Forfeiture remedy definition

Forfeiture remedy means the non- judicial remedy whereby the seller cancels the contract for default, declares the purchaser’s rights under the contract to be forfeited, extinguishes the debt and retains sums previously paid thereunder by the buyer.

Examples of Forfeiture remedy in a sentence

  • Forfeiture remedy - if one party breaches, the other can call off the deal.

Related to Forfeiture remedy

  • Forfeiture Restrictions means any prohibitions and restrictions set forth herein with respect to the sale or other disposition of Shares issued to the Recipient hereunder and the obligation to forfeit and surrender such shares to the Company.

  • Forfeiture Period means the period from the Grant Date until the Forfeiture Date.

  • Forfeiture means that portion of a Participant's Account that is not Vested, and occurs on the earlier of:

  • Remedy means any remedial right to which an aggrieved party is entitled with or without resort to a tribunal.

  • forfeiture order means a forfeiture order referred to in section 61(1);

  • Forfeiture Event means the occurrence of at least one of the following (a) the Company is required, pursuant to a determination made by the Securities and Exchange Commission or by the Board, or an authorized subcommittee of the Board, to prepare a material accounting restatement due to the noncompliance of the Company with any financial reporting requirement under applicable securities laws as a result of misconduct, and the Board determines that (1) the Participant knowingly engaged in the misconduct, (2) the Participant was grossly negligent with respect to such misconduct or (3) the Participant knowingly or grossly negligently failed to prevent the misconduct or (b) the Board concludes that the Participant engaged in fraud, embezzlement or other similar misconduct materially detrimental to the Company.

  • Erroneous Payment Subrogation Rights has the meaning specified in Section 9.08(e).

  • Risk of Forfeiture means a limitation on the right of the Participant to retain Restricted Stock or Restricted Stock Units, including a right in the Company to reacquire shares of Restricted Stock at less than their then Market Value, arising because of the occurrence or non-occurrence of specified events or conditions.

  • Remedies means actions designed to restore or preserve the complainant’s equal access to education after a respondent is found responsible. Remedies may include the same individualized services that constitute supportive measures, but need not be non-punitive or non-disciplinary, nor must they avoid burdening the respondent.

  • Forfeited means the Insured’s financial Loss of any whole or prorated prepaid

  • Actual Damages has the meaning set forth in Section 12.4(C).

  • Non-Breaching Party has the meaning set forth in Section 9.2.1.

  • Cure Period means the period specified in this Agreement for curing any breach or default of any provision of this Agreement by the Party responsible for such breach or default and shall:

  • Vesting Conditions means those conditions established in accordance with Section 8.4 or Section 10.2 of the Plan prior to the satisfaction of which shares subject to a Restricted Stock Award or Restricted Stock Unit Award, respectively, remain subject to forfeiture or a repurchase option in favor of the Company upon the Participant’s termination of Service.

  • Breaching Party has the meaning set forth in Section 12.2.

  • Damages means any loss, claim, damage, liability, costs and expenses (including, without limitation, reasonable attorney's fees and disbursements and costs and expenses of expert witnesses and investigation).

  • Vesting mean that the Units have become non-forfeitable. If Employee has a Termination of Employment prior to the Stated Vesting Date and the Units are not otherwise deemed vested by that date, the Units will be immediately forfeited except as otherwise provided in Section 4 of the Terms and Conditions.

  • Compensatory Damages are those amounts awarded to compensate for the actual damages sustained, and are not awarded as a penalty, nor fixed in amount by statute.

  • Company Cure Period has the meaning specified in Section 10.01(b).

  • Delay Damages means the damages assessed pursuant to Section 3.2(a) hereof.

  • Buyer Losses shall have the meaning set forth in Section 8.2.

  • Permitted Remedies means, with respect to any securities, one or more of the following remedies:

  • Retained Duty means any role or duty under a Corporate Trust Contract with respect to any Appointment as account bank, depositary / depository, depository agent, eligible lender trustee, master servicer, backup advancing agent, trustee (or other similar role), buyer, financial institution or lender, in each case:

  • Seller Damages shall have the meaning given to such term in Section 14.3.

  • Erroneous Payment Return Deficiency has the meaning assigned to it in Section 14.14(d).