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Finding Your Way Around The Letter Of Intent, The Letter Of Credit And The SNDA

Learn how to protect your leases should the worst happen.

Negotiating a lease can be overwhelming. From the LOI, to the lease itself, to the letter of credit, and SNDA and estoppel, brokers, operations personnel, risk managers, lenders, landlords, tenants, and attorneys all weigh in with their often conflicting concerns regarding a lease. Receive a better understanding of the key terms that should be set forth in a letter of intent and enable you to craft a letter of intent that facilitates the negotiation of the lease. You will also walk away with a better understanding of how and when to use letters of credit, the benefits and pitfalls of doing so, and how to troubleshoot certain letter of credit problems. Understand what an SNDA is, tell you why a lender (whether current or prospective) may be concerned with the terms of a lease (including the relative priority of leases and loan documents), why a tenant is wise to negotiate an SNDA with care, and key concepts to keep in mind when representing either a lender or a tenant in the negotiation of an SNDA.

Runtime: 89 minutes
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Letters of Intent (LOIs)

  • Benefits of Using an LOI or Term Sheet
  • Material Business Terms to Include in an LOI or Term Sheet

Letters of Credit

  • Advantages and Disadvantages of Using a Letter of Credit in Lease Transactions
  • Assessment of What Regime Should Govern the Letter of Credit
  • Criteria for Approving a Creditworthy Issuer
  • What Provisions the Tenant Lease Should Contain Dealing With Letters of Credit
  • Presentation Letters of Credit and the Problem of Lost Originals
  • Automatic Extension Clauses
  • Impending Expiration Issues
  • Issuer Credit Downgrade Issues
  • Transferring All Your Tenants' Letters of Credit When You Sell Your Building
  • Assessment of Whether Lenders to the Landlord Should Be a Transferee or Be Named as a Beneficiary on Letters of Credit Posted by Tenants
  • Bankruptcy and Letters of Credit

Subordination, Non-Disturbance and Attornment Agreements (SNDAs)

  • What Is an SNDA
  • Importance of SNDSs
  • Primary Concerns of Lender and Tenant When Negotiating an SNDA
  • Negotiating an SNDA
  • Failure to Address Priority in an SNDA
  • Alternatives to an SNDA
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on April 13, 2016.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Penelope Campbell

Penelope Campbell

Jenner & Block LLP

  • Attorney in Jenner & Block LLPs Chicago office
  • Practice emphasizes all aspects of real estate; advises lenders, borrowers, corporations, real estate developers and investors in a wide variety of complex commercial real estate transactions, including real property acquisitions and dispositions, commercial, industrial and retail leases, sale leasebacks, real estate financings and real estate aspects of corporate stock and asset sales
  • J.D. degree, magna cum laude, Loyola University Chicago School of Law; B.S.J. degree, Northwestern University
  • Can be contacted at 312-840-7613 or [email protected]
Donald S. Horvath

Donald S. Horvath

Jenner & Block LLP

  • Partner in Jenner & Block LLPs Chicago office
  • Extensive real estate and construction practice which includes representing real estate owners and users in office, industrial and retail leasing transactions.
  • Frequent speaker on leasing, construction and lending topics
  • Member of the ABA Section of Real Property, Trust and Estate Law, the ABA Forum on Construction Law and the Urban Land Institute
  • J.D. degree, Chicago-Kent College of Law, Institute of Technology; B.A. degree, University of Illinois at Urbana
  • Can be contacted at 312-923-2668 or [email protected]
Carter H. Klein

Carter H. Klein

Jenner & Block LLP

  • Partner in Jenner & Block LLP's Chicago office
  • Concentrated his practice on Uniform Commercial Code work, secured and unsecured lending and payments for the past 43 years at Jenner & Block LLP
  • Extensive experience with Article 5 of the Uniform Commercial Code – Letters of Credit
  • ABA UCC Liaison to the Permanent Editorial board of the Uniform Commercial Code
  • Former Chair of both the Letter of Credit Subcommittee and Payments Sub-committee of the ABA
  • Co-wrote three books on the Uniform Commercial Code
  • Honored as Letter of Credit Attorney of the Year in 2018 by the Institute of International Banking Law & Practice
  • J.D. degree, Order of the Coif, First in Class, University of Illinois College of Law; B.A. degree, with the highest distinction, University of Illinois at Urbana-Champagne
  • Can be contacted at 312-923-2950 or [email protected]
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Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 394738
Published 2016
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