License to insolvent debtor to continue business, with covenant by creditors not to sue. The creditors of _________, whose names are contained in the schedule attached to and made a part of this agreement, respectively grant to debtor free and absolute liberty and license, for _________ months from the date of this agreement, to manage and carry on his [her] trade or business of a merchant, and to collect, realize, and dispose of, all the real and personal estate of which he [she] is now seized, possessed, or entitled, with a view to the gradual payment of his [her] debts, but subject nevertheless to the provisos contained below. We mutually agree with each other, and respectively covenant with the debtor, that we will not, during the continuance of the letter of license, sue or attach the debtor or his [her] estate for or on account of the debts set opposite to our respective names in the schedule, and that this agreement may be pleaded as a defense to any action or other proceeding which may be instituted by us against the debtor or his [her] estate in breach of this covenant. We mutually agree as follows: 1. All moneys from time to time realized from the carrying on of the business, or from the estate (except so much as shall be actually required for current expenses of the business), shall be paid into the _________ Bank to the joint account of _________ of _________, as a committee acting on behalf of the general body of creditors, and shall be applied in payment of dividends on our debts in such manner and at such times as the committee shall think fit. 2. Nothing in this agreement shall prejudice or affect our rights against sureties, or against any person, except the debtor, or our rights or remedies in respect of securities held by us for our debts, or any part of our debts, but all rights and remedies, and generally all our rights and claims, as creditors of the debtor, shall have the same force, and be subject to the same rules and obligations (as nearly as may be), as if the estate of the debtor were being administered in bankruptcy. 3. If during the _________ months the debtor shall be declared bankrupt or insolvent in proceedings commenced by or against him [her] in a court of bankruptcy or insolvency, or the committee shall certify that owing to the unsatisfactory condition and prospects of the business, or for any other reason, this agreement will cease, and the license and covenants on our part contained above shall be absolutely at an end and void. [Date and signatures]