Common use of Death of Broker Clause in Contracts

Death of Broker. (a) In the event of the death of the Broker, his Personal Representatives ("PR") may, within six months of the date of his death either assign the rights and obligations of the Broker under this Agreement pursuant to the provisions of Clause 3.1(o) hereof or exercise the rights conferred under Clause 7.3(d). (b) In the event that the PR does not exercise his rights under Clause 3.1(o) or Clause 7.3(d) within six months of the death of the Broker, this six month period will be extended by a further six months, or until such time as the Grant of Probate or Letters of Administration issue, provided that prior to the expiry of the initial six months period as set out in Clause 7.3(a) the PR can prove to the satisfaction of the Company that the client-base of the Broker continues to be adequately serviced, and the PR keeps the Company informed of any delay in relation to the issue of the Grant of Probate or Letters of Administration of the Broker. (c) In the event that the PR does not take such action under clauses 7.3(a) or 7.3(b), this Agreement shall terminate automatically on the expiry of the said six month period, unless this six month period has been extended pursuant to Clause 7.3(b). (d) In the event of the death of the Broker, the Company will Buy-Out the business and Company client base of the Broker for the Buy-Out Sum, at the election of the PR of the Broker, in the manner set out in the Second Schedule.

Death of Broker. (a) In the event of the death of the Broker, his Personal Representatives ("“PR"”) may, within six months of the date of his death either assign the rights and obligations of the Broker under this Agreement pursuant to the provisions of Clause 3.1(o) hereof or exercise the rights conferred under Clause 7.3(d). (b) In the event that the PR does not exercise his rights under the Clause 3.1(o) or Clause 7.3(d) within six months of the death of the Broker, this six month period will be extended by a further six months, or until such time as the Grant of Probate or Letters of Administration issue, provided that prior to the expiry of the initial six months period as set out in Clause 7.3(a) the PR can prove to the satisfaction of the Company that the client-client- base of the Broker continues to be adequately serviced, and the PR keeps the Company informed of any delay in relation to the issue of the Grant of Probate or Letters of Administration of the Broker. (c) In the event that the PR does not take such action under clauses Clauses 7.3(a) or 7.3(b), this Agreement shall terminate automatically on the expiry of the said six month period, unless this six month period has been extended pursuant to Clause 7.3(b). (d) In the event of the death of the Broker, the Company will Buy-Out the business and Company client base of the Broker for the Buy-Out Sum, at the election of the PR of the Broker, in the manner set out in the Second Schedule.