OFFSET CLAUSE. 13.1 The Company or the Reinsurer shall have the right to offset any balance or amounts due from one party to the other under the terms of this Agreement. The party asserting the right of offset may exercise such right at any time whether the balances due are on account of premiums or losses or otherwise.
OFFSET CLAUSE. The Reinsured or the Reinsurer may offset any balance(s) which may become due between them under this Agreement or any reinsurance agreement with an Oscar Reinsured that is subject to the Interlocking provision herein. This offset right shall apply regardless of whether the balances arose on account of Premiums, commission, claims, losses, Allocated Loss Adjustment Expense, salvage or any other amount(s) due from one Party to the other.
OFFSET CLAUSE. Offset shall be allowed under this agreement between the parties with respect to any amounts due to or owed by either of them under this Agreement. In the event of insolvency, offset will be allowed in accordance with applicable statutes.
OFFSET CLAUSE. All amounts due either the Reinsured or the Reinsurer, whether by reason of reinsurance premium, Ultimate Net Loss, or any other amount due under this Agreement shall be subject to the right of recoupment and offset and upon the exercise of the same, only the net balance shall be due. All claims for amounts of reinsurance premium, Ultimate Net Loss, or any other amount due under this Agreement, whether or not fixed in amount at the time of the insolvency of any party to this Agreement, arising from coverage placed in effect under this Agreement prior to the insolvency of any party to this Agreement shall be deemed pre-liquidation debts and subject to this Article. In the event of insolvency of the Reinsured, offset shall be in accordance with applicable law.
OFFSET CLAUSE. The Company and each Reinsurer hereunder may offset any balance or amount due from one party to the other under this agreement or any other agreement entered into between them.
OFFSET CLAUSE. Each party hereto shall have, and may exercise at any time and from time to time, the right to offset any balance or balances, whether on account of premiums or on account of losses or otherwise, due from such party to the other party or its designee hereto under this Agreement or under any other reinsurance agreement heretofore or hereafter entered into by and between them, including the Incentive Payment payable to FNP, and may offset the same against any balance or balances due to the former from the latter under the same or any other reinsurance agreement between them; and the party asserting the right of offset shall have and may exercise such right whether the balance or balances due or to become due to such party from the other are on account of premiums or on account of losses or otherwise and regardless of the capacity, whether as assuming insurer or as ceding insurer, in which each party acted under the agreement or, if more than one, the different agreements involved, provided, however, that, in the event of the insolvency of a party hereto, offsets shall only be allowed in accordance with the provisions of applicable law.
OFFSET CLAUSE. The Company and the Reinsurer, each at its option, may offset any balance or balances, whether on account of premiums, claims and losses, loss expenses or salvages due from one party to the other under this Agreement, provided, however, that in the event of the insolvency of a party hereto, offsets shall only be allowed in accordance with the provisions of the statutes and/or regulations of the state having jurisdiction over the insolvency.
OFFSET CLAUSE. Pursuant to the Richmond _________________ Charter, the _________________ may withhold the payment of any claim or demand by any person, firm or corporation against the _________________ until any delinquent indebtedness or other liability due the _________________ from such person, firm or corporation shall first have been settled and adjusted.
OFFSET CLAUSE. The Industrial Occupant agrees that the Commonwealth of Pennsylvania may set off the amount of any state tax liability or other debt of the Industrial Occupant or its respective subsidiaries that is owed to the Commonwealth and not being contested on appeal against any payments due the Industrial Occupant under this or any other contract with the Commonwealth.
OFFSET CLAUSE. The Reinsured or the Reinsurer may offset any balance(s) which may become due between them under this Agreement. This offset right shall apply regardless of whether the balances arose on account of Premiums, commission, claims, losses, Allocated Loss Adjustment Expense, salvage or any other amount(s) due from one Party to the other.
