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.
Strengthening Letter of Credit Security Provisions
In all too many cases, once reliable tenants are leaving 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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