Buy And Sell Agreement Page 3
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11business day, in which case the last day shall be the next succeeding day
which is a business day.
2.5
Words and expressions defined in any sub-clause shall, for the purposes
of the clause of which that sub-clause forms part, bear the meaning
assigned to such words and expressions in that sub-clause.
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INTRODUCTION
It is recorded that: –
3.1
3.1.1
the seller is the holder and owner of the policy;
3.1.2
in terms of the terms and conditions applicable to the policy, the
rights under the policy may not be ceded;
3.1.3
the purchaser wishes to acquire the rights, title and interest to the
policy from the seller and the seller is willing to dispose thereof to
the purchaser, subject to the terms and conditions contained in this
agreement, and subject to the insurer consenting to such cession in
writing, notwithstanding the express terms and conditions of the
policy referred to in 3.1.2.
3.2
The parties accordingly agree as set out herein.
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SUSPENSIVE CONDITION
4.1
This agreement, except for the provisions of 4 and 17 which shall be of
immediate force and effect between the parties, is subject to the
fulfilment of the suspensive condition that the insurer consents in writing
to the cession of the rights under the policy in terms of this agreement,
JDW {2004-02-01]
Seller initial
:
Witness initial
:
Purchaser initial
:
Witness initial
:
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