Common use of PLEDGEE Clause in Contracts

PLEDGEE. Shared Technologies hereby appoints [NAME OF PLEDGE AGENT] as its agent to act as its pledge agent with respect to the Pledged Collateral pursuant to this Agreement. The actions of Pledgee hereunder are subject to the provisions of this Agreement. Pledgee shall have the right hereunder to make demands, to give notices, to exercise or refrain from exercising any rights, and to take or refrain from taking action (including, without limitation, the release or substitution of Pledged Collateral), in accordance with this Agreement. Pledgee may resign as long as Pledgee is replaced by a successor Pledgee approved by Pledgor and Shared Technolo- xxxx. Upon the acceptance of any appointment as Pledgee by a successor Pledgee, that successor Pledgee shall thereupon suc- ceed to and become vested with all the rights, powers, privi- leges and duties of the retiring Pledgee under this Agreement, and the retiring Pledgee shall thereupon be discharged from its duties and obligations under this Agreement. After any retir- ing Pledgee's resignation, the provisions of this Agreement shall inure to its benefit as to any actions taken or omitted to be taken by it under this Agreement while it was Pledgee.

PLEDGEE. Shared Technologies hereby appoints [NAME OF PLEDGE AGENT] Pledgee has been appointed as its agent to act as its pledge agent with respect trustee hereunder pursuant to the Pledged Collateral pursuant to this Indenture and the Additional Lender Intercreditor Agreement, if any. The actions of Pledgee hereunder are subject to the provisions of this the Indenture and/or the Additional Lender Intercreditor Agreement, if any. Pledgee shall have the right hereunder to make demands, to give noticesnotice, to exercise or refrain from exercising any rights, and to take or refrain from taking action (including, without limitation, limitation the release or substitution of Pledged Collateral), in accordance with this Pledge Agreement, the Indenture and the Additional Lender Intercreditor Agreement, if any. Pledgee may resign its position as long as Pledgee is replaced by Trustee and a successor Pledgee approved by Pledgor may be appointed in the manner provided in the Indenture and Shared Technolo- xxxxthe Additional Lender Intercreditor Agreement, if any. Upon the acceptance of any appointment as Pledgee by a successor Pledgee, that successor Pledgee shall thereupon suc- ceed succeed to and become vested with all the rights, powers, privi- leges privileges and duties of the retiring Pledgee under this Pledge Agreement, and the retiring Pledgee shall thereupon be discharged from its duties and obligations under this Pledge Agreement. After any retir- ing retiring Pledgee's resignation, the provisions of this Pledge Agreement shall inure to its benefit as to any actions taken or omitted to be taken by it under this Pledge Agreement while it was Pledgee.

PLEDGEE. Shared Technologies hereby appoints [NAME OF PLEDGE AGENT] Gadsby & Hannah as its agent to act as its pledge agent with respect to respxxx xo the Pledged Collateral pursuant to this Agreement. The actions of Pledgee hereunder are subject to the provisions of this Agreement. Pledgee shall have the right hereunder to make demands, to give notices, to exercise or refrain from exercising any rights, and to take or refrain from taking action (including, without limitation, the release or substitution of Pledged Collateral), in accordance with this Agreement. Pledgee may resign as long as Pledgee is replaced by a successor Pledgee approved by Pledgor and Shared Technolo- xxxxTechnologies. Upon the acceptance of any appointment as Pledgee by a successor Pledgee, that successor Pledgee shall thereupon suc- ceed succeed to and become vested with all the rights, powers, privi- leges privileges and duties of the retiring Pledgee under this Agreement, and the retiring Pledgee shall thereupon be discharged from its duties and obligations under this Agreement. After any retir- ing retiring Pledgee's resignation, the provisions of this Agreement shall inure to its benefit as to any actions taken or omitted to be taken by it under this Agreement while it was Pledgee.