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(Multicurrency  Cross
Border)


ISDA LOGO

MASTER AGREEMENT

dated as of
July 15, 2003

Hub International Limitedand
Bank of Montreal

have entered and/or anticipate entering into one
or more transactions (each a Transaction) that are
or will be governed by this Master Agreement, which includes the
schedule (the Schedule), and the documents and other
confirming evidence (each a Confirmation) exchanged
between the parties confirming those Transactions.

Accordingly, the parties agree as
follows: 



|   |               
|-- | --------------
|1. | Interpretation



|    |                                                                                                                                                                                                                                                                                                                                                                                                      
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a) | Definitions.The terms defined in Section 14 and in the Schedule will
    have the meanings therein specified for the purpose of this
    Master Agreement.                                                                                                                                                                                                                                           
|   
|(b) | Inconsistency.In the event of any inconsistency between the provisions of the
    Schedule and the other provisions of this Master Agreement, the
    Schedule will prevail. In the event of any inconsistency between
    the provisions of any Confirmation and this Master Agreement
    (including the Schedule), such Confirmation will prevail for the
    purpose of the relevant Transaction.
|   
|(c) | Single
    Agreement.All Transactions are
    entered into in reliance on the fact that this Master Agreement
    and all Confirmations form a single agreement between the
    parties (collectively referred to as this
    Agreement), and the parties would not otherwise
    enter into any Transactions.                                                                                     



|   |            
|-- | -----------
|2. | Obligations

(a)  General Conditions.



| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (i)   | Each party will make each payment or delivery
    specified in each Confirmation to be made by it, subject to the
    other provisions of this Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                         
|
| | (ii)  | Payments under this Agreement will be made on the
    due date for value on that date in the place of the account
    specified in the relevant Confirmation or otherwise pursuant to
    this Agreement, in freely transferable funds and in the manner
    customary for payments in the required currency. Where
    settlement is by delivery (that is, other than by payment), such
    delivery will be made for receipt on the due date in the manner
    customary for the relevant obligation unless otherwise specified
    in the relevant Confirmation or elsewhere in this Agreement.
|
| | (iii) | Each obligation of each party under
    Section 2(a)(i) is subject to (1) the condition
    precedent that no Event of Default or Potential Event of Default
    with respect to the other party has occurred and is continuing,
    (2) the condition precedent that no Early Termination Date
    in respect of the relevant Transaction has occurred or been
    effectively designated and (3) each other applicable
    condition precedent specified in this Agreement.                                                                                                                     







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|    |                                                                                                                                                                                                                                                                                                                                                                   
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(b) | Change of
    Account.Either party may change
    its account for receiving a payment or delivery by giving notice
    to the other party at least five Local Business Days prior to
    the scheduled date for the payment or delivery to which such
    change applies unless such other party gives timely notice of a
    reasonable objection to such change.
|   
|(c) | Netting.If
    on any date amounts would otherwise be payable:                                                                                                                                                                                                                                                                                                   



| |      |                                    
| | ---- | -----------------------------------
| | (i)  | in the same currency; and          
|
| | (ii) | in respect of the same Transaction,

by each party to the other, then, on such date,
each partys obligation to make payment of any such amount
will be automatically satisfied and discharged and, if the
aggregate amount that would otherwise have been payable by one
party exceeds the aggregate amount that would otherwise have
been payable by the other party, replaced by an obligation upon
the party by whom the larger aggregate amount would have been
payable to pay to the other party the excess of the larger
aggregate amount over the smaller aggregate amount.

The parties may elect in respect of two or more
Transactions that a net amount will be determined in respect of
all amounts payable on the same date in the same currency in
respect of such Transactions, regardless of whether such amounts
are payable in respect of the same Transaction. The election may
be made in the Schedule or a Confirmation by specifying that
subparagraph (ii) above will not apply to the Transactions
identified as being subject to the election, together with the
starting date (in which case subparagraph (ii) above will
not, or will cease to, apply to such Transactions from such
date). This election may be made separately for different groups
of Transactions and will apply separately to each pairing of
Offices through which the parties make and receive payments or
deliveries.



|    |                                      
|--- | -------------------------------------
|(d) | Deduction or Withholding for
    Tax.



| |     |                                                                                                                                                                                                                                                                                                                                                                                                     
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (i) | Gross-Up.All
    payments under this Agreement will be made without any deduction
    or withholding for or on account of any Tax unless such
    deduction or withholding is required by any applicable law, as
    modified by the practice of any relevant governmental revenue
    authority, then in effect. If a party is so required to deduct
    or withhold, then that party (X) will: 



| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (1) | promptly notify the other party (Y)
    of such requirement;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|
| | (2) | pay to the relevant authorities the full amount
    required to be deducted or withheld (including the full amount
    required to be deducted or withheld from any additional amount
    paid by X to Y under this Section 2(d)) promptly upon the
    earlier of determining that such deduction or withholding is
    required or receiving notice that such amount has been assessed
    against Y;                                                                                                                                                                       
|
| | (3) | promptly forward to Y an official receipt (or a
    certified copy), or other documentation reasonably acceptable to
    Y, evidencing such payment to such authorities; and                                                                                                                                                                                                                                                                                                                                                                                                  
|
| | (4) | if such Tax is an Indemnifiable Tax, pay to Y, in
    addition to the payment to which Y is otherwise entitled under
    this Agreement, such additional amount as is necessary to ensure
    that the net amount actually received by Y (free and clear of
    Indemnifiable Taxes, whether assessed against X or Y) will equal
    the full amount Y would have received had no such deduction or
    withholding been required. However, X will not be required to
    pay any additional amount to Y to the extent that it would not
    be required to be paid but for: 



| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (A) | the failure by Y to comply with or perform any
    agreement contained in Section 4(a)(i), 4(a)(iii) or
    4(d); or                                                                                                                                                                                                                                                                                                                                              
|
| | (B) | the failure of a representation made by Y
    pursuant to Section 3(f) to be accurate and true unless
    such failure would not have occurred but for (I) any action
    taken by a taxing authority, or brought in a court of competent
    jurisdiction, on or after the date on which a Transaction is
    entered into (regardless of whether such action is taken or
    brought with respect to a party to this Agreement) or
    (II) a Change in Tax Law.



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(ii)  Liability.
If: 



| |     |                                                                                                                                                                                                                                                                             
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (1) | X is required by any applicable law, as modified
    by the practice of any relevant governmental revenue authority,
    to make any deduction or withholding in respect of which X would
    not be required to pay an additional amount to Y under
    Section 2(d)(i)(4);
|
| | (2) | X does not so deduct or withhold; and                                                                                                                                                                                                                                       
|
| | (3) | a liability resulting from such Tax is assessed
    directly against X,                                                                                                                                                                                                     



| |                                                                                                                                                                                                                                                                                                                                                                                                  
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | then, except to the extent Y has satisfied or
    then satisfies the liability resulting from such Tax, Y will
    promptly pay to X the amount of such liability (including any
    related liability for interest, but including any related
    liability for penalties only if Y has failed to comply with or
    perform any agreement contained in Section 4(a)(i),
    4(a)(iii) or 4(d)).



|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(e) | Default Interest; Other
    Amounts.Prior to the occurrence
    or effective designation of an Early Termination Date in respect
    of the relevant Transaction, a party that defaults in the
    performance of any payment obligation will, to the extent
    permitted by law and subject to Section 6(c), be required
    to pay interest (before as well as after judgment) on the
    overdue amount to the other party on demand in the same currency
    as such overdue amount, for the period from (and including) the
    original due date for payment to (but excluding) the date of
    actual payment, at the Default Rate. Such interest will be
    calculated on the basis of daily compounding and the actual
    number of days elapsed. If, prior to the occurrence or effective
    designation of an Early Termination Date in respect of the
    relevant Transaction, a party defaults in the performance of any
    obligation required to be settled by delivery, it will
    compensate the other party on demand if and to the extent
    provided for in the relevant Confirmation or elsewhere in this
    Agreement.



|   |                
|-- | ---------------
|3. | Representations

Each party represents to the other party (which
representations will be deemed to be repeated by each party on
each date on which a Transaction is entered into and, in the
case of the representations in Section 3(f), at all times
until the termination of this Agreement) that: 

(a)  Basic
Representations.



| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (i)   | Status.It is
    duly organised and validly existing under the laws of the
    jurisdiction of its organisation or incorporation and, if
    relevant under such laws, in good standing;                                                                                                                                                                                                                                                                                                                                                                            
|
| | (ii)  | Powers.It
    has the power to execute this Agreement and any other
    documentation relating to this Agreement to which it is a party,
    to deliver this Agreement and any other documentation relating
    to this Agreement that it is required by this Agreement to
    deliver and to perform its obligations under this Agreement and
    any obligations it has under any Credit Support Document to
    which it is a party and has taken all necessary action to
    authorise such execution, delivery and performance;                                
|
| | (iii) | No Violation or
    Conflict.Such execution, delivery
    and performance do not violate or conflict with any law
    applicable to it, any provision of its constitutional documents,
    any order or judgment of any court or other agency of government
    applicable to it or any of its assets or any contractual
    restriction binding on or affecting it or any of its assets;                                                                                                                                                                           
|
| | (iv)  | Consents.All
    governmental and other consents that are required to have been
    obtained by it with respect to this Agreement or any Credit
    Support Document to which it is a party have been obtained and
    are in full force and effect and all conditions of any such
    consents have been complied with; and                                                                                                                                                                                                                                        
|
| | (v)   | Obligations
    Binding.Its obligations under
    this Agreement and any Credit Support Document to which it is a
    party constitute its legal, valid and binding obligations,
    enforceable in accordance with their respective terms (subject
    to applicable bankruptcy, reorganisation, insolvency, moratorium
    or similar laws affecting creditors rights generally and
    subject, as to enforceability, to equitable principles of
    general application (regardless of whether enforcement is sought
    in a proceeding in equity or at law)).



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| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (b) | Absence of Certain
    Events.No Event of Default or
    Potential Event of Default or, to its knowledge, Termination
    Event with respect to it has occurred and is continuing and no
    such event or circumstance would occur as a result of its
    entering into or performing its obligations under this Agreement
    or any Credit Support Document to which it is a party.                                                                                                                                                            
|
| | (c) | Absence of
    Litigation.There is not pending
    or, to its knowledge, threatened against it or any of its
    Affiliates any action, suit or proceeding at law or in equity or
    before any court, tribunal, governmental body, agency or
    official or any arbitrator that is likely to affect the
    legality, validity or enforceability against it of this
    Agreement or any Credit Support Document to which it is a party
    or its ability to perform its obligations under this Agreement
    or such Credit Support Document.
|
| | (d) | Accuracy of Specified
    Information.All applicable
    information that is furnished in writing by or on behalf of it
    to the other party and is identified for the purpose of this
    Section 3(d) in the Schedule is, as of the date of the
    information, true, accurate and complete in every material
    respect.                                                                                                                                                                                                                   
|
| | (e) | Payer Tax
    Representation.Each
    representation specified in the Schedule as being made by it for
    the purpose of this Section 3(e) is accurate and true.                                                                                                                                                                                                                                                                                                                                                                                 
|
| | (f) | Payee Tax
    Representations.Each
    representation specified in the Schedule as being made by it for
    the purpose of this Section 3(f) is accurate and true.                                                                                                                                                                                                                                                                                                                                                                                



4.  Agreements

Each party agrees with the other that, so long as
either party has or may have any obligation under this Agreement
or under any Credit Support Document to which it is a
party: 



| |     |                                                                                                                                                                                                                      
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (a) | Furnish Specified
    Information.It will deliver to
    the other party or, in certain cases under
    subparagraph (iii) below, to such government or taxing
    authority as the other party reasonably directs: 



| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (i)   | any forms, documents or certificates relating to
    taxation specified in the Schedule or any Confirmation;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|
| | (ii)  | any other documents specified in the Schedule or
    any Confirmation; and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|
| | (iii) | upon reasonable demand by such other party, any
    form or document that may be required or reasonably requested in
    writing in order to allow such other party or its Credit Support
    Provider to make a payment under this Agreement or any
    applicable Credit Support Document without any deduction or
    withholding for or on account of any Tax or with such deduction
    or withholding at a reduced rate (so long as the completion,
    execution or submission of such form or document would not
    materially prejudice the legal or commercial position of the
    party in receipt of such demand), with any such form or document
    to be accurate and completed in a manner reasonably satisfactory
    to such other party and to be executed and to be delivered with
    any reasonably required certification,



| |                                                                                                                                             
| | --------------------------------------------------------------------------------------------------------------------------------------------
| | in each case by the date specified in the
    Schedule or such Confirmation or, if none is specified, as soon
    as reasonably practicable.



| |     |                                                                                                                                                                                                                                                                                                                                                                                                       
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (b) | Maintain
    Authorisations.It will use all
    reasonable efforts to maintain in full force and effect all
    consents of any governmental or other authority that are
    required to be obtained by it with respect to this Agreement or
    any Credit Support Document to which it is a party and will use
    all reasonable efforts to obtain any that may become necessary
    in the future.
|
| | (c) | Comply with
    Laws.It will comply in all
    material respects with all applicable laws and orders to which
    it may be subject if failure so to comply would materially
    impair its ability to perform its obligations under this
    Agreement or any Credit Support Document to which it is a party.                                                                                        
|
| | (d) | Tax
    Agreement.It will give notice of
    any failure of a representation made by it under
    Section 3(f) to be accurate and true promptly upon learning
    of such failure.                                                                                                                                                                                                                    



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| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (e) | Payment of Stamp
    Tax.Subject to Section 11,
    it will pay any Stamp Tax levied or imposed upon it or in
    respect of its execution or performance of this Agreement by a
    jurisdiction in which it is incorporated, organised, managed and
    controlled, or considered to have its seat, or in which a branch
    or office through which it is acting for the purpose of this
    Agreement is located (Stamp Tax Jurisdiction) and
    will indemnify the other party against any Stamp Tax levied or
    imposed upon the other party or in respect of the other
    partys execution or performance of this Agreement by any
    such Stamp Tax Jurisdiction which is not also a Stamp Tax
    Jurisdiction with respect to the other party.



|   |                                             
|-- | --------------------------------------------
|5. | Events of Default and Termination
    Events



|    |                                                                                                                                                                                                                                                                                                                     
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a) | Events of
    Default.The occurrence at any
    time with respect to a party or, if applicable, any Credit
    Support Provider of such party or any Specified Entity of such
    party of any of the following events constitutes an event of
    default (an Event of Default) with respect to such
    party: 



| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (i)   | Failure to Pay or
    Deliver.Failure by the party to
    make, when due, any payment under this Agreement or delivery
    under Section 2(a)(i) or 2(e) required to be made by it if
    such failure is not remedied on or before the third Local
    Business Day after notice of such failure is given to the party;                                                                                                                                                                                                                                            
|
| | (ii)  | Breach of
    Agreement.Failure by the party to
    comply with or perform any agreement or obligation (other than
    an obligation to make any payment under this Agreement or
    delivery under Section 2(a)(i) or 2(e) or to give notice of
    a Termination Event or any agreement or obligation under
    Section 4(a)(i), 4(a)(iii) or 4(d)) to be complied with or
    performed by the party in accordance with this Agreement if such
    failure is not remedied on or before the thirtieth day after
    notice of such failure is given to the party;
|
| | (iii) | Credit Support Default.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             



| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (1) | Failure by the party or any Credit Support
    Provider of such party to comply with or perform any agreement
    or obligation to be complied with or performed by it in
    accordance with any Credit Support Document if such failure is
    continuing after any applicable grace period has elapsed;                                                                                                                                                      
|
| | (2) | the expiration or termination of such Credit
    Support Document or the failing or ceasing of such Credit
    Support Document to be in full force and effect for the purpose
    of this Agreement (in either case other than in accordance with
    its terms) prior to the satisfaction of all obligations of such
    party under each Transaction to which such Credit Support
    Document relates without the written consent of the other
    party; or
|
| | (3) | the party or such Credit Support Provider
    disaffirms, disclaims, repudiates or rejects, in whole or in
    part, or challenges the validity of, such Credit Support
    Document;                                                                                                                                                                                                                                                                           



| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (iv) | Misrepresentation.A representation (other than a representation under
    Section 3(e) or (f)) made or repeated or deemed to have
    been made or repeated by the party or any Credit Support
    Provider of such party in this Agreement or any Credit Support
    Document proves to have been incorrect or misleading in any
    material respect when made or repeated or deemed to have been
    made or repeated;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|
| | (v)  | Default under Specified
    Transaction.The party, any Credit
    Support Provider of such party or any applicable Specified
    Entity of such party (1) defaults under a Specified
    Transaction and, after giving effect to any applicable notice
    requirement or grace period, there occurs a liquidation of, an
    acceleration of obligations under, or an early termination of,
    that Specified Transaction, (2) defaults, after giving
    effect to any applicable notice requirement or grace period, in
    making any payment or delivery due on the last payment, delivery
    or exchange date of, or any payment on early termination of, a
    Specified Transaction (or such default continues for at least
    three Local Business Days if there is no applicable notice
    requirement or grace period) or (3) disaffirms, disclaims,
    repudiates or rejects, in whole or in part, a Specified
    Transaction (or such action is taken by any person or entity
    appointed or empowered to operate it or act on its behalf);
|
| | (vi) | Cross
    Default.If Cross
    Default is specified in the Schedule as applying to the
    party, the occurrence or existence of (1) a default, event
    of default or other similar condition or event (however
    described) in                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           



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| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |       | respect of such party, any Credit Support
    Provider of such party or any applicable Specified Entity of
    such party under one or more agreements or instruments relating
    to Specified Indebtedness of any of them (individually or
    collectively) in an aggregate amount of not less than the
    applicable Threshold Amount (as specified in the Schedule) which
    has resulted in such Specified Indebtedness becoming, or
    becoming capable at such time of being declared, due and payable
    under such agreements or instruments, before it would otherwise
    have been due and payable or (2) a default by such party,
    such Credit Support Provider or such Specified Entity
    (individually or collectively) in making one or more payments on
    the due date thereof in an aggregate amount of not less than the
    applicable Threshold Amount under such agreements or instruments
    (after giving effect to any applicable notice requirement or
    grace period);
|
| | (vii) | Bankruptcy.The party, any Credit Support Provider of such party or any
    applicable Specified Entity of such party:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          



| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (1) | is dissolved (other than pursuant to a
    consolidation, amalgamation or merger); (2) becomes
    insolvent or is unable to pay its debts or fails or admits in
    writing its inability generally to pay its debts as they become
    due; (3) makes a general assignment, arrangement or
    composition with or for the benefit of its creditors;
    (4) institutes or has instituted against it a proceeding
    seeking a judgment of insolvency or bankruptcy or any other
    relief under any bankruptcy or insolvency law or other similar
    law affecting creditors rights, or a petition is presented
    for its winding-up or liquidation, and, in the case of any such
    proceeding or petition instituted or presented against it, such
    proceeding or petition (A) results in a judgment of insolvency
    or bankruptcy or the entry of an order for relief or the making
    of an order for its winding-up or liquidation or (B) is not
    dismissed, discharged, stayed or restrained in each case within
    30 days of the institution or presentation thereof;
    (5) has a resolution passed for its winding-up, official
    management or liquidation (other than pursuant to a
    consolidation, amalgamation or merger); (6) seeks or
    becomes subject to the appointment of an administrator,
    provisional liquidator, conservator, receiver, trustee,
    custodian or other similar official for it or for all or
    substantially all its assets; (7) has a secured party take
    possession of all or substantially all its assets or has a
    distress, execution, attachment, sequestration or other legal
    process levied, enforced or sued on or against all or
    substantially all its assets and such secured party maintains
    possession, or any such process is not dismissed, discharged,
    stayed or restrained, in each case within 30 days
    thereafter; (8) causes or is subject to any event with
    respect to it which, under the applicable laws of any
    jurisdiction, has an analogous effect to any of the events
    specified in clauses (1) to (7) (inclusive); or
    (9) takes any action in furtherance of, or indicating its
    consent to, approval of, or acquiescence in, any of the
    foregoing acts; or



| |        |                                                                                                                                                                                                                                                                                                                   
| | ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (viii) | Merger Without
    Assumption.The party or any
    Credit Support Provider of such party consolidates or
    amalgamates with, or merges with or into, or transfers all or
    substantially all its assets to, another entity and, at the time
    of such consolidation, amalgamation, merger or
    transfer: 



| |     |                                                                                                                                                                                                                                                                                                                                                                    
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (1) | the resulting, surviving or transferee entity
    fails to assume all the obligations of such party or such Credit
    Support Provider under this Agreement or any Credit Support
    Document to which it or its predecessor was a party by operation
    of law or pursuant to an agreement reasonably satisfactory to
    the other party to this Agreement; or
|
| | (2) | the benefits of any Credit Support Document fail
    to extend (without the consent of the other party) to the
    performance by such resulting, surviving or transferee entity of
    its obligations under this Agreement.                                                                                                                                      



|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(b) | Termination
    Events.The occurrence at any time
    with respect to a party or, if applicable, any Credit Support
    Provider of such party or any Specified Entity of such party of
    any event specified below constitutes an Illegality if the event
    is specified in (i) below, a Tax Event if the event is
    specified in (ii) below or a Tax Event Upon Merger if the
    event is specified in (iii) below, and, if specified to be
    applicable, a Credit Event Upon Merger if the event is specified
    pursuant to (iv) below or an Additional Termination Event
    if the event is specified pursuant to (v) below: 



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| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (i) | Illegality.Due to the adoption of, or any change in, any applicable law
    after the date on which a Transaction is entered into, or due to
    the promulgation of, or any change in, the interpretation by any
    court, tribunal or regulatory authority with competent
    jurisdiction of any applicable law after such date, it becomes
    unlawful (other than as a result of a breach by the party of
    Section 4(b)) for such party (which will be the Affected
    Party): 



| |     |                                                                                                                                                                                                                                                                    
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (1) | to perform any absolute or contingent obligation
    to make a payment or delivery or to receive a payment or
    delivery in respect of such Transaction or to comply with any
    other material provision of this Agreement relating to such
    Transaction; or
|
| | (2) | to perform, or for any Credit Support Provider of
    such party to perform, any contingent or other obligation which
    the party (or such Credit Support Provider) has under any Credit
    Support Document relating to such Transaction;                      



| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (ii)  | Tax Event.Due to (x) any action taken by a taxing authority, or
    brought in a court of competent jurisdiction, on or after the
    date on which a Transaction is entered into (regardless of
    whether such action is taken or brought with respect to a party
    to this Agreement) or (y) a Change in Tax Law, the party
    (which will be the Affected Party) will, or there is a
    substantial likelihood that it will, on the next succeeding
    Scheduled Payment Date (1) be required to pay to the other
    party an additional amount in respect of an Indemnifiable Tax
    under Section 2(d)(i)(4) (except in respect of interest
    under Section 2(e), 6(d)(ii) or 6(e)) or (2) receive a
    payment from which an amount is required to be deducted or
    withheld for or on account of a Tax (except in respect of
    interest under Section 2(e), 6(d)(ii) or 6(e)) and no
    additional amount is required to be paid in respect of such Tax
    under Section 2(d)(i)(4) (other than by reason of
    Section 2(d)(i)(4)(A) or (B));
|
| | (iii) | Tax Event Upon
    Merger.The party (the
    Burdened Party) on the next succeeding Scheduled
    Payment Date will either (1) be required to pay an
    additional amount in respect of an Indemnifiable Tax under
    Section 2(d)(i)(4) (except in respect of interest under
    Section 2(e), 6(d)(ii) or 6(e)) or (2) receive a
    payment from which an amount has been deducted or withheld for
    or on account of any Indemnifiable Tax in respect of which the
    other party is not required to pay an additional amount (other
    than by reason of Section 2(d)(i)(4)(A) or (B)), in either
    case as a result of a party consolidating or amalgamating with,
    or merging with or into, or transferring all or substantially
    all its assets to, another entity (which will be the Affected
    Party) where such action does not constitute an event described
    in Section 5(a)(viii);                                                                                                                                                   
|
| | (iv)  | Credit Event Upon
    Merger.If Credit Event Upon
    Merger is specified in the Schedule as applying to the
    party, such party (X), any Credit Support Provider
    of X or any applicable Specified Entity of X consolidates or
    amalgamates with, or merges with or into, or transfers all or
    substantially all its assets to, another entity and such action
    does not constitute an event described in
    Section 5(a)(viii) but the creditworthiness of the
    resulting, surviving or transferee entity is materially weaker
    than that of X, such Credit Support Provider or such Specified
    Entity, as the case may be, immediately prior to such action
    (and, in such event, X or its successor or transferee, as
    appropriate, will be the Affected Party); or                                                                                                                                                                                                                                                               
|
| | (v)   | Additional Termination
    Event.If any Additional
    Termination Event is specified in the Schedule or any
    Confirmation as applying, the occurrence of such event (and, in
    such event, the Affected Party or Affected Parties shall be as
    specified for such Additional Termination Event in the Schedule
    or such Confirmation).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    



|    |                                                                                                                                                                                                                                                                      
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(c) | Event of Default and
    Illegality.If an event or
    circumstance which would otherwise constitute or give rise to an
    Event of Default also constitutes an Illegality, it will be
    treated as an Illegality and will not constitute an Event of
    Default.



|   |                  
|-- | -----------------
|6. | Early Termination



|    |                                                                                                                                                                                                                                                                                                                                                               
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a) | Right to Terminate Following Event of
    Default.If at any time an Event
    of Default with respect to a party (the Defaulting
    Party) has occurred and is then continuing, the other
    party (the Non-defaulting Party) may, by not more
    than 20 days notice to the Defaulting Party specifying the
    relevant Event of Default, designate a



7




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##### 



|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    | day not earlier than the day such notice is
    effective as an Early Termination Date in respect of all
    outstanding Transactions. If, however, Automatic Early
    Termination is specified in the Schedule as applying to a
    party, then an Early Termination Date in respect of all
    outstanding Transactions will occur immediately upon the
    occurrence with respect to such party of an Event of Default
    specified in Section 5(a)(vii)(1), (3), (5), (6) or,
    to the extent analogous thereto, (8), and as of the time
    immediately preceding the institution of the relevant proceeding
    or the presentation of the relevant petition upon the occurrence
    with respect to such party of an Event of Default specified in
    Section 5(a)(vii)(4) or, to the extent analogous thereto,
    (8).
|   
|(b) | Right to Terminate Following Termination
    Event.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    



| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (i)  | Notice.If a
    Termination Event occurs, an Affected Party will, promptly upon
    becoming aware of it, notify the other party, specifying the
    nature of that Termination Event and each Affected Transaction
    and will also give such other information about that Termination
    Event as the other party may reasonably require.                                                                                                                                                                                                                                                                                                                                                                                                                                               
|
| | (ii) | Transfer to Avoid Termination
    Event.If either an Illegality
    under Section 5(b)(i)(1) or a Tax Event occurs and there is
    only one Affected Party, or if a Tax Event Upon Merger occurs
    and the Burdened Party is the Affected Party, the Affected Party
    will, as a condition to its right to designate an Early
    Termination Date under Section 6(b)(iv), use all reasonable
    efforts (which will not require such party to incur a loss,
    excluding immaterial, incidental expenses) to transfer within
    20 days after it gives notice under Section 6(b)(i)
    all its rights and obligations under this Agreement in respect
    of the Affected Transactions to another of its Offices or
    Affiliates so that such Termination Event ceases to exist.



| |                                                                                                                                                                                                                                                                                                                                                  
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | If the Affected Party is not able to make such a
    transfer it will give notice to the other party to that effect
    within such 20 day period, whereupon the other party may
    effect such a transfer within 30 days after the notice is
    given under Section 6(b)(i).                                                                  
|
| | Any such transfer by a party under this
    Section 6(b)(ii) will be subject to and conditional upon
    the prior written consent of the other party, which consent will
    not be withheld if such other partys policies in effect at
    such time would permit it to enter into transactions with the
    transferee on the terms proposed.



| |       |                                                                                                                                                                                                                                                                                                                             
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (iii) | Two Affected
    Parties.If an Illegality under
    Section 5(b)(i)(1) or a Tax Event occurs and there are two
    Affected Parties, each party will use all reasonable efforts to
    reach agreement within 30 days after notice thereof is
    given under Section 6(b)(i) on action to avoid that
    Termination Event.
|
| | (iv)  | Right to
    Terminate.If:                                                                                                                                                                                                                                                                                                 



| |     |                                                                                                                                                                                                                                                             
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (1) | a transfer under Section 6(b)(ii) or an
    agreement under Section 6(b)(iii), as the case may be, has
    not been effected with respect to all Affected Transactions
    within 30 days after an Affected Party gives notice under
    Section 6(b)(i); or
|
| | (2) | an Illegality under Section 5(b)(i)(2), a
    Credit Event Upon Merger or an Additional Termination Event
    occurs, or a Tax Event Upon Merger occurs and the Burdened Party
    is not the Affected Party,                                               



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | either party in the case of an Illegality, the
    Burdened Party in the case of a Tax Event Upon Merger, any
    Affected Party in the case of a Tax Event or an Additional
    Termination Event if there is more than one Affected Party, or
    the party which is not the Affected Party in the case of a
    Credit Event Upon Merger or an Additional Termination Event if
    there is only one Affected Party may, by not more than
    20 days notice to the other party and provided that the
    relevant Termination Event is then continuing, designate a day
    not earlier than the day such notice is effective as an Early
    Termination Date in respect of all Affected Transactions.



|    |                       
|--- | ----------------------
|(c) | Effect of Designation.



| |     |                                                                                                                                                                                                                                                           
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (i) | If notice designating an Early Termination Date
    is given under Section 6(a) or (b), the Early Termination
    Date will occur on the date so designated, whether or not the
    relevant Event of Default or Termination Event is then
    continuing.



8




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##### 





| |      |                                                                                                                                                                                                                                                                                                                                                                                                                             
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (ii) | Upon the occurrence or effective designation of
    an Early Termination Date, no further payments or deliveries
    under Section 2(a)(i) or 2(e) in respect of the Terminated
    Transactions will be required to be made, but without prejudice
    to the other provisions of this Agreement. The amount, if any,
    payable in respect of an Early Termination Date shall be
    determined pursuant to Section 6(e).



|    |              
|--- | -------------
|(d) | Calculations.



| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (i)  | Statement.On
    or as soon as reasonably practicable following the occurrence of
    an Early Termination Date, each party will make the calculations
    on its part, if any, contemplated by Section 6(e) and will
    provide to the other party a statement (1) showing, in
    reasonable detail, such calculations (including all relevant
    quotations and specifying any amount payable under
    Section 6(e)) and (2) giving details of the relevant
    account to which any amount payable to it is to be paid. In the
    absence of written confirmation from the source of a quotation
    obtained in determining a Market Quotation, the records of the
    party obtaining such quotation will be conclusive evidence of
    the existence and accuracy of such quotation.                                                                                                                                                                                                
|
| | (ii) | Payment Date.An amount calculated as being due in respect of any Early
    Termination Date under Section 6(e) will be payable on the
    day that notice of the amount payable is effective (in the case
    of an Early Termination Date which is designated or occurs as a
    result of an Event of Default) and on the day which is two Local
    Business Days after the day on which notice of the amount
    payable is effective (in the case of an Early Termination Date
    which is designated as a result of a Termination Event). Such
    amount will be paid together with (to the extent permitted under
    applicable law) interest thereon (before as well as after
    judgment) in the Termination Currency, from (and including) the
    relevant Early Termination Date to (but excluding) the date such
    amount is paid, at the Applicable Rate. Such interest will be
    calculated on the basis of daily compounding and the actual
    number of days elapsed.



|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(e) | Payments on Early
    Termination.If an Early
    Termination Date occurs, the following provisions shall apply
    based on the parties election in the Schedule of a payment
    measure, either Market Quotation or
    Loss, and a payment method, either the First
    Method or the Second Method. If the parties
    fail to designate a payment measure or payment method in the
    Schedule, it will be deemed that Market Quotation or
    the Second Method, as the case may be, shall apply.
    The amount, if any, payable in respect of an Early Termination
    Date and determined pursuant to this Section will be subject to
    any Set-off.



| |     |                                                                                            
| | --- | -------------------------------------------------------------------------------------------
| | (i) | Events of
    Default.If the Early Termination
    Date results from an Event of Default: 



| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (1) | First Method and Market
    Quotation.If the First Method and
    Market Quotation apply, the Defaulting Party will pay to the
    Non-defaulting Party the excess, if a positive number, of
    (A) the sum of the Settlement Amount (determined by the
    Non-defaulting Party) in respect of the Terminated Transactions
    and the Termination Currency Equivalent of the Unpaid Amounts
    owing to the Non-defaulting Party over (B) the Termination
    Currency Equivalent of the Unpaid Amounts owing to the
    Defaulting Party.                                                                                                                                                                          
|
| | (2) | First Method and
    Loss.If the First Method and Loss
    apply, the Defaulting Party will pay to the Non-defaulting
    Party, if a positive number, the Non-defaulting Partys
    Loss in respect of this Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|
| | (3) | Second Method and Market
    Quotation.If the Second Method
    and Market Quotation apply, an amount will be payable equal to
    (A) the sum of the Settlement Amount (determined by the
    Non-defaulting Party) in respect of the Terminated Transactions
    and the Termination Currency Equivalent of the Unpaid Amounts
    owing to the Non-defaulting Party less (B) the Termination
    Currency Equivalent of the Unpaid Amounts owing to the
    Defaulting Party. If that amount is a positive number, the
    Defaulting Party will pay it to the Non-defaulting Party; if it
    is a negative number, the Non-defaulting Party will pay the
    absolute value of that amount to the Defaulting Party.
|
| | (4) | Second Method and
    Loss.If the Second Method and
    Loss apply, an amount will be payable equal to the
    Non-defaulting Partys Loss in respect of this Agreement.
    If that amount is a positive number,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       



9




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##### 



| |  |                                                                                                                                                                                                   
| |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | the Defaulting Party will pay it to the
    Non-defaulting Party; if it is a negative number, the
    Non-defaulting Party will pay the absolute value of that amount
    to the Defaulting Party.



| |      |                                                                                             
| | ---- | --------------------------------------------------------------------------------------------
| | (ii) | Termination
    Events.If the Early Termination
    Date results from a Termination Event: 



| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (1) | One Affected
    Party.If there is one Affected
    Party, the amount payable will be determined in accordance with
    Section 6(e)(i)(3), if Market Quotation applies, or
    Section 6(e)(i)(4), if Loss applies, except that, in either
    case, references to the Defaulting Party and to the
    Non-defaulting Party will be deemed to be references to the
    Affected Party and the party which is not the Affected Party,
    respectively, and, if Loss applies and fewer than all the
    Transactions are being terminated, Loss shall be calculated in
    respect of all Terminated Transactions.
|
| | (2) | Two Affected
    Parties.If there are two
    Affected Parties:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  



| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (A) | if Market Quotation applies, each party will
    determine a Settlement Amount in respect of the Terminated
    Transactions, and an amount will be payable equal to
    (I) the sum of (a) one-half of the difference between
    the Settlement Amount of the party with the higher Settlement
    Amount (X) and the Settlement Amount of the party
    with the lower Settlement Amount (Y) and
    (b) the Termination Currency Equivalent of the Unpaid
    Amounts owing to X less (II) the Termination Currency
    Equivalent of the Unpaid Amounts owing to Y; and
|
| | (B) | if Loss applies, each party will determine its
    Loss in respect of this Agreement (or, if fewer than all the
    Transactions are being terminated, in respect of all Terminated
    Transactions) and an amount will be payable equal to one-half of
    the difference between the Loss of the party with the higher
    Loss (X) and the Loss of the party with the lower
    Loss (Y).                                                                                                                                                                               



| |                                                                                                                                                       
| | ------------------------------------------------------------------------------------------------------------------------------------------------------
| | If the amount payable is a positive number, Y
    will pay it to X; if it is a negative number, X will pay the
    absolute value of that amount to Y.



| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (iii) | Adjustment for
    Bankruptcy.In circumstances where
    an Early Termination Date occurs because Automatic Early
    Termination applies in respect of a party, the amount
    determined under this Section 6(e) will be subject to such
    adjustments as are appropriate and permitted by law to reflect
    any payments or deliveries made by one party to the other under
    this Agreement (and retained by such other party) during the
    period from the relevant Early Termination Date to the date for
    payment determined under Section 6(d)(ii).
|
| | (iv)  | Pre-Estimate.The parties agree that if Market Quotation applies an amount
    recoverable under this Section 6(e) is a reasonable
    pre-estimate of loss and not a penalty. Such amount is payable
    for the loss of bargain and the loss of protection against
    future risks and except as otherwise provided in this Agreement
    neither party will be entitled to recover any additional damages
    as a consequence of such losses.                                                                                                                      



|   |         
|-- | --------
|7. | Transfer

Subject to Section 6(b)(ii), neither this
Agreement nor any interest or obligation in or under this
Agreement may be transferred (whether by way of security or
otherwise) by either party without the prior written consent of
the other party, except that: 



| |     |                                                                                                                                                                                                                                                                                                  
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (a) | a party may make such a transfer of this
    Agreement pursuant to a consolidation or amalgamation with, or
    merger with or into, or transfer of all or substantially all its
    assets to, another entity (but without prejudice to any other
    right or remedy under this Agreement); and
|
| | (b) | a party may make such a transfer of all or any
    part of its interest in any amount payable to it from a
    Defaulting Party under Section 6(e).                                                                                                                                              

Any purported transfer that is not in compliance
with this Section will be void.



10




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##### 



8.  Contractual Currency



|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a) | Payment in the Contractual
    Currency.Each payment under this
    Agreement will be made in the relevant currency specified in
    this Agreement for that payment (the Contractual
    Currency). To the extent permitted by applicable law, any
    obligation to make payments under this Agreement in the
    Contractual Currency will not be discharged or satisfied by any
    tender in any currency other than the Contractual Currency,
    except to the extent such tender results in the actual receipt
    by the party to which payment is owed, acting in a reasonable
    manner and in good faith in converting the currency so tendered
    into the Contractual Currency, of the full amount in the
    Contractual Currency of all amounts payable in respect of this
    Agreement. If for any reason the amount in the Contractual
    Currency so received falls short of the amount in the
    Contractual Currency payable in respect of this Agreement, the
    party required to make the payment will, to the extent permitted
    by applicable law, immediately pay such additional amount in the
    Contractual Currency as may be necessary to compensate for the
    shortfall. If for any reason the amount in the Contractual
    Currency so received exceeds the amount in the Contractual
    Currency payable in respect of this Agreement, the party
    receiving the payment will refund promptly the amount of such
    excess.                                                                                                                                                                                                                                                                                                                                      
|   
|(b) | Judgments.To
    the extent permitted by applicable law, if any judgment or order
    expressed in a currency other than the Contractual Currency is
    rendered (i) for the payment of any amount owing in respect
    of this Agreement, (ii) for the payment of any amount
    relating to any early termination in respect of this Agreement
    or (iii) in respect of a judgment or order of another court
    for the payment of any amount described in (i) or
    (ii) above, the party seeking recovery, after recovery in
    full of the aggregate amount to which such party is entitled
    pursuant to the judgment or order, will be entitled to receive
    immediately from the other party the amount of any shortfall of
    the Contractual Currency received by such party as a consequence
    of sums paid in such other currency and will refund promptly to
    the other party any excess of the Contractual Currency received
    by such party as a consequence of sums paid in such other
    currency if such shortfall or such excess arises or results from
    any variation between the rate of exchange at which the
    Contractual Currency is converted into the currency of the
    judgment or order for the purposes of such judgment or order and
    the rate of exchange at which such party is able, acting in a
    reasonable manner and in good faith in converting the currency
    received into the Contractual Currency, to purchase the
    Contractual Currency with the amount of the currency of the
    judgment or order actually received by such party. The term
    rate of exchange includes, without limitation, any
    premiums and costs of exchange payable in connection with the
    purchase of or conversion into the Contractual Currency.
|   
|(c) | Separate
    Indemnities.To the extent
    permitted by applicable law, these indemnities constitute
    separate and independent obligations from the other obligations
    in this Agreement, will be enforceable as separate and
    independent causes of action, will apply notwithstanding any
    indulgence granted by the party to which any payment is owed and
    will not be affected by judgment being obtained or claim or
    proof being made for any other sums payable in respect of this
    Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|   
|(d) | Evidence of
    Loss.For the purpose of this
    Section 8, it will be sufficient for a party to demonstrate
    that it would have suffered a loss had an actual exchange or
    purchase been made.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 



|   |              
|-- | -------------
|9. | Miscellaneous



|    |                                                                                                                                                                                                                                                                                                                                  
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a) | Entire
    Agreement.This Agreement
    constitutes the entire agreement and understanding of the
    parties with respect to its subject matter and supersedes all
    oral communication and prior writings with respect thereto.                                                                                              
|   
|(b) | Amendments.No amendment, modification or waiver in respect of this
    Agreement will be effective unless in writing (including a
    writing evidenced by a facsimile transmission) and executed by
    each of the parties or confirmed by an exchange of telexes or
    electronic messages on an electronic messaging system.
|   
|(c) | Survival of
    Obligations.Without prejudice to
    Sections 2(a)(iii) and 6(c)(ii), the obligations of the
    parties under this Agreement will survive the termination of any
    Transaction.                                                                                                                               



11




---



##### 





|    |                                                                                                                                                                                                                                                  
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(d) | Remedies
    Cumulative.Except as provided in
    this Agreement, the rights, powers, remedies and privileges
    provided in this Agreement are cumulative and not exclusive of
    any rights, powers, remedies and privileges provided by law.
|   
|(e) | Counterparts and
    Confirmations.                                                                                                                                                                                                              



| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (i)  | This Agreement (and each amendment, modification
    and waiver in respect of it) may be executed and delivered in
    counterparts (including by facsimile transmission), each of
    which will be deemed an original.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|
| | (ii) | The parties intend that they are legally bound by
    the terms of each Transaction from the moment they agree to
    those terms (whether orally or otherwise). A Confirmation shall
    he entered into as soon as practicable and may he executed and
    delivered in counterparts (including by facsimile transmission)
    or be created by an exchange of telexes or by an exchange of
    electronic messages on an electronic messaging system, which in
    each case will be sufficient for all purposes to evidence a
    binding supplement to this Agreement. The parties will specify
    therein or through another effective means that any such
    counterpart, telex or electronic message constitutes a
    Confirmation.



|    |                                                                                                                                                                                                                                                                                                                                                                                                                          
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(f) | No Waiver of
    Rights.A failure or delay in
    exercising any right, power or privilege in respect of this
    Agreement will not be presumed to operate as a waiver, and a
    single or partial exercise of any right, power or privilege will
    not be presumed to preclude any subsequent or further exercise,
    of that right, power or privilege or the exercise of any other
    right, power or privilege.
|   
|(g) | Headings.The
    headings used in this Agreement are for convenience of reference
    only and are not to affect the construction of or to be taken
    into consideration in interpreting this Agreement.                                                                                                                                                                                                               



|    |                             
|--- | ----------------------------
|10. | Offices; Multibranch Parties



|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a) | If Section 10(a) is specified in the
    Schedule as applying, each party that enters into a Transaction
    through an Office other than its head or home office represents
    to the other party that, notwithstanding the place of booking
    office or jurisdiction of incorporation or organisation of such
    party, the obligations of such party are the same as if it had
    entered into the Transaction through its head or home office.
    This representation will be deemed to be repeated by such party
    on each date on which a Transaction is entered into.
|   
|(b) | Neither party may change the Office through which
    it makes and receives payments or deliveries for the purpose of
    a Transaction without the prior written consent of the other
    party.                                                                                                                                                                                                                                                                                                                                                                                   
|   
|(c) | If a party is specified as a Multibranch Party in
    the Schedule, such Multibranch Party may make and receive
    payments or deliveries under any Transaction through any Office
    listed in the Schedule, and the Office through which it makes
    and receives payments or deliveries with respect to a
    Transaction will be specified in the relevant Confirmation.                                                                                                                                                                                                     



|    |         
|--- | --------
|11. | Expenses

A Defaulting Party will, on demand, indemnify and
hold harmless the other party for and against all reasonable
out-of-pocket expenses, including legal fees and Stamp Tax,
incurred by such other party by reason of the enforcement and
protection of its rights under this Agreement or any Credit
Support Document to which the Defaulting Party is a party or by
reason of the early termination of any Transaction, including,
but not limited to, costs of collection.

12. Notices



|    |                                                                                                                                                                                                                          
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a) | Effectiveness.Any notice or other communication in respect of this Agreement
    may be given in any manner set forth below (except that a notice
    or other communication under Section 5 or 6 may not be
    given by



12




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##### 



| |                                                                                                                                                                                                                                   
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | facsimile transmission or electronic messaging
    system) to the address or number or in accordance with the
    electronic messaging system details provided (see the Schedule)
    and will be deemed effective as indicated: 



| |       |                                                                                                                                                                                                                                                                                                                                 
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (i)   | if in writing and delivered in person or by
    courier, on the date it is delivered;                                                                                                                                                                                                                                           
|
| | (ii)  | if sent by telex, on the date the
    recipients answerback is received;                                                                                                                                                                                                                                                       
|
| | (iii) | if sent by facsimile transmission, on the date
    that transmission is received by a responsible employee of the
    recipient in legible form (it being agreed that the burden of
    proving receipt will be on the sender and will not be met by a
    transmission report generated by the senders facsimile
    machine);
|
| | (iv)  | if sent by certified or registered mail (airmail,
    if overseas) or the equivalent (return receipt requested), on
    the date that mail is delivered or its delivery is
    attempted; or                                                                                                                                    
|
| | (v)   | if sent by electronic messaging system, on the
    date that electronic message is received,                                                                                                                                                                                                                                    

unless the date of that delivery (or attempted
delivery) or that receipt, as applicable, is not a Local
Business Day or that communication is delivered (or attempted)
or received, as applicable, after the close of business on a
Local Business Day, in which case that communication shall be
deemed given and effective on the first following day that is a
Local Business Day.



|    |                                                                                                                                                                                                                                 
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(b) | Change of
    Addresses.Either party may by
    notice to the other change the address, telex or facsimile
    number or electronic messaging system details at which notices
    or other communications are to be given to it.



|    |                               
|--- | ------------------------------
|13. | Governing Law and Jurisdiction



|    |                                                                                                                                           
|--- | ------------------------------------------------------------------------------------------------------------------------------------------
|(a) | Governing
    Law.This Agreement will be
    governed by and construed in accordance with the law specified
    in the Schedule.          
|   
|(b) | Jurisdiction.With respect to any suit, action or proceedings relating to this
    Agreement (Proceedings), each party
    irrevocably: 



| |      |                                                                                                                                                                                                                                                                                                                                                                                                         
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (i)  | submits to the jurisdiction of the English
    courts, if this Agreement is expressed to be governed by English
    law, or to the non- exclusive jurisdiction of the courts of the
    State of New York and the United States District Court located
    in the Borough of Manhattan in New York City, if this Agreement
    is expressed to be governed by the laws of the State of New
    York; and
|
| | (ii) | waives any objection which it may have at any
    time to the laying of venue of any Proceedings brought in any
    such court, waives any claim that such Proceedings have been
    brought in an inconvenient forum and further waives the right to
    object, with respect to such Proceedings, that such court does
    not have any jurisdiction over such party.                                 

Nothing in this Agreement precludes either party
from bringing Proceedings in any other jurisdiction (outside, if
this Agreement is expressed to be governed by English law, the
Contracting States, as defined in Section 1(3) of the Civil
Jurisdiction and Judgments Act 1982 or any modification,
extension or re-enactment thereof for the time being in force)
nor will the bringing of Proceedings in any one or more
jurisdictions preclude the bringing of Proceedings in any other
jurisdiction.



|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(c) | Service of
    Process.Each party irrevocably
    appoints the Process Agent (if any) specified opposite its name
    in the Schedule to receive, for it and on its behalf, service of
    process in any Proceedings. If for any reason any partys
    Process Agent is unable to act as such, such party will promptly
    notify the other party and within 30 days appoint a
    substitute process agent acceptable to the other party. The
    parties irrevocably consent to service of process given in the
    manner provided for notices in Section 12. Nothing in this
    Agreement will affect the right of either party to serve process
    in any other manner permitted by law.
|   
|(d) | Waiver of
    Immunities.Each party irrevocably
    waives, to the fullest extent permitted by applicable law, with
    respect to itself and its revenues and assets (irrespective of
    their use or intended use), all immunity on the grounds of
    sovereignty or other similar grounds from (i) suit,
    (ii) jurisdiction of any court, (iii) relief by way of
    injunction, order for specific performance or for recovery of
    property, (iv) attachment of its assets (whether                                                                                                                                                                                                   



13




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| |                                                                                                                                                                                                                                                                                                                                                      
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | before or after judgment) and (v) execution
    or enforcement of any judgment to which it or its revenues or
    assets might otherwise be entitled in any Proceedings in the
    courts of any jurisdiction and irrevocably agrees, to the extent
    permitted by applicable law, that it will not claim any such
    immunity in any Proceedings.

14. Definitions

As used in this Agreement: 



| |                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Additional Termination
    Eventhas the meaning
    specified in Section 5(b).                                                                                                                                                                                                                                                                                                                                                  
|
| | Affected Partyhas the meaning specified in
    Section 5(b).                                                                                                                                                                                                                                                                                                                                                                    
|
| | Affected Transactionsmeans (a) with respect to any
    Termination Event consisting of an Illegality, Tax Event or Tax
    Event Upon Merger, all Transactions affected by the occurrence
    of such Termination Event and (b) with respect to any other
    Termination Event, all Transactions.                                                                                                                              
|
| | Affiliatemeans, subject to the Schedule, in
    relation to any person, any entity controlled, directly or
    indirectly, by the person, any entity that controls, directly or
    indirectly, the person or any entity directly or indirectly
    under common control with the person. For this purpose,
    control of any entity or person means ownership of a
    majority of the voting power of the entity or person.
|
| | Applicable Ratemeans:                                                                                                                                                                                                                                                                                                                                                                                                          



| |     |                                                                                                                                                                                                                        
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (a) | in respect of obligations payable or deliverable
    (or which would have been but for Section 2(a)(iii)) by a
    Defaulting Party, the Default Rate;                                                                 
|
| | (b) | in respect of an obligation to pay an amount
    under Section 6(e) of either party from and after the date
    (determined in accordance with Section 6(d)(ii)) on which
    that amount is payable, the Default Rate;
|
| | (c) | in respect of all other obligations payable or
    deliverable (or which would have been but for
    Section 2(a)(iii)) by a Non-defaulting Party, the
    Non-default Rate; and                                       
|
| | (d) | in all other cases, the Termination Rate.                                                                                                                                                                              



| |                                                                                                                                                                                                                                                                                                
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Burdened Partyhas the meaning specified in
    Section 5(b).                                                                                                                                                                                                                                 
|
| | Change in Tax Lawmeans the enactment, promulgation,
    execution or ratification of, or any change in or amendment to,
    any law (or in the application or official interpretation of any
    law) that occurs on or after the date on which the relevant
    Transaction is entered into.
|
| | consentincludes a consent, approval,
    action, authorisation, exemption, notice, filing, registration
    or exchange control consent.                                                                                                                                                     
|
| | Credit Event Upon Mergerhas the meaning specified in
    Section 5(b).                                                                                                                                                                                                                       
|
| | Credit Support Documentmeans any agreement or instrument
    that is specified as such in this Agreement.                                                                                                                                                                                    
|
| | Credit Support Providerhas the meaning specified in the
    Schedule.                                                                                                                                                                                                                        
|
| | Default Ratemeans a rate per annum equal to
    the cost (without proof or evidence of any actual cost) to the
    relevant payee (as certified by it) if it were to fund or of
    funding the relevant amount plus 1% per annum.                                                           
|
| | Defaulting Partyhas the meaning specified in
    Section 6(a).                                                                                                                                                                                                                               
|
| | Early Termination Datemeans the date determined in
    accordance with Section 6(a) or 6(b)(iv).                                                                                                                                                                                             
|
| | Event of Defaulthas the meaning specified in
    Section 5(a) and, if applicable, in the Schedule.                                                                                                                                                                                           
|
| | Illegalityhas the meaning specified in
    Section 5(b).                                                                                                                                                                                                                                     
|
| | Indemnifiable Taxmeans any Tax other than a Tax
    that would not be imposed in respect of a payment under this
    Agreement but for a present or former connection between the
    jurisdiction of the government or                                                                      



14




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##### 



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | taxation authority imposing such Tax and the
    recipient of such payment or a person related to such recipient
    (including, without limitation, a connection arising from such
    recipient or related person being or having been a citizen or
    resident of such jurisdiction, or being or having been
    organised, present or engaged in a trade or business in such
    jurisdiction, or having or having had a permanent establishment
    or fixed place of business in such jurisdiction, but excluding a
    connection arising solely from such recipient or related person
    having executed, delivered, performed its obligations or
    received a payment under, or enforced, this Agreement or a
    Credit Support Document).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|
| | lawincludes any treaty, law, rule or
    regulation (as modified, in the case of tax matters, by the
    practice of any relevant governmental revenue authority) and
    lawfuland unlawfulwill be construed accordingly.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|
| | Local Business Daymeans, subject to the Schedule, a
    day on which commercial banks are open for business (including
    dealings in foreign exchange and foreign currency deposits)
    (a) in relation to any obligation under
    Section 2(a)(i), in the place(s) specified in the relevant
    Confirmation or, if not so specified, as otherwise agreed by the
    parties in writing or determined pursuant to provisions
    contained, or incorporated by reference, in this Agreement,
    (b) in relation to any other payment, in the place where
    the relevant account is located and, if different, in the
    principal financial centre, if any, of the currency of such
    payment, (c) in relation to any notice or other
    communication, including notice contemplated under
    Section 5(a)(i), in the city specified in the address for
    notice provided by the recipient and, in the case of a notice
    contemplated by Section 2(b), in the place where the
    relevant new account is to be located and (d) in relation
    to Section 5(a)(v)(2), in the relevant locations for
    performance with respect to such Specified Transaction.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|
| | Lossmeans, with respect to this
    Agreement or one or more Terminated Transactions, as the case
    may be, and a party, the Termination Currency Equivalent of an
    amount that party reasonably determines in good faith to be its
    total losses and costs (or gain, in which case expressed as a
    negative number) in connection with this Agreement or that
    Terminated Transaction or group of Terminated Transactions, as
    the case may be, including any loss of bargain, cost of funding
    or, at the election of such party but without duplication, loss
    or cost incurred as a result of its terminating, liquidating,
    obtaining or reestablishing any hedge or related trading
    position (or any gain resulting from any of them). Loss includes
    losses and costs (or gains) in respect of any payment or
    delivery required to have been made (assuming satisfaction of
    each applicable condition precedent) on or before the relevant
    Early Termination Date and not made, except, so as to avoid
    duplication, if Section 6(e)(i)(1) or (3) or
    6(e)(ii)(2)(A) applies. Loss does not include a partys
    legal fees and out-of-pocket expenses referred to under
    Section 11. A party will determine its Loss as of the
    relevant Early Termination Date, or, if that is not reasonably
    practicable, as of the earliest date thereafter as is reasonably
    practicable. A party may (but need not) determine its Loss by
    reference to quotations of relevant rates or prices from one or
    more leading dealers in the relevant markets.                                                                                                                                                                                                                                                                                                                                                                            
|
| | Market Quotationmeans, with respect to one or more
    Terminated Transactions and a party making the determination, an
    amount determined on the basis of quotations from Reference
    Market-makers. Each quotation will be for an amount, if any,
    that would be paid to such party (expressed as a negative
    number) or by such party (expressed as a positive number) in
    consideration of an agreement between such party (taking into
    account any existing Credit Support Document with respect to the
    obligations of such party) and the quoting Reference
    Market-maker to enter into a transaction (the Replacement
    Transaction) that would have the effect of preserving for
    such party the economic equivalent of any payment or delivery
    (whether the underlying obligation was absolute or contingent
    and assuming the satisfaction of each applicable condition
    precedent) by the parties under Section 2(a)(i) in respect
    of such Terminated Transaction or group of Terminated
    Transactions that would, but for the occurrence of the relevant
    Early Termination Date, have been required after that date. For
    this purpose, Unpaid Amounts in respect of the Terminated
    Transaction or group of Terminated Transactions are to be
    excluded but, without limitation, any payment or delivery that
    would, but for the relevant Early Termination Date, have been
    required (assuming satisfaction of each applicable condition
    precedent) after that Early Termination Date is to be included.
    The Replacement Transaction would be subject to such
    documentation as such party and the Reference Market-maker may,
    in good faith, agree. The party making the determination (or its
    agent) will request each Reference Market-maker to provide its
    quotation to the extent reasonably practicable as of the same
    day and time (without regard to different time zones) on or as



15




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##### 



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | soon as reasonably practicable after the relevant
    Early Termination Date. The day and time as of which those
    quotations are to be obtained will be selected in good faith by
    the party obliged to make a determination under
    Section 6(e), and, if each party is so obliged, after
    consultation with the other. If more than three quotations are
    provided, the Market Quotation will be the arithmetic mean of
    the quotations, without regard to the quotations having the
    highest and lowest values. If exactly three such quotations are
    provided, the Market Quotation will be the quotation remaining
    after disregarding the highest and lowest quotations. For this
    purpose, if more than one quotation has the same highest value
    or lowest value, then one of such quotations shall be
    disregarded. If fewer than three quotations are provided, it
    will be deemed that the Market Quotation in respect of such
    Terminated Transaction or group of Terminated Transactions
    cannot be determined.
|
| | Non-default Ratemeans a rate per annum equal to
    the cost (without proof or evidence of any actual cost) to the
    Non-defaulting Party (as certified by it) if it were to fund the
    relevant amount.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|
| | Non-defaulting Partyhas the meaning specified in
    Section 6(a).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|
| | Officemeans a branch or office of a
    party, which may be such partys head or home office.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|
| | Potential Event of Defaultmeans any event which, with the
    giving of notice or the lapse of time or both, would constitute
    an Event of Default.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|
| | Reference Market-makersmeans four leading dealers in the
    relevant market selected by the party determining a Market
    Quotation in good faith (a) from among dealers of the
    highest credit standing which satisfy all the criteria that such
    party applies generally at the time in deciding whether to offer
    or to make an extension of credit and (b) to the extent
    practicable, from among such dealers having an office in the
    same city.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|
| | Relevant
    Jurisdictionmeans, with
    respect to a party, the jurisdictions (a) in which the
    party is incorporated, organised, managed and controlled or
    considered to have its seat, (b) where an Office through
    which the party is acting for purposes of this Agreement is
    located, (c) in which the party executes this Agreement and
    (d) in relation to any payment, from or through which such
    payment is made.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|
| | Scheduled Payment Datemeans a date on which a payment or
    delivery is to be made under Section 2(a)(i) with respect
    to a Transaction.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|
| | Set-offmeans set-off, offset, combination
    of accounts, right of retention or withholding or similar right
    or requirement to which the payer of an amount under
    Section 6 is entitled or subject (whether arising under
    this Agreement, another contract, applicable law or otherwise)
    that is exercised by, or imposed on, such payer.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|
| | Settlement Amountmeans, with respect to a party and
    any Early Termination Date, the sum of:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      



| |     |                                                                                                                                                                                                                                                                                                                                                               
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (a) | the Termination Currency Equivalent of the Market
    Quotations (whether positive or negative) for each Terminated
    Transaction or group of Terminated Transactions for which a
    Market Quotation is determined; and                                                                                                                                   
|
| | (b) | such partys Loss (whether positive or
    negative and without reference to any Unpaid Amounts) for each
    Terminated Transaction or group of Terminated Transactions for
    which a Market Quotation cannot be determined or would not (in
    the reasonable belief of the party making the determination)
    produce a commercially reasonable result.



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Specified Entityhas the meanings specified in the
    Schedule.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|
| | Specified Indebtednessmeans, subject to the Schedule,
    any obligation (whether present or future, contingent or
    otherwise, as principal or surety or otherwise) in respect of
    borrowed money.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|
| | Specified Transactionmeans, subject to the Schedule,
    (a) any transaction (including an agreement with respect
    thereto) now existing or hereafter entered into between one
    party to this Agreement (or any Credit Support Provider of such
    party or any applicable Specified Entity of such party) and the
    other party to this Agreement (or any Credit Support Provider of
    such other party or any applicable Specified Entity of such
    other party) which is a rate swap transaction, basis swap,
    forward rate transaction, commodity swap, commodity option,
    equity or equity index swap, equity or equity index option, bond
    option, interest rate option, foreign



16




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##### 



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | exchange transaction, cap transaction, floor
    transaction, collar transaction, currency swap transaction,
    cross-currency rate swap transaction, currency option or any
    other similar transaction (including any option with respect to
    any of these transactions), (b) any combination of these
    transactions and (c) any other transaction identified as a
    Specified Transaction in this Agreement or the relevant
    confirmation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|
| | Stamp Taxmeans any stamp, registration,
    documentation or similar tax.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|
| | Taxmeans any present or future tax,
    levy, impost, duty, charge, assessment or fee of any nature
    (including interest, penalties and additions thereto) that is
    imposed by any government or other taxing authority in respect
    of any payment under this Agreement other than a stamp,
    registration, documentation or similar tax.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|
| | Tax Eventhas the meaning specified in
    Section 5(b).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|
| | Tax Event Upon Mergerhas the meaning specified in
    Section 5(b).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|
| | Terminated Transactionsmeans with respect to any Early
    Termination Date (a) if resulting from a Termination Event,
    all Affected Transactions and (b) if resulting from an
    Event of Default, all Transactions (in either case) in effect
    immediately before the effectiveness of the notice designating
    that Early Termination Date (or, if Automatic Early
    Termination applies, immediately before that Early
    Termination Date).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|
| | Termination Currencyhas the meaning specified in the
    Schedule.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|
| | Termination Currency Equivalentmeans, in respect of any amount
    denominated in the Termination Currency, such Termination
    Currency amount and, in respect of any amount denominated in a
    currency other than the Termination Currency (the Other
    Currency), the amount in the Termination Currency
    determined by the party making the relevant determination as
    being required to purchase such amount of such Other Currency as
    at the relevant Early Termination Date, or, if the relevant
    Market Quotation or Loss (as the case may be), is determined as
    of a later date, that later date, with the Termination Currency
    at the rate equal to the spot exchange rate of the foreign
    exchange agent (selected as provided below) for the purchase of
    such Other Currency with the Termination Currency at or about
    11:00 a.m. (in the city in which such foreign exchange
    agent is located) on such date as would be customary for the
    determination of such a rate for the purchase of such Other
    Currency for value on the relevant Early Termination Date or
    that later date. The foreign exchange agent will, if only one
    party is obliged to make a determination under
    Section 6(e), be selected in good faith by that party and
    otherwise will be agreed by the parties.                                                                                                                                                                                                                                                                                                                                                                                                       
|
| | Termination Eventmeans an Illegality, a Tax Event
    or a Tax Event Upon Merger or, if specified to be applicable, a
    Credit Event Upon Merger or an Additional Termination Event.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|
| | Termination Ratemeans a rate per annum equal to
    the arithmetic mean of the cost (without proof or evidence of
    any actual cost) to each party (as certified by such party) if
    it were to fund or of funding such amounts.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|
| | Unpaid Amountsowing to any party means, with
    respect to an Early Termination Date, the aggregate of
    (a) in respect of all Terminated Transactions, the amounts
    that became payable (or that would have become payable but for
    Section 2(a)(iii)) to such party under Section 2(a)(i)
    on or prior to such Early Termination Date and which remain
    unpaid as at such Early Termination Date and (b) in respect
    of each Terminated Transaction, for each obligation under
    Section 2(a)(i) which was (or would have been but for
    Section 2(a)(iii)) required to be settled by delivery to
    such party on or prior to such Early Termination Date and which
    has not been so settled as at such Early Termination Date, an
    amount equal to the fair market value of that which was (or
    would have been) required to be delivered as of the originally
    scheduled date for delivery, in each case together with (to the
    extent permitted under applicable law) interest, in the currency
    of such amounts, from (and including) the date such amounts or
    obligations were or would have been required to have been paid
    or performed to (but excluding) such Early Termination Date, at
    the Applicable Rate. Such amounts of interest will be calculated
    on the basis of daily compounding and the actual number of days
    elapsed. The fair market value of any obligation referred to in
    clause (b) above shall be reasonably determined by the
    party obliged to make the determination under Section 6(e)
    or, if each party is so obliged, it shall be the average of the
    Termination Currency Equivalents of the fair market values
    reasonably determined by both parties.



17




---



##### 



IN WITNESS WHEREOF the parties have executed this
document on the respective dates specified below with effect
from the date specified on the first page of this document.

|                                                    |  |                                      
|--------------------------------------------------- |  | -------------------------------------
|                                                   
|HUB INTERNATIONAL LIMITED                           |  | BANK OF MONTREAL                     
|(Name of Party)                                     |  | (Name of Party)                      
|                                                   
|By:  Dennis J. Pauls                                |  | By:  R.J. Mailloux                   
|Name: Dennis J. Pauls                               |  | Name: R.J. Mailloux                  
|Title:   Vice President
and Chief Financial Officer |  | Title:   Senior Manager
Documentation
|Date:   April 28, 2004                              |  | Date:   April 19, 2004               



18




---



##### 



(Multicurrency  Cross
Border)


ISDA


SCHEDULE

to the

MASTER AGREEMENT


dated as of July 15, 2003


between


HUB INTERNATIONAL LIMITED (Party A)


and


BANK OF MONTREAL (Party B)


PART 1

TERMINATION PROVISIONS



|    |                                                                            
|--- | ---------------------------------------------------------------------------
|(a) | Specified
    Entitymeans in relation to
    Party A for the purpose of:

Section 5(a)(v), Section 5(a)(vi),
Section 5(a)(vii), and Section 5(b)(iv), each Material
Subsidiary (as such term is defined in the Private Placement
Memorandum dated June 10, 2003)

and in relation to Party B for the purpose of:-



| |                                  
| | ---------------------------------
| | Section 5(a)(v), Not Applicable  
| | Section 5(a)(vi), Not Applicable 
| | Section 5(a)(vii), Not Applicable
| | Section 5(b)(iv), Not Applicable 



|    |                                                                                                
|--- | -----------------------------------------------------------------------------------------------
|(b) | Specified
    Transactionwill have the
    meaning specified in Section 14 of this Agreement.



|    |                                                                                          
|--- | -----------------------------------------------------------------------------------------
|(c) | The Cross Default provisions
    of Section 5(a)(vi) will apply to Party A and Party B.



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Specified
    Indebtednesswill have the
    meaning specified in Section 14, provided that it will also
    include any obligation (whether present or future, contingent or
    otherwise, as principal or surety or otherwise) in respect of
    any Derivative Transaction and will not include
    (i) indebtedness in respect of deposits received or
    (ii) any payment not made because of an intervening change
    in law making such payment illegal, Force Majeure or act of
    state, provided that the party had available sufficient funds to
    make such payment at the time of non-payment.
|
| | Threshold
    Amountshall have the meaning
    set forth below; for purposes of Threshold
    Amount, Equity means the
    stockholders equity including retained earnings, total
    partnership capital, net assets, or total capital and reserves,
    as the case may be, of the Party or its Credit Support Provider.                                                                                                                                                                                                                                                                                 
|
| | Threshold
    Amountmeans in relation to
    Party A or any Credit Support Provider of Party A, (i) zero
    with respect to Specified Indebtedness to Party B or any
    Affiliate of Party B and (ii) CAD 100,000 with respect to
    other Specified Indebtedness.                                                                                                                                                                                                                                                                                                                                           
|
| | Threshold
    Amountmeans, with respect to
    Party B, 2% of the Equity of Party B.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            



|    |                                                                                                                              
|--- | -----------------------------------------------------------------------------------------------------------------------------
|(d) | The Credit Event Upon Merger
    provisions of Section 5(b)(iv) will apply to Party A and
    Party B.                     
|   
|(e) | The Automatic Early
    Termination provisions of Section 6(a) will not
    apply to Party A and will not apply to Party B.
|   
|(f) | Payments on Early
    Termination.For the purpose of
    Section 6(e) of this Agreement:                                    



| |     |                             
| | --- | ----------------------------
| | (i) | Market Quotation will apply.



---



##### 



(ii)  The Second Method will apply.

(g)  Termination
Currency means Canadian Dollars.



|    |                                                                                                                                                                
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------
|(h) | Additional Termination Eventwill apply. The following shall
    constitute an Additional Termination Event as to which Party A
    shall be the Affected Party:



| |     |                                                                                                                                                                                             
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (i) | if the Notes (as defined in the Private Placement
    Memorandum) issued under the Private Placement Memorandum dated
    June 10, 2003 are cancelled or prepaid on the part of Party
    A.

PART 2

TAX REPRESENTATIONS



|    |                                                                                                                                                      
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------
|(a) | Payer
    Representation.For the purpose of
    Section 3(e) of this Agreement, Party A and Party B will
    each make the following representation:-



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | It is not required by any applicable law, as
    modified by the practice of any relevant governmental revenue
    authority, of any Relevant Jurisdiction to make any deduction or
    withholding for or on account of any Tax from any payment (other
    than interest under Section 2(e), 6(d)(ii) or 6(e) of this
    Agreement) to be made by it to the other party under this
    Agreement. In making this representation, it may rely on:-



| |       |                                                                                                                                                                                                                                                             
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (i)   | the accuracy of any representations made by the
    other party pursuant to Section 3(f) of this Agreement;                                                                                                                                                 
|
| | (ii)  | the satisfaction of the agreement contained in
    Section 4(a)(i) or 4(a)(iii) of this Agreement and the
    accuracy and effectiveness of any document provided by the other
    party pursuant to Section 4(a)(i) or 4(a)(iii) of this
    Agreement; and
|
| | (iii) | the satisfaction of the agreement of the other
    party contained in Section 4(d) of this Agreement;                                                                                                                                                       



| |                                                                                                                                                                                                                                                                          
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | providedthat it
    shall not be a breach of this representation where reliance is
    placed on clause (ii) and the other party does not deliver
    a form or document under Section 4(a)(iii) by reason of
    material prejudice to its legal or commercial position.



|    |                                                                                                                                                            
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------
|(b) | Payee
    Representations.For the purpose of
    Section 3(f) of this Agreement, Party A and Party B make
    the representations specified below, if any:-



| |     |                                                                                                                                         
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------
| | (i) | The following representation will apply to Party
    A and will apply to Party B when Party B is acting through its
    Toronto office:-



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | It is fully eligible for the benefits of the
    Business Profits or Industrial and Commercial
    Profits provision, as the case may be, the
    Interest provision or the Other Income
    provision (if any) of the Specified Treaty with respect to any
    payment described in such provisions and received or to be
    received by it in connection with this Agreement and no such
    payment is attributable to a trade or business carried on by it
    through a permanent establishment in the Specified Jurisdiction.
|
| | Specified Treaty means with respect
    to Party B or Party A as Payee, the income tax convention
    between Canada and the United States of America.                                                                                                                                                                                                                                                                                                                                                                                    
|
| | Specified Jurisdiction means the
    United States of America.                                                                                                                                                                                                                                                                                                                                                                                                                                                                            



| |      |                                                                                                                                             
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------
| | (ii) | The following representation will not apply to
    Party A and will apply to Party B when Party B is acting through
    its Chicago office:-



| |                                                                                                                                                                                                   
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Each payment received or to be received by it in
    connection with this Agreement will be effectively connected
    with its conduct of a trade or business in the United States of
    America.



| |       |                                                                                                                                            
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------
| | (iii) | The following representation will not apply to
    Party A and will apply to Party B when Party B is acting through
    its London office:-



| |                                                                                                                                                                            
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | It is a party to the Transaction other than as
    agent or nominee for another person and will be taxed in the
    United Kingdom on profits earned in the United Kingdom.



---



##### 



PART 3

AGREEMENT TO DELIVER DOCUMENTS

For the purpose of Sections 4(a)(i) and
(ii) of this Agreement, each party agrees to deliver the
following documents, as applicable:



| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (a) | Each party shall, as soon as practicable after
    demand, deliver to the other Party any form or document
    reasonably requested by the other party, including without
    limitation, any form or document required to enable such other
    party to make payments hereunder without withholding for or on
    account of Taxes or with such withholding at a reduced rate.
    Without limiting the generality of the foregoing:

|                  |         |                           |  |                                                                                                    |  |                                  |  |  |     | 
|----------------- | ------- | ------------------------- |  | -------------------------------------------------------------------------------------------------- |  | -------------------------------- |  |  | --- | 
|                  |         |                           |  |                                                                                                    |  | Covered by                      
|Party required to |         |                           |  | Date by which                                                                                      |  | Section 3(d)                    
|deliver document  |         | Form/Document/Certificate |  | to be delivered                                                                                    |  | Representation                  
|                 
|                  | Party A |                           |  | Form W-8-ECI with respect to Transactions
    entered into by Party As U.S. Office.               |  | Upon execution of this Agreement |  |  | Yes | 
|                 
|                  | Party A |                           |  | Form W-8-BEN with respect to Transactions
    entered into by Party As non-U.S. Offices           |  | Upon execution of this Agreement |  |  | Yes | 
|                 
|                  | Party B |                           |  | Form W-8-ECI, with respect to Transactions
    entered into by Party Bs Chicago Office            |  | Upon execution of this Agreement |  |  | Yes | 
|                 
|                  | Party B |                           |  | Form W-8-BEN with respect to Transactions
    entered into by Party Bs London and Toronto Offices |  | Upon execution of this Agreement |  |  | Yes | 



| |                                                                                                                          
| | -------------------------------------------------------------------------------------------------------------------------
| | Other documents to be delivered by each party
    concurrently with the execution and delivery of this Agreement
    are:

|                  |                     |                           |  |                                                                                                                                                          |  |                                                                           |  |  |     | 
|----------------- | ------------------- | ------------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------------------------------------------------------- |  |  | --- | 
|                  |                     |                           |  |                                                                                                                                                          |  | Covered by                                                               
|Party Required to |                     |                           |  | Date by which                                                                                                                                            |  | Section 3(d)                                                             
|deliver document  |                     | Form/Document/Certificate |  | to be Delivered                                                                                                                                          |  | Representation                                                           
|                 
|                  | Party A & B         |                           |  | Incumbency Certificate                                                                                                                                   |  | Execution and delivery of Agreement                                       |  |  | Yes | 
|                 
|                  | Party A and Party B |                           |  | Resolution or other documents evidencing the
    authority of the party entering into this Agreement and the
    persons acting on behalf of such party. |  | Upon execution of this Agreement, and if
    requested, each Confirmation |  |  | Yes | 
|                 
|                  | Party A             |                           |  | Each Credit Support Document of such party listed
    in Part 4(f) of this Schedule                                                                      |  | Upon execution of this Agreement                                          |  |  | Yes | 
|                 
|                  | Party A             |                           |  | Legal Opinion in Substantially the form appended
    as Exhibit I                                                                                        |  | Execution and delivery of Agreement                                       |  |  | No  | 
|                 
|                  | Party A             |                           |  | Legal Opinions concerning Party As
    Credit Support Providers, substantially in the form of
    Exhibit II                                            |  | Upon execution of this Agreement                                          |  |  | No  | 



---



##### 



PART 4

MISCELLANEOUS

(a)  Addresses for Notices. For
the purpose of Section 12(a) of this Agreement:-

Address(es) for notices or communications to
Party A:-



| |          |                          
| | -------- | -------------------------
| | Address: | Hub International Limited

| |                         
| | ------------------------
| | 55 East Jackson Blvd.   
| | Chicago, Illinois 60604 
|
| | Attention:  Kirk James  
| | Facsimile:  312-279-4981
| | Telephone: 312-279-4881 

Address(es) for notices or communications to
Party B:

With respect to Transactions:



| |          |                 
| | -------- | ----------------
| | Address: | Bank of Montreal

| |                                    
| | -----------------------------------
| | 130 Adelaide Street West, Suite 500
| | Toronto, Ontario M5H 4E1           
| | Canada                             
| | Attention:  Manager, Confirmations 
| | Facsimile:  (416) 867-4778/6827    
| | Telephone: (416) 867-7173          

Any other notice sent to Party B (including
without limitation, any notice in connection with
Section 5, 6 or 9(b)) shall be copied to the following
address:



| |          |                 
| | -------- | ----------------
| | Address: | Bank of Montreal

| |                                              
| | ---------------------------------------------
| | Treasury Credit, 24th Floor                  
| | First Canadian Place                         
| | Toronto, Ontario M5X 1A1                     
| | Canada                                       
| | Attention:  Senior Manager,
    Documentation
| | Telephone: (416) 867-4178                    

(b) Process Agent. For purposes of
Section 13(c) of this Agreement:-



| |                                                                                                                                                                                      
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Party A appoints as its Process Agent: Not
    Applicable.                                                                                                                           
|
| | Party B appoints as its Process Agent: Not
    Applicable.                                                                                                                           
|
| | (c)  Offices. The provisions of
    Section 10(a) will apply to this Agreement.                                                                                                      
|
| | (d) Multibranch Party. For the
    purpose of Section 10(c) of this Agreement:-                                                                                                      
|
| | Party A is not a Multibranch Party.                                                                                                                                                  
|
| | Party B is a Multibranch Party and, for purposes
    of this Agreement and each Transaction entered into pursuant
    hereto, may act through its Toronto, Chicago or London Offices.



|    |                                                                                                                                                                                   
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(e) | Calculation Agent.The Calculation Agent is Party B, unless otherwise specified in
    a Confirmation in relation to the relevant Transaction.                                     
|   
|(f) | Credit Support
    Document(s).With respect to Party A,
    means the Guarantees from each Material Subsidiary of Party A
    for the obligations of Party A under this Agreement.
|   
|(g) | Credit Support
    Provider.With respect to Party A,
    means each Material Subsidiary of Party A.                                                                               



---



##### 





|    |                                                                                                                                                                             
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(h) | Governing Law.This
    Agreement will be governed by and construed in accordance with
    the laws of the Province of Ontario and the laws of Canada
    applicable therein.
|   
|(i) | Netting of Payments.Subparagraph (ii) of Section 2(c) shall apply to
    all Transactions.                                                                                  
|   
|(j) | Affiliatewill have the meaning specified in
    Section 14 of this Agreement.                                                                                             

PART 5

OTHER PROVISIONS



|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a) | 2000 ISDA
    Definitions.The provisions of the
    2000 ISDA Definitions (the Definitions), published
    by the International Swaps and Derivatives Association, Inc.,
    are incorporated by reference in, and will be deemed to be part
    of, this Agreement and each Confirmation as if set forth in full
    in this Agreement or in such Confirmation, without regard to any
    revision or subsequent edition thereof. In the event of any
    inconsistency between the provisions of this Agreement and the
    Definitions, this Agreement will prevail. In the event of any
    inconsistency between the provisions of any Confirmation and
    this Agreement or the Definitions, such Confirmation will
    prevail for the purpose of the relevant transaction.                                                                                                                                                                                                                                                                                                                                                                                                                                      
|   
|(b) | Illegality or Force
    Majeure.As contemplated by
    Section 6 of this Agreement, while neither party shall be
    obligated to violate any applicable law by reason of
    Section 6 or this Part 5(b), each party shall retain
    its right to payment pursuant to Section 6(e) if the other
    party does not perform because of Illegality or Force Majeure.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   
|(c) | Set-off.Any amount
    (the Early Termination Amount) payable to one party
    (the Payee) by the other party (the
    Payer) under Section 6(e), in circumstances
    where there is a Defaulting Party or one Affected Party in the
    case where a Termination Event under Section 5(b)(iv) or
    5(b)(v) has occurred, will, at the option of the party
    (X) other than the Defaulting Party or the Affected
    Party (and without prior notice to the Defaulting Party or the
    Affected Party), be reduced by its set-off against any amount(s)
    (the Other Agreement Amount) payable (whether at
    such time or in the future or upon the occurrence of a
    contingency) by the Payee to the Payer (irrespective of the
    currency, place of payment or booking office of the obligation)
    under any other agreement(s) between the Payee and the Payer or
    instrument(s) or undertaking(s) issued or executed by one party
    to, or in favour of, the other party (and the Other Agreement
    Amount will be discharged promptly and in all respects to the
    extent it is so set-off). X will give notice to the other party
    of any set-off effected under this Section.



| |                                                                                                                                                                                                                                                                                                                                                                                          
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | For this purpose, either the Early Termination
    Amount or the Other Agreement Amount (or the relevant portion of
    such amounts) may be converted by X into the currency in which
    the other is denominated at the rate of exchange at which such
    party would be able, acting in a reasonable manner and in good
    faith, to purchase the relevant amount of such currency.
|
| | If an obligation is unascertained, X may in good
    faith estimate that obligation and set-off in respect of the
    estimate, subject to the relevant party accounting to the other
    when the obligation is ascertained.                                                                                                                                                            
|
| | Nothing in this Section shall be effective to
    create a charge or other security interest. This Section shall
    be without prejudice and in addition to any right of set-off,
    combination of accounts, lien or other right to which any party
    is at any time otherwise entitled (whether by operation of law,
    contract or otherwise).                                   



|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(d) | Conditions to Certain
    Payments.Notwithstanding the
    provision of Section 6(e)(i)(3) and (4), as applicable, if
    the amount referred to therein is a positive number, the
    Defaulting Party will pay such amount to the Non-defaulting
    Party, and if the amount referred to therein is a negative
    number, except to the extent set out below, the Non-defaulting
    Party shall have no obligation to pay any amount thereunder to
    the Defaulting Party unless and until the conditions set forth
    in (i) and (ii) below have been satisfied, at which
    time there shall arise an obligation of the Non-defaulting Party
    to pay to the Defaulting Party an amount equal to the absolute
    value of such negative number less any and all amounts which the
    Defaulting Party may be obligated to pay under Section 11
    (the Conditional Payment Amount):



| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (i) | the Non-defaulting Party shall have received
    confirmation satisfactory to it in its sole discretion (which
    may include an unqualified opinion of its counsel) that
    (x) no further payments or deliveries under
    Section 2(a)(i) or 2(e) in respect of Terminated
    Transactions will be required to be made in accordance with
    Section 6(c)(ii) and (y) each Specified Transaction
    shall have terminated pursuant to its specified



---



##### 



| |      |                                                                                                                                                                                                                                                                                                       
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |      | termination date or through the exercise by a
    party of a right to terminate and all obligations owing under
    each such Specified Transaction shall have been fully and
    finally performed;                                                                                                  
|
| | (ii) | all obligations (contingent or absolute, matured
    or unmatured) of the Defaulting Party and any Affiliate of the
    Defaulting Party to make any payment or delivery to the
    Non-defaulting Party or any Affiliate of the Non-defaulting
    Party shall have been fully and finally performed;



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | provided that if the Conditional Payment Amount
    exceeds the aggregate amount of the obligations owing to the
    Non-defaulting Party and Affiliates of the Non-defaulting Party
    by the Defaulting Party and Affiliates of the Defaulting Party
    (including without limitation all obligations owing under each
    Specified Transaction), the Non-defaulting Party shall pay the
    amount of the excess to the Defaulting Party.



|    |                                                                                                                                                                                                                                                                                                            
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(e) | Relationship between the
    Parties.Each party will be deemed to
    represent to the other party on the date on which it enters into
    a Transaction that (absent a written agreement between the
    parties that expressly imposes affirmative obligations to the
    contrary for that Transaction):



| |       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (i)   | Non-Reliance.It is
    acting for its own account, and it has made its own independent
    decision to enter into that Transaction and as to whether that
    Transaction is appropriate or proper for it based upon its own
    judgment and upon advice from such advisors as it has deemed
    necessary. It is not relying on any communication (written or
    oral) of the other Party as investment advice or as a
    recommendation to enter into that Transaction; it being
    understood that information and explanations related to the
    terms and conditions of a Transaction shall not be considered
    investment advice or a recommendation to enter into that
    Transaction. No communication (written or oral) received from
    the other party shall be deemed to be an assurance or guarantee
    as to the expected results of that Transaction.
|
| | (ii)  | Assessment and
    Understanding.It is capable of
    assessing the merits of and understanding (on its own behalf or
    through independent professional advice), and understands and
    accepts the terms, conditions and risks of that Transaction. It
    is also capable of assuming, and assumes, the risks of that
    Transaction.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|
| | (iii) | Status of Parties.The other party is not acting as a fiduciary for or an advisor
    to it in respect of that Transaction.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    



|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(f) | Telephone Recording.Each party (i) consents to the recording of telephone
    conversations of trading and marketing personnel of the parties
    in connection with this Agreement or any potential or actual
    Transaction hereunder; (ii) agrees to obtain any necessary
    consent of and give notice of such recording to its trading and
    marketing personnel; and (iii) agrees that such recordings
    may be submitted in evidence in any proceeding relating to this
    Agreement, subject to applicable rules of discovery and evidence.
|   
|(g) | Additional
    Definitions.The following definition
    shall be added to Section 14 in its appropriate
    alphabetical place:                                                                                                                                                                                                                                                                                                                                                                                                                           



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Derivative Transactionmeans (a) any transaction which
    is a rate swap transaction, basis swap, forward rate
    transaction, commodity swap, commodity option, equity or equity
    index swap, equity or equity index option, bond option, interest
    rate option, foreign exchange transaction, cap transaction,
    floor transaction, collar transaction, currency swap
    transaction, cross-currency rate swap transaction, currency
    option or any other similar transaction (including any option
    with respect to any of these transactions) and (b) any
    combination of these transactions.
|
| | Force Majeureis a natural or man-made disaster,
    armed conflict, riot, civil disturbance, or similar event that
    materially disrupts transportation or communication facilities
    in the relevant city where the party is to make payment, or
    otherwise prevents the personnel of the party from performing
    their duties in connection with such payment, and is beyond the
    control of the party.                                                                                                                                                                                               



|    |                                                                                                                                                                                                                                                                                                                                                              
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(h) | Equivalency Clause.For the purpose of disclosure pursuant to the Interest Act(Canada), the yearly rate of interest to which any rate of
    interest payable under this Agreement, which is to be calculated
    on any basis other than a full calendar year, is equivalent, may
    be determined by multiplying such rate by a fraction, the
    numerator



---



##### 



|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    | of which is the actual number of days in the
    calendar year in which the period for which interest at such
    rate is payable ends and the denominator of which is the number
    of days of such other basis.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   
|(i) | Submission to
    Jurisdiction.In substitution for the
    provisions of Section 13(b)(i) of this Agreement, each
    party irrevocably submits to the non-exclusive jurisdiction of
    the court of competent jurisdiction of the Province of Ontario,
    without reference to the choice of law doctrine.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|   
|(j) | WAIVER OF JURY TRIAL: EACH PARTY WAIVES, TO
    THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY
    HAVE TO A TRIAL BY JURY IN RESPECT OF ANY SUIT, ACTION OR
    PROCEEDING RELATING TO THIS AGREEMENT, ANY CREDIT SUPPORT
    DOCUMENT OR ANY TRANSACTION. EACH PARTY ACKNOWLEDGES THAT IT AND
    THE OTHER PARTY HAVE ENTERED INTO THIS AGREEMENT AND ANY CREDIT
    SUPPORT DOCUMENT, AS APPLICABLE, IN RELIANCE ON, AMONG OTHER
    THINGS, THE MUTUAL WAIVERS IN THIS SECTION.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   
|(k) | Right to Terminate.Either party (the Terminating Party) may, provided
    that no Event of Default or Potential Event of Default exists
    with respect to that party , elect to terminate any Transaction
    under this Agreement on the fourth (4th) anniversary of the
    Effective Date of such Transaction or every four (4) years
    thereafter, (the Optional Termination Date), by
    providing at least thirty (30) days prior notice to the
    other party (the Other Party). Notice may be
    provided by telephone but is to be followed up with a written
    notice to be received by the Other Party prior to the Optional
    Termination Date. In the event the Terminating Party elects to
    terminate a Transaction pursuant to the foregoing, the
    Terminating Party shall at or prior to 2:00 p.m. Toronto
    time on the Optional Termination Date, determine the amount
    payable in respect of the terminated Transaction (the
    Market Value) by making the calculations required by
    Section 6(e)(i) of the Agreement as if the Optional
    Termination Date were an Early Termination Date designated as a
    result of the occurrence of an Event of Default with respect to
    the Terminating Party and the parties had specified Loss and the
    Second Method for that purpose. The Market Value will be paid by
    the relevant party on the second Business Day following the
    Optional Termination Date.



| |                                                                                         
| | ----------------------------------------------------------------------------------------
| | If there is a dispute between the parties as to
    the calculation of the Market Value,



| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (a) | the parties will consult with each other in an
    attempt to resolve the dispute; and                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|
| | (b) | if the parties fail to resolve the dispute prior
    to 3:00 p.m. Toronto time on the Optional Termination Date,
    then Bank of Montreal shall recalculate the Market Value by
    making calculations required by Section 6(e)(i) of the
    Agreement as if the Optional Termination Date were an Early
    Termination Date designated as a result of the occurrence of an
    Event of Default with respect to the Terminating Party and the
    parties had specified Market Quotation and the Second Method for
    that purpose.



| |                                                                                                                                                                                                
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Promptly following a resolution pursuant to this
    paragraph, the Market Value will be paid by the relevant party
    on the second Business Day following the Optional Termination
    Date.
|
| | Upon payment of such sum as provided herein, the
    obligations of both parties with respect to this Transaction
    shall be discharged in full.                                             



---



##### 





|    |                                                                                                                                                                                  
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(l) | Commodity Exchange
    Act.Each party represents to the
    other party on and as of the date hereof and on each date on
    which a Transaction is entered into among them that:



| |     |                                                                                                                                
| | --- | -------------------------------------------------------------------------------------------------------------------------------
| | (i) | such party is an eligible contract
    participant as defined in the U.S. Commodity Exchange
    Act, as amended (the CEA).



|                          |  |                                |  |        |  |                             
|------------------------- |  | ------------------------------ |  | ------ |  | ----------------------------
|HUB INTERNATIONAL LIMITED |  | BANK OF MONTREAL              
|                         
|By:                       |  | /s/  Dennis J. Pauls           |  | By:    |  | /s/  R. J. Mailloux         
|                         
|Name:                     |  | Dennis J. Pauls                |  | Name:  |  | R. J. Mailloux              
|                         
|Title:                    |  | VP and Chief Financial Officer |  | Title: |  | Senior Manager Documentation
|                         
|Date:                     |  | April 28, 2004                 |  | Date:  |  | April 19, 2004              



---



##### 



EXHIBIT I

LETTERHEAD OF COUNTERPARTYS
COUNSEL

Date

Bank of Montreal

First Canadian Place


Toronto, Ontario


M5X 1A1


Dear Sirs:

This opinion is furnished to you in connection
with the ISDA Master Agreement dated as of July 15, 2003
(the Agreement) and the Confirmation dated
July 15, 2003 between Hub International Limited (the
Counterparty) and Bank of Montreal (the
Bank). Terms defined in the Agreement and used but
not defined herein have the meanings given to them in the
Agreement.

We have acted as counsel to the Counterparty in
connection with the execution and delivery of the Agreement. We
have examined the Agreement, the Counterpartys constating
documents and such other documents as we have deemed necessary
or appropriate for purposes of the opinions expressed herein. We
have also made such investigations and considered such questions
of law as we have considered necessary for the purpose of
rendering this opinion. In such examination we have assumed the
genuineness of all signatures, the authenticity of all documents
submitted to us as originals and the conformity to original
documents of all documents submitted to us as copies, certified
or otherwise.

We express no opinion with respect to the laws of
any jurisdiction other than the laws of Ontario and the laws of
Canada applicable therein.

Based on the foregoing we are of the opinion that:



| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 1. | The Counterparty has been duly incorporated and
    is validly existing and in good standing under the laws of
    Ontario.                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|
| | 2. | The execution and delivery of the Agreement and
    each Confirmation entered into by the parties on or prior to the
    date hereof and the performance by the Counterparty of its
    obligations thereunder have been duly authorized by the
    Counterparty, are within the corporate power of the Counterparty
    and do not conflict with, or result in a breach of, (i) the
    constating documents of the Counterparty, (ii) any law or
    regulation, or (iii) any agreement, decree, order,
    judgment, injunction or other instrument binding on or affecting
    the Counterparty.
|
| | 3. | The Agreement and each Confirmation entered into
    by the parties on or prior to the date hereof have been duly
    authorized, executed and delivered by the Counterparty to the
    Bank.                                                                                                                                                                                                                                                                                                                                                                                                       
|
| | 4. | No action by, notice to or filing with, or
    consent, authorization or approval of, any governmental
    authority or regulatory body is required in connection with the
    Counterpartys execution, delivery and performance of the
    Agreement or any Confirmation entered into by the parties on or
    prior to the date hereof.                                                                                                                                                                                                                                                          
|
| | 5. | The Agreement and each Transaction evidenced by a
    Confirmation outstanding as of the date of execution of the
    Master Agreement constitutes a legal, valid and binding
    obligation of the Counterparty enforceable in accordance with
    its terms, subject to applicable bankruptcy, insolvency,
    reorganization, moratorium, and other similar laws and equitable
    principles of general application affecting the rights of
    creditors or limiting the availability of specific performance,
    injunctive relief or any other equitable remedy.                            



---



##### 



This opinion is provided solely for your benefit
and is not to be relied upon for any purpose other than in
respect of the Agreement or by any other person.



| |                              
| | -----------------------------
| | Yours very truly,            
|
| | W. Kirk James                
| | Executive Vice President,    
| | Secretary and General Counsel
| | Hub International Limited    



---



##### 



EXHIBIT II

Date

Bank of Montreal

First Canadian Place


Toronto, Ontario


M5X 1A1


Dear Sirs:

This opinion is furnished to you in connection
with the ISDA Master Agreement dated as of July 15, 2003
(the Agreement) between Hub International Limited
(Counterparty) and Bank of Montreal (the
Bank), in respect of which each Material Subsidiary
(the Credit Support Provider) has provided credit
support in the form of a Guarantee dated July 15, 2003 (the
Credit Support Documents) covering the obligations
of the Counterparty. Terms defined in the Agreement and used but
not defined herein have the meanings given to them in the
Agreement.

We have acted as counsel to each Credit Support
Provider in connection with the execution and delivery of the
Credit Support Documents. We have examined the Agreement, the
Credit Support Documents, the Credit Support Providers
constating documents and such other documents as we have deemed
necessary or appropriate for purposes of the opinions expressed
herein. We have also made such investigations and considered
such questions of law as we have considered necessary for the
purpose of rendering this opinion. In such examination we have
assumed the genuineness of all signatures, the authenticity of
all documents submitted to us as originals and the conformity to
original documents of all documents submitted to us as copies,
certified or otherwise.

We express no opinion with respect to the laws of
any jurisdiction other than the laws of the respective
jurisdiction of organization of each Credit Support Provider as
listed on Exhibit A attached hereto and the laws of federal
jurisdiction applicable therein.

Based on the foregoing we are of the opinion that:



| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 1. | Each Credit Support Provider has been duly
    incorporated and is validly existing and in good standing under
    the laws of its respective jurisdiction of organization.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|
| | 2. | The execution and delivery of each Credit Support
    Document and the performance by the respective Credit Support
    Provider of its obligations thereunder have been duly authorized
    by the Credit Support Provider, are within the corporate power
    of the Credit Support Provider and do not conflict with, or
    result in a breach of, (i) the constating documents of the
    Credit Support Provider, (ii) any law or regulation, or
    (iii) any agreement, decree, order, judgment, injunction or
    other instrument binding on or affecting the Credit Support
    Provider.                                                                                                                                                                                                                                                                                                                 
|
| | 3. | The Credit Support Documents have been duly
    authorized, executed and delivered by each Credit Support
    Provider to the Bank.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|
| | 4. | No action by, notice to or filing with, or
    consent, authorization or approval of, any governmental
    authority or regulatory body is required in connection with any
    Credit Support Providers execution, delivery and
    performance of the Credit Support Documents.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|
| | 5. | The governing law clause, subjecting the Credit
    Support Document to the laws of the Province of Ontario is valid
    under the laws of the respective jurisdiction of organization of
    each Credit Support Provider. Under the laws of the respective
    jurisdiction of organization of each Credit Support Provider,
    the laws of the Province of Ontario will be applied to the
    Credit Support Document, provided that such choice of law is
    bona fide and provided that such choice of law is not contrary
    to public policy, as that term is understood under the laws of
    the respective jurisdiction of organization of each Credit
    Support Provider. To the best of our knowledge, having made due
    inquiry, the public policy of the respective jurisdiction of
    organization of each Credit Support Provider would not be
    breached by application of the chosen law.
|
| | 6. | A final and conclusive judgment for sum certain
    in personamand rendered by a court of competent
    jurisdiction in the Province of Ontario with respect to the
    obligations of each Credit Support Provider under                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            



---



##### 



| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    | the respective Credit Support Document would be
    recognized and enforceable by a court in the respective
    jurisdiction of organization of each Credit Support Provider.                                                                                                                                                                                                                                                                                                  
|
| | 7. | Each Credit Support Document constitutes a legal,
    valid and binding obligation of each Credit Support Provider
    enforceable in accordance with its terms, subject to applicable
    bankruptcy, insolvency, reorganization, moratorium, and other
    similar laws and equitable principles of general application
    affecting the rights of creditors, or limiting the availability
    of specific performance, injunctive relief or any other
    equitable remedy.

This opinion is provided solely for your benefit
and is not to be relied upon for any purpose other than in
respect of the Agreement or by any other person.



| |                              
| | -----------------------------
| | Yours very truly,            
|
| | W. Kirk James                
| | Executive Vice President,    
| | Secretary and General Counsel
| | Hub International Limited    





---



##### 



EXHIBIT A

|                                               |  |                             
|---------------------------------------------- |  | ----------------------------
|Credit Support Provider                        |  | Jurisdiction of Organization
|                                               |  |                             
|Barton Insurance Brokers Ltd.                  |  | British Columbia, Canada    
|Martin Assurance & Gestion de Risques
    Inc. |  | Quebec, Canada              
|TOS Insurance Services Ltd.                    |  | British Columbia, Canada    



---



##### 



EXHIBIT II

LETTERHEAD OF CREDIT SUPPORT PROVIDERS
COUNSEL

Date

Bank of Montreal

First Canadian Place


Toronto, Ontario


M5X 1A1


Dear Sirs:

This opinion is furnished to you in connection
with the ISDA Master Agreement dated as of July 15, 2003
(the Agreement) between Hub International Limited
(Counterparty) and Bank of Montreal (the
Bank), in respect of which each Material Subsidiary
(the Credit Support Provider) has provided credit
support in the form of a Guarantee dated July 15, 2003 (the
Credit Support Documents) covering the obligations
of the Counterparty. Terms defined in the Agreement and used but
not defined herein have the meanings given to them in the
Agreement.

We have acted as counsel to each Credit Support
Provider in connection with the execution and delivery of the
Credit Support Documents. We have examined the Agreement, the
Credit Support Documents, the Credit Support Providers
constating documents and such other documents as we have deemed
necessary or appropriate for purposes of the opinions expressed
herein. We have also made such investigations and considered
such questions of law as we have considered necessary for the
purpose of rendering this opinion. In such examination we have
assumed the genuineness of all signatures, the authenticity of
all documents submitted to us as originals and the conformity to
original documents of all documents submitted to us as copies,
certified or otherwise.

We express no opinion with respect to the laws of
any jurisdiction other than the laws of the respective
jurisdiction of organization of each Credit Support Provider as
listed on Exhibit A attached hereto and the laws of federal
jurisdiction applicable therein.

Based on the foregoing we are of the opinion that:



| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 1. | Each Credit Support Provider has been duly
    incorporated and is validly existing and in good standing under
    the laws of its respective jurisdiction of organization.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|
| | 2. | The execution and delivery of each Credit Support
    Document and the performance by the respective Credit Support
    Provider of its obligations thereunder have been duly authorized
    by the Credit Support Provider, are within the corporate power
    of the Credit Support Provider and do not conflict with, or
    result in a breach of, (i) the constating documents of the
    Credit Support Provider, (ii) any law or regulation, or
    (iii) any agreement, decree, order, judgment, injunction or
    other instrument binding on or affecting the Credit Support
    Provider.                                                                                                                                                                                                                                                                                                                 
|
| | 3. | The Credit Support Documents have been duly
    authorized, executed and delivered by each Credit Support
    Provider to the Bank.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|
| | 4. | No action by, notice to or filing with, or
    consent, authorization or approval of, any governmental
    authority or regulatory body is required in connection with any
    Credit Support Providers execution, delivery and
    performance of the Credit Support Documents.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|
| | 5. | The governing law clause, subjecting the Credit
    Support Document to the laws of the Province of Ontario is valid
    under the laws of the respective jurisdiction of organization of
    each Credit Support Provider. Under the laws of the respective
    jurisdiction of organization of each Credit Support Provider,
    the laws of the Province of Ontario will be applied to the
    Credit Support Document, provided that such choice of law is
    bona fide and provided that such choice of law is not contrary
    to public policy, as that term is understood under the laws of
    the respective jurisdiction of organization of each Credit
    Support Provider. To the best of our knowledge, having made due
    inquiry, the public policy of the respective jurisdiction of
    organization of each Credit Support Provider would not be
    breached by application of the chosen law.



---



##### 





| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 6. | A final and conclusive judgment for sum certain
    in personamand rendered by a court of competent
    jurisdiction in the Province of Ontario with respect to the
    obligations of each Credit Support Provider under the respective
    Credit Support Document would be recognized and enforceable by a
    court in the respective jurisdiction of organization of each
    Credit Support Provider.                                                                    
|
| | 7. | Each Credit Support Document constitutes a legal,
    valid and binding obligation of each Credit Support Provider
    enforceable in accordance with its terms, subject to applicable
    bankruptcy, insolvency, reorganization, moratorium, and other
    similar laws and equitable principles of general application
    affecting the rights of creditors, or limiting the availability
    of specific performance, injunctive relief or any other
    equitable remedy.

This opinion is provided solely for your benefit
and is not to be relied upon for any purpose other than in
respect of the Agreement or by any other person.



| |                          
| | -------------------------
| | YOURS VERY TRULY,        
|
| | ANGELA M. YAZVAC         
| | ASSISTANT GENERAL COUNSEL
| | HUB INTERNATIONAL LIMITED





---



##### 



Exhibit A

|                                     |  |                              
|------------------------------------ |  | -----------------------------
|Credit Support Provider              |  | Jurisdiction of Incorporation
|                                     |  |                              
|Hub International of Indiana Limited |  | Indiana                      
|C.J. McCarthy Insurance Agency       |  | Massachusetts                
|Mack and Parker Inc.                 |  | Illinois                     
|Kaye Group Inc.                      |  | New York