Document:

Amendment 2 to Deposit Account Agreement

 Exhibit 10.3 
 AMENDMENT 2 TO DEPOSIT ACCOUNT AGREEMENT 

THIS AMENDMENT 2 TO DEPOSIT ACCOUNT AGREEMENT (“Amendment 2”) is made as of the 1st day of
September 2010 by and between The Bank of New York Mellon, in its capacity as trustee of the CurrencySharesSM Swiss Franc
Trust, a trust formed under New York law (the “Trust”) and the London Branch of JPMorgan Chase Bank, N.A. (the “Bank”). 
 W I T N E S S E T H 
 WHEREAS, The Trust and the Bank are parties to that certain Deposit Agreement dated June 8, 2006 (the “Agreement”), as amended by the amendment of 13 November 2008
(“Amendment 1”); and 
 WHEREAS, the parties desire to amend the Agreement on the terms and conditions
set forth below. 
 NOW, THEREFORE, in consideration of the terms and conditions contained herein, the parties hereto
agree as follows: 
 1. Definitions. All capitalised terms not otherwise defined herein shall have the meanings ascribed
thereto in the Agreement. 
 2. Amendment. Section 7.1 of the Agreement is hereby amended to read as follows:

 “Interest will accrue daily, in Swiss Francs, on all Swiss Franc balances in the Interest Account only and will be
credited monthly, in Swiss Francs, 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 interest rate on all Swiss Franc balances
in the Interest Account. As of the date of this Agreement, the Bank has agreed to pay interest at a rate equal to TOIS (TOM-NEXT INDEXED SWAP) less 35 basis points on all balances in the Interest Account. The Bank may change the rate based on
changes in the TOIS rate, other market conditions or the Bank’s liquidity needs. The Bank will notify the Customer of the interest rate applied each Bank business day after the close of the Bank business day. 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 times pays an unsatisfactory interest rate on the Interest Account, the Customer’s sole recourse will be to withdraw the Swiss Francs balance from the Interest Account, terminate the Deposit Account
Agreement and close the Accounts.” 
 3. Counterparts. This Amendment 2 may be executed in any number of
counterparts, each of which shall be deemed an original, but all counterparts together shall constitute one and the same instrument. 

  
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 4. Governing Law. This Amendment 2 and any non-contractual obligations arising out
of or in connection with it will be governed by and construed in accordance with English law. The courts of England and Wales shall have non-exclusive jurisdiction to hear and decide any suit, action or proceedings, and to settle any disputes which
may arise out of or in connection with this Amendment 2. 
 5. Other. In the event of any conflict between the terms of
this Amendment 2 and the terms of the Agreement or Amendment 1, the terms of this Amendment 2 shall control. All other terms and conditions of the Agreement and Amendment 1 shall remain in full force and effect. 

[Signature page follows] 

  
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 IN WITNESS WHEREOF, the undersigned have signed and delivered this Amendment 2 as of the
date hereof. 
  

			
	 JPMORGAN CHASE BANK, N.A.,
 London Branch

		
	By:	 	/s/ Mei Po Wong
	Name:	 	Mei Po Wong
	Title:	 	Vice President
	
	CURRENCYSHARES SWISS FRANC TRUST, by the Bank of New York, in its capacity as Trustee of the CurrencyShares Swiss Franc Trust and not in its individual
capacity
		
	By:	 	/s/ Andrew Pfeifer
	Name:	 	Andrew Pfeifer
	Title:	 	Vice President

  
 3Sublicense Agreement

 Exhibit 10.4 
 SUBLICENSE AGREEMENT 
 This Sublicense Agreement (this
“Agreement”) is entered into as of June 9, 2006 (the “Effective Date”), by and between PADCO Advisors II, Inc., a Maryland corporation (“Licensor”), and Rydex Specialized Products LLC, a
Delaware limited liability company wholly-owned by Licensor (“Licensee”). 
 WHEREAS, Licensor and The Bank of
New York (“BONY”) entered into a License Agreement, dated as of December 5, 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, Licensor and Licensee entered into a Sublicense Agreement, dated as of December 5, 2005 (the “Former
Sublicense”), whereby Licensor granted a sublicense to Licensee a non-exclusive, personal and non-transferable license to BONY Patent Rights in connection with the Euro Currency Trust; and Licensor and Licensee intend for this Agreement to
supersede the Former Sublicense; 
 WHEREAS, the Euro Currency Trust was established pursuant to the Depositary Trust Agreement
entered into by and between Licensee and BONY, dated as of December 5, 2005, pursuant to which the Trust issues Euro CurrencyShares which represent units of fractional undivided beneficial interest in and ownership of the Euro Currency Trust;

 WHEREAS, each of the following CurrencyShares trusts (with the Euro Currency Trust, the “Existing Trusts”)
was established pursuant to a Depositary Trust Agreement entered into by and between Licensee and BONY, each dated as of June 8, 2006, pursuant to which each trust will issue shares which represent units of fractional undivided beneficial
interest in and ownership of the respective trust: 
 CurrencyShares Australian Dollar Trust 

CurrencyShares British Pound Sterling Trust 
 CurrencyShares Canadian Dollar Trust 
 CurrencyShares Mexican Peso Trust

 CurrencyShares Swedish Krona Trust 
 CurrencyShares Swiss Franc Trust 
 WHEREAS, additional CurrencyShares trusts (the
“Future Trusts”) may be established from time to time, each pursuant to a trust agreement entered into by and between Licensee and BONY or a successor trustee. Each additional Future Trust may issue shares which will represent units
of fractional undivided beneficial interest in and ownership of such Future Trust. 
 WHEREAS, Licensee is acting, or shall act,
as the sponsor of the Existing Trusts and the Future Trusts (collectively, the “Trusts”; the associated agreements, the “Trust Agreements”; and the associated shares, the “Shares”) and is
responsible for establishing the Trusts, registering the Shares and overseeing the performance of the trustee of the Trusts; 

  
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 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 Trusts; 
 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 Trusts. 
 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: 
 (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. 

  
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	 	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 8(a) of this Agreement) 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 Trusts pursuant to the Trust Agreements (the
“BONY Sublicense”). 
 (b.) Licensor Marks License. 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 8(a) of this Agreement) license for the term of this Agreement to use the Licensor Marks solely in connection with
Licensee’s performance of its services as sponsor of the Trusts pursuant to the Trust Agreements (the “Licensor Marks License”). 
 (c.) Licensee’s Limited Right to Sublicense. Each of the BONY Sublicense and the Licensor Marks License 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. 

(d.) All rights not specifically and expressly granted to Licensee in this Section 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. 

  
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	 	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 termination of
the last of the Trust Agreements to terminate, 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 BONY Sublicense and the
Licensor Marks License granted pursuant to Section 2 of this Agreement) will immediately terminate; provided, however, that the provisions of Sections 5, 6, 7, and 8, 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 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 Section 5 will constitute a material breach of this Agreement. 

  
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	 	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. 
  

	 	7.	LIMITATION OF LIABILITY. 

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 8(a) will be void.

  
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 (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. 
 (c.) Exclusive Jurisdiction and Venue. 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. 

(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. 
 (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 Section 8(f)); 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: 301-296-5112 

CONTACT INFORMATION FOR LICENSEE: 
 Rydex Specialized Products LLC 
 9601 Blackwell Road, Suite 500 

Rockville, Maryland 20850 
 Attention: Timothy Meyer 

  
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 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] 

  
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 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

  
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