Common use of Qualifying Circumstances Clause in Contracts

Qualifying Circumstances. In any month during which (1) you have a qualifying circumstance (as described in Section 7); and (2) your account is ineligible for a deferment solely because it has already been placed in a deferment status for 24 months, then your monthly payment due will be $0 for that month and your remaining payments due will be reduced by 1 month for each such month.

Qualifying Circumstances. In any month during which (1) you have a qualifying circumstance (as described in Section 7); and (2) your account is ineligible for a deferment solely because it has already been placed in a deferment status for 24 36 months, then your monthly payment due will be $0 for that month and your remaining payments due will be reduced by 1 month for each such month.