This is an example of a payoff letter used in a syndicated loan transaction. This payoff letter (including the defined terms such as Lenders,.Below you will find links to useful forms and documents for easy and convenient access. The purpose of the letter is to describe why the borrower may not be able to make their mortgage, car loan, or other debt payments. Pay us the premiums, fees and charges for the policy. c. Made out for the account as of December 31.