This Payment Agreement is entered into as of
Date by and between [Client.Company] having its principal
place of business located at
Client.Address (the “Owing Party”) and
Sender.Company having its principal place of business located at
Sender.Address (the “Owed Party”), both of whom agree to be bound by this Agreement.
WHEREAS, the Owing Party owes the Owed Party
Amount owed (the “Deficiency”); and
WHEREAS, the Owing Party and the Owed Party desire to enter into an agreement whereby the Owing Party shall pay the Owed Party the sum of the Deficiency on a payment plan according to the terms and conditions herein.
NOW, THEREFORE, in consideration of the mutual covenants and promises made by the parties hereto, the Owing Party and the Owed Party (individually, each a “Party” and collectively, the “Parties”) covenant and agree as follows:
The Owing Party agrees and acknowledges that it owes the Owed Party an amount of money equal to the Deficiency as defined above. Nothing in this Payment Agreement is a waiver of any amounts owed and in the event of any breach of this Agreement by the Owing Party, the Owed Party’s rights to the Deficiency shall not be limited.
The Owing Party hereby represents and warrants that this Agreement and the payment plan herein has been developed in a manner that that the Owing Party reasonably believes it can pay the Owed Party without further interruption notwithstanding an additional change in circumstances.