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- 3 - <br /> The Board may present drafts upon the Bank for payment under the Letter of Credit if the Board determines <br /> that reclamation which ought to have been performed by the Operator, or its successors or assigns, remains <br /> unperformed. No other condition precedent need be fulfilled to entitle the Board to receive the amounts of such <br /> drafts. However,if,upon completion of such reclamation by the Board,the amounts expended for reclamation <br /> shall be less than the amount received from the Bank, 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 concurrently be <br /> reduced to a cash deposit as substitute assurance, the Operator agrees that it will forthwith provide substitute <br /> assurance, in form and substance approved by the Board,equal to the amount of the Letter of Credit which has <br /> 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 Operator may <br /> from time to time change the Bank whose Letter of Credit is held by the State as assurance or alter the form of <br /> assurance of financial responsibility held by the State for the faithful performance by the Operator of its <br /> obligations hereunder; provided that at all times there shall be in existence and delivered to the Board such <br /> assurance or other evidence of financial responsibility as shall be required by applicable laws and regulations of <br /> the State of Colorado and as shall be, in form 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 or has <br /> ordered it forfeited in accordance with applicable provisions of the Act. It is understood that periods of years <br /> may necessarily be required before determination can be made that reclamation of the Affected Lands has been <br /> satisfactorily completed. It is also recognized that,as reclamation is accomplished,the amount of this Financial <br /> Warranty may be reduced with the approval of the Board so that it reflects the then current estimated cost of the <br /> remaining reclamation of the Affected Lands. No revision, extension, or renewal of the permit or of the time <br /> allowed to complete reclamation shall 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 exceed the <br /> estimated cost of fully reclaiming all lands to be affected in said year, plus all lands affected in previous permit <br /> years and not yet fully reclaimed. Reclamation costs shall be computed with reference to current reclamation <br /> costs. <br /> The amount of this Financial Warranty is based upon estimates as to the cost of reclamation, and does not <br /> operate to liquidate,limit,enlarge or restrict the Operator's obligations to complete the reclamation,even though <br /> the actual costs thereof may substantially exceed the amount of this Financial Warranty. <br /> This Financial Warranty shall be subject to forfeiture whenever the Board determines that any one or more of <br /> the following circumstances exist: <br /> 1. A Cease and Desist Order entered pursuant to Section 34-32-124 of the Act has been <br /> violated,and the corrective action proposed in such Order has not been completed,although ample time to have <br /> done so has elapsed; or <br />