THIS PAYMENT AGREEMENT ("Agreement") is made on the day of 03 May 2024
BETWEEN
(1) PARTY_1_NAME of PARTY_1_ADDRESS_SINGLE_LINE ("Debtor") and
(2) PARTY_2_NAME of PARTY_2_ADDRESS_SINGLE_LINE ("Creditor")
WHEREAS
(A) The Debtor owes the Creditor an amount of CURRENCYDEBT_AMOUNT “(Debt”)
(B) The Debtor agrees to make the payment of the Debt amount in full to the Creditor.
(C) The Debtor and the Creditor are desirous of entering into this payment agreement to record the Debt Amount and set out an associated payment plan for the Debtor to pay the Debt amount to the Creditor as per the terms and conditions of the Agreement.
In consideration of the terms and conditions contained herein, the Debtor and the Creditor (collectively, the “Parties”) agree to the following:
At the time of the Agreement, the Debtor agrees and acknowledges that it owes the Debt in full to the Creditor.
2.1 The Parties hereby agree to the payment plan as described in Annexure A attached hereto (the “Payment Plan”).
2.2 The Debtor shall make payments to the Creditor:
(a) on or before the associated scheduled dates set out in the Payment Plan; and
(b) as per the payment method indicated for each payment in the Payment Plan.
2.3 The Debtor hereby represents and warrants that this Agreement and the Payment Plan herein have been developed in a manner that the Debtor reasonably believes it can pay the Creditor without further interruption notwithstanding an additional change in circumstances.
If the Debtor fails to make payment by the due date, the Creditor shall allow the Debtor an additional period of 30 days from the due date to make the payment. If the payments continue to remain unpaid after the said additional period, the Agreement shall be in default.
In consideration of the Parties agreeing to the Agreement, the Creditor agrees to release the Debtor from any prior actions, claims related to the Debt as of the date of this Agreement. However, nothing in this Agreement is meant to release the Debtor from its obligation to pay the Debt according to the Payment Plan herein or limit the rights of the Debtor in collecting the Debt.
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