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Title: |
Custodian Agreement |
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Date: |
2006 |
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Price: |
$42 |
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ID: |
#1348151 |
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JPMorgan Chase Bank N.A, London Branch
and
The Bank of New York
CUSTODIAN AGREEMENT
THIS AGREEMENT is made on [ ], 2006
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, a banking corporation organised 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 agreed to open and maintain for you the Account (as defined below) and to provide other services to you in connection with the Account. This agreement sets out the terms under which we will provide those services to you and the arrangements which will apply in connection with those services.
IT IS AGREED AS FOLLOWS
| 1. | INTERPRETATION |
| 1.1 | Definitions: In this Agreement: |
?Account? means the account constituted by the Allocated Account and the Unallocated Account.
?Account Balance? means, in relation to the Account, all your rights to and interest in the balance from time to time on that Account.
?Allocated Account? means the sub-account maintained by us in your name recording the amount of Bullion received and held by us for you on an allocated basis.
?Availability Date? means the Business Day on which you wish to transfer or deliver Silver to us for deposit into the Account.
?Bullion? means any Silver held by us or any Sub-Custodian in the Allocated Account from time to time.
?Business Day? means a Custodian Day (as defined in the Procedures).
?Customs? means HM Revenue and Customs
?eBTS? or ?Website? means the electronic Bullion Transfer System website developed by us.
?Fees? means the fees and charges referred to in clause 10.1 of this Agreement.
?HMRC Agreement? means the agreement between Customs and the LBMA in relation to supplies of bullion (as set out in Section 1 of Customs? Notice 700/57/04? Administrative agreements entered into with trade bodies).
?LBMA? means The London Bullion Market Association or its successors.
?Procedures? means the document entitled ?iShares Silver Trust Creation and Redemption Procedures? attached as Schedule 1 (as amended from time to time).
?Rules? means the rules, regulations, practices and customs of the LBMA, the Bank of England and such other regulatory authority or other body as shall affect the activities contemplated by this Agreement.
?Sub-Custodian? means a sub-custodian, agent or depository (including an entity within our corporate group) appointed by us to perform any of our duties under this Agreement including the custody and safekeeping of Bullion.
?Silver? means silver that meets the requirements of ?good delivery? under the rules of the LBMA expressed in troy ounces and with a minimum fineness of 0.999.
?Unallocated Account? means the sub-account maintained by us in your name recording the amount of Silver which either we or you, as the case may be, have a right to call upon the other party to deliver to it.
?VAT? means value added tax imposed by the VATA (as amended or re-enacted from time to time) and legislation supplemental thereto and any other tax (whether imposed in the United Kingdom in substitution thereof or in addition thereto or elsewhere) of a similar fiscal nature.
?VAT Group? means a group for the purposes of the VAT Grouping Legislation.
?VAT Grouping Legislation? means:
| (a) | sections 43 to 43D (inclusive) of VATA; and |
| (b) | the Value Added Tax (Groups: eligibility) Order 2004 (SI 2004/1931). |
?VATA? means the Value Added Tax Act 1994.
?Withdrawal Date? means the Business Day on which you wish to withdraw Silver from the Account.
| 1.2 | Headings: The headings in this Agreement do not affect its interpretation. |
| 1.3 | Singular and plural: References to the singular include the plural and vice versa. |
VAT Groups: References to any right, entitlement or obligation of any person under the laws in relation to VAT shall (where appropriate and unless the context otherwise requires) be construed, at any time when such person is treated as a member of a VAT Group, to include a reference to the right, entitlement or obligation under such laws of the representative member of such VAT Group at such time.
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