Common use of Terms of Conversion Clause in Contracts

Terms of Conversion. A. Following the award of a tuition waiver to me as a result of my participation in the SETTW Program, I understand and agree during the terms for which I receive a waiver to (i) remain enrolled at an eligible Illinois postsecondary institution approved for participation in the SETTW Program; (ii) register and remain enrolled in a program leading to an initial professional educator license in special education at postsecondary institution within 10 days after the beginning of the term immediately following receipt of the tuition waiver; (iii) remain in attendance at the postsecondary institution on a continuous basis during the regular academic year (summer sessions optional) unless otherwise granted a leave of absence as described herein; and (iv) pursue a course of study leading to an initial professional educator license in special education. B. Following graduation from my postsecondary course of study, I agree to (i) to teach on a full- time basis, in the field of Special Education, for at least 2 of the 5 years immediately following graduation; (ii) begin teaching within one year following completion of the postsecondary education degree or professional educator license program for which the award funds were provided; (iii) fulfill the teaching requirement described above at a nonprofit Illinois public, private, or parochial preschool, or elementary or secondary school; and (iv) provide you with evidence of compliance with the program requirements. C. If I fail to comply with all the requirements listed in Subsections A and B immediately above, funds awarded as a result of my participation in the SETTW Program shall convert to a Loan under this Note plus interest at a rate equal to five percent (5%) per annum and other costs, including reasonable collection costs and attorneys’ fees. D. In the event that I begin my teaching requirement, but fail to complete my obligation, the Loan balance shall be determined by first calculating the entire amount of the awards granted plus interest at a rate equal to five percent (5%) per annum and, if applicable, reasonable collection fees, then reducing such amount pro rata by the fraction of the teaching obligation that was fulfilled. E. I shall not be considered to have failed to fulfill my commitment to begin teaching following graduation if (i) I serve, for not more than three years, as a member of the United States Armed Forces; or (ii) I am enrolled full-time in a graduate course of study leading to a graduate or postgraduate degree related to the field of teaching at an institution of higher learning; or (iii) I am temporarily totally disabled, for not more than three years, as established by the sworn affidavit of a qualified physician; or (iv) I am actively seeking but unable to find full-time employment as a teacher at a school that satisfies the criteria described above, for one continuous period not to exceed two years and am able to provide evidence of that fact; or (v) I am taking additional courses, on at least a half-time basis, needed to obtain a professional educator license as a teacher in Illinois; or (vi) I am fulfilling teaching requirements associated with other programs administered by you and cannot concurrently fulfill them in a period of time equal to the length of the teaching obligation. F. Upon conversion of the monetary value of the tuition and mandatory fees that were waived as a result of my participation in the SETTW Program, I shall enter repayment status on the earliest of the following dates: (i) the first day of the first calendar month after I cease to pursue a course of study leading to an initial professional educator license as a Special Education teacher, but not until six (6) months have elapsed after cessation of at least half-time enrollment in such a course of study; (ii) the date you learn that I do not plan to fulfill, cannot fulfill, or have failed to fulfill the teaching obligation described in Section 3 of this Note; or (iii) the day after the latest date by which I must begin teaching in order to fulfill the teaching obligation described in Section 3 of this Note. G. I understand that, during the Repayment Period, you may send me a monthly electronic notice, statement or coupon book. The monthly statements will cover periods beginning on the first day of the Repayment Period and will cover one contractual month based on your billing periods. I will make consecutive monthly payments in the amounts and on the payment due dates shown on my monthly statement or coupons until I have paid all of the interest and principal or any other charges I may incur under this Note. X. X will repay this Loan in equal consecutive monthly installments of principal and interest necessary to amortize the unpaid balance of this Loan (as of the date of calculation) over the number of months remaining in the Repayment Period. If an adjustment to my repayment terms is required because the final payment on this Loan will be a different amount than the preceding monthly payments on this loan, you may, at your option, adjust the terms of my repayment or the amount of my monthly payments. I. Upon conversion, interest shall accrue on this loan at the rate of five percent (5%) per annum throughout the Repayment Period until the principal, interest accruing and any other costs incurred on this Loan are paid in full. Interest will be calculated on the basis of a 365 day year for the actual number of days elapsed. J. If I make payments after my payment due dates, I will owe additional interest or may be subject to the assessment of late charges. In such cases, I acknowledge that you will increase the amount of my regular monthly payment or increase the last payment to an amount necessary to repay this Loan in full on an amortized basis. K. During the Repayment Period, I agree to pay at least a minimum amount of $50 each month (principal and interest) or the monthly interest charge, whichever is greater. L. I will pay a late charge of up to five percent (5%) of my installment payment if I fail to make any part of an installment payment within 15 days after it becomes due. Additional late charges of up to five percent (5%) of my installment payment will charged for each additional 30 day period when I fail to make any part of an installment payment. M. If I am unable to repay this Loan in accordance with the terms of this Note, I may request in writing that you modify these terms. I understand that such modification would be solely at your discretion. I understand that I will remain responsible for payment during any period of deferment. I guarantee that I will accept any new terms for the Loan including any capitalized interest that was the result of forbearances granted. N. I understand that, at your sole discretion, my Repayment Period may be extended during periods of deferment, hardship, or while in forbearance. Furthermore, I shall make graduated installments in accordance with a schedule approved by you. O. Except as otherwise provided by law, I will be in default and you have the right to accelerate the total outstanding principal balance, accrued interest, and all other amounts payable to you under the terms of this Note. Default is defined as: (i) I fail to make any monthly payment to you when due; (ii) Any payment has not reached you within 15 days after it is due; (iii) I fail to notify you of a change in any of my personal information as stated in Sections 2D and 2K within 10 days after a change occurs; (iv) I fail to comply with any term, condition, covenant, or agreement contained in this Note; (v) any bankruptcy proceeding is begun by or against me or I assign any of my assets for the benefit of my creditors; or (vi) I make any false written or oral statements in applying for participation in the Illinois Special Education Teacher Tuition Waiver Program or this Note. P. My failure to receive notice, a coupon book or a monthly statement does not relieve me of my responsibility and obligation of making my required Loan payments in accordance with the terms and conditions of this Note. Q. I authorize you or your agents to contact me regarding this Note or the Loan at the telephone number I have provided, which I provide in the future, or which ISAC reasonably believes is my current telephone number, even if the number is a cellular telephone number. I understand that automated telephone number dialing equipment or an artificial pre-recorded message may be used. R. My death or permanent disability shall discharge any obligation under the terms of this Note.

Terms of Conversion. A. Following the award of a tuition waiver to me as a result of my participation in the SETTW Program, I understand and agree during the terms for which I receive a waiver to (i) remain enrolled at an eligible Illinois postsecondary institution approved for participation in the SETTW Program; (ii) register and remain enrolled in a program leading to an initial professional educator license in special education at postsecondary institution within 10 days after the beginning of the term immediately following receipt of the tuition waiver; (iii) remain in attendance at the postsecondary institution on a continuous basis during the regular academic year (summer sessions optional) unless otherwise granted a leave of absence as described herein; and (iv) pursue a course of study leading to an initial professional educator license in special education. B. Following graduation from my postsecondary course of study, I agree to (i) to teach on a full- full-time basis, in the field of Special Education, for at least 2 of the 5 years immediately following graduation; (ii) begin teaching within one year following completion of the postsecondary education degree or professional educator license program for which the award funds were provided; (iii) fulfill the teaching requirement described above at a nonprofit Illinois public, private, or parochial preschool, or elementary or secondary school; and (iv) provide you with evidence of compliance with the program requirements. C. If I fail to comply with all the requirements listed in Subsections A and B immediately above, funds awarded as a result of my participation in the SETTW Program shall convert to a Loan under this Note plus interest at a rate equal to five percent (5%) per annum and other costs, including reasonable collection costs and attorneys’ fees. D. In the event that I begin my teaching requirement, but fail to complete my obligation, the Loan balance shall be determined by first calculating the entire amount of the awards granted plus interest at a rate equal to five percent (5%) per annum and, if applicable, reasonable collection fees, then reducing such amount pro rata by the fraction of the teaching obligation that was fulfilled. E. I shall not be considered to have failed to fulfill my commitment to begin teaching following graduation if (i) I serve, for not more than three years, as a member of the United States Armed Forces; or (ii) I am enrolled full-time in a graduate course of study leading to a graduate or postgraduate degree related to the field of teaching at an institution of higher learning; or (iii) I am temporarily totally disabled, for not more than three years, as established by the sworn affidavit of a qualified physician; or (iv) I am actively seeking but unable to find full-time employment as a teacher at a school that satisfies the criteria described above, for one continuous period not to exceed two years and am able to provide evidence of that fact; or (v) I am taking additional courses, on at least a half-time basis, needed to obtain a professional educator license as a teacher in Illinois; or (vi) I am fulfilling teaching requirements associated with other programs administered by you and cannot concurrently fulfill them in a period of time equal to the length of the teaching obligation. F. Upon conversion of the monetary value of the tuition and mandatory fees that were waived as a result of my participation in the SETTW Program, I shall enter repayment status on the earliest of the following dates: (i) the first day of the first calendar month after I cease to pursue a course of study leading to an initial professional educator license as a Special Education teacher, but not until six (6) months have elapsed after cessation of at least half-time enrollment in such a course of study; (ii) the date you learn that I do not plan to fulfill, cannot fulfill, or have failed to fulfill the teaching obligation described in Section 3 of this Note; or (iii) the day after the latest date by which I must begin teaching in order to fulfill the teaching obligation described in Section 3 of this Note. G. I understand that, during the Repayment Period, you may send me a monthly electronic notice, statement or coupon book. The monthly statements will cover periods beginning on the first day of the Repayment Period and will cover one contractual month based on your billing periods. I will make consecutive monthly payments in the amounts and on the payment due dates shown on my monthly statement or coupons until I have paid all of the interest and principal or any other charges I may incur under this Note. X. X will repay this Loan in equal consecutive monthly installments of principal and interest necessary to amortize the unpaid balance of this Loan (as of the date of calculation) over the number of months remaining in the Repayment Period. If an adjustment to my repayment terms is required because the final payment on this Loan will be a different amount than the preceding monthly payments on this loan, you may, at your option, adjust the terms of my repayment or the amount of my monthly payments. I. Upon conversion, interest shall accrue on this loan at the rate of five percent (5%) per annum throughout the Repayment Period until the principal, interest accruing and any other costs incurred on this Loan are paid in full. Interest will be calculated on the basis of a 365 day year for the actual number of days elapsed. J. If I make payments after my payment due dates, I will owe additional interest or may be subject to the assessment of late charges. In such cases, I acknowledge that you will increase the amount of my regular monthly payment or increase the last payment to an amount necessary to repay this Loan in full on an amortized basis. K. During the Repayment Period, I agree to pay at least a minimum amount of $50 each month (principal and interest) or the monthly interest charge, whichever is greater. L. I will pay a late charge of up to five percent (5%) of my installment payment if I fail to make any part of an installment payment within 15 days after it becomes due. Additional late charges of up to five percent (5%) of my installment payment will charged for each additional 30 day period when I fail to make any part of an installment payment. M. If I am unable to repay this Loan in accordance with the terms of this Note, I may request in writing that you modify these terms. I understand that such modification would be solely at your discretion. I understand that I will remain responsible for payment during any period of deferment. I guarantee that I will accept any new terms for the Loan including any capitalized interest that was the result of forbearances granted. N. I understand that, at your sole discretion, my Repayment Period may be extended during periods of deferment, hardship, or while in forbearance. Furthermore, I shall make graduated installments in accordance with a schedule approved by you. O. Except as otherwise provided by law, I will be in default and you have the right to accelerate the total outstanding principal balance, accrued interest, and all other amounts payable to you under the terms of this Note. Default is defined as: (i) I fail to make any monthly payment to you when due; (ii) Any payment has not reached you within 15 days after it is due; (iii) I fail to notify you of a change in any of my personal information as stated in Sections 2D and 2K within 10 days after a change occurs; (iv) I fail to comply with any term, condition, covenant, or agreement contained in this Note; (v) any bankruptcy proceeding is begun by or against me or I assign any of my assets for the benefit of my creditors; or (vi) I make any false written or oral statements in applying for participation in the Illinois Special Education Teacher Tuition Waiver Program or this Note. P. My failure to receive notice, a coupon book or a monthly statement does not relieve me of my responsibility and obligation of making my required Loan payments in accordance with the terms and conditions of this Note. Q. I authorize you or your agents to contact me regarding this Note or the Loan at the telephone number I have provided, which I provide in the future, or which ISAC reasonably believes is my current telephone number, even if the number is a cellular telephone number. I understand that automated telephone number dialing equipment or an artificial pre-recorded message may be used. R. My death or permanent disability shall discharge any obligation under the terms of this Note.or

Terms of Conversion. A. Following the award of a tuition waiver to me as a result of my participation in the SETTW Program, I understand and agree during the terms for which I receive a waiver to (i) remain enrolled at an eligible Illinois postsecondary institution approved for participation in the SETTW Program; (ii) register and remain enrolled in a program leading to an initial professional educator license in special education at postsecondary institution within 10 days after the beginning of the term immediately following receipt of the tuition waiver; (iii) remain in attendance at the postsecondary institution on a continuous basis during the regular academic year (summer sessions optional) unless otherwise granted a leave of absence as described herein; and (iv) pursue a course of study leading to an initial professional educator license in special education. B. Following graduation from my postsecondary course of study, I agree to (i) to teach on a full- time fulltime basis, in the field of Special Education, for at least 2 of the 5 years immediately following graduation; (ii) begin teaching within one year following completion of the postsecondary education degree or professional educator license program for which the award funds were provided; (iii) fulfill the teaching requirement described above at a nonprofit Illinois public, private, or parochial preschool, or elementary or secondary school; and (iv) provide you with evidence of compliance with the program requirements. C. If I fail to comply with all the requirements listed in Subsections A and B immediately above, funds awarded as a result of my participation in the SETTW Program shall convert to a Loan under this Note plus interest at a rate equal to five percent (5%) per annum and other costs, including reasonable collection costs and attorneys’ fees. D. In the event that I begin my teaching requirement, but fail to complete my obligation, the Loan balance shall be determined by first calculating the entire amount of the awards granted plus interest at a rate equal to five percent (5%) per annum and, if applicable, reasonable collection fees, then reducing such amount pro rata by the fraction of the teaching obligation that was fulfilled. E. I shall not be considered to have failed to fulfill my commitment to begin teaching following graduation if (i) I serve, for not more than three years, as a member of the United States Armed Forces; or (ii) I am enrolled full-time in a graduate course of study leading to a graduate or postgraduate degree related to the field of teaching at an institution of higher learning; or (iii) I am temporarily totally disabled, for not more than three years, as established by the sworn affidavit of a qualified physician; or (iv) I am actively seeking but unable to find full-time employment as a teacher at a school that satisfies the criteria described above, for one continuous period not to exceed two years and am able to provide evidence of that fact; or (v) I am taking additional courses, on at least a half-time basis, needed to obtain a professional educator license as a teacher in Illinois; or (vi) I am fulfilling teaching requirements associated with other programs administered by you and cannot concurrently fulfill them in a period of time equal to the length of the teaching obligation. F. Upon conversion of the monetary value of the tuition and mandatory fees that were waived as a result of my participation in the SETTW Program, I shall enter repayment status on the earliest of the following dates: (i) the first day of the first calendar month after I cease to pursue a course of study leading to an initial professional educator license as a Special Education teacher, but not until six (6) months have elapsed after cessation of at least half-time enrollment in such a course of study; (ii) the date you learn that I do not plan to fulfill, cannot fulfill, or have failed to fulfill the teaching obligation described in Section 3 of this Note; or (iii) the day after the latest date by which I must begin teaching in order to fulfill the teaching obligation described in Section 3 of this Note. G. I understand that, during the Repayment Period, you may send me a monthly electronic notice, statement statement, or coupon book. The monthly statements will cover periods beginning on the first day of the Repayment Period and will cover one contractual month based on your billing periods. I will make consecutive monthly payments in the amounts and on the payment due dates shown on my monthly statement or coupons until I have paid all of the interest and principal or any other charges I may incur under this Note. X. X will repay this Loan in equal consecutive monthly installments of principal and interest necessary to amortize the unpaid balance of this Loan (as of the date of calculation) over the number of months remaining in the Repayment Period. If an adjustment to my repayment terms is required because the final payment on this Loan will be a different amount than the preceding monthly payments on this loan, you may, at your option, adjust the terms of my repayment or the amount of my monthly payments. I. Upon conversion, interest shall accrue on this loan at the rate of five percent (5%) per annum throughout the Repayment Period until the principal, interest accruing accruing, and any other costs incurred on this Loan are paid in full. Interest will be calculated on the basis of a 365 365-day year for the actual number of days elapsed. J. If I make payments after my payment due dates, I will owe additional interest or may be subject to the assessment of late charges. In such cases, I acknowledge that you will increase the amount of my regular monthly payment or increase the last payment to an amount necessary to repay this Loan in full on an amortized basis. K. During the Repayment Period, I agree to pay at least a minimum amount of $50 each month (principal and interest) or the monthly interest charge, whichever is greater. L. I will pay a late charge of up to five percent (5%) of my installment payment if I fail to make any part of an installment payment within 15 days after it becomes due. Additional late charges of up to five percent (5%) of my installment payment will charged for each additional 30 30-day period when I fail to make any part of an installment payment. M. If I am unable to repay this Loan in accordance with the terms of this Note, I may request in writing that you modify these terms. I understand that such modification would be solely at your discretion. I understand that I will remain responsible for payment during any period of deferment. I guarantee that I will accept any new terms for the Loan including any capitalized interest that was the result of forbearances granted. N. I understand that, at your sole discretion, my Repayment Period may be extended during periods of deferment, hardship, or while in forbearance. Furthermore, I shall make graduated installments in accordance with a schedule approved by you. O. Except as otherwise provided by law, I will be in default and you have the right to accelerate the total outstanding principal balance, accrued interest, and all other amounts payable to you under the terms of this Note. Default is defined as: (i) I fail to make any monthly payment to you when due; (ii) Any payment has not reached you within 15 days after it is due; (iii) I fail to notify you of a change in any of my personal information as stated in Sections 2D and 2K within 10 days after a change occurs; (iv) I fail to comply with any term, condition, covenant, or agreement contained in this Note; (v) any bankruptcy proceeding is begun by or against me or I assign any of my assets for the benefit of my creditors; or (vi) I make any false written or oral statements in applying for participation in the Illinois Special Education Teacher Tuition Waiver Program or this Note. P. My failure to receive notice, a coupon book or a monthly statement does not relieve me of my responsibility and obligation of making my required Loan payments in accordance with the terms and conditions of this Note. Q. I authorize you or your agents to contact me regarding this Note or the Loan at the telephone number I have provided, which I provide in the future, or which ISAC reasonably believes is my current telephone number, even if the number is a cellular telephone number. I understand that automated telephone number dialing equipment equipment, or an artificial pre-recorded message may be used. R. My death or permanent disability shall discharge any obligation under the terms of this Note.

Terms of Conversion. A. Following the award awarding of a tuition waiver any funds to me as a result of my participation in the SETTW MTI Scholarship Program, I understand and agree during the award terms for which I receive a waiver to (i) remain enrolled on at least a half-time basis as an eligible undergraduate or graduate student at a qualified Illinois postsecondary institution approved for participation in the SETTW Program; (ii) register and remain enrolled in a program leading to an initial professional educator license in special education at postsecondary institution within 10 days after the beginning of the term immediately following receipt of the tuition waiver; (iii) remain in attendance at the postsecondary institution on a continuous basis during the regular academic year (summer sessions optional) unless otherwise granted a leave of absence as described herein; and (iv) pursue a course of study leading which, upon completion, qualifies me to an initial professional educator license receive licensure as a preschool, elementary or secondary school teacher by ISBE, including alternative teacher licensure, (ii) earn a cumulative grade point average of 2.5 on a 4.0 scale throughout my postsecondary course of study; and (iii) maintain satisfactory academic progress toward graduation as determined by the postsecondary institution in special educationwhich I am enrolled. B. Following graduation from my postsecondary course of study, I agree to (i) to teach teach, on a full- full-time basis, for one year in the field return for each full year, or portion thereof, of Special Education, for at least 2 of the 5 years immediately following graduation; (ii) begin assistance received through this program;(ii)begin teaching within one year following completion of the postsecondary education degree or professional educator license program for which the award funds were providedprovided and shall teach on a continuous basis for the required term thereafter; (iii) fulfill the teaching requirement described above at a nonprofit Illinois public, private, or parochial preschool, or elementary or secondary schoolschool at which no less than 30 percent of the enrolled students are African American/Black, Asian American, Hispanic American, or Native American students, as certified by ISBE; or if I receive MTI as a qualified bilingual minority applicant, I may also fulfill my teaching obligation in a transitional bilingual education program (as defined by Article14 C of the School Code) or in a school in which at least 20 English learner students in the same language classification are enrolled; and (iv) provide you with evidence of compliance with the program requirements. C. If I fail to comply with all the requirements listed in Subsections A and B immediately above, any funds awarded as a result of my to me for participation in the SETTW MTI Scholarship Program shall convert to into a Loan under this Note plus interest at a rate equal to five percent (5%) per annum and other costs, including reasonable collection costs and attorneys’ fees. D. In the event that I begin my teaching requirement, but fail to complete my obligation, the Loan balance shall be determined by first calculating the entire amount of the awards granted plus interest at a rate equal to five percent (5%) per annum and, if applicable, reasonable collection fees, then reducing such that amount pro rata by the fraction of the teaching obligation that was fulfilledI completed. E. I shall not be considered to have failed to fulfill my commitment to begin teaching following graduation if (i) I serve, for not more than three years, as a member of the United States Armed Forces; or (ii) I am enrolled full-time in a graduate course of study leading to a graduate or postgraduate degree related to the field of teaching at an institution of higher learning; or (iii) I am temporarily totally disabled, for not more than three years, as established by the sworn affidavit of a qualified physician; or (iv) I am actively seeking but unable to find full-time employment as a teacher at a school that satisfies the criteria described above, for one continuous period not to exceed two years and am able to provide evidence of that factyears; or (v) I am taking additional courses, on at least a half-time basis, basis needed to obtain a professional educator license licensure as a teacher in Illinois; or (vi) I am fulfilling teaching requirements associated with other programs administered by you and cannot concurrently fulfill them in a period of time equal to the length of the teaching obligation. F. Upon conversion of the monetary value of the tuition and mandatory fees that were waived as a result of my participation in the SETTW Program, I shall enter repayment status on the earliest of the following dates: (i) the first day of the first calendar month after I cease to pursue a course of study leading to an initial professional educator license as a Special Education teacher, but not until six (6) months have elapsed after cessation of at least half-time enrollment in such a course of study; (ii) the date you learn that I do not plan to fulfill, cannot fulfill, or have failed to fulfill the teaching obligation described in Section 3 of this Note; or (iii) the day after the latest date by which I must begin teaching in order to fulfill the teaching obligation described in Section 3 of this Note. G. I understand that, during the Repayment Period, you may send me a monthly electronic notice, statement or coupon book. The monthly statements will cover periods beginning on the first day of the Repayment Period and will cover one contractual month based on your billing periods. I will make consecutive monthly payments in the amounts and on the payment due dates shown on my monthly statement or coupons until I have paid all of the interest and principal or any other charges I may incur under this Note. X. X will repay this Loan in equal consecutive monthly installments of principal and interest necessary to amortize the unpaid balance of this Loan (as of the date of calculation) over the number of months remaining in the Repayment Period. If an adjustment to my repayment terms is required because the final payment on this Loan will be a different amount than the preceding monthly payments on this loan, you may, at your option, adjust the terms of my repayment or the amount of my monthly payments. I. Upon conversion, interest shall accrue on this loan at the rate of five percent (5%) per annum throughout the Repayment Period until the principal, interest accruing and any other costs incurred on this Loan are paid in full. Interest will be calculated on the basis of a 365 day year for the actual number of days elapsed. J. If I make payments after my payment due dates, I will owe additional interest or may be subject to the assessment of late charges. In such cases, I acknowledge that you will increase the amount of my regular monthly payment or increase the last payment to an amount necessary to repay this Loan in full on an amortized basis. K. During the Repayment Period, I agree to pay at least a minimum amount of $50 each month (principal and interest) or the monthly interest charge, whichever is greater. L. I will pay a late charge of up to five percent (5%) of my installment payment if I fail to make any part of an installment payment within 15 days after it becomes due. Additional late charges of up to five percent (5%) of my installment payment will charged for each additional 30 day period when I fail to make any part of an installment payment. M. If I am unable to repay this Loan in accordance with the terms of this Note, I may request in writing that you modify these terms. I understand that such modification would be solely at your discretion. I understand that I will remain responsible for payment during any period of deferment. I guarantee that I will accept any new terms for the Loan including any capitalized interest that was the result of forbearances granted. N. I understand that, at your sole discretion, my Repayment Period may be extended during periods of deferment, hardship, or while in forbearance. Furthermore, I shall make graduated installments in accordance with a schedule approved by you. O. Except as otherwise provided by law, I will be in default and you have the right to accelerate the total outstanding principal balance, accrued interest, and all other amounts payable to you under the terms of this Note. Default is defined as: (i) I fail to make any monthly payment to you when due; (ii) Any payment has not reached you within 15 days after it is due; (iii) I fail to notify you of a change in any of my personal information as stated in Sections 2D and 2K within 10 days after a change occurs; (iv) I fail to comply with any term, condition, covenant, or agreement contained in this Note; (v) any bankruptcy proceeding is begun by or against me or I assign any of my assets for the benefit of my creditors; or (vi) I make any false written or oral statements in applying for participation in the Illinois Special Education Teacher Tuition Waiver Program or this Note. P. My failure to receive notice, a coupon book or a monthly statement does not relieve me of my responsibility and obligation of making my required Loan payments in accordance with the terms and conditions of this Note. Q. I authorize you or your agents to contact me regarding this Note or the Loan at the telephone number I have provided, which I provide in the future, or which ISAC reasonably believes is my current telephone number, even if the number is a cellular telephone number. I understand that automated telephone number dialing equipment or an artificial pre-recorded message may be used. R. My death or permanent disability shall discharge any obligation under the terms of this Note.