FOR VALUE RECEIVED, the undersigned, [Creditor] and
[Company], hereby acknowledge and agree that:
1. The Company presently owes the Creditor the sum of
$[numerical amount], 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 [numerical] day of [Month], [Year].
Creditor: ________________________________
[clearly print name after signature]
Company: _______________________________
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