Debtor’s Consent to Acceptance of Collateral
Date:
Security Agreement
Date:
Lender (Secured Party):
Debtor:
Collateral:
Note
Date:
Amount:
Borrower (Obligor):
[Secondary Obligor:]
[Debtor/Secondary Obligor] acknowledges receipt of a proposal from Lender to accept the collateral in [full/partial] satisfaction of the obligation. [Debtor/Secondary Obligor] consents to the acceptance of the collateral as proposed by Lender.
[Debtor/Secondary Obligor] acknowledges that a default has occurred under the Note and the Security Agreement [./and/,] [include if the collateral is consumer goods: that Debtor is not in possession of the collateral at this time[./, and]] [include if applicable: that 60 percent of the cash price has not been paid in a consumer purchase-money transaction or 60 percent of the principal amount of the obligation has not been paid in a consumer non-purchase-money transaction]. [If 60 percent of the cash price has been paid in a consumer purchase-money transaction or 60 percent of the principal amount of the obligation has been paid in a consumer non-purchase-money transaction, include: Further, [Debtor/Secondary Obligor] waives its right to require disposition of the collateral within ninety days pursuant to section 9.620(e) of the Texas Business and Commerce Code.]
[Name of debtor or secondary obligor]