Fabian Velez | 03:07
[Laughter].
Speaker 2 | 04:02
Fiveby. Ready?
Fabian Velez | 04:23
My action been.
Speaker 3 | 04:32
I knew.
Fabian Velez | 04:37
You'll leave me them bo one. Aren't you? Aa? No, Lambert there. How about a baby when you're going in je 2.
Speaker 2 | 05:02
The pyramter repeated that. Maybe atigation. Okay. Your item ship because they are rapa in a sernaca California.
Fabian Velez | 05:20
Europe is second conveer sala mabarato UPS US PSC. No s morogo.
Speaker 2 | 05:37
Grand. Not grand was he. 
I now say a me over for DMAL for BMALL 3 prin de California co cincopesso ca grand bogo again silacrau and kala moo milio machii no.
Fabian Velez | 06:37
Do you it. 
Tami from monti to alba.
Speaker 3 | 07:55
Get the power. 
Okay.
Fabian Velez | 08:07
Okay. Well, like, okay. We're not gonna text of the Jagomo St. Or power. I movie.
Speaker 3 | 08:14
[Laughter]. 
When tab M and on salag atment performance as goo metamo metamoo samaciendo or pociento itsion a conteion is brewing e te communo hes yeah, and like he goforo we maintain you in Sunday and second pus only lets you goo.
Fabian Velez | 08:27
It like I can look at you from that.
Speaker 3 | 09:19
I don't want that. Beat my.
Fabian Velez | 09:22
2I. So he quarant you me kar see.
Speaker 2 | 09:55
The ammia.
Fabian Velez | 09:58
Okay I search for the I will be drive no. 
Beng tai but. 
At theloinacoocastuna pota hegar band so has chori so you touch so I mean can soda.
Speaker 3 | 12:22
[Laughter].
Speaker 2 | 12:33
The Tapia Bea has a Pocao.
Speaker 3 | 12:47
No. 
Hey.
Fabian Velez | 13:11
Good morning.
Speaker 3 | 13:15
Good morning.
Speaker 4 | 13:32
Hey, good morning, can you guys hear me?
Speaker 3 | 13:34
Yes, we can hear you Mr Gallagher, how are you? Yes.
Speaker 4 | 13:37
Doing well.
Speaker 3 | 13:38
Nice to say hello quickly. Mr Gallagher, we wanted to clarify one thing with you. As you all are aware, we received an RFI from the FO MMB. We have answered completely the document, but there's one outstanding issue that we wanted to clarify with you. 
And originally in the RFP, it required a performance bond of 100%. And on a past ARIFI that we received. And they were asking us based on what the 100% payment and performance bond will be executed. Right? 
So part of our team, we have Ruen Tapia, who he's a lawyer, he's a C pa and security insurance broker. And we left that question to him and what he was proposing and what he proposed in the question to that RFI was. The performance bond shall be established as a percentage of the total estimated contract value attributable to the deployment period and the first contract year of operations. Specifically prior to notice to proceed and mobilization. The seller shall furnish a combined performance and payment bond in an amount equal to 100% of the estimated engineering, procurement, construction, mobilization and interconnection cost necessary to achieve commercial operation upon achievement of CD the bond amount. 
And this is where it gets. This is what he proposed that we have not discussed. The bond amount may be reduced to an amount equally to 20% of the projected annual cost value. To secure ongoing operational performance obligations, including availability, compliance with performance standards, indemnity, exposure tied to operational failures and demobilization obligations. The bond shall be issued by a surety company authorized to conduct business in the Commonwealth of Puerto Rico and read it rated a or better by am best or equivalent to. Bond shall name prepa as oblige and shall remain in full force and effect throughout the deployment period and the term of the agreement unless otherwise adjusted in accordance with the reduction mechanisms. Described above. 
Okay. So he thought that in. And obliging our expectations to have a 100% of the bond for the full contract term was really unnecessary. So he suggested that as an alternative because just to cover the operations after the construction had been done on this new R fi, they were asking to provide the amended Exhibit C my question to you do you agree with the proposition of Ruen Tapia.
Speaker 4 | 16:40
That I would want to run by my team? I mean, I hear what you're saying, but I would want to talk to my people as well, because you don't know. You just went through very fast. If you. If you have that in writing and you just send it for me, we can confirm that within minutes.
Speaker 3 | 16:52
But I am going to send you the answer that we provided to a previous RFI again, this was a suggestion? We can always stick to what the requirements of the payment and performance bond. But what are the risks? The risks are we don't know the angle that the FM B will take and say, well, you are deviating from what was originally established on the. On the RFP. 
So those are the things that, since we don't know what they are thinking about. I need you to devise and let me know how you would like to proceed.
Speaker 4 | 17:30
Okay? I mean, at this point, yeah, whatever we need to do to get across with these guys and you know.
Speaker 3 | 17:36
Yeah.
Speaker 4 | 17:37
And get this through because we've been dragging this on for a long time now.
Speaker 3 | 17:41
Going back and forth on this is.
Speaker 4 | 17:43
Yeah, it's getting ridiculous on that point. But yeah, I mean, if this makes sense and we can confirm I can confirm that with my team again.
Speaker 3 | 17:50
Very quick. Confirm that that's industry standards according to your experience and see if it's reasonable. Because ultimately, if you don't want to change anything and assume the 100% payment and performance throughout the contract year, then obviously, we don't have to make amendments. 
And said that our expectations after review was willing to just provide the 100% payment. But obviously it makes no sense if you do. The construction and the reclassification is already in tech has been essa construo built. 
If the reglassification has been built and the pipelines and the interconnection has been established and all you're doing is operations. It's crazy that you. You still have to be on the total contract amount. 
Yeah. Perro again I have to defer to you because you are the entity that's contracting.
Speaker 4 | 18:43
Yeah, no, I understand. Can you send this in writing to the Porter?
Speaker 3 | 18:47
Absolutely program, yes, what I'm going to send. That's why I wanted to have, a quick call with you so that I could explain myself. I'm just going to send the answer that we provided to a previous RF to RFI, and I need you to confirm whether you agree to that as the structure proposed and for us to amend the Exhibit C. 
Okay. Well, thank you so much for being available. And we will send that over as soon as possible.
Speaker 4 | 19:17
Sounds good. We' we'll be.
Speaker 3 | 19:18
Ready for the call if you have any questions.
Speaker 4 | 19:21
That's right. And you guys have a meeting today with that phone. B.
Speaker 3 | 19:25
No. I am actually calling the stakeholders trying to see what's going on because Etereba is not being available, so I'm trying to see if I can get a hold of somebody that can make Papa be available.
Speaker 4 | 19:40
Okay, so it's still up in the air, but they want to have before tomorrow, right?
Speaker 3 | 19:44
Yes, and we wanted to send that over this morning, but I'm still waiting for the revision of Prepa legal counsel. We're trying, Mr Gallagher.
Speaker 4 | 19:55
Okay? Yes, I'm gonna. What you just set over the portal, please, and then I'll have my people look, we'll confirm very shortly. After all, we'll talk and let me please update us to if you guys get prepped on and you guys are gonna have this meeting today or when this is gonna happen so we can coordinate.
Speaker 3 | 20:15
Okay? No problem. I will do. Let me see if I can get a grap of the people that I've been trying to reach. And if I do and I can I have a fixed date, I will let you know.
Speaker 4 | 20:26
Okay? And our subject matter expert as well, John Downing. And how my financing people.
Fabian Velez | 20:32
Out.
Speaker 4 | 20:33
We're all on standby here after 11:00 am If you guys need to talk or do something, we can. Again, we're here to make this happen as soon as possible.
Speaker 3 | 20:41
Well, that's wonderful. Right now, I think that's the only outstanding issue that I have to clarify, but because PREPA is revising our questions, let me if they have answers, I will surely. And we need clarification. 
I will let you know.
Speaker 4 | 20:56
All right, sounds good.
Speaker 3 | 20:58
Wonderful. Was say it nice to say hello?
Speaker 4 | 21:01
Yes, good to talk again. Yeah, we'll be talking very soon. I'll look. Look for your message here in the next you're going to send in the next ten minutes.
Speaker 3 | 21:09
We hope so. Yes, thank you so much, thank you. Have a good day.