Right of Offsetting Balances Due. 1. The Company and North American Re shall have, and may exercise at any time, the right to offset any balance or balances due one party to the other, its successors or assigns, against balances due the other party under this Agreement or under any other Agreements or Contracts previously or subsequently entered into between the Company and North American Re. This right of offset shall not be affected or diminished because of insolvency of either party to this Agreement.
Appears in 3 contracts
Samples: Automatic Reinsurance Agreement (Separate Account Va Q), Automatic Reinsurance Agreement (Separate Account Va W), Reinsurance Agreement (Separate Account Va-2l)
Right of Offsetting Balances Due. 1. The Company and North American Re shall have, and may exercise at any time, the right to offset any balance or balances due one party to the other, its successors or assigns, against balances due the other party under this Agreement or under any other Agreements or Contracts previously or subsequently entered into between the Company and North American ReAgreement. This right of offset shall not be affected or diminished because of insolvency of either party to this Agreement.
Appears in 1 contract
Samples: Automatic Reinsurance Agreement (Metlife of Ct Separate Account Eleven for Variable Annuities)
