Letters of Credit

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An Update on the Bankruptcy Law of Large Letters of Credit for Leases [2009]mail

If a tenant files for bankruptcy before the end of a lease term, the Bankruptcy Code may cause a ''Claim Cap Problem'' for a landlord who has accepted a large letter of credit in lieu of a cash deposit as security for the commercial lease. Joshua Stein offers guidance to landlords on how to avoid the problem.
Legal Issues, Practices, and Practicalities for Letters of Credit [2009]mail

This article discusses the issues, some specific to commercial space leasing, that arise when a Beneficiary accepts a standby Letter of Credit to back an obligation. Includes a sample letter of credit with commentary.
Model Agreement for Letter of Credit in Place of Security Deposit (Lender-Controlled) [2001]mail

When a tenant uses a letter of credit in place of a security deposit, this can create a complex 3-way relationship among tenant, landlord,and the landlord's mortgage lender. This article explores that relationship, with a sample agreement that might govern it.

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