forfeitfor·feit /ˈfɔːfətˈfɔːr-/ verb [transitiveT]1LAW to lose property or the legal right to something because you have broken the lawThe company will forfeit all its assets to the federal government.
2to lose rights, benefits etcState government employees may have to forfeit vacation days or salary due to the fiscal crisis.
He will have to persuade investors to forfeit $215 million in principal and interest payments over the next year.