Common use of Offset and Recoupment Rights Clause in Contracts

Offset and Recoupment Rights. Any debits or credits incurred on and after the Effective Date in favor of or against either the Company or Reinsurer with respect to this Agreement or any other reinsurance agreements or trust agreements that constitute Related Agreements or otherwise are deemed mutual debits or credits, as the case may be, shall be set off and recouped, and only the net balance shall be allowed or paid. This

Offset and Recoupment Rights. Any debits or credits incurred on and after the Effective Date Time in favor of or against either the Company or Reinsurer with respect to this Agreement or any other reinsurance agreements or trust agreements that constitute Related Agreements or otherwise are deemed mutual debits or credits, as the case may be, shall be set off and recouped, and only the net balance shall be allowed or paid. ThisThis Section 3.5 shall apply notwithstanding the existence of any insolvency, rehabilitation, conservatorship or comparable proceeding by or against the Company or the Reinsurer.

Offset and Recoupment Rights. Any debits or credits incurred on and after the Effective Date in favor of or against either the Company or Reinsurer with respect to this Agreement or any other reinsurance agreements or trust agreements that constitute Related Agreements or otherwise are deemed mutual debits or credits, as the case may be, shall be set off and recouped, and only the net balance shall be allowed or paid. ThisThis Section 3.3 shall apply notwithstanding the existence of any insolvency, rehabilitation, conservatorship or comparable proceeding by or against the Company or the Reinsurer.