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Strengthening Letter of Credit Security Provisions

By Adam Walsh and Eric Greenberg
January 26, 2010

Over the last several months, many landlords have seen a sizable number of their once financially stable tenants close their doors practically overnight as a result of looming bankruptcies, corporate restructuring or other issues. In all too many cases, these once reliable tenants are leaving those landlords with only a security deposit to fall back on. In addition, if the security deposit is in the form of a letter of credit (LOC), now more than ever the landlords must also keep one eye on the financial stability of the LOC issuer.

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