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(F) Net worth- Total assets minus total liabilities and is equivalent to owner's equity. <br />(G) Self -bond- An indemnity agreement in a sum certain executed by a qualified applicant, or <br />by an applicant and its qualified third -party guarantor, and made payable to the Commission, with or <br />without separate surety. <br />(H) SIC code- The standard industrial classification used by Dun and Bradstreet Corporation to <br />identify various industry groups such as electric utility companies. Data identified by SIC code are to be <br />the current data for the last annual period compiled and reported by Dun and Bradstreet Corporation. <br />(I) Tangible net worth- Net worth minus intangibles such as goodwill and rights to patents or <br />royalties. <br />(2) Requirements for a business and governmental entities. The Commission may accept a self <br />bond from an applicant that is a business or governmental entity if all of the following conditions are met by the <br />applicant: <br />(A) the applicant designates a suitable agent to receive service of process in this state; <br />(B) the applicant has been in continuous operation for a period of not less than 5 years <br />immediately preceding the date of application and has not been subject to bankruptcy proceedings during <br />that time. <br />(i) The Commission may allow a joint venture or syndicate with less than 5 years of <br />continuous operation to qualify under this requirement, if each member of the joint venture or <br />syndicate has been in continuous operation for at least 5 years immediately preceding the date of <br />application. <br />(ii) When calculating the period of continuous operation, the Commission may exclude <br />past periods of interruption of the operation of the entity that were beyond the applicant's control <br />and do not affect the applicant's likelihood of remaining in business during the proposed surface <br />coal mining and reclamation operations; <br />(C) the applicant submits financial information in sufficient detail to show that the applicant <br />meets one or more of the following criteria: <br />(i) the applicant has a current rating for its most recent bond issuance of "A" or higher <br />as issued by either Moody's Investor Service or Standard and Poor's Corporation; <br />(ii) the application has a tangible net worth of at least $10 million, a ratio of total <br />liabilities to net worth of 2.5 times or less, and a ratio of current assets to current liabilities of 1.2 <br />times or greater; or <br />(iii) the applicant's fixed assets in the United States total at least $20 million, and the <br />applicant has a ratio of total liabilities to net worth of 2.5 times or less, and a ratio of current assets <br />to current liabilities of 1.2 times or greater; or <br />(iv) the applicant has an investment-grade rating for its most recent bond issuance of <br />"BaaY or higher from Moody's Investor Service and "BBB-" or higher from Standard and Poor's <br />Corporation, and meets the requirements of either subclause (I) or subclause (II) of this clause. If <br />the applicant or the guarantor of a self -bond receives an investment rating or notification of an <br />investment rating by Moody's Investor Service or Standard and Poor's Corporation of any of its <br />bonds lower than the rating included in the application as a bond approval criterion existing at time <br />of Commission approval of its application for self -bonding, the guarantor and permittee receiving <br />such rating shall promptly notify the Commission, which shall immediately hold a hearing to <br />consider and determine the adequacy of the guarantor's self -bond. The limitation contained in <br />