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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 payment under the Letter of Credit if the <br />Board determines that reclamation which ought to have been performed by the Operator, or its <br />successors or assigns, remains unperformed. No other condition precedent need be fulfilled to <br />entitle the Board to receive the amounts of such drafts. However, if, upon completion of such <br />reclamation by the Board, the amounts expended for reclamation shall be less than the amount <br />received from the Bank, the excess shall be promptly refunded to the Operator. <br />If or to the extent that the Bank shall cancel its Letter of Credit and such assurance shall not <br />concurrently be reduced to a cash deposit as substitute assurance, the Operator agrees that it will <br />forthwith provide substitute assurance, in form and substance approved by the Board, equal to <br />the amount of the Letter of Credit which has been so canceled and not reduced to a cash deposit. <br />With the prior consent of the Board, which consent shall not be unreasonably withheld, the <br />Operator may from time to time change the Bank whose Letter of Credit is held by the State as <br />assurance or alter the form of assurance of financial responsibility held by the State for the <br />faithful performance by the Operator of its obligations hereunder; provided that at all times there <br />shall be in existence and delivered to the Board such assurance or other evidence of financial <br />responsibility as shall be required by applicable laws and regulations of the State of Colorado <br />and as shall be, in form and substance, approved by the Board or the Division. <br />The obligation of the Operator shall continue until the Board has released this Financial <br />Warranty or has ordered it forfeited in accordance with applicable provisions of the Act. It is <br />understood that periods of years may necessarily be required before determination can be made <br />that reclamation of the Affected Lands has been satisfactorily completed. It is also recognized <br />that, as reclamation is accomplished, the amount of this Financial Warranty may be reduced with <br />the approval of the Board so that it reflects the then current. estimated cost of the remaining <br />reclamation of the Affected Lands. No revision, extension, or renewal of the permit or of the <br />time allowed to complete reclamation shall diminish the Operator's obligation under this <br />Financial Warranty. <br />In any single year during the life of the permit, the amount of the Financial Warranty shall <br />not exceed the estimated cost of fully reclaiming all lands to be affected in said year, plus all <br />lands affected in previous permit years and not yet fully reclaimed. Reclamation costs shall be <br />computed with reference to current reclamation costs. <br />The amount of this Financial Warranty is based upon estimates as to the cost of reclamation, <br />and does not operate to liquidate, limit, enlarge or restrict the Operator's obligations to complete <br />the reclamation, even though the actual costs thereof may substantially exceed the amount of this <br />Financial Warranty.