Indexed REC-64: During the Term of the Indexed REC Contract can a Seller replace the initial letter of credit with a replacement letter of credit or cash?

Yes this is possible. The letter of credit may be cancelled consistent with the terms of the letter of credit and replaced with another letter of credit or cash. It is Seller’s responsibility to ensure Seller’s Performance Assurance is maintained pursuant to Article 7 of the Indexed REC Contract.

Please note the “Account Party” defined in the Post-Bid Letter of Credit (Option 1 or Option 2) must include the complete Seller name as defined in the executed Indexed REC Contract.