Common use of For Gold Bullion Clause in Contracts

For Gold Bullion. “Net Smelter Returns,” for gold produced from the Properties and refined by or for Grantors to a form that meets good delivery standards in the London Bullion Market or comparable terminal market (“Gold Bullion”), shall be determined by multiplying (i) the gross number of xxxx ounces of Gold Bullion produced from the Properties and returned to or credited to Grantors or purchased and paid for by the smelter, refiner, processor, purchaser or other recipient of such bullion during a calendar quarter, by (ii) the arithmetic average of the London Bullion Market Association P.M. Fixing Price (in United States dollars) reported on its website for Gold Bullion for the calendar quarter (or should such quotation cease, another similar quotation acceptable to Grantee, acting reasonably) calculated by summing the quoted prices reported for each day of the calendar quarter and dividing the sum by the number of days for which such prices were reported, and (iii) by deducting from the product of (i) times (ii), the Allowable Deductions permitted in Section 4(a) below.

For Gold Bullion. “Net Smelter Returns,” for gold produced from the Properties and refined by or for Grantors to a form that meets good delivery standards in the London Bullion Market or comparable terminal market (“Gold Bullion”), shall be determined by multiplying (i) the gross number of xxxx ounces of Gold Bullion produced from the Properties and returned to or credited to Grantors or purchased and paid for by the smelter, refiner, processor, purchaser or other recipient of such bullion during a calendar quarter, by (ii) the arithmetic average of the London Bullion Market Xxxxxx Xxxxxxx Xxxxxx Association P.M. Fixing Price (in United States dollars) reported on its website for Gold Bullion for the calendar quarter (or should such quotation cease, another similar quotation acceptable to Grantee, acting reasonably) calculated by summing the quoted prices reported for each day of the calendar quarter and dividing the sum by the number of days for which such prices were reported, and (iii) by deducting from the product of (i) times (ii), the Allowable Deductions permitted in Section 4(a) below.