Common use of Timeframe for Commutation Process Clause in Contracts

Timeframe for Commutation Process. (a) The Company and SBA may mutually agree to initiate and complete a Commutation agreement for zero dollars at any time. Such zero-dollar Commutation, once completed, eliminates the mandatory FHCF Proof of Loss reporting requirements for the applicable Covered Event(s) for all reporting periods after the completion of the Commutation.

Timeframe for Commutation Process. (a) The Company RAP Insurer and SBA may mutually agree to initiate and complete a Commutation commutation agreement for zero dollars at any time. Such zero-dollar Commutationcommutation, once completed, eliminates the mandatory FHCF Proof of Loss reporting requirements for the applicable Covered Event(s) for all reporting periods after the completion of the Commutationcommutation.