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- 3 - <br /> No misrepresentation by the Operator which may have induced the Bank to deliver its Letter of <br /> Credit shall be any defense to any draft by the State under such Letter of Credit. <br /> The Board may present drafts upon the Bank for payment under the Letter of Credit if the Board <br /> determines that reclamation which ought to have been performed by the Operator, or its successors <br /> or assigns,remains unperformed. No other condition precedent need be fulfilled to entitle the Board <br /> to receive the amounts of such drafts. However, if, upon completion of such reclamation by the <br /> Board, the amounts expended for reclamation shall be less than the amount received from the Bank, <br /> the excess shall be promptly refunded to the Operator. <br /> If or to the extent that the Bank shall cancel its Letter of Credit and such assurance shall not <br /> concurrently be reduced to a cash deposit as substitute assurance, the Operator agrees that it will <br /> forthwith provide substitute assurance, in form and substance approved by the Board,,equal to the <br /> amount of the Letter of Credit which has been so canceled and not reduced to a cash deposit. <br /> With the prior consent of the Board, which consent shall not be unreasonably withheld, the <br /> Operator may from time to time change the Bank whose Letter of Credit is held by the State as <br /> assurance or alter the form of assurance of financial responsibility held by the State for the faithful <br /> performance by the Operator of its obligations hereunder; provided that at all times there shall be in <br /> existence and delivered to the Board such ass»rance or other evidence of fi*I a;icciul responsibility as <br /> shall w rciiuucd by a},pk<wie laws and ieguiations of tue State ofCoiorado and as shall be, in form <br /> and substance, approved by the Board or the Division. <br /> The obligation of the Operator shall continue until the Board has released this Financial Warranty <br /> or has ordered it forfeited in accordance with applicable provisions of the Act. It is understood that <br /> periods of years may necessarily be required before determination can be made that reclamation of <br /> the Affected Lands has been satisfactorily completed. It is also recognized that, as reclamation is <br /> accomplished,the amount of this Financial Warranty may be reduced with the approval of the Board <br /> so that it reflects the then current estimated cost of the remaining reclamation of the Affected Lands. <br /> No revision,extension, or renewal of the permit or of the time allowed to complete reclamation shall <br /> diminish the Operator's obligation under this Financial Warranty. <br /> In any single year during the life of the permit, the amount of the Financial Warranty shall not <br /> exceed the estimated cost of fully reclaiming all lands to be affected in said year, plus all lands <br /> affected in previous permit years and not yet fully reclaimed. Reclamation costs shall be computed <br /> with reference to current reclamation costs. <br /> The amount of this Financial Warranty is based upon estimates as to the cost of reclamation, and <br /> 1 does not operate to liquidate, limit, enlarge or restrict the Operator's obligations to complete the <br /> J *eclamation, even though the actual costs thereof may substantially exceed the amount of this <br /> l r inancial Warranty. <br /> J <br /> 1 <br />