Common use of Business Carried on in Ordinary Course Clause in Contracts

Business Carried on in Ordinary Course. The Business has been carried on in the ordinary course since December 31, 2011 and since such date: (a) there has not been any event, circumstance or occurrence which has had or is reasonably likely to give rise to a Material Adverse Effect with respect to Silvermex; (b) no liability or obligation of any nature (whether absolute, accrued, contingent or otherwise and whether matured or unmatured) which has had or is reasonably likely to have a Material Adverse Effect with respect to Silvermex has been incurred; (c) there has been no damage, destruction or loss of any material tangible assets, whether covered by insurance or not, that could reasonably be expected to have a Material Adverse Effect on Silvermex; (d) there has been no increase in the salary, other cash compensation or other Employee Benefits payable or to become payable by Silvermex or any Silvermex Subsidiary to any of its respective officers, directors, employees or advisors, other than in the ordinary course of business, and there has been no declaration, payment or commitment or obligation of any kind for the payment or granting by Silvermex or any Silvermex Subsidiary of a bonus, stock option or other additional salary or compensation to any such Person, or any grant to any such Person of any increase in severance or termination pay, nor has Silvermex or any Silvermex Subsidiary agreed to do any of the foregoing; (e) there has not been any redemption, repurchase or other acquisition of Silvermex Shares by Silvermex, or any declaration, setting aside or payment of any dividend or other distribution (whether in cash, shares or property) with respect to the Silvermex Shares; (f) there has not been a material change in the level of accounts receivable or payable, inventories or employees, other than those changes in the ordinary course of business consistent with past practice; (g) neither Silvermex nor any Silvermex Subsidiary has acquired or sold, pledged, leased, encumbered or otherwise disposed of any material property or assets or incurred or committed to incur capital expenditures in excess of $100,000 in the aggregate, as of the date hereof, nor has Silvermex or any Silvermex Subsidiary agreed to do any of the foregoing; (h) neither Silvermex nor any Silvermex Subsidiary has entered into any Material Agreement or amended, modified, relinquished, terminated or failed to renew any Material Agreement; (i) neither Silvermex nor any Silvermex Subsidiary has made any change in accounting policies, principles, methods, practices or procedures (including for bad debts, contingent liabilities or otherwise); and (j) there has been no waiver by Silvermex or any Silvermex Subsidiary or agreement to waive, any right of substantial value and neither Silvermex nor any Silvermex Subsidiary has entered into any commitment or transaction not in the ordinary course of business where such right, commitment or transaction is or would be material in relation to Silvermex or the Business.

Business Carried on in Ordinary Course. The Business has been carried on in the ordinary course since December 31, 2011 2014 and since such date: (a) there has not been any event, circumstance occurrence, development or occurrence state of circumstances or facts which has had or is reasonably likely to give rise to a Material Adverse Effect with respect to SilvermexSilverCrest; (b) there has not been any material write-down by SilverCrest of any assets of SilverCrest; (c) no liability or obligation of any nature (whether absolute, accrued, contingent or otherwise and whether matured or unmatured) which has had or is reasonably likely to have a Material Adverse Effect with respect to Silvermex SilverCrest has been incurred; (cd) SilverCrest has not suffered any material casualty and there has been no damage, destruction or loss of any material tangible assets, whether covered by insurance or not, that could reasonably be expected to have a Material Adverse Effect on SilvermexSilverCrest; (de) other than as set out in the SilverCrest Budget, there has been no increase in the salary, other cash compensation or other Employee Benefits payable or to become payable by Silvermex SilverCrest or any Silvermex SilverCrest Subsidiary to any of its respective officers, directors, employees or advisors, other than in the ordinary course of business, and there has been no declaration, payment or commitment or obligation of any kind for the payment or granting by Silvermex SilverCrest or any Silvermex SilverCrest Subsidiary of a bonus, stock option or other additional salary or compensation to any such Person, or any grant to any such Person of any increase in severance or termination pay, nor has Silvermex SilverCrest or any Silvermex SilverCrest Subsidiary agreed to do any of the foregoing; (ef) there has not been any redemption, repurchase or other acquisition of Silvermex SilverCrest Shares by SilvermexSilverCrest, or any declaration, setting aside or payment of any dividend or other distribution (whether in cash, shares or property) with respect to the Silvermex SilverCrest Shares; (fg) there has not been a material change in the level of accounts receivable or payable, inventories or employees, other than those changes in the ordinary course of business consistent with past practice; (gh) other than as set out in the SilverCrest Budget, neither Silvermex SilverCrest nor any Silvermex SilverCrest Subsidiary has acquired or sold, pledged, leased, encumbered or otherwise disposed of any material property or assets or incurred or committed to incur capital expenditures in excess of $100,000 250,000 in the aggregate, as of the date hereof, nor has Silvermex SilverCrest or any Silvermex SilverCrest Subsidiary agreed to do any of the foregoing; (hi) there has not been any acquisition or sale, lease, license, expiry or other disposition by SilverCrest or any of the SilverCrest Subsidiaries of any interest in any Mineral Rights; (j) neither Silvermex SilverCrest nor any Silvermex SilverCrest Subsidiary has entered into any Material Agreement or amended, modified, relinquished, terminated or failed to renew any Material Agreement; (ik) there has not been any satisfaction or settlement of any material claim, liability or obligation of SilverCrest; (l) other than as set out in Schedule 3.1.9 of the SilverCrest Disclosure Letter , neither Silvermex SilverCrest nor any Silvermex SilverCrest Subsidiary has made any change in accounting policies, principles, methods, practices or procedures (including for bad debts, contingent liabilities or otherwise); and; (jm) there has been no waiver by Silvermex SilverCrest or any Silvermex SilverCrest Subsidiary or agreement to waive, any right of substantial value and neither Silvermex SilverCrest nor any Silvermex SilverCrest Subsidiary has entered into any commitment or transaction not in the ordinary course of business where such right, commitment or transaction is or would be material in relation to Silvermex SilverCrest or the Business; and (n) neither SilverCrest nor any SilverCrest Subsidiary has agreed, announced, resolved or committed to do any of the foregoing.

Business Carried on in Ordinary Course. The Business has been carried on in the ordinary course since December October 31, 2011 and since such date: (a) there has not been any event, circumstance or occurrence which has had or is reasonably likely to give rise to a Material Adverse Effect with respect to SilvermexOrko; (b) no liability or obligation of any nature (whether absolute, accrued, contingent or otherwise and whether matured or unmatured) which has had or is reasonably likely to have a Material Adverse Effect with respect to Silvermex Orko has been incurred; (c) there has been no damage, destruction or loss of any material tangible assets, whether covered by insurance or not, that could reasonably be expected to have a Material Adverse Effect on SilvermexOrko; (d) there has been no increase in the salary, other cash compensation or other Employee Benefits payable or to become payable by Silvermex Orko or any Silvermex Orko Subsidiary to any of its respective officers, directors, employees or advisors, other than in the ordinary course of business, and there has been no declaration, payment or commitment or obligation of any kind for the payment or granting by Silvermex Orko or any Silvermex Orko Subsidiary of a bonus, stock option or other additional salary or compensation to any such Person, or any grant to any such Person of any increase in severance or termination pay, nor has Silvermex Orko or any Silvermex Orko Subsidiary agreed to do any of the foregoing; (e) there has not been any redemption, repurchase or other acquisition of Silvermex Orko Shares by SilvermexOrko, or any declaration, setting aside or payment of any dividend or other distribution (whether in cash, shares or property) with respect to the Silvermex Orko Shares; (f) there has not been a material change in the level of accounts receivable or payable, inventories or employees, other than those changes in the ordinary course of business consistent with past practice; (g) neither Silvermex Orko nor any Silvermex Orko Subsidiary has acquired or sold, pledged, leased, encumbered or otherwise disposed of any material property or assets or incurred or committed to incur capital expenditures in excess of $100,000 in the aggregate, as of the date hereof, nor has Silvermex Orko or any Silvermex Orko Subsidiary agreed to do any of the foregoing; (h) neither Silvermex Orko nor any Silvermex Orko Subsidiary has entered into any Material Agreement or amended, modified, relinquished, terminated or failed to renew any Material Agreement; (i) neither Silvermex Orko nor any Silvermex Orko Subsidiary has made any change in accounting policies, principles, methods, practices or procedures (including for bad debts, contingent liabilities or otherwise)) except for the conversion to IFRS and the change to investment accounting for Proyectos Mineros La Preciosa, SA de CV; and (j) there has been no waiver by Silvermex Orko or any Silvermex Orko Subsidiary or agreement to waive, any right of substantial value and neither Silvermex Orko nor any Silvermex Orko Subsidiary has entered into any commitment or transaction not in the ordinary course of business where such right, commitment or transaction is or would be material in relation to Silvermex Orko or the Business.

Business Carried on in Ordinary Course. The Business has been carried on in the ordinary course since December 31, 2011 2016 and since such date: (a) there has not been any event, circumstance occurrence, development or occurrence state of circumstances or facts which has had or is reasonably likely to give rise to a Material Adverse Effect with respect to SilvermexPrimero that has not been disclosed in the Financial Statements; (b) no liability or obligation there has not been any material write down by Primero of any nature (whether absolute, accrued, contingent or otherwise and whether matured or unmatured) which has had or is reasonably likely to have a Material Adverse Effect with respect to Silvermex has been incurredassets of Primero except as disclosed in the Financial Statements; (c) Primero has not suffered any material casualty and there has been no damage, destruction or loss of any material tangible assets, whether covered by insurance or not, that could reasonably be expected to have a Material Adverse Effect on SilvermexPrimero; (d) there has been no increase in the salary, other cash compensation or other Employee Benefits payable or to become payable by Silvermex or any Silvermex Subsidiary to any of its respective officers, directors, employees or advisors, other than in the ordinary course of business, and there has been no declaration, payment or commitment or obligation of any kind for the payment or granting by Silvermex or any Silvermex Subsidiary of a bonus, stock option or other additional salary or compensation to any such Person, or any grant to any such Person of any increase in severance or termination pay, nor has Silvermex or any Silvermex Subsidiary agreed to do any of the foregoing; (e) there has not been any redemption, repurchase or other acquisition of Silvermex Primero Shares by SilvermexPrimero, or any declaration, setting aside or payment of any dividend or other distribution (whether in cash, shares or property) with respect to the Silvermex Primero Shares; (fe) there has not been a material change in the level of accounts receivable or payable, inventories or employees, other than those changes in the ordinary course of business consistent with past practice; (gf) neither Silvermex Primero nor any Silvermex Primero Subsidiary has acquired or sold, pledged, leased, encumbered or otherwise disposed of any material property or assets assets, except (i) pursuant to the Black Fox Sale and the Cerro del Xxxxx Sale, or (ii) incurred or committed to incur any capital expenditures expenditure in excess of $100,000 in the aggregate250,000, as of the date hereof, nor or (iii) substantially in compliance with the Primero Budget; (g) except pursuant to the Black Fox Sale and the Cerro del Xxxxx Sale, there has Silvermex not been any acquisition or any Silvermex Subsidiary agreed to do sale, lease, license, expiry or other disposition by Primero or any of the foregoingPrimero Subsidiaries of any material interest in any Mineral Rights; (h) neither Silvermex nor there has not been any Silvermex Subsidiary has entered into satisfaction or settlement of any Material Agreement material claim, liability or amended, modified, relinquished, terminated or failed to renew any Material Agreementobligation of Primero; (i) neither Silvermex Primero nor any Silvermex Primero Subsidiary has made any change in accounting policies, principles, methods, practices or procedures (including for bad debts, contingent liabilities or otherwise); and; (j) there has been no waiver by Silvermex Primero or any Silvermex Primero Subsidiary or agreement to waive, any right of substantial value and neither Silvermex Primero nor any Silvermex Primero Subsidiary has entered into any commitment or transaction not in the ordinary course of business where such right, commitment or transaction is or would be material in relation to Silvermex Primero or the Business; and (k) neither Primero nor any Primero Subsidiary has agreed, announced, resolved or committed to do any of the foregoing.

Business Carried on in Ordinary Course. The Business has been carried on in the ordinary course since December August 31, 2011 2008 and since such date: (a) except as disclosed in Section 3.1.10 of the Normabec Disclosure Schedule, there has not been any event, circumstance or occurrence which has had or is reasonably likely to give rise to a no Material Adverse Effect Change with respect to SilvermexNormabec; (b) no liability or obligation of any nature (whether absolute, accrued, contingent or otherwise and whether matured or unmatured) which has had or is reasonably likely to have a Material Adverse Effect with respect to Silvermex has been incurred; (c) there has been no damage, destruction or loss of any material tangible assets, whether covered by insurance or not, that could reasonably be expected to have a Material Adverse Effect on SilvermexNormabec; (dc) except as disclosed in Section 3.1.10 of the Normabec Disclosure Schedule, there has been no increase in the salary, other cash compensation or other Employee Benefits payable or to become payable by Silvermex Normabec or any Silvermex Normabec Subsidiary to any of its respective officers, directors, employees or advisors, other than in the ordinary course of business, and there has been no declaration, payment or commitment or obligation of any kind for the payment or granting by Silvermex Normabec or any Silvermex Normabec Subsidiary of a bonus, stock option or other additional salary or compensation to any such Person, or any grant to any such Person of any increase in severance or termination pay, nor has Silvermex Normabec or any Silvermex Normabec Subsidiary agreed to do any of the foregoing; (e) there has not been any redemption, repurchase or other acquisition of Silvermex Shares by Silvermex, or any declaration, setting aside or payment of any dividend or other distribution (whether in cash, shares or property) with respect to the Silvermex Shares; (f) there has not been a material change in the level of accounts receivable or payable, inventories or employees, other than those changes in the ordinary course of business consistent with past practice; (gd) neither Silvermex Normabec nor any Silvermex Normabec Subsidiary has acquired or sold, pledged, leased, encumbered or otherwise disposed of any material property or assets or incurred or committed to incur capital expenditures in excess of $100,000 10,000, in the aggregate, as of the date hereof, nor has Silvermex Normabec or any Silvermex Normabec Subsidiary agreed to do any of the foregoing; (he) neither Silvermex Normabec nor any Silvermex Normabec Subsidiary has entered into any Material Agreement material contract, agreement, licence, franchise, lease transaction, commitment or other right or obligation and has not amended, modified, relinquished, terminated or failed to renew any Material Agreement, other than in the ordinary course of business; (if) neither Silvermex Normabec nor any Silvermex Normabec Subsidiary has made any change in accounting policies, principles, methods, practices or procedures (including for bad debts, contingent liabilities or otherwise); and (jg) there has been no waiver by Silvermex Normabec or any Silvermex Normabec Subsidiary or agreement to waive, any right of substantial value and and, except as set forth in Section 3.1.10 of the Normabec Disclosure Schedule, neither Silvermex Normabec nor any Silvermex Normabec Subsidiary has entered into any commitment or transaction not in the ordinary course of business where such right, commitment or transaction is or would be material in relation to Silvermex Normabec or the Business.

Business Carried on in Ordinary Course. The Business has been carried on in the ordinary course since December 31the Financial Year End, 2011 and since such datethe Financial Year End: (a) there has not been any event, circumstance or occurrence which has had or is reasonably likely to give rise to a no Material Adverse Effect Change with respect to SilvermexTarget other than changes incurred in the ordinary course of business; (b) no liability or obligation of any nature (whether absolute, accrued, contingent or otherwise and whether matured or unmatured) which has had or is reasonably likely to have a Material Adverse Effect with respect to Silvermex has been incurred; (c) there has been no damage, destruction or loss of any material tangible assetsassets (including any medium in which the Target Intellectual Property resides), whether covered by insurance or not, that could reasonably be expected to have a Material Adverse Effect on SilvermexTarget; (c) there has been no split, combination or reclassification of any of the outstanding Target Shares, and Target has not declared or paid any dividends on or made any other distributions (in either case, in stock or property) on or in respect of the outstanding Target Shares; (d) Target has not allotted, reserved, set aside or issued, authorized or proposed the allotment, reservation, setting aside or issuance of, or purchased or redeemed or proposed the purchase or redemption of, any shares in its capital stock or any class of securities convertible or exchangeable into, or rights, warrants or options to acquire, any such shares or other convertible or exchangeable securities, nor has Target agreed to do any of the foregoing, except for: (i) the issuance of Target Common Shares pursuant to (A) the exercise of Target Options, which are or have become fully vested, (B) the exercise of Target Warrants and (C) the conversion of Target Class A Preferred Shares; (ii) the grant of Target Options to certain officers, directors, employees, consultants and suppliers of Target since the Financial Year End; and (iii) the allotment and reservation for issuance of Target Common Shares pursuant to Target Options granted since the Financial Year End; particulars of which are set forth in Section 3.1.15(d) of the Target Disclosure Schedule; (e) except as disclosed in Section 3.1.15(e) of the Target Disclosure Schedule, there has been no increase in the salary, salary or other cash compensation or other Employee Benefits payable or to become payable by Silvermex or any Silvermex Subsidiary Target to any of its respective officers, directors, employees or advisors, other than in the ordinary course of business, and there has been no declaration, payment or commitment or obligation of any kind for the payment or granting by Silvermex or any Silvermex Subsidiary Target of a bonus, stock option or other additional salary or compensation to any such Person, or any grant to any such Person of any increase in severance or termination pay, nor has Silvermex or any Silvermex Subsidiary Target agreed to do any of the foregoing; (e) there has not been any redemption, repurchase or other acquisition of Silvermex Shares by Silvermex, or any declaration, setting aside or payment of any dividend or other distribution (whether in cash, shares or property) with respect to the Silvermex Shares; (f) there has not been a material change in the level of accounts receivable or payable, inventories or employees, other than those changes in the ordinary course of business consistent with past practice; (g) neither Silvermex nor any Silvermex Subsidiary has acquired or sold, pledged, leased, encumbered or otherwise disposed of any material property or assets or incurred or committed to incur capital expenditures in excess of $100,000 in the aggregate, as of the date hereof, nor has Silvermex or any Silvermex Subsidiary agreed to do any of the foregoing; (h) neither Silvermex nor any Silvermex Subsidiary has entered into any Material Agreement or amended, modified, relinquished, terminated or failed to renew any Material Agreement; (i) neither Silvermex nor any Silvermex Subsidiary has made any change in accounting policies, principles, methods, practices or procedures (including for bad debts, contingent liabilities or otherwise); and (j) there has been no waiver by Silvermex or any Silvermex Subsidiary or agreement to waive, any right of substantial value and neither Silvermex nor any Silvermex Subsidiary has entered into any commitment or transaction not in the ordinary course of business where such right, commitment or transaction is or would be material in relation to Silvermex or the Business.

Business Carried on in Ordinary Course. The Business has been carried on in the ordinary course since December March 31, 2011 2016 and since such date: (a) there has not been any event, circumstance occurrence, development or occurrence state of circumstances or facts which has had or is reasonably likely to give rise to a Material Adverse Effect with respect to Silvermexthe Subsidiary; (b) there has not been any material write-down of any assets of the Subsidiary; (c) no liability or obligation of any nature (whether absolute, accrued, contingent or otherwise and whether matured or unmatured) which has had or is reasonably likely to have a Material Adverse Effect with respect to Silvermex the Subsidiary has been incurred; (c) there has been no damage, destruction or loss of any material tangible assets, whether covered by insurance or not, that could reasonably be expected to have a Material Adverse Effect on Silvermex; (d) there has been no increase in the salary, other cash compensation or other Employee Benefits payable or to become payable by Silvermex or any Silvermex Subsidiary to any of its respective officers, directors, employees or advisors, other than in the ordinary course of business, and there has been no declaration, payment or commitment or obligation of any kind for the payment or granting by Silvermex or any Silvermex Subsidiary of a bonus, stock option or other additional salary or compensation to any such Person, or any grant to any such Person of any increase in severance or termination pay, nor has Silvermex or any Silvermex Subsidiary agreed to do any of the foregoing; (e) there has not been any redemption, repurchase or other acquisition of Silvermex Shares by Silvermex, or any declaration, setting aside or payment of any dividend or other distribution (whether in cash, shares or property) with respect to the Silvermex Shares; (f) there has not been a material change in the level of accounts receivable or payable, inventories or employees, other than those changes in the ordinary course of business consistent with past practice; (g) neither Silvermex nor any Silvermex Subsidiary has acquired or sold, pledged, leased, encumbered or otherwise disposed of any material property or assets or incurred or committed to incur any capital expenditures in excess of $100,000 in the aggregateexpenditures, as of the date hereof, nor has Silvermex or any Silvermex the Subsidiary agreed to do any of the foregoing; (he) neither Silvermex nor there has not been any Silvermex acquisition or sale, lease, license, expiry or other disposition by the Subsidiary of any interest in any Mineral Rights; (f) the Subsidiary has not entered into any Subsidiary Material Agreement or amended, modified, relinquished, terminated or failed to renew any Subsidiary Material Agreement; (ig) neither Silvermex nor there has not been any Silvermex satisfaction or settlement of any material claim, liability or obligation of the Subsidiary; (h) the Subsidiary has not made any change in accounting policies, principles, methods, practices or procedures (including for bad debts, contingent liabilities or otherwise); and; (ji) there has been no waiver by Silvermex or any Silvermex the Subsidiary or agreement to waive, any right of substantial value and neither Silvermex nor any Silvermex Subsidiary has not entered into any commitment or transaction not in the ordinary course of business where such right, commitment or transaction is or would be material in relation to Silvermex the Subsidiary or its Business; and (j) the BusinessSubsidiary has not agreed, announced, resolved or committed to do any of the foregoing.

Business Carried on in Ordinary Course. The Business has been carried on in the ordinary course since December July 31, 2011 2017 and since such date: (a) there has not been any event, circumstance occurrence, development or occurrence state of circumstances or facts which has had or is reasonably likely to give rise to a Material Adverse Effect with respect to SilvermexValGold; (b) there has not been any material write-down by ValGold of any assets of ValGold or any ValGold Subsidiary; (c) no liability or obligation of any nature (whether absolute, accrued, contingent or otherwise and whether matured or unmatured) which has had or is reasonably likely to have a Material Adverse Effect with respect to Silvermex ValGold has been incurred; (c) there has been no damage, destruction or loss of any material tangible assets, whether covered by insurance or not, that could reasonably be expected to have a Material Adverse Effect on Silvermex; (d) there has been no increase in the salary, other cash compensation or other Employee Benefits payable or to become payable by Silvermex ValGold or any Silvermex ValGold Subsidiary to any of its respective officers, directors, employees or advisors, other than in the ordinary course of business, and there has been no declaration, payment or commitment or obligation of any kind for the payment or granting by Silvermex ValGold or any Silvermex ValGold Subsidiary of a bonus, stock option or other additional salary or compensation to any such Person, or any grant to any such Person of any increase in severance or termination pay, nor has Silvermex ValGold or any Silvermex ValGold Subsidiary agreed to do any of the foregoing; (e) there has not been any redemption, repurchase or other acquisition of Silvermex Shares by Silvermex, or any declaration, setting aside or payment of any dividend or other distribution (whether in cash, shares or property) with respect to the Silvermex Shares; (f) there has not been a material change in the level of accounts receivable or payable, inventories or employees, other than those changes in the ordinary course of business consistent with past practice; (g) neither Silvermex ValGold nor any Silvermex ValGold Subsidiary has acquired or sold, pledged, leased, encumbered or otherwise disposed of any material property or assets or incurred or committed to incur capital expenditures in excess of $100,000 25,000 in the aggregate, as of the date hereof, nor has Silvermex ValGold or any Silvermex ValGold Subsidiary agreed to do any of the foregoing; (hf) there has not been any acquisition or sale, lease, license, expiry or other disposition by ValGold or any ValGold Subsidiary of any interest in any Mineral Rights; (g) neither Silvermex ValGold nor any Silvermex ValGold Subsidiary has entered into any Material Agreement or amended, modified, relinquished, terminated or failed to renew any Material Agreement; (h) there has not been any satisfaction or settlement of any material claim, liability or obligation of ValGold or any ValGold Subsidiary; (i) neither Silvermex nor any Silvermex Subsidiary ValGold has not made any change in accounting policies, principles, methods, practices or procedures (including for bad debts, contingent liabilities or otherwise); and; (j) there has been no waiver by Silvermex ValGold or any Silvermex ValGold Subsidiary or agreement to waive, any right of substantial value and neither Silvermex ValGold nor any Silvermex ValGold Subsidiary has entered into any commitment or transaction not in the ordinary course of business where such right, commitment or transaction is or would be material in relation to Silvermex ValGold or the Business; and (k) neither ValGold nor any ValGold Subsidiary has agreed, announced, resolved or committed to do any of the foregoing.