Optional Forbearance in the Case of Active-Duty Military Service Sample Clauses

Optional Forbearance in the Case of Active-Duty Military Service. In the event that, at any point during the Payment Term you become enlisted in active-duty military service as defined in the U.S. federal statute Servicemembers Civil Relief Act (50 U.S.C. §§ 3901-4043), you shall be entitled to, at your sole discretion, either (i) continue your existing obligations under this Agreement as currently defined, or (ii) defer any payments while engaged in active-duty military service. Should you select to enter into an optional Forbearance under Subsection 10(d)(ii) of the Income Share Agreement, such months shall be in addition to the Maximum Payment Period.
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Optional Forbearance in the Case of Active-Duty Military Service. If you are not currently an active duty servicemember and you either become an active duty servicemember or are called to active duty from a non-active duty status, you should contact us immediately because you may have additional rights under the Servicemembers Civil Relief Act (the “SCRA”), codified at 50 U.S.C. § 3901 eŁ seq. Though it is unclear if the SCRA applies to this Agreement, if you would qualify as a “servicemember” entitled to relief under the interest rate limitations of the SCRA (50 U.S.C. § 3937), then during the “period of military service,” you will be entitled to, at your sole discretion, choose among the following options during your period of military service (i) continue your existing obligations under this Agreement as currently defined, or (ii) you will make no payments and your term extends for a period of time equal to the term of your military service and while you prepare to return to school following your active duty and this extension will be count toward the Maximum Payment Period; or (iii) reducing your payments to an amount determined by a six percent (6%) interest rate shadow loan whose amortization schedule depends on the timing of this selection. If you do not make a selection, we will default you to option (ii) and you will make no payments during the term of your military service. You shall provide any documentation that we reasonably request to establish your eligibility or continued eligibility for benefits under this Section.
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