Agreement

Agreement to Extend Debt Payment

AGREEMENT TO EXTEND

DEBT PAYMENT

FOR VALUE RECEIVED, the undersigned, _ [Creditor] and _

[Company], hereby acknowledge and agree that:

1. The Company presently owes the Creditor the sum of

$_, said sum being presently due and payable.

2. In further consideration of the Creditor’s

forebearance, the Company agrees to pay said debt on

extended terms in the manner following:

_

3. In the event the Company fails to make any payments

punctually on the agreed extended terms, the Creditor

shall have full rights to proceed for the collection

of the entire balance then remaining.

4. This agreement shall be binding upon and inure to the

benefit of the parties, their successors, assigns and

personal representatives.

Signed under seal this _ day of _, 19_.

___________________________

Creditor

___________________________

Company

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Agreement to Compromise Debt

AGREEMENT TO COMPROMISE DEBT

FOR VALUE RECEIVED, the undersigned being a creditor of _

[Company] hereby enters into an agreement to compromise and

reduce the indebtedness due the undersigned on the following

terms and conditions:

1. The Company and the undersigned acknowledge that the

present debt due is $_.

2. The parties agree that the undersigned shall accept the

sum of $_ as full and total payment on said debt and in

complete discharge of all monies presently due,

provided the sum herein shall be punctually paid in

the manner following:

_

3. In the event the Company fails to punctually pay the

reduced amount, the undersigned creditor shall have

full rights to prosecute it claim for the total debt

due under paragraph 1 [less payments made].

4. This agreement shall be binding upon and inure to the

benefit of the parties, their successors, assigns and

personal representatives.

Signed under seal this _ day of _, 19_.

_______________________________

Creditor

_______________________________

Company

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