Document:

20-F/A

Exhibit 4.7  

Loan Agreement  

Executed on June 15,
2009 

Between: 

Elron Electronic
Industries Ltd.

Reg No. 520028036 

3 Azrieli Center,
Triangle Tower, 42nd Floor, Tel-Aviv, Israel 

(“the
Borrower”)  

Of the first part;  

And: 

Discount Investment
Corporation Ltd.

Reg No. 520023896 

3 Azrieli Center,
Triangle Tower, 44th Floor, Tel-Aviv, Israel 

(“the
Lender”)  

Of the second part;  

	Whereas  	The
Lender holds 49% of the issued and paid up share capital of the Borrower;

	And  whereas 	The
Lender has provided the Borrower with a loan in an amount of the new Israeli shekels
equivalent of six million US dollars (USD 6,000,000), pursuant to the agreement entered
into between the parties on October 30, 2008, and a second loan in an amount of the new
Israeli shekels equivalent of two million US dollars (USD 2,000,000), pursuant to the
agreement entered into between the parties on January 15, 2009; 

	And whereas  	The
Borrower has requested that the Lender provide the Borrower with an additional loan in an
amount of the new Israeli shekels equivalent of seven million US dollars (USD 7,000,000),
under the terms set out in this Agreement; 

	And whereas  	The
Lender is willing to provide such a loan to the Borrower. 

Therefore the parties stipulated,
agreed and declared the following: 

	1.  	Preamble,
headings and definitions  

	 	         1.1 	The
preamble to this agreement is an integral part thereof.

	 	1.2 	The
division of this agreement into sections and the section headings are for purposes of
convenience only and may not be used for purposes of interpretation. 

	2.  	Declaration
of the Borrower  

	 	
The
Borrower hereby declares that:

	 	2.1 	The
Borrower’s authorized bodies have granted all of the approvals required under the
Borrower’s Articles of Association and according to law, to approve the Borrower’s
entering into this Agreement and to fulfill its obligations hereunder, all subject to the
provisions of section 1C of the Companies Regulations (Relief in Transactions with
Interested Parties), 5760-2000 (“the Relief Regulations”). 

	 	2.2 	The
Borrower’s entering into this agreement shall not constitute breach of any
obligation or limitation in favor of any third party applicable to the Borrower. 

	3.  	Declaration
of the Lender  

	 	
The
Lender hereby declares that the Lender’s authorized entities have granted all of the
approvals required, insofar as they are required, under the Lender’s Articles of
Association and in law, to approve the Lender’s entering into this Agreement and to
fulfill its obligations hereunder.  

	4.  	The
loan  

	 	4.1 	The
Lender shall provide the Borrower, and the Borrower shall receive from the Lender, a loan
in an amount of new Israeli shekels equivalent to seven million US dollars (USD
7,000,000) at the representative exchange rate of the US dollar set by the Bank of Israel
prior to the loan being provided to the Borrower (“the Loan Principal”). 

	 	4.2 	The
Lender shall provide the Borrower, and the Borrower shall receive from the Lender, the
Loan Principal on the first business day after the end of the period for filing an
objection by the Lender’s shareholders under section 1C of the Relief Regulations,
provided no such objection has been filed. Should a shareholder file an objection, the
Lender shall provide the Loan Principal to the Borrower on the first business day after
the Lender’s general meeting approves, according to law, the Lender’s entering
into this Agreement, insofar as such approval is received. 

	 	4.3 	The
Lender shall provide the Borrower with the Loan Principal in one payment, by bank
transfer to the account in the Borrower’s name at Israel Discount Bank Ltd. (“Discount
Bank”), branch 070, account number [             ] . 

	 	4.4 	Providing
the Loan Principal to the Borrower as set out in this Agreement is subject to fulfillment
of the provision below: 

	 	
Immediately
before the Loan Principal is provided to the Borrower, the Borrower shall furnish the
Lender with a written declaration that fulfillment of the Borrower’s obligations
under this Agreement shall not constitute any breach of any obligation or limitation in
favor of any third party applicable to the Borrower.  

	5.  	Interest
and linkage  

	 	5.1 	The
loan principal shall bear annual interest of 3.23%, and a proportionate amount of this
percentage for part of a year, for the unpaid balance of the loan principal, from time to
time, for the period from the date the loan is provided to the Borrower until its actual
repayment (“the Interest”). The Borrower shall pay the Interest to the Lender
at the payment date of the Loan Principal. If, at any date, only part of the Loan
Principal is paid, the Borrower shall pay the Lender, at that date, the Interest accrued
up to that date for the part of the Loan Principal that was paid. 

	 	         5.2 	The
Loan  Principal  and  Interest  shall be linked  to the  consumer  price  index as
follows: 

	 	 “Base index”
–  	The known  consumer  price  index at the time the loan is actually
                                      provided to the Borrower 

	 	“Payment
index” – 	The known consumer price index at the time any payment is made on
account of the Loan Principal and/or the Interest 

	 	
If,
at a date of payment on account of the loan principal or interest, the payment index is
higher than the base index, the Company shall pay the Loan Principal or Interest, which
will be increased pro rata to the rise in the payment index compared to the base index.
However, if the payment index at that date is the same as or lower than the base index,
then the payment index will be the same as the base index. 

	 	
The
Loan Principal and Interest, including linkage terms of the loan principal and interest,
shall be referred to jointly as “the Loan”. 

	 	5.3. 	Interest
for delay 

	 	
If
the Borrower is in arrears in the payment of any amount due to the Lender, under this
Agreement, beyond the payment date fixed in this Agreement, interest for delay shall be
added to the amount in arrears at the maximum rate of interest for delay acceptable at
Discount Bank, as it shall be from time to time during the period of the delay as
aforesaid, for loans linked to the consumer price index (“Interest for Delay”). 

	6.  	Repayment
of the loan  

	 	6.1 	The
Loan shall be repaid in one payment on September 24, 2011 (“the Payment Date of the
Borrower’s Loans to Discount”) or on another date when the Borrower shall repay
its loans from Discount Bank, whichever date is earlier. It is hereby clarified that
should Discount Bank postpone the payment date of the Borrower’s loans to Discount
Bank, the payment date of the loan in this Agreement shall be postponed accordingly. 

	 	6.2 	The
Borrower shall repay the Loan, as set out in section 6, by bank transfer, to the account
in the Lender’s name at Discount Bank, Main Branch, Tel Aviv (10), account number [            ]. 

	 	6.3 	Prepayment

	 	
Notwithstanding
the aforesaid in section 6.1 above, the Borrower may prepay all or part of the Loan,
subject to irrevocable written notice to the Lender, submitted at least 14 days prior to
the prepayment date, regarding the Borrower’s intention to prepay the Loan,
stipulating the amount that will be prepaid and the payment date. Such prepayment
requires prior written consent from Discount Bank. 

	7.  	Subordination  

	 	
The
Lender hereby agrees that the Loan in this Agreement shall be subordinate to the Borrower’s
loans to Discount Bank. 

	8.  	Immediate
payment  

	 	
Without
derogating from the generality of the provisions in this Agreement, the Lender may, in
any of the events set out below and at its sole discretion, call for immediate payment of
the Loan. In this case, the Borrower shall pay the Lender the entire outstanding balance
of the Loan (including interest and linkage differences accrued up to the actual payment
date), as well as all amounts whose payment date has not yet arrived which the Borrower
owes at the time with respect to any other loan which the Borrower has received and/or
will receive from the Lender, provided the Lender provides the Borrower with 14 days
written notice. The events are as follows:  

	 	8.1 	The
Borrower or its wholly-owned subsidiary receives notice from any creditor that there is
cause, under agreements between the creditor and the Borrower or its wholly-owned
subsidiary, as the case may be, to demand early and/or immediate payment of the debt that
the Borrower or its wholly-owned subsidiary owes the creditor, which is material to the
Borrower. 

	 	8.2 	The
Borrower breaches any of its material obligations under this Agreement and/or it emerges
that any of its declarations are incorrect. 

	 	8.3 	A
motion is filed in court against the Borrower or a company held by the Borrower, which is
material to the Borrower (“the Material Company”), for a stay of proceedings
under section 350 of the Companies Law or under any other law in its place, and this
motion is not removed within 45 days after it was filed or there is a stay of proceedings
against the Borrower or the Material Company. 

	 	8.4 	An
application is filed in court against the Borrower or the Material Company for
liquidation or for the appointment of a temporary or permanent receiver and this
application is not revoked within 45 days after it is filed, or the court appoints a
receiver for the Borrower or the Material Company. 

	 	8.5 	An
application is filed in court against the Borrower or the Material Company for the
appointment of a receiver or a temporary or permanent special administrator, for all of
the assets, or for a material part of the assets of the Borrower or the Material Company
and this application is not revoked within 45 days after it is filed, or the court
appoints a receiver or special administrator for all of the assets, or for a material
part of the assets, of the Borrower or the Material Company. 

	 	8.6 	An
application is filed in court to place an attachment on or to take possession of material
property of the Borrower or the Material Company and this application is not revoked
within 45 days after it is filed, or an authorized authority places an attachment order
on or authorizes taking possession of material property of the Borrower as aforesaid. 

	 	         8.7 	The
 Borrower  ceases to be  controlled  by the Lender:  “Controlled”  as such term is
                  defined by the Companies Law 5759-1999.

	9.  	General  

	 	9.1 	Any
change and/or addition to this Agreement shall only be valid if made in writing, signed
by all the parties to this Agreement and approved by the authorized entities of the
parties as required under their articles of association and in law. 

	 	9.2 	The
Borrower shall pay the Lender the addition of VAT by law for any amount that the Borrower
owes or shall owe the Lender under this Agreement, at least two business days prior to
the last date for payment of VAT to the tax authorities. The Lender shall provide the
Borrower with an appropriate tax invoice for any VAT due to be paid by the Borrower as
set out above. 

	 	9.3 	Each
of the parties undertakes to sign any document and/or form that may be required and to
carry out any action that may be required to fulfill the provisions of this Agreement. 

	 	9.4 	Notices
according to or in respect of this Agreement shall be submitted in writing and signed by
the submitter of the notice, or by any person certified to sign on their behalf. Written
notice sent by one party to this Agreement to another (to the address set out in the
preamble to this Agreement, or to another address in Israel as notified by one party to
the other under the provisions of this section), shall be considered as having been
received by the party to which the notice was sent, on the second regular working day
after posting by registered mail, and on the first regular working day after sending the
notice by fax (provided the sending party produces confirmation of transmission), or if
hand delivered to the party’s address, as aforesaid. 

	 	9.5 	Should
the date of any payment under this Agreement fall on a day other than a business day (a
day when banks in Israel are open to the public for business), the payment date shall be
postponed to the first business day following this date. 

	 	9.6 	This
Agreement, and everything contained herein shall be subject to the laws of the State of
Israel and any dispute arising in respect of the implementation or consequences of this
Agreement shall be deliberated and determined solely by the competent court in Tel Aviv,
whose sole jurisdiction is agreed upon by the parties. 

	 	
[The
remainder of this page is intentionally blank. The signatures appear on the following
page.]  

In
witness whereof, the parties affix their signatures below: 

		
(signed)
——————————————

Elron Electronic Industries Ltd. 		
(signed)
——————————————

Discount Investment Corporation Ltd.First Amendment to Depositary Trust Agreement

 Exhibit 4.1 
 BARCLAYS GLOBAL INVESTORS INTERNATIONAL INC, 
 as Sponsor

 And 
 THE BANK OF NEW YORK MELLON, 
 as Trustee 
  
  
 First Amendment to 
 Depositary Trust Agreement 
 iShares® Silver Trust 
  
  
 Dated as of
November 30, 2009 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	FIRST AMENDMENT TO DEPOSITARY TRUST AGREEMENT	  	1
		
	ARTICLE 1 DEFINITIONS AND RULES OF CONSTRUCTION	  	1
			
	 Section 1.1.
	  	Definitions	  	1
			
	 Section 1.2.
	  	Rules of Construction	  	1
		
	ARTICLE 2 AMENDMENTS TO THE DEPOSITARY TRUST AGREEMENT	  	2
			
	 Section 2.1.
	  	Text of the Amendments	  	2
		
	ARTICLE 3 MISCELLANEOUS	  	2
			
	 Section 3.1.
	  	Counterparts	  	2
			
	 Section 3.2.
	  	Third-Party Beneficiaries	  	2
			
	 Section 3.3.
	  	Severability	  	2
			
	 Section 3.4.
	  	Agent for Service; Submission to Jurisdiction	  	2
			
	 Section 3.5.
	  	Governing Law	  	3

  

 -i- 

 FIRST AMENDMENT TO DEPOSITARY TRUST AGREEMENT 
 THIS FIRST AMENDMENT (this “Amendment”) to the Depositary Trust Agreement dated as of April 21, 2006 is
entered into on November 30, 2009, by and between BARCLAYS GLOBAL INVESTORS INTERNATIONAL INC, a Delaware corporation, in its capacity as Sponsor, and THE BANK OF NEW YORK MELLON, a New York banking corporation, as trustee. 
 W I T N E S S E T H : 
 WHEREAS the “iShares® Silver Trust”, a trust created
under the laws of the State of New York, is governed by the provisions of the Depositary Trust Agreement dated as of April 21, 2006 (the “Depositary Trust Agreement”); and 
 WHEREAS the parties hereto wish to amend the Depositary Trust Agreement as hereinafter set forth. 
 NOW, THEREFORE, in consideration of the premises and of the mutual agreements herein contained, the parties hereto hereby agree as follows:

 ARTICLE 1 
 DEFINITIONS AND RULES OF CONSTRUCTION 
 Section 1.1. Definitions.
Except as otherwise specified in this Amendment, or as the context may otherwise require, capitalized terms shall have the meaning ascribed to them in the Depositary Trust Agreement. 
 Section 1.2. Rules of Construction. Unless the context otherwise requires: 
 (i) a term has the meaning assigned to it; 
 (ii) an accounting term not otherwise defined has the meaning assigned to it in accordance with generally accepted accounting
principles as in effect in the United States; 
 (iii) “or” is not exclusive; 
 (iv) the words “herein”, “hereof”, “hereunder” and other words of similar import refer to this
Amendment as a whole and not to any particular Article, Section or other subdivision; 
 (v)
“including” means including without limitation; and 
 (vi) words in the singular include the plural
and words in the plural include the singular. 

 ARTICLE 2 
 AMENDMENTS TO THE DEPOSITARY TRUST AGREEMENT 
 Section
2.1. Text of the Amendments. Section 7.6 of the Depositary Trust Agreement is hereby amended to read in full as follows: 
 “Agent for Service; Submission to Jurisdiction. The Sponsor hereby (i) irrevocably designates and appoints CT Corporation System, located at 111 Eighth Avenue, New York, New York 10011, U.S.A., as the Sponsor’s
authorized agent upon which process may be served in any suit or proceeding arising out of or relating to the Shares, the Trust Property or this Agreement, (ii) consents and submits to the jurisdiction of any state or federal court in The City
of New York, State of New York, in which any such suit or proceeding may be instituted, and (iii) agrees that service of process upon said authorized agent (or any successor thereto from time to time duly appointed as such by the Sponsor and
the name and address of which shall have been informed in writing by the Sponsor to the Trustee) shall be deemed in every respect effective service of process upon the Sponsor in any such suit or proceeding. The Sponsor further agrees to maintain
the appointment of an agent for service of process in full force and effect for so long as any Shares remain outstanding or this Agreement remains in force. In the event the Sponsor fails to continue such designation and appointment in full force
and effect, the Sponsor hereby waives personal service of process upon it and consents that any such service of process may be made by certified or registered mail, return receipt requested, directed to the Sponsor at its address last specified for
notices hereunder, and service so made shall be deemed completed five (5) days after the same shall have been so mailed.” 
 ARTICLE 3 
 MISCELLANEOUS 
 Section 3.1. Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be deemed an original and all of such counterparts shall constitute one and the same
instrument. Copies of this Amendment shall be filed with the Trustee and shall be open to inspection by any Registered Owner during the Trustee’s business hours. 
 Section 3.2. Third-Party Beneficiaries. This Amendment is for the exclusive benefit of the parties hereto, and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever
to any other person. 
 Section 3.3. Severability. In case any one or more of the provisions contained in this Amendment
should be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions of this Amendment shall in no way be affected, prejudiced or disturbed thereby. 
 Section 3.4. Agent for Service; Submission to Jurisdiction. The Sponsor hereby (i) irrevocably designates and appoints CT
Corporation System, located at 111 Eighth Avenue, New York, New York 10011, U.S.A., as the Sponsor’s authorized agent upon which process may be served in any suit or proceeding arising out of or relating to the Shares, the Trust

  

 - 2 - 

 
Property or this Agreement, (ii) consents and submits to the jurisdiction of any state or federal court in The City of New York, State of New York, in which any such suit or proceeding may
be instituted, and (iii) agrees that service of process upon said authorized agent (or any successor thereto from time to time duly appointed as such by the Sponsor and the name and address of which shall have been informed in writing by the
Sponsor to the Trustee) shall be deemed in every respect effective service of process upon the Sponsor in any such suit or proceeding. The Sponsor further agrees to maintain the appointment of an agent for service of process in full force and effect
for so long as any Shares remain outstanding or this Amendment remains in force. In the event the Sponsor fails to continue such designation and appointment in full force and effect, the Sponsor hereby waives personal service of process upon it and
consents that any such service of process may be made by certified or registered mail, return receipt requested, directed to the Sponsor at its address last specified for notices hereunder, and service so made shall be deemed completed five
(5) days after the same shall have been so mailed. 
 Section 3.5. Governing Law. This Amendment shall be
interpreted under, and all rights and duties under this Amendment shall be governed by, the internal substantive laws (but not the choice of law rules) of the State of New York. 
  

 - 3 - 

 IN WITNESS WHEREOF, BARCLAYS GLOBAL INVESTORS INTERNATIONAL INC. and THE BANK OF NEW YORK
MELLON have duly executed this First Amendment to the Depositary Trust Agreement as of the day and year first set forth above. 
  

			
	 BARCLAYS GLOBAL INVESTORS
 INTERNATIONAL INC.

		
	By:	 	 /s/ Geoffrey Flynn

	Name:	 	Geoffrey Flynn
	Title:	 	Managing Director
		
	By:	 	 /s/ Jack Gee

	Name:	 	Jack Gee
	Title:	 	Principal
	
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	 /s/ Peter D. Holland

	Name:	 	Peter D. Holland
	Title:	 	Managing Director

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