Common use of Evaluation of Gold Clause in Contracts

Evaluation of Gold. As promptly as practicable after COMEX announces the COMEX Relevant Price on each Business Day, the Trustee shall determine the value of the Gold held or receivable by the Trust on the basis of the COMEX Relevant Price for that day. If the COMEX does not announce a COMEX Relevant Price on a Business Day, the Trustee shall determine the value of the Gold held or receivable by the Trust for that day on the basis of the most recently announced COMEX Relevant Price. However, if the Trustee and the Sponsor determine that the price specified in the two preceding sentences is inappropriate as a basis for evaluation, 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 evaluation beginning on the Order Date. Gold deliverable under a Redemption Order shall not be included in the evaluation on and after the Order Date. Neither the Trustee nor the Sponsor shall be liable to any Person for the determination that the most recently announced COMEX Relevant Price is not appropriate as a basis for evaluation of the 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. If the Sponsor determines that COMEX Relevant Price will have the meaning set forth in part (ii) of the definition of that term, the Trustee shall give notice to the Registered Owners, and the Trustee shall not apply the new definition of COMEX Relevant Price until 60 days after the date of that notice.

Evaluation of Gold. As promptly as practicable after COMEX announces the COMEX Relevant Price 4:00 p.m. (New York time), on each Business Day, the Trustee shall determine the value of the Gold held or receivable by the Trust on the basis of the COMEX Relevant Price for that day. If the COMEX does not announce a COMEX Relevant Price on a Business Day, the Trustee shall determine the value of the Gold held or receivable by the Trust for that day on the basis of the most recently announced COMEX Relevant Price. However, if the Trustee and the Sponsor determine that the price specified in the two preceding sentences is inappropriate as a basis for evaluation, 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 evaluation beginning on the Order Date. Gold deliverable under a Redemption Order shall not be included in the evaluation on and after the Order Date. Neither the Trustee nor the Sponsor shall be liable to any Person for the determination that the most recently announced COMEX Relevant Price is not appropriate as a basis for evaluation of the 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. If the Sponsor determines that COMEX Relevant Price will have the meaning set forth in part (ii) of the definition of that term, the Trustee shall give notice to the Registered Owners, and the Trustee shall not apply the new definition of COMEX Relevant Price until 60 days after the date of that notice.

Evaluation of Gold. As promptly as practicable after COMEX announces the COMEX Relevant Price 4:00 p.m. (New York time), on each Business Day, the Trustee shall determine the value of the Gold held or receivable by the Trust on the basis of the COMEX Valuation Relevant Price for that day. If the COMEX does not announce a COMEX no Valuation Relevant Price is announced on a Business Day, the Trustee shall determine the value of the Gold held or receivable by the Trust for that day on the basis of the most recently announced COMEX Valuation Relevant Price. However, if the Trustee and the Sponsor determine that the price specified in the two preceding sentences is inappropriate as a basis for evaluation, 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 evaluation beginning on the Order Date. Gold deliverable under a Redemption Order shall not be included in the evaluation on and after the Order Date. Neither the Trustee nor the Sponsor shall be liable to any Person for the determination that the most recently announced COMEX Valuation Relevant Price is not appropriate as a basis for evaluation of the 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. If the Sponsor determines shall determine from time to time that COMEX a given price will be the “Valuation Relevant Price will have Price” within the meaning set forth in part “(ii) )” of the definition of that term, the Trustee public notice of that determination shall give notice be given prior to the Registered Owners, and first Business Day on which such price is used to value the Trustee shall not apply Gold held or receivable by the new definition of COMEX Relevant Price until 60 days after the date of that noticeTrust.