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Class One - Administrative costs and expenses as <br />defined under Section 507(a)(1) of Title 11, United States <br />Code, for which application is filed prior to the effective <br />date of the Amended Plan and, to the extent allowed and <br />ordered. by the Court to be paid. <br />(unimpaired). <br />Class Two - Shall consist of the Allowed Claim of <br />Springer Building Materials, Inc. Peerless has agreed to <br />provide Springer priority status on payment of S15,000 to <br />settle Springer's claim for interest under the Springer <br />Agreement. <br />(impaired). <br />Class Three - Shall consist of the Allowed Unsecured <br />Claims of the Debtor's creditors. <br />(impaired). <br />ARTICLE III <br />CLAIMS AND INTERESTS NOT IMPAIRED <br />UNDER THE AMENDED PLAN <br />Class One shall be paid in cash upon confirmation (or <br />the Effective Date of the Amended Plan) or according to any <br />agreement reached with each holder of the claim. In the <br />event that Peerless has insufficient cash on hand at the <br />time of Confirmation to pay Class One claims, and an <br />agreement to defer cannot be reached, payment shall be made <br />within ninety (90) days of Confirmation of the Amended Plan <br />or the Effective Date of the Amended Plan, whichever is <br />later. Class Two and Three are impaired under the Plan. <br />ARTICLE IV <br />TREATMENT OF UNSECURED CLAIMS <br />As Debtor's creditors may be aware, Peerless has been <br />working with DCC at the Coal Gulch Mine site located <br />approximately five miles west of Durango, Colorado on State <br />Highway 160. At present, the mine is not in production; <br />however, production is expected to begin in the near future. <br />As is explained in detail in Article VI, Peerless is <br />required by the MLRD to maintain a coal mining permit with <br />the State of Colorado. In order to obtain the permit, <br />Peerless arranged to have Springer post a 5140,000 letter of <br />credit from Sun West Bank in Albuquerque, New Mexico ("Sun <br />West"). Peerless agreed to deposit 51.50 per ton of coal <br />