Agreement to transfer collateral and restructure loan is a legal provision under which the borrower of a particular loan agrees to transfer all the interests owned in the collateral assigned in favor of the lender so as to enable repayment and restructuring exercise of the remaining loan.
Many a times when the borrower defaults on loan repayment then in order to prevent the legal proceedings he agrees to effect a sale and transfer process in favor of the lender and enter into a restructuring arrangement for the balance loan. The agreement should consist of clause such as transfer of the collateral in favor of the lender, the price at which the lender has agreed to accept the collateral transfer, the terms and conditions of the restructured loan, the time period and repayment plan, the revised rights of each party and legal recourse available to each party.
Sample for Agreements to transfer collateral and restructure loan
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