Laserfiche WebLink
recoux•se against the certificate of deposit posted as security by <br />the Debtor. <br />9. The prior letter of credit arrangement between <br />the Debtor and United Bank of Sunset <br />1990. The Debtor filed an emergency <br />Motion") with this Court on November <br />renew the letter of credit financing <br />of Sunset Park and to allow the Bank <br />credit to the OSMRE. Copies of the <br />financing documents with United Bank <br />as exhibits to the Emergency Motion. <br />Park expired on December 1, <br />motion (the "Emergenc;r <br />19, 1990 to allow it 'to <br />arrangement with Unit~ad Bank <br />to renew the letter of <br />Letter of credit and <br />of Sunset Park are attached <br />10. Pursuant to a financing order entered by this <br />Court, the Emergency Motion and the letter of credit arrangement <br />described therein with United Bank of Sunset Park was renewed <br />postpetition. The reissued letter of credit will remain in <br />effect until June 1, 1991. See Order dated November 26, 1990, a <br />copy attached hereto as Exhibit B. <br />11. United Bank of Sunset Park has recently informed <br />the Debtor that it will not renew its letter of credit <br />arrangement with the Debtor. The terms of the letter of credit <br />allow the OSMRE to draw down the letter of credit if substitute <br />collateral is not provided 30 days before expiration of existing <br />collateral arrangements. Thus, in light of the expiration of the <br />current letter of credit on June 1, 1991, the Debtor has been <br />compelled to seek, on an expedited basis, an alternative issuer <br />of the letter of credit. <br />4 <br />