Common use of Reallocation Upon Event of Default and Forfeiture Clause in Contracts

Reallocation Upon Event of Default and Forfeiture. Upon an Event of Default and Forfeiture under Sections 6.1 and 6.2, the Enterprise shall use its best efforts to reallocate the defaulted XXXX Xxxxx 0 Participant’s forfeited NISP Allotment and NISP Participation Percentage first to the remaining XXXX Xxxxx 0 Participants who elect to receive additional NISP Units by the Enterprise in proportion to the pro rata interest in NISP of each remaining XXXX Xxxxx 0 Participant who elected to receive additional NISP Units, and second to an entity or entities that the Enterprise Board determines may be a NISP Participant or NISP Participants pursuant to Section 9. Notwithstanding that all or any portion of a defaulting XXXX Xxxxx 0 Participant’s NISP Allotment and NISP Participation Percentage is so transferred, such defaulting XXXX Xxxxx 0 Participant shall remain liable to the Enterprise to pay the full amount of its share of XXXX Xxxxx 0 Project Costs hereunder except to the extent that the Enterprise receives payment from the transferee thereof.

Reallocation Upon Event of Default and Forfeiture. Upon an Event of Default and Forfeiture under Sections 6.1 6.1* and 6.2*, the Enterprise shall use its best efforts to reallocate the defaulted XXXX Xxxxx 0 Participant’s forfeited NISP Allotment and NISP Participation Percentage first to the remaining XXXX Xxxxx 0 Participants who elect to receive additional NISP Units by the Enterprise in proportion to the pro rata interest in NISP of each remaining XXXX Xxxxx 0 Participant who elected to receive additional NISP Units, and second to an entity or entities that the Enterprise Board determines may be a NISP Participant or NISP Participants pursuant to Section 9*. Notwithstanding that all or any portion of a defaulting XXXX Xxxxx 0 Participant’s NISP Allotment and NISP Participation Percentage is so transferred, such defaulting XXXX Xxxxx 0 Participant shall remain liable to the Enterprise to pay the full amount of its share of XXXX Xxxxx 0 Project Costs hereunder except to the extent that the Enterprise receives payment from the transferee thereof.

Reallocation Upon Event of Default and Forfeiture. Upon an Event of Default and Forfeiture under Sections 6.1 6.1* and 6.2*,, the Enterprise shall use its best efforts to reallocate the defaulted XXXX Xxxxx 0 Participant’s forfeited NISP Allotment and NISP Participation Percentage first to the remaining XXXX Xxxxx 0 Participants who elect to receive additional NISP Units by the Enterprise in proportion to the pro rata interest in NISP of each remaining XXXX Xxxxx 0 Participant who elected to receive additional NISP Units, and second to an entity or entities that the Enterprise Board determines may be a NISP Participant or NISP Participants pursuant to Section 9. *.. Notwithstanding that all or any portion of a defaulting XXXX Xxxxx 0 Participant’s NISP Allotment and NISP Participation Percentage is so transferred, such defaulting XXXX Xxxxx 0 Participant shall remain liable to the Enterprise to pay the full amount of its share of XXXX Xxxxx 0 Project Costs hereunder except to the extent that the Enterprise receives payment from the transferee thereof.