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-3- <br />The Board may present drafts upon the Bank for payment under the Letter <br />of Credit if the Board determines that reclamation which ought to have been <br />performed by the Operator, or its successors or assigns, remains unperformed. <br />No other condition precedent need be fulfilled to entitle the Board to receive <br />the amounts of such drafts. However., if, upon completion of such reclamation <br />by the. Board;:-the amounts expended for reclamation shall be less than the <br />amount received from the Bank, the excess shall be promptly refunded to the <br />Operator. <br />If or to the extent that the Bank shall cancel its Letter of Credit and <br />such assurance shall not concurrently be reduced to a cash deposit as <br />substitute assurance, the Operator agrees that it will forthwith provide <br />substitute assurance, in form and substance approved by the Board, equal to <br />the amount of the Letter of Credit which has been so cancelled and not reduced <br />to a cash deposit. <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,subs.tantially exceed the amount of this Financial <br />Warranty.