Would PG&E accept a Corporate Guaranty from a company with an S&P rating of A- or higher in lieu of the cash deposit or letter of credit for the initial offer deposit?
The bid (initial offer) security and the delivery date security should be posted either in the form of a letter of credit or a cash deposit. The requirements for a Letter of Credit are specified in Section VI. “Binding Nature of Offer”. 31) Section VI.C of the RFO states that “the Participant will forfeit the Offer Deposit in its entirety under the following conditions: 1. Participant’s withdrawal of the Offer other than as a result of its no longer being binding as required by Section VI.A. of this RFO”. We plan to bid three mutually exclusive offers for our site of which only one can be built. We recognize that an Offer Deposit is required for each. If PG&E accepts only one of the three options, will we be released from the above provision relative to forfeiture of the Offer Deposit (assuming there is no other ‘bad faith’ element) for the remaining two offers and that the Offer Deposits for the other two offers will be returned within 10 business days? (2-23-05) Each mutually exclusi
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