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(b) Discontinued Registration. if any action is initiated by any competent <br /> authority with a view to deregister the Borrower or any related body corporate. <br /> EXECUTED as of the date first above written. <br /> (c) Insolvency Schemes. If without the Lender's prior written consent the <br /> Borrower enters into any arrangement,reconstruction or composition with its creditors or any one Borrower. <br /> o f them. <br /> (d) Winding Up. If an application for the winding up of the Borrower is made Colorado Silver Mines,LLC <br /> and the Borrower cannot reasonably satisfy the Lender that the application is frivolous or vexatious <br /> or if an order for winding up of the Borrower has occurred. <br /> (e) Liquidator or Receiver. If a receiver and manager or provisional liquidator <br /> of assets is appointed. By: <br /> Upon an Event of Default, if not cured within 10 business days after written notice by Printed Name: <br /> Holder,all amounts due and payable not otherwise paid under this Note shall immediately become <br /> due and payable and the Holder may exercise any and all other rights or remedies provided herein Title: <br /> or by law. <br /> The foregoing notwithstanding,under no circumstances shall the amount of interest paid <br /> or payable under this Note exceed the maximum amount permissible under applicable law. If any <br /> circumstance should arise which would cause the interest payable hereunder to exceed the <br /> maximum amount permissible under law, then, ipso facto, the amount of interest payable <br /> hereunder shall be reduced to the maximum amount permissible under applicable law. If the <br /> Holder should ever receive as interest an amount which would exceed the highest lawful rate,the <br /> amount which would be excessive interest shall be applied to the reduction of the principal balance <br /> owing hereunder(or,at the Holder's option,be paid over to Maker)and shall not be applied to the <br /> payment of interest. <br /> The Maker and all endorsers,guarantors,sureties,accommodation parties hereof,and all <br /> other persons liable or to become liable for all or any part of this indebtedness jointly and severally <br /> waive diligence, presentment, protest, and demand, and also notice of protest, of demand, of <br /> nonpayment,of dishonor,and of maturity. <br /> This Note may not be amended, modified, or changed, nor shall any waiver of any <br /> provision hereby be effective except only by an instrument in writing and signed by the party <br /> against whom enforcement of any waiver, amendment, change, modification, or discharge is <br /> sought. The Maker shall not assign this Note without the prior written consent of the Holder. <br /> The terms and provisions of this Note are intended to be and shall be governed,interpreted <br /> and construed pursuant to the laws of the State of Colorado. <br /> Any notice required or permitted to be given to the Maker or the Holder of this Note shall <br /> be sufficient if in writing and if personally delivered or if sent by mail to the address set forth <br /> above or to such other address as the Maker or the Holder shall have designated in prior written <br /> notice or the Loan Agreement. <br /> [signature page follows] <br /> Exhibit 1 Exhibit 1 <br /> Page 45 of 73 Page 46 of 73 <br />