Document:

LAURUS
      MASTER FUND, LTD.

    c/o
      Laurus Capital Management, LLC

    335
      Madison Avenue, 10th Floor

    New
      York, New York 10017

     

    May
      2,
      2007

     

    Thomas
      Equipment, Inc.

    Thomas
      Ventures, Inc.

    1475
      32nd
      Avenue

    Lachine,
      Quebec H8T 3J1, Canada

    Attention: 
Luigi
      LoBasso

     

    Re: Amendment
      to Security and Purchase Agreement

     

    Ladies
      and Gentlemen:

     

    Reference
      is made to (a) the Security and Purchase Agreement dated as of November 9,
      2004
      (as amended, restated, modified and supplemented from time to time, the
“Agreement”)
      among
      Thomas Equipment, Inc. (f/k/a Maxim Mortgage Corporation) (“Thomas
      Equipment”)
      and
      Thomas Ventures, Inc. (“Thomas
      Ventures”)
      (Thomas Equipment and Thomas Ventures, each a “Company”
and
      collectively, “Companies”)
      and
      Laurus Master Fund, Ltd. (“Laurus”)
      and
      (b) the Default Notice dated August 17, 2006 (the “Default
      Notice”)
      from
      Laurus to the Companies and certain other parties listed therein. Capitalized
      terms used herein that are not defined shall have the meanings given to them
      in
      the Agreement.

     

    As
      set
      forth in the Default Notice, Laurus notified Companies that various Events
      of
      Default have occurred and are continuing under the Agreement (the “Existing
      Defaults”).
      Companies have requested that Laurus amend the Agreement and, notwithstanding
      the occurrence and continuance of the Existing Defaults, Laurus is willing
      to do
      so on the terms and conditions set forth below.

     

    In
      consideration of the foregoing and other good and valuable consideration, the
      receipt and sufficiency of which is hereby acknowledged, the parties hereto
      hereby agree as follows:

     

    Subject
      to satisfaction of the conditions precedent set forth below, the Agreement
      is
      hereby amended as follows:

     

    (a) Section
      2(d) of the Agreement is hereby amended in its entirety to provide as
      follows:

     

    “(d) Term
      Loans.

     

    (i) Subject
      to the terms and conditions set forth herein and in the Ancillary Agreements,
      Laurus shall make a term loan (the “Closing
      Date Term Loan”)
      to
      Company and the Eligible Subsidiaries in an aggregate amount equal to
      $6,000,000. The Closing Date Term Loan shall be advanced on the Closing Date
      and
      shall be, with respect to principal, payable in consecutive monthly installments
      of principal commencing on July 1, 2005 and on the first day of each month
      thereafter. The first twenty-eight principal installments shall each be in
      the
      amount of $206,896 and the twenty-ninth and final installment shall be in an
      amount equal to the unpaid principal balance of the Closing Date Term Loan
      plus
      all accrued and unpaid interest thereon. The Closing Date Term Loan shall be
      payable in full on the Closing Date Term Loan Maturity Date, together with
      all
      accrued and unpaid interest thereon and all other amounts due and owing with
      respect thereto subject to acceleration upon the occurrence of an Event of
      Default or termination of this Agreement. The Closing Date Term Loan shall
      be
      evidenced by the Closing Date Secured Convertible Term Note.

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    (ii) Subject
      to the terms and conditions set forth herein and in the Ancillary Agreements,
      Laurus shall make a term loan (the “Second
      Term Loan”)
      to
      Company and the Eligible Subsidiaries in an aggregate amount equal to
      $1,900,000. The Second Term Loan shall be advanced on February 28, 2005 and
      shall be, with respect to principal, payable in consecutive monthly installments
      of principal commencing on July 1, 2005 and on the first day of each month
      thereafter. The first twenty-eight principal installments shall each be in
      the
      amount of $65,517 and the twenty-ninth and final installment shall be in an
      amount equal to the unpaid principal balance of the Second Term Loan plus all
      accrued and unpaid interest thereon. The Second Term Loan shall be payable
      in
      full on the Second Term Loan Maturity Date, together with all accrued and unpaid
      interest thereon and all other amounts due and owing with respect thereto
      subject to acceleration upon the occurrence of an Event of Default or
      termination of this Agreement. The Second Term Loan shall be evidenced by the
      Second Secured Convertible Term Note.

     

    (iii) Subject
      to the terms and conditions set forth herein and in the Ancillary Agreements,
      Laurus shall make a term loan (the “Third
      Term Loan”)
      to
      Company and the Eligible Subsidiaries in an aggregate amount equal to
      $4,640,000. The Third Term Loan shall be advanced on January 6, 2006 and shall
      be payable in full together with all accrued and unpaid interest thereon and
      all
      other amounts due and owing with respect thereto, subject to acceleration upon
      the occurrence of an Event of Default or termination of this Agreement, upon
      the
      earlier of (A) July 6, 2006 and (B) the consummation of any offering of Thomas
      Equipment’s Common Stock to a Person other than Laurus (the “Third
      Term Loan Maturity Date”).
      The
      Third Term Loan shall be evidenced by the Third Term Note.

     

    (iv) Subject
      to the terms and conditions set forth herein and in the Ancillary Agreements,
      Laurus shall make a term loan (the “Fourth
      Term Loan”)
      to
      Company and the Eligible Subsidiaries in an aggregate amount equal to
      $8,500,000. The Fourth Term Loan shall be advanced on May 12, 2006 and shall
      be,
      with respect to principal, payable in consecutive monthly installments of
      principal in the amounts set forth in the Fourth Term Note commencing on
      September 1, 2006 and on the first day of each month thereafter. The Fourth
      Term
      Loan shall be payable in full on the Fourth Term Loan Maturity Date, together
      with all accrued and unpaid interest thereon and all other amounts due and
      owing
      with respect thereto subject to acceleration upon the occurrence of an Event
      of
      Default or termination of this Agreement. The Fourth Term Loan shall be
      evidenced by the Fourth Term Note.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    (v) Subject
      to the terms and conditions set forth herein and in the Ancillary Agreements,
      Laurus shall make a term loan (the “Fifth
      Term Loan”)
      to
      Company and the Eligible Subsidiaries in an aggregate amount equal to
      $1,500,000. The Fifth Term Loan shall be advanced on January 17, 2007 and shall
      be payable in full on the Fifth Term Loan Maturity Date, together with all
      accrued and unpaid interest thereon and all other amounts due and owing with
      respect thereto, subject to acceleration upon the occurrence of an Event of
      Default or termination of this Agreement. The Fifth Term Loan shall be evidenced
      by the Fifth Term Note.”

     

    (vi) Subject
      to the terms and conditions set forth herein and in the Ancillary Agreements,
      Laurus shall make a term loan (the “Sixth
      Term Loan”
and
      together with the Closing Date Term Loan, the Second Term Loan, the Third Term
      Loan, the Fourth Term Loan and the Fifth Term Loan, each a “Term
      Loan”
and
      collectively the “Term
      Loans”)
      to
      Company and the Eligible Subsidiaries in an aggregate amount equal to
      $6,000,000. The Sixth Term Loan shall be advanced on May ___, 2007 and shall
      be
      payable in full on the Sixth Term Loan Maturity Date, together with all accrued
      and unpaid interest thereon and all other amounts due and owing with respect
      thereto, subject to acceleration upon the occurrence of an Event of Default
      or
      termination of this Agreement. The Sixth Term Loan shall be evidenced by the
      Sixth Term Notes.”

     

    (b) Section
      13(e) of the Agreement is hereby amended in its entirety to provide as
      follows:

     

    “(e) Use
      of
      Funds.
      It will
      use the proceeds of the Loans only to fund the transactions contemplated by
      the
      Acquisition Documentation and for Company’s and each Eligible Subsidiary’s
      working capital purposes.
      Notwithstanding anything herein to the contrary, Company and each Eligible
      Subsidiary will use:

     

    (i)
      the
      proceeds of the Third Term Loan solely to pay for Company’s, such Eligible
      Subsidiary’s, Thomas Canada’s and/or Thomas Asia’s (A) outstanding accounts
      payable owing to their suppliers, (B) the purchase of materials and parts for
      the assembly of their Inventory and (C) employee gross wages, taxes and benefits
      in the normal course of their businesses;

     

    (ii)
      the
      proceeds of the Fourth Term Loan as follows: (A) $5,336,000 to repay in full
      the
      Third Term Loan and (B) $3,164,000 (net of all fees payable by Company and
      each
      Eligible Subsidiary in connection with the closing and funding of the Fourth
      Term Loan) solely to pay for Company’s, such Eligible Subsidiary’s, Thomas
      Canada’s and/or Thomas Asia’s (x) outstanding accounts payable owing to their
      suppliers, (y) the purchase of materials and parts for the assembly of their
      Inventory and (z) employee gross wages, taxes and benefits in the normal course
      of their businesses; 

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    (iii)
      the
      proceeds of the Fifth Term Loan solely to pay for Thomas Asia’s working capital
      purposes; and

     

    (iv)
      the
      proceeds of the Sixth Term Loan as follows (in each case, net of all fees
      payable by Company and each Eligible Subsidiary in connection with the closing
      and funding of the Sixth Term Loan): (A) [$4,050,000] to restricted account
      no.
      _________ maintained by Thomas Equipment at North Fork Bank to be distributed
      to
      the Companies by Laurus in its sole discretion in accordance with the terms
      of
      that certain restricted account letter agreement dated the date hereof from
      Laurus to the Companies, (B) [$950,000] to pay for Tcomt’s working capital
      purposes and (C) [$1,000,000] to pay for Thomas Asia’s working capital
      purposes.

     

    provided,
      however,
      the use
      of the proceeds of any Loan (including, without limitation, the Revolving Loan
      and Term Loans) shall be approved by the Financial Consultant prior to the
      use
      of such proceeds for any purpose including, without limitation, for the purposes
      described in subsections (i), (ii) and (iii) above (other than for the purposes
      described in subsection (ii)(A) above and the payment of any fees, expenses
      and
      other amounts by Company and any Eligible Subsidiary to Laurus in connection
      with the Loans). Company and each Eligible Subsidiary hereby acknowledge that
      breach of this Section 13(e) shall constitute an automatic Event of Default
      and
      no cure or grace period shall be applicable thereto notwithstanding any other
      provision of this Agreement to the contrary.”

     

    (c) Section
      30 of the Agreement is hereby amended in its entirety to provide as
      follows:

     

    
      	
              “If
                to Laurus: Laurus
                Master Fund, Ltd.

            	
              c/o
                Laurus Capital Management, L.L.C.

              335
                Madison Avenue, 10th Floor

              New
                York, New York 10017

              Attention:
                Portfolio Services.

              Telephone:
                (212) 541-5800

              Facsimile:
                (212) 541-4434

            
	 	 
	
              With
                a copy to:  Loeb
                & Loeb LLP

            	
              345
                Park Avenue

              New
                York, New York 10154

              Attention:
                Scott J. Giordano, Esq.

              Telephone:
                (212) 407-4000

              Facsimile:
                (212) 407-4990

            

    

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    
      	
              If
                to Company, 

              Company
                Agent or any 

              Eligible
                Subsidiary: 

            	
              Thomas
                Equipment, Inc.

              1475
                32nd Avenue

              Lachine,
                Quebec H8T 3J1, Canada

              Attention: Luigi
                LoBasso

              Telephone: (514)
                635-7000

              Facsimile: (514)
                635-7010

            
	 	 
	
              With
                a copy to:

            	Sichenzia Ross Friedman Ference LLP
              1065
                Avenue of the Americas

              New
                York, New York 10018

              Attention:
                Thomas A. Rose, Esq.

              Telephone:
                (212) 930-9700

              Facsimile:
                (212) 930-9725

            

    

     

    (d) The
      following definitions in Annex
      A
      to the
      Agreement are hereby amended in their entirety to provide as
      follows:

     

    “Initial
      Term”
means
      (a) with respect to the Revolving Loans, the Closing Date through the Revolving
      Loan Maturity Date, (b) with respect to the Original Closing Date Term Loan,
      the
      Closing Date through the Original Closing Date Maturity Date, (c) with respect
      to the Second Term Loan, the Closing Date through the Second Term Loan Maturity
      Date, (d) with respect to the Third Term Loan, the Closing Date through the
      Third Term Loan Maturity Date, (e) with respect to the Fourth Term Loan, the
      Closing Date through the Fourth Term Loan Maturity Date, (f) with respect to
      the
      Fifth Term Loan Maturity Date, the Closing Date through the Fifth Term Loan
      Maturity Date and (g) with respect to the Sixth Term Loan Maturity Date, the
      Closing Date through the Sixth Term Loan Maturity Date, in each case, subject
      to
      acceleration at the option of Laurus upon the occurrence of an Event of Default
      hereunder or other termination hereunder.

     

    “Notes”
means
      each of the Minimum Borrowing Notes, the Revolving Note, the Secured Convertible
      Term Notes, the Third Term Note, the Fourth Term Note, the Fifth Term Note
      and
      the Sixth Term Notes made by Company and each Eligible Subsidiary in favor
      of
      Laurus in connection with the transactions contemplated hereby, as the same
      may
      be amended, modified, supplemented and restated from time to time, as
      applicable.

     

    “Term
      Loans”
has
      the
      meaning set forth in Section 2(d)(vi).

     

    “Total
      Investment Amount”
means
      $45,900,000.

     

    (e) the
      following definitions are hereby added to Annex
      A
      to the
      Agreement in their appropriate alphabetical order:

     

    “Sixth
      Term Loan Maturity Date”
means
      (a) with respect to the Obligations owing under the Sixth Term Note A, May
      2,
      2008 and (b) with respect to the Obligations owing under the Sixth Term Note
      B,
      May 2, 2009.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    “Sixth
      Term Note A”
means
      the Secured Term Note dated as of May 2, 2007 made by Company and each Eligible
      Subsidiary in favor of Laurus in the aggregate principal amount of Four Million
      Dollars ($4,000,000), as the same may be amended, modified, supplemented and
      restated from time to time.

     

    “Sixth
      Term Note B”
means
      the Secured Term Note dated as of May 2, 2007 made by Company and each Eligible
      Subsidiary in favor of Laurus in the aggregate principal amount of Two Million
      Dollars ($2,000,000), as the same may be amended, modified, supplemented and
      restated from time to time.

     

    “Sixth
      Term Notes”
means,
      collectively, the Sixth Term Note A and the Sixth Term Note B.

     

    “Tcomt”
means
      Tcomt, Inc., a Delaware corporation.

     

    This
      letter agreement shall become effective upon satisfaction of the following
      conditions precedent: Laurus shall have received (i) a management fee for the
      benefit of Laurus Capital Management, LLC in the amount of $210,000 which fee
      shall be deducted from the proceeds of the Sixth Term Loan, be fully earned
      as
      of the date hereof and shall not be subject to reduction, rebate or proration
      whatsoever, (ii) a copy of this Amendment executed by Companies, and (iii)
      all
      such other certificates, instruments, documents, agreements and opinions of
      counsel as may be required by Laurus or its counsel, each of which shall be
      in
      form and substance satisfactory to Laurus and its counsel.

     

    By
      their
      signatures below, each Company acknowledges that (a) the occurrence and
      continuance of the Existing Defaults entitles Laurus to exercise its rights
      and
      remedies under the Agreement, the Ancillary Agreements and applicable law
      including, without limitation, (i) the right to declare all Obligations due
      and
      payable and (ii) the right to enforce and exercise any and all of its rights,
      remedies, Liens and security interests under the Agreement and the Ancillary
      Agreements and (b) Laurus’ (i) entering into this letter agreement, (ii)
      continuing to provide financial accommodations to the Companies and (iii)
      voluntary forbearance, if any, from exercising any of its rights or remedies
      is
      not intended (and should not be construed) as a waiver of the Existing Defaults
      or Laurus’ rights and remedies with respect thereto, all of which are reserved
      and preserved by Laurus. Any waiver of any Existing Default shall only be
      effective if set forth in a written instrument executed and delivered in
      accordance with the terms of the Agreement.

     

    Nothing
      contained herein shall (a) limit in any manner whatsoever each Company’s, each
      guarantor’s and each other Person’s obligation to comply with, and Laurus’ right
      to insist on such Company’s, such guarantor’s and such other Person’s compliance
      with, each and every term of the Agreement and the Ancillary Agreements, or
      (b)
      constitute a waiver of any Event of Default (including, without limitation,
      any
      Existing Default) or any right or remedy available to Laurus, or of any
      Company’s, any guarantor’s or any other Person’s obligation to pay and perform
      all of its obligations, in each case whether arising under the Agreement, the
      Ancillary Agreements, applicable law and/or in equity, all of which rights
      and
      remedies howsoever arising are hereby expressly reserved, are not waived and
      may
      be exercised by Laurus at any time.

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    Thomas
      Equipment acknowledges that it has an affirmative obligation to make prompt
      public disclosure of material agreements and material amendments to the
      Agreement and the Ancillary Agreements. It is Thomas Equipment’s determination
      that, except as shall be set forth in Thomas Equipment’s Form 8-K to be filed no
      later than two (2) Business Days following the date hereof, a copy of which
      shall be delivered to Laurus, neither this letter agreement nor the terms and
      provisions of this letter agreement (collectively, the “Information”) are
      material. Thomas Equipment has had an opportunity to consult with counsel
      concerning this determination. Thomas Equipment hereby agrees that Laurus shall
      not be in violation of any duty to Thomas Equipment or its shareholders, nor
      shall Laurus be deemed to be misappropriating any information of Thomas
      Equipment, if Laurus sells shares of common stock of Thomas Equipment, or
      otherwise engages in transactions with respect to securities of Thomas
      Equipment, while in possession of the Information.

     

    Except
      as
      specifically amended herein, the Agreement and the Ancillary Agreements shall
      remain in full force and effect, and are hereby ratified and confirmed. The
      execution, delivery and effectiveness of this letter agreement shall not operate
      as a waiver of any right, power or remedy of Laurus, nor constitute a waiver
      of
      any provision of the Agreement or any of the Ancillary Agreements. This letter
      agreement shall be binding upon and inure to the benefit of the parties hereto
      and their respective successors and assigns and shall be governed by and
      construed in accordance with the laws of the State of New York.

     

    [Remainder
      of Page Intentionally Left Blank]

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    This
      letter agreement may be executed by the parties hereto 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 to be an original
      signature hereto.

     

    
      	 	 	 
	 	
              Very
                truly yours,

            
	 	
              LAURUS
                MASTER FUND, LTD.

            
	 
 	 
 	 
 
	
            	By:  	s/
              DAVID
              GRIN
	 	
              

              Name:
                David Grin

            
	 	Title:
              Fund Manager

    

     

    
      	
              CONSENTED
                AND AGREED TO:

            	 	 	 
	 	 	 	 
	
              THOMAS
                EQUIPMENT, INC.

            	 	 	 
	 	 	 	 
	By: 
/s/
              MICHAEL LUTHER	 	 	
            
	
              
                

              

              Name:
                Michael Luther
                
                Title:
                  CRO

              

            	 	 	
            
	 	 	 	 
	
              THOMAS
                VENTURES, INC.

            	 	 	 
	 	 	 	 
	
              By:
                /s/
                MICHAEL LUTHER

            	 	 	 
	
              
                

                Name:
                  Michael Luther

                Title:
                  CRO 

              

            	 	 	 

    

     

    [Signature
      Page to Amendment to Security and Purchase Agreement]

     

    
      
         

      

      
        8SECURED
      TERM NOTE

     

    FOR
      VALUE
      RECEIVED, each of THOMAS EQUIPMENT, INC., a Delaware corporation (“Thomas
      Equipment”),
      and
      THOMAS VENTURES, INC., a Delaware corporation (“Thomas
      Ventures”)
      and
      together with Thomas Equipment, each a “Borrower”
and
      collectively the “Borrowers”)
      jointly and severally promises to pay to LAURUS MASTER FUND, LTD., c/o M&C
      Corporate Services Limited, P.O. Box 309 GT, Ugland House, South Church Street,
      George Town, Grand Cayman, Cayman Islands, Fax: 345-949-8080 (the “Holder”)
      or its
      registered assigns or successors in interest, on order, the sum of Two Million
      Dollars ($2,000,000), together with any accrued and unpaid interest hereon,
      on
      May 2, 2009 (the “Maturity
      Date”)
      if not
      sooner paid.

     

    Capitalized
      terms used herein without definition shall have the meanings ascribed to such
      terms in that certain Security and Purchase Agreement dated as of November
      9,
      2004 among Borrowers and the Holder (as amended by that certain letter agreement
      dated as of the date hereof by and among the Borrowers and the Holder and as
      otherwise heretofore or hereafter amended, modified, restated and supplemented
      from time to time, the “Security
      Agreement”).

     

    The
      following terms shall apply to this Note:

     

    ARTICLE
      I 

    INTEREST
      & REDEMPTION

     

    1.1. Interest
      Rate.
      Subject
      to Sections 2.9 and 4.7 hereof, interest payable on the outstanding principal
      amount of this Note (the “Principal
      Amount”)
      shall
      accrue at a rate per annum equal to the sum of (i) the “prime rate” published in
The
      Wall Street Journal
      from
      time to time (the “Prime
      Rate”),
      plus
      two percent (2%) (the “Contract
      Rate”).
      The
      Contract Rate shall be increased or decreased as the case may be for each
      increase or decrease in the Prime Rate in an amount equal to such increase
      or
      decrease in the Prime Rate; each change to be effective as of the day of the
      change in the Prime Rate. The Contract Rate shall not at any time be less than
      nine percent (9%). Interest shall be (i) calculated on the basis of a 360 day
      year, and (ii) payable monthly, in arrears, commencing on June 1, 2007 and
      on
      the first Business Day of each consecutive calendar month thereafter through
      and
      including the Maturity Date, whether by acceleration or otherwise (each date
      upon which interest shall be so payable, an “Interest
      Payment Date”).

     

    1.2. Optional
      Redemption.
      The
      Borrowers may prepay this Note (“Optional
      Redemption”)
      by
      paying to the Holder a sum of money a sum of money equal to one hundred and
      five
      percent (105%) of the principal amount of this Note together with accrued but
      unpaid interest and any and all other sums due, accrued or payable to the Holder
      arising under this Note, the Security Agreement and/or any other Ancillary
      Agreement (the “Redemption
      Amount”),
      in
      each case, outstanding on the Redemption Payment Date (as defined below). Thomas
      Equipment shall deliver to the Holder a written notice of redemption (the
“Notice
      of Redemption”)
      specifying the date for such Optional Redemption (the “Redemption
      Payment Date”),
      which
      date shall be seven (7) Business Days after the date of the Notice of
      Redemption. On the Redemption Payment Date, the Redemption Amount must be paid
      in good funds to the Holder. In the event the Borrowers fail to pay the
      Redemption Amount on the Redemption Payment Date as set forth herein, then
      such
      Notice of Redemption will be null and void.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    ARTICLE
      II 

    EVENTS
      OF DEFAULT

     

    The
      occurrence of any of the following events set forth in Sections 4.1 through
      4.10, inclusive, shall be an “Event
      of Default”:

     

    2.1. Failure
      to Pay Principal, Interest or other Fees.
      Any
      Borrower fails to pay when due any installment of principal, interest or other
      fees hereon or on any other promissory note issued pursuant to the Security
      Agreement, or any Borrower fails to pay when due any amount due under any other
      promissory note issued by such Borrower, when due in accordance with the terms
      of such note, and in any such case, such failure shall continue for a period
      of
      three (3) days following the date upon which any such payment was
      due.

     

    2.2. Breach
      of Covenant.
      Any
      Borrower breaches any covenant or other term or condition of this Note in any
      material respect and such breach, if subject to cure, continues for a period
      of
      fifteen (15) days after the occurrence thereof.

     

    2.3. Breach
      of Representations and Warranties.
      Any
      representation or warranty of any Borrower or any of its Subsidiaries made
      herein, or the Security Agreement, or in any Ancillary Agreement shall be false
      or misleading in any material respect.

     

    2.4. Receiver
      or Trustee.
      Any
      Borrower or any of its Subsidiaries shall make an assignment for the benefit
      of
      creditors, or apply for or consent to the appointment of a receiver or trustee
      for it or for a substantial part of its property or business; or such a receiver
      or trustee shall otherwise be appointed.

     

    2.5. Judgments.
      Any
      money judgment, writ or similar final process shall be entered or filed against
      any Borrower or any of its Subsidiaries or any of their respective property
      or
      other assets for more than $250,000 in the aggregate for Borrower and all such
      Subsidiaries, and shall remain unvacated, unbonded or unstayed for a period
      of
      thirty (30) days.

     

    2.6. Bankruptcy.
      Bankruptcy, insolvency, reorganization or liquidation proceedings or other
      proceedings or relief under any bankruptcy law or any law for the relief of
      debtors shall be instituted by or against any Borrower or any of its
      Subsidiaries.

     

    2.7. Default
      Under Other Agreements.
      The
      occurrence of an Event of Default under and as defined in the Security Agreement
      or any Ancillary Agreement or any event of default (or similar term) under
      any
      other agreement evidencing indebtedness of at least $250,000.

     

    2.8. Change
      in Control.
      The
      occurrence of a change in the controlling ownership of any
      Borrower.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    DEFAULT
      RELATED PROVISIONS

     

    2.9. Default
      Interest Rate.
      Following the occurrence and during the continuance of an Event of Default,
      the
      Contract Rate shall automatically be increased by one and one-half percent
      (1.50%) per month, and all outstanding Obligations, including unpaid interest,
      shall continue to accrue interest from the date of such Event of Default at
      such
      interest rate applicable to such Obligations until such Event of Default is
      cured or waived.

     

    2.10. Cumulative
      Remedies.
      The
      remedies under this Note shall be cumulative.

     

    ARTICLE
      III 

    DEFAULT
      PAYMENTS

     

    3.1. Default
      Payment.
      If an
      Event of Default occurs and is continuing beyond any applicable grace period,
      the Holder, at its option, may elect, in addition to all rights and remedies
      of
      Holder under the Security Agreement and the Ancillary Agreements and all
      obligations of each Borrower under the Security Agreement and the Ancillary
      Agreements, to require the Borrowers to make a Default Payment (“Default
      Payment”).
      The
      Default Payment shall be 115% of the outstanding principal amount of the Note,
      plus accrued but unpaid interest, all other fees then remaining unpaid, and
      all
      other amounts payable hereunder. The Default Payment shall be applied first
      to
      any fees due and payable to Holder pursuant to the Notes or the Ancillary
      Agreements, then to accrued and unpaid interest due on the Notes and then to
      outstanding principal balance of the Notes.

     

    3.2. Default
      Payment Date.
      The
      Default Payment shall be due and payable immediately on the date that the Holder
      has exercised its rights pursuant to Section 3.1.

     

    ARTICLE
      IV 

    MISCELLANEOUS

     

    4.1. Failure
      or Indulgence Not Waiver.
      No
      failure or delay on the part of the Holder hereof in the exercise of any power,
      right or privilege hereunder shall operate as a waiver thereof, nor shall any
      single or partial exercise of any such power, right or privilege preclude other
      or further exercise thereof or of any other right, power or privilege. All
      rights and remedies existing hereunder are cumulative to, and not exclusive
      of,
      any rights or remedies otherwise available.

     

    4.2. Notices.
      Any
      notice herein required or permitted to be given shall be in writing and provided
      in accordance with the terms of the Security Agreement.

     

    4.3. Amendment
      Provision.
      The
      term “Note”
and
      all
      reference thereto, as used throughout this instrument, shall mean this
      instrument as originally executed, or if later amended or supplemented, then
      as
      so amended or supplemented, and any successor instrument as it may be amended
      or
      supplemented.

     

    4.4. Assignability.
      This
      Note shall be binding upon each Borrower and its successors and assigns, and
      shall inure to the benefit of the Holder and its successors and assigns, and
      may
      be assigned by the Holder in accordance with the requirements of the Security
      Agreement.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    4.5. Cost
      of Collection.
      If
      default is made in the payment of this Note, each Borrower shall jointly and
      severally pay the Holder hereof reasonable costs of collection, including
      reasonable attorneys’ fees.

     

    4.6. Governing
      Law.
      This
      Note shall be governed by and construed in accordance with the laws of the
      State
      of New York, without regard to principles of conflicts of laws. Any action
      brought by either party against the other concerning the transactions
      contemplated by this Agreement shall be brought only in the state courts of
      New
      York or in the federal courts located in the state of New York. Each party
      hereto and the individual signing this Note on behalf of each Borrower agree
      to
      submit to the jurisdiction of such courts. The prevailing party shall be
      entitled to recover from the other party its reasonable attorney’s fees and
      costs. In the event that any provision of this Note is invalid or unenforceable
      under any applicable statute or rule of law, then such provision shall be deemed
      inoperative to the extent that it may conflict therewith and shall be deemed
      modified to conform with such statute or rule of law. Any such provision which
      may prove invalid or unenforceable under any law shall not affect the validity
      or unenforceability of any other provision of this Note. Nothing contained
      herein shall be deemed or operate to preclude the Holder from bringing suit
      or
      taking other legal action against any Borrower in any other jurisdiction to
      collect on such Borrower’s obligations to Holder, to realize on any collateral
      or any other security for such obligations, or to enforce a judgment or other
      court order in favor of Holder.

     

    4.7. Maximum
      Payments.
      Nothing
      contained herein shall be deemed to establish or require the payment of a rate
      of interest or other charges in excess of the maximum permitted by applicable
      law. In the event that the rate of interest required to be paid or other charges
      hereunder exceed the maximum permitted by such law, any payments in excess
      of
      such maximum shall be credited against amounts owed by Borrowers to the Holder
      and thus refunded to the Borrowers

     

    4.8. Security
      Interest.
      The
      Holder has been granted a security interest in certain assets of the Borrowers
      as more fully described in the Security Agreement. 

     

    4.9. Construction.
      Each
      party acknowledges that its legal counsel participated in the preparation of
      this Note and, therefore, stipulates that the rule of construction that
      ambiguities are to be resolved against the drafting party shall not be applied
      in the interpretation of this Note to favor any party against the
      other.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    4.10. Registered
      Obligation.
      This
      Note is intended to be a registered obligation within the meaning of Treasury
      Regulation Section 1.871-14(c)(1)(i) and the Borrowers (or its agent) shall
      register the Note (and thereafter shall maintain such registration) as to both
      principal and any stated interest. Notwithstanding any document, instrument
      or
      agreement relating to this Note to the contrary, transfer of this Note (or
      the
      right to any payments of principal or stated interest thereunder) may only
      be
      effected by (i) surrender of this Note and either the reissuance by the
      Borrowers of this Note to the new holder or the issuance by the Borrowers of
      a
      new instrument to the new holder, or (ii) transfer through a book entry system
      maintained by the Borrowers (or its agent), within the meaning of Treasury
      Regulation Section 1.871-14(c)(1)(i)(B).

     

    [Balance
      of page intentionally left blank; signature page follows.]

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    IN
      WITNESS WHEREOF,
      each
      Borrower has caused this Secured Term Note to be signed in its name effective
      as
      of this 2nd day of May, 2007.

     

    
      	 	 	 
	 	
              THOMAS
                EQUIPMENT, INC. 

            
	 
 	 
 	 
 
	
            	By:  	/s/ MICHAEL
              LUTHER
	 	
              
Name:
              Michael Luther
              Title:
                CRO

            
	 	 

    

     

    
      
        	 	 	 
	 	
                THOMAS
                  VENTURES, INC.

              
	 
 	 
 	 
 
	
              	By:  	/s/ MICHAEL LUTHER
	 	
                
Name:
                Michael Luther
                Title:
                  CRO

              
	 	 

      

    

     

    
      
         

      

      
        6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}]]