Default
Default means:
(1) The borrower's failure to make a scheduled loan payment when it is due;
(2) The borrower's failure to meet a material condition of the loan agreement;
(3) The borrower's failure to comply with any other condition, covenant or obligation under the terms of the loan agreement within applicable grace or cure periods;
(4) The borrower's failure to remain at least 51 percent Indian owned, as provided in ยง 103.25(b);
(5) The filing of a voluntary or involuntary petition in bankruptcy listing the borrower as debtor;
(6) The imposition of a Federal, State, local, or tribal government lien on any assets of the borrower or assets otherwise used as collateral for the loan, except real property tax liens imposed by law to secure payments that are not yet due;
(7) Any default defined in the loan agreement, to the extent the definition is not inconsistent with this part.