Agreement for Creditors' Forbearance and Supervision

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This Agreement for Creditors' Forbearance and Supervision of Debtor's Business is for use when creditors agree to postpone payment of a debt and supervise how the business should be run.

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This Agreement for Creditors' Forbearance and Supervision of Debtor's Business is between the partners of a business and its creditors who agree to forbear payment of debts until such time as assets are sufficient.

This agreement contains a description of the debts owed, appointment of a creditors' committee and general powers of this committee. It also sets out the specific obligations of the partners and partnership, how debts will be liquidated and the priority of any future debts owed to the creditors.

This Agreement for Creditors' Forbearance and Supervision of Debtor's Business contains the following provisions:
  • Parties:Sets forth the names of the partners, partnership and the creditors Identifies the advertiser and broadcast company;
  • Debts: Describes the debts owed to creditors on an exhibit attached to the agreement;
  • Creditors Committee: Names and creditor affiliations of the initial committee. It also sets forth how any vacancies on this committee will be filled;
  • Obligations: Sets forth in specific detail the obligations of the partnership and its partners in reference to committee needs;
  • Forbearance: Sets out that all creditors agree to forbear the debts for a certain period of time;
  • Termination of Forbearance: Committee has the right to terminate the forbearance period if certain events occur, such as bankruptcy filing or legal proceedings brought by a secured creditor;
  • Signatures: This agreement must be signed by the partners, partnership, creditors and a representative of the creditors' committee.

Protect yourself and your rights by using our attorney-prepared forms.

This attorney-prepared packet contains:
  1. General Information
  2. Instructions and Checklist
  3. Agreement for Creditors' Forbearance and Supervision of Debtor's Business
State Law Compliance: This form complies with the laws of all states
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
 
Agreement for Creditors' Forbearance
and Supervision of Debtor's Business

 

 

This agreement is entered into __________________[date] by __________________ and __________________[names of partners] (the Partners”), individually and doing business as __________________[name of partnership] (the Partnership”), a ___________ [state] general partnership, and various of their creditors, whose names and signatures (personally or by their authorized agents or representatives) appear at the end of this document (the Creditors”).
 
RECITALS
A. The Partnership has been and is now engaged in the business of ________________ [describe type of business], is indebted to the Creditors in various sums, and by reason of the insufficiency of ready funds is and will be unable to meet its debts as they mature.
B. The Partnership has requested forbearance on the part of the Creditors for the time and under the terms and conditions set forth in this agreement, in the belief that the Partnerships assets eventually will be sufficient to meet all of its outstanding obligations and liabilities, and that forbearance will tend to bring about more prompt payment in full of the indebtedness and will not adversely affect the interests of the Creditors.
C. The primary purpose of this agreement is to liquidate the existing indebtedness of the Partnership in whatever lawful manner and at whatever times the Committee in its discretion deems most beneficial to the interest of the Creditors.
THE PARTIES THEREFORE AGREE AS FOLLOWS:
1. Description of Debts. The Partnership owes debts to the Creditors[, and to certain others who are not signatories to this agreement,] in the amounts set forth in Exhibit A attached to this agreement and incorporated by reference. The Partnership represents and warrants that it does not owe any debts, including debts for taxes, unemployment insurance contributions, or withholding tax payments, that are not set forth in this agreement.
2. Appointment of Committee. __________________[names and creditor affiliations of initial committee members], and their successors appointed as provided by this agreement, are designated by the Creditors and accepted by the Partnership as a creditors committee (the Committee”) under this agreement.
3. Committee Vacancies. Any vacancy on the Committee occurring by resignation, death, or otherwise may be filled as follows: ________________________________________ [specify who will succeed each committee member, or otherwise describe how successors will be selected]. The party appointing the successor of any member of the Committee shall submit to the Committee a signed written notice of the appointment. If a successor is not appointed in accordance with the foregoing procedure within [number] business days after notice from the Committee to make the appointment, the chairperson of the Committee or the Committee may designate a successor. Every successor shall have all the rights, powers, duties, and immunities of a member under this agreement, to the same extent and with the same effect as if the successor were named in this agreement as a member of the Committee. Any member of the Committee may resign at any time by submitting to the Committee a written notice of resignation.
4. Committee Procedure. The Committee shall adopt rules of procedure as deemed necessary by the Committee. It may choose a member to act as chairperson and may choose a member, or appoint any person, as secretary. Action by the Committee shall be taken by a majority of the members, either at a meeting or in writing without a meeting. Members of the Committee shall not receive compensation for their services.
5. Committee Agents. The Committee may employ, fix the compensation of, and pay attorneys, accountants, custodians, or other representatives to supervise the affairs of the Partnership, and other agents who may do or perform any acts on behalf of the Committee that it is authorized to perform. The Committee shall be reimbursed for all legal or other expenses incurred by it in creating, bringing into operation, or carrying out the provisions of this agreement. It shall also be reimbursed for reasonable compensation paid for the services of all attorneys, accountants, and agents employed by it. The Committee shall have the power to fix reasonable compensation of counsel employed by the Partnership in connection with this agreement. The Partnership shall pay the foregoing expenses and compensation on the demand of the Committee and prior to the payment of existing indebtedness.
6. General Powers of Committee. In furtherance of the purpose of this agreement and in addition to the Committees rights and duties conferred or imposed by any other provision of this agreement, the Committee is empowered to do all things on behalf of the Creditors permitted under the terms of this agreement that in its absolute discretion it deems necessary or expedient for the maintenance and protection of the Creditors rights and interests. Without limiting the foregoing, the Committee shall have power to do any of the following, any of which shall be binding on the Creditors:(a) Inspect the Partnerships books and records and conduct other investigations of the Partnerships business affairs and interest;(b) Suggest, prescribe, or approve policies governing the collection of the Partnerships assets;(c) Approve or disapprove all proposed employment arrangements, contracts, and commitments to be made by the Partnership;(d) Bring any suits, actions, or other proceedings in the name of the Committee, or in the name of the Partnership, that the Committee determines in its absolute discretion to be in the best interests of the Creditors;(e) Recommend or disapprove the sale of any or all of the Partnerships assets and goodwill, either as a going concern, in liquidation, or otherwise, or any other arrangements and agreements in reference to the Partnerships assets, the carrying on of the Partnerships business, the curtailing of that business, the liquidation of the Partnerships indebtedness, the liquidation of the Partnerships assets, and otherwise;(f) Determine when, under the provisions of this agreement, the existing indebtedness shall be declared and become due and payable, and make distributions to the Creditors as provided in this agreement; and(g) Authorize and instruct the Partnership to pay, adjust, or settle any claim not exceeding $____________, owed to any creditor of the Partnership, and settle any dispute as to the amount of any claim or demand against the Partnership.
7. Obligation of Partnership. The Partnership shall conduct its business and affairs so as fully to preserve the rights and interests of the Creditors against it and in and to the assets of the Partnership, in accordance with the terms of this agreement. Until payment of the existing indebtedness in full, the Partnership shall make no payment on account of capital, shall create no liens or charges on, or make any sale or other disposition of, any of its assets, and shall make no expenditure and incur no liability except with the approval of the Committee. The Partnership shall follow the suggestions and directions of the Committee in connection with the operation of the business; however, nothing in this agreement shall be construed to make the Committee or any of its members liable for any liability incurred by reason of those suggestions and directions.
8. Obligation of Partners. The Partners, or any of the Partners, at any time the Committee may request, shall consult and confer with the Committee on any matters concerning the Partnerships business, property, and affairs. The Committee and its attorneys, accountants, and agents shall at all reasonable times have full access to the Partnerships books and records. The Partnership shall submit to the Committee, at its request at any time, full and accurate reports of its business operations and financial condition. The Partnership shall also at the request of the Committee, and at its own cost and expense, cause an audit of its business and affairs to be made by an accountant acceptable to the Committee, and promptly furnish a copy to the Committee and its members.
9. Liquidation of Debts. The Partnership shall liquidate the existing indebtedness owing to the Creditors by proportional payments at any times and in any amounts that the Committee in its discretion determines and directs. Nothing contained in this agreement shall be construed to require any of the Creditors to account for any security of any kind acquired by the Creditor before the date of this agreement, or for the proceeds ultimately realized from any such security, regardless of when the proceeds are realized. For purposes of this agreement, the claim of any of the Creditors holding security shall be deemed to be equal to the excess of the full debt over the value of the security. On payment in full by or on behalf of the Partnership to the Creditors of the amounts of their respective claims against the Partnership, and on payment of all other amounts required under the terms of this agreement, this agreement shall terminate.
10. Priority of Future Debts. The purchases made by the Partnership, and any loans made to the Partnership on and after the date of execution of this agreement with the approval of the Committee, shall have priority over the indebtedness owing to the Creditors as of the date of execution of this agreement.
11. Forbearance by Creditors. Each of the Creditors agrees with the others, and with the Committee, but not with any other parties to this agreement, to forbear for _______________ [period, e.g., one year] from the date of execution of this agreement (the Period of Forbearance”) to initiate or prosecute, or otherwise enforce, any obligation of the Partnership now or hereafter existing, by any suit or action against the Partnership, except as provided in Paragraph 13.
12. Reservation of Rights Against Third Parties. Neither the forbearance of the Creditors nor the extension of time allowed to the Partnership by the terms of this agreement, nor any representations, covenants, or any other provision of this agreement, shall operate as a waiver or release with respect to any persons, firms, corporations, or other entities primarily or secondarily liable to the Creditors as endorsers or guarantors, or as undisclosed partners, or in any other way, and obligations of those parties shall continue in effect to the same extent as though this agreement did not exist. As to those parties, the Creditors expressly reserve the full right of recourse.
13. Termination and Extension of Period of Forbearance. (a) The Committee may terminate the Period of Forbearance by giving a written termination notice to the Partnership and to the Creditors, on the occurrence of any of the following:
(1)  Commencement of any voluntary or involuntary proceedings against the Partnership or any of the Partners under the Bankruptcy Code;
(2)  Commencement of any action against the Partnership or any of the Partners, at law or in equity, to collect or enforce any claim exceeding $____________;
(3)  Commencement of any proceedings by a secured creditor to foreclose any lien against any assets of the Partnership or of any of the Partners with depreciated book value exceeding $____________; or
(4)  Failure or refusal of the Partnership or any of the Partners to comply with any obligation imposed under this agreement.
(5) On the vote or written consent of at least ____________ percent in number and in amount of claims of the Creditors executing this agreement, the Period of Forbearance may be terminated, or it may be extended for one additional six-month period beyond that expiration date. The Creditors shall give written notice of either action to the Partnership within 48 hours of the action. The early termination of the Period of Forbearance shall take effect ____________________ [specify when action is effective]. If the Creditors elect to extend the Period of Forbearance, they shall provide the Partnership with the required notice of election at least 30 days before the expiration date set forth in Paragraph 11.
14. Limitation of Committees Acts and Liability. In acting under this agreement, the Committee shall be deemed to act as agent for the Creditors, and not for any other person, firm, or corporation. No provision of this agreement shall be construed to vest in the Committee title to any assets of the Partnership, nor shall the Committee be deemed to be either a trustee or an assignee of any assets of the Partnership. Neither the Committee nor any of its members shall be responsible in any manner for the performance of this agreement on the part of any of the parties to this agreement, for the accomplishment of any purpose of this agreement, for the results of anything done pursuant to this agreement, for any mistakes of fact or in law, for any negligence, errors, or omissions in connection with this agreement, or for the act or omission of any agent, employee, or person to whom power or authority may be delegated in good faith under this agreement. No member of the Committee shall be liable for the act or omission of any other member of the Committee, or for the members own acts except affirmative bad faith or willful misconduct.
15. Waiver. The waiver or release by the Committee or the Creditors of performance by the Partnership under any term of this agreement shall not operate as a waiver or release of performance under other terms of this agreement.
16. Additional Instruments. The Partnership shall execute any agreements and other instruments that may be necessary to effectuate the purposes of this agreement.
17. Notice. Any notice that may or must be given under this agreement shall be sufficient if and when mailed by first class mail, postage prepaid, addressed as follows: [specify for each party].
18. Effective Date of Agreement. This agreement shall be immediately operative as to all parties executing this agreement. However, the Committee may terminate this agreement and release all parties from their obligations under it unless at least ____________ percent of all creditors of the Partnership in number and amount of claims, shall have executed this agreement not later than __________________[date].
19. Binding Effect. This agreement, when effective, shall be binding on the parties and their respective legal representatives, successors, and assigns.
20. Entire Agreement. This agreement supersedes all agreements previously made between the parties relating to its subject matter. There are no other understandings or agreements between them.
21. Non-waiver. No delay or failure by a party to exercise any right under this agreement, and no partial or single exercise of that right, shall constitute a waiver of that or any other right, unless otherwise expressly provided in this agreement.
22. Headings. Headings in this agreement are for convenience only and shall not be used to interpret or construe its provisions.
23. Governing Law. This agreement shall be construed in accordance with the laws of the state of ___________ [state].
24. Counterparts. This agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.
25. Power and Authority to Execute Agreement. Each party has power to execute this agreement. Each party warrants that the individual signing this document as or for that party is duly and fully empowered and authorized to sign for the purpose of executing this agreement and binding that party to the terms of this agreement.
Executed __________________[date].
 
PARTNERS
__________________ [signature of partner]
 [typed name]
 
__________________ [signature of partner]
 [typed name]
 
PARTNERSHIP
__________________ [name]
 By __________________ [signature of partner]
 [typed name], Partner
 
 
CREDITORS COMMITTEE
__________________ [signature of member]
 [typed name]
 
__________________ [signature of member]
 [typed name]
 
__________________ [signature of member]
 [typed name]
 
CREDITORS
 
[Add signature blocks for each creditor as follows:]
__________________ [name]
 
 
By __________________ [signature]
 [typed name and title]
 
 
 
 
 
 
 
 
Number of Pages10
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#43664
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
 
Agreement for Creditors' Forbearance
and Supervision of Debtor's Business

 

 

This agreement is entered into __________________[date] by __________________ and __________________[names of partners] (the Partners”), individually and doing business as __________________[name of partnership] (the Partnership”), a ___________ [state] general partnership, and various of their creditors, whose names and signatures (personally or by their authorized agents or representatives) appear at the end of this document (the Creditors”).
 
RECITALS
A. The Partnership has been and is now engaged in the business of ________________ [describe type of business], is indebted to the Creditors in various sums, and by reason of the insufficiency of ready funds is and will be unable to meet its debts as they mature.
B. The Partnership has requested forbearance on the part of the Creditors for the time and under the terms and conditions set forth in this agreement, in the belief that the Partnerships assets eventually will be sufficient to meet all of its outstanding obligations and liabilities, and that forbearance will tend to bring about more prompt payment in full of the indebtedness and will not adversely affect the interests of the Creditors.
C. The primary purpose of this agreement is to liquidate the existing indebtedness of the Partnership in whatever lawful manner and at whatever times the Committee in its discretion deems most beneficial to the interest of the Creditors.
THE PARTIES THEREFORE AGREE AS FOLLOWS:
1. Description of Debts. The Partnership owes debts to the Creditors[, and to certain others who are not signatories to this agreement,] in the amounts set forth in Exhibit A attached to this agreement and incorporated by reference. The Partnership represents and warrants that it does not owe any debts, including debts for taxes, unemployment insurance contributions, or withholding tax payments, that are not set forth in this agreement.
2. Appointment of Committee. __________________[names and creditor affiliations of initial committee members], and their successors appointed as provided by this agreement, are designated by the Creditors and accepted by the Partnership as a creditors committee (the Committee”) under this agreement.
3. Committee Vacancies. Any vacancy on the Committee occurring by resignation, death, or otherwise may be filled as follows: ________________________________________ [specify who will succeed each committee member, or otherwise describe how successors will be selected]. The party appointing the successor of any member of the Committee shall submit to the Committee a signed written notice of the appointment. If a successor is not appointed in accordance with the foregoing procedure within [number] business days after notice from the Committee to make the appointment, the chairperson of the Committee or the Committee may designate a successor. Every successor shall have all the rights, powers, duties, and immunities of a member under this agreement, to the same extent and with the same effect as if the successor were named in this agreement as a member of the Committee. Any member of the Committee may resign at any time by submitting to the Committee a written notice of resignation.
4. Committee Procedure. The Committee shall adopt rules of procedure as deemed necessary by the Committee. It may choose a member to act as chairperson and may choose a member, or appoint any person, as secretary. Action by the Committee shall be taken by a majority of the members, either at a meeting or in writing without a meeting. Members of the Committee shall not receive compensation for their services.
5. Committee Agents. The Committee may employ, fix the compensation of, and pay attorneys, accountants, custodians, or other representatives to supervise the affairs of the Partnership, and other agents who may do or perform any acts on behalf of the Committee that it is authorized to perform. The Committee shall be reimbursed for all legal or other expenses incurred by it in creating, bringing into operation, or carrying out the provisions of this agreement. It shall also be reimbursed for reasonable compensation paid for the services of all attorneys, accountants, and agents employed by it. The Committee shall have the power to fix reasonable compensation of counsel employed by the Partnership in connection with this agreement. The Partnership shall pay the foregoing expenses and compensation on the demand of the Committee and prior to the payment of existing indebtedness.
6. General Powers of Committee. In furtherance of the purpose of this agreement and in addition to the Committees rights and duties conferred or imposed by any other provision of this agreement, the Committee is empowered to do all things on behalf of the Creditors permitted under the terms of this agreement that in its absolute discretion it deems necessary or expedient for the maintenance and protection of the Creditors rights and interests. Without limiting the foregoing, the Committee shall have power to do any of the following, any of which shall be binding on the Creditors:(a) Inspect the Partnerships books and records and conduct other investigations of the Partnerships business affairs and interest;(b) Suggest, prescribe, or approve policies governing the collection of the Partnerships assets;(c) Approve or disapprove all proposed employment arrangements, contracts, and commitments to be made by the Partnership;(d) Bring any suits, actions, or other proceedings in the name of the Committee, or in the name of the Partnership, that the Committee determines in its absolute discretion to be in the best interests of the Creditors;(e) Recommend or disapprove the sale of any or all of the Partnerships assets and goodwill, either as a going concern, in liquidation, or otherwise, or any other arrangements and agreements in reference to the Partnerships assets, the carrying on of the Partnerships business, the curtailing of that business, the liquidation of the Partnerships indebtedness, the liquidation of the Partnerships assets, and otherwise;(f) Determine when, under the provisions of this agreement, the existing indebtedness shall be declared and become due and payable, and make distributions to the Creditors as provided in this agreement; and(g) Authorize and instruct the Partnership to pay, adjust, or settle any claim not exceeding $____________, owed to any creditor of the Partnership, and settle any dispute as to the amount of any claim or demand against the Partnership.
7. Obligation of Partnership. The Partnership shall conduct its business and affairs so as fully to preserve the rights and interests of the Creditors against it and in and to the assets of the Partnership, in accordance with the terms of this agreement. Until payment of the existing indebtedness in full, the Partnership shall make no payment on account of capital, shall create no liens or charges on, or make any sale or other disposition of, any of its assets, and shall make no expenditure and incur no liability except with the approval of the Committee. The Partnership shall follow the suggestions and directions of the Committee in connection with the operation of the business; however, nothing in this agreement shall be construed to make the Committee or any of its members liable for any liability incurred by reason of those suggestions and directions.
8. Obligation of Partners. The Partners, or any of the Partners, at any time the Committee may request, shall consult and confer with the Committee on any matters concerning the Partnerships business, property, and affairs. The Committee and its attorneys, accountants, and agents shall at all reasonable times have full access to the Partnerships books and records. The Partnership shall submit to the Committee, at its request at any time, full and accurate reports of its business operations and financial condition. The Partnership shall also at the request of the Committee, and at its own cost and expense, cause an audit of its business and affairs to be made by an accountant acceptable to the Committee, and promptly furnish a copy to the Committee and its members.
9. Liquidation of Debts. The Partnership shall liquidate the existing indebtedness owing to the Creditors by proportional payments at any times and in any amounts that the Committee in its discretion determines and directs. Nothing contained in this agreement shall be construed to require any of the Creditors to account for any security of any kind acquired by the Creditor before the date of this agreement, or for the proceeds ultimately realized from any such security, regardless of when the proceeds are realized. For purposes of this agreement, the claim of any of the Creditors holding security shall be deemed to be equal to the excess of the full debt over the value of the security. On payment in full by or on behalf of the Partnership to the Creditors of the amounts of their respective claims against the Partnership, and on payment of all other amounts required under the terms of this agreement, this agreement shall terminate.
10. Priority of Future Debts. The purchases made by the Partnership, and any loans made to the Partnership on and after the date of execution of this agreement with the approval of the Committee, shall have priority over the indebtedness owing to the Creditors as of the date of execution of this agreement.
11. Forbearance by Creditors. Each of the Creditors agrees with the others, and with the Committee, but not with any other parties to this agreement, to forbear for _______________ [period, e.g., one year] from the date of execution of this agreement (the Period of Forbearance”) to initiate or prosecute, or otherwise enforce, any obligation of the Partnership now or hereafter existing, by any suit or action against the Partnership, except as provided in Paragraph 13.
12. Reservation of Rights Against Third Parties. Neither the forbearance of the Creditors nor the extension of time allowed to the Partnership by the terms of this agreement, nor any representations, covenants, or any other provision of this agreement, shall operate as a waiver or release with respect to any persons, firms, corporations, or other entities primarily or secondarily liable to the Creditors as endorsers or guarantors, or as undisclosed partners, or in any other way, and obligations of those parties shall continue in effect to the same extent as though this agreement did not exist. As to those parties, the Creditors expressly reserve the full right of recourse.
13. Termination and Extension of Period of Forbearance. (a) The Committee may terminate the Period of Forbearance by giving a written termination notice to the Partnership and to the Creditors, on the occurrence of any of the following:
(1)  Commencement of any voluntary or involuntary proceedings against the Partnership or any of the Partners under the Bankruptcy Code;
(2)  Commencement of any action against the Partnership or any of the Partners, at law or in equity, to collect or enforce any claim exceeding $____________;
(3)  Commencement of any proceedings by a secured creditor to foreclose any lien against any assets of the Partnership or of any of the Partners with depreciated book value exceeding $____________; or
(4)  Failure or refusal of the Partnership or any of the Partners to comply with any obligation imposed under this agreement.
(5) On the vote or written consent of at least ____________ percent in number and in amount of claims of the Creditors executing this agreement, the Period of Forbearance may be terminated, or it may be extended for one additional six-month period beyond that expiration date. The Creditors shall give written notice of either action to the Partnership within 48 hours of the action. The early termination of the Period of Forbearance shall take effect ____________________ [specify when action is effective]. If the Creditors elect to extend the Period of Forbearance, they shall provide the Partnership with the required notice of election at least 30 days before the expiration date set forth in Paragraph 11.
14. Limitation of Committees Acts and Liability. In acting under this agreement, the Committee shall be deemed to act as agent for the Creditors, and not for any other person, firm, or corporation. No provision of this agreement shall be construed to vest in the Committee title to any assets of the Partnership, nor shall the Committee be deemed to be either a trustee or an assignee of any assets of the Partnership. Neither the Committee nor any of its members shall be responsible in any manner for the performance of this agreement on the part of any of the parties to this agreement, for the accomplishment of any purpose of this agreement, for the results of anything done pursuant to this agreement, for any mistakes of fact or in law, for any negligence, errors, or omissions in connection with this agreement, or for the act or omission of any agent, employee, or person to whom power or authority may be delegated in good faith under this agreement. No member of the Committee shall be liable for the act or omission of any other member of the Committee, or for the members own acts except affirmative bad faith or willful misconduct.
15. Waiver. The waiver or release by the Committee or the Creditors of performance by the Partnership under any term of this agreement shall not operate as a waiver or release of performance under other terms of this agreement.
16. Additional Instruments. The Partnership shall execute any agreements and other instruments that may be necessary to effectuate the purposes of this agreement.
17. Notice. Any notice that may or must be given under this agreement shall be sufficient if and when mailed by first class mail, postage prepaid, addressed as follows: [specify for each party].
18. Effective Date of Agreement. This agreement shall be immediately operative as to all parties executing this agreement. However, the Committee may terminate this agreement and release all parties from their obligations under it unless at least ____________ percent of all creditors of the Partnership in number and amount of claims, shall have executed this agreement not later than __________________[date].
19. Binding Effect. This agreement, when effective, shall be binding on the parties and their respective legal representatives, successors, and assigns.
20. Entire Agreement. This agreement supersedes all agreements previously made between the parties relating to its subject matter. There are no other understandings or agreements between them.
21. Non-waiver. No delay or failure by a party to exercise any right under this agreement, and no partial or single exercise of that right, shall constitute a waiver of that or any other right, unless otherwise expressly provided in this agreement.
22. Headings. Headings in this agreement are for convenience only and shall not be used to interpret or construe its provisions.
23. Governing Law. This agreement shall be construed in accordance with the laws of the state of ___________ [state].
24. Counterparts. This agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.
25. Power and Authority to Execute Agreement. Each party has power to execute this agreement. Each party warrants that the individual signing this document as or for that party is duly and fully empowered and authorized to sign for the purpose of executing this agreement and binding that party to the terms of this agreement.
Executed __________________[date].
 
PARTNERS
__________________ [signature of partner]
 [typed name]
 
__________________ [signature of partner]
 [typed name]
 
PARTNERSHIP
__________________ [name]
 By __________________ [signature of partner]
 [typed name], Partner
 
 
CREDITORS COMMITTEE
__________________ [signature of member]
 [typed name]
 
__________________ [signature of member]
 [typed name]
 
__________________ [signature of member]
 [typed name]
 
CREDITORS
 
[Add signature blocks for each creditor as follows:]
__________________ [name]
 
 
By __________________ [signature]
 [typed name and title]
 
 
 
 
 
 
 
 

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