The Pre-Bid Letter of Credit requires the Seller or Sellers to be identified in Paragraph 12. The Applicant to the Pre-Bid Letter of Credit, identified in the preamble and in Paragraph 2, may be the Bidder, a Seller, or another entity. Payment could be required under the terms of Pre-Bid Letter of Credit for any of the reasons a) to c) in Paragraph 2, all of which related to the Seller or Sellers. Such payments would be effected by the Bank against the account of the Applicant.

The Post-Bid Letter of Credit (Appendix 2 formerly Appendix B to the SPV Contract) requires the Seller to be the Applicant.