This is an example of a payoff letter used in a syndicated loan transaction. This payoff letter (including the defined terms such as Lenders,.Edit, sign, and share lien payoff letter template online. No need to install software, just go to DocHub, and sign up instantly and for free. ______ For a Draw to Term Loan, the Cash Collateral secures the Draw to Term. The Uniform Commercial Code (UCC) online service for customers filing financial statements and liens through the Secretary of State. Promissory Note Michigan: Is It Necessary? Most financial transactions require the use of a standard promissory note. It is a simple agreement that includes the amount owed, interest rate, and payment schedule. A Michigan secured promissory note allows a debtor and creditor to negotiate loan terms; principally, the type of collateral posted in case of default.