The "Loading..." label is displayed in the upper-left corner when the Calendar is waiting for a response from the server side.
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In the JavaScript version, you can show/hide the loading label programmatically using loadingStart() and loadingStop().
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In version with an integrated server-side part (ASP.NET WebForms, ASP.NET MVC, Java versions) it is displayed whenever a CallBack takes more than 100 ms.
Custom HTML
You can override the Loading label text using the loadingLabelText property.
Styling
The loading label is marked with *_loading class (e.g. "calendar_default_loading" for the built-in theme).