2013-06-24_REPORT - P2009018 - Laserfiche WebLink

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Red Arrow Collateral; 7) take all steps necessary to comply with all requirements, regulations and laws, including but not limited to mining, permitting, reclamation, environmental, and /or health requirements, regulations and laws, applicable to the Red Arrow Collateral, and to deal with all governmental authorities in connection with the same, including applying for and satisfying governmental requirements for mine safety plans and inspections, permits, permit modifications, permit transfers, and changes in permit status such as temporary cessation of operations or intermittent status at the Mine, posting required bond amounts or obtaining bond reductions or releases, and paying and discharging fines and curing mining and other environmental permit and mine safety violations; and (8) locate, relocate, amend and maintain any unpatented mining claims included in the Red Arrow Collateral, pay maintenance and location fees with respect to such claims, perform any required assessment work and make all federal and state filings with respect to such claims; (p) that the Receiver is authorized to, in its discretion, institute, prosecute, defend, compromise and /or intervene in or become a party to such actions or proceedings in state or federal courts which may in the Receiver's opinion be advisable for the protection, maintenance and preservation of the Red Arrow Collateral, for the carrying out of the terms of any order of the Court affecting the Red Arrow Collateral, and /or to defend against any action brought against the Receiver acting in such capacity, and, with Approval, to utilize counsel for Lender and /or retain other counsel in connection with the foregoing; (q) that the Receiver is authorized to enter into further lending transactions by which Lender may lend monies to be used by the Receiver (on a nonrecourse basis as to Receiver) to enable the Receiver to perform its duties hereunder, in which case any monies loaned shall be secured by a first and prior lien and security interest on the respective Red Arrow Collateral in favor of Lender, pursuant to Lender's existing Loan Documents; (r) that the Receiver is authorized to issue Receiver's certificates for the purpose of preserving and maintaining and completing improvements of the Red Arrow Collateral, without further approval of this Court, in exchange for funds advanced by third parties or Lender, during the term of the receivership, which Receiver's certificates shall bear interest at the rate of 8% per annum and which Receiver's certificates shall be a lien and security interest junior only to Lender's lien and a preference claim upon the property of the receivership estate, and in the event funds shall be advanced by the Lender, shall be added to the outstanding indebtedness due under the Note; (s) that the Receiver may apply income from the Red Arrow Collateral, subject to the lien rights of Lender, as follows: 1) to the Receiver's approved fees and expenses (including fees of legal counsel of Receiver); 2) to current operating expenses of the receivership in the ordinary course of business, and to other expenses, with Approval; 3) to the monthly obligations owed to Lender under the respective Loan Documents or otherwise; and 4) to such other obligations as the Court may authorize; (t) that the Receiver is authorized to maintain sufficient cash on hand to enable the Receiver to meet expenses, in an amount to be agreed to between the Receiver and Lender; 14 HRODEN \1646830 1