Final Default and Forfeiture Sample Clauses

Final Default and Forfeiture. Final Default shall occur if [Actual Allottee Name*] fails to cure its defaulted payment under Section 5.5.5 by the date provided therein or fails to fully perform under a duly accepted alternate means of or plan for cure of the Default. If [Actual Allottee Name*] has committed a Final Default under this Section 5.5.6, then [Actual Allottee Name*] shall completely forfeit any and all right, title, claim, or interest, whether express or implied, in or to WGFP, including, without limitation, any and all WGFP Allotments or rights to WGFP assets under this Contract or any other agreement related to the WGFP. Any water in storage under a forfeited WGFP Allotment at the time of forfeiture shall not be available to the defaulting party and shall be reallocated along with the WGFP Allotment as provided in Section 5.5.7. [Actual Allottee Name*], by executing this Contract, certifies that it has fully disclosed to the governing body of [Actual Allottee Name*] the existence and consequence of this Contract, and agrees that but for its acceptance of the termination of a WGFP Allotment and the consequences of Default, the WGFP Enterprise would not have entered into this Contract or any other agreement related to WGFP. Except for claims of breach under the express terms of this Contract, [Actual Allottee Name*] waives any and all legal or equitable claims, in any forum, to WGFP, WGFP Allotments, or WGFP Assets, or against the WGFP Enterprise, arising out of a Final Default under this Contract by [Actual Allottee Name*]. Irrespective of such termination, [Actual Allottee Name*] shall remain liable to the WGFP Enterprise to pay the full amount of its Capital C&E Funding Obligations under this Contract. The WGFP Enterprise shall send a notice of forfeiture under this Section
Sample 1
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Related to Final Default and Forfeiture

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  • Events of Default and Termination 15.1 If:

  • Events of Default and Remedies Section 8.01

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  • Events of Default and Acceleration If any of the following events (“Events of Default” or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, “Defaults”) shall occur:

  • Event of Default Defined; Acceleration of Maturity; Waiver of Default Event of Default" with respect to Securities of any series wherever used herein, means each one of the following events which shall have occurred and be continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

  • Automatic Defaults If any Event of Default referred to in Section 7.11 hereof shall occur:

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