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
Appears in 5 contracts
Sources: 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)