FOR VALUE RECEIVED the undersigned, being a
creditor of_______________
(the "company") hereby agrees to compromise and reduce the indebtedness
due to 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 in respect of the debt, provided the sum herein shall
be punctually paid as follows:
_________________________________
_________________________________
_________________________________
3. In the event the company fails to punctually
pay the reduced amount, the
undersigned shall have the rights to claim for immediate payment of the total
debt due under Paragraph 1 ,less any payments made hereunder.
4. This agreement shall be binding upon and
shall enure to the benefit of the
parties, their successors, assigns and personal representatives.
Dated this_______ day of_________________,200(x).
IN WITNESS WHEREOF the the parties hereto have
hereunto affixed their
respective corporate seals, attested by the hands of their respective officers,
duly authorized in that behalf, on the day and year first above written.
CORP NAME #1
Authorized Officer____________________________
CORP NAME #2
Authorized Officer____________________________
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