Common use of DEED OF SURETYSHIP Clause in Contracts

DEED OF SURETYSHIP. 9.1 To the extent that this agreement is to be concluded on behalf of an entity, Wires and Wireless may, in its sole and absolute discretion, require that the signatory, or any other shareholder, member, director and/or representative of the Client, bind themselves as Surety for the due and timeous fulfilment of any of the Clients’ obligations arising in terms of this agreement, by concluding the Surety attached hereto as Schedule to the Client Assessment Application Form, and such representative, by its signature hereto, agrees to be bound by the terms of such surety. 9.2 The Surety hereby binds itself/himself/herself as surety and co-principal debtor, jointly and severally with the Client (meaning that both can be held liable, either jointly in equal shares, or separately for the whole amount) in favour of Wires and Wireless, for the due fulfilment by the Client of all its obligations to Wires and Wireless of any nature and howsoever arising, whether already incurred or which may be incurred in the future, as a continuing suretyship, despite any change in or temporary extinction of such obligations. 9.3 The Surety renounces the benefit of being able to demand that Wires and Wireless first proceed against the Client (excussion), the benefit of being able to insist that the Surety is only liable for a portion of the debt where there is more than one surety (division), and the benefit of being able to demand that she/he be ceded the other sureties debts should the Surety make payment of the full debt (cession of action).(The effect of this clause being that the Surety may no longer require the above to occur before paying the debt owing to Wires and Wireless.) 9.4 Without limiting the foregoing, the Surety agrees: 9.4.1 That all admissions and acknowledgements of liability by the Client will be binding on the Surety. (The effect of this clause is that if the Client makes any acknowledgment or admission, it will apply as if the Surety had made that acknowledgement or admission.) 9.4.2 That in the event of the Client being liquidated or subject to business rescue, or a compromise being affected with its creditors, no dividends or payments received by Wires and Wireless will prejudice Wires and Wireless’ rights to recover from the Surety the full amount owing by the Client at the date of liquidation of the Client. 9.4.3 That this Suretyship is in addition and without prejudice to any securities held now or in the future by Wires and Wireless and will remain in full force and effect as a covering Suretyship for as long as any amounts whatsoever are owed by the Client to Wires and Wireless and despite the fact that for certain periods nothing may be owing by the Client to Wires and Wireless. 9.4.4 That no variation or cancellation of this Deed of Suretyship clause will be of any force or effect unless reduced to writing and signed by both the Surety and Wires and Wireless. 9.4.5 That any indulgence or extension of time for payment granted by Wires and Wireless to the Client is without prejudice to any of the other rights of Wires and Wireless, and that no indulgence or extension will in any way affect the Surety’s liability. (The effect of this clause is that even if Wires and Wireless grants an indulgence to the Client or an extension of the payment, it does not have to grant that same indulgence or extension to the Surety and can claim from the Surety as if that indulgence or extension had not been granted to the Client.) 9.4.6 To submit to the jurisdiction of the Magistrates’ Court in terms of Section 45(1) of the Magistrates’ Court Act 32 of 1944, despite the amount being claimed may exceeding the jurisdiction of such court; and further, despite this, Wires and Wireless may, in its discretion, institute proceedings in any division of the High Court of South Africa. 9.4.7 That the address of the Surety as listed above is chosen as domicilium citandi et executandi for all purposes related to this Suretyship. (This being the address that the SURETY chooses for service of any notices or documents in terms of this Suretyship). 9.4.8 That in the event that any of the terms of this Suretyship are found to be invalid, unlawful or unenforceable, that such terms will be severable from the remaining terms, which will continue to be valid and enforceable. 9.4.9 To be bound by all the Standard Terms and Conditions of the Company, as contained in the credit application signed by the Client. 9.4.10 That should Wires and Wireless cede its claim against the Client to any third party, then this suretyship shall be deemed to have been given by the Surety to such cessionary/ies, who shall be entitled to exercise all rights in terms of this suretyship, as if such cessionary/ies were Wires and Wireless.

DEED OF SURETYSHIP. 9.1 To the extent that this agreement is to be concluded on behalf of an entity, Wires and Wireless Coresol may, in its sole and absolute discretion, require that the signatory, or any other shareholder, member, director and/or representative of the Client, bind themselves as Surety for the due and timeous fulfilment of any of the Clients’ obligations arising in terms of this agreement, by concluding the Surety attached hereto as Schedule to the Client Assessment Application Form, and such representative, by its signature hereto, agrees to be bound by the terms of such surety. 9.2 The Surety hereby binds itself/himself/herself as surety and co-principal debtor, jointly and severally with the Client (meaning that both can be held liable, either jointly in equal shares, or separately for the whole amount) in favour of Wires and WirelessXxxxxxx, for the due fulfilment by the Client of all its obligations to Wires and Wireless Coresol of any nature and howsoever arising, whether already incurred or which may be incurred in the future, as a continuing suretyship, despite any change in or temporary extinction of such obligations. 9.3 The Surety renounces the benefit of being able to demand that Wires and Wireless Coresol first proceed against the Client (excussion), the benefit of being able to insist that the Surety is only liable for a portion of the debt where there is more than one surety (division), and the benefit of being able to demand that she/he be ceded the other sureties debts should the Surety make payment of the full debt (cession of action).(The effect of this clause being that the Surety may no longer require the above to occur before paying the debt owing to Wires and WirelessCoresol.) 9.4 Without limiting the foregoing, the Surety agrees: 9.4.1 That all admissions and acknowledgements of liability by the Client will be binding on the Surety. (The effect of this clause is that if the Client makes any acknowledgment or admission, it will apply as if the Surety had made that acknowledgement or admission.) 9.4.2 That in the event of the Client being liquidated or subject to business rescue, or a compromise being affected with its creditors, no dividends or payments received by Wires and Wireless Coresol will prejudice Wires and WirelessCoresol’ rights to recover from the Surety the full amount owing by the Client at the date of liquidation of the Client. 9.4.3 That this Suretyship is in addition and without prejudice to any securities held now or in the future by Wires and Wireless Coresol and will remain in full force and effect as a covering Suretyship for as long as any amounts whatsoever are owed by the Client to Wires and Wireless Coresol and despite the fact that for certain periods nothing may be owing by the Client to Wires and WirelessCoresol. 9.4.4 That no variation or cancellation of this Deed of Suretyship clause will be of any force or effect unless reduced to writing and signed by both the Surety and Wires and WirelessCoresol. 9.4.5 That any indulgence or extension of time for payment granted by Wires and Wireless Coresol to the Client is without prejudice to any of the other rights of Wires and WirelessCoresol, and that no indulgence or extension will in any way affect the Surety’s liability. (The effect of this clause is that even if Wires and Wireless Coresol grants an indulgence to the Client or an extension of the payment, it does not have to grant that same indulgence or extension to the Surety and can claim from the Surety as if that indulgence or extension had not been granted to the Client.) 9.4.6 To submit to the jurisdiction of the Magistrates’ Court in terms of Section 45(1) of the Magistrates’ Court Act 32 of 1944, despite the amount being claimed may exceeding the jurisdiction of such court; and further, despite this, Wires and Wireless Coresol may, in its discretion, institute proceedings in any division of the High Court of South Africa. 9.4.7 That the address of the Surety as listed above is chosen as domicilium citandi et executandi for all purposes related to this Suretyship. (This being the address that the SURETY chooses for service of any notices or documents in terms of this Suretyship). 9.4.8 That in the event that any of the terms of this Suretyship are found to be invalid, unlawful or unenforceable, that such terms will be severable from the remaining terms, which will continue to be valid and enforceable. 9.4.9 To be bound by all the Standard Terms and Conditions of the Company, as contained in the credit application signed by the Client. 9.4.10 That should Wires and Wireless Coresol cede its claim against the Client to any third party, then this suretyship shall be deemed to have been given by the Surety to such cessionary/ies, who shall be entitled to exercise all rights in terms of this suretyship, as if such cessionary/ies were Wires and WirelessCoresol.

DEED OF SURETYSHIP. 9.1 To the extent that this agreement is to be concluded on behalf of an entity, Wires and & Wireless may, in its sole and absolute discretion, require that the signatory, or any other shareholder, member, director and/or representative of the Client, bind themselves as Surety for the due and timeous fulfilment of any of the Clients’ obligations arising in terms of this agreement, by concluding the Surety attached hereto as Schedule to the Client Assessment Application Form, and such representative, by its signature hereto, agrees to be bound by the terms of such surety. 9.2 The Surety hereby binds itself/himself/herself as surety and co-principal debtor, jointly and severally with the Client (meaning that both can be held liable, either jointly in equal shares, or separately for the whole amount) in favour of Wires and & Wireless, for the due fulfilment by the Client of all its obligations to Wires and & Wireless of any nature and howsoever arising, whether already incurred or which may be incurred in the future, as a continuing suretyship, despite any change in or temporary extinction of such obligations. 9.3 The Surety renounces the benefit of being able to demand that Wires and & Wireless first proceed against the Client (excussion), the benefit of being able to insist that the Surety is only liable for a portion of the debt where there is more than one surety (division), and the benefit of being able to demand that she/he be ceded the other sureties debts should the Surety make payment of the full debt (cession of action).(The effect of this clause being that the Surety may no longer require the above to occur before paying the debt owing to Wires and & Wireless.) 9.4 Without limiting the foregoing, the Surety agrees: 9.4.1 That all admissions and acknowledgements of liability by the Client will be binding on the Surety. (The effect of this clause is that if the Client makes any acknowledgment or admission, it will apply as if the Surety had made that acknowledgement or admission.) 9.4.2 That in the event of the Client being liquidated or subject to business rescue, or a compromise being affected effected with its creditors, no dividends or payments received by Wires and & Wireless will prejudice Wires and & Wireless’ rights to recover from the Surety the full amount owing by the Client at the date of liquidation of the Client. 9.4.3 That this Suretyship is in addition and without prejudice to any securities held now or in the future by Wires and & Wireless and will remain in full force and effect as a covering Suretyship for as long as any amounts whatsoever are owed by the Client to Wires and & Wireless and despite the fact that for certain periods nothing may be owing by the Client to Wires and & Wireless. 9.4.4 That no variation or cancellation of this Deed of Suretyship clause will be of any force or effect unless reduced to writing and signed by both the Surety and Wires and & Wireless. 9.4.5 That any indulgence or extension of time for payment granted by Wires and & Wireless to the Client is without prejudice to any of the other rights of Wires and & Wireless, and that no indulgence or extension will in any way affect the Surety’s liability. (The effect of this clause is that even if Wires and & Wireless grants an indulgence to the Client or an extension of the payment, it does not have to grant that same indulgence or extension to the Surety and can claim from the Surety as if that indulgence or extension had not been granted to the Client.) 9.4.6 To submit to the jurisdiction of the Magistrates’ Court in terms of Section 45(1) of the Magistrates’ Court Act 32 of 1944, despite the amount being claimed may exceeding the jurisdiction of such court; and further, despite this, Wires and & Wireless may, in its discretion, institute proceedings in any division of the High Court of South Africa. 9.4.7 That the address of the Surety as listed above is chosen as domicilium citandi et executandi for all purposes related to this Suretyship. (This being the address that the SURETY chooses for service of any notices or documents in terms of this Suretyship). 9.4.8 That in the event that any of the terms of this Suretyship are found to be invalid, unlawful or unenforceable, that such terms will be severable from the remaining terms, which will continue to be valid and enforceable. 9.4.9 To be bound by all the Standard Terms and Conditions of the Company, as contained in the credit application signed by the Client. 9.4.10 That should Wires and & Wireless cede its claim against the Client to any third party, then this suretyship shall be deemed to have been given by the Surety to such cessionary/ies, who shall be entitled to exercise all rights in terms of this suretyship, as if such cessionary/ies were Wires and & Wireless.

DEED OF SURETYSHIP. 9.1 To the extent that this agreement is to be concluded on behalf of an entity, Wires and Wireless AudioNote may, in its sole and absolute discretion, require that the signatory, or any other shareholder, member, director and/or representative of the Client, bind themselves as Surety for the due and timeous fulfilment of any of the Clients’ obligations arising in terms of this agreement, by concluding the Surety attached hereto as Schedule to the Client Assessment Application Form, and such representative, by its signature hereto, agrees to be bound by the terms of such surety. 9.2 The Surety hereby binds itself/himself/herself as surety and co-principal debtor, jointly and severally with the Client (meaning that both can be held liable, either jointly in equal shares, or separately for the whole amount) in favour of Wires and WirelessAudioNote, for the due fulfilment by the Client of all its obligations to Wires and Wireless AudioNote of any nature and howsoever arising, whether already incurred or which may be incurred in the future, as a continuing suretyship, despite any change in or temporary extinction of such obligations. 9.3 The Surety renounces the benefit of being able to demand that Wires and Wireless AudioNote first proceed against the Client (excussion), the benefit of being able to insist that the Surety is only liable for a portion of the debt where there is more than one surety (division), and the benefit of being able to demand that she/he be ceded the other sureties debts should the Surety make payment of the full debt (cession of action).(The effect of this clause being that the Surety may no longer require the above to occur before paying the debt owing to Wires and WirelessAudioNote.) 9.4 Without limiting the foregoing, the Surety agrees: 9.4.1 That all admissions and acknowledgements of liability by the Client will be binding on the Surety. (The effect of this clause is that if the Client makes any acknowledgment or admission, it will apply as if the Surety had made that acknowledgement or admission.) 9.4.2 That in the event of the Client being liquidated or subject to business rescue, or a compromise being affected with its creditors, no dividends or payments received by Wires and Wireless AudioNote will prejudice Wires and WirelessAudioNote’ rights to recover from the Surety the full amount owing by the Client at the date of liquidation of the Client. 9.4.3 That this Suretyship is in addition and without prejudice to any securities held now or in the future by Wires and Wireless AudioNote and will remain in full force and effect as a covering Suretyship for as long as any amounts whatsoever are owed by the Client to Wires and Wireless AudioNote and despite the fact that for certain periods nothing may be owing by the Client to Wires and WirelessAudioNote. 9.4.4 That no variation or cancellation of this Deed of Suretyship clause will be of any force or effect unless reduced to writing and signed by both the Surety and Wires and WirelessAudioNote. 9.4.5 That any indulgence or extension of time for payment granted by Wires and Wireless AudioNote to the Client is without prejudice to any of the other rights of Wires and WirelessAudioNote, and that no indulgence or extension will in any way affect the Surety’s liability. (The effect of this clause is that even if Wires and Wireless AudioNote grants an indulgence to the Client or an extension of the payment, it does not have to grant that same indulgence or extension to the Surety and can claim from the Surety as if that indulgence or extension had not been granted to the Client.) 9.4.6 To submit to the jurisdiction of the Magistrates’ Court in terms of Section 45(1) of the Magistrates’ Court Act 32 of 1944, despite the amount being claimed may exceeding the jurisdiction of such court; and further, despite this, Wires and Wireless AudioNote may, in its discretion, institute proceedings in any division of the High Court of South Africa. 9.4.7 That the address of the Surety as listed above is chosen as domicilium citandi et executandi for all purposes related to this Suretyship. (This being the address that the SURETY chooses for service of any notices or documents in terms of this Suretyship). 9.4.8 That in the event that any of the terms of this Suretyship are found to be invalid, unlawful or unenforceable, that such terms will be severable from the remaining terms, which will continue to be valid and enforceable. 9.4.9 To be bound by all the Standard Terms and Conditions of the Company, as contained in the credit application signed by the Client. 9.4.10 That should Wires and Wireless AudioNote cede its claim against the Client to any third party, then this suretyship shall be deemed to have been given by the Surety to such cessionary/ies, who shall be entitled to exercise all rights in terms of this suretyship, as if such cessionary/ies were Wires and WirelessAudioNote.