There may be a period in December when both the Pre-Bid and Post-Bid Letters of Credit are in place at the same time. The Pre-Bid Letter of Credit under the Brownfield and Utility-Scale Solar RFP expires as part of its terms on December 21, 2018, seventeen business days after the Bid Date.
If a Seller has a Project with approved Bids, by 12 PM CPT (noon) on the first business day after the ICC decision (December 5, 2018), each Company prepares and sends a partially executed electronic copy of the REC Contract and related documents to the Seller. By 12 PM CPT (1 PM Eastern Prevailing Time) on the next business day, the Seller executes the signature pages of the partially executed REC Contracts and related documents and sends such fully executed signature pages to the Company electronically.
Under the REC Contract, the Performance Assurance is due within five (5) business days of a request from the Company. Such a request can be issued at the start of the formalities for the execution of the REC Contract. If Seller fails to provide Performance Assurance within 5 business days of this request, an event of default shall be deemed to have occurred.