Important Considerations In Loan Payoff Agreements
Law360, New York (October 1, 2014, 11:03 AM EDT) -- A loan payoff agreement or payoff letter is a customary loan transaction document requested by the borrower or borrower agent from an incumbent administrative agent (on behalf of the lender group) or a lender, detailing termination of such borrower’s credit facilities. A payoff letter generally specifies the amount necessary to repay (in full in cash, as of a date certain) the existing obligations of the borrower(s) and the other loan parties, and the terms and conditions upon which the incumbent administrative agent (on behalf of the lender group) or lender agrees to terminate the loan documents and terminate and release its...
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