This is an example of a payoff letter used in a syndicated loan transaction. This payoff letter (including the defined terms such as Lenders,.Information and instructions, including forms for Uniform Commercial Code (UCC) filings with the Utah Division of Corporations and Commercial Code. What is a Payoff Agreement? A payoff agreement is an informal contract in which a creditor agrees to accept the balance of a debt owed as full payment. To apply for a Construction Miti- gation loan through the Salt Lake City Business Revolving Loan Fund, you will need to complete the following steps. How to fill out the Payoff Request Letter Templates? Pre-qualify for a loan in minutes and focus on growing your business. Download third-party Authorization form here. Note: By requesting a Payoff Statement you may incur a fee.