Document:

Customer Agreement

 Exhibit 10.1 
 Global Futures and Options Department 
 Deutsche Bank Securities Inc. 

60 Wall Street 
 New York, New York 10019

 Telephone (212) 250-2034 

Telefax (212) 797-2042 

FUTURES AND OPTIONS AGREEMENT 
 FOR INSTITUTIONAL CUSTOMERS 
 In consideration of the acceptance by
Deutsche Bank Securities Inc. (which, together with its affiliates (“Affiliates”) is referred to as “DBSI” unless otherwise specified herein) of one or more accounts for the undersigned, PowerShares DB Multi-Sector
Commodity Trust, a Delaware Statutory Trust organized in series (the “Trust”) with respect to one of its series, PowerShares DB Agriculture Fund (“Customer”) (all accounts of the Customer with DBSI being collectively
referred to as the “Account”), Customer agrees that this Agreement shall govern all dealings between Customer and DBSI relating to transactions that DBSI may execute, clear and/or carry on Customer’s behalf for the purchase or sale of
futures contracts (“Futures Contracts”) or options thereon (“Option Contracts”; Futures Contracts and Option Contracts collectively being “Contracts”). 

 

 1. Relevant Law. 
 The Account and every Contract executed and/or cleared by DBSI on Customer’s behalf shall be subject to (a) this Agreement; (b) the Commodity Exchange Act, as amended (“CEA”) and
all rules, regulations and interpretations of the Commodity Futures Trading Commission (the “Commission”); (c) all rules, regulations and interpretations of the National Futures Association (“NFA”); and (d) the
constitution, by-laws, rules, interpretations and customs of each applicable exchange and clearing organization (each exchange and clearing house being collectively an “Exchange”) ((b) through (d), as in effect from time to time,
collectively being “Relevant Law”). 
 2. Margin. 
 (a) The Trust, on behalf of the Customer, agrees that it will deposit and maintain cash, acceptable securities or other assets (as defined in Section 2(d)), in order to satisfy initial and variation
margin requirements and make any premium payments in connection with each Contract, in the amount, at the times and in the manner required by DBSI or Relevant Law. DBSI has no obligation to set uniform margin requirements, commissions or other
charges and DBSI’s margin requirements may exceed Exchange requirements. After providing Customer with reasonable prior notice, DBSI, exercising reasonable discretion, may change the margin requirements for any Account or Contract. 

 

 (b) DBSI will comply with all applicable provisions of the CEA and Commission regulations
relating to the segregation and handling of customer property with respect to property deposited by the Trust, on behalf of the Customer. Without limitation of the foregoing, DBSI will not pledge, rephypothecate, loan or invest any such property
except in connection with the margining of Contracts entered into by the Trust, on behalf of the Customer. Any property deposited by the Trust, on behalf of the Customer, may be transferred or pledged by DBSI to any Exchange or clearing broker to
satisfy obligations of customers of DBSI. 
 (c) DBSI agrees that it will pay Customer interest on cash margin deposited by
the Trust, on behalf of the Customer, at rates mutually agreed to from time to time. Customer will receive all interest or other distributions or income on securities Customer has deposited with DBSI. 

(d) For purposes of this Section, acceptable securities or other assets means securities or other assets acceptable (i) under the
rules of the relevant Exchange and (ii) to DBSI in its reasonable discretion. The value of acceptable securities or other assets deposited in Customer’s Accounts will be determined by DBSI in its reasonable judgment. 

(e) Customer will be entitled to or responsible for any profit, loss or risk, and any related costs, arising from currency conversions
or exposures incidental to 

 
Customer’s trading of Contracts (including those related to the margining of Contracts denominated in currencies other than those deposited by Customer). Any currency conversions will be
made at DBSI’s then current rates of exchange. 
 3. Other Payments To DBSI. 

The Trust, on behalf of the Customer, agrees to pay (i) commissions and brokerage charges for each Contract and Account as mutually
agreed by Customer and DBSI from time to time; (ii) all fees, charges, taxes, fines and penalties incurred by DBSI or imposed by any regulatory or self-regulatory organization (including any Exchange) with respect to such Contracts or Accounts;
(iii) any and all losses, debit balances or deficiencies in any Account; and (iv) any interest on any deficiencies or debit balance in such Account and on any funds advanced to or provided on behalf of Customer at a rate to be agreed upon
by the Trust, on behalf of the Customer, and DBSI. Such interest rate shall be confirmed to Customer in writing. 
 4. Option Exercise;
Delivery. 
 (a) The Trust, on behalf of the Customer, is required to give DBSI notice of any intention to make or take
delivery under any Futures Contract or to exercise any Option Contract, in accordance with DBSI’s instructions, and to satisfy any payment or delivery requirements in connection with its performance under such Futures or Option Contracts.

 (b) The Trust, on behalf of the Customer, understands that certain Option Contracts are subject to exercise at any time.
Upon the receipt of an exercise notice for this type of Option Contract, DBSI will allocate the notices in accordance with Relevant Law to customers who have open short positions in the Option Contract (including Customer). The assignment of any
exercise notice to Customer by DBSI will be final and binding upon Customer. DBSI will use reasonable efforts to notify Customer of any assignment of an exercise notice to Customer. 

(c) If the Trust, on behalf of the Customer, does not furnish DBSI with instructions regarding the disposition of a Contract within the
time specified by DBSI, DBSI will be entitled to take or refrain from taking any action it deems appropriate and will have no liability to Customer. These actions might include the exercise of, or failure to exercise, an Option Contract or the
liquidation of any Contract on any Exchange (including those Exchanges whose rules provide for automatic exercise). 

 

 5. Position Limits. 
 (a) The Trust, on behalf of the Customer, agrees to comply with the position limits established by Relevant Law, to notify DBSI promptly if it is required to file any position report and, upon request,
promptly to provide copies of any such reports to DBSI. 
 (b) Upon reasonable notice to Customer, DBSI may limit the size and
number of open Contracts (net or gross) that Customer may execute, clear and/or carry with it. DBSI’s position limits may be more restrictive than the limits imposed under Relevant Law. The Trust, on behalf of the Customer, agrees that it will
not place any order, which, if filled, would cause Customer to exceed these limits. Further, DBSI may require Customer to liquidate any open positions carried in Customer’s Account, and may refuse to accept any order of Customer establishing a
new position in order to comply with such limits. 
 (c) DBSI may in its sole discretion select executing brokers, clearing and non-clearing
brokers and floor brokers, whether or not affiliated or related to DBSI, to execute, clear or carry Customer’s transactions hereunder. 

6. Advice; No Warranty as to Information, Etc. 
 (a) The Trust, on behalf of the Customer, acknowledges and agrees that: (i) Customer and any advisor of Customer have sole responsibility for all decisions for the Account; (ii) DBSI is not an
advisor or fiduciary with respect to Customer, any Account or any action of Customer in connection with an Account or Contract and DBSI assumes no responsibility for compliance with any law or regulation governing the conduct of any such fiduciary
or advisor or for Customer’s compliance with any law or regulation governing or affecting Customer; (iii) DBSI makes no representation, warranty or guarantee as to, and will not be liable or responsible for, the accuracy, completeness or
reliability of any advice or recommendation, or any market information, furnished to Customer; (iv) recommendations to Customer as to any particular transaction at any given time may differ among DBSI’s personnel and may vary from any
recommendations made to others; and (v) any advice provided by DBSI with respect to a Contract or Account is incidental to DBSI’s business as a futures commission merchant and will not serve as the primary basis for any decision by or on
behalf of Customer. 
 (b) The Trust, on behalf of the Customer, agrees that DBSI, its officers, directors, stockholders,
representatives or associated persons may have certain conflicts of interest in connection with the services contemplated hereby, including but not limited to conflicts arising from positions established for their

  
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proprietary accounts in Contracts that are the subject of market recommendations furnished to Customer. Such positions or other actions of such persons may not be consistent with any
recommendations furnished to Customer by DBSI. 
 7. Trust and Customer Representations, Warranties and Agreements. 

The Trust, and to the extent applicable, the Trust on behalf of the Customer, represents and warrants to DBSI that as of the date of
this Agreement and on the date each transaction relating to a Contract or Account is entered into under this Agreement: 
 (a)
(i) The Trust is duly organized under the laws of the applicable jurisdiction and the execution, delivery and performance of this Agreement by the Trust, on behalf of the Customer, have been authorized by all necessary corporate or other action;
(ii) the Trust, on behalf of the Customer, has full power and authority to enter into this Agreement and to perform its obligations under this Agreement; (iii) this Agreement is valid and binding on the Trust, on behalf of the Customer, is
enforceable against it in accordance with its terms and neither this Agreement nor the trading of Contracts violate Relevant Law or any other law or regulation governing or affecting Customer’s activities under this Agreement or any order or
agreement applicable to Customer or Customer’s property; (iv) the Trust, on behalf of the Customer, has and will maintain in full force and effect any and all necessary governmental or other approvals or authorizations to execute and
deliver this Agreement, perform its obligations hereunder; (v) the Trust, on behalf of the Customer, and any other person involved in the management of Customer or its Account, are in compliance with all Relevant Law and any other law or
regulation governing or affecting Customer’s activities under this Agreement, including but not limited to all applicable registration requirements; and (vi) the Trust, on behalf of the Customer, is acting solely as principal and no person
other than Customer has any interest in or any control over any Account of Customer. 
 (b) Customer is not an employee,
partner, officer, director or owner of more than ten percent of the equity interest of a futures commission merchant, an introducing broker, Exchange or any self-regulatory organization nor is Customer an employee or commissioner of the Commission,
except as previously disclosed in writing to DBSI. 
 (c) If Customer is subject to the Financial Institution Reform, Recovery
and Enforcement Act of 1989, the certified resolutions set forth following this Agreement have been caused to be reflected in the minutes of Customer’s Board of Directors (or other comparable governing body) and this Agreement is and

 
shall be, continuously from the date hereof, an official record of Customer. 
 (d) If Customer is an insured depository subject to the Federal Deposit Insurance Act, Customer has taken all action and maintained such records required to be taken or maintained by it to effect and
maintain the enforceability of this Agreement pursuant to the Federal Deposit Insurance Act, and the person executing this Agreement on behalf of Customer is an authorized person with at least the rank of vice president. 

(e) Unless Customer notifies DBSI to the contrary, Customer is a “U.S. Person.” For purposes of this Section 7(e), a
“U.S. Person” is a Customer located in the United States, its territories or possessions, or if Customer is a foreign incorporated collective investment vehicle (a fund) whose place of business is outside of the United States, its
territories and possessions, such Customer will be deemed to be a “U.S. Person” if 10% or more of such Customer is beneficially owned by residents of the United States, its territories or possessions. 

(f) The Trust, on behalf of the Customer, agrees promptly to notify DBSI in writing if any of the warranties or representations contained in this
Section 7 becomes inaccurate or incomplete in any respect and to provide financial and other information to DBSI at any time upon its reasonable request, and represents that any such information will be accurate and complete in every material
respect. The Trust, on behalf of the Customer, shall also notify DBSI promptly of any material adverse change in the financial condition of Customer, regardless of whether Customer has previously furnished financial information to DBSI. 

8. Indemnification; Limitation of Liability. 
 (a) Customer shall indemnify, defend and hold harmless DBSI and its officers, employees and agents for any fine, penalty, tax, loss, liability or cost, including reasonable attorneys’ fees, incurred
by DBSI that directly or indirectly arises out of or is related to (i) Customer’s refusal or failure to comply with Relevant Law or any other law or regulation governing or affecting Customer’s activities under this Agreement or any
provision of this Agreement or (ii) Customer’s breach of any representation, warranty, covenant or obligation contained in this Agreement. In addition, the Trust, on behalf of the Customer, agrees to pay any attorneys’ fees and
expenses incurred by DBSI in collecting any amount due by Customer under this Agreement or in defending against any claim brought by Customer in any suit, arbitration or reparations proceeding in which DBSI is the prevailing party.

  
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 (b) The Trust, on behalf of the Customer, acknowledges that DBSI does not guarantee the
performance by any Exchange or other third party, including any third party clearing or intermediate broker, with respect to any Contract and, accordingly, the Trust, on behalf of the Customer, agrees that DBSI has no responsibility or liability to
Customer for any loss or cost sustained or incurred by Customer due to Customer’s, an Exchange’s or any other third party’s actions or omissions in connection with any Contract unless caused solely by DBSI’s gross negligence or
willful breach of this Agreement. 
 (c) DBSI shall not be liable for the non-performance of any obligation, or any fine,
sanction, penalty, expense, tax, loss, liability or cost, caused by any events outside the control of DBSI, including but not limited to any (i) action or order of any government, judicial institution, Exchange or other self regulatory
organization, (ii) temporary or permanent suspension or termination of trading for whatever reason, (iii) failure or malfunction of transmission or communication facilities, (iv) delay or failure by any Exchange to enforce its rules
or pay or return any amount owed with respect to any Contracts executed and/or cleared for Customer’s Accounts or (v) actions or omissions of third party brokers. 
 (d) NOTWITHSTANDING ANYTHING IN THIS AGREEMENT TO THE CONTRARY, IN NO EVENT SHALL DBSI OR ANY OF ITS DIRECTORS, OFFICERS, EMPLOYEES OR AGENTS BE LIABLE UNDER ANY THEORY OF TORT, CONTRACT, STRICT LIABILITY
OR OTHER LEGAL OR EQUITABLE THEORY FOR LOST PROFITS, LOST REVENUES, LOST BUSINESS OPPORTUNITIES OR EXEMPLARY, PUNITIVE, SPECIAL, INCIDENTAL, INDIRECT, CONSEQUENTIAL OR SIMILAR DAMAGES, EACH OF WHICH IS HEREBY EXCLUDED BY AGREEMENT OF THE PARTIES,
REGARDLESS OF WHETHER SUCH DAMAGES WERE FORESEEABLE OR WHETHER DBSI HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. 
 (e) Notwithstanding
anything to the contrary provided herein, DBSI agrees that, pursuant to Section 3804(a) of the Delaware Statutory Trust Act, the liabilities of the Customer shall be limited such that (a) the debts, liabilities, obligations and expenses
incurred, contracted for or otherwise existing and relating to this Agreement with respect to the Customer shall be enforceable against the assets of the Customer only, and not against the assets of the Trust (other than those assets of the Trust
that are the Customer’s assets) generally or the assets of any other series of the Trust and (b) none of the debts, liabilities, obligations and expenses incurred, contracted for, or otherwise existing

 
and relating to this Agreement with respect to the Trust generally and any other series of the Trust shall be enforceable against the assets of the Customer. DBSI further agrees that it shall not
seek satisfaction of any such obligation from the shareholders, any individual shareholder, officer, representative or agent of the Trust, or the Customer, nor shall DBSI seek satisfaction of any such obligation from DB Commodity Services LLC (the
managing owner of the Trust and the Customer), its members, managers, directors or officers. 
 9. Communication Between the Parties;
Confirmations Conclusive. 
 (a) The Trust, on behalf of the Customer, must specify in a written notice to DBSI the persons
authorized to place orders or give DBSI instructions on Customer’s behalf. Any additions or amendments to this notice must be communicated to DBSI and any oral communication of such an addition or amendment must be promptly confirmed by the
Trust, on behalf of the Customer, in writing. DBSI will not be bound by such amendments or additions until written confirmation is received. 
 (b) DBSI may rely on any order for the purchase or sale of Contracts, or any notice or other communications that are given by the Trust, on behalf of the Customer, or that DBSI reasonably believes to have
originated from the Trust, on behalf of the Customer, or from Customer’s duly authorized agent and the Trust, on behalf of the Customer, shall be bound by any such order, notice or communication and any action taken or not taken by DBSI in
reliance thereon. 
 (c) Confirmations of trades and any other similar notices, including but not limited to purchase and sale
statements, sent to the Trust, on behalf of the Customer, shall be conclusive and binding unless The Trust, on behalf of the Customer, or Customer’s agent notifies DBSI to the contrary, (i) where a report is made orally, orally at the time
received by the Trust, on behalf of the Customer, or its agent, or (ii) where a report or notice is in writing, in writing prior to the opening of trading on the next day following receipt of the report on which the relevant Exchange is open
for business. Monthly statements of the Account shall be conclusive and binding unless the Trust, on behalf of the Customer, or Customer’s agent notifies DBSI to the contrary within five business days of Customer’s receipt thereof.

 (d) DBSI shall transmit all communications to the Trust, on behalf of the Customer, at Customer’s address, telex,
telefax or telephone number or to such other address as Customer may hereafter direct in writing. The Trust, on behalf of the Customer, shall transmit all communications to DBSI to the address,

  
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telex, telefax or telephone number at the beginning of this Agreement, Attention: Futures Administrator. All payments and deliveries to DBSI shall be wired, mailed or otherwise transmitted to
DBSI pursuant to DBSI’s instructions and shall be deemed received only when actually received by DBSI. 
 10. Security Interest.

 Subject to Section 8(e) above, all money, credit balances, Contracts and other property in which Customer has any
ownership interest, now or at any future time held in Customer’s Account or otherwise held by DBSI for Customer or any affiliate of Customer and any amount due to DBSI for Customer’s Account from any Exchange or clearing broker in
connection with any Contracts, and all proceeds thereof, is hereby pledged to DBSI and shall be subject to a general lien and first priority security interest and right of setoff in DBSI’s favor to secure any indebtedness of Customer to DBSI
arising under this Agreement or any transactions in Contracts hereunder. 
 11. DBSI’s Right to Liquidate Customer Positions.

 (a) In addition to all other rights of DBSI set forth in this Agreement, DBSI has the right, upon the occurrence of any
of the events specified in (i) through (viii) below, to take any or all of the actions specified in subdivision (b) of this Section: 
 (i) if DBSI is so directed or required by a regulatory or self-regulatory organization or Exchange having jurisdiction over DBSI or the Account; 

(ii) if the Trust, on behalf of the Customer, repudiates, violates, breaches or fails to perform on a timely basis any
obligation, term, covenant or condition required to be performed by the Trust, on behalf of the Customer, under this Agreement; 
 (iii) if the Trust, on behalf of the Customer, fails to post the initial or variation margin required by this Agreement, or fails to pay any required premium or make any other payments required under this
Agreement or in connection with any Contract; 
 (iv) if the Trust, on behalf of the Customer, is in material
breach of or in material default under any contract or agreement to which it is a party or by which it or any of its assets are bound; 
 (v) if any representation made by the Trust, or the Trust on behalf of the Customer, or by Customer’s Advisor, if any, is not accurate or complete, or ceases to be accurate or complete in any
material respect; 

 

 (vi) if a voluntary or involuntary case or other proceeding is
commenced by or against the Trust, with respect to the Customer, seeking liquidation, reorganization or other relief with respect to itself or any of its debts under any bankruptcy, insolvency or similar law, or seeking the appointment of a trustee,
receiver, liquidator, conservator, administrator, custodian or other similar official of it or any substantial part of its assets, or if the Trust, on behalf of the Customer, enters into or proposes to enter into any arrangement for the benefit of
any of its creditors, or if the Trust, on behalf of the Customer, or any or all of its property is or becomes subject to any agreement, order, judgment or decree that provides for Customer’s merger, consolidation, dissolution, winding-up,
liquidation, reorganization or appointment of a trustee, receiver, liquidator, conservator, custodian or similar officer for Customer or for Customer’s property, or if the Trust, on behalf of the Customer, takes any corporate action to
authorize any of the foregoing; 
 (vii) if the Account, any other account maintained by the Trust, on behalf
of the Customer, or an affiliate of Customer with DBSI or the property described in Section 10 becomes subject to any lien, warrant, attachment or similar order or encumbrance; or 

(viii) if, after allowing the Trust, on behalf of the Customer, an opportunity to provide assurances acceptable to
DBSI within a reasonable time period, DBSI reasonably determines such action is necessary for its protection. 
 (b) In each
such instance, DBSI may (1) satisfy any obligations due DBSI out of any of Customer’s property in DBSI’s custody or control, (2) liquidate any or all of Customer’s Contracts, (3) decline to execute any or all of
Customer’s outstanding orders, (4) make Customer’s obligations to DBSI immediately due and payable, (5) acting in a commercially reasonable manner, sell any or all of Customer’s property in DBSI’s custody or control and
set off and apply any such property or the proceeds of the sale of such property to satisfy any amounts owed by Customer to DBSI, (6) set off any obligations of DBSI under this Agreement against the obligations of Customer to DBSI hereunder,
(7) set off any cash, Contracts or property held for Customer by DBSI against amounts owed to DBSI by Customer hereunder, (8) purchase or borrow any securities or other property required to settle any outstanding transactions or positions
for the Account, and (9) settle any outstanding transactions or positions for the Account. 

  
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 (c) Before exercising any rights under Section 11(b), DBSI will send a notice to the
Trust, on behalf of the Customer, of the action that it intends to take provided that DBSI will be entitled to take any such action regardless of whether such notice is received by the Trust, on behalf of the Customer. Any prior demand or
notice by DBSI shall not be a waiver of any right of DBSI to take any action authorized by this Agreement or Relevant Law. 

(d) At all times, Customer will be liable for the payment of any debit balance or deficiency in the Account, together with interest on
such amounts and all costs relating to any liquidation or collection, including reasonable attorneys’ fees. 
 12. Payment Netting and
Setoff. 
 The Trust, on behalf of the Customer, acknowledges and agrees that DBSI has the right to setoff and apply any
amounts, fees or charges due to it hereunder against amounts held in any Accounts of Customer subject to this Agreement provided that any Account subject to setoff under this Section is owned solely by the same Customer. 

13. Termination. 
 A
party wishing to terminate this Agreement must provide the other party with written notice of termination sent by certified mail specifying the effective date of such termination. Any termination under this Section will not affect any transactions
entered into prior to the effective date of such termination or any liability or obligation incurred prior to such date. Upon termination under this Section, DBSI will either transfer all open positions in Customer’s Account to another futures
commission merchant of Customer’s choice, if so instructed by the Trust, on behalf of the Customer, or liquidate all such positions. DBSI will not transfer any of Customer’s property or Contracts held or controlled by it until the Trust,
on behalf of the Customer, satisfies all obligations to DBSI arising under this Agreement, including the payment of any fees for the transfer of Contracts to another futures commission merchant upon termination of this Agreement. 

 

 14. Governing Law; Consent to Jurisdiction. 

(a) In case of a dispute between Customer and DBSI arising out of or related to this Agreement or any transaction hereunder,
(i) except with respect to Section 8(e) above, which shall be construed, interpreted, and enforced in accordance with and governed by the laws of the State of Delaware, the construction, validity, performance and enforcement of
this Agreement will be governed by the laws of the State of New York in all respects (without giving effect to principles of conflict of laws), and (ii) the Trust, on behalf of the Customer, and DBSI each agrees to bring any legal
proceeding against the other party exclusively in, and each such party consents in any legal proceeding brought by the other party in connection with or related to this Agreement or breach thereof, the Account or any transactions entered into
hereunder to the jurisdiction of, any state or federal court located within the City of New York. 
 (b) The Trust, on behalf
of the Customer, and DBSI each expressly waives (i) all objections it may at any time have as to the jurisdiction of any court described in Section 14(a) above in which any such legal proceedings may be commenced and (ii) any defense
of sovereign immunity or other immunity from suit or enforcement, whether before or after judgment. The Trust, on behalf of the Customer, and DBSI each also agrees that any service of process mailed to it at any address provided by the receiving
party shall be deemed a proper service. 
 15. Miscellaneous. 
 (a) Available Funds. The Trust, on behalf of the Customer, agrees that all payments of cash by it to DBSI shall be made in immediately available funds in such currency and to such bank account as
DBSI may from time to time specify. If the Trust, on behalf of the Customer, is required by law to make any deduction or withholding, Customer will pay such amount to DBSI as will result in DBSI’s receiving an amount equal to the full amount
which would have been received had no such deduction or withholding been required. 
 (b) Consent to Recording. The
Trust, on behalf of the Customer, and DBSI each consents to the electronic recording of any or all telephone conversations with the other party (without automatic tone warning device), the use of same as evidence by either party in any action or
proceeding arising out of the Agreement and the recording party’s erasure, at its sole discretion, of any recording as part of its regular procedure for handling of recordings. 

(c) Authority to Disclose Information. The Trust, on behalf of the Customer, hereby authorizes DBSI to

  
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disclose any financial, credit or business information it has obtained concerning Customer to any Affiliate of DBSI, and authorizes any such Affiliate to disclose like information to DBSI, in
either case solely for the purpose of permitting DBSI to perform its obligations, or enforce its rights, under this Agreement. Any such information will be kept confidential according to the internal policies of DBSI and its Affiliates. 

(d) Modification. This Agreement may only be modified or amended by mutual written consent of DBSI and the Trust, on behalf of
the Customer. Any modification, amendment, alteration or waiver of this Agreement will not affect any outstanding orders or transactions or any legal rights or obligations that may have already arisen between DBSI and Customer. 

(e) Cumulative Rights; No Waiver. The rights and remedies conferred upon DBSI will be cumulative, and its forbearance to
exercise any right or remedy under this Agreement will not waive its right to take such action at any later time, nor shall such forbearance constitute a modification of this Agreement. 

(f) Successors and Assigns. This Agreement will inure to the benefit of DBSI, its permitted successors and assigns, and will be
binding upon Customer and Customer’s successors and assigns, provided, however, that this Agreement may not be assigned or delegated by either party without the prior written consent of the other party hereto and any purported assignment
or delegation without such consent shall be void. 
 (g) Severability. If any term or provision of this Agreement or
the application thereof to any persons or circumstances is found to be inconsistent with any Relevant Law or otherwise to be invalid or unenforceable, such inconsistent, invalid or unenforceable provision will be deemed to be superseded or modified
to conform to such Relevant Law, but the remainder of this Agreement and/or the application of such term or provision to persons or circumstances other than those as to which it is contrary, invalid or unenforceable, will not be affected thereby.

 (h) Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and
delivered shall be an original, but all of which shall together constitute one and the same instrument. 
 (i) Entire
Agreement. This Agreement, together with any Annexes hereto entered into between DBSI and the Trust, on behalf of the Customer, constitutes the entire agreement between the Trust, on behalf of the Customer, and DBSI with respect to the subject
matter hereof and supersedes any prior agreements between the parties with respect to such subject matter. 

 

 (j) Multiple Customers. If the signatory of this Agreement has the authority to
enter into the Agreement on behalf of more than one Customer (each such Customer being identified on the attached Schedule I), the execution of the Agreement by such signatory shall be sufficient to bind each such Customer to the terms of the
Agreement to the same extent and with the same force and effect as if each Customer had executed a separate Agreement. 

  
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 16. Acknowledgment of Receipt of Disclosure Statements; Hedging Election. 

(a) Customer acknowledges and agrees that it has received from DBSI and has read and understood the following document: 

(Please check box to so acknowledge) 
 x Risk Disclosure Statement For Futures and Options pursuant to Appendix A to CFTC Regulation 1.55(c). 
 (b) Pursuant to CFTC Regulation 190.06(d), Customer specifies and agrees, with respect to hedging transactions in the Account, that, in the unlikely event of DBSI’s bankruptcy, it prefers that the
bankruptcy trustee (check appropriate box): 
  ̈ Election A - Liquidate all
open contracts without first seeking instructions either from or on behalf of Customer. 

x Election B - Attempt to obtain instructions with respect to the disposition of all open
contracts. 
 (If neither box is checked, Customer shall be deemed to have elected A.) 
 The undersigned has read, understands and agrees to all of the provisions of this Agreement.

 
 

  December 31, 2010 
 Dated 
  

					
	Customer Name:	 	
		
	 PowerShares DB Multi-Sector Commodity Trust with respect to PowerShares DB Agriculture Fund
	 	
			
	By:	 	DB Commodity Services LLC, the Managing Owner of PowerShares DB Agriculture Fund	 	

  

													
	By:	  	 /s/ Alex N. Depetris
	  		  	 By:
	  	 /s/ Michael Gilligan

		  	Authorized Signature	  		  		  	Authorized Signature
		  	Name:	  	Alex N. Depetris	  		  		  	Name:	  	Michael Gilligan
		  	Title:	  	Vice President	  		  		  	Title:	  	Principal Financial Officer

  

									
	 60 Wall Street
	  	
	 Address
	  		  		  	
		
	 New York, New York
	  	
	City, State	  		  		  	
		
	 10005
	  	
	 Zip Code
	  		  		  	
				
	  
	  		  	  
	  	
	 Telephone
	  		  	Telefax	  	

  
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 Schedule I—Independent Customers Deemed to Have Entered Into Separate Agreements
HereunderAmendment No. 1 to Amended and Restated Credit Agreement

 Exhibit 10.7 
 AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT 
 AND LIMITED
CONSENT AND WAIVER 
 THIS AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT CREDIT AGREEMENT AND LIMITED CONSENT
AND WAIVER (this “Amendment”), dated as of June 3, 2009, is made by and among GILEAD SCIENCES, INC., a Delaware corporation (the “Parent”), GILEAD BIOPHARMACEUTICS IRELAND CORPORATION, an
Irish company (“Gilead Ireland”, Gilead Ireland together with the Parent are together referred to as the “Borrowers”, and each individually, as a “Borrower”), BANK OF AMERICA, N.A., a
national banking association organized and existing under the laws of the United States (“Bank of America”), in its capacity as administrative agent for the Lenders (in such capacity, the “Administrative Agent”),
and each of the Lenders signatory hereto. 
 W I T N E S S E T H: 

WHEREAS, the Borrowers, Bank of America, as Administrative Agent, Swing Line Lender and L/C Issuer, and the Lenders have entered
into that Credit Agreement, dated as of December 18, 2007 (as hereby amended and as from time to time hereafter further amended, modified, supplemented, restated, or amended and restated, the “Credit Agreement”; capitalized
terms used in this Amendment not otherwise defined herein shall have the respective meanings given thereto in the Credit Agreement), pursuant to which the Lenders have made available to Borrower a revolving credit facility with a swing line sublimit
and a letter of credit sublimit; 
 WHEREAS, as a condition to making the revolving credit facility available to the
Borrower the Lenders have required that the Parent guarantee payment of the Obligations of Gilead Ireland; 

WHEREAS, on April 15, 2009 the Borrowers have informed the Administrative Agent that on April 15, 2009, Apex Merger Sub,
Inc. (the “Acquisition Sub”), a Delaware corporation and a wholly-owned Subsidiary of the Parent, completed a cash tender offer (the “Offer”) for all of the outstanding shares of common stock of CV Therapeutics,
Inc. (“CV Therapeutics”). On April 17, 2009, the Parent caused the Acquisition Sub to merge with and into CV Therapeutics, pursuant to which CV Therapeutics became a wholly-owned Subsidiary of the Parent, and all remaining
publicly held shares of common stock of CV Therapeutics (other than shares held by the Parent, the Acquisition Sub, CV Therapeutics or their respective Subsidiaries, or held in CV Therapeutics’ treasury or by CV Therapeutics’ stockholders
who properly preserve their appraisal rights under Delaware law) were converted into the right to receive certain cash compensation, without interest; 
 WHEREAS, CV Therapeutics issued (i) 2.0% Senior Convertible Subordinated Debentures due 2023, dated as of June 18, 2003 (the “2023 Convertible Debentures”), pursuant to
the Indenture between CV Therapeutics, as Issuer, and Wells Fargo Bank Minnesota, National Association, as Trustee, dated as of June 18, 2003 (the “2003 Indenture”), (ii) 2.75% Senior Convertible Subordinated Notes due
2012, dated as of May 18, 2004 (the “2012 Convertible Notes”), pursuant to the Indenture between CV Therapeutics, as Issuer, and Wells Fargo Bank, National Association, as Trustee, dated as of May 18, 2004 (the
“2004 Indenture”), and (iii) 3.75% Senior Subordinated Convertible Notes due 2013 (the “2013 Convertible Notes”, 

 
together with the 2023 Convertible Debentures and the 2012 Convertible Notes, the “Convertible Notes”)), dated July 1, 2005, pursuant to the Indenture, dated July 1,
2005 between CV Therapeutics, as Issuer, and Wells Fargo Bank, National Association, as Trustee (the “2005 Indenture”, together with the 2003 Indenture and the 2004 Indenture, the “Indenture”); 

WHEREAS, the Offer constituted a “Change of Control” under each of the Indentures and in each case triggered a right for
the holders of each of the Convertible Notes to require CV Therapeutics to repurchase the securities under the applicable Indenture (collectively such rights, the “Repurchase Rights”); 

WHEREAS, the Repurchase Rights breached Section 8.01(e) of the Credit Agreement (the “Redemption
Default”); 
 WHEREAS, Section 7.10 of the Credit Agreement restricts the Borrowers from using the
proceeds of any Credit Extension, whether directly or indirectly, to purchase or carry margin stock (within the meaning of Regulation U of the FRB); 
 WHEREAS, the Parent breached Section 7.10 by using proceeds from Credit Extensions to consummate the Offer (the “Proceeds Default”, together with the Redemption
Default, the “Existing Defaults”); 
 WHEREAS, the Borrowers have requested certain waivers, consents
and amendments under and to certain provisions of the Credit Agreement, and the Administrative Agent and the Lenders signatory hereto are willing to effect such waivers, consents and amendments, in each case as set forth below pursuant to the terms
and conditions contained in this Amendment. 
 NOW, THEREFORE, in consideration of the premises and further valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
 1.
Amendments to Credit Agreement. Subject to the terms and conditions set forth herein, the Credit Agreement is hereby amended as follows: 
  

	 	(a)	The following definition is added to Section 1.01 in the appropriate alphabetical location therein: 

“Margin Stock” means “margin stock” as such term is defined in Regulation T, U or X of the FRB.

  

	 	(b)	Section 5.14(a) is deleted in its entirety and the following is inserted in lieu thereof. 

(a) The Borrowers are not engaged and will not engage, principally or as one of their important activities, in the
business of purchasing or carrying Margin Stock, or extending credit for the purpose of purchasing or carrying Margin Stock, and no proceeds of any Loans or drawings under any Letter of Credit will be used to purchase or carry any Margin Stock or to
extend credit to others for the purpose of purchasing or carrying Margin Stock, except as 

  
 2 

 
permitted by Section 7.10. Following the application of the proceeds of each Borrowing or drawing under each Letter of Credit, not more than twenty-five percent (25%) of the
value of the assets (either of a Borrower only or of the Parent and its Subsidiaries on a consolidated basis) subject to the provisions of Section 7.01, Section 7.04, Section 7.05 or Section 7.07 or
subject to any restriction contained in any agreement or instrument between a Borrower and any Lender or any Affiliate of any Lender relating to Indebtedness and within the scope of Section 8.01(e) will be Margin Stock. 

 

	 	(c)	Section 7.10 is deleted in its entirety and the following is inserted in lieu thereof. 

7.10 Use of Proceeds. Use the proceeds of any Credit Extension, whether directly or indirectly, and whether
immediately, incidentally or ultimately, to purchase or carry Margin Stock or to extend credit to others for the purpose of purchasing or carrying Margin Stock or to refund indebtedness originally incurred for such purpose; provided, however,
the Borrowers may use the proceeds of Credit Extensions to purchase or carry Margin Stock so long as (i) either (x) the Margin Stock so acquired is promptly retired following the purchase or other acquisition thereof or (y) at all
times and after giving effect to each such purchase or acquisition, not more than twenty-five percent (25%) of the total assets either of a Borrower only or of the Parent and its Subsidiaries on a consolidated basis are represented by Margin
Stock owned by the Parent and its Subsidiaries on a consolidated basis and (ii) such purchase or acquisition is not for the purpose of speculation. 
 2. Limited Waiver. Subject to the terms and conditions set forth herein, and in reliance upon the representations and warranties of the Borrowers made herein, the Administrative Agent and the
Lenders signatory hereto hereby waive the Existing Defaults. 
 The waiver set forth in this Section 2 is limited to the extent
specifically set forth above and no other terms, covenants or provisions of the Credit Agreement or any other Loan Document are intended to be affected hereby. 
 3. Effectiveness; Conditions Precedent. The effectiveness of this Amendment and the amendments to the Credit Agreement herein provided are subject to the satisfaction of the following conditions
precedent (the first date on which all such conditions have been satisfied shall be referred to as the “First Amendment Effective Date”): 
  

	 	(a)	the Administrative Agent shall have received each of the following documents or instruments in form and substance reasonably acceptable to the Administrative Agent:

  

	 	(i)	counterparts of this Amendment, duly executed by each of the Borrowers, the Parent in its capacity as a guarantor, the Administrative Agent, and the Required Lenders;
and 

  

	 	(ii)	such other certificates, instruments and documents as the Administrative Agent shall reasonably request; 

  
 3 

	 	(b)	the Borrowers shall have paid to each Lender that signs this Amendment on or before the First Amendment Effective Date a fee of $10,000, which fee shall be fully earned
and due on the First Amendment Effective Date and shall be nonrefundable; and 

  

	 	(c)	unless waived by the Administrative Agent, all fees and expenses payable to the Administrative Agent and the Lenders (including the fees and expenses of counsel to the
Administrative Agent to the extent invoiced prior to the date hereof) estimated to date shall have been paid in full (without prejudice to final settling of accounts for such fees and expenses). 

4. Consent and Confirmation of the Parent. The Parent hereby consents, acknowledges and agrees to the amendments set forth herein
and hereby confirms and ratifies in all respects the Parent Guaranty Agreement (including without limitation the continuation of the Parent’s payment and performance obligations thereunder upon and after the effectiveness of this Amendment and
the amendments contemplated hereby) and the enforceability of the Parent Guaranty against the Parent in accordance with its terms. 
 5. Representations and Warranties. In order to induce the Administrative Agent and the Lenders to enter into this Amendment, each Borrower represents and warrants to the Administrative Agent and
the Lenders as follows: 
  

	 	(a)	The representations and warranties contained in Article V of the Credit Agreement or any other Loan Documents, or which are contained in any document furnished
at any time under or in connection with the Credit Agreement or such other Loan Document, are true and correct in all material respects on and as of the date hereof, (i) except to the extent that such representations and warranties specifically
refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date, and (ii) except that the representations and warranties contained in subsections (a) and (b) of
Section 5.05 of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01 of the Credit Agreement;

  

	 	(b)	The Persons appearing as guarantor on the signature pages to this Amendment constitute all Persons who are required to be guarantors pursuant to the terms of the Credit
Agreement and the other Loan Documents; 

  

	 	(c)	This Amendment has been duly authorized, executed and delivered by the Borrowers and the Parent, as guarantor, and constitutes a legal, valid and binding obligation of
such parties, except as may be limited by general principles of equity or by the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors’ rights generally; and 

 

	 	(d)	After giving effect to this Amendment, no Default or Event of Default has occurred and is continuing. 

  
 4 

 6. Release. In consideration of the Administrative Agent and the Required Lenders
entering into this Amendment on behalf of the Lenders, the Borrowers hereby release the Administrative Agent, the L/C Issuer, each of the Lenders, and the Administrative Agent’s, the L/C Issuer’s and each of the Lender’s respective
officers, employees, representatives, agents, counsel and directors from any and all actions, causes of action, claims, demands, damages and liabilities of whatever kind or nature, in law or in equity, now known or unknown, suspected or unsuspected
to the extent that any of the foregoing arises from any action or failure to act solely in connection with the Loan Documents on or prior to the date hereof. 
 7. Entire Agreement. This Amendment, together with the Loan Documents (collectively, the “Relevant Documents”), sets forth the entire understanding and agreement of the parties
hereto in relation to the subject matter hereof and supersedes any prior negotiations and agreements among the parties relating to such subject matter. No promise, condition, representation or warranty, express or implied, not set forth in the
Relevant Documents shall bind any party hereto, and no such party has relied on any such promise, condition, representation or warranty. Each of the parties hereto acknowledges that, except as otherwise expressly stated in the Relevant Documents, no
representations, warranties or commitments, express or implied, have been made by any party to the other in relation to the subject matter hereof or thereof. None of the terms or conditions of this Amendment may be changed, modified, waived or
canceled orally or otherwise, except in writing and in accordance with Section 10.01 of the Credit Agreement. 
 8.
Full Force and Effect of Amendment. Except as hereby specifically amended, modified or supplemented, the Credit Agreement and all other Loan Documents are hereby confirmed and ratified in all respects and shall be and remain in full force and
effect according to their respective terms. 
 9. Counterparts. This Amendment may be executed in any number of
counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this
Amendment by telecopy, facsimile or other electronic transmission (including .PDF) shall be effective as delivery of a manually executed counterpart of this Amendment. 
 10. Governing Law. This Amendment shall in all respects be governed by, and construed in accordance with, the laws of the State of New York. 

11. Enforceability. Should any one or more of the provisions of this Amendment be determined to be illegal or unenforceable as to
one or more of the parties hereto, all other provisions nevertheless shall remain effective and binding on the parties hereto. 

12. References. All references in any of the Loan Documents to the “Credit Agreement” shall mean the Credit Agreement,
as amended hereby. 
 13. Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of the
Borrowers, the Administrative Agent, the Lenders and their respective successors 

  
 5 

 
and assignees to the extent such assignees are permitted assignees as provided in Section 10.06 of the Credit Agreement. 

[Signature pages follow.] 

  
 6 

 IN WITNESS WHEREOF, the parties hereto have caused this instrument to be made,
executed and delivered by their duly authorized officers as of the day and year first above written. 
  

			
	GILEAD SCIENCES, INC., as a Borrower
		
	By:	 	 /s/ Robin Washington

	Name:	 	     Robin Washington
	Title:	 	     Senior Vice President and CFO
	
	GILEAD BIOPHARMACEUTICS IRELAND CORPORATION, as a Borrower
		
	By:	 	 /s/ John F. Milligan

	Name:	 	     John F. Milligan, PhD
	Title:	 	     Director
		
	By:	 	 /s/ Gregg H. Alton

	Name:	 	     Gregg H. Alton
	Title:	 	     Director
	
	GUARANTOR:
	
	GILEAD SCIENCES, INC., as a guarantor of Gilead Ireland
		
	By:	 	 /s/ Robin Washington

	Name:	 	     Robin Washington
	Title:	 	     Senior Vice President and CFO

  
 Gilead
Sciences, Inc. and Gilead Biopharmaceutics Ireland Corporation 
 Amendment No. 1 to Amended and Restated Credit Agreement and
Limited Consent and Waiver 
 Signature Page 

 
			
	ADMINISTRATIVE AGENT:
	
	 BANK OF AMERICA, N.A., as Administrative Agent

		
	By:	 	 /s/ Dora A. Brown

	Name:	 	     Dora A. Brown
	Title:	 	     Vice President

  
 Gilead
Sciences, Inc. and Gilead Biopharmaceutics Ireland Corporation 
 Amendment No. 1 to Amended and Restated Credit Agreement and
Limited Consent and Waiver 
 Signature Page 

 
			
	BANK OF AMERICA, N.A., as a Lender, L/C Issuer and Swing Line Lender
		
	By:	 	 /s/ John C. Plecque

	Name:	 	     John C. Plecque
	Title:	 	     Senior Vice President

  
 Gilead
Sciences, Inc. and Gilead Biopharmaceutics Ireland Corporation 
 Amendment No. 1 to Amended and Restated Credit Agreement and
Limited Consent and Waiver 
 Signature Page 

 
			
	CITIBANK, N.A., as a Lender
		
	By:	 	 /s/ Henry H. Schwake

	Name:	 	      Henry H. Schwake

	Title:	 	      Managing Director

  
 Gilead
Sciences, Inc. and Gilead Biopharmaceutics Ireland Corporation 
 Amendment No. 1 to Amended and Restated Credit Agreement and
Limited Consent and Waiver 
 Signature Page 

 
			
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as a Lender
		
	By:	 	 /s/ Frederick W. Laird

	Name:	 	      Frederick W. Laird

	Title:	 	      Managing Director

		
	By:	 	 /s/ Ming K. Chu

	Name:	 	      Ming K. Chu

	Title:	 	      Vice President

  
 Gilead
Sciences, Inc. and Gilead Biopharmaceutics Ireland Corporation 
 Amendment No. 1 to Amended and Restated Credit Agreement and
Limited Consent and Waiver 
 Signature Page 

 
			
	WELLS FARGO BANK, N.A., as a Lender
		
	By:	 	 /s/ Phil Schapiro

	Name:	 	      Phil Schapiro

	Title:	 	 AVP/Credit Relationship Manager

  
 Gilead
Sciences, Inc. and Gilead Biopharmaceutics Ireland Corporation 
 Amendment No. 1 to Amended and Restated Credit Agreement and
Limited Consent and Waiver 
 Signature Page 

 
			
	MIZUHO CORPORATE BANK, LTD., as a
Lender

			
		
	 By:
	 	 /s/ Raymond Ventura

					
	 Name:
	 		 	 Raymond Ventura

			
	 Title:
	 	 Deputy General Manager

  
 Gilead
Sciences, Inc. and Gilead Biopharmaceutics Ireland Corporation 
 Amendment No. 1 to Amended and Restated Credit Agreement and
Limited Consent and Waiver 
 Signature Page 

 
			
	BARCLAYS BANK PLC, as a Lender
		
	By:	 	 /s/ Nicholas A. Bell

			
	Name: 	 	 Nicholas A. Bell

			
	Title:	 	 Director

  
 Gilead
Sciences, Inc. and Gilead Biopharmaceutics Ireland Corporation 
 Amendment No. 1 to Amended and Restated Credit Agreement and
Limited Consent and Waiver 
 Signature Page 

 
			
	 JPMORGAN CHASE BANK, N.A., as a Lender

			
		
	 By:
	 	 /s/ Barbara R. Marks

			
	 Name: 
	 	 Barbara R. Marks

			
	 Title:
	 	 Executive Director

  
 Gilead
Sciences, Inc. and Gilead Biopharmaceutics Ireland Corporation 
 Amendment No. 1 to Amended and Restated Credit Agreement and
Limited Consent and Waiver 
 Signature Page 

 
			
	MORGAN STANLEY BANK, as a Lender
		
	By:	 	 /s/ S.E. Saxe

			
	Name: 	 	 S.E. Saxe

			
	Title:	 	 SCO

  
 Gilead
Sciences, Inc. and Gilead Biopharmaceutics Ireland Corporation 
 Amendment No. 1 to Amended and Restated Credit Agreement and
Limited Consent and Waiver 
 Signature Page 

 
			
	CREDIT SUISSE, Cayman Islands Branch, as a Lender
		
	By:	 	 /s/ Karim Blasetti

			
	Name: 	 	 Karim Blasetti

			
	Title:	 	 Vice President

			
		
	By:	 	 /s/ Karl Studer

			
	Name: 	 	 Karl Studer

			
	Title:	 	 Director

  
 Gilead
Sciences, Inc. and Gilead Biopharmaceutics Ireland Corporation 
 Amendment No. 1 to Amended and Restated Credit Agreement and
Limited Consent and Waiver 
 Signature Page 

 
			
	U.S. BANK NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ Richard J. Ameny, Jr.

			
	Name: 	 	 Richard J. Ameny

			
	Title:	 	 Vice President

  
 Gilead
Sciences, Inc. and Gilead Biopharmaceutics Ireland Corporation 
 Amendment No. 1 to Amended and Restated Credit Agreement and
Limited Consent and Waiver 
 Signature Page 

 
			
	 HSBC BANK USA, NATIONAL
 ASSOCIATION, as a Lender

		
	By:	 	 /s/ Jason Huck

			
	Name: 	 	 Jason Huck

			
	Title:	 	 Vice President, Relationship Manager

  
 Gilead
Sciences, Inc. and Gilead Biopharmaceutics Ireland Corporation 
 Amendment No. 1 to Amended and Restated Credit Agreement and
Limited Consent and Waiver 
 Signature Page 

 
			
	MERRILL LYNCH BANK USA, as a Lender
		
	By:	 	 /s/ David Millett

			
	Name: 	 	 David Millett

			
	Title:	 	 Vice President

  
 Gilead
Sciences, Inc. and Gilead Biopharmaceutics Ireland Corporation 
 Amendment No. 1 to Amended and Restated Credit Agreement and
Limited Consent and Waiver 
 Signature Page

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