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reclamation tasks in each of the three years; failure to <br />complete any given year's required work would result in <br />rovocation of the Permit. See, Reclamation Time Table <br />attached to Jim Stover's March 13, 2000 letter (Exhibit E to <br />the Declaration). <br />If Powderhorn fails to complete reclamation work <br />according to this schedule, it will be in default under the <br />Permit. (See, Declaration, ~ 11.) <br />Powderhorn would have certain administrative appeal <br />rights from such a Notice of Violation. (See, Declaration, ~ <br />12.) <br />If the Division of Minerals and Geology or the Colorado <br />Mined Land Reclamation Board upholds the Notice of Violation, <br />after Powderhorn's exhaustion of such administrative appeals, <br />then the State of Colorado would forfeit both the Frontier <br />Bond and the Utica Bond. (See, Declaration, ~ 13.) The State <br />of Colorado takes the position that the proceeds of the Bonds <br />are not assets of the bankruptcy estate, pursuant to 11 U.S.C. <br />§ 541(b)(1). Alternatively, the State of Colorado takes the <br />position that it has a valid, perfected, enforceable security <br />interest in the Bonds and that it is entitled, after relief <br />from stay, to foreclose on Bonds. <br />