Composition between partners and their joint creditors, with covenant not to sue. Agreement made this _________ day of _________, between _________, _________, and _________, all of _________, trading in partnership under the style or firm of _________ and company, called the debtors, and the several persons, companies and partnership firms, being creditors of the debtors in respect of their partnership, whose names and seals are set and affixed in the schedule called the creditors. At a meeting of the creditors held on the _________ day of _________ last, a resolution was passed to the effect that the creditors should accept a composition of _________ cents on the dollar upon the amount and in full discharge of their debts, the composition to be payable in three equal instalments at the respective periods of _________, _________, and _________ calendar months from the _________ day of _________. In part pursuance of the resolution, the debtors have delivered to the creditors respectively, upon their respective execution of these presents, the joint promissory notes of the debtors for the payment of the composition to the creditors respectively, by the instalments and at the times in the resolution. Pursuant to the resolution, and in consideration of the premises, the creditors covenant with the debtors that they, the creditors, unless default is made in meeting any of the notes at maturity, sue, arrest, attach or molest the debtors of any of them, or their or any of their estate, for or on account of the respective debts, and that these presents may be pleaded as a defense to any action or other proceeding which may be brought, instituted, or taken by or on behalf of any of the creditors against the debtors or any of them, or their or any of their estate, in breach of this covenant. If the notes shall be paid at maturity, the debtors shall be absolutely released and discharged from the debts due from them to the creditors respectively, and these presents may accordingly be pleaded as a defense to any action or other proceeding which they the creditors shall have at any time brought, instituted, or taken, or otherwise might at any time bring, institute, or take against the debtors or any of them, or their or any of their estate, for or on account of the debts. It is agreed and declared, that in case default is in meeting any of the notes at maturity, or in case, before the notes shall be fully paid to the creditors they shall present a bankruptcy petition, or make an assignment of their estate for the benefit of their creditors, or any arrangement with their creditors different from this present arrangement, then and in any of those cases the covenants on the part of the creditors shall be at an end and void, and the creditors shall respectively be at liberty to sue for or prove for the full amount of their respective debts less the amount which may have been received on account under these presents or otherwise. Provided further, that these presents shall not prejudice or affect the rights or remedies of any of the creditors against any surety or sureties, or any person or persons, other than the debtors or their respective heirs, executors or administrators, and that for the sake of conformity alone the debtors, or any of them, their or any of their heirs, executors or administrators, may be joined in any actions or other proceedings to be brought, instituted, or taken by any of the creditors against the surety or sureties, or other person or persons, and that these presents shall not prejudice or affect any security which any of the creditors may have or claim for his or her debt. Nevertheless, if the security is of such a nature that the creditor holding or claiming it would by the law of bankruptcy or insolvency in force at the time and place of the execution of these presents, be bound to realize it or deduct its value before proving the debt in bankruptcy against the joint estate of the debtors, then and in that case the creditor, unless he or she gives up the security, shall be entitled to receive the composition upon so much only of the secured debt as may remain after the security has been realized, or after credit has been given for its full value. In witness, etc.