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Form #1313

Offer of debtor and acceptance by creditors

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Offer of debtor and acceptance by creditors
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Offer of debtor and acceptance by creditors.

To the Creditors of _________ Company:

$_____ of this company's first mortgage bonds came due _________[date], and semiannual interest on the $_____ total outstanding issue came due _________[date], all of which remains unpaid. In order to avoid threatened receivership and foreclosure proceedings under the company's mortgage it is necessary to secure extensions in the time of payment of our past-due bonded and general indebtedness.

We propose to pay at this time the _________ interest due on the bonds, the holders of the $_____ bonds due last _________ agreeing to extend the time of payment to _________[date].

We propose to pay at this time interest for _________ months at _____% per annum from _________[date] on our general indebtedness provided the general creditors will extend their claims to _________, next.

On _________[date], we will first pay and cancel the $_____ bonds which became due last _________ reducing the total outstanding bonds to $_____.

On _________[date], we will pay interest to general creditors for the _________ months ended _________ and pay _____% on the principal of their claims. It is understood that the payment of general creditors' claims shall be made pro rata. The contracts and orders for our material now being filled and the actual business in sight in the company's territory for the balance of this year are such as in our judgment warrant us in saying that the balance of our general claims remaining unpaid after _________[date], can be paid within a reasonable time with interest at _____% in the meantime, payable semiannually.

The _________ Company will conduct its operations during [date] on a cash basis settling its current accounts monthly without adding to the present outstanding indebtedness.

Creditors of both classes in handling the company funds during the extension period will be represented by _________.

[Signature]

We agree to the extension in time of payment of our claim against the _________ Company as set out above.

_________ $_____

_________ $_____

_________ $_____



 
Contributed by
AAA, LLC		  
Total Forms Contributed 69
 

See All AAA, LLC's Forms
 

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Terms Of Use

Submissions to this site, including any legal or business forms, posts, responses to questions or other communications by contributors are not intended as and should not be construed as legal advice. You are strongly encouraged to consult competent legal council before engaging in any action based upon content contained on this site.

These downloadable forms are only for personal use. Retransmission, redistribution, or any other commercial use is prohibited. This includes reposting forms from this site to another site offering free legal or other document forms for download.

Please note that the donator may have included different usage terms regarding this form, and you agree to abide by these terms. It is highly recommended that you have a licensed attorney review any legal documents for which you are searching in order to make sure that your needs are being properly and completely satisfied.

Your use of this site constitutes your acceptance of our terms of use and your agreement to hold this site, its officers, employees and any contributors to this site harmless for any damage you might incur from your use of any submissions contained on this site. If you do not agree to the above terms, please do not proceed.

These forms are provided to assist business owners and others in understanding important points to consider in different transactions. They are offered with the understanding that no legal advice, accounting, or other professional service is being offered by these documents or on this website. Laws vary in the different states. Agreements acceptable in one state may not be enforced the same way under the laws of another state. Also, agreements should relate specifically to the particular facts of each situation. Therefore, it is important to consult legal counsel whenever utilizing these forms. The Forms are not a substitute for legal advice YourFreeLegalForms.com is not engaged in recommending or referring members on the site or making claims about the competence, character or qualifications of its participating members.
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Keywords: Offer,debtor,acceptance,creditors
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