The cash-strapped parent of Maryland National Bank and American Security Bank met the first of three crucial deadlines yesterday for paying off more than $820 million in long-term debt that is coming due over the next three months.

MNC Financial Inc., based in Baltimore, said it successfully renegotiated its line-of-credit agreement with a group of banks led by Morgan Guaranty Trust Co. of New York and completed the previously announced sale of its leasing subsidiary.

The two developments allowed MNC to redeem $170 million of maturing variable-rate renewable notes, long-term bonds that were sold to investors to provide the bank company with a steady stream of cash. In the past, holders of these notes had allowed their money to be reinvested in the bank company, but growing concern over MNC's creditworthiness prompted investors to demand repayment of $823 million of the notes as they come due over the next three months.

Another $271 million of the notes mature in mid-January, and a final $275 million is due in mid-February. Analysts said yesterday's redemption was a positive sign for MNC, which has been struggling under the weight of souring real estate loans. However, they said MNC must sell its prized credit card subsidiary or sell stock in that subsidiary to fully pay off its debt and replenish funds at its two banks.

While investor interest in the credit card operation, MBNA America Corp., has been cool, the company has said it is moving toward a transaction that will raise cash.

If there is a complication with the credit card sale, analysts said MNC could default on its long-term debt in the future.

"In the near term, this {paying off the notes} is certainly good news," said David Penn, who follows the bank company for Legg Mason and Co., a Baltimore brokerage firm. "But they are far from off the hook."

MNC said yesterday that the sale of its leasing division to General Electric Capital Corp. allowed it to repay $175 million on its line of credit, leaving a balance of $375 million. Morgan Guaranty has agreed to extend the maturity of that balance to Jan. 14, the bank company said.