This DEBT PURCHASE AGREEMENT (“Agreement”) is dated April 23, 2015 and takes effect from the effective date (as defined below) by and between MINERA DEL NORTE, SA. DE CV, a Mexican company (the “creditors”) and MEXICANS – AMERICANS TRADING TOGETHER, INC., a Delaware company (“the buyer”) with respect to the debts of MEXICANS – AMERICANS THINKING TOGETHER-FOUNDATION, INC., a Delaware nonprofit and signatories (the “debtor”). The creditor and the buyer are individually referred to as “party” and collectively “parties.” Debt repayment. It is understood by the parties that the debtor has an unpaid debt to the creditor. In the mutual interest of the parties, they agree that these outstanding claims are considered affordable when the debtor is required to make the payment of __von – Many debt sales will begin as an auction process. A seller will often “pack” an award slice that must be sold and auctioned. Several bidders will then be able, in an often orchestrated process, along with the first comments on this practical note, to make bids covering the fundamental structure of a commercial agreement to sell debt for consumer credit, the roles of the parties and key issues in sales documentation, including how both parties protect themselves from relevant risks. The debt settlement contract is a contract between a creditor and a debtor to renegotiate or compromise a debt. This is usually the case when a person intends to make a final payment for a debt owed. The debtor proposes a payment less than the outstanding (usually between 50% and 70%) if payment can be made immediately. Several pieces of information will be needed to balance the text of this agreement.
In the beginning, we will consolidate the parties who intend to enter into this contract. First, we will identify the creditor. That is, the party that holds the debt. Write down the creditor`s legal name on the first space of the first paragraph. Then, with the second empty line, document the address of the creditor`s street. Finally, the third and fourth empty posts will need the city and the state linked to the creditor`s designated road address. Then we will identify the debtor. This is the party that is required to repay the debts outstanding to the creditor. We must document the same information about the creditor in the rest of this paragraph. Then, if you are looking for the fifth empty space in this paragraph, document the debtor`s full name. Continue the debtor`s report with his address, city and state of residence on the sixth, seventh and eight empty spaces.
In other areas, information is also needed, starting with the date of “I. Validity Date.” This is the date on which the terms of this agreement act or take effect. Save the name of the month, the double-digit day and the double-digit year on the first calendar day during which the agreement becomes active. Then, in “II. Current debt” we will have to document the full current debt that the debtor is obliged to pay the creditor. Use the empty line placed in this statement after the dollar symbol to save this amount of money. The third point, “III settlement Debt,” asks for the adjusted amount of debt that has been set for the purposes of this document, which is made available to the empty line. This is the amount that the debtor has agreed to pay in exchange for the cancellation of the creditor`s debt in the manner defined here.