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c. the Operator's total liabilities-to-net-worth ratio was not more than rivo to one; and <br />d. the Operator's net income, excluding non-recurring items, was positive. <br />'`IOU''- hIEREFO?.1r, t;»e nperator is held hereby firazly unto the State of Colorado in the amount of those <br />sums for those periods of time as set forth in Exhibit B, until this Financial 1~'azranry is amended or released in <br />accordance R-ith applicable law. <br />The Board may, for good cause shotyn, increase or decrease the amount and duration of this Financial Warranrir. <br />1-re Operator shall have sixi<~ (60 ~ flays aster the date of notice of any such adjustment to f.~lfill all ne~y requirements. <br />The Operator shall notify the Board c~-ithin sixh• (6G) da~~s of any net loss incurred in any quarterl}• period and <br />shat notify the Board immediately of any event which may impair this Financial Warranty. If the Board receives such <br />notice, or othen~ise has reason to believe that this Financial Warranty has been materially impaired, it may convene a <br />hearing in accordance with the Act for the purpose of determining whether impairment has occurred. <br />As long as this Financial Warranty shall remain in effect, the Operator shall annually file with the Boazd a <br />certification by an independent auditor that, as of the close of the Operator's most recent fiscal year, the Operator <br />continued to meet all the applicable requirements of Section 34-32-117(VII)(A)(B)(C)(D) of the Act. If the Operator <br />nv longer meets said requirements and/or Board approval, then the Operator shall fIe an alternate form of Financial <br />Warranty with the Board. <br />The obligation of the Operator shall continue until the Boazd 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 yeazs may <br />necessarily be required before determination can be made that reclamation of the Affected Lands has been satisfactorily <br />completed. It is also recognized that, as reclamation is accomplished, the amount of this Financial Warranty may be <br />reduced with the approval of the Boazd so that it reflects the then current estimated cost of the remaining reclamation <br />of the Affected Lands. No revision, extension, or renewal of the permit or of the time allowed to complete reclamation <br />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 years and <br />not yet fully reclaimed. Reclamation costs shall be computed with reference to current reclamation 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 the <br />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 violated, and <br />the corrective action proposed in such order has not been completed, although ample time to have done so has elapsed; <br />or <br />2. The Operator is in default under its performance wazranty,.and such default has not been cured, <br />although written notice and ample time to cure such default has been given; or <br />3. The Operator has failed to maintain its Financial Warranty in good standing, as required by the Act; <br />or <br />