Common use of Potential Forfeiture Clause in Contracts

Potential Forfeiture. The Purchaser agrees that, to the extent that it fails to pay any portion of the FPU Purchase Price (such portion, the “Short Amount”) when required in accordance with Section 1 hereof and such failure to pay remains uncured after five (5) Business Days’ notice from the Company, the Purchaser shall forfeit to the Company such number of its Class B Shares that is the product of (i) total number of Class B Shares acquired by the Purchaser under this Agreement and (ii) the Short Amount as a percentage of the FPU Purchase Price. If the Purchaser fails to forfeit any Class B Shares it is required to forfeit hereunder, the Purchaser hereby grants hereunder to the Company and any representative designated by the Company without further action by the Purchaser a limited irrevocable power of attorney to effect such forfeiture on behalf of the Purchaser, which power of attorney shall be deemed to be coupled with an interest. Any forfeiture under this Agreement shall take effect as a surrender for no consideration as a matter of Cayman Islands law.

Appears in 4 contracts

Samples: Forward Purchase Agreement (Artisan Acquisition Corp.), Forward Purchase Agreement (Artisan Acquisition Corp.), Forward Purchase Agreement (Artisan Acquisition Corp.)

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