It is hereby understood and agreed that Lease IT PCL. (“The Insured”) accepts the sum of THB 1,848,960.00 as full settlement and discharge of Claims No. N00903083 (“the Claim”) submitted by the Insured in connection with transactions with Boonpha Contractor Co., Ltd. (“the Debtors”) eligible for insurance under a Credit Insurance For Financial Institutions Policy No. 2005100258 issued by New Hampshire Insurance Company (“the Company”) on November 1,2014 and February 1,2016
In consideration of the settlement of the Claim, the Insured hereby agrees to release the Company from all debts, claims, demands, damages, actions and cause of action of whatever description which have arisen or which may hereafter arise, in consequence of the Claim.
In further consideration of the settlement of the Claim, the Insured agrees to assign, transfer and set over to the Company, their successors or assignees, all rights and title to and all interest in all sums of money now due, or to become due, to the insured from the Debtors under the transactions relating to the Claim No. N00903083 and any and all contracts, security and evidence of indebtedness relating thereto; to have and to hold the same, with full power to collect and enforce the same, for their own use and benefit by any action or proceeding in the name of the Insured or otherwise and to take all actions as they deem proper and necessary in connection herewith. The Insured agrees that it will continue to minimize any loss arising under the Policy pursuant to the Policy Warranties.