Mortgage lenders have a strong interest in the success of the tenants of their commercial borrowers, whose rental payments provide the stream of income necessary for the landlord-borrower to service the mortgage loan. Therefore, lenders often have a comparable interest in any credit enhancements that a landlord obtains from its tenant, and often require additional security as proof of a tenant’s credit quality. This article will focus on letters of credit as one of the types of tenant credit enhancements available to commercial landlords, and the interplay of the various interests of the lender, the landlord, the tenant, the issuer of the letter of credit, and other parties. ...