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(d) If the Permit Board accepts an applicant's self -bond, an indemnity agreement shall be submitted subject to <br />the following requirements. <br />(1) The indemnity agreement shall be executed by all persons and parties who are to be bound by it, <br />including the parent corporation guarantor, and shall bind each jointly and severally. <br />(2) Corporations applying for a self -bond, and parent and non -parent corporations guaranteeing an <br />applicant's self -bond, shall submit an indemnity agreement signed by two corporate officers who <br />are authorized to bind their corporations. A copy of such authorization shall be provided to the of <br />Department along with an affidavit certifying that such an agreement is valid under all applicable <br />federal and state laws. In addition, the guarantor shall provide a copy of the corporate <br />authorization demonstrating that the corporation may guarantee the self -bond and execute the <br />indemnity agreement. <br />(3) If the applicant is a partnership, joint venture or syndicate, the agreement shall bind each partner <br />or party who has a beneficial interest, directly or indirectly, in the applicant. <br />(4) Pursuant to Rule 47, the applicant, parent or non -parent corporate guarantor shall be required to <br />complete the approved reclamation plan for the lands in default or to pay to the Commission an <br />amount necessary to complete the approved reclamation plan, not to exceed the bond amount. If <br />permitted under state law, the indemnity agreement when under forfeiture shall operate as a <br />judgment against those parties liable under the indemnity agreement. <br />(e) The Department may require self -bonded applicants, parent and non -parent corporate guarantors to submit <br />an update of the information required under § 4305(a)(3) and (4) within 90 days after the close of each <br />fiscal year following the issuance of the self -bond or corporate guarantee. <br />(f) If at any time during the period when a self -bond is posted, the financial conditions of the applicant, parent <br />or non -parent corporate guarantor change so that the criteria of § 4305(a)(3) and (c) are not satisfied, the <br />permittee shall notify the Department immediately and shall within 90 days post an alternate form of bond <br />in the same amount as the self -bond. Should the permittee fail to post an adequate substitute bond, the <br />provisions of § 4303(e)(6) shall apply. <br />A.3 — New Mexico <br />19.8.14.1410 SELF -BONDING: <br />A. The director may accept a self -bond from an applicant for a permit if all of the following <br />conditions are met by the applicant, or its parent corporation guarantor: <br />(1) the applicant designates a suitable agent to receive service of process in the state. <br />(2) the applicant has been in continuous operation as a business entity for a period of not less than 5 <br />years. Continuous operation shall mean that business was conducted over a period of 5 years immediately preceding <br />the time of application. <br />(a) The director may allow a joint venture or syndicate with less than 5 years of continuous <br />operation to qualify under this requirement, if each member of the joint venture or syndicate has been in continuous <br />operation for at least 5 years immediately preceding the time of application. <br />(b) When calculating the period of continuous operation, the director may exclude past periods <br />of interruption to the operation of the business entity that were beyond the applicant's control and that do not affect <br />the applicant's likelihood of remaining in business during the proposed surface coal mining and reclamation <br />operations. <br />(3) The applicant submits financial information in sufficient detail to show that the applicant meets <br />one of the following criteria: <br />