Loan Default. A loan is treated as a default if scheduled loan payments are more than 90 days late. A Participant shall then have 30 days from the time he or she receives written notice of the default and a demand for past due amounts to cure the default before it becomes final. In the event of default, the Administrator may direct the Trustee to report the outstanding principal balance of the loan and accrued interest thereon as a taxable distribution. As soon as a Plan withdrawal or distribution to such Participant would otherwise be permitted, the Administrator may instruct the Trustee to execute upon its security interest in the Participant's Account by distributing the note to the Participant.
Loan Default. 23 9.13 Call Feature.................................................. 23
Loan Default. In the event of default on the Loan, SBA and Lender's obligation to Third Party Indemnitor shall not extend beyond complying with applicable law regardless of conflicting provisions, if any, in the Purchase and Sale Documents such as those requiring notice of Loan default, notice of Mortgage foreclosure, or forbearance prior to initiating liquidation activities on the Loan.
Loan Default. A loan is treated as in default if a scheduled loan payment is not made at the time required. A Participant shall then have a grace period to cure the default before it becomes final. Such grace period shall be for a period that does not extend beyond the last day of the calendar quarter following the calendar quarter in which the scheduled loan payment was due or such lesser or greater maximum period as may later be authorized by Code section 72(p). In the event a default is not cured within the grace period, the Administrator may direct the Trustee to report the outstanding principal balance of the loan and accrued interest thereon as a taxable distribution to the Participant. As soon as a Plan withdrawal or distribution to such Participant would otherwise be permitted, the Administrator may instruct the Trustee to execute upon its security interest in the Participant's Account by distributing the note to the Participant.
Loan Default. In the event of default the Lender through their first lien position on all Company assets would acquire a control of the Company. Default occurs if the Company could not repay the loan, a single payment balloon note, due December 14, 2006.
Loan Default. If a Permitted Financing Encumbrance or any loan secured by a Permitted Financing Encumbrance is in default at any time, then the Permitted Lender shall, as provided by Law, have the right, without City’s prior consent, to perform the following; provided that the Permitted Lender exercises such rights as to the whole of Permitted Lender’s interest in the Ground Lease, Project Implementation Agreement, and this Sublease and/or RIDA, as the case may be, and not portions thereof:
Loan Default. Upon the occurrence of an Event of Default under the Loan Agreement between the Company and the Holder dated as of January 3, 2011, as amended (the “Loan Agreement”) and notice to the Company, the number of Shares that Holder may acquire under this Warrant shall increase by 50,000, and shall increase by an additional 75,000 Shares on the thirtieth day thereafter, and on each thirtieth day after that for so long as the Event of Default is continuing, up to a maximum additional Shares of 350,000. The Warrant Price from and after the occurrence of an Event of Default shall be the lesser of (a) the Warrant Price that would otherwise be applicable and (b) the average closing price of Borrower’s common stock for the 15 day period immediately prior to such occurrence.
Loan Default. 20 9.13 Call Feature . . . . . . . . . . . . . . . . . . . . . 21
Loan Default. The IRS requires that loan repayments be made on a regular and level amortization schedule. To comply with this requirement, each loan repayment must be paid within the 27-day grace period before or after the due date. A repayment received after this grace period is considered a missed repayment. If you qualify for a distribution under the terms of your plan, funds will be taken from your contract value to cover the missed loan repayment. A distribution to cover a missed repayment or defaulted loan is considered taxable income. If you do not qualify for a distribution and miss four repayments, the entire loan will be in default and considered both a deemed distribution and taxable event in the year the default occurred. Please be aware that at the point of the 27-day grace period, (after the due date of the 4th missed payment), extends over the calendar quarter, you loan will default on the last day of the quarter. Please consult your tax advisor for additional information. A defaulted loan will remain outstanding on your account and affect the values for future loans. A defaulted loan will continue to accrue interest which may result in a depletion of your contract value. You may continue to make loan repayments after a loan has been reported as a deemed distribution, as long as those payments are equal to or greater than the required minimum periodic repayment amount. These repayments are treated as after-tax repayments which give you a cost basis (after-tax contributions). Any cost basis is not taxed at annuitization or withdrawal. On the day you attain age 59 1/2, or we are notified that you have separated from service, a partial withdrawal will be processed for the total outstanding loan balance and accrued interest and costs and this amount will be retained by the Company in order to pay off your defaulted loan. For all ReliaStar Life Insurance Company contracts issued on or after January 1, 2004, if you have an outstanding defaulted loan, you will not be permitted to take a subsequent loan until the outstanding defaulted loan and any accrued interest is repaid. This will not apply to ReliaStar Life Insurance Company contracts issued on or before December 31, 2003. For these contracts, subsequent loans are permitted, subject to the terms of your Employer’s plan, when there is an outstanding defaulted loan.
Loan Default. If a loan payment is not paid by the end of any grace or cure period provided by the Vendor within the limits prescribed by regulations under section 72(p) of the Code, the loan will be deemed to be in default. As required by the Code, the entire outstanding loan balance plus any accrued interest will then be reported to the IRS as a taxable deemed distribution. Interest will continue to accrue on the loan, but will not be reported as an additional taxable distribution. If the defaulted loan balance is still outstanding at the time of any distributable event, the total outstanding loan balance will be offset from the Participant’s Account. Regularly scheduled loan payments will not be accepted after a loan is defaulted. However, the principal plus accrued interest may be repaid in full at any time.
