Deed Of Acknowledgement Of Debt
Deed of Acknowledgement of Debt
[Date of Execution]
This Deed of Acknowledgement of Debt (the "Deed") is made on this [Date of Execution], by and between:
[Your Name], a company registered under the laws of [Jurisdiction], having its registered office at [Your Company Address] (hereinafter referred to as the "Creditor"),
AND
[Debtor's Name], a company registered under the laws of [Jurisdiction], having its registered office at [Debtor's Address] (hereinafter referred to as the "Debtor").
I. Background
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Whereas, the Creditor has extended credit facilities to the Debtor, under certain terms and conditions as agreed upon between the parties.
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Whereas, as a result of the said credit facilities, the Debtor is indebted to the Creditor for USD 2,500,000 (Two Million Five Hundred Thousand United States Dollars) (hereinafter referred to as the "Principal Amount").
II. Acknowledgment
NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, the parties hereto agree as follows:
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The Debtor hereby acknowledges and confirms the existence of the debt in favor of the Creditor in the Principal Amount.
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The Debtor acknowledges that the said debt is justly and truly owing and admits its liability to repay the same.
III. Repayment Terms
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The Debtor agrees to repay the Principal Amount to the Creditor in 36 equal monthly installments of USD 69,444.44, commencing from June 1, 2052.
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The Debtor shall make the repayments by wire transfer to the Creditor's designated bank account on or before the 1st day of each month.
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Any default in payment of the installment shall attract an interest rate of 8% per annum, calculated on the outstanding amount from the due date until the date of actual payment.
IV. Representations and Warranties
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The Debtor represents and warrants that the execution, delivery, and performance of this Deed have been duly authorized by all necessary corporate actions.
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The Debtor represents and warrants that there are no existing claims, disputes, or offsets against the debt acknowledged herein.
V. Indemnity
The Debtor agrees to indemnify and hold harmless the Creditor against any loss, damages, costs, or expenses incurred as a result of any breach of the terms of this Deed by the Debtor.
VI. Governing Law and Jurisdiction
This Deed shall be governed by and construed following the laws of [Jurisdiction]. Any dispute arising out of or in connection with this Deed shall be subject to the exclusive jurisdiction of the courts of [Jurisdiction].
IN WITNESS WHEREOF, the parties hereto have executed this Deed as of the date first above written.
[YOUR NAME]
[DATE SIGNED]
[DEBTOR'S NAME]
[DATE SIGNED]
VII. Witness
I, [Witness's Name], residing at [Witness's Address], do hereby declare that I have witnessed the execution of this Deed of Acknowledgement of Debt by [Your Name] and [Debtor's Name] on this [Date].
[WITNESS'S NAME]
[DATE SIGNED]
VIII. Notary Acknowledgment
State of [State], County of [County]
On this [Day] of [Month], [Year], before me, [Notary Public's Name], a Notary Public in and for said County and State, personally appeared [Your Name] and [Debtor's Name], known to me to be the persons whose names are subscribed to the foregoing instrument, and acknowledged that they executed the same for the purposes therein contained.
[NOTARY PUBLIC'S NAME]
Notary Public
My Commission Expires: [EXPIRATION DATE]
