Executed Payoff Letter Sample Clauses
An Executed Payoff Letter is a formal document that confirms the full repayment of a loan or other financial obligation, typically issued by the lender to the borrower. This letter details the exact amount required to satisfy the debt, including any accrued interest or fees, and specifies the date by which payment must be made. Once the payment is completed and the letter is executed by both parties, it serves as official evidence that the borrower has fulfilled their repayment obligations. The core function of this clause is to provide clear documentation of debt settlement, thereby protecting both parties from future disputes regarding the loan's status.
Executed Payoff Letter. The Company shall have delivered to Parent a duly and validly executed payoff letter, in form and substance reasonably acceptable to Parent, from Silicon Valley Bank with respect to the SVB Loan Agreement.
Executed Payoff Letter. The Administrative Agent shall have received (including by facsimile or other electronic means) a duly executed Payoff Letter.