Offset and Recoupment Rights. Any debits or credits incurred on or after the Effective Time in favor of or against either the Ceding Company or the Reinsurer with respect to this Agreement are deemed mutual debits or credits and may be set off and recouped, and only the net balance shall be allowed or paid. In the event of any insolvency, rehabilitation, conservatorship or comparable proceeding by or against the Ceding Company or the Reinsurer, the rights of offset and recoupment set forth in this Section 3.6 shall apply to the fullest extent permitted by Applicable Law.
Appears in 4 contracts
Samples: Transition Services Agreement (AXA Equitable Holdings, Inc.), Transition Services Agreement (Protective Life Insurance Co), Transition Services Agreement (Protective Life Corp)
Offset and Recoupment Rights. Any debits or credits incurred on or after the Effective Time in favor of or against either the Ceding Company or the Reinsurer with respect to this Agreement are deemed mutual debits or credits and may be set off and recouped, and only the net balance shall be allowed or paid. In the event of any insolvency, rehabilitation, conservatorship or comparable proceeding (an “Insolvency”) by or against the Ceding Company or the Reinsurer, the rights of offset and recoupment set forth in this Section 3.6 shall apply to the fullest extent permitted by Applicable Law.
Appears in 4 contracts
Samples: Reinsurance Agreement (Variable Annuity 1 Series Account), Reinsurance Agreement (Variable Annuity 1 Series Account), Reinsurance Agreement (Coli Vul 2 Series Account)
Offset and Recoupment Rights. Any debits or credits incurred on or after the Effective Time in favor of or against either the Ceding Company or the Reinsurer with respect to this Agreement are deemed mutual debits or credits and may be set off and recouped, and only the net balance shall be allowed or paid. In the event of any insolvency, rehabilitation, conservatorship or comparable proceeding by or against the Ceding Company or the Reinsurer, the rights of offset and recoupment set forth in this Section SECTION 3.6 shall apply to the fullest extent permitted by Applicable Law.
Appears in 1 contract
Samples: Reinsurance Agreement (Mony America Variable Account L)
Offset and Recoupment Rights. Any debits or credits incurred on or after the Effective Time in favor of or against either the Ceding Company or the Reinsurer with respect to this Agreement are deemed mutual debits or credits and may be set off and recouped, and only the net balance shall be allowed or paid. In This Section 4.05 shall apply, to the event fullest extent permitted by applicable Law, notwithstanding the initiation or commencement of any a liquidation, insolvency, rehabilitation, conservatorship conservation, supervision or comparable similar proceeding by or against the Ceding Company or the Reinsurer, the rights of offset and recoupment set forth in this Section 3.6 shall apply to the fullest extent permitted by Applicable Law.
Appears in 1 contract
Samples: Reinsurance Agreement (Talcott Resolution Life Insurance Co Separate Account Two Dc Var Ac Ii)
Offset and Recoupment Rights. Any debits or credits incurred on or after the Effective Time in favor of or against either the Ceding Company or the Reinsurer with respect to this Agreement are deemed mutual debits or credits and may be set off and recouped, and only the net balance shall be allowed or paid. In the event of any insolvency, rehabilitation, conservatorship or comparable proceeding by or against the Ceding Company or the Reinsurer, the rights of offset and recoupment set forth in this Section 3.6 shall apply to the fullest extent permitted by Applicable Law.. SECTION 3.7
Appears in 1 contract
Samples: Reinsurance Agreement
