Offset and Recoupment Rights. Any undisputed debits or credits incurred on and after the Effective Time in favor of or against either the Cedant or the Reinsurer with respect to this Agreement are deemed mutual debits or credits, as the case may be, and, to the extent permitted under Applicable Law, shall be set off and recouped, and only the net balance shall be allowed or paid. This Section 6.7 shall apply, to the fullest extent permitted by Applicable Law, notwithstanding the initiation or commencement of a liquidation, insolvency, rehabilitation, conservation, supervision or similar proceeding by or against the Cedant or the Reinsurer.
Appears in 2 contracts
Samples: Modified Coinsurance Agreement (Massachusetts Mutual Variable Life Separate Account I), Modified Coinsurance Agreement (Massachusetts Mutual Variable Life Separate Account I)
Offset and Recoupment Rights. Any undisputed debits or credits incurred on and after the Effective Time in favor of or against either the Cedant or the Reinsurer with respect to this Agreement are deemed mutual debits or credits, as the case may be, and, to the extent permitted under Applicable Law, shall be set off and recouped, and only the net balance shall be allowed or paid. This Section 6.7 6.6 shall apply, to the fullest extent permitted by Applicable Law, notwithstanding the initiation or commencement of a liquidation, insolvency, rehabilitation, conservation, supervision or similar proceeding by or against the Cedant or the Reinsurer.
Appears in 2 contracts
Samples: BST Modified Coinsurance Agreement (MML Bay State Variable Life Separate Account I), BST Modified Coinsurance Agreement (MML Bay State Variable Life Separate Account I)
Offset and Recoupment Rights. Any undisputed debits or credits incurred on and after the Effective Time in favor of or against either the Cedant or the Reinsurer with respect to this Agreement between the parties are deemed mutual debits or credits, as the case may be, and, to the extent permitted under Applicable applicable Law, shall be set off and recouped, and only the net balance shall be allowed or paid. This Section 6.7 5.05 shall apply, apply to the fullest extent permitted by Applicable Law, applicable Law notwithstanding the initiation or commencement of a liquidation, insolvency, rehabilitation, conservation, supervision or similar proceeding by or against the Cedant or the Reinsurer.
Appears in 2 contracts
Samples: Coinsurance Agreement (Jackson Financial Inc.), Coinsurance Agreement (Athene Holding LTD)
