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.
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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 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. 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:
(i) In the case of a Permitted Mortgage Lender, accept an Assignment of this Sublease in lieu of foreclosure or, in the case of a Permitted Mezzanine Lender, accept an assignment of its equity collateral resulting from an Equity Collateral Enforcement Action; or
(ii) In the case of a Permitted Mortgage Lender, request that a court of competent jurisdiction appoint a receiver as to any or all of the Facility or cause a foreclosure sale to be held pursuant to either judicial proceedings, power of sale and/or foreclosure proceedings as provided in its Permitted Sublease Financing Encumbrance;
(iii) In the case of a Permitted Mezzanine Lender, exercise such remedies as may be permitted by its Permitted Equity Financing Encumbrance or applicable Law; provided, however, that no Assignment or Transfer to the successful bidder (a “Foreclosure Purchaser”) that is neither a Permitted Lender, nor an Affiliate of a Permitted Lender that is a special purpose entity set up and operated by a Permitted Lender specifically to take and hold (directly or indirectly) title to the Site or the Mezzanine Interests (“SPE Lender Affiliate”) shall be effective without City’s prior written consent in accordance with Section 9.4 below.
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. 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.
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Loan Default. The IRS requires regular repayments of loans from plans. To be in compliance with this regulation, each loan payment must be paid within the 27-day grace period before or after the due date. A payment received after this grace period is considered a missed payment. If you qualify for a distribution, according to IRS regulations, funds will be taken from your contract value to cover the missed payment. If you do not qualify for a distribution and miss four payments, the entire loan will be in default and considered a deemed distribution and be taxable income for the year in which it occurred. Please be aware that at the point the 27-day grace period (after the due date of your fourth missed payment) extends over the calendar quarter, the entire loan will be considered in default. A distribution to cover a missed payment or defaulted loan is considered taxable income. 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. You may continue to make loan payments after a loan has been reported as a deemed distribution, as long as those payments are equal to or greater than the required minimum repayment amount prior to the loan’s default. These post-default payments will be considered after-tax contributions to your contract. 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 amount due and 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, as a result of a Loan Default, this Lease and the Improvements are transferred to a new tenant, then: (a) the aggregate amount of Rent, Gross Gaming Payments, Gross Non‑Gaming Payments and Second Floor Rent for each full or partial Fiscal Year after the transfer shall be at least eighty percent (80%) of the aggregate amount of Rent, Gross Gaming Payments, Gross Non‑Gaming Payments and Second Floor Rent paid with respect to the same period of the immediately preceding full or corresponding partial Fiscal Year (but no less than the amount of the Minimum Payments) and (b) the Rent increases as set forth in Section 4.1 of this Lease shall be suspended. These adjustments shall no longer apply as soon as the aggregate amount of the Rent, Gross Gaming Payments, Gross Non‑Gaming Payments and Second Floor Rent for a full or partial Fiscal Year exceeds eighty percent (80%) of the aggregate amount of Rent, Gross Gaming Payments, Gross Non‑Gaming Payments and Second Floor Rent paid with respect to the immediately preceding full or corresponding partial Fiscal Year.
