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Lessor has collaterally assigned its rights in the
Letter of Credit * * * under this Section 53 to Cana-
dian Imperial Bank of Commerce and in accordance with
such collateral assignment, Lessor hereby directs
Lessee: to deliver the initial Letter of Credit and
any extension thereof or replacement therefor directly
to Canadian Imperial Bank of Commerce to be held as
collateral by such Bank on Lessor's behalf with a copy
thereof to Lessor.
Respondent alleges that specific provisions of the lease
agreement required BCE to deliver to Partnership the Partnership
letter of credit that was effective on June 15, 1988. It is the
purchase agreement, and not the lease agreement, that required
BCE to deliver that letter of credit to Partnership, although the
lease agreement contemplated that such letter of credit had been
delivered.20
As required by TIAA, the purchase agreement required that,
as of the closing of that agreement, (1) Partnership deliver to
20 As a further illustration of certain inaccurate factual
allegations made by respondent in advancing her position with
respect to the Partnership letter of credit, we note that,
contrary to respondent's assertion that "the time period covered
by the [Partnership] letter of credit equates to the 11.5-month
rent holiday claimed by the petitioner", the initial Partnership
letter of credit was issued effective June 15, 1988, and had an
expiry date of Mar. 1, 1989. Even if that letter of credit had
had the expiry date of June 30, 1989, that was recited in the
lease agreement quoted above, the period covered by it would not,
contrary to respondent's assertion, "equate * * * to the 11.5-
month rent holiday claimed by the petitioner", since that period
of zero rent began on June 17, 1988, and ended on May 31, 1989.
We also note that, contrary to certain recitations in the lease
agreement quoted above, the Partnership letter of credit that was
in fact delivered to Partnership and assigned to CIBC, as re-
quired by the purchase agreement, was issued only by CIBC, and
not by CIBC and Citicorp Real Estate, Inc.
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