The Standby Letter of Credit for Lease has become increasingly common in commercial real estate transactions across the United States, particularly for high-value lease agreements. This document is utilized when tenants prefer to maintain liquidity rather than tie up funds in a traditional security deposit, or when landlords seek the additional security of a bank's guarantee. Following U.S. banking regulations and UCC Article 5, it provides specific terms under which the landlord can draw funds if the tenant defaults on lease obligations. The document typically includes detailed drawing conditions, automatic extension provisions, and specific documentation requirements for claims.
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1. Issuing Bank Details: Full legal name, address, and contact information of the issuing bank
2. Beneficiary Information: Full legal name and details of the landlord/lessor, including address and contact information
3. Applicant Information: Full legal name and details of the tenant/lessee, including address and contact information
4. Credit Amount: Specific amount of the standby letter of credit, both in numbers and words
5. Expiration Date: Clear statement of when the SLOC expires, including time and timezone if applicable
6. Drawing Conditions: Specific conditions and circumstances under which the beneficiary can draw on the SLOC
7. Required Documents: Comprehensive list of documents required for drawing on the letter of credit
1. Automatic Extension Clause: Optional provisions for automatic renewal of the letter of credit, typically used for long-term lease arrangements
2. Partial Drawing Rights: Provisions allowing for multiple partial draws up to the total amount, used when drawing flexibility is required
3. Transfer Rights: Specifications regarding the transfer of the SLOC to another beneficiary, included when property transfer is anticipated
4. Governing Law Declaration: Specific declaration of which state's laws govern the letter of credit, particularly important in multi-state transactions
1. Drawing Certificate Template: Standard form template for beneficiary to make draws against the letter of credit
2. Lease Reference: Copy or detailed summary of the underlying lease agreement referenced in the SLOC
3. Bank Authorization Documents: Documentation proving the authority of bank signatories to issue the letter of credit
4. Required Forms: Any additional forms or certificates required for drawing on the letter of credit
Relevant legal definitions
Clauses
Relevant Industries
Commercial Real Estate
Banking and Financial Services
Retail
Manufacturing
Professional Services
Relevant Teams
Legal
Finance
Real Estate
Treasury
Operations
Relevant Roles
Commercial Property Manager
Real Estate Director
Treasury Manager
Chief Financial Officer
Bank Relationship Manager
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