LOAN FORECLOSURE. LL&A will foreclose on a loan in default by liquidating the value in the Participant's Guaranteed Interest Division to pay off the loan. The amount liquidated shall equal the sum of the outstanding loan balance which includes unpaid principal and interest due and accrued. In no event shall the amount liquidated exceed the Participant's value in the Guaranteed Interest Division. As provided for by Federal tax law, LL&A may foreclose on the loan as soon as one or more of the following events has occurred:
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
LOAN FORECLOSURE. LL&A will foreclose on a loan in default by liquidating the value in the Participant's Guaranteed Interest Division to pay off the loan. The amount liquidated shall equal the sum of the outstanding loan balance which includes unpaid principal and interest due and accrued. In no event shall the amount liquidated exceed the Participant's value in the Guaranteed Interest Division. As provided for by Federal tax law, LL&A may foreclose on the loan as soon as one or more of the following events has occurredof:
Appears in 1 contract
Samples: Lincoln Life & Annuity Var Ann Sep Acct L Group Var Ann Iii
