Document:

Deposit Account Agreement

 Exhibit 10.1 
 JPMORGAN CHASE BANK, N.A. 
 GLOBAL ACCOUNT TERMS 

DEPOSIT ACCOUNT AGREEMENT 
 The Bank of New York, in its capacity as trustee of the Euro Currency Trust, a trust formed under New York law (the “Customer” or “Trust”) and the London Branch of JPMorgan Chase Bank,
N.A. (the “Bank”) undertake to comply with and be bound by the following Global Account Terms of this Deposit Account Agreement (the “Agreement”). 
 ESTABLISHING ACCOUNTS 
  

	1.1	The Customer’s Euro-denominated, (i) interest-bearing account (the “Interest Account”) and (ii) non interest-bearing account ( the
“Non-Interest Account”) (each individually the “Account” and collectively the “Accounts”) maintained with the London Branch of the Bank shall be subject to these Global Account Terms (the
“Account Terms”) and the Account Application and the Signature List executed by the Customer regarding the Accounts attached hereto (together, the “Account Applications”) and by continuing to use the Accounts the
Customer acknowledges its acceptance of these Account Terms and the relevant Account Applications. 

  

	1.2	Unless otherwise specified the Customer will establish the Accounts as principal. The Customer shall not transfer any of its rights and interests in the Accounts nor
create any form of security interest over such rights and interests without the prior written consent of the Bank. 

  

	1.3	The Customer represents and warrants that it has power and capacity to open and operate the Accounts, that the Account Terms and the relevant Account Applications
constitute valid and binding obligations of the Customer and that the Customer has taken all necessary actions to duly authorise the execution and delivery of the same. 

 SIGNATORIES 
  

	2.1	“Signatory” means a person named in the relevant Account Application (or other analogous document under which the Customer authorises persons to
communicate with the Bank in relation to the Accounts) who is authorised to act on behalf of the Customer at the time of the relevant Instruction and in respect of the matters set out in clause 3 below. 

 

	2.2	The Bank may treat any Signatory as duly authorised to issue Instructions as defined below until the Bank receives written notice from the Customer, after which the
Bank shall act promptly, that the Signatory no longer has the authority to issue Instructions. 

	2.3	The Customer will provide specimen signatures (including specimens of facsimile signatures and/or personal seals) to the Bank (in the Account Application or otherwise)
in the number and form required and will verify the identity of each Signatory in a manner required by the Bank. 

AUTHORITY OF SIGNATORIES 
  

	3.1	Each Signatory, subject to any written limitation received by the Bank from the Customer, is authorised on behalf of the Customer to: 

 

	 	(a)	open, operate and close the Accounts; 

  

	 	(b)	appoint and remove Signatories; 

  

	 	(c)	execute the Account Application(s) and any form of agreement relating to communications, whether by telephone, telex, electronic or other means;

  

	 	(d)	execute any agreements relating to overdrafts, borrowings or cash management; 

 

	 	(e)	draw, accept, endorse or discount cheques, drafts, bills of exchange, notes and other instruments; 

 

	 	(f)	overdraw the Accounts as may be permitted by the Bank; 

  

	 	(g)	make arrangements with the Bank concerning periodic payments into or out of the Accounts; 

 

	 	(h)	advise the Bank of credits destined for the Customer’s Account; 

  

	 	(i)	place money on interest-bearing or term deposit with the Bank and withdraw that money and accrued interest either on or before any applicable maturity date;

  

	 	(j)	authorise and request the Bank to effect foreign exchange transactions and purchase and/or sell treasury products for the account of the Customer;

  

	 	(k)	deposit any property of the Customer with the Bank for safe keeping, have access to and reclaim any property so deposited or give the Bank Instructions in relation to
it; 

  

	 	(l)	execute guarantees, indemnities or other undertakings to the Bank in relation to: 

 

	 	(i)	missing documents; 

  

	 	(ii)	guarantees, letters of credit or other undertakings given or to be given by the Bank to or at the request of the Customer; or 

 

	 	(iii)	anything else done or to be done by the Bank at the request of the Customer; 

  
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	 	(m)	give the Bank any form of security over, or make any other arrangements with the Bank concerning, any property of the Customer including without limitation bills of
exchange, bills of lading, warehouse certificates, Insurance policies and share and debenture certificates; 

  

	 	(n)	countermand, revoke or amend Instructions; and 

  

	 	(o)	give the Bank Instructions relating to any of the above. 

 INSTRUCTIONS 
  

	4.1	“Instruction” means a communication, including without limitation, a cheque or demand for payment, which (i) contains the information required by the
Bank to enable the Bank to give effect to the communication; (ii) is received by the Bank in writing, by facsimile, tested or untested telex, SWIFT, telephone, or via the Bank’s electronic instruction system or such other means as are for
the time being agreed by the Customer and the Bank; and (iii) the Bank believes in good faith to have been given by the Customer. 

  

	4.2	The Customer is responsible for keeping and completing cheques and other forms and documents and for issuing Instructions in a manner so as to prevent unauthorised
completion, alterations or additions. The Customer shall not issue cheques which are post dated and shall immediately notify the Bank if it becomes aware that any of its cheques (whether completed or blank) are lost or stolen.

  

	4.3	If the Bank and the Customer at any time agree on a security procedure to be used In relation to any category of communications (including encryption), the Customer
shall safeguard any test keys, passwords, identification codes or other security or authentication devices, make them available only to properly authorised persons and be fully responsible for any use of such security procedure (whether authorised
or unauthorised) 

  

	4.4	Nothing in this Clause 4 obligates the Bank to confirm Instructions which appear to the Bank acting in good faith to have been given by the Customer.

 AUTHORITY AND OBLIGATIONS QF THE BANK 

 

	5.1.	The Bank is authorised and agrees to accept, honour and execute without inquiry each Instruction which the Bank believes in good faith to have been given by a Signatory
and any other Instruction communicated by other means which the Bank receives in strict accordance with any agreed security procedure. Provided the Bank believes in good faith that an Instruction has been given by a Signatory, where such an
Instruction has been effected by means of a facsimile signature, personal seal or chop, the Bank is authorised to act on such Instruction, regardless of by whom the facsimile signature, personal seal or chop was actually affixed. The Bank does not
have to inquire into the circumstances of any transaction. 

  
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	5.2	The Bank may at its option use any means to confirm or clarify Instructions, even if any agreed security procedure appears to have been followed: if the Bank is not
satisfied with any confirmation or clarification, it may decline to honour the Instruction. 

  

	5.3	The Bank has established cut-off times for some categories of communications, details of which are attached hereto as Addendum A. If an Instruction is received
by the Bank after its cut-off times, the Bank may process the Instruction on the next day on which it is open for such business. The Bank may process any Instruction through any of the payments systems identified in Addendum A.

  

	5.4	Execution of Instructions will be subject to applicable law and the rules of the payment system used, including those laws or rules concerning a misdescribed or missing
beneficiary, beneficiary’s bank or intermediary bank. The Bank may rely on the identifying number of any account, intermediary or beneficiary’s bank which appears in an Instruction as the proper identification of the beneficiary,
intermediary or beneficiary’s bank notwithstanding that the Instruction identifies an entity different from the entity identified by name in the Instruction. The Bank may complete or correct incomplete or inaccurate intermediary or beneficiary
bank details. 

  

	5.5	The Bank may, at its option, honour any Instruction even if as a result an Account becomes overdrawn or an existing overdraft is increased. The Bank may also, in its
absolute discretion, select which Instructions (if any) shall and shall not be affected. If the Customer is permitted to overdraw an Account, the overdraft shall be on such terms as are agreed between the Customer and the Bank. However, in the
absence of such agreement, the Bank shall be entitled to debit the overdrawn Account with interest, fees and other expenses at such rates as it considers appropriate. The Customer will repay borrowed monies and pay such interest, fees and other
expenses on demand. 

  

	5.8	Where execution of an Instruction requires the Bank to purchase or sell a currency other than the currency of the Account on which the Instruction is given, the Bank is
authorised to purchase or sell the currency at its rate at the relevant time for the purchase or sale of such currency having regard to the size and tenor of the transaction. 

 

	5.7	If the Customer chooses to confirm any Instruction, any confirmation must be clearly marked as such and, if there is any discrepancy between an Instruction and any
confirmation, the terms of the Instruction shall prevail. 

 DEPOSITS, AVAILABILITY OF FUNDS 

 

	6.1	The Customer undertakes that it will have good title to all items presented to the Bank for deposit or for any other purpose. Money deposited or paid into an Account
will not be regarded as available until collected and irrevocably received in cleared funds. The Customer requests that the Bank accept without inquiry all cheques and other instruments presented for deposit into the Account without checking whether
they are valid, properly endorsed or owned by the Customer. 

  
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	6.2	As collecting bank, the Bank as agent for the Customer will deal with and present the cheques and instruments in accordance with the custom and practice of the country
in which the cheques are collected. 

  

	6.3	If the Bank credits the Account in contemplation of receiving funds for the Customer’s credit and those funds are not actually received by the Bank, or on the
faith of a transaction which is subsequently set aside or revoked, or if the Bank does not receive funds for the Customer’s credit for value on the date advised by or on behalf of the Customer, the Bank shall be entitled to debit the Account of
the Customer with the amount previously credited and/or with any other charges incurred. If the Account becomes overdrawn or further overdrawn as a result of such debit the Customer will pay on demand the overdrawn amount and interest on the
overdrawn amount. 

  

	6.4	Bank reserves the right not to accept, and to return without interest to the remitter of funds, the amounts received for deposit to the Interest Account on any Bank
business day, if the aggregate deposit liability of the Bank to the Trust following the deposit of such amounts would exceed the Euro equivalent of U.S. dollars Eight (8) Billion calculated at the Federal Reserve Bank of New York (FRBNY) noon
buying rate for Euros or another recognized market rate for Euros if the FRBNY noon buying rate is not available on the banking day such deposits are received by the Bank. 

 

	6.5	Each day that orders are placed with and accepted by the Trust for the purchase or redemption of shares in the Trust, the Trust shall notify the Bank of the anticipated
amounts in Euros that will be deposited to, or withdrawn from, the Interest Account on the settlement date for those orders. 

INTEREST 
  

	7.1	Interest will accrue daily, in Euros, on all Euro balances In the Interest Account only and will be credited monthly, in Euros, to the Non-Interest Account. (No
interest will be earning on balances in the Non-Interest Account.) The Bank agrees that it will endeavour at all times to pay a competitive market interest rate on all Euro balances in the Interest Account. As of the date of this Agreement, the Bank
has agreed to pay interest at a rate equal to the Euro Overnight Index Average (“EONIA”) less 27 basis points on all Euro balances in the Interest Account. The Bank reserves the right to change the basis of the calculation of the
interest rate in the event that there are significant changes in conditions such as: the market rate moves dramatically; the Euro balances are significantly higher or lower than has been projected for the Trust; or the EONIA index ceases to
accurately reflect the market. The Bank will endeavour to provide to the Customer and Customer’s sponsor advance notice whenever the Bank intends to change the interest rate on the Interest Account, except where there are unforeseen changes in
conditions or significant changes in the Trust’s balances in the Interest Account. If the Bank at any time pays an unsatisfactory Interest rate on the Interest Account, the Customer’s sole recourse will to be to withdraw the Euro balance
from the Interest Account, terminate the Deposit Account Agreement and close the Accounts. 

  
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 ACCOUNT INFORMATION 

 

	8.1	The Bank will issue, on a daily basis, balance and transactions reports for the Accounts for the previous banking day. Bank will also send a periodic statement of
account for the Accounts as agreed with the Customer. 

  

	8.2	The Customer will ensure that the statements, confirmations and advices it receives from the Bank are examined by a responsible person on behalf of the Customer within
a reasonable time of receipt and, thereupon, Customer shall promptly notify the Bank of any mistake or discrepancy of which the Customer becomes aware from such statements, confirmations and advices. The Bank shall not be responsible for the
Customer’s reliance on balance, transaction or related information which is subsequently updated or corrected or for the accuracy or timeliness of information supplied by any third party to the Bank. 

OTHER DOCUMENTATION 
  

	9.1.	These Account Terms and the Account Applications replace any existing agreements relating to the subject matter hereof or thereof, with effect from the date the Bank
receives the relevant Account Application or analogous document in form and substance satisfactory to the Bank. 

  

	9.2	These Account Terms are in addition to any future agreement between the Bank and the Customer (including without limitation any agreement relating to the provision of
electronic banking services, specific payment or cheque services or custody services) and if there is an inconsistency between these Account Terms and any such other agreement, any such other agreement will prevail for the purposes of the particular
account or service which is the subject of such other agreement. If there is an inconsistency between these Account Terms and any terms of the relevant Account Application(s), the terms of the Account Application(s) shall prevail for the purposes of
the Account(s) which are subject to such Account Application(s). 

 REVERSALS 

 

	10.1	Unless otherwise expressly provided, all Instructions shall continue in full force and effect until cancelled or superseded. Instructions may be reversed, amended,
cancelled or revoked by the Customer only with the consent of the Bank. That consent shall not be withheld unless the Bank reasonably determines that it would not be possible to give effect to any reversal, amendment or revocation, or the Bank has
entered into other transactions or otherwise materially changed its position as a result of receiving such Instructions. 

  

	10.2	The Customer may stop payment of a cheque at any time provided the Bank branch on which the cheque is drawn receives an Instruction to that effect from the Customer
prior to the Bank honouring or arranging to honour the cheque concerned. 

  
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	10.3	If the Bank erroneously posts or fails to post an entry to the Account the Bank may reverse or make a correcting entry and the provisions of clause 6.3 shall apply to
any resulting overdraft. 

 FEES AND CHARGES 

 

	11.1	The Bank may, at its option, invoice the Customer or debit the Account for services or for handling telecommunications or messages dispatched at the Customer’s
request, and other out of pocket costs incurred by it for the Customer’s account in accordance with its fee arrangements in place from time to time. Attached hereto and marked Fee Schedule. is a copy of the current fees. All payments to be made
to the Bank shall be in full, without set-off or counterclaim and free of any deductions or withholdings on account of any tax or otherwise The Bank will forward to the Customer a statement in respect of each Account detailing all interest (if
applicable) and fees charged to that Account. 

  

	11.2	The Customer agrees to pay or reimburse the Bank for any taxes, levies, Imposts, deductions, charges, stamp, transaction and other duties and withholdings (together
with any related interest, penalties, fines, and expenses in connection with them) in connection with the Accounts (including payments or receipts to an Accounts) except if imposed on the overall net income of the Bank. 

REPAYMENT OF OVERDRAFTS 
  

	12.1	In the event that there is an overdraft in the Non-Interest Account due to payment of interest on redemptions of shares in the Trust, any monies paid into the
Non-interest Account will first be used to credit such overdraft. 

 INDEMNITY AND LIABILITY 

 

	13.1	The Customer shall fully indemnify the Bank and its employees, officers and directors and each of the affiliates and subsidiaries of JPMorgan Chase Bank, N.A. on
demand, at all times against any losses, costs, claims, damages, liabilities and expenses (including without limitation legal fees) which it or they suffer or incur directly or indirectly as a result of (i) the Customer’s breach of these
Account Terms, (ii) the Bank acting on what it believed (in good faith) to be the Customer’s communication or Instruction or because of anything done under or as contemplated by these Account Terms. This indemnity is in addition to and not
in substitution for any other indemnity or right in favour of the Bank given by law or otherwise and shall not be affected or discharged by any thing. 

  

	13.2	(i) Subject to clause 13.2 Oil below, the Bank shall be liable only for direct loss or damage which the Customer suffers or incurs arising from the Bank’s gross
negligence or wilful misconduct and shall not be liable for any other loss or damage of any nature. 

 (ii) The
Bank shall not in any event be liable for loss of business or profits or goodwill or any Indirect or consequential or punitive or special loss or damage, in each case whether 

  
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or not reasonably foreseeable, even if the Bank has been advised of the likelihood of such loss or damage and whether arising from negligence, breach of contract or otherwise. 

(iii) The provisions of clause (i) and (ii) above shall not apply to the extent that the loss or damage is caused by fraud, on
the part of the Bank. 
  

	13.3	The Bank of New York enters into this Agreement only in its capacity as trustee and in no other capacity, and in no circumstances shall The Bank of New York have any
liability under or in connection with this Agreement other than as trustee of the Trust. Any liability of the Trustee arising under or in connection with this Agreement is limited to, and can be enforced against the Trustee only to the extent to
which such liability can be satisfied out of, the assets of the Trust which are available under the terms of the trust agreement governing the Trust to meet such liability at the time the amount in respect of such liability is claimed against the
Trustee. This limitation on the Trustee’s liability applies despite any other provision of this Agreement and extends to all liabilities and obligations of the Trustee in any way connected with any representation, warranty, conduct, omission,
agreement or transaction related to this Agreement, except that the Trustee will be held liable individually for its fraud or willful misconduct in connection with these Account Terms. 

GOVERNING LAW AND JURISDICTION 
  

	14.1	These Account Terms, the relevant Account Application and the rights and obligations of the Customer and the Bank in respect of the Accounts shall be governed by,
performed and construed in accordance with the laws of England. 

  

	14.2	If any of these Account Terms is unenforceable or illegal in any jurisdiction, that will not affect the rest of the Account Terms in that jurisdiction, or any of the
Account Terms in any other jurisdiction. 

  

	14.3	In relation to the Accounts, the courts of England shall have non-exclusive jurisdiction to settle any disputes which arise out of or are connected with these Account
Terms, the relevant Account Application and/or the relevant Account. This clause does not prevent the Bank or Customer from taking proceedings in the United States. 

 RECORDING 
  

	15.1	The Bank may record telephone conversations in connection with an Instruction. At the Customer’s request and cost the Bank will supply a copy or transcript of any
such recording to the Customer. The recording or transcript may be used in resolving any dispute between the Bank and the Customer. Recordings and any transcript shall be the property of the Bank. 

 

	15.2	 The Bank may microfilm or electronically record any document and subject to any law affecting the relevant Account may destroy the original of such
documents. Subject to the 

  
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provisions of applicable law the Bank and the Customer shall be entitled to rely on any such stored document in any legal proceeding or for any other purpose. 

DISCLOSURE 
  

	18.1	The Customer authorises the Bank to retain an affiliated company and/or any other agents to perform data processing, collection and other services which the Bank
considers necessary or desirable for the Bank. The Bank reserves the right to modify or terminate its arrangements with its agents at any time. 

  

	18.2	The Customer agrees that Instructions and Information concerning the Accounts, the Customer and transactions to be disclosed in accordance with this clause 16 may be
transmitted across national boundaries and through networks Including those owned and operated by third parties. 

  

	16.3	The Customer authorises the Bank to disclose information concerning the Accounts, transaction or the Customer where, (i) in the Bank’s view, the disclosure is
necessary or desirable for the purpose of allowing the Bank to perform its duties and exercise its powers and rights hereunder; (ii) the disclosure is to a proposed assignee of the rights of the Bank in respect of the Account; (iii) the
disclosure is to a branch, affiliate, subsidiary, employee or agent of JPMorgan Chase & Co. or to its auditors or legal advisers; (iv) the disclosure is to the auditors of the Customer; or Iv) as may be otherwise required by law,
irrespective of whether the disclosure is made in the jurisdiction in which the Customer is resident, the Account is kept, the transaction conducted or elsewhere. 

 FORCE MAJEURE 
  

	17.1	The Bank shall have no liability for any damage, loss, expense or liability of any nature which the Customer may suffer or incur, to the extent caused by an act of God,
fire, flood, civil or labour disturbance, war or terrorism, act of any governmental authority or other act or threat of any authority (de jure or de facto), legal constraint (including attachments or other legal process), fraud or forgery (other
than on the part of the Bank or any of its directors, officers or employees), malfunction of equipment (including, without limitation, any computer or related software) except where such malfunction is primarily attributable to the Bank’s gross
negligence in maintaining the equipment or software, failure of or the effect of rules or operations of any funds transfer system, inability to obtain or interruption of communications facilities, or any cause beyond the reasonable control of the
Bank (including, without limitation, the non-availability of appropriate foreign exchange); 

  

	17.2	Any amount standing to the credit of the Account with the Bank is payable exclusively at the branch at which the Account is held: however, payment may be suspended from
time to time in order to comply with any law, regulation, governmental decree or similar order for the time being affecting the Bank, its officers, employees, affiliates, agents or correspondents. 

NOTICES 

  
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	18.1	Any communication, other than an Instruction, shall be in writing (unless otherwise agreed) and may be sent by personal delivery, facsimile, telex, SWIFT or post
addressed, in the case of communications from the Customer to the Bank to the branch of the Bank where the Account is maintained and in the case of communications from the Bank to the Customer, to the address notified by the Customer to the Bank
from time to time. Any communication will only be effective when actually received. 

 CLOSURE/TERMINATION

  

	19.1	The Bank has the right to close an Account at any time by not less than ninety (90) days notice in writing addressed to the Customer at its most recent address as
advised by the Customer to the Bank. Before or on the expiry of such notice the Bank will transfer any balance in the Account in accordance with the Customer’s Instructions. On the expiry of such notice the Bank’s obligations in respect of
the Account shall cease. However, any such closure or termination shall not affect the Customer’s liabilities to the Bank arising prior to or after such termination or closure, all of which shall continue in full force and effect. In the
absence of such Instructions the Bank may transfer the balance to an unclaimed moneys account. 

 MISCELLANEOUS

  

	20.1	Successors - The expressions “the Bank” and “the Customer” when used herein shall include any “successor” of the Bank or the Customer, as
applicable, and “successor” means an assignee or successor of JPMorgan Chase Bank, N.A., or Euro Currency Trust, as applicable, or any person who, under the laws of its jurisdiction of incorporation or domicile, has assumed the rights and
obligations of JPMorgan Chase Bank, N.A., or Euro Currency Trust, as applicable, hereunder or to which under such laws the same have been transferred. 

  

	20.2	If these terms are translated into, or appear in a language other than English, the English language version shall govern and control. 

 

	20.3	Headings are for convenience only and shall not affect the interpretation of this document. 

 

	20.4	The Customer acknowledges that deposits held in a branch of the Bank located outside of the U.S. are not insured by the Federal Deposit Insurance Corporation; are
subject to cross-border risks and may enjoy a lesser preference, as compared to deposits held in the U.S., in the event the Bank should be liquidated, insolvent or placed into receivership or other proceeding for the benefit of creditors.

  

	20.5	 These Account Terms may be enforced only by the Bank or the Customer or such party’s successors and permitted assigns. Notwithstanding the
foregoing, but subject to the prior written consent of the Bank, each employee, officer and director of the Bank and each of the affiliates and subsidiaries of JPMorgan Chase Bank may enforce the terms of clause 13. The Bank and the Customer may at
any time, by agreement, rescind these Account Terms 

  
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or vary them without the consent of such employees, officers, directors or the affiliates and subsidiaries of JPMorgan Chase Bank. 

 

	20.6	(i) The Bank will collect information about the Customer and the Customer’s employees and agents which may constitute personal data for the purposes of the Data
Protection Act 1998 (the “Act”) and other relevant data protection legislation (such as, without limitation, authorised signatory details). Such personal data may be collected by or on behalf of the Bank in a number of ways (the
“Collection Methods”), including via Account Applications or other analogous documents, via applications or documentation relating to the provision to or use by the Customer of electronic banking services, or specific payment or cheque
services, via the Customer’s use of such electronic banking services, or specific payment or cheque services, and via other correspondence or communications between the Customer and the Bank. 

(ii) The Bank will use personal data collected by it or on its behalf via the Collection Methods for the following purposes (the
“Purposes”), namely for the purpose of providing the services to the Customer in accordance with the Global Account Terms and Account Applications, for otherwise administering the Account(s), for providing the Customer with services such
as electronic banking services, or specific payment or cheque services, for the Bank’s internal administrative purposes, for contacting the Customer about products and services which the Bank or other members of the Bank’s group offer
which the Bank believes may be of interest to the Customer, and as may be otherwise required by law or applicable regulatory or governmental authorities, and such purposes may include transfer of such personal data outside of the European Economic
Area to the Bank’s subsidiaries or other connected companies or to other organisations as may be required by law or other applicable regulatory or governmental authorities. 

 
 (iii) The Customer shall ensure that any disclosure of personal data
made by it or by its employees or agents via the Collection Methods which relate to the Customer’s employees or agents is only made following notification by the Customer to data subjects of the Purposes for which their personal data may be
processed by or on behalf of the Bank, and is otherwise fair and lawful. 
 [Signatures on following page] 

  
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 IN WITNESS WHEREOF, this Agreement has been duly executed as of August 7, 2011.

  

			
	EURO CURRENCY TRUST
	
	By The Bank of New York, in its capacity as Trustee of the Euro Currency Trust and not in its individual capacity
		
	        By	 	   /s/ Edward G. McGann

	        Name:	 	        Edward G. McGann

	        Title:	 	  

	
	JPMORGAN CHASE BANK, N.A., London Branch
		
	        By	 	   /s/ Nela D’Agosta

	        Name:	 	        Nela D’Agosta

	        Title:	 	   Vice President

  
 12Sublicense Agreement

 Exhibit 10.3 
 SUBLICENSE AGREEMENT 
 This Sublicense Agreement (this
“Agreement”) is entered into as of November [    ], 2005 (the “Effective Date”), by and between PADCO Advisors II, Inc., a Maryland corporation (“Licensor”) and Rydex
Specialized Products LLC, a Delaware limited liability company (“Licensee”). 
 WHEREAS, Licensor and The Bank
of New York (“BONY”) entered into a License Agreement, dated as of November [    ], 2005 (the “BONY License Agreement”), whereby BONY granted Licensor a non-exclusive, non-transferable
(except as provided in Section 12.1 of the BONY License Agreement) license (the “BONY License”) under the BONY Patent Rights (as defined herein) solely for the purposes of establishing, operating and marketing Licensed Products
(as defined herein). The BONY License permits Licensor to grant sublicenses to its partners, co-sponsors, joint venturers, trustees, custodians and agents, in connection with their establishment, operation and marketing of Licensed Products;

 WHEREAS, the Euro Currency Trust (the “Trust”) was established pursuant to the Depositary Trust Agreement
entered into by and between Licensee and BONY, dated as of the date hereof (the “Trust Agreement”), pursuant to which the Trust will issue Euro Shares (the “Shares”) which represent units of fractional undivided
beneficial interest in and ownership of the Trust; 
 WHEREAS, Licensee is acting as the sponsor of the Trust and is responsible
for establishing the Trust, registering the Shares and overseeing the performance of the trustee of the Trust; 
 WHEREAS,
pursuant to the terms and conditions of the BONY License Agreement, Licensor desires to grant a sublicense to Licensee under the BONY Patent Rights, with the right to grant sublicenses, solely for Licensee’s use as the sponsor of the Trust;

 WHEREAS, Licensor uses in commerce and owns in the United States all domain names, trade names and trademark rights and
associated goodwill in the designations specified on Schedule 1 attached hereto (the “Licensor Marks”); and 

WHEREAS, Licensor desires to grant a license to Licensee to the Licensor Marks, with the right to grant sublicenses, solely for
Licensee’s use as the sponsor of the Trust; 
 NOW THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Licensor and Licensee agree as follows: 
  

	 	1.	DEFINITIONS. 

 For the
purposes of this Agreement, the following terms have the following meanings: 

  
 1 

 (a.) “Affiliate” means, with respect to any Person, any other Person that,
directly or indirectly through one or more intermediaries, Controls, or is Controlled by, or is under common Control with, such Person. 
 (b.) “BONY Patent Rights” means any patents and patent applications (and all related know-how and trade secrets) of BONY, anywhere in the world, that cover an investment product that is
based solely on the securitization of a single non-U.S. currency and that exist as of the effective date of the BONY License Agreement or are filed or issued thereafter, including but not limited to U.S. Patent Application No. 10/680,589 filed
on October 6, 2003 entitled “Systems and Methods for Securitizing a Commodity.” 
 (c.)
“Control” means, with respect to any Person, the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ownership of voting securities, by
contract or otherwise. 
 (d.) “Licensed Products” means any investment product that is based solely on the
securitization of a single non-U.S. currency that is sold, sponsored or issued by Licensee or any Affiliate of Licensee. For the purposes of clarity, the Licensed Products do not include any products involving the securitization of any commodity
other than non-U.S. currency. 
 (e.) “Person” shall be construed broadly and shall include an individual, a
partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization or another entity, including a governmental entity or any department, agency or political
subdivision thereof. 
  

	 	2.	LICENSE. 

 (a.) BONY
Patent Rights Sublicense. Pursuant to Section 2 of the BONY License Agreement and subject to the terms and conditions of this Agreement, Licensor hereby grants to Licensee a non-exclusive, personal and non-transferable (except as provided
in Section 10(a)) license for the term of this Agreement to use the BONY Patent Rights solely in connection with Licensee’s performance of its services as sponsor of the Trust pursuant to the Trust Agreement (the “BONY
Sublicense”). 
 (b.) Licensee’s Limited Right to Sublicense. Each of the Licenses granted herein shall
include the limited right of Licensee to grant sublicenses to its Affiliates, partners, co-sponsors, joint venturers, trustees, distributors, custodians and agents (each a “Sublicensee”), subject to the restrictions of this
Agreement, and solely in connection with such Sublicensee’s performance of services for Licensee related to the activities of Licensee permitted hereunder. In addition, Licensee shall include provisions in all such sublicenses that:
(i) are identical in substance to Sections 3, 4 and 5 herein (with the references in such sublicenses to “Licensor” in Section 4(c) to continue to signify the Licensor defined herein); (ii) require Licensee to terminate such
sublicenses, without penalty, if this Agreement is terminated for any reason; (iii) obligate Licensee to give the Sublicensee notice if this Agreement is terminated for any reason; and (iv) entitle Licensor herein to give such notice in
the event that the Licensee fails to do so. 

  
 2 

 (c.) All rights not specifically and expressly granted to Licensee in this Article 2 are
hereby reserved to Licensor. 
  

	 	3.	ENFORCEMENT. 

 Licensee
shall promptly (a.) notify Licensor of any potential or actual infringement by a third party of the BONY Patent Rights or the Licensor Marks of which Licensee becomes aware, and (b.) provide to Licensor all evidence of such infringement in
Licensee’s possession, custody or control. With respect to Licensor Marks, Licensor shall (y.) have the sole right, but not the obligation, to initiate any legal action at its own expense against such infringement and to recover damages and
enforce any injunction granted as a result of any judgment in Licensor’s favor and (z.) Licensor shall have sole control over any such action, including, without limitation, the sole right to settle and compromise such action. In the event of a
dispute between Licensor and any third party regarding the infringement, validity or enforceability of the BONY Patent Rights or the Licensor Marks, Licensee agrees, at Licensor’s expense, to do all things reasonably requested by BONY or
Licensor to assist them in connection with such dispute. 
  

	 	4.	TERM AND TERMINATION. 

(a.) The term of this Agreement shall commence as of the Effective Date and shall remain in full force and effect until the expiration or
termination of the Trust Agreement, unless earlier terminated pursuant to the terms of this Agreement (the “Term”). 
 (b.) Either party may terminate this Agreement by written notice to the other party at any time if the other party materially breaches this Agreement and fails to cure such breach with thirty
(30) days following written notice thereof from the non-breaching party. Upon any termination or expiration of this Agreement, all rights and obligations under this Agreement (including Licensee’s rights under the Licenses granted pursuant
to Article 2) will immediately terminate; provided, however, that the provisions of Articles 5, 6, 7, 8, 9 and 10, and any other provision that survives by its express terms, shall survive any termination or expiration of this Agreement. 

(c.) On expiration or termination of this Agreement, Licensee shall immediately cease and desist from all use of the BONY Patent Rights
and the Licensor Marks, and any similar marks, and inventions or works based on or derivative thereof; and shall immediately deliver all products bearing or made in connection with the BONY Patent Rights or the Licensor Marks, including without
limitation all inventions or works based on or derivative thereof, to Licensor at the address set forth in the notice section below, or destroy them, at the option of Licensor. 

 

	 	5.	ACKNOWLEDGMENT OF RIGHTS. 

(a.) Licensee will not directly or indirectly: (i) challenge or contest the validity or enforceability of the BONY Patent Rights or
the Licensor Marks; (ii) dispute the validity, enforceability, or BONY’s ownership of any patent within the BONY Patent Rights, any inventions or works based thereon or derivative thereof, or any of the claims therein (“Patent
Rights”), or initiate or participate in any proceeding 

  
 3 

 
of any kind opposing the grant of any patent, or challenging any patent application in connection with the Patent Rights; (iii) dispute the validity, enforceability, or Licensor’s
exclusive ownership of, any trademark, trade name or domain name application or registration owned by Licensor with respect to the Licensor Marks or initiate or participate in any proceeding of any kind opposing the grant to Licensor of any
trademark, trade name, or domain name registration in the Licensor Marks or similar marks; (iv) fail to meet Licensor’s quality control with respect to the Licensor Marks or make any other use thereof other than as expressly permitted
herein; (v) apply to register or otherwise obtain registration of the BONY Patent Rights or any inventions or works based thereon or derivative thereof, the Licensor Marks, or any marks similar thereto, in the patent and trademark or copyright
office of any country or state, or with any business or domain name registrar; or (vi) assist any other Person to do any of the foregoing (except if required by court order or subpoena); provided, however, the foregoing shall in no way limit
Licensee’s ability to defend against or to mitigate any claim brought by Licensor or BONY against Licensee. 
 (b.) Any
violation of this Article 5 will constitute a material breach of this Agreement. 
  

	 	6.	REPRESENTATIONS AND WARRANTIES. 

 (a.) Each party hereby represents and warrants that (i) it has the power and authority to enter into this Agreement and perform its obligations hereunder; (ii) the execution and delivery of this
Agreement have been duly authorized and all necessary actions have been taken to make this Agreement a legal, valid and binding obligation of such party enforceable in accordance with its terms; and (iii) the execution and delivery of this
Agreement and the performance by such party of its obligations hereunder will not contravene or result in any breach of the certificate of incorporation, bylaws, certificate of formation, limited liability company agreement or any other
organizational document of such party or of any agreement, contract, indenture, license, instrument or understanding or, to the best of its knowledge, result in any violation of law, rule, regulation, statute, order or decree to which such party is
bound or by which they or any of their property is subject. 
 (b.) Licensor represents and warrants that it owns and/or has the
right to sublicense to Licensee the BONY Patent Rights and to license to Licensee the Licensor Marks in the United States and that to its actual knowledge, the BONY Patent Rights and the Licensor Marks and Licensee’s use of the foregoing in
accordance with this Agreement shall not infringe any copyright, trademark, trade secret or other intellectual property right of any third party. 
 (c.) EXCEPT AS EXPRESSLY SET FORTH IN THE FOREGOING, LICENSOR DOES NOT MAKE AND HEREBY EXPRESSLY DISCLAIMS ALL OTHER WARRANTIES, EXPRESS OR IMPLIED, STATUTORY OR OTHERWISE, REGARDING THE SUBJECT MATTER OF
THIS AGREEMENT INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. IN NO EVENT SHALL THE CUMULATIVE LIABILITY OF LICENSOR TO LICENSEE AND ITS AFFILIATES UNDER OR RELATING TO THIS AGREEMENT AT ANY
TIME EXCEED THE AGGREGATE AMOUNT OF THE FEES RECEIVED BY LICENSOR PURSUANT TO THIS AGREEMENT AND THE TRUST AGREEMENT PRIOR TO SUCH TIME EXCEPT THAT THIS LIMITATION SHALL NOT BE APPLICABLE TO A CLAIM BY LICENSEE FOR INDEMNIFICATION PURSUANT TO
ARTICLE 7. 

  
 4 

	 	7.	LIMITATION OF LIABILITY. 

EXCEPT FOR EACH PARTY’S OBLIGATION TO INDEMNIFY THE OTHER PARTY FOR LOSSES PURSUANT TO ARTICLE 7, NEITHER PARTY SHALL BE LIABLE TO
THE OTHER FOR ANY SPECIAL, INCIDENTAL, CONSEQUENTIAL, PUNITIVE, EXEMPLARY OR OTHER INDIRECT DAMAGES, HOWSOEVER CAUSED, WHETHER ARISING IN CONTRACT, TORT OR OTHERWISE, EVEN IF IT HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. 

 

	 	8.	MISCELLANEOUS PROVISIONS. 

(a.) Assignment. Licensee may not assign or otherwise transfer (whether by operation of law or otherwise) any right or obligation
under this Agreement without the prior written consent of Licensor; provided, however, that Licensee may grant sublicenses as provided herein. Such consent shall be deemed given with respect to an assignment or transfer (whether by operation of law
or otherwise) of the entire Agreement, including all rights and obligations hereunder, to a successor in interest or assignee of substantially all of the assets of Licensee, provided that Licensee has given prompt written notice thereof to Licensor.
This Agreement is binding on and inures to the benefit of the parties and their permitted successors and assigns. Any attempted assignment or other transfer of rights under this Agreement in violation of this Section 10(a) will be void.

 (b.) Governing Law. This Agreement shall be interpreted, construed and enforced in accordance with the laws of the
State of Maryland without reference to or inclusion of the principles of choice of law or conflicts of law of that jurisdiction (except that questions affecting the construction and effect of any patent will be determined by the law of the country
in which the patent was granted). It is the intent of the parties that the substantive law of the State of Maryland govern this Agreement and not the law of any other jurisdiction incorporated through choice of law or conflicts of law principles.
Each party agrees that any legal action, proceeding, controversy or claim between the parties arising out of or relating to this Agreement may be brought and prosecuted only in the United States District Court for the District of Maryland or, if
that Court lacks or declines to exercise subject matter jurisdiction, in the courts of the State of Maryland, and by execution of this Agreement each party hereto submits to the exclusive jurisdiction of such court and waives any objection it might
have based upon improper venue or inconvenient forum. Each party hereto waives any right it may have to a jury trial in connection with any legal action, proceeding, controversy or claim between the parties arising out of or relating to the
Agreement. 
 (c.) Exclusive Jurisdiction and Venue. Any action brought by either party that arises out of or relates to
this Agreement will be filed only in the state or federal courts located in Maryland. Each party irrevocably submits to the jurisdiction of those courts. Each party waives any objections that it may have now or in the future to the jurisdiction of
those courts, and also waives any claim that it may have now or in the future that litigation brought in those courts has been brought in an inconvenient forum. 
 (d.) Entire Agreement. This Agreement sets forth the entire agreement of the parties as to its subject matter and supercedes all prior agreements, negotiations, representations, and promises
between them with respect to its subject matter. 

  
 5 

 (e.) Unenforceable Provisions. If any provision of this Agreement is held
unenforceable by a court of competent jurisdiction, the other provisions will remain in full force and effect. If legally permitted, the unenforceable provision will be replaced with an enforceable provision that as nearly as possible gives effect
to the parties’ intent. 
 (f.) Notices. A notice under this Agreement is not sufficient unless it is: (i) in
writing; (ii) addressed using the contact information listed below for the party to which the notice is being given (or using updated contact information which that party has specified by written notice in accordance with this Article); and
(iii) sent by hand delivery, facsimile transmission, registered or certified mail (return receipt requested), or reputable express delivery service with tracking capabilities (such as Federal Express). 

CONTACT INFORMATION FOR LICENSOR: 
 PADCO Advisors II, Inc. 
 9601 Blackwell Road, Suite 500 

Rockville, Maryland 20850 
 Attention: [Carl G. Verboncoeur] 
 Telephone: (301) 296-5100 

Facsimile:
[                    ] 
 CONTACT INFORMATION FOR LICENSEE: 
 Rydex Specialized Products LLC 

9601 Blackwell Road, Suite 500 
 Rockville, Maryland 20850 
 Attention: [Timothy Meyer] 

Telephone: (301) 296-5129 
 Facsimile: (301) 296-5112 
 (g.) Amendments. This Agreement may not be
amended unless the amendment is in writing and signed by authorized representatives of both parties. 
 (h.) Waivers. A
waiver of rights under this Agreement will not be effective unless it is in writing and signed by an authorized representative of the party that is waiving the rights. 
 (i.) Counterparts. The parties may execute this Agreement by signing separate copies of the signature page. A facsimile copy of the signature page will have the same effect as the original.

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK; SIGNATURE PAGE FOLLOWS] 

  
 6 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly
authorized representatives. 
  

			
	PADCO ADVISORS II, INC.
		
	By:	 	         /s/ Carl
Verboncoeur

			
	Name:	 	          Carl
Verboncoeur

			
	Title:	 	
        CEO

			
	
	RYDEX SPECIALIZED PRODUCTS LLC
		
	By:	 	         /s/ Carl
Verboncoeur

			
	Name:	 	          Carl
Verboncoeur

			
	Title:	 	         CEO & Treasurer

  
 7 

 SCHEDULE 1 
 LICENSOR MARKS 
 Rydex 
 Rydex Investments 
 FXE 
 [currencyshares.com] 

  
 8

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