Agreement to Extend Debt Payment

11:21 30/01/2014 in Collection
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This Agreement to Extend Debt Payment (the “Agreement”), is made and effective [EFFECTIVE DATE],


BETWEEN:    [CREDITOR NAME] (the "Creditor") a corporation organized and existing under the laws of the [STATE/PROVINCE], with its head office located at:



AND:    [DEBTOR NAME] (the "Debtor") a corporation organized and existing under the laws of the [STATE/PROVINCE], with its head office located at:



FOR VALUE RECEIVED, the undersigned, Creditor and Debtor, hereby acknowledge and agree that:


1.    The Company presently owes the Creditor the sum of [AMOUNT], said sum being presently due and payable.

2.    In further consideration of the Creditor's forbearance, the Debtor agrees to pay said debt on
extended terms in the manner following:

[DESCRIBE]

3.    In the event the Debtor 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 [DATE].


DEBTOR                        CREDITOR



                                                    
Authorized Signature    Authorized Signature

                                                    
Print Name and Title    Print Name and Title

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