Settlement of Monetary Obligations of Dissolved Corporations.
Section 4
SEC. 4. Settlement of Monetary Obligations of Dissolved Corporations. — All monetary collections, whether secured or unsecured, of the dissolved corporations, duly submitted and verified shall be assured by the New Agrix, Inc., but only in respect of the principal value thereof, except for secured creditors. Payments thereof shall be subject to the following terms and conditions: Secured obligations shall bear interest at the rate of twelve per cent (12%) per annum on outstanding balances and shall be payable in equal annual installments over a 5-year period, commencing one year from date hereof. All mortgages and other liens presently attaching to any of the assets of the dissolved corporations are hereby extinguished. Unsecured obligations shall not bear interest and shall be payable in equal annual installment over a 10-year period, commencing one year from date hereof. All accrued interests, penalties or charges as of date hereof pertaining to the obligations, whether secured or unsecured, shal1 not be recognized.