S&B-40: If the Seller’s Guarantor is not rated by Moody’s, Fitch or S&P, is it the case that the Guarantor would fall into the “Below BBB-“ with a $0 Collateral Threshold as defined in Table A of the REC Agreement? Can the Guarantor nevertheless post cash as Performance Assurance on behalf of the Seller?

An unrated Guarantor will have a Collateral Threshold of $0 and will not receive any unsecured credit under the Solar REC Contract. An unrated Guarantor may still post the required Performance Assurance as cash on behalf of the Seller.