Plaintiffs (Tenants) entered into two lease agreements with defendants (Landlord) for buildings respectively located at 410 and 408 Sixth Avenue in New York City. As security for its performance under the rental agreements, Tenants obtained two letters of credit from Republic National Bank, each in the amount of $25,000. The letters of credit provided that the holder (i.e., the Landlord) could draw them down in the event of the Tenants' default under the leases.
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