Document:

MUX_Exhibit_10.2_BancoMext._Guaranty_Agreement

		

			Exhibit 10.2

		

		
			MCEWEN MINING INC. / BANCO NACIONAL DE COMERCIO EXTERIOR, S.N.C.
		

		
			GUARANTY AND SUBORDINATION AGREEMENT
		

		
			This GUARANTY AND SUBORDINATION AGREEMENT (the “Guaranty) is made effective as of November 30, 2017, by McEwen Mining Inc., (the “Guarantor”), for the benefit of El Banco Nacional de Comercio Exterior, S.N.C. (the “Creditor”), located at Periférico Sur 4333, Col. Jardines en la Montaña, C.P. 14210 Ciudad de México. This Guaranty is being given for the benefit of the Guarantor and for Compañía Minera Pangea, S.A. de C.V. (the “Debtor”) located at, Blvd. Antonio Rosales 855, Ote. Altos 12 Col. Morelos C.P. 81460, Guamúchil Sinaloa, Mexico., in consideration for the Creditor entering into that certain Contrato de Apertura de Crédito Simple dated as of November 30, 2017 among the parties hereto (the “Credit Agreement”).
		

			
	
			
				 I.
			

			
	
			
			OBLIGATIONS

		
			The guaranty set forth herein (this “Guaranty”) is given by the Guarantor to induce the Creditor to extend credit to the Debtor, or to forbear in the exercise of the Creditor’s right against the Debtor, and in consideration of the Creditor doing so, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and further acknowledging that the Creditor intends to rely on this Guaranty, the Guarantor absolutely, irrevocably and unconditionally guarantees prompt payment when due of all payments and liabilities of the Debtor to the Creditor in relation to the Credit Agreement, whether now existing or hereafter incurred (it being understood and agreed that this Guaranty is a continuing one, except as such duration is specifically limited elsewhere in this Guaranty or the Credit Agreement), whether voluntary or involuntary and however arising, whether secured or unsecured, absolute or contingent, liquidated or unliquidated, and regardless of whether the Debtor may be liable individually or jointly with others, regardless of whether recovery upon any such obligation may be or hereafter become barred or otherwise unenforceable, including interest and charges, and to the extent not prohibited by law, all costs and attorney’s fees incurred in attempting to realize upon this Guaranty. Creditor may proceed directly against Guarantor without first proceeding against Debtor.
		

			
	
			
				 II.
			

			
	
			
			DURATION

		
			This Guaranty is continuing and shall not be revoked by the Guarantor.  This Guaranty will remain effective until all obligations guaranteed by this Guaranty and pursuant to the Credit Agreement are completely discharged.
		

		
			If the Creditor repays, restores, or returns, in whole or in part, any payment or property previously paid or transferred to the Creditor in full or partial satisfaction of any Obligation (as defined below), because the payment or transfer (“Transfer”) was declared to be void, voidable, or otherwise recoverable under any state or federal law, or because the Creditor elects to repay, restore, or return, in whole or in part, in connection with a claim that the Transfer was void, is voidable, or is otherwise recoverable, then as to any amount that the Creditor repays, restores, or returns, and as to all reasonable costs, expenses, and attorney’s fees of the Creditor related to the Transfer or to the repayment, restoration, return, or voidability of the Transfer, the liability of 

		 

 

Guarantor will automatically and immediately be revived, reinstated, and restored and will exist as though the Transfer had never been made.
		

			
	
			
				 III.
			

			
	
			
			NOTICE OF DEFAULT

		
			The Creditor shall not be required to notify the Guarantor of a default by the Debtor in the Debtor’s commitments to the Creditor before proceeding against the Guarantor under this Guaranty.
		

			
	
			
				 IV.
			

			
	
			
			CREDITOR PROVISIONS

		
			The Guarantor expressly waives diligence on the part of the Creditor in collection of any part of the debt or other obligation owed to the Debtor.  Further, the Creditor has no duty to bring suit against the Debtor (for collection of the debt or other performance which is due) before proceeding against the Guarantor.  The Guarantor waives notice of the acceptance of this Guaranty and of any and all such indebtedness and liability.  The Guarantor waives presentment, protest, notice, demand, or action on delinquency in respect of any such indebtedness or liability, including any right to require the Creditor to sue or otherwise enforce payment.  Until all obligations of the Debtor to the Creditor have been satisfied in full, the Guarantor waives all rights of subrogation to any collateral and remedies of the Creditor against the Debtor, and other persons or entities.  Any indebtedness of the Debtor now or hereafter owed to the Guarantor is hereby subrogated to the indebtedness of the Debtor to the Creditor, and such indebtedness of the Debtor to the Guarantor, if the Creditor so requests, shall be collected, enforced, and received by the Guarantor as trustee for the Creditor and be paid over the Creditor on account of the indebtedness of the Debtor to the Creditor, but without reducing or affecting in any manner the liability of the Guarantor under the provisions of this Guaranty.
		

			
	
			
				 V.
			

			
	
			
			AUTHORITY TO ALTER OBLIGATIONS

		
			The Guarantor agrees that, without notice to the Guarantor, the Creditor may change the terms of payment or performance by the Debtor to the Creditor.  The Guarantor shall not be released from any responsibility on the obligations of the Debtor.  The Guarantor’s liability under this Guaranty is several and is independent of any other guarantees.  Other guarantees may be released or modified, with or without consideration, without affecting the liability of the Guarantor.
		

			
	
			
				 VI.
			

			
	
			
			SUBORDINATION

			
	
			
				 (1)
			To the extent and in the manner hereinafter set forth, Guarantor hereby subordinates, in right of payment and claim, all debt obligations now and hereafter owing by Debtor to Guarantor (the “Subordinated Debt”) to the obligations of the Debtor to the Creditor under the Credit Agreement (the “Obligations”):

			
	
			
				 (a)
			until the Obligations shall have been paid and satisfied in full in cash, the Guarantor shall not receive or collect, directly or indirectly, any amount upon the Subordinated Debt; and

			
	
			
				 (b)
			until the Obligations shall have been paid and satisfied in full in cash, the undersigned shall not (i) commence any enforcement action of any kind whatsoever against the Debtor or any of its assets to recover all or any part of the Subordinated Debt, or (ii) 

		 

		

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	join with any creditor in bringing any proceedings against the Debtor under any liquidation, conservatorship, bankruptcy, reorganization, rearrangement, debtor’s relief, or other insolvency law now or hereafter existing.

			
	
			
				 (2)
			Guarantor agrees that it will not assign any interest in the Subordinated Debt to any party, and represents and warrants that no party owns an interest in the Subordinated Debt other than Guarantor and that the entire Subordinated Debt is owing to Guarantor, subject only to the rights of Creditor hereunder.

			
	
			
				 (3)
			Notwithstanding anything herein to the contrary, in the event of any distribution, division or application, partial or complete, voluntary or involuntary, by operation of law or otherwise, of all or any part of the assets of the Debtor to the creditors of the Debtor or readjustment of the obligations and indebtedness of the Debtor, whether by reason of liquidation, bankruptcy, arrangement, receivership, assignment for the benefit of creditors or any other action or proceedings involving the readjustment of all or any of the Subordinated Debt, or the application of the assets of the Debtor to the payment or liquidation thereof, or the dissolution or other winding up of the Debtor’s business, or upon the sale of all or substantially all of the Debtor’s assets, then, and in any such event, Creditor shall be entitled to receive payment in full of any and all of the Obligations then owing prior to the payment of all or any part of the Subordinated Debt, and any payment or distribution of any kind or character, either in cash, securities or other property, which shall be payable or deliverable upon or with respect to any or all of the Subordinated Debt shall be paid or delivered directly to Creditor for application on any of the Obligations, due or not due, until such Obligations shall have first been fully paid and satisfied.

			
	
			
				 (4)
			Should any payment or distribution be received by Guarantor upon or with respect to the Subordinated Debt in violation of or contrary to the terms hereof, Guarantor shall receive and hold the same in trust, as trustee, for the benefit of Creditor and shall forthwith deliver the same to Creditor in precisely the form received (except for endorsement or assignment by Guarantor where necessary), for application on any of the Obligations, due or not due, and, until so delivered, the same shall be held in trust by Guarantor as the property of Creditor. In the event of the failure of Guarantor to make any such endorsement or assignment to Creditor, Creditor or any of its officers or employees, is hereby irrevocably authorized to make same as attorney-in-fact for Guarantor.

			
	
			
				 VII.
			

			
	
			
			ASSIGNMENT

		
			This Guaranty shall (a) bind the successor and assigns of the Guarantor and is not assignable by the Guarantor without the express written consent of the Creditor, and (b) may be enforced by any party to whom all or any part of the liabilities may be transferred or assigned by the Creditor.
		

			
	
			
				 VIII.
			

			
	
			
			CORPORATE AUTHORITY

		
			The Guarantor hereby certifies that it is not prohibited under its articles of incorporation, bylaws, any of its other constitutive or corporate documents or any agreement to which it is a party to act as the Guarantor and perform its obligations hereunder.
		

		
			

		 

		

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				 IX.
			

			
	
			
			AMENDMENT

		
			This Guaranty may be modified or amended, if the amendment is made in writing and is signed by both parties.
		

			
	
			
				 X.
			

			
	
			
			SEVERABILITY

		
			If any provision of this Guaranty shall be held to be invalid or unenforceable for any reason, the remaining provisions shall continue to be valid and enforceable.  If a court finds any provision of this Guaranty is invalid or unenforceable, but that limiting such provision it would become valid or enforceable, then such provision shall be deemed to be written, construed, and enforced as so limited.
		

			
	
			
				 XI.
			

			
	
			
			WAIVER OF CONTRACTUAL RIGHT

		
			The failure of either party to enforce any provision of this Guaranty shall not be construed as a waiver or limitation of that party’s right to subsequently enforce and compel strict compliance with every provision of this Guaranty.
		

			
	
			
				 XII.
			

			
	
			
			APPLICABLE LAW AND JURISDICTION

		
			This Guaranty and Subordination Agreement is governed by the laws of the State of New York.  For any legal action or proceeding with respect to this Guaranty, the Guarantor hereby expressly submits itself to the general jurisdiction of the courts of the State of New York in the Borough of Manhattan, City of New York, the courts of the United States for the Southern District of New York, and appellate courts from any thereof.
		

		
			The parties agree that service of process to the Guarantor in any action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to CT Corporation System (the “Process Agent”), as the Guarantor’s agent in New York for service of process, and hereby irrevocably appoints the Process Agent as its agent for service of process in connection with any such action or proceeding, commencing on the date hereof.
		

		
			If the Process Agent at any time ceases to be present in New York, the Guarantor will forthwith appoint a new Process Agent, and if the Process Agent, at any time changes its address within New York, the Guarantor will immediately notify in writing to the Creditor, such notice to include the new address of the Process Agent.
		

		
			THE GUARANTOR, AND THE CREDITOR HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING UNDER OR RELATING TO THIS AGREEMENT OR ANY NOTE AND FOR ANY COUNTERCLAIM THEREIN.
		

		
			 
		

		
			[Signature Page Follows]
		

		
			

		 

		

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			This Guaranty and Subordination Agreement has been duly executed by authorized representatives of each of the parties hereto as follows:
		

		
			 
		

		
			 
		

		
			GUARANTOR:
		

		
			McEwen Mining Inc., a Colorado corporation 
		

		
			By:         /s/ Yaneth Ortega Bahena                                
		

		
			Title:      Financial Controller, Mexico                           
		

		
			                                                                              
		

		
			 
		

		
			 
		

		
			CREDITOR:
		

		
			El Banco Nacional de Comercio Exterior, S.N.C.
		

		
			By:        /s/ Salvador Becerra Marquez                          
		

		
			Title:     Director de Int. Emp. Y Desarrollo de Nuevos      
		

		
			 Sectores,  Apoderado                                           
		

		
			 
		

		
			By:        /s/ Mauricio Rafael Franco                                
		

		
			Title:     Apoderado                                                         
		

		
			 
		

		
			 
		

		 

		

			Signature Page to Guaranty and Subordination AgreementExhibit 10.1

 

Sales Contract

 

Party A: Taizhou Renji Traditional Chinese
Medicine Pieces Co., Ltd.

Party B: Sinopharm Group Xinjiang Xinte
Ginseng Antler Pharmaceuticals Co., Ltd.

 

		1.	This contract is made by and between Party A and Party
B for the traditional Chinese medicine pieces products (hereinafter the “TCMP”) on the basis of friendly negotiation,
honestly cooperation and mutual benefits.

		2.	The Party A responsible for the process from purchasing raw material to finished products, while
the Party B accounts for the marketing and promotion of clinical trial products of Party A.

		3.	Details about the type, specification and price of TCMP as below:

 

	No.	 	Trade
    Name	 	Type	 	Specification	 	Proposed
    Retail price
	1	 	SuMu (powders)	 	After-soaking-oral TCMP	 	
        3g/bag/box

        (600 bags/600 boxes/big
        one)
	 	RMB19.50/bag/box
	2	 	XiaTianWu (powders)	 	Directly-oral TCMP	 	
        6g/bag/box

        (600 bags/600 boxes/big
        one)
	 	RMB24.80/bag/box
	3	 	JiangXiang (powders)	 	After-soaking-oral TCM	 	
        9g/bag/box

        (600 bags/600 boxes/big
        one)
	 	RMB34.50/bag/box
	4	 	ChenXiang  (powders)	 	After-soaking-oral TCMP	 	
        1g/bag/box

        (600 bags/600 boxes/big
        one)
	 	RMB34.30/bag/box
	5	 	CuYanHuSuo  (powders)	 	Directly-oral TCMP	 	
        3g/10 bags/box

        (400 bags/40 boxes/piece)
	 	RMB19.60/bag
	6	 	ChaoSuanZaoRen (powders)	 	After-soaking-oral TCMP	 	
        10g/bag/box

        (200 bags/200 boxes/ piece)
	 	RMB32.50/bag/box
	7	 	ChuanBeiMu  (powders)	 	Directly-oral TCMP	 	
        3g/bag/box

        (200 bags/200 boxes/ piece)
	 	RMB44.20/bag/box
	8	 	SanQiFen  (powders)	 	Directly-oral TCMP	 	3g/10 bags/box

 (400 bags/40 boxes/ piece)	 	RMB19.80/bag
	 	 	 	 	 	 	
        3g/bag/box

        (200 bags/200 boxes/ small
        one)
	 	 
	9	 	XueJie  (powders)	 	Directly-oral TCMP	 	
        1g/bag/box

        (200 bags/200 boxes/ piece)
	 	RMB54.60/bag/box
	10	 	HongQi (pieces)	 	After-soaking-oral TCMP	 	
        10g/10 bags/box

        (200 bags/20 boxes/ piece)
	 	RMB24.60/bag
	11	 	HongQuMi (grains)	 	After-soaking-oral TCMP	 	
        6g/10 bags/box

        (200 bags/20 boxes/ piece)
	 	RMB19.50/bag
	12	 	LuXueJin (crystal-like scales)	 	Directly-oral TCMP	 	1g/10 bags/box

  (1000 bags/100 boxes/piece)	 	RMB38.00/bag
	 	 	 	 	 	 	2g/5 bags/box

  (250 bags/50 boxes/ piece)	 	RMB76.00/bag
	 	 	 	 	 	 	1g/6 bags/box

 (300 bags/50 boxes/ piece)	 	RMB38.00/bag
	13	 	Chinese yew	 	TCMP	 	
        3g/ 10 bags/box

        (suspension)
	 	RMB65.00/bag
	14	 	HuangShuKuiHua  (powders)	 	Directly-oral TCMP	 	
        3g/10 bags/box

        (400 bags/40 boxes/ piece)

        Undetermined for the other
        one specification
	 	RMB19.80/bag

 

     

     

    

 

		4.	Sales and Rebate Policy

		(1)	In accordance with market demand and the practical situations of company, products sales from the
date March, 2017, markups RMB0.20/ per bag on the basis of supplying base price, cash in stock. Once received the Party B Shipment
Notice, Party A should arrange shipping within 3 working days and accounts for the quality of products and shipping fee, the invoice
of products needed to pay the tax in advance.

		(2)	According to the stipulation of listing requirements and marketing plan, Party A bears shipping
fee. If the invoice amounts of customers higher that the tax of invoice, company will charge the fee on the basis of 10%+1%; while
rebates to the customers, if the invoice amounts of customer higher that the tax of invoice will solved by the accounting department
in time.

		(3)	Products sale rebates on sales volume, if the invoice amounts of sales revenue is RMB4 million,
the company rebates 1% of actual supplying price; if the invoice amounts of sales revenue is RMB5 million, the company rebates
1.5% of actual supplying price; the invoice amounts of sales revenue is RMB6 million, the company rebates 2% of actual supplying
price, annual settlement, company will review the settlement before the expiry of sales contract, the customers receive the cash
with qualified invoice according to the procedures of the company.

		(4)	For keeping the relationship of customers and further expanding company market, the supplying,
customer rebates and settlement should conform to the associated stipulation of company and handle in time. If delay the shipping
or rebates, company should explain with customers and handle in time.

		(5)	Matters not covered by both Parties shall be handled by through consultation.

		(6)	This agreement shall be executed in duplicate, one original for each Party and the agreement shall
be valid for one year after the Parties have signed it.

 

	Party A: Taizhou Renji Traditional	Party B: Sinopharm Group Xinjiang
	Chinese Medicine Pieces Co., Ltd.	Xinte Ginseng Antler Pharmaceuticals Co., Ltd.

 

	Signature:	Signature:
	 	 
	Date:  March 16, 2017	Date: March 16, 2017

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