Notice of Private Sale of Collateral

Company Letterhead

{{company_name}}

{{company_address}}

Phone: {{phone}}

Email: {{email}}

Website: {{website}}

Date and Reference

Date: {{date}}

Our Ref: {{our_reference_number}}

Debtor Information

To: {{debtor_name}}

{{debtor_address}}

Subject: Notice of Private Sale of Collateral

Dear {{debtor_name}},

1. Notification of Default

This serves as a formal notification that you are in default of your obligations under the loan agreement dated {{loan_agreement_date}} (the “Loan Agreement”) between {{company_name}} and yourself, pertaining to the principal amount of {{loan_amount}}.

2. Description of Collateral

The collateral securing the aforementioned Loan Agreement is described as follows:

{{collateral_description}}

3. Intention to Sell Collateral Privately

Please be advised that {{company_name}} intends to sell the collateral described above by private sale. The anticipated date of the sale is on or after {{proposed_sale_date}}. The proceeds from this sale will be applied against your outstanding debt.

4. Right to Redeem Collateral

You have the right to redeem the collateral at any time before the private sale by paying the full outstanding balance of the debt, including all principal, accrued interest, and any reasonable expenses incurred by {{company_name}} in the process of repossessing, preserving, and preparing the collateral for sale. The current outstanding balance as of {{date}} is {{outstanding_balance}}.

5. Deficiency or Surplus

You are hereby notified that if the proceeds from the private sale are insufficient to cover the outstanding debt and associated costs, you will remain liable for any deficiency. Conversely, if there is a surplus, it will be remitted to you in accordance with applicable law.

6. Contact Information

For further information regarding this notice or to discuss the redemption of the collateral, please contact:

Contact Person: {{contact_person}}

Phone: {{contact_phone}}

Email: {{contact_email}}

Signature

Sincerely,

_____________________________

{{authorised_signature}}

{{authorised_name}}

{{authorised_title}}

{{company_name}}