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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 paymern under the Letter of Credit if the Boazd <br />detemm~es that reclamation which ought to have been performed by the Operator, or its successors <br />or assigns, remains unperfouned. No other c;onditionprecedent need be fulfilled to entitle the Boazd <br />to receive the amounts of such drafts. However, if, upon completion of such reclamation by the <br />Boazd, the amounts expended for reclamation shall be less than the amount received from the Bank, <br />the excess shall be promptly refunded to the Dperator. / <br />If or to the extent that the Bank shall cancel its Letter of redit and such assurance shall not <br />concurrently be reduced to a cash deposit as substitute ass ce, the Operator agrees that it will <br />forthwith provide substitute assurance, in form and subst a approved by the Board, equal to the <br />amount of the Letter of Credit which has been so cancel and not reduced to a cash deposit. <br />With the prior consent of the Boazd, which <br />Operator may from time to thne change the Bar <br />assurance or alter the form of assurance of finan <br />performance by the Operator of its obligations <br />existence and delivered to the Board such as a <br />shall be required by applicable laws and <br />and substance, approved by the Board <br />o~ent shall not be unreasonably withheld, the <br />hose Letter of Credit is held by the State as <br />1 responsibility held by the State for the faithful <br />under, provided that at all times there shall be in <br />e or other evidence of financial responsibility as <br />of the State of Colorado and as shall be, in form <br />Division. <br />~'he obligation of the Operators continue until the Board has released this Financial Warranty <br />or has ordered it forfeited in accord ce with applicable provisions of the Act. It is understood that <br />periods of years may necessarily b required before determination can be made that reclamation of <br />the Affected Lands has been sati ctorily completed. It is also recognized that, as reclamation is <br />so that it reflects the then cuir nt estimated cost of the remaining reclamation of the Affected Lands. <br />No revision, extension, or r newal of the permit or of the time allowed to complete reclamation shall <br />diminish the Operator's o gauon under this Financial Warranty. <br />In any single year uring the life of the permit, the amount of the Financial Warranty shall not <br />exceed the estimate cost of fully reclaiming all lands to be affected in said year, plus all lands <br />affected in previo permit years and not yet fully reclaimed. Reclamation costs shall be computed <br />with reference to current reclamation costs. <br />The.amounf of this Financial Warranty is based upon estimates as to the cost of reclamation, and <br />does not operate to liquidate, limit, enlazge or restrict the Operator's obligations to complete the <br />reclamation, even though the actual costs thereof may substantially exceed the amount of this <br />Financial Warranty. <br />