We will respond in two parts.
First, yes, it is correct that the letter of credit provided with the Part 2 Proposal (the “Pre-Bid Letter of Credit”) will be replaced by another letter of credit (the “Post-Bid Letter of Credit”) appended to the SPV Contract for winning Bidders. There is no possibility simply to amend the Pre-Bid Letter of Credit as the conditions for drawing on the two letters of credit are different.
Second, the amounts you quote of $4/REC for the Pre-Bid Letter of Credit and $8/REC for the Post-Bid Letter of Credit are correct but only for identified systems. For forecast quantities in the Sub-25 Category, the amounts are $8/REC for the Pre-Bid Letter of Credit and $16/REC for the Post-Bid Letter of Credit.