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Does the collateral requirement listed on slide 25 of the Bidder Information Call presentation of $5 multiplied by the number of undelivered RECs refer to post-bid collateral or pre-bid collateral?

April 26, 2017collateral multiplied presentation requirement slide

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Does the collateral requirement listed on slide 25 of the Bidder Information Call presentation of $5 multiplied by the number of undelivered RECs refer to post-bid collateral or pre-bid collateral?

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The $5 figure is in reference to post bid collateral. Pre-bid collateral in the form of a Pre-Bid Letter of Credit is in an amount of $2/REC bid.