New York Codes, Rules and Regulations
Title 13 - DEPARTMENT OF LAW
Chapter III - THEATRICAL SYNDICATION FINANCING
Part 53 - TICKET DISTRIBUTORS
Section 53.9 - Advance ticket sales; letter of credit or bond or contract of indemnity in lieu of deposit

The letter of credit, bond or contract of indemnity required under section 23.08(2) of article 23 of the Arts and Cultural Affairs Law shall be in the form available from the New York State Department of State, Division of Licensing Services, 162 Washington Avenue, Albany, NY 12231 and shall be filed with the New York State Department of State, Division of Licensing Services, 162 Washington Avenue, Albany, NY 12231, along with a cover letter setting forth the name and address of the person submitting the letter of credit, bond or contract of indemnity and indicating for whom such letter of credit, bond or contract of indemnity is filed and the purpose for which it is filed. The face amount of the letter of credit, bond or contract of indemnity, together with any escrow deposit, shall be equivalent to the amount of money collected from the advance ticket sales governed by section 23.08. There shall be included in the cover letter accompanying the letter of credit, bond or contract of indemnity, or in a separate statement, a representation by the ticket distributor that any monies collected from advance ticket sales in excess of the amount of the letter of credit, bond or contract of indemnity will be held in an escrow account, as provided by subdivision (l) of 23.08.