Agreement to Extend Debt Payment Terms

{{company_name}}

{{company_address}}

Phone: {{phone}}

Email: {{email}}

Website: {{website}}

{{date}}

AGREEMENT TO EXTEND DEBT PAYMENT TERMS

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

{{Lender_Company_Name}} (hereinafter referred to as 'Lender'), a company duly incorporated and existing under the laws of [Jurisdiction], with its principal place of business at {{Lender_Address}}.

AND

{{Borrower_Company_Name}} (hereinafter referred to as 'Borrower'), a company duly incorporated and existing under the laws of [Jurisdiction], with its principal place of business at {{Borrower_Address}}.

(Hereinafter collectively referred to as 'the Parties' and individually as 'a Party').

RECITALS

WHEREAS, the Borrower is indebted to the Lender in the amount of {{original_debt_amount}} ({{original_debt_amount_words}}) as per the original loan agreement dated {{original_agreement_date}} (hereinafter referred to as the 'Original Agreement').

WHEREAS, the Borrower has requested, and the Lender has agreed, to extend the payment terms of the aforementioned debt.

NOW, THEREFORE, in consideration of the mutual covenants and promises herein contained, the Parties agree as follows:

1. EXTENSION OF PAYMENT TERMS

1.1 The Lender hereby agrees to extend the payment terms for the outstanding debt of {{outstanding_debt_amount}} ({{outstanding_debt_amount_words}}) (hereinafter referred to as the 'Outstanding Debt').

1.2 The new payment schedule shall be as follows:

a) {{payment_schedule_details, e.g., 'Equal monthly installments of {{monthly_installment_amount}} for {{number_of_months}} months, commencing on {{first_payment_date}}.'}}

b) The final payment shall be made on or before {{final_payment_date}}.

2. INTEREST

2.1 Interest shall continue to accrue on the Outstanding Debt at an annual rate of {{interest_rate}}% ({{interest_rate_words}} percent) from the effective date of this Agreement.

2.2 Any overdue payments shall accrue interest at a penalty rate of {{penalty_interest_rate}}% ({{penalty_interest_rate_words}} percent) per annum, compounded {{compounding_frequency, e.g., 'monthly'}}.

3. AMENDMENT OF ORIGINAL AGREEMENT

3.1 This Agreement serves as an amendment to the Original Agreement solely with respect to the payment terms and schedule of the Outstanding Debt.

3.2 All other terms and conditions of the Original Agreement, including but not limited to covenants, representations, warranties, and events of default, shall remain in full force and effect.

4. WARRANTIES AND REPRESENTATIONS

4.1 Each Party warrants that it has the full power and authority to enter into this Agreement and to perform its obligations hereunder.

4.2 The Borrower represents that the information provided to the Lender in connection with this extension request is true and accurate in all material respects.

5. GOVERNING LAW AND JURISDICTION

5.1 This Agreement shall be governed by and construed in accordance with the laws of [Jurisdiction].

5.2 Any dispute arising out of or in connection with this Agreement shall be subject to the exclusive jurisdiction of the courts of [Jurisdiction].

6. ENTIRE AGREEMENT

This Agreement, together with the Original Agreement, constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersedes all prior discussions, negotiations, and agreements, whether oral or written.

7. SIGNATURES

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

FOR THE LENDER:

_____________________________

Name: {{Lender_Signatory_Name}}

Title: {{Lender_Signatory_Title}}

Date: {{Lender_Signature_Date}}

FOR THE BORROWER:

_____________________________

Name: {{Borrower_Signatory_Name}}

Title: {{Borrower_Signatory_Title}}

Date: {{Borrower_Signature_Date}}

WITNESSES (Optional):

1. _____________________________

Name: {{Witness_1_Name}}

Signature: ______________________

Date: {{Witness_1_Signature_Date}}

2. _____________________________

Name: {{Witness_2_Name}}

Signature: ______________________

Date: {{Witness_2_Signature_Date}}