DEFAULT IN LOAN REPAYMENT. If a Participant fails to make any principal and interest payment within ninety (90) days of the payment due date, the entire outstanding loan balance will be in default. For tax purposes, a default will be treated as a withdrawal of contributions under the Contract. The Participant may elect to repay the outstanding loan principal and interest until such time as the original loan term ends.
Appears in 3 contracts
Samples: Lincoln Life & Annuity Var Ann Sep Acct L Group Var Ann Ii, Lincoln Life & Annuity Var Ann Sep Acct L Group Var Ann Ii, Lincoln Life & Annuity Var Ann Sep Acct L Group Var Ann Ii
DEFAULT IN LOAN REPAYMENT. If a Participant fails to make any quarterly principal and interest payment within ninety thirty-one (9031) days of the payment due date, the entire outstanding loan balance date that payment will be in default. For tax purposes, a default will be treated as a withdrawal of contributions under the Contract. The Participant may elect to repay the outstanding loan principal and interest until such time as the original loan term ends.
Appears in 1 contract
Samples: Lincoln Life & Annuity Var Ann Sep Acct L Group Var Ann Iii
