Common use of Calculation of Glencore Percentage Clause in Contracts

Calculation of Glencore Percentage. For the purposes of this Agreement, when calculating the Glencore Percentage: (1) the Glencore Percentage at any given time shall be calculated by using the number of the Company Shares (assuming exercise, exchange or conversion of all Equity Securities) owned beneficially by Glencore and its Affiliates, collectively, and dividing such number by the number of outstanding Company Shares; and (2) in the event that the Company issues Equity Securities in a Non-Cash Transaction, during the period between the closing of any such Non-Cash Transaction and the closing of the next Equity Financing, the Glencore Percentage for the purposes of this Agreement shall be deemed to be the Glencore Percentage immediately prior to the closing of the Non-Cash Transaction.