Payoff Letter (Continuing Letters of Credit) | Practical Law

Payoff Letter (Continuing Letters of Credit) | Practical Law

This is a standard form of payoff letter, specifically for use in situations where there are continuing letters of credit.  A payoff letter is typically requested by a borrower from its lender in connection with the repayment of the borrower's outstanding loans to the lender and termination of the loan agreement. If letters of credit were issued under the loan agreement that survive its termination, the payoff letter must reflect this and include provisions addressing ongoing matters relating to the continuing letters of credit. This standard document has integrated notes with important explanations and drafting and negotiating tips.

Payoff Letter (Continuing Letters of Credit)

Practical Law Standard Document 4-508-2282 (Approx. 10 pages)

Payoff Letter (Continuing Letters of Credit)

by Practical Law Finance
Practical Law Finance would like to thank Yair Y. Galil of Gibson, Dunn & Crutcher LLP for contributing certain of the provisions in this Standard Document.
Maintained • USA (National/Federal)
This is a standard form of payoff letter, specifically for use in situations where there are continuing letters of credit. A payoff letter is typically requested by a borrower from its lender in connection with the repayment of the borrower's outstanding loans to the lender and termination of the loan agreement. If letters of credit were issued under the loan agreement that survive its termination, the payoff letter must reflect this and include provisions addressing ongoing matters relating to the continuing letters of credit. This standard document has integrated notes with important explanations and drafting and negotiating tips.