Thousand Dollars ($100,000) For Any One Agreement Year. Essays

thousand dollars ($100,000) for any one Agreement Year. If the amount due to the Company for the Reinsurers' liability hereunder is in excess of fifty thousand dollars ($50,000), the Reinsurers will, upon receipt of proof of loss, remit the amount due within ten (10) working days. ARTICLE VII ? OFFSET The Company or the Reinsurer 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 one party to the other under the terms of this Agreement. ARTICLE VII - CASH CALLS A. In the event a negative balance results in any one month (claims exceed premiums collected), and/or in the event the claims fund (if any) is depleted, the Company may make an immediate cash call upon the Reinsurer. The Reinsurer agrees to make payment to the Company within five (5) business days after the Reinsurer's receipt of the cash call. B. The Company may also make an immediate cash call upon the Reinsurer in the event the Company is presented with any single claim in excess of the then current balance of the claims fund, regardless of when the claim is presented to the Company. The Reinsurer agrees to make payment to the Company within five (5) business days after the claim has been reviewed and approved by the Company and/or the Reinsurer. ARTICLE VII ? TERRITORY This Agreement shall only apply to policies issued to insured's domiciled in the United States, its territories and possessions. ARTICLE VII? ERRORS AND OMISSIONS Inadvertent delays, errors or omissions made in connection with this Agreement or any transaction hereunder shall not relieve either party from any liability which would have attached had such delay, error or omission not occurred, provided always that such delay, error or omission will be rectified as soon as possible after discovery. ARTICLE VII? ACCESS TO RECORDS The Reinsurer and the Company, or its duly appointed representatives, shall have the right at any reasonable time to examine all records in the possession of the Companyeach other and/or the Manager referring to business effected hereunder. ARTICLE VII ? SERVICE OF SUIT (Applicable if the Reinsurer is not domiciled in the United States of America and/or is not authorized in any state, territory, or district of the United States where authorization is required by insurance regulatory authorities.) 1. 1. It is agreed that in the event the Reinsurer fails to pay any amount claimed to be due hereunder, the Reinsurer, at the request of the Company, will submit to the jurisdiction of any court of competent jurisdiction within the United States. Nothing in this Article constitutes or should be understood to constitute a waiver of the Reinsurer's rights to commence an action in any court of competent jurisdiction in the United States, to remove an action to a United States District Court, or seek a transfer of a case to another court as permitted by the laws of the United States or of any state of the United States. 2. 2. Further, pursuant to any statute or regulation of any state, territory, or district of the United States which makes provision therefore, the Reinsurer hereby designates the Superintendent, Commissioner, or Director of Insurance, or any other officer specified for that purpose in the statute, or his successor or successors in office, as its true and lawful attorney upon whom may be served any lawful process in any action, suit, or proceeding instituted by or on behalf of the Company or any beneficiary hereunder arising out of this Agreement. ARTICLE VII ? INSOLVENCY Company Insolvency In the event of the insolvency of the Company, this reinsurance shall be payable directly to the Company, or to its liquidator, receiver, conservator or statutory successor immediately upon demand, with reasonable provision for verification, on the basis of the liability of the Company without diminution because of the insolvency of the Company or because the liquidator, receiver, conservator or statutory successor of the Company has failed to pay all or a portion of any claim. It is agreed, however, that the liquidator, receiver, conservator or statutory successor of the Company shall give written notice to the Reinsurers of the pendency of a claim against the Company indicating the policy or