Cancellation
1. The Insured is not permitted to cancel this policy. The Company is not permitted to cancel this policy, except for non-payment of premium as outlined in Article VII.K. The Company shall have no obligation under this policy in respect of an Eligible Transaction until the premium has been paid in respect of that Eligible Transaction.
2. In the event of cancellation by the Company, the Company shall notify the Insured in writing sent by fax or registered mail stating when, not less than ten (10) business days thereafter, the cancellation shall be effective. Upon the effective date of cancellation, the policy shall be voided insofar as it relates to Eligible Transactions in respect of which the premium has not been paid and no Loss shall be eligible for payment in respect of those Eligible Transactions. The mailing of such notice by registered mail or in the case of facsimile, receipt of a successful transmission report by the sender shall be sufficient proof of notice.
Cancellation1. The Insured is not permitted to cancel this policy. The Company is not permitted to cancel this policy, except for non-payment of premium as outlined in Article VII.K. The Company shall have no obligation under this policy in respect of an Eligible Transaction until the premium has been paid in respect of that Eligible Transaction.2. In the event of cancellation by the Company, the Company shall notify the Insured in writing sent by fax or registered mail stating when, not less than ten (10) business days thereafter, the cancellation shall be effective. Upon the effective date of cancellation, the policy shall be voided insofar as it relates to Eligible Transactions in respect of which the premium has not been paid and no Loss shall be eligible for payment in respect of those Eligible Transactions. The mailing of such notice by registered mail or in the case of facsimile, receipt of a successful transmission report by the sender shall be sufficient proof of notice.
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