# Creditor's Rights Agreement
**This Creditor's Rights Agreement (the "Agreement") is made and entered into as of [Insert Date], by and between:**
**[Creditor's Name]**
Address: [Insert Address]
City, State, Zip: [Insert City, State, Zip]
Email: [Insert Email Address]
Phone: [Insert Phone Number]
("Creditor")
**AND**
**[Debtor's Name]**
Address: [Insert Address]
City, State, Zip: [Insert City, State, Zip]
Email: [Insert Email Address]
Phone: [Insert Phone Number]
("Debtor")
**WHEREAS,** the Debtor acknowledges owing a sum of money to the Creditor, and the Creditor wishes to outline the terms of the repayment and the rights regarding this debt.
**NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties agree as follows:**
## 1. **Debt Acknowledgment**
The Debtor acknowledges that they owe the Creditor the sum of **[Insert Amount]** (the "Debt"). The Debt is due and payable in accordance with the terms of this Agreement.
## 2. **Payment Terms**
- **Due Date:** The total amount of the Debt shall be paid in full on or before **[Insert Due Date]**.
- **Installments:** If applicable, the Debtor agrees to pay the Debt in installments as follows:
- **[Insert Payment Schedule, e.g., Amount Due and Date]**
## 3. **Interest Rate**
Any unpaid amount of the Debt shall accrue interest at the rate of **[Insert Interest Rate]%** per annum from the Due Date until paid in full.
## 4. **Default**
- **Definition of Default:** The Debtor shall be in default under this Agreement if:
- (a) The Debtor fails to make any payment when due.
- (b) The Debtor files for bankruptcy or has a bankruptcy proceeding brought against them.
- (c) The Debtor fails to comply with any other term of this Agreement.
- **Remedies upon Default:** If the Debtor is in default, the Creditor may:
- (a) Declare the entire outstanding balance due and payable immediately.
- (b) Pursue any legal remedies available to collect the Debt.
## 5. **Rights of the Creditor**
The Creditor shall have the right to exercise any and all rights and remedies available by law in the event of default, including but not limited to:
- Initiating legal action for the enforcement of payment.
- Recovering costs associated with collection, including attorney’s fees.
## 6. **Governing Law**
This Agreement shall be governed by and construed in accordance with the laws of the State of [Insert State].
## 7. **Entire Agreement**
This Agreement constitutes the entire understanding between the parties with respect to the subject matter hereof and supersedes all prior negotiations, representations, and agreements, whether written or oral.
## 8. **Amendments**
This Agreement may only be amended in writing and signed by both parties.
## 9. **Severability**
If any provision of this Agreement is held to be invalid or unenforceable, the remaining provisions shall continue in full force and effect.
## 10. **Notices**
All notices required under this Agreement shall be in writing and shall be deemed effective upon receipt if delivered in person, sent via registered or certified mail, or sent via email with confirmation of receipt.
**IN WITNESS WHEREOF, the parties have executed this Creditor's Rights Agreement as of the day and year first above written.**
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**[Creditor's Name]**
______________________________
Signature
**[Debtor's Name]**
______________________________
Signature
**Date: [Insert Date]**
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*Please consult with a legal professional to adapt the contract to your particular situation and jurisdiction.*