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f . <br /> ERMU FinancingOptions <br /> ERMU can do all of its own financing , if desired . <br /> Or, as an alternative, CMMPA offers to do all <br /> financing <br /> • We are already doing this for our other participants <br /> One-time true up payment on November 1, 2009 (some CMMPA <br /> participants are increasing their participation shares) . <br /> Ongoing development costs to financial close (9/1/09 to 9/1/10) <br /> CMMPA can finance these costs for ERMU as well . <br /> Permanent financing of entire project at financial close. <br /> ERMU has option of being paid back for its contributions to <br /> development costs, or: <br /> Roll development costs into permanent financing . <br /> • Elk River would need to provide information for CMMPA's <br /> bonding agency's review as to credit worthiness. <br /> ERMU can take advantage of CMMPA financing development, <br /> or opt to finance the ERMU share yourselves. 13 <br /> < < < <br />