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InterFirst Bank Dallas, NA. Answer Back: IFBD UT <br /> ���= InterFirst international Operations Department Cable Address: INFST 01 DAL <br /> Post Office Box 83480 Telex Number. 73-353 <br /> Dallas, Texas 75283 TRT Number: 163244 <br /> IRREVOCABLE STANDBY March 26, 1986ko <br /> LETTER OF CREDIT <br /> NO. 59402 <br /> r r� <br /> State of Colorado <br /> Mined Land Reclamation Bond <br /> Attn: David C. Shelton, Director <br /> 423 Centennial Building �D <br /> 1313 Sherman Street ? 1 <br /> Denver, Colorado 80203 Wil <br /> Dear Sir or Madam: <br /> W <br /> aWe hereby establish our irrevocable letter of credit in your favor for the account of <br /> cc <br /> American Shield Coal Co., up to an aggregate amount of U.S. $141,000.00 (One hundred <br /> forty-one thousand and NO/100 U.S. Dollars) available with ourselves by payment of your <br /> draft on us at sight accompanied by: <br /> 0 <br /> 1. The original of this letter of credit. <br /> 0 2. A written statement of the Director ("The Director") of the Mined Land <br /> Reclamation Board of the State of Colorado ("The Board") certifying that "I .am a <br /> WW duly authorized official acting on behalf of the State of Colorado and I hereby <br /> 0= certify that the amount of the accompanying sight draft is due and payable to the <br /> ° State of Colorado pursuant to applicable provisions of Colorado Statutes governing <br /> mined land reclamation and the American Shield Coal Co. or its successor has <br /> y neglected, failed or refused to pay such amount although requested to do so by the <br /> cc Director with regard to mining permit no. 79-60 UG/C, and under that certain <br /> uj 2 surety agreement entered into by and between the State of Colorado Mines Land <br /> 0 Reclamation Board-and American Shield Coal Co. dated Mare h 214 19 942 <br /> U. <br /> Z. <br /> W This Letter of Credit refers to American Shield Coal Cols. permit to engage in mining and <br /> reclamation activities within the State of Colorado. <br /> 0 0 <br /> FE z Your draft must bear the clause "DRAWN UNDER INTERFIRST BANK DALLAS, N.A. <br /> 0 o LETTER OF CREDIT NO. 59402:1 <br /> W Q <br /> G Z <br /> H Presentation of your draft and document(s) in compliance with the terms of this letter of <br /> W me credit must be made to us on or before March 13, 1987, on which date this letter of credit <br /> d expires. <br /> W <br /> W¢ <br /> It is a condition of this letter of credit that it shall be extended without amendment for <br /> us t an additional period of one year from the present or future expiration date hereof unless <br /> at least ninety days prior to such expiration date we shall notify you In writing by <br /> Cr.Q registered mail at the above address that we elect not to renew this letter of credit for <br /> o Z such additional period. <br /> tu <br /> 0 0 Upon receipt b you of such notice you may draw the full or an lesser amount hereof b <br /> A0 P P YY � Y Y Y Y <br /> means of your sight draft accompanied by the written statement of the Director <br /> certifying that "the amount drawn will be held as a cash deposit in lieu of surety, as <br /> provided in applicable Colorado Statutes governing mined land and reclamation."- <br /> Yours very truly, <br /> INTERFIRST BANK DALLAS, N.A. off;8 3 <br /> k-�0 A141 <br /> By: <br /> A t rized ignature IN i'Lo <br /> i <br /> 0027.0004 Rev.10184 <br />