I am writing this letter to inform that the management of our company has agreed to adhere to loam repayment schedule set by loan restructuring committee formed by your bank. As per the terms and conditions of the agreement I am sending a pay order of $100000 enclosed with this letter as the first instilment of the loan repayment schedule. I would like to mention that the total debt of our company payable to your bank together with interest is $500000.
Our company has agreed to pay the entire debt in five equal instilments of $ 100000 each in a period of three years as per the clause mentioned in the agreement. The next installment will be paid buy us before January 2013.
Hope that you will be satisfied with our loan repayment schedule. I look forward for long term business relationship with your bank and hope that you will support us in our company’s future expansions ventures. I would like to thank you for taking time to consider our application.
General Manager (Finance and accounts department)
MCC Copper Corporation
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