UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): February 10, 2012
iShares® Silver Trust
(Exact name of registrant as specified in its charter)
New York | 001-32863 | 13-7474456 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) | (I.R.S. Employer Identification No.) |
c/o BlackRock Asset Management International Inc.
400 Howard Street
San Francisco, California 94105
Attn: BlackRock Institutional Trust Company, N.A.s Product Management Team
Intermediary Investor and Exchange-Traded Products Department
(Address of Principal Executive Offices)
Registrants telephone number, including area code: (415) 670-2000
Not Applicable
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 8.01. | Other Events |
On February 10, 2012, The Bank of New York Mellon (the Trustee) and JPMorgan Chase Bank N.A., London Branch, as custodian (the Custodian) under custodian agreement between the Trustee and the Custodian, dated April 21, 2006 and amended on September 13, 2006, February 8, 2010 and November 5, 2010 (the Custodian Agreement), entered into a Fourth Amendment to Custodian Agreement (the Fourth Amendment) to revise the term and termination notice period so that either the Trustee or Custodian may terminate the Custodian Agreement as of a date on or after January 1, 2015, by giving not less than 180 Business Days written notice to the other party and to indicate that silver may also be held by the Custodian or any Sub-Custodian in vaults within New York, as well as England. A copy of the Fourth Amendment is filed herewith as Exhibit 10.1.
Item 9.01. | Financial Statements and Exhibits |
Exhibit 10.1 | Fourth Amendment to Custodian Agreement |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: February 14, 2012
iShares® Silver Trust* | ||
We |
||
By: | BlackRock Asset Management International Inc. | |
By: | /s/ Jack Gee | |
Name: | Jack Gee | |
Title: | Managing Director | |
By: | /s/ Raymund Santiago | |
Name: | Raymund Santiago | |
Title: | Director |
* | The registrant is a trust. The individual specified above is signing in his or her capacity as an officer and/or authorized signatory of BlackRock Asset Management International Inc., the sponsor of the trust. |
Exhibit 10.1
FOURTH AMENDMENT TO CUSTODIAN AGREEMENT
This Amendment #4 is made as of February 10, 2012
BY AND BETWEEN
1) | JPMorgan Chase Bank N.A., London Branch, a company incorporated with limited liability as a National Banking Association, whose principal London office is at 125 London Wall, London EC2Y 5AJ (we or us); and |
2) | The Bank of New York Mellon, a banking corporation organized under the laws of the State of New York, whose principal place of business is at 101 Barclay Street, New York, New York 10286, United States of America, in its capacity as trustee of the iShares Silver Trust (Trust) (in such capacity you) |
INTRODUCTION
We have entered into the Custodian Agreement dated April 21, 2006 (as amended on September 13, 2006, February 8, 2010, and November 5, 2010, the Custodian Agreement) with you, pursuant to which we have agreed to open and maintain for you the Account (as defined in the Custodian Agreement) and to provide other services to you as provided therein.
We have agreed with you to further amend the Custodian Agreement as hereinafter provided.
IT IS AGREED AS FOLLOWS
1. | INTERPRETATION |
1.1 | Definitions: In this Amendment capitalized terms not otherwise defined herein have the meaning ascribed to them in the Custodian Agreement. |
1.2 | Headings: The headings in this Amendment do not affect its interpretation. |
1.3 | Singular and plural: Reference to the singular include the plural and vice versa. |
2. | AMENDMENT |
2.1 | Amendment to Clause 7.4: Clause 7.4 is hereby deleted and the following Clause 7.4 inserted in lieu thereof: |
7.4 | Location of Bullion: The Bullion must be held by us at our vault premises in England or New York or at the vaults of any Sub-Custodian in England or New York, unless otherwise agreed between you and us (with the Sponsors approval). |
2.2 | Amendment to Clause 12.1. The first sentence of clause 12.1 of the Custodian Agreement is hereby amended by: |
(i) | deleting the words Either party may terminate this Agreement by giving not less than 60 Business Days written notice to the other party, and |
(ii) | substituting the following language in lieu thereof: Either party may terminate this Agreement as of a date on or after January 1, 2015, by giving not less than 180 Business Days written notice to the other party,: |
3. | GENERAL |
3.1 | Custodian Agreement in force and effect: Except as modified herein, the Custodian Agreement will continue in full force and effect pursuant to the provisions thereof. |
3.2 | Assignment: This Amendment is for the benefit of and binding upon you and us and your and our respective successors and assigns. You may not assign, transfer or encumber, or purport to assign, transfer or encumber, your right, title or interest in relation to any right or obligation under this Amendment or any part of any of the foregoing unless we otherwise agree in writing. |
3.3 | Partial invalidity: If any of the clauses (or part of a clause) of this Amendment becomes invalid or unenforceable in any way under the Rules or any law, the validity of the remaining clauses (or part of a clause) will not in any way be affected or impaired. |
3.4 | Entire agreement: This document represents the entire agreement, and supersedes any previous agreements between you and us relating to the subject matter of this Amendment. |
3.5 | Counterparts: This Amendment may be executed in any number of counterparts each of which when executed and delivered is an original, but all the counterparts together constitute the same agreement. |
3.6 | Contracts (Rights of Third Parties) Act 1999: Other than the Sponsor, a person who is not a party to this Amendment shall have no rights under the Contracts (Rights of Third Parties Act) 1999. |
3.7 | Legal opinion: We will furnish to you an opinion of counsel acceptable to you addressed to you and dated the date hereof to the effect that: |
(a) | Our execution, delivery and performance of this Amendment have been duly authorized by us and do not and will not violate any applicable law or regulation and do not require the consent of any governmental or other regulatory body; and |
(b) | This Amendment has been duly executed and delivered by us and constitutes our legal, valid and binding obligation, enforceable in accordance with its terms subject to principles of equity. |
4. | GOVERNING LAW AND JURISDICTION |
4.1 | Governing law: This Amendment is governed by, and will be construed in accordance with, English law. |
4.2 | Jurisdiction: The English courts have non-exclusive jurisdiction to settle any disputes or claims which may arise out of or in connection with this Amendment and, for these purposes you irrevocably submit to the jurisdiction of the English courts. |
4.3 | Waiver of immunity: To the extent that you may in any jurisdiction claim for yourself of your assets any immunity from suit, judgment, enforcement or otherwise howsoever, you agree not to claim and irrevocably waive any such immunity to which you would otherwise be entitled (whether on grounds or sovereignty or otherwise) to the full extent permitted by the laws of such jurisdiction. |
EXECUTED by the parties
Signed on behalf of
JP Morgan Chase Bank N.A., London Branch
By |
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Signature |
/s/ A.C. Lovell | |
Name: |
Andrew Lovell | |
Title: |
Vice President |
Signed on behalf of
The Bank of New York Mellon,
solely in its capacity as trustee of the iShares Silver Trust,
and not in its individual capacity
By |
||
Signature |
/s/ Christopher Healy | |
Name: |
Christopher Healy | |
Title: |
Managing Director |