Personal Guarantees Terms and Conditions
These terms and conditions apply to you if you have provided 2degrees with a personal guarantee in relation to a 2degrees Business Contract(s) (a “Guarantee”).
A Guarantee is given in accordance with the following:
- If the Business defaults in the performance of all or any part of any of its obligations under the 2degrees Business Contract(s), including if the Business fails to pay all or any part of any amounts referred to in (a) above when due (and such amount remains outstanding for a period of 30 days after the due date), you will procure the performance of those obligations and indemnify 2degrees in respect of any loss, cost or expense suffered by 2degrees, directly or indirectly, as a result of the Business’ non-performance and will pay to 2degrees on first demand the amount of such amount outstanding plus the amount of any loss, cost or expense.
- You also agree independently of the above guarantees to indemnify 2degrees against all costs and other expenses which 2degrees may suffer or incur as a result of any failure by the Business to make due and punctual payment of any amounts due to 2degrees and as a result of any failure by the Business to perform its obligations under the 2degrees Business Contract(s) whether or not the liability of the Business is or has become void or unenforceable for any reason and whether or not the above guarantee shall be void or unenforceable against me for any reason.
- Amounts due under the indemnity in clauses 1 and 2 will be paid to 2degrees on first demand.
- Obligations under the Guarantee:
a) are obligations as a principal debtor and not merely surety;
b) continue and remain in full force and effect until 2degrees releases you from your obligations under the Guarantee;
c) are in addition to and independent of, and not in substitution for, any other guarantee, security or right 2degrees may have at anytime; and
d) will not merge with or in any way be prejudiced or affected by, or prejudice or affect, any such guarantee, security or right.
- Your liability under the Guarantee will not be affected or diminished, nor will any other guarantee or security provided by you be released or discharged by any act, indulgence, omission or matter whatsoever which, but for this clause, would have operated to release you wholly or partly from your liability to 2degrees.
- 2degrees may, at any time, enforce the Guarantee without first taking steps or proceedings against the Business. 2degrees is not required to marshal or exercise any security, guarantee or other right held by it at any time before enforcing this guarantee against me. No waiver by 2degrees of its rights under this guarantee will be effective unless it is in writing signed by 2degrees.
- These terms are in addition to the Business Terms and Conditions, the Business Account Terms and Conditions and any other terms and conditions applicable to the Business’ account with 2degrees.
- Capitalised terms not defined in these terms have the meaning given to them in the Business Terms and Conditions and the Business Account Terms and Conditions.