Agreement to Extend Debt Payment

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 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 __, 20__.

_______________________________
Creditor

_______________________________
Company

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