Agreement to Extend Debt Payment

Company Letterhead

{{company_name}}

{{company_address}}

Phone: {{phone}}

Email: {{email}}

Website: {{website}}

AGREEMENT TO EXTEND DEBT PAYMENT

This Agreement to Extend Debt Payment (hereinafter referred to as the 'Agreement') is made and entered into on this {{day}} day of {{month}}, {{year}}, by and between:

{{creditor_company_name}}, a company duly incorporated under the laws of [South Africa/relevant country], with its principal place of business at {{creditor_company_address}} (hereinafter referred to as the 'Creditor');

AND

{{debtor_company_name}}, a company duly incorporated under the laws of [South Africa/relevant country], with its principal place of business at {{debtor_company_address}} (hereinafter referred to as the 'Debtor').

RECITALS

WHEREAS, the Debtor is indebted to the Creditor in the original principal amount of {{original_debt_amount}} ({{original_debt_amount_words}}) as evidenced by {{original_agreement_details}} dated {{original_agreement_date}} (hereinafter referred to as the 'Original Debt');

WHEREAS, the original payment due date for the Original Debt was {{original_due_date}};

WHEREAS, the Debtor has requested, and the Creditor has agreed, to extend the payment due date for the Original Debt under the terms and conditions set forth herein.

TERMS OF EXTENSION

1. **Extended Due Date:** The new extended due date for the full payment of the Original Debt shall be {{new_due_date}}.

2. **Outstanding Balance:** As of the date of this Agreement, the outstanding balance of the Original Debt is {{outstanding_balance}} ({{outstanding_balance_words}}), including any accrued interest and fees up to the date of this Agreement.

3. **Interest:** Interest on the outstanding balance shall continue to accrue at the rate of {{interest_rate}}% per annum, or as otherwise stipulated in the original agreement, until the extended due date. Any penalties for late payment as per the original agreement shall be waived until the extended due date, provided that payment is received in full by {{new_due_date}}.

4. **Payment Schedule (Optional):** The Debtor agrees to make payments towards the outstanding balance according to the following schedule (if applicable):

- {{payment_1_amount}} due by {{payment_1_date}}

- {{payment_2_amount}} due by {{payment_2_date}}

- {{payment_n_amount}} due by {{payment_n_date}}

(If no new schedule, state 'Full payment of the outstanding balance is due on or before {{new_due_date}}.')

ACKNOWLEDGEMENTS

1. **Governing Law:** This Agreement shall be governed by and construed in accordance with the laws of [South Africa/relevant country].

2. **Entire Agreement:** This Agreement constitutes the entire agreement between the parties concerning the subject matter hereof and supersedes all prior agreements, understandings, negotiations, and discussions, whether oral or written, between the parties.

3. **No Waiver:** No failure or delay by either party in exercising any right, power, or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power, or privilege.

4. **Severability:** If any provision of this Agreement is held to be invalid or unenforceable, such provision shall be severed from this Agreement, and the remainder of the Agreement shall remain in full force and effect.

5. **Authority:** The signatories hereto represent and warrant that they have the full authority to enter into this Agreement on behalf of the respective parties they represent.

SIGNATURES

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

**FOR THE CREDITOR:**

___________________________

Name: {{creditor_signer_name}}

Title: {{creditor_signer_title}}

Company: {{creditor_company_name}}

Date: {{creditor_signature_date}}

**FOR THE DEBTOR:**

___________________________

Name: {{debtor_signer_name}}

Title: {{debtor_signer_title}}

Company: {{debtor_company_name}}

Date: {{debtor_signature_date}}

**WITNESSES:**

1. ___________________________

Name: {{witness_1_name}}

ID Number: {{witness_1_id}}

Date: {{witness_1_date}}

2. ___________________________

Name: {{witness_2_name}}

ID Number: {{witness_2_id}}

Date: {{witness_2_date}}