as a security deposit are subject to the bankruptcy proceedings. Solow v. PPI Enters., Inc. (In re PPI Enterprises (U.S.), Inc.), 324 F.3d 197, 210 (3d Cir. 2003). Since Mayan Networks, multiple other courts have adopted its framework recognizing that proceeds of a letter of credit are property of the estate when they are secured by estate collateral. See, e.g., AMB Prop., L.P. v. Official Creditors for the Estate of AB Liquidating (In re AB Liquidating Corp.), 416 F.3d 961, 965 & n.3 (9th Cir. 2005); Int'l Fin. Corp. v. Kaiser Group Int'l Inc. (In re Kaiser Group Int'l, Inc.), 399 F.3d 558, 566 (3d Cir. 2005); In re Connectix Corp, 372 B.R. 488,496 (Bankr. N.D. Cal. 2007); see also First Avenue West Building L.L.C. v. James (In re Onecast Media, Inc.), 439 F.3d 558 (9th Cir. 2006) (<HOLDING>); cf. S-Tran Holdings, Inc. v. Protective Ins.
holding that a trustees interest in letter of credit proceeds acting as a security deposit is property of the estate holding that  1823e does not apply to a claim relating to a letter of credit a letter of credit is a liability not an asset holding that because proceeds of a letter of credit were not secured by estate collateral the proceeds were not property of the estate holding that a broadcasting license was property of the estate but not subject to a security interest holding that the proceeds of a liability insurance policy were not property of the estate