Common use of Environmental Assurances Clause in Contracts

Environmental Assurances. (a) Before the Commencement Date, Tenant must deliver to Port an additional Security Deposit as collateral for the full and faithful performance by Tenant of its obligations under this Lease in the amount specified in the Basic Lease Information. At Tenant's option, the additional deposit may be provided by an irrevocable, stand-by and unconditional negotiable letter of credit (the "Letter of Credit") in a form approved by Port in its sole discretion. Neither cash nor the Letter of Credit nor any portion of the proceeds ("LC Proceeds") will be deemed an advance of Rent, an advance of any other payment due to Port under this Lease, a security deposit subject to the California Civil Code, or a measure of Port's damages upon an Event of Default. The “LC Value” means the face amount of the Letter of Credit.

Environmental Assurances. (a) Before the Commencement Date, Tenant must deliver to Port an additional Security Deposit as collateral for the full and faithful performance by Tenant of its obligations under this Lease in the amount specified in the Basic Lease Information. At Tenant's option, the additional deposit may be provided by an irrevocable, stand-by and unconditional negotiable letter of credit (the "Letter of Credit") in a form approved by Port in its sole discretion. Neither cash nor the Letter of Credit nor any portion of the proceeds ("LC Proceeds") will be deemed an advance of Rent, an advance of any other payment due to Port under this Lease, a security deposit subject to the California Civil Code, or a measure of Port's damages upon an Event of Default. The “LC Value” means the face amount of the Letter of Credit.