For Value Received, the undersigned, Bank Central Cannes ( Creditor ) and Knit Master ( Company ), hereby acknowledge and agree that :
The Company presently owes the Creditor the sum of 50.000 Euros, said sum being presently due and payable.
In further consideration of the Creditor's forbearance, the Company agrees to pay said debt on extended terms in the manner following : It will be paid monthly for ten months with interests at .5 percent/month. In the case of late payment the Company will be charged at .1 percent/ day.
In the event the Company fails to pay in a timely manner on the agreed extended terms, the Creditor shall have full rights to proceed for the collection of the entire balance the remaining.
This agreement shall be binding upon and inure to the benefit of the parties, their successors, assigns and personal representatives.