A.     For the purpose of determining whether any (and, if so, what) sum is due for the purposes of Clause 19(A) or otherwise under these Terms & Conditions no account shall be taken of any amount due or alleged to be due by the Club to the Assured on any ground whatever, and no set­off of any kind (including set-off which might otherwise have arisen by reason of the bankruptcy or winding up of the Assured) shall be allowed against such sum (whether or not any set-off against premium or other sums payable has been allowed at any time in the past), except to the extent (if any) to which any sum demanded by the Managers as due, and required to be paid in a notice served under the said paragraph, may (in the Managers’ discretion) in itself have already allowed for a set-off or credit in favour of the Assured.

B.     Without prejudice to the generality of Clause 23 no act, omission, course of dealing, forbearance, delay or indulgence of any kind by or on behalf of the Club or the granting of time, or the acceptance by the Club (whether express or implied) of liability for, or the recognition of, any claim, and whether occurring before or after any date of cessation or date of cancellation as hereinbefore referred to shall derogate from the effect of Clauses 17 to 20 inclusive or be treated as any waiver of any of the Club’s rights thereunder.