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Independent agency means an Agency that is: (a) majority (51% or more) owned by
its management or independent shareholders; and (b) not associated with any Holding Company or
Network (excluding Independent Networks). For the avoidance of doubt, Agencies that are not
part of a Network, but which are owned more than 20% by a Holding Company are not considered
to be an Independent Agency. The number of offices an Agency has and the number of countries in
which an Agency is located is irrelevant as to whether an Agency is an Independent Agency;
