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existing or arising hereafter, the Bank shall continue to possess <br />the certificate of deposit, in the amount of $822,000. <br />21. Interest and fees. Outstanding principal <br />amounts under the Note shall accrue interest at the variable <br />annual rate equal to the Colorado National Bank of Denver prime <br />rate (currently nine percent) unless demand is made upon the Note <br />at which time interest shall be 3 percent per annum above the <br />interest rate specified above. The Bank will receive a fee for <br />issuing the Letter of Credit payable at closing in the total <br />amount of $8,220. <br />22. Principal Amount. The principal amount due <br />under the note shall be the amount or amounts advanced by the <br />Bank under the Letter of Credit. <br />23. Closing costs. The Debtor will pay all <br />reasonable legal closing costs which will be minimal. <br />BASIS FOR RELIEF REQUESTED <br />24. The need for the proposed Financing Agreements <br />is compelling. The Debtor is required by 30 CFR y 800 et sea, to <br />' maintain a collateralized performance bond with zespect to <br />reclamation work at the Reclamation Site. The Debtor believes <br />that it has a continuing post petition duty to comply with <br />federal environmental laws including applicable federal law <br />mandating that the Debtor complete reclamation work at the <br />Reclamation Site. Absent issuance of the Letter of Credit, the <br />OSMRE may be entitled to draw against the current letter of <br />credit issued by United Bank of Sunset Park. <br />7 <br />