Common use of Letter of Credit Proceeds Clause in Contracts

Letter of Credit Proceeds. In the event Landlord draws upon any letter of credit posted hereunder, the proceeds of such letter of credit shall be applied by Landlord for any purpose described in Section 6b above (to the same extent that the Security Deposit may be used for such purposes), with any remaining proceeds being held by Landlord as a Security Deposit under Section 6a above.