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Security Deposits Federal Deposit Insurance Corporation

Vinson & Elkins LLP

Be Careful with Letters of Credit

Vinson & Elkins LLP on

On March 10, 2023, the California Department of Financial Protection and Innovation closed Silicon Valley Bank, Santa Clara, California (“SVB”) and subsequently appointed the Federal Deposit Insurance Corporation (“FDIC”) as...more

Holland & Knight LLP

Spring Cleaning of Letters of Credit as Lease Security Deposits: Time to Reconsider?

Holland & Knight LLP on

In light of the recent turmoil in the banking market, it is a good time for landlords to do some spring cleaning and review any letters of credit being held as lease security. As a general rule, letters of credit have been...more

Winstead PC

The Silicon Valley Bank Failure: Implications on Commercial Leasing

Winstead PC on

This past Friday, March 10, 2023, the Federal Deposit Insurance Corp. (FDIC) announced its takeover of the failed Silicon Valley Bank (“SVB”) after a run on the bank late last week caused the largest-scale U.S. bank failure...more

Bowditch & Dewey

Silicon Valley Bank Closure Impact on Lease Security

Bowditch & Dewey on

The impact of the California Department of Financial Protection and Innovation taking possession of Silicon Valley Bank (SVB) and appointing the Federal Deposit Insurance Corporation as receiver for SVB is receiving thorough...more

Jackson Walker

Using Letters Of Credit For Tenant Credit Enhancement

Jackson Walker on

I. Introduction. Cash security deposits (typically in the amount of one or two month’s rent) have been the traditional form of tenant credit enhancement required by commercial landlords. However, in instances where...more

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