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] 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.