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b ? <br />-3- <br />With the prior consent of the Board, which consent shall not be <br />unreasonably withheld, the Operator may from time to time change the Bank <br />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 <br />performance by the Operator of its obligations hereunder; provided that at all <br />times there shall be in existence and delivered to the Board such assurance or <br />other evidence of financial responsibility as shall be required by applicable <br />laws and regulations of the State of Colorado and as shall be, in form and <br />substance, approved by the Board or the Division. <br />The obligation of the Operator shall continue until the Board has <br />released this Financial Warranty or has ordered it forfeited in accordance <br />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 <br />of the Affected Lands has been satisfactorily completed. It is also <br />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 <br />then current estimated cost of the remaining reclamation of the Affected <br />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 <br />this Financial Warranty. <br />.In any single year during the life of the permit, the amount of the <br />Financial Warranty shall not exceed the estimated cost of fully reclaiming all <br />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 <br />reference to current reclamation costs. <br />the amount of this Financial Warranty is based upon estimates as to the <br />cost of reclamation, and does not operate to liquidate, limit, enlarge or <br />restrict the Operator's obligations to complete the reclamation, even though <br />the actual costs thereof may substantially exceed the amount of this Financial <br />Warranty. <br />This Financial Warranty shall be subject to forfeiture whenever the Board <br />determines that any one or more of the following circumstances exist: <br />1. A. Cease and Desist Order entered pursuant to Section 34-32-124 <br />of the Act has been violated, and the corrective action proposed in such Order <br />has not been completed, although ample.time to have done so has elapsed; or <br />2. The Operator is in default under it Performance Warranty, and <br />such default has not been cured, although written notice and ample time to <br />cure such default has been given; or <br />3. The Operator has failed to maintain it Financial Warranty in <br />good standing as required by the Act; or <br />4. The Operator no longer has the financial ability to carry out <br />its obligations in accordance with the Act.