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. (b) The Company and SBA may mutually agree to initiate the Commutation process after 36 months and prior to 60 months after the end of the Contract Year subject to the provisions in this Article.

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. (b) The Company RAP Insurer and SBA may mutually agree to initiate the Commutation commutation process after 36 months and prior to 60 48 months after the end of the Contract Year subject to the provisions in this Article.