Agreement for operation of debtor's business by creditors' committee.

This agreement made at _________, on _________[date], between _________, called debtor, _________, called committee, and _________ called other creditors, as follows:

Debtor is now engaged in the _________ business in _________ and in the conduct of that business has incurred and now owes various sums of money to committee and other creditors, which debtor is unable to pay currently as demanded; and

At a meeting of committee and other creditors of debtor held at the office of debtor in _________ on _________[date], (at which meeting creditors whose claims aggregate more than _____% of debtor's whole indebtedness were present or represented), his [her] affairs were discussed and fully considered, and it was unanimously agreed by those present that it would be for the best interest of all creditors to operate debtor's business under the supervision of a creditor's committee, and at the meeting committee was named to act as the committee on the conditions set forth in this agreement; and

Debtor also being present at the meeting agreed to the arrangement and further agreed to transfer to committee, the parcels of real estate more particularly described below:

Therefore, in order to make effective the plans of creditors and debtors as agreed on at the meeting, and in consideration of the mutual covenants, promises and conditions contained in this agreement, the parties agree as follows:

1. Debtor assigns and transfers to committee all his [her] assets of every kind and description wherever situate; and all cash on hand and in bank, accounts, bills and notes receivable; all contracts and rights in contracts of any kind; all equipment, tools, machinery, merchandise, stock on hand, fixtures, automobiles, trucks, and every item of value now owned by him [her] or to which he [she] is entitled.

2. Debtor agrees to transfer to committee title in fee simple to all that tract of land situated in the County of _________, State of _________, more particularly described as follows, namely: [legal description], together with the improvements on and appurtenances to the property subject to _________[describe mortgage or mortgages, if any].

3. Assets shall be held, controlled and disposed of by committee for the benefit of committee and other creditors and according to the terms and conditions of this agreement.

4. When this agreement becomes effective, committee shall immediately take control of the business of debtor and proceed to operate the business, and in so doing shall convert all debtor's assets into cash as promptly as may be done in their judgment for the best interests of all creditors.

5. During the period of operation of the business, committee shall have full power and authority: _________[specify powers].

6. This agreement shall become binding and effective when it has been executed by debtor and by creditors whose claims amount to _____% of debtor's indebtedness.

7. Committee and other creditors extend the due date of all their claims or demands to _________[date], and further agree that they will not enter or continue any suit, claim or demand against debtor or committee for the recovery of any amount due to either debtor or committee for the recovery of any amount due to either debtor or committee on any claim incurred prior to the execution of this agreement. On or before _________[date], committee shall have the right to extend the time within which to pay the claims of committee and other creditors or any unpaid balance to a date not later than _________[date], and the maturity date of the claims or the unpaid portion of the claims may be further extended to any subsequent