There is no set minimum expiration date for the initial Post-Bid Letter of Credit. However, we note that failure to meet and maintain the performance assurance requirement under the Indexed REC Contract is an Event of Default pursuant to Section 9.2(d) of the Indexed REC Contract. Further, it is a condition of the letter of credit that it will be automatically extended for one-year periods following its then current expiration date, unless at least sixty (60) days before its then current expiration date, the issuing bank notifies the Beneficiary that it does not intend to extend the expiring letter of credit.  Per the terms of the letter of credit, you are required to provide a replacement letter of credit no later than twenty (20) days prior to the expiration date of the letter of credit or meet the performance assurance requirement in another way; otherwise your letter of credit may be drawn upon.  There is no set minimum expiration date for the initial Post-Bid Letter of Credit. However, we note that failure to meet and maintain the performance assurance requirement under the Indexed REC Contract is an Event of Default pursuant to Section 9.2(d) of the Indexed REC Contract. Further, it is a condition of the letter of credit that it will be automatically extended for one-year periods following its then current expiration date, unless at least sixty (60) days before its then current expiration date, the issuing bank notifies the Beneficiary that it does not intend to extend the expiring letter of credit.  Per the terms of the letter of credit, you are required to provide a replacement letter of credit no later than twenty (20) days prior to the expiration date of the letter of credit or meet the performance assurance requirement in another way; otherwise your letter of credit may be drawn upon.