Payment Plan Agreement

Debtor acknowledges and agrees that, as of , Debtor owes Creditor the sum of (the "Debt"), arising from .

Debtor agrees that the Debt is valid, currently due, and owed without any offset, counterclaim or defense of any kind as of the date of this Agreement. This acknowledgment is a material part of the consideration for Creditor agreeing to accept payment of the Debt in installments rather than demanding immediate payment in full.

In place of immediate payment in full, Creditor agrees to accept, and Debtor agrees to pay, the Debt in installments as follows: due on and on the same day of each thereafter, until the Debt is paid in full, with any final installment adjusted as needed to bring the balance to zero.

Payments shall be made by and are applied first to any accrued late fees, then to interest (if any), then to the outstanding principal balance of the Debt.

Interest accrues on the outstanding balance of the Debt at a rate of from the date of this Agreement until paid in full.

Debtor may prepay any part of the outstanding balance at any time without penalty. A prepayment reduces the principal balance but does not change the due date or amount of the next scheduled installment unless Creditor agrees otherwise in writing.

If any installment is not received within days of its due date, Debtor shall pay a late fee of for that installment, in addition to the amount otherwise due.

Debtor is in default under this Agreement if any installment is not paid in full within days after its due date, or if Debtor becomes insolvent, makes an assignment for the benefit of creditors, or has a bankruptcy petition filed by or against Debtor that is not dismissed within 60 days.

On any default, the entire unpaid balance of the Debt, together with any accrued interest and unpaid late fees, becomes immediately due and payable in full, without further notice or demand, at Creditor's election. Creditor's decision not to accelerate after one default does not waive the right to accelerate after a later default.

On acceleration, Creditor may pursue any remedy available under this Agreement, under the original obligation described in the clause below, or under applicable law, including collection of the accelerated balance.

This Agreement restructures the manner and timing of payment of the Debt. It replaces and supersedes any prior payment terms, due dates or demand for immediate payment associated with the Debt described above.

This Agreement does not release, waive, novate or otherwise extinguish the underlying obligation, agreement or transaction that gave rise to the Debt, and does not release Debtor from any other duty, representation or liability under it (for example, any warranty, indemnity or performance obligation unrelated to payment). If Debtor pays the Debt in full according to this Agreement, the payment obligation described in this Agreement is satisfied; any other rights either party has under the original obligation are unaffected except as this Agreement expressly states.

If this Agreement is referred to an attorney or collection agency for collection after a default, Debtor shall pay Creditor's reasonable costs of collection, including reasonable attorneys' fees, to the extent permitted by applicable law.

No delay or failure by Creditor in exercising any right under this Agreement is a waiver of that right, and Creditor accepting a late or partial payment on one occasion does not waive Creditor's rights with respect to any other payment or any later default.

This Agreement is governed by the laws of , without regard to its conflict-of-laws principles.

This Agreement is the entire agreement between Creditor and Debtor concerning repayment of the Debt, and replaces any earlier understanding about how or when the Debt would be paid. It may only be amended in a writing signed by both parties.

If any provision of this Agreement is held unenforceable, the rest continues in force. This Agreement binds and benefits each party's heirs, executors, administrators, successors and permitted assigns.

This Agreement may be signed in counterparts and by electronic signature, each of which is an original and all of which together form one agreement.