A Release Letter is defined as a letter from an existing lender containing I the specified amount at the completion date in the relevant payable currency required to be paid by the relevant borrower to discharge such bank debt, payable as of the completion date, and confirming that upon receipt of such letter, the bank debt will be discharged. Release letters are used by banks to notify their customers of the existence of an obligation owed to them and to confirm that such debt has been satisfied. Release letters can also be called discharge notices or payoff letters. They usually include the following information: the name of the customer to whom the debt is owed; the account number for the debt; the amount due; the payment terms; and a statement informing the recipient how to contact the creditor if there are any questions regarding the status of the debt. As well as being sent to borrowers, release letters must also be sent to creditors to ensure that they are notified that the loan has been repaid in full. This prevents creditors from chasing after defaulting borrowers or attempting to collect money that has already been paid. The release of one party to a credit agreement or other binding commitment relieves the other parties of their obligations under the agreement. A release cannot be accepted by the creditor unless it includes all of the following: debtor's signature (unless there is a specific legal requirement for electronic releases); address for correspondence; date of release; description of released debts; and identification of the releasing party (if different from debtor).