Offset Rights. Each Party shall have, and may exercise at any time and from time to time, the right to offset any balance or balances due to the other Parties arising under this Agreement, and regardless of whether on account of Losses, Premiums, Ceding Commission or Inuring Reinsurance Costs, related to or arising under the Insurance Contracts; provided, however, that in the event of the insolvency of a Party hereto or any of its Affiliates, offsets shall only be allowed in accordance with the provisions of Applicable Law.
Appears in 4 contracts
Sources: Quota Share Reinsurance Agreement (National General Holdings Corp.), Quota Share Reinsurance Agreement (Amtrust Financial Services, Inc.), Quota Share Reinsurance Agreement (Tower Group International, Ltd.)
Offset Rights. Each Except as otherwise expressly provided, each Party hereto, and each of its respective Affiliates at the time an offset is asserted, shall have, and may exercise at any time and from time to time, the right to offset any balance or balances due to the other Parties arising Party under this Agreement, and regardless of whether on account of Losses, Premiums, Ceding Commission or Inuring Reinsurance Costs, related to or arising under Agreement at the Insurance Contractstime an offset is asserted; provided, however, that in the event of the insolvency of a Party hereto or any of its Affiliates, offsets shall only be allowed in accordance with the provisions of Applicable Law.
Appears in 4 contracts
Sources: Commercial Lines Master Agreement (Amtrust Financial Services, Inc.), Master Agreement (National General Holdings Corp.), Personal Lines Stock and Asset Purchase Agreement (National General Holdings Corp.)
Offset Rights. Each Except as otherwise expressly provided, each Party hereto shall have, and may exercise at any time and from time to time, the right to offset any balance or balances due to the other Parties Party arising under this Agreement, and regardless of whether on account of Losses, Premiums, Ceding Commission Commissions, or Inuring Reinsurance Costs, Losses related to or arising under the Insurance ContractsPolicies; provided, however, that in the event of the insolvency of a Party hereto or any of its Affiliates, offsets shall only be allowed in accordance with the provisions of Applicable Law.
Appears in 3 contracts
Sources: Quota Share Reinsurance Agreement (National General Holdings Corp.), Commercial Lines Master Agreement (Amtrust Financial Services, Inc.), Master Agreement (National General Holdings Corp.)
Offset Rights. Each Except as otherwise expressly provided, each Party hereto shall have, and may exercise at any time and from time to time, the right to offset any balance or balances due to the other Parties Party arising under this Agreement, and regardless of whether on account of Losses, Premiums, Ceding Commission Commissions, or Inuring Reinsurance Costs, Losses related to or arising under the Insurance ContractsFronted Policies; provided, however, that in the event of the insolvency of a Party hereto or any of its Affiliates, offsets shall only be allowed in accordance with the provisions of Applicable Law.
Appears in 2 contracts
Sources: Personal Lines Stock and Asset Purchase Agreement (National General Holdings Corp.), Stock and Asset Purchase Agreement (Amtrust Financial Services, Inc.)
Offset Rights. Each Except as otherwise expressly provided herein, each Party hereto, and each of its respective Affiliates at the time an offset is asserted, shall have, and may exercise at any time and from time to time, the right to offset any balance or balances due to the other Parties Party or any of its Affiliates at the time an offset is asserted, arising under this Agreement, Agreement or any other agreement hereafter entered into by and regardless of whether on account of Losses, Premiums, Ceding Commission or Inuring Reinsurance Costs, related to or arising under the Insurance Contractsbetween them; provided, however, that in the event of the insolvency of a Party hereto or any of its Affiliates, offsets shall only be allowed in accordance with the provisions of Applicable Law.
Appears in 1 contract