Common use of Retention of Security Clause in Contracts

Retention of Security. If there is an Event of Default and Payee exercises its option to accelerate this Tax Note, then in that event Payee shall be entitled to retain that portion of the Shares awarded under the Performance Share Award Agreement as to which the Restriction Period has lapsed that has a Fair Market Value (as of the last day of the applicable time period for repayment as set forth in Paragraphs 2 and 3 of this Tax Note) equal to the sum of the outstanding principal balance of this Tax Note and any accrued but unpaid Interest thereon, such Fair Market Value and balance to be determined as of the date of Payee's notice of acceleration.

Retention of Security. If there is an Event of Default and Payee exercises its option to accelerate this Tax Note, then in that event Payee shall be entitled to retain that portion of the Shares awarded under the Performance Share Award Agreement as to which the Restriction Period has lapsed that has a Fair Market Value (as of the last day of the applicable time period for repayment as set forth in Paragraphs 2 2, 3 and 3 4 of this Tax Note) equal to the sum of the outstanding principal balance of this Tax Note and any accrued but unpaid Interest thereon, such Fair Market Value and balance to be determined as of the date of Payee's notice of acceleration.