      annexed
      hereto and expressly made a part hereof (together with any additional shares
      of
      stock or other equity interests acquired by any Pledgor, the “Pledged
      Stock”),
      the
      certificates representing the Pledged Stock and all dividends, cash, instruments
      and other property or proceeds from time to time received, receivable or
      otherwise distributed in respect of or in exchange for any or all of the Pledged
      Stock;

     

    (b) all
      additional shares of stock of any issuer (each, an “Issuer”)
      of the
      Pledged Stock from time to time acquired by any Pledgor in any manner,
      including, without limitation, stock dividends or a distribution in connection
      with any increase or reduction of capital, reclassification, merger,
      consolidation, sale of assets, combination of shares, stock split, spin-off
      or
      split-off (which shares shall be deemed to be part of the Collateral), and
      the
      certificates representing such additional shares, and all dividends, cash,
      instruments and other property or proceeds from time to time received,
      receivable or otherwise distributed in respect of or in exchange for any or
      all
      of such shares; and

     

    (c) all
      options and rights, whether as an addition to, in substitution of or in exchange
      for any shares of any Pledged Stock and all dividends, cash, instruments and
      other property or proceeds from time to time received, receivable or otherwise
      distributed in respect of or in exchange for any or all such options and
      rights.

     

    3. Delivery
      of Collateral.
      All
      certificates representing or evidencing the Pledged Stock shall be delivered
      to
      and held by or on behalf of Pledgee, pursuant hereto and shall be accompanied
      by
      duly executed instruments of transfer or assignments in blank, all in form
      and
      substance satisfactory to Pledgee. Each Pledgor hereby authorizes the Issuer
      upon demand by the Pledgee to deliver any certificates, instruments or other
      distributions issued in connection with the Collateral directly to the Pledgee,
      in each case to be held by the Pledgee, subject to the terms hereof. Upon the
      occurrence and during the continuance of an Event of Default (as defined below),
      the Pledgee shall have the right, during such time in its discretion and without
      notice to the Pledgor, to transfer to or to register in the name of the Pledgee,
      or any of its nominees any or all of the Pledged Stock. In addition, the Pledgee
      shall have the right at such time to exchange certificates or instruments
      representing or evidencing Pledged Stock for certificates or instruments of
      smaller or larger denominations.

     

    4. Representations
      and Warranties of each Pledgor.
      Each
      Pledgor jointly and severally represents and warrants to the Pledgee (which
      representations and warranties shall be deemed to continue to be made until
      all
      of the Obligations have been paid in full and each Document and each agreement
      and instrument entered into in connection therewith has been irrevocably
      terminated) that:

     

    (a) the
      execution, delivery and performance by each Pledgor of this Agreement and the
      pledge of the Collateral hereunder do not and will not result in any violation
      of any agreement, indenture, instrument, license, judgment, decree, order,
      law,
      statute, ordinance or other governmental rule or regulation applicable to any
      Pledgor;

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (b) this
      Agreement constitutes the legal, valid, and binding obligation of each Pledgor
      enforceable against each Pledgor in accordance with its terms;

     

    (c) (i)
      all
      Pledged Stock owned by each Pledgor is set forth on Schedule
      A
      hereto
      and (ii) each Pledgor is the direct and beneficial owner of each share of the
      Pledged Stock;

     

    (d) all
      of
      the shares of the Pledged Stock have been duly authorized, validly issued and
      are fully paid and nonassessable;

     

    (e) no
      consent or approval of any person, corporation, governmental body, regulatory
      authority or other entity, is or will be necessary for (i) the execution,
      delivery and performance of this Agreement, (ii) the exercise by the Pledgee
      of
      any rights with respect to the Collateral or (iii) the pledge and assignment
      of,
      and the grant of a security interest in, the Collateral hereunder;

     

    (f) there
      are
      no pending or, to the best of Pledgor’s knowledge, threatened actions or
      proceedings before any court, judicial body, administrative agency or arbitrator
      which may materially adversely affect the Collateral;

     

    (g) each
      Pledgor has the requisite power and authority to enter into this Agreement
      and
      to pledge and assign the Collateral to the Pledgee, for the ratable benefit
      of
      the Creditor Parties, in accordance with the terms of this
      Agreement;

     

    (h) each
      Pledgor owns each item of the Collateral and, except for the pledge and security
      interest granted to Pledgee, for the ratable benefit of Creditor Parties,
      hereunder, the Collateral shall be, immediately following the closing of the
      transactions contemplated by the Documents, free and clear of any other security
      interest, mortgage, pledge, claim, lien, charge, hypothecation, assignment,
      offset or encumbrance whatsoever (collectively, “Liens”);

     

    (i) there
      are
      no restrictions on transfer of the Pledged Stock contained in the certificate
      of
      incorporation or by-laws (or equivalent organizational documents) of the Issuer
      or otherwise which have not otherwise been enforceably and legally waived by
      the
      necessary parties;

     

    (j) none
      of
      the Pledged Stock has been issued or transferred in violation of the securities
      registration, securities disclosure or similar laws of any jurisdiction to
      which
      such issuance or transfer may be subject;

     

    (k) the
      pledge and assignment of the Collateral and the grant of a security interest
      under this Agreement vest in the Pledgee, for the ratable benefit of the
      Creditor Parties all rights of each Pledgor in the Collateral as contemplated
      by
      this Agreement; and

     

    (l) the
      Pledged Stock constitutes one hundred percent (100%) of the issued and
      outstanding shares of capital stock of each Issuer.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    5. Covenants.
      Each
      Pledgor jointly and severally covenants that, until the Obligations shall be
      indefeasibly satisfied in full and each Document and each agreement and
      instrument entered into in connection therewith is irrevocably
      terminated:

     

    (a) No
      Pledgor will sell, assign, transfer, convey, or otherwise dispose of its rights
      in or to the Collateral or any interest therein; nor will any Pledgor create,
      incur or permit to exist any Lien whatsoever with respect to any of the
      Collateral or the proceeds thereof other than that created hereby.

     

    (b) Each
      Pledgor will, at its expense, defend Pledgee’s right, title and security
      interest in and to the Collateral, for the ratable benefit of the Creditor
      Parties, against the claims of any other party.

     

    (c) Each
      Pledgor shall at any time, and from time to time, upon the written request
      of
      Pledgee, execute and deliver such further documents and do such further acts
      and
      things as Pledgee may reasonably request in order to effectuate the purposes
      of
      this Agreement including, but without limitation, delivering to Pledgee, upon
      the occurrence of an Event of Default, irrevocable proxies in respect of the
      Collateral in form satisfactory to Pledgee. Until receipt thereof, upon an
      Event
      of Default that has occurred and is continuing beyond any applicable grace
      period, this Agreement shall constitute Pledgor’s proxy to Pledgee or its
      nominee to vote all shares of Collateral then registered in each Pledgor’s
      name.

     

    (d) No
      Pledgor will consent to or approve the issuance of (i) any additional shares
      of
      any class of capital stock or other equity interests of the Issuer; or (ii)
      any
      securities convertible either voluntarily by the holder thereof or automatically
      upon the occurrence or nonoccurrence of any event or condition into, or any
      securities exchangeable for, any such shares, unless, in either case, such
      shares are pledged as Collateral pursuant to this Agreement.

     

    6. Voting
      Rights and Dividends.
      In
      addition to the Pledgee’s rights and remedies set forth in Section 8 hereof, in
      case an Event of Default shall have occurred and be continuing, beyond any
      applicable cure period, the Pledgee shall (i) be entitled to vote the
      Collateral, (ii) be entitled to give consents, waivers and ratifications in
      respect of the Collateral (each Pledgor hereby irrevocably constituting and
      appointing the Pledgee, with full power of substitution, the proxy and
      attorney-in-fact of each Pledgor for such purposes) and (iii) be entitled to
      collect and receive for its own use cash dividends paid on the Collateral to
      pay
      in full or in part the Obligations. Unless and until there shall have occurred
      and be continuing an Event of Default, each Pledgor shall be permitted to
      exercise or refrain from exercising any voting rights or other powers; provided
      that, in each case, no vote shall be cast or any consent, waiver or ratification
      given or any action taken or omitted to be taken if, in the reasonable judgment
      of the Pledgee, such action would have a material adverse effect on the value
      of
      the Collateral or any part thereof; and, provided,
      further,
      that
      each Pledgor shall give at least five (5) days prior written notice of the
      manner in which such Pledgor intends to exercise, or the reasons for refraining
      from exercising, any voting rights or other powers other than with respect
      to
      any election of directors and voting with respect to any incidental matters.
      Following the occurrence of an Event of Default, all rights of each Pledgor
      to
      vote and to give consents, waivers and ratifications shall cease and all
      dividends and all other distributions in respect of any of the Collateral,
      shall
      be delivered to the Pledgee to hold as Collateral and shall, if received by
      any
      Pledgor, be received in trust for the benefit of the Pledgee, for the ratable
      benefit of the Creditor Parties, be segregated from the other property or funds
      of any other Pledgor, and be forthwith delivered to the Pledgee as Collateral
      in
      the same form as so received (with any necessary endorsement).

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    7. Event
      of Default.
      An
“Event of Default” under this Agreement shall occur upon the happening of any of
      the following events:

     

    (a) An
“Event
      of Default” under any Document or any agreement or note related to any Document
      shall have occurred and be continuing beyond any applicable cure
      period;

     

    (b) Any
      Pledgor and/or ICF shall default in the performance of any of its obligations
      under any Document, including, without limitation, this Agreement, and such
      default shall not be cured during the cure period applicable
      thereto;

     

    (c) Any
      representation or warranty of any Pledgor and/or ICF made herein, in any
      Document or in any agreement, statement or certificate given in writing pursuant
      hereto or thereto or in connection herewith or therewith shall be false or
      misleading in any material respect;

     

    (d) Any
      portion of the Collateral is subjected to a levy of execution, attachment,
      distraint or other judicial process or any portion of the Collateral is the
      subject of a claim (other than by the Pledgee) of a Lien or other right or
      interest in or to the Collateral and such levy or claim shall not be cured,
      disputed or stayed within a period of fifteen (15) business days after the
      occurrence thereof; or

     

    (e) Any
      Pledgor and/or ICF shall (i) apply for, consent to, or suffer to exist the
      appointment of, or the taking of possession by, a receiver, custodian, trustee,
      liquidator or other fiduciary of itself or of all or a substantial part of
      its
      property, (ii) make a general assignment for the benefit of creditors, (iii)
      commence a voluntary case under any state or federal bankruptcy laws (as now
      or
      hereafter in effect), (iv) be adjudicated a bankrupt or insolvent, (v) file
      a
      petition seeking to take advantage of any other law providing for the relief
      of
      debtors, (vi) acquiesce to, or fail to have dismissed, within thirty (30) days,
      any petition filed against it in any involuntary case under such bankruptcy
      laws, or (vii) take any action for the purpose of effecting any of the
      foregoing.

     

    8. Remedies.
      In case
      an Event of Default shall have occurred and is continuing, the Pledgee
      may:

     

    (a) Transfer
      any or all of the Collateral into its name, or into the name of its nominee
      or
      nominees;

     

    (b) Exercise
      all corporate rights with respect to the Collateral including, without
      limitation, all rights of conversion, exchange, subscription or any other
      rights, privileges or options pertaining to any shares of the Collateral as
      if
      it were the absolute owner thereof, including, but without limitation, the
      right
      to exchange, at its discretion, any or all of the Collateral upon the merger,
      consolidation, reorganization, recapitalization or other readjustment of the
      Issuer thereof, or upon the exercise by the Issuer of any right, privilege
      or
      option pertaining to any of the Collateral, and, in connection therewith, to
      deposit and deliver any and all of the Collateral with any committee,
      depository, transfer agent, registrar or other designated agent upon such terms
      and conditions as it may determine, all without liability except to account
      for
      property actually received by it; and

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    (c) Subject
      to any requirement of applicable law, sell, assign and deliver the whole or,
      from time to time, any part of the Collateral at the time held by the Pledgee,
      at any private sale or at public auction, with or without demand, advertisement
      or notice of the time or place of sale or adjournment thereof or otherwise
      (all
      of which are hereby waived, except such notice as is required by applicable
      law
      and cannot be waived), for cash or credit or for other property for immediate
      or
      future delivery, and for such price or prices and on such terms as the Pledgee
      in its sole discretion may determine, or as may be required by applicable
      law.

     

    Each
      Pledgor hereby waives and releases any and all right or equity of redemption,
      whether before or after sale hereunder. At any such sale, unless prohibited
      by
      applicable law, the Pledgee may bid for and purchase the whole or any part
      of
      the Collateral so sold free from any such right or equity of redemption. All
      moneys received by the Pledgee hereunder, whether upon sale of the Collateral
      or
      any part thereof or otherwise, shall be held by Pledgee and applied by it as
      provided in Section 10 hereof. No failure or delay on the part of the Pledgee
      in
      exercising any rights hereunder shall operate as a waiver of any such rights
      nor
      shall any single or partial exercise of any such rights preclude any other
      or
      future exercise thereof or the exercise of any other rights hereunder. Pledgee
      shall have no duty as to the collection or protection of the Collateral or
      any
      income thereon nor any duty as to preservation of any rights pertaining thereto,
      except to apply the funds in accordance with the requirements of Section 10
      hereof. Pledgee may exercise its rights with respect to property held hereunder
      without resort to other security for or sources of reimbursement for the
      Obligations. In addition to the foregoing, Pledgee shall have all of the rights,
      remedies and privileges of a secured party under the Uniform Commercial Code
      of
      New York (the “UCC”)
      regardless of the jurisdiction in which enforcement hereof is
      sought.

     

    9. Private
      Sale.
      Each
      Pledgor recognizes that the Pledgee may be unable to effect (or to do so only
      after delay which would adversely affect the value that might be realized from
      the Collateral) a public sale of all or part of the Collateral by reason of
      certain prohibitions contained in the Securities Act, and may be compelled
      to
      resort to one or more private sales to a restricted group of purchasers who
      will
      be obliged to agree, among other things, to acquire such Collateral for their
      own account, for investment and not with a view to the distribution or resale
      thereof. Each Pledgor agrees that any such private sale may be at prices and
      on
      terms less favorable to the seller than if sold at public sales and that such
      private sales shall be deemed to have been made in a commercially reasonable
      manner. Each Pledgor agrees that the Pledgee has no obligation to delay sale
      of
      any Collateral for the period of time necessary to permit the Issuer to register
      the Collateral for public sale under the Securities Act.

     

    10. Proceeds
      of Sale.
      The
      proceeds of any collection, recovery, receipt, appropriation, realization or
      sale of the Collateral shall be applied by the Pledgee as follows:

     

    (a) First,
      to
      the payment of all costs, reasonable expenses and charges of each Creditor
      Party
      and to the reimbursement of each Creditor Party for the prior payment of such
      costs, reasonable expenses and charges incurred in connection with the care
      and
      safekeeping of the Collateral (including, without limitation, the reasonable
      expenses of any sale or any other disposition of any of the Collateral),
      reasonable attorneys’ fees and reasonable expenses, court costs, any other fees
      or expenses incurred or expenditures or advances made by any Creditor Party
      in
      the protection, enforcement or exercise of its rights, powers or remedies
      hereunder;

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    (b) Second,
      to the payment of the Obligations, in whole or in part, in such order as the
      Pledgee may elect, whether or not such Obligations are then due;

     

    (c) Third,
      to
      such persons, firms, corporations or other entities as required by applicable
      law including, without limitation, Section 9-615(a)(3) of the UCC;
      and

     

    (d) Fourth,
      to the extent of any surplus to the Pledgors or as a court of competent
      jurisdiction may direct.

     

    In
      the
      event that the proceeds of any collection, recovery, receipt, appropriation,
      realization or sale are insufficient to satisfy the Obligations, each Pledgor
      shall be jointly and severally liable for the deficiency plus the reasonable
      costs and fees of any attorneys employed by each Creditor Party to collect
      such
      deficiency.

     

    11. Waiver
      of Marshaling.
      Each
      Pledgor hereby waives any right to compel any marshaling of any of the
      Collateral.

     

    12. No
      Waiver.
      Any and
      all of the Pledgee’s rights with respect to the Liens granted under this
      Agreement shall continue unimpaired, and Pledgor shall be and remain obligated
      in accordance with the terms hereof, notwithstanding (a) the bankruptcy,
      insolvency or reorganization of any Pledgor, (b) the release or substitution
      of
      any item of the Collateral at any time, or of any rights or interests therein,
      or (c) any delay, extension of time, renewal, compromise or other indulgence
      granted by the Pledgee in reference to any of the Obligations. Each Pledgor
      hereby waives all notice of any such delay, extension, release, substitution,
      renewal, compromise or other indulgence, and hereby consents to be bound hereby
      as fully and effectively as if such Pledgor had expressly agreed thereto in
      advance. No delay or extension of time by Pledgee in exercising any power of
      sale, option or other right or remedy hereunder, and no failure by Pledgee
      to
      give notice or make demand, shall constitute a waiver thereof, or limit, impair
      or prejudice Pledgee’s right to take any action against any Pledgor or to
      exercise any other power of sale, option or any other right or
      remedy.

     

    13. Expenses.
      The
      Collateral shall secure, and each Pledgor shall pay to Pledgee on demand, from
      time to time, all reasonable costs and expenses (including but not limited
      to,
      reasonable attorneys’ fees and costs, taxes, and all transfer, recording, filing
      and other charges) of, or incidental to, the custody, care, transfer,
      administration of the Collateral or any other collateral, or in any way relating
      to the enforcement, protection or preservation of the rights or remedies of
      the
      Pledgee under this Agreement or with respect to any of the
      Obligations.

     

    14. The
      Pledgee Appointed Attorney-In-Fact and Performance by the
      Pledgee.
      Upon
      the occurrence of an Event of Default, each Pledgor hereby irrevocably
      constitutes and appoints the Pledgee as such Pledgor’s true and lawful
      attorney-in-fact, with full power of substitution, to execute, acknowledge
      and
      deliver any instruments and to do in such Pledgor’s name, place and stead, all
      such acts, things and deeds for and on behalf of and in the name of such
      Pledgor, which such Pledgor could or might do or which the Pledgee may deem
      necessary, desirable or convenient to accomplish the purposes of this Agreement,
      including, without limitation, to execute such instruments of assignment or
      transfer or orders and to register, convey or otherwise transfer title to the
      Collateral into the Pledgee’s name. Each Pledgor hereby ratifies and confirms
      all that said attorney-in-fact may so do and hereby declares this power of
      attorney to be coupled with an interest and irrevocable. If any Pledgor fails
      to
      perform any agreement herein contained, the Pledgee may itself perform or cause
      performance thereof, and any costs and expenses of Pledgee incurred in
      connection therewith shall be paid by the Pledgors as provided in Section 10
      hereof.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    15. Waivers.
      THE
      PARTIES HERETO DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING
      APPLICABLE LAWS, THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS
      OF
      THE JUDICIAL SYSTEM AND OF ARBITRATION, THE PARTIES HERETO WAIVE ALL RIGHTS
      TO
      TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE,
      WHETHER ARISING IN CONTRACT, TORT OR OTHERWISE BETWEEN ANY CREDITOR PARTY AND/OR
      ANY PLEDGOR ARISING OUT OF, CONNECTED WITH, RELATED OR INCIDENTAL TO THE
      RELATIONSHIP ESTABLISHED BETWEEN THEM IN CONNECTION WITH THIS AGREEMENT, ANY
      OTHER DOCUMENT OR THE TRANSACTIONS RELATED HERETO OR THERETO.

     

    16. Recapture.
      Notwithstanding anything to the contrary in this Agreement, if any Creditor
      Party receives any payment or payments on account of the Obligations, which
      payment or payments or any part thereof are subsequently invalidated, declared
      to be fraudulent or preferential, set aside and/or required to be repaid to
      a
      trustee, receiver, or any other party under the United States Bankruptcy Code,
      as amended, or any other federal or state bankruptcy, reorganization, moratorium
      or insolvency law relating to or affecting the enforcement of creditors’ rights
      generally, common law or equitable doctrine, then to the extent of any sum
      not
      finally retained by such Creditor Party, each Pledgor’s obligations to each such
      Creditor Party and the other Purchasers, shall be reinstated and this Agreement
      shall remain in full force and effect (or be reinstated) until payment shall
      have been made to each such Creditor Party, which payment shall be due on
      demand.

     

    17. Captions.
      All
      captions in this Agreement are included herein for convenience of reference
      only
      and shall not constitute part of this Agreement for any other
      purpose.

     

    18. Miscellaneous.

     

    (a) This
      Agreement constitutes the entire and final agreement among the parties with
      respect to the subject matter hereof and may not be changed, terminated or
      otherwise varied except by a writing duly executed by the parties
      hereto.

     

    (b) No
      waiver
      of any term or condition of this Agreement, whether by delay, omission or
      otherwise, shall be effective unless in writing and signed by the party sought
      to be charged, and then such waiver shall be effective only in the specific
      instance and for the purpose for which given.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    (c) In
      the
      event that any provision of this Agreement or the application thereof to any
      Pledgor or any circumstance in any jurisdiction governing this Agreement shall,
      to any extent, be invalid or unenforceable under any applicable statute,
      regulation, or rule of law, such provision shall be deemed inoperative to the
      extent that it may conflict therewith and shall be deemed modified to conform
      to
      such statute, regulation or rule of law, and the remainder of this Agreement
      and
      the application of any such invalid or unenforceable provision to parties,
      jurisdictions, or circumstances other than to whom or to which it is held
      invalid or unenforceable shall not be affected thereby, nor shall same affect
      the validity or enforceability of any other provision of this
      Agreement.

     

    (d) This
      Agreement shall be binding upon each Pledgor, and each Pledgor’s successors and
      assigns, and shall inure to the benefit of the Pledgee, and its successors
      and
      assigns.

     

    (e) Any
      notice or other communication required or permitted pursuant to this Agreement
      shall be given in accordance with the Securities Purchase
      Agreement.

     

    (f) THIS
      AGREEMENT AND THE OTHER DOCUMENTS SHALL BE GOVERNED BY AND CONSTRUED AND
      ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO
      CONTRACTS MADE AND PERFORMED IN SUCH STATE, WITHOUT REGARD TO PRINCIPLES OF
      CONFLICTS OF LAW.

     

    (g) EACH
      PLEDGOR HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED
      IN
      THE COUNTY OF NEW YORK, STATE OF NEW YORK SHALL HAVE EXCLUSIVE JURISDICTION
      TO
      HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN ANY PLEDGOR, ON THE ONE HAND,
      AND THE PLEDGEE OR ANY OTHER CREDITOR PARTY, ON THE OTHER HAND, PERTAINING
      TO
      THIS AGREEMENT OR ANY OF THE OTHER DOCUMENTS OR TO ANY MATTER ARISING OUT OF
      OR
      RELATED TO THIS AGREEMENT OR ANY OF THE OTHER DOCUMENTS, PROVIDED,
      THAT
      EACH PLEDGOR ACKNOWLEDGES THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE
      HEARD BY A COURT LOCATED OUTSIDE OF THE COUNTY OF NEW YORK, STATE OF NEW YORK;
      AND FURTHER PROVIDED,
      THAT
      NOTHING IN THIS AGREEMENT SHALL BE DEEMED OR OPERATE TO PRECLUDE THE PLEDGEE
      FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO
      COLLECT THE INDEBTEDNESS, TO REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY
      FOR
      THE INDEBTEDNESS, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF
      THE
      PLEDGEE. EACH PLEDGOR EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH
      JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND EACH PLEDGOR
      HEREBY WAIVES ANY OBJECTION WHICH IT MAY HAVE BASED UPON LACK OF PERSONAL
      JURISDICTION, IMPROPER VENUE OR FORUM
      NON CONVENIENS.
      EACH
      PLEDGOR HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER
      PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH
      SUMMONS, COMPLAINT AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED
      MAIL
      ADDRESSED TO SUCH PLEDGOR AT THE ADDRESS SET FORTH IN THE SECURITIES PURCHASE
      AGREEMENT AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER
      OF
      SUCH PLEDGOR’S ACTUAL RECEIPT THEREOF OR THREE (3) DAYS AFTER DEPOSIT IN THE
      U.S. MAILS, PROPER POSTAGE PREPAID.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    (h) It
      is
      understood and agreed that any person or entity that desires to become a Pledgor
      hereunder, or is required to execute a counterpart of this Agreement after
      the
      date hereof pursuant to the requirements of any Document, shall become a Pledgor
      hereunder by (i) executing a Joinder Agreement in form and substance
      satisfactory to the Pledgee, (ii) delivering supplements to such exhibits
      and annexes to such Documents as the Pledgee shall reasonably request and/or
      set
      forth in such Joinder Agreement and (iii) taking all actions as specified in
      this Agreement as would have been taken by such Pledgor had it been an original
      party to this Agreement, in each case with all documents required above to
      be
      delivered to the Pledgee and with all documents and actions required above
      to be
      taken to the reasonable satisfaction of the Pledgee.

     

    (i) This
      Agreement may be executed in one or more counterparts, each of which shall
      be
      deemed an original and all of which when taken together shall constitute one
      and
      the same agreement. Any signature delivered by a party by facsimile transmission
      shall be deemed an original signature hereto.

     

    [Remainder
      of Page Intentionally Left Blank]

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the parties have duly executed this Agreement as of the day
      and
      year first written above.

    
      	 	 	 
	 	
              TRUE
                NORTH ENERGY CORPORATION

            
	 
 	 
 	 
 
	
            	By:  	/s/
              John
              I. Folnovic
	 	
              

              Name: John
                I. Folnovic

            
	 	
              Title: President
                and CEO

            

    

     

    
      	 	 	 
	 	
              
                VALENS
                  U.S. SPV I, LLC, as Agent

              

            
	 	 
	 	By:  	
              Valens
                Capital Management, LLC, as investment manager

            
	 
 	 
 	 
 
	
            	By:  	
              /s/
                Eugene Grin

            
	 	
              

              Name:
                Eugene Grin

            
	 	
              Title:
                Authorized
                Signatory

            

    

     

    
      
        
        

      

      
        
           

        

        
          

        

      

      
        
        

      

       

    

    SCHEDULE
      A to the Stock Pledge Agreement

     

    Pledged
      Stock

     

    
      	
              Pledgor

            	 	
              Issuer

            	 	
              Class
                

              of
                Stock

            	 	
              Stock
                

              Certificate
                Number

            	 	
              Par
                Value

            	 	
              Number
                

              of
                

              Shares

            	 	
              %
                of 

              outstanding
                Shares

            	 
	
              True
                North Energy Corporation

            	 	 	
              ICF
                Energy Corporation

            	 	 	
              Common

            	 	 	
              1

            	 	
              $

            	
              0.01

            	 	 	
              10,000

            	 	 	
              100Exhibit
      10.7

     

    SUBORDINATION
      AGREEMENT

     

    This
      Subordination Agreement (this “Agreement”)
      is
      entered into as of the 18th day of September, 2007, by EH&P INVESTMENTS AG,
      a Swiss company (the “Subordinated
      Lender”
and
      VALENS U.S. SPV I, LLC, a Delaware corporation, as agent for the Purchasers
      under the Securities Purchase Agreement referred to below (the “Senior
      Agent”).
      Unless otherwise defined herein, capitalized terms used herein shall have the
      meaning provided such terms in the Securities Purchase Agreement.

     

    BACKGROUND

     

    WHEREAS,
      it is a condition to the Purchasers’ making an investment in ICF Energy
      Corporation, a Texas corporation (“ICF”)
      and
      True North Energy Corporation, a Nevada corporation, (“TNEC”)
      and
      together with ICF, the “Companies”
and
      each a “Company”)
      pursuant to, and in accordance with, (i) that certain Securities Purchase
      Agreement to be dated on or about September 18, 2007 by and among the Companies,
      the Senior Agent and the other Purchasers (as amended, modified or supplemented
      from time to time, the “Securities
      Purchase Agreement”)
      and
      (ii) the Related Agreements referred to in the Securities Purchase Agreement,
      that the Subordinated Lender enter into this Agreement.

     

    WHEREAS,
      the Purchasers have made or will make loans to either or both of the
      Companies.

     

    NOW,
      THEREFORE, the Subordinated Lender and the Senior Agent agree as
      follows:

     

    TERMS

     

    1. All
      obligations of the Companies and/or any of their Subsidiaries to the Creditor
      Parties, howsoever created, arising or evidenced, whether direct or indirect,
      absolute or contingent or now or hereafter existing, or due or to become due
      are
      referred to as “Senior
      Liabilities.”
Any
      and all loans made by the Subordinated Lender to either Company and/or any
      of
      their respective Subsidiaries, together with all other obligations (whether
      monetary or otherwise) of such Company and/or any such Subsidiary to the
      Subordinated Lender (in each case, including any interest, fees or penalties
      related thereto), howsoever created, arising or evidenced, whether direct or
      indirect, absolute or contingent or now or hereafter existing, or due or to
      become due are referred to as “Junior
      Liabilities.”
It
      is
      expressly understood and agreed that the term “Senior Liabilities”, as used in
      this Agreement, shall include, without limitation, any and all interest, fees
      and penalties accruing on any of the Senior Liabilities after the commencement
      of any proceedings referred to in paragraph 4 of this Agreement, notwithstanding
      any provision or rule of law which might restrict the rights of any Creditor
      Party, as against either Company, and their Subsidiaries or anyone else, to
      collect such interest, fees or penalties, as the case may be.

     

    2. Except
      as
      expressly otherwise provided in this Agreement or as the Senior Agent may
      otherwise expressly consent in writing, the payment of the Junior Liabilities
      shall be postponed and subordinated in right of payment and priority to the
      payment in full of all Senior Liabilities. Furthermore, whether directly or
      indirectly, no payments or other distributions whatsoever in respect of any
      Junior Liabilities shall be made (whether at stated maturity, by acceleration
      or
      otherwise), nor shall any property or assets of either Company or any of their
      respective Subsidiaries be applied to the purchase or other acquisition or
      retirement of any Junior Liability until such time as the Senior Liabilities
      have been indefeasibly paid in full. Notwithstanding anything to the contrary
      contained in this paragraph 2 or elsewhere in this Agreement, each Company
      and
      its Subsidiaries may make regularly scheduled principal and interest payments,
      as the case may be, to the Subordinated Lenders with respect to the Junior
      Liabilities, so long as (i) no Event of Default (as defined in each Note) has
      occurred and is continuing at the time of any such payment and (ii) the amount
      of such regularly scheduled principal payments and the rate of interest, in
      each
      case, with respect to the Junior Liabilities is not increased from that in
      effect on the date hereof.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3. The
      Subordinated Lender hereby subordinates all claims and security interests it
      may
      have against, or with respect to, any of the assets of either Company and/or
      any
      of their respective Subsidiaries (the “Subordinated
      Lender Liens”),
      to
      the security interests granted by such Company and/or any of its Subsidiaries
      to
      the Senior Agent, for the ratable benefit of the Creditor Parties, in respect
      of
      the Senior Liabilities. Neither the Senior Agent nor any Purchaser shall owe
      any
      duty to the Subordinated Lender as a result of or in connection with the
      Subordinated Lender Liens, including without limitation any marshalling of
      assets or protection of the rights or interests of the Subordinated Lender.
      The
      Senior Agent shall have the exclusive right to manage, perform and enforce
      the
      underlying terms of the Securities Purchase Agreement, the Related Agreements
      and each other document, instrument and agreement executed from time to time
      in
      connection therewith (collectively, the “Security
      Agreements”)
      relating to the assets of either Company and any of their respective
      Subsidiaries and to exercise and enforce its rights according to its discretion.
      The Subordinated Lender waives all rights to affect the method or challenge
      the
      appropriateness of any action taken by the Senior Agent in connection with
      the
      Senior Agent’s enforcement of its rights under the Security Agreements. Only the
      Senior Agent shall have the right to restrict permit, approve or disapprove
      the
      sale, transfer or other disposition of the assets of either Company or any
      of
      their respective Subsidiaries. As between the Senior Agent and the Subordinated
      Lender, the terms of this Agreement shall govern even if all or part of the
      Senior Agent’s liens are avoided, disallowed, set aside or otherwise
      invalidated.

     

    4. In
      the
      event of any dissolution, winding up, liquidation, readjustment, reorganization
      or other similar proceedings relating to either Company and/or any of their
      respective Subsidiaries or to its creditors, as such, or to its property
      (whether voluntary or involuntary, partial or complete, and whether in
      bankruptcy, insolvency or receivership, or upon an assignment for the benefit
      of
      creditors, or any other marshalling of the assets and liabilities either Company
      and/or any of their respective Subsidiaries, or any sale of all or substantially
      all of the assets of either Company and/or any of their respective Subsidiaries,
      or otherwise), the Senior Liabilities shall first be paid in full before the
      Subordinated Lender shall be entitled to receive and to retain any payment,
      distribution, other rights or benefits in respect of any Junior Liability.
      In
      order to enable the Senior Agent to enforce its rights hereunder, in any such
      action or proceeding, the Senior Agent is hereby irrevocably authorized and
      empowered in its discretion as attorney in fact for the Subordinated Lender
      to
      make and present for and on behalf of the Subordinated Lender such proofs of
      claims against either Company and/or any of their respective Subsidiaries as
      the
      Senior Agent may deem expedient or proper and to vote such proofs of claims
      in
      any such proceeding and to receive and collect any and all dividends or other
      payments or disbursements made thereon in whatever form the same may be paid
      or
      issued and to apply same on account of any the Senior Liabilities. In the event,
      prior to indefeasible payment in full of the Senior Liabilities, the
      Subordinated Lender shall receive any payment in respect of the Junior
      Liabilities and/or in connection with the enforcement of the Subordinated
      Lender’s rights and remedies against either Company and/or any of their
      respective Subsidiaries, whether arising in connection with the Junior
      Liabilities or otherwise, then the Subordinated Lender shall forthwith deliver,
      or cause to be delivered, the same to the Senior Agent in precisely the form
      held by the Subordinated Lender (except for any necessary endorsement) and
      until
      so delivered the same shall be held in trust by the Subordinated Lender as
      the
      property of the Senior Agent.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    5. The
      Subordinated Lender will mark its books and records so as to clearly indicate
      that its Junior Liabilities are subordinated in accordance with the terms of
      this Agreement. The Subordinated Lender will execute such further documents
      or
      instruments and take such further action as the Senior Agent may reasonably
      request from time to time to carry out the intent of this
      Agreement.

     

    6. The
      Subordinated Lender hereby waives all diligence in collection or protection
      of
      or realization upon the Senior Liabilities or any security for the Senior
      Liabilities.

     

    7. Until
      such time as the Senior Liabilities have been indefeasibly paid in full, the
      Subordinated Lender will not, except as otherwise provided in this Agreement,
      without the prior written consent of the Senior Agent: (a) attempt to enforce
      or
      collect any Junior Liability or any rights in respect of any Junior Liability
      or
      any other rights or remedies of any kind or nature whatsoever against either
      Company and/or any of their respective Subsidiaries whether in respect of the
      Junior Liabilities or otherwise (each an “Enforcement
      Action”);
      unless, in each case (i) an event of default shall have occurred and be
      continuing under any one or more agreements between and among the Subordinated
      Lender, such Company and/or any such Subsidiary which would entitle the
      Subordinated Lender to take such action (each, a “Subordinated
      Lender Default”),
      (ii)
      the Subordinated Lender shall have provided the Senior Agent written notice
      of
      the occurrence of each such Subordinated Lender Default and that it intends
      to
      take an Enforcement Action (each, a “Subordinated
      Lender Enforcement Action Notice”),
      and
      (iii) a period of at least one hundred and eighty (180) days shall have elapsed
      after the receipt by the Senior Agent of the respective Subordinated Lender
      Enforcement Action Notice; provided that, notwithstanding the foregoing, the
      Subordinated Lender shall only be permitted to provide the Senior Agent with
      one
      (1) Subordinated Lender Enforcement Action Notice in any three hundred and
      sixty
      five (365) day period; or (b) commence, or join with any other creditor in
      commencing, any bankruptcy, reorganization or insolvency proceedings with
      respect to either Company and/or any of their respective
      Subsidiaries.

     

    8. The
      Senior Agent may, from time to time, at its sole discretion and without notice
      to the Subordinated Lender, take any or all of the following actions: (a) retain
      or obtain a security interest in any property to secure any of the Senior
      Liabilities; (b) retain or obtain the primary or secondary obligation of any
      other obligor or obligors with respect to any of the Senior Liabilities; (c)
      extend or renew for one or more periods (whether or not longer than the original
      period), alter, increase or exchange any of the Senior Liabilities, or release
      or compromise any obligation of any nature of any obligor with respect to any
      of
      the Senior Liabilities; and (d) release its security interest in, or surrender,
      release or permit any substitution or exchange for, all or any part of any
      property securing any of the Senior Liabilities, or extend or renew for one
      or
      more periods (whether or not longer than the original period) or release,
      compromise, alter or exchange any obligations of any nature of any obligor
      with
      respect to any such property.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    9. Neither
      the Senior Agent nor any Purchaser may, from time to time, whether before or
      after any discontinuance of this Agreement, without notice to the Subordinated
      Lender, assign or transfer any or all of the Senior Liabilities or any interest
      in the Senior Liabilities; and, notwithstanding any such assignment or transfer
      or any subsequent assignment or transfer of the Senior Liabilities, such Senior
      Liabilities shall be and remain Senior Liabilities for the purposes of this
      Agreement, and every immediate and successive assignee or transferee of any
      of
      the Senior Liabilities or of any interest in the Senior Liabilities shall,
      to
      the extent of the interest of such assignee or transferee in the Senior
      Liabilities, be entitled to the benefits of this Agreement to the same extent
      as
      if such assignee or transferee were the Senior Agent and/or such Purchaser,
      as
      applicable; provided, however, that, unless the Senior Agent shall otherwise
      consent in writing, the Senior Agent shall have an unimpaired right, prior
      and
      superior to that of any such assignee or transferee, to enforce this Agreement,
      for the benefit of the Senior Agent and the Purchasers, as to those of the
      Senior Liabilities which the Senior Agent and/or the Purchasers have not
      assigned or transferred.

     

    10. The
      Senior Agent shall not be prejudiced in its rights under this Agreement by
      any
      act or failure to act of the Subordinated Lender, or any noncompliance of the
      Subordinated Lender with any agreement or obligation, regardless of any
      knowledge thereof which the Senior Agent may have or with which the Senior
      Agent
      may be charged; and no action of the Senior Agent permitted under this Agreement
      shall in any way affect or impair the rights of the Senior Agent, or any
      Purchaser, and the obligations of the Subordinated Lender under this
      Agreement.

     

    11. No
      delay
      on the part of the Senior Agent in the exercise of any right or remedy shall
      operate as a waiver of such right or remedy, and no single or partial exercise
      by the Senior Agent of any right or remedy shall preclude other or further
      exercise of such right or remedy or the exercise of any other right or remedy;
      nor shall any modification or waiver of any of the provisions of this Agreement
      be binding upon the Senior Agent except as expressly set forth in a writing
      duly
      signed and delivered on behalf of the Senior Agent. For the purposes of this
      Agreement, Senior Liabilities shall have the meaning set forth in Section 1
      above, notwithstanding any right or power of the Subordinated Lender or anyone
      else to assert any claim or defense as to the invalidity or unenforceability
      of
      any such obligation, and no such claim or defense shall affect or impair the
      agreements and obligations of the Subordinated Lender under this
      Agreement.

     

    12. This
      Agreement shall continue in full force and effect after the filing of any
      petition (“Petition”)
      by or
      against either Company and/or any of their respective Subsidiaries under the
      United States Bankruptcy Code (the “Code”)
      and
      all converted or succeeding cases in respect thereof. All references herein
      to
      either Company and/or any of their respective Subsidiaries shall be deemed
      to
      apply to such Company and any such Subsidiary as debtor-in-possession and to
      a
      trustee for such Company and/or any such Subsidiary. If either Company or any
      of
      their respective Subsidiaries shall become subject to a proceeding under the
      Code, and if the Senior Agent shall desire to permit the use of cash collateral
      or to provide post-Petition financing from the Senior Agent to such Company
      or
      any such Subsidiary under the Code, the Subordinated Lender agrees as follows:
      (a) adequate notice to the Subordinated Lender shall be deemed to have been
      provided for such consent or post-Petition financing if the Subordinated Lender
      receives notice thereof three (3) business days (or such shorter notice as
      is
      given to the Senior Agent) prior to the earlier of (i) any hearing on a request
      to approve such post-petition financing or (ii) the date of entry of an order
      approving same and (b) no objection will be raised by the Subordinated Lender
      to
      any such use of cash collateral or such post-Petition financing from the Senior
      Agent, or any Purchaser.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    13. This
      Agreement shall be binding upon the Subordinated Lender and upon the heirs,
      legal representatives, successors and assigns of the Subordinated Lender and
      the
      successors and assigns of the Subordinated Lender.

     

    14. This
      Agreement shall be construed in accordance with and governed by the laws of
      New
      York without regard to conflict of laws provisions. Wherever possible each
      provision of this Agreement shall be interpreted in such manner as to be
      effective and valid under applicable law, but if any provision of this Agreement
      shall be prohibited by or invalid under such law, such provision shall be
      ineffective to the extent of such prohibition or invalidity, without
      invalidating the remainder of such provision or the remaining provisions of
      this
      Agreement.

     

    15. This
      Agreement shall terminate upon the indefeasible payment in full of the Senior
      Liabilities.

     

    [Signature
      appears on the following page.]

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, this Agreement has been made and delivered this 18th day of
      September, 2007.

     

    
      	 	 	 
	 	EH&P
              INVESTMENTS AG
	 
 	 
 	 
 
	 	By:  	  /s/
              Ingrid Weibel
	 	
              
Name:
	 	Title:

    

     

    
      	 	 	 
	 	VALENS
              U.S. SPV I,
              LLC, as Agent
	 
 	 
 	 
 
	 	
              By: Valens
                Capital
                Management, LLC,

              its investment manager

            
	 	 	 
	 	By:	 /s/
              Eugene Grin
	 	
              
Name:
              Eugene Grin
	 	Title:
              Authorized Signatory

    

     

    Acknowledged
      and Agreed to by:

     

    TRUE
      NORTH ENERGY CORPORATION

    
      	 	 	 	 
	By:
/s/
              John I. Folnovic	 	 	
            
	
              
                

              

              Name:
                John I. Folnovic

              Title:
                President and Chief Executive Officer

            	 	 	
            

    

     

     

    ICF
      ENERGY CORPORATION

    
      	 	 	 	 
	By:
/s/
              John I. Folnovic	 	 	 
	
              
                

              

              Name:
                John I. Folnovic

              Title:
                President and Chief Executive Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}]]