Section 6.2 Operating Security

- The PROPONENT shall post an Operating Security in the amount of Php _____ in the form of cash or a standby letter of credit issued by a reputable bank acceptable to the LGU, simultaneously with the acceptance of the facility and the release of the performance security to guarantee the operation of the PROJECT in accordance with the operating parameters and specifications under this Agreement. The Operating Security shall remain valid and in full force and effect for the duration of the Concession Period.