Right of Setoff and Recoupment. Each of the Ceding Company and the Reinsurer shall have, and may exercise at any time and from time to time, the right to setoff or recoup any undisputed balance or balances, whether on account of Reinsurance Premiums, allowances, credits, Reinsured Liabilities or otherwise, due from one party to the other under this Agreement and may setoff or recoup such balance or balances against any balance or balances due to the former from the latter under this Agreement.
Appears in 4 contracts
Sources: Coinsurance and Modified Coinsurance Agreement (SEPARATE ACCOUNT EQ OF VENERABLE INSURANCE & ANNUITY Co), Reinsurance Agreement (SEPARATE ACCOUNT B OF VENERABLE INSURANCE & ANNUITY Co), Funds Withheld Coinsurance and Modified Coinsurance Agreement (SEPARATE ACCOUNT B OF VENERABLE INSURANCE & ANNUITY Co)