Common use of Evaluation of Gold Clause in Contracts

Evaluation of Gold. As promptly as practicable after 4:00 p.m. (New York time), on each Business Day, the Trustee shall determine the value of the Gold held by the Trust on the basis of the Valuation Relevant Price for that day. If no Valuation Relevant Price is announced on a Business Day, the Trustee shall determine the value of the Gold held by the Trust for that day on the basis of the most recently announced Valuation Relevant Price. However, if the Sponsor determines that the price specified in the two preceding sentences is inappropriate as a basis for evaluation, the Sponsor shall identify an alternative basis for evaluation to be employed by the Trustee. Gold deliverable under a Purchase Order shall be included in the amount of Gold held for the purposes of this Section 4.1 beginning on the first Business Day following the Order Date. Gold deliverable under a Redemption Order shall be excluded from the amount of Gold held for the purposes of this Section 4.1 beginning on the first Business Day following the Order Date. Neither the Trustee nor the Sponsor shall be liable to any Person for the determination that the most recently announced Valuation Relevant Price is not appropriate as a basis for evaluation of the Gold held by the Trust or for any determination as to the alternative basis for evaluation, provided that such determination is made in good faith. If the Sponsor shall determine from time to time that a given price will be the "Valuation Relevant Price", public notice of that determination shall be given prior to the first Business Day on which such price is used to value the Gold held by the Trust.

Evaluation of Gold. (a) As promptly as practicable after 4:00 p.m. (New York time), on each Business Day, the Trustee shall determine the value of the Gold gold held or receivable by the Trust (i) on the basis of the Valuation Relevant Benchmark Price for that day. If day or (ii) if no Valuation Relevant Benchmark Price is announced on a Business Day, the Trustee shall determine the value of the Gold held by the Trust for that day day, on the basis of the most recently announced Valuation Relevant PriceBenchmark Price prior to the evaluation time. However, if the Sponsor determines that the price Benchmark Price specified in the two preceding sentences sentence is inappropriate as a basis for evaluation, the Sponsor it shall identify an alternative basis for evaluation to be employed by the Trustee. Gold deliverable under a Purchase Order shall be included in the amount of Gold held for the purposes of this Section 4.1 evaluation beginning on the first Business Day following the Order DateDate therefor. Gold deliverable under (i) a Redemption Order shall not be excluded from included in the amount of Gold held for the purposes of this Section 4.1 beginning evaluation on and after the first Business Day following the Order DateDate therefor and (ii) a Delivery Application shall not be included in the evaluation on and after the first Business Day following the Share Submission Day therefor. Neither the Trustee nor the Sponsor shall be liable to any Person for the determination that the most recently announced Valuation Relevant Benchmark Price is not appropriate as a basis for evaluation of the Gold gold held or receivable by the Trust or for any determination as to the alternative basis for evaluation, provided that such determination is made in good faith. . (b) If the Sponsor shall determine from time to time determines that a given price will be the "Valuation Relevant Price", public notice Benchmark Price should have the meaning set forth in part (ii) of the definition of that determination term set forth in Section 1.1, the Trustee shall be given prior give notice thereof to the first Business Day on which such Registered Owners identifying the price is used to value the Gold held determined by the TrustSponsor to be used for the purpose of the evaluation of gold, and the Trustee shall apply the new meaning to the evaluation of gold beginning 60 days after the date of that notice.

Evaluation of Gold. As promptly as practicable after 4:00 p.m. (New York time), on each Business Day, the Trustee shall determine the value of the Gold held by the Trust on the basis of the Valuation Relevant Price for that day. If no Valuation Relevant Price is announced on a Business Day, the Trustee shall determine the value of the Gold held by the Trust for that day on the basis of the most recently announced Valuation Relevant Price. However, if the Trustee and the Sponsor determines determine that the price specified in the two preceding sentences is inappropriate as a basis for evaluation, the Sponsor they shall identify an alternative basis for evaluation to be employed by the Trustee. Gold deliverable under a Purchase Order shall be included in the amount of Gold held for the purposes of this Section 4.1 beginning on the first Business Day following the Order Date. Gold deliverable under a Redemption Order shall be excluded from the amount of Gold held for the purposes of this Section 4.1 beginning on the first Business Day following the Order Date. Neither the Trustee nor the Sponsor shall be liable to any Person for the determination that the most recently announced Valuation Relevant Price is not appropriate as a basis for evaluation of the Gold held by the Trust or for any determination as to the alternative basis for evaluation, provided that such determination is made in good faith. If the Sponsor shall determine from time to time that a given price will be the "Valuation Relevant Price", public notice of that determination shall be given prior to the first Business Day on which such price is used to value the Gold held by the Trust.

Evaluation of Gold. As promptly as practicable after 4:00 p.m. (New York time), on each Business Day, the Trustee shall determine the value of the Gold held by the Trust on the basis of the Valuation Relevant Price for that day. If no Valuation Relevant Price is announced on a Business Day, the Trustee shall determine the value of the Gold held by the Trust for that day on the basis of the most recently announced Valuation Relevant Price. However, if the Trustee and the Sponsor determines determine that the price specified in the two preceding sentences is inappropriate as a basis for evaluation, the Sponsor they shall identify an alternative basis for evaluation to be employed by the Trustee. Gold deliverable under a Purchase Order shall be included in the amount of Gold held for the purposes of this Section 4.1 beginning on the first Business Day following the Order Date. Gold deliverable under a Redemption Order shall be excluded from the amount of Gold held for the purposes of this Section 4.1 beginning on the first Business Day following the Order Date. Neither the Trustee nor the Sponsor shall be liable to any Person for the determination that the most recently announced Valuation Relevant Price is not appropriate as a basis for evaluation of the Gold held by the Trust or for any determination as to the alternative basis for evaluation, provided that such determination is made in good faith. If the Sponsor shall determine from time to time that a given price will be the "“Valuation Relevant Price"” within the meaning set forth in part “(ii)” of the definition of that term, public notice of that determination shall be given prior to the first Business Day on which such price is used to value the Gold held by the Trust.

Evaluation of Gold. As promptly as practicable after 4:00 p.m. (New York time), on each Business Day, the Trustee shall determine the value of the Gold held by the Trust on the basis of the Valuation Relevant Price for that day. If no Valuation Relevant Price is announced on a Business Day, the Trustee shall determine the value of the Gold held by the Trust for that day on the basis of the most recently announced Valuation Relevant Price. However, if the Trustee and the Sponsor determines determine that the price specified in the two preceding sentences is inappropriate as a basis for evaluation, the Sponsor they shall identify an alternative basis for evaluation to be employed by the Trustee. Gold deliverable under a Purchase Order shall be included in the amount of Gold held for the purposes of this Section 4.1 beginning on the first Business Day following the Order Date. Gold deliverable under a Redemption Order shall be excluded from the amount of Gold held for the purposes of this Section 4.1 beginning on the first Business Day following the Order Date. Neither the Trustee nor the Sponsor shall be liable to any Person for the determination that the most recently announced Valuation Relevant Price is not appropriate as a basis for evaluation of the Gold held by the Trust or for any determination as to the alternative basis for evaluation, provided that such determination is made in good faith. If the Sponsor shall determine from time to time that a given price will be the "Valuation Relevant Price", public notice of that determination shall be given prior to the first Business Day on which such price is used to value the Gold held by the Trust.