A Standard Clause for use where a commercial landlord accepts a standby letter of credit to fund all or a portion of the tenant's lease security deposit. This Standard Clause describes typical letters of credit requirements, including so-called evergreen provisions. It also discusses the independence principle, guidelines for renewing, replacing, and transferring letters of credits, and conditions to the landlord's right to draw down and apply the letter of credit to the tenant's outstanding lease obligations. This Standard Clause is landlord-favorable but includes integrated notes with important explanations and drafting and negotiating tips for both landlords and tenants. While real estate leases are generally governed by state law, this jurisdictionally neutral clause is useful and relevant in every state.