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 Reinsurer with respect to the Transaction Agreements are deemed mutual debits or credits, and may be set off and recouped, and only the net balance shall be allowed or paid. This Section 3.8 shall apply to the fullest extent permitted by Applicable Law notwithstanding the existence of any insolvency, rehabilitation, conservatorship or comparable proceeding by or against the Ceding Company or the Reinsurer.
Appears in 5 contracts
Samples: Reinsurance Agreement (Talcott Resolution Life Insurance Co Separate Account Seven), Reinsurance Agreement (Talcott Resolution Life & Annuity Insurance Co Separate Account Seven), Reinsurance Agreement (Talcott Resolution Life Insurance Co Separate Account Seven)
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 the Transaction Agreements this Agreement are deemed mutual debits or credits, credits and may be set off and recouped, and only the net balance shall be allowed or paid. This Section 3.8 shall apply to In the fullest extent permitted by Applicable Law notwithstanding the existence event of any insolvencyliquidation, rehabilitation, conservatorship conservation, supervision, receivership 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 2 contracts
Samples: Reinsurance Agreement (Union Security Insurance Co Variable Account C), Reinsurance Agreement (Hartford Life & Annuity Ins Co Separate Acount Vlii)
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 the Transaction Agreements this Agreement are deemed mutual debits or credits, credits and may be set off and recouped, and only the net balance shall be allowed or paid. This Section 3.8 shall apply to In the fullest extent permitted by Applicable Law notwithstanding the existence event of any insolvencyliquidation, rehabilitation, conservatorship conservation, supervision, receivership or comparable similar proceeding by or against the Ceding Company or the Reinsurer, the rights of offset and recoupment set forth in this Section 3.5 shall apply to the fullest extent permitted by Applicable Law.
Appears in 1 contract
Samples: Reinsurance Agreement (Hartford Life Insurance Co Separate Account Vl Ii)
