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• the transfer of the Colorado DMG Permits is effective; <br />• the dedgnation of IUSA as °Suooessor Operator" is approved; and <br />• the existing reclamation bonds for the Colorado DMG Permits will be <br />releasexi by DMG in due course. <br />• Attached to the Advi<~e of Transfer form is a Receipt form that provides the parties aotice <br />that dre Colorado Conditions have been satisfied. As with the Advice of Transfer form, <br />this form is submitted to DMG Cor its review and comment <br />• Upon receipt of the Advice of Transfer, on the initial day of Closing (scheduled to be May <br />7, 1997), the Collowingg events related to the Colorado DMG Permits will occur. <br />• EFN will deliver to the Escrow Agent its Closing documentation including a formal <br />assignment of the Colorado DMG Permits to IUSA. <br />• IUSA will del'.iver to the Escrow Agent its Closing documentation including the <br />purchase price and a statement confirming that IUSA assumes the obligations of the <br />licensee under the Colorado DMG Permits. <br />• Van-American will deliver to the Escrow Agent its Closing documentation including <br />the original executed and effective bonds for the Colorado DMG Permits. Exact <br />copies of the binds are attached to this letter. <br />• On die second day oIF the Closing, a representative of EFN and IUSA will deliver the <br />original executed and effective bonds for dre Colorado DMG Permits to you or another <br />representative of DMG that you might designate. <br />• Upon delivery of the original executed and effective bonds for the Colorado DMG Permits, <br />DMG will execute the original Receipt To allow the sale process to be completed as <br />expeditiously as possible, we are asking drat the Receipt be signed and returned to the <br />representative of EFN/IUSA immediately after presentment of the bonds. <br />• The representative of E•:FN and IUSA will return the Receipt to the Escrow Agent <br />• On May 9, 1997, the purchase price and other funds/documents will be distributed to the <br />appropriate parties, thereby completing the sale. <br />We understand and appreciate that the process oudined herein adds to the workload of DMG staff. <br />However, after extensive effort and review, we have been unable to create any mechanism other <br />than the one oudirred above Utat provides the necessary protections to E)~N, IUSA, Van-American <br />and the agencies involved. <br />• As noted above, the ~ratties must bg satisfied 8tat delivery to DMG by IUSA of the original <br />executed and effective. bonds Cor the Colorado DMG Permits will cause the following <br />Colorado Conditions to be satisfied: <br />