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u_ t7G _~ lkJ. i 1L• ~ MiNn~ ~-0~.L r¢_ u itL LU: _J~ ~~_-o_t,c 6.u, rJ~ • ~~ <e) The Division will not accept letters of credit from a bank for any person, on all permits held by that person, to excess of 30 percent of the bank's capital surplus account as shown on a balance sheet certified by a Certified Public Accountant. (f> The letter shall provide that: (1> The bank will give prompt notice to the principal and the Division of any notice received or action filed alleging the insolvency or bankruptcy of the bank, or alleging any violations of regulatory requirements which couid result to suspension or revocation of the bank's charter or license to do business; (li) In the event the bank becomes unable to fulfill its obligations under the letter of credit for any reason, notice shall be given immediately to the principal and the Division; and (111) Upon the incapacity of a bank by reason of bankruptcy, insolvency or suspension or revocation of its charter or license, the principal shall be deemed to be without performance bond coverage to violation Of the law. (2) The letter of credit shall be automatically renewed until released 1n writing by the Board or Division in accordance with applicable laws. It is • understood that periods of years may necessarily be required before determination can be made that reclarnatfon work has been satisfactorily campteted. It is recognized that, as reclamation is accomplished, the amount of this bond and the Letter of Credit may be reduced with the approval of the Board or the Division and the OSMRE so that tt reflects the then currently estimated cost of the remaining reclamation required under the Plan and the Permit and by applicable laws and regulations of the State. No revision, extension, or renewal of the Permit or of the time allowed to complete reclamation shall diminish the Principal's obligation hereunder or the Bank's obligation under its Letter of Credit. (3> The Board or the Division shall review th15 bond from time to time, and with the knowledge of the OSMRE, may require an increase 1n the principal amount of this 6ontl Cand a corresponding increase 1n the Surety amount) to cover increases in the estimated costs of reclamation, but no such increase shall bind the Bank unless and untii it shall have consented thereto 1n writing by the issuance of an additional Letter of Credit or by a substitute Letter of Credit in the increased amount. (4) Wtth the prior Consent Of the Board or the Division, which Consent Shall not be unreasonably withheld, the Principal may, Prom tiaW to time, change the Bank whose Letter of Credit 1s held by the State as Surety, or alter the form of Surety or assurance of financial responsibility held by the State for the faithful performance by the Principal of its obligations hereunder, provltled that, at all times, there shall be to existence and delivered to the State such Surety or other evidence of financial responsibility as shad be required by applicable lays and regulations of the • State and as shall, to form and substance, be approved by the Board or the Division.