This is an example of a payoff letter used in a syndicated loan transaction. This payoff letter (including the defined terms such as Lenders,.A payoff agreement is an informal contract in which a creditor agrees to accept the balance of a debt owed as full payment. Should an NSA sign a form requiring the signature of the. "closing" or "settlement" agent? : This payoff letter sets forth payoff arrangements for a loan facility among borrowers, guarantors, a syndicate of lenders, and an agent for the syndicate.