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                                                                   EXHIBIT 10.04

                INTERNATIONAL FOREIGN EXCHANGE MASTER AGREEMENT
                              WITH MARGIN ACCOUNT

     MASTER AGREEMENT dated as of ____________, by and between Campbell
Alternative Asset Trust, a Delaware business trust (the "Customer") and ABN AMRO
Bank N.V., Chicago Branch, a Netherlands public company with limited liability
(the "Bank"). The Bank and the Customer are collectively referred to herein as
the "Parties" and each may be referred to separately as a "Party".

SECTION 1. DEFINITIONS

     Unless otherwise required by the context, the following terms shall have
the following meanings in the Agreement:

          "Advisor" shall mean Campbell & Company, Inc.

          "Adjusted Collateral Value" has the meaning given to it in Section
     4.2.

          "Agreement" has the meaning given to it in Section 2.2.

          "Bank's Custodian" shall mean LaSalle National Bank.

          "Base Currency" means, as to a Party, the Currency agreed to as such
     in relation to it in Part VII of the Schedule hereto.

          "Base Currency Rate" means, as to a Party and any amount, the cost
     (expressed as a percentage rate per annum) at which that Party would be
     able to fund that amount from such sources and for such periods as it may
     in its reasonable discretion from time to time decide, as determined in
     good faith by it.

          "Business Day" means (i) a day which is a Local Banking Day for the
     applicable Designated Office of both Parties, or (ii) solely in relation to
     delivery of a Currency, a day which is a Local Banking Day in relation to
     that Currency.

          "Close-Out Amount" has the meaning given to it in Section 6.1.

          "Close-Out Date" means a day or days on which, pursuant to the
     provisions of Section 6.1, the Non-Defaulting Party closes out and
     liquidates Currency Obligations or such a close-out and liquidation occurs
     automatically.

          "Closing Gain" means, as to the Non-Defaulting Party, the difference
     described as such in relation to a particular Value Date under the
     provisions of Section 6.1.

          "Closing Loss" means, as to the Non-Defaulting Party, the difference
     described as such in relation to a particular Value Date under the
     provisions of Section 6.1.

          "Collateral" means the items specified as such in Part XII of the
     Schedule.

          "Collateral Value" means, at the time of any valuation, the sum of the
     Collateral Value (as specified in Part XII of the Schedule) of the
     Collateral delivered by the Customer to the Bank hereunder.

          "Confirmation" means a writing (including telex, facsimile or other
     electronic means from which it is possible to produce a hard copy)
     evidencing an FX Transaction governed by the Agreement. All Confirmations
     relating to FX Transactions shall specify (i) the Parties thereto and their
     Designated Offices through which they are respectively acting, (ii) the
     amounts of the Currencies being bought or sold and by which Party, (iii)
     the Value Date, and (iv) any other term generally included in such a
     writing in accordance with the practice of the relevant foreign exchange
     market.

          "Credit Support Document" has the meaning set forth in Part X of the
     Schedule.

          "Credit Support Provider" means, with respect to a Party, the Credit
     Support Provider specified as such in Part X of the Schedule.
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          "Currency" means money denominated in the lawful currency of any
     country or the ECU (European Currency Unit).

          "Currency Obligation" means any obligation of a Party to deliver
     Currency pursuant to an FX Transaction governed by the Agreement, or
     pursuant to the application of Sections 3.3(a) or 3.3(b).

          "Custodian" has the meaning given to it in the definition of Event of
     Default.

          "Customer's Data Sheet" means any written information about the
     Customer that is furnished by the Customer to the Bank.

          "Defaulting Party" has the meaning given to it in the definition of
     Event of Default.

          "Deliver" means, with respect to any Collateral, and in accordance
     with the instructions of the Bank or the Customer, as applicable:

        in the case of cash, payment or delivery by wire transfer of immediately
        available funds to one or more bank accounts specified by the recipient;

        in the case of certificated securities that cannot be transferred by
        book-entry, delivery in appropriate physical form to the recipient or
        its account accompanied by any duly executed instruments of transfer,
        assignments in blank, transfer tax stamps and any other documents
        necessary to constitute a legally valid transfer to the recipient;

        in the case of securities that can be transferred by book-entry, the
        giving of written instructions to the relevant depository institution or
        other entity specified by the recipient, together with a written copy
        thereof to the recipient, sufficient if complied with to result in a
        legally effective transfer of the relevant interest to the recipient.

          "Designated Office(s)" means, as to a Party, the Office(s) specified
     in Part II of the Schedule hereto, as such Schedule may be modified from
     time to time by agreement of the Parties.

          "Dollar Equivalent" of an amount of Currency at any time is (a) if
     such Currency is U.S. Dollars, such amount, and (b) in the case of any
     other Currency, the amount of U.S. Dollars which could be purchased at the
     Market Rate prevailing at such time against delivery of such Currency on a
     specified date.

          "Effective Date" means the date of this Master Agreement.

          "Event of Default" means the occurrence of any of the following with
     respect to a Party or, as applicable, to the Credit Support Provider of a
     Party (the "Defaulting Party", the other Party being the "Non-Defaulting
     Party"):

             (i) the Defaulting Party shall default in any payment under the
        Agreement to the Non-Defaulting Party with respect to any sum when due
        under any Currency Obligation or pursuant to the Agreement, and such
        failure shall continue for two (2) Business Days after written notice of
        non-payment given by the NonDefaulting Party to the Defaulting Party;

             (ii) the Defaulting Party shall commence a voluntary case or other
        proceeding seeking liquidation, reorganization or other similar relief
        with respect to itself or to its debts under any bankruptcy, insolvency
        or similar law, or seeking the appointment of a trustee, receiver,
        liquidator, conservator, administrator, custodian or other similar
        official (each, a "Custodian") of it or any substantial part of its
        assets, or shall take any corporate action to authorize any of the
        foregoing;

             (iii) an involuntary case or other proceeding shall be commenced
        against the Defaulting Party seeking liquidation, reorganization or
        other similar relief with respect to it or its debts under any
        bankruptcy, insolvency or similar law or seeking the appointment of a
        Custodian of it or any substantial part of its assets, and such
        involuntary case or other proceeding is not dismissed within five (5)
        days of its institution or presentation;

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             (iv) the Defaulting Party is bankrupt or insolvent, as defined
        under any bankruptcy or insolvency law applicable to such Party;

             (v) the Defaulting Party shall otherwise be unable to pay its debts
        as they become due;

             (vi) the Defaulting Party or any Custodian acting on behalf of the
        Defaulting Party shall disaffirm, disclaim, or repudiate any Currency
        Obligation;

             (vii) (a) any representation or warranty made or deemed made by the
        Defaulting Party pursuant to the Agreement or pursuant to any Credit
        Support Document shall prove to have been false or misleading in any
        material respect as at the time it was made or deemed made and one (1)
        Business Day has elapsed after the Non-Defaulting Party has given the
        Defaulting Party written notice thereof, or (b) the Defaulting Party
        fails to perform or comply with any obligation assumed by it under the
        Agreement (other than an obligation to make payment of the kind referred
        to in clause (i) of this definition of Event of Default), and such
        failure is continuing thirty (30) days after the Non-Defaulting Party
        has given the Defaulting Party WRITTEN NOTICE thereof;

             (viii) the Defaulting Party consolidates or amalgamates with or
        merges into or transfers all or substantially all its assets to another
        entity and (a) the creditworthiness of the resulting, surviving or
        transferee entity is materially weaker than that of the Defaulting Party
        prior to such action, or (b) at the time of such consolidation,
        amalgamation, merger or transfer the resulting, surviving or transferee
        entity fails to assume all the obligations of the Defaulting Party under
        the Agreement by operation of law or pursuant to an agreement
        satisfactory to the Non-Defaulting Party;

             (ix) by reason of any default, or event of default or other similar
        condition or event, any Specified Indebtedness of the Customer or any
        Credit Support Provider in relation to it: (a) is not paid on the due
        date therefor and remains unpaid after any applicable grace period has
        elapsed, or (b) becomes, or becomes capable at any time of being
        declared, due and payable under agreements or instruments evidencing
        such Specified Indebtedness before it would otherwise have been due and
        payable;

             (x) the Defaulting Party is in breach of or default under any
        Specified Transaction and any applicable grace period has elapsed, and
        there occurs any liquidation or early termination of, or acceleration of
        obligations under that Specified Transaction, or the Defaulting Party
        (or any Custodian on its behalf) disaffirms, disclaims or repudiates the
        whole or any part of a Specified Transaction;

             (xi) (a) any Credit Support Provider in relation to the Defaulting
        Party or the Defaulting Party itself fails to comply with or perform any
        agreement or obligation to be complied with or performed by it in
        accordance with the applicable Credit Support Document and such failure
        is continuing after any applicable grace period has elapsed; (b) any
        Credit Support Document relating to the Defaulting Party expires or
        ceases to be in full force and effect prior to the satisfaction of all
        obligations of the Defaulting Party under the Agreement, unless
        otherwise agreed in writing by the Non-Defaulting Party or unless such
        Credit Support Document remains in effect with respect to such
        obligations; (c) the Defaulting Party or its Credit Support Provider
        (or, in either case, any Custodian acting on its behalf) disaffirms,
        disclaims or repudiates, in whole or in part, or challenges the validity
        of, the Credit Support Document; (d) any representation or warranty made
        or deemed made by any Credit Support Provider pursuant to any Credit
        Support Document shall prove to have been false or misleading in any
        material respect as at the time it was made or given or deemed made or
        given and one (1) Business Day has elapsed after the Non-Defaulting
        Party has given the Defaulting Party written notice thereof; or (e) any
        event set out in (ii) to (vi) or (viii) to (x) above occurs in respect
        of the Credit Support Provider; or

             (xii) with respect to the Customer, (a) the Customer shall fail to
        maintain at any time Collateral in the Margin Account having an Adjusted
        Collateral Value in excess of the

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        Maintenance Margin Amount, (b) a loss of or impairment to the first
        priority status of the security interest granted by the Customer to the
        Bank hereunder, (c) an attachment is levied against any of the
        Customer's accounts with the Bank or a notice of levy with respect to
        any of the Customer's accounts is served on the Bank by any competent
        taxing authority, or (d) if an individual, the Customer dies or is
        judicially declared incompetent.

          "Forward" means an FX Transaction in respect of which delivery is
     designated as "forward" by the convention in the relevant foreign currency
     market, which will normally mean that the foreign currencies subject of the
     FX Transaction will be delivered at a fixed date occurring sometime after
     the first two (2) Business Days following the date on which the FX
     Transaction is made.

          "FX Transaction" means any transaction between the Parties for the
     purchase by one Party of an agreed amount in one Currency against the sale
     by it to the other of an agreed amount in another Currency, both such
     amounts being deliverable on the same Value Date and in respect of which
     transaction the Parties have agreed upon (whether orally, electronically or
     in writing) the Currencies involved, the amounts of such Currencies to be
     purchased and sold, which Party will purchase which Currency AND THE Value
     Date.

          "Initial Percentage" shall mean the percentage specified as such in
     Part XI of the Schedule.

          "Local Banking Day" means (i) for any Currency, a day on which
     commercial banks effect deliveries of that Currency in accordance with the
     market practice of the relevant foreign exchange market and (ii) for any
     Party, a day in the location of the applicable Designated Office of such
     Party on which commercial banks in that location are not authorized nor
     required by law to close.

          "Maintenance Percentage" shall mean the percentage specified as such
     in Part XI or the Schedule.

          "Margin Account" has the meaning given to it in Section 4.1.

          "Market Rate" means, at any given time, the rate determined by the
     Bank (which determination shall be binding in the absence of manifest
     error) to be the market rate available to the Bank at such time in the New
     York foreign exchange market (or, at the option of the Bank, in the foreign
     exchange market of any other financial center which is open for business)
     for the purchase or, as the case may be, sale of one Currency against
     another Currency for delivery on a specified date.

          "Market Value" means, with respect to any Collateral at any given
     time, the market price (net of expenses) determined by the Bank (which
     determination shall be binding in the absence of manifest error) which
     could be obtained on a sale of such Collateral at such time on any market
     on which property of the same type is normally dealt.

          "Master Agreement" means the terms and conditions set forth in this
     master agreement and the Schedule hereto.

          "Matched Pair Novation Netting Office(s)" means, in respect of a
     Party, the Designated Offices) specified in Part V of the Schedule, as such
     Schedule may be modified from time to time by agreement of the Parties.

          "Net Open Position" means, at any given time, the aggregate amount of
     Currency to be delivered by the Customer to the Bank under all
     Transactions, provided however, that in calculating such aggregate amount
     (i) all Currency Obligations under such Transactions shall be netted in the
     manner provided in Section 3 of this Agreement, and (ii) any amount payable
     by the Customer in a Currency other than U.S. Dollars under such
     Transaction shall be converted into its Dollar Equivalent for delivery on
     its Value Date.

          "Non-Defaulting Party" has the meaning given to it in the definition
     of Event of Default.

          "Novation Netting Office(s)" means in respect of a Party the
     Designated Office(s) specified in Part IV of the Schedule, as such Schedule
     may be modified from time to time by agreement of the Parties.

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          "Parties" means the Bank and the Customer and shall include their
     successors and permitted assigns (but without prejudice to the application
     of clause (viii) of the definition of Event of Default); and the term
     "Party" shall mean whichever of the Parties is appropriate in the context
     in which such expression may be used.

          "Potential Profit" means, at any given time in respect of each FX
     Transaction for which the Settlement Value may not be determined under this
     Agreement at such time, any positive amount produced by deducting (i) the
     Dollar Equivalent at such time of the amount payable by the Customer under
     such FX Transaction from (ii) the Dollar Equivalent at such time of the
     amount payable by the Bank under such FX Transaction, and Potential Loss
     means any negative amount produced by such calculation.

          "Proceedings" means any suit, action or other proceedings relating to
     the Agreement.

          "Realized Profit" means, in respect of each Transaction for which the
     Settlement Value may be determined under this Agreement, any positive
     amount resulting from the calculation thereof which has been credited to
     the Margin Account, and Realized Loss means any negative amount resulting
     from such calculation which has been debited to the Margin Account.

          "Settlement Netting Office(s)" means, in respect of a Party, the
     Designated Office(s) specified in Part III of the Schedule, as such
     Schedule may be modified from time to time by agreement of the Parties.

          "Settlement Value" of a Transaction means any positive or (as the case
     may be) negative figure calculated by deducting, at or about 5:00 p.m. (New
     York City time), two (2) Business Days prior to its Value Date or
     Settlement Date, as the case may be, (i) the Dollar Equivalent of the
     amount of Currency required to be delivered by the Customer thereunder on
     such Value Date or Settlement Date from (ii) the Dollar Equivalent of the
     amount of Currency required to be delivered by the Bank thereunder on such
     Value Date or Settlement Date.

          "Specified Indebtedness" means any obligation (whether present or
     future, contingent or otherwise, as principal or surety or otherwise) in
     respect of borrowed money, other than in respect of deposits received.

          "Specified Transaction" means any transaction (including an agreement
     with respect thereto) between one Party to the Agreement (or any Credit
     Support Provider of such Party) and the other Party to the Agreement (or
     any Credit Support Provider of such Party) which is a rate swap
     transaction, basis swap, forward rate transaction, commodity swap,
     commodity option, equity or equity linked 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,
     agreement for the purchase, sale or transfer of any commodity or any other
     commodity trading transaction, or any other similar transaction (including
     any option with respect to any of these transactions) or any combination of
     any of the foregoing transactions. For this purpose, "commodity" means any
     tangible or intangible commodity of any type or description (including,
     without limitation, currencies, metals, interest rates, petroleum and
     natural gas, and the products or by-products thereof).

          "Split Settlement" has the meaning given to it in the definition of
     Value Date.

          "Total Net Profits" means, at any given time, any positive amount
     produced by deducting (i) the aggregate of all Potential Losses, Unrealized
     Losses and Realized Losses from (ii) the aggregate of all Potential
     Profits, Unrealized Profits and Realized Profits, and "Total Net Losses" at
     any time means any negative amount produced by such calculation.

          "Transaction" means any transaction entered into by the Parties
     governed by this Agreement.

          "Unrealized Profits" on any date means any positive amount produced by
     deducting (i) the aggregate of all positive Settlement Values which have
     not been credited to the Margin Account from (ii) the aggregate amount of
     the absolute value of all negative Settlement Values which have not

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     been debited to the Margin Account, and "Unrealized Losses" on any date
     means any negative amount produced by such calculation.

          "Value Date" means, with respect to any FX Transaction, the Business
     Day (or where market practice in the relevant foreign exchange market in
     relation to the two Currencies involved provides for delivery of one
     Currency on one date which is a Local Banking Day in relation to that
     Currency BUT NOT TO the other Currency and for delivery of the other
     Currency on the next Local Banking Day in relation to that other Currency
     ("Split Settlement") the two Local Banking Days in accordance with that
     market practice) agreed by the Parties for delivery of the Currencies to be
     purchased and sold pursuant to such FX Transaction, and, with respect to
     any Currency Obligation, the Business Day (or, in the case of Split
     Settlement, Local Banking Day) upon which the obligation to deliver
     Currency pursuant to such Currency Obligation is to be performed.

SECTION 2. TRANSACTIONS

     2.1 Scope of the Agreement.  (a) Unless otherwise agreed in writing by the
Parties, any Transaction entered into between two Designated Offices of the
Parties on or after the Effective Date shall be governed by the Agreement. (b)
All Transactions between any two Designated Offices of the Parties outstanding
on the Effective Date which are identified in Part I of the Schedule shall be
Transactions governed by the Agreement.

     2.2 Single Agreement.  This Master Agreement, the particular terms agreed
between the Parties in relation to each and every Transaction governed by this
Master Agreement (and, insofar as such terms are recorded in a Confirmation,
each such Confirmation), the Schedule to this Master Agreement and all
amendments to any of such items shall together form the agreement between the
Parties (the "Agreement") and shall together constitute a single agreement
between the Parties. The Parties acknowledge that all Transactions governed by
the Agreement are entered into in reliance upon the fact that all items
constitute a single agreement between the Parties.

     2.3 Confirmations.  Transactions governed by the Agreement shall be
promptly confirmed by the Parties by Confirmations exchanged by mail, telex,
facsimile or other electronic means. The failure by a Party to issue a
Confirmation shall not prejudice or invalidate the terms of any Transaction
governed by the Agreement.

SECTION 3. SETTLEMENT AND NETTING OF FX TRANSACTIONS

     3.1 Settlement.  Subject to Section 2.2, each Party shall deliver to THE
OTHER PARTY THE AMOUNT of the Currency to be delivered by it under each Currency
Obligation on the Value Date for such Currency Obligation. Customer acknowledges
and agrees that the Bank's obligation to deliver Currency to the Customer under
this Section 3.1 on any Value Date is subject to the delivery by the Customer of
the total amount of any Currency required to be delivered by the Customer to the
Bank on such Value Date.

     3.2 Net Settlement/Payment Netting.  If on any Value Date more than one
delivery of a particular Currency is to be made between a pair of Settlement
Netting Offices, then each Party shall aggregate the amounts of such Currency
deliverable by it and only the difference between these aggregate amounts shall
be delivered by the Party owing the larger aggregate amount to the other Party,
and, if the aggregate amounts are equal, no delivery of the Currency shall be
made.

     3.3 Novation Netting.

     (a) By Currency.  If the Parties enter into an FX Transaction governed by
the Agreement through a pair of Novation Netting Offices giving rise to a
Currency Obligation for the same Value Date and in the same Currency as a then
existing Currency Obligation between the same pair of Novation Netting Offices,
then immediately upon entering into such FX Transaction, each such Currency
Obligation shall automatically and without further action be individually
canceled and simultaneously replaced by a new Currency Obligation for such Value
Date determined as follows: the amounts of such Currency that would otherwise
have been deliverable by each Party on such Value Date shall be aggregated and
the Party with the larger aggregate amount shall have a new Currency Obligation
to deliver to the other Party the amount of such Currency by which its aggregate
amount exceeds the other Party's aggregate amount,
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provided that if the aggregate amounts are equal, no new Currency Obligation
shall arise. This Clause (a) shall not affect any other Currency Obligation of a
Party to deliver any different Currency on the same Value Date.

     (b) By Matched Pair.  If the Parties enter into an FX Transaction governed
by the Agreement between a pair of Matched Pair Novation Netting Offices, then
the provisions of Section 3.3(a) shall apply only in respect of Currency
Obligations arising by virtue of FX Transactions governed by the Agreement
entered into between such pair of Matched Pair Novation Netting Offices and
involving the same pair of Currencies and the same Value Date.

     3.4 General.

     (a) Inapplicability of Sections 3.2 and 3.3.  The provisions of Sections
3.2 and 3.3 shall not apply with respect to FX Transactions if a Close-Out Date
has occurred or an involuntary case or other proceeding of the kind described in
clause (iii) of the definition of Event of Default has occurred without being
dismissed in relation to either Party.

     (b) Failure to Record.  The provisions of Section 3.3 shall apply
notwithstanding that either Party may fail to record the new Currency
Obligations in its books.

     (c) Cutoff Date and Time.  The provisions of Section 3.3 are subject to any
cut-off date and cut-off time agreed between the applicable Novation Netting
Offices and Matched Pair Novation Netting Offices of the Parties.

SECTION 4. MARGIN COLLATERAL

     4.1 Margin.  As security for the Customer's obligations under any FX
Transaction and this Agreement, the Customer shall at all times maintain
Collateral with the Bank or the Bank's Custodian as required from time to time
by the Bank in its sole and absolute discretion. The Bank will establish, or
will ensure that the Bank's Custodian establishes, on its books a separately
identified account ("Margin Account") in the Customer's name and all Collateral
Delivered by the Customer to the Bank under this Agreement shall be separately
identified on the Bank's or the Bank's Custodian's books and records as
belonging to the Customer in such Margin Account.

     4.2 Amount of Collateral.  Before the Bank will enter into any Transaction
with the Customer, the Customer must Deliver Collateral to the Bank having a
Collateral Value equal to or greater than the Initial Margin Amount. Thereafter,
the Bank and the Customer may enter into a Transaction, regardless of amount, so
long as: (i) the Collateral Value of the Collateral Delivered by the Customer to
the Bank; plus (ii) Total Net Profits or (as the case may be) minus Total Net
Losses at such time ("Adjusted Collateral Value") equals or exceeds the product
of the Initial Percentage and the Customer's Net Open Position after giving
effect to such Transaction ("Initial Margin Amount").

     4.3 Close-Out if Margin Equals or Drops Below the Maintenance Margin
Amount.  If at any time the Adjusted Collateral Value is equal to or less than
the product of the Maintenance Percentage and the Net Open Position
("Maintenance Margin Amount"), the Bank may (but is not required to), without
notice to the Customer, close out any or all Transactions of the Customer, in
whole or in part, in accordance with the Close-Out and Liquidation provisions
hereof. The Customer agrees and understands that, due to the volatility of the
foreign currency market, it is not practicable for the Bank to contact the
Customer prior to closing out its Transactions in the event that the Adjusted
Collateral Value does not exceed the Maintenance Margin Amount. While the Bank
has the right, at its option, to close out the Customer's open position in whole
or in part for failure to maintain the Adjusted Collateral Value required by the
Bank, the Customer understands and agrees that the Bank has no obligation to the
Customer to do so in the absence of specific instructions given to the Bank in
accordance with the provisions of Section 4.4.

     4.4 Close-Out at Customer's Request.  The Customer may request the Bank to
close out any or all Transactions at any time by telephone or telex, telecopy or
facsimile transmission, at the then prevailing market price for Transactions
having terms similar to the Transactions of the Customer to be closed out.

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The Customer acknowledges that due to the volatility of the foreign exchange
market the Bank cannot guarantee execution of "stop limit" or "stop loss"
orders.

     4.5 Margin Monitoring; Bank has No Duty to Notify Customer.  The Bank will
determine on a daily basis whether the Adjusted Collateral Value is equal to the
Initial Margin Amount. In the event the Adjusted Collateral Value is less than
the Initial Margin Amount, the Bank will use reasonable efforts to so notify the
Customer, but shall have no liability for failure to do so. In the event the
Adjusted Collateral Value exceeds the Initial Margin Amount, then, upon the
request of the Customer, the Bank shall Deliver to the Customer, within 2
Business Days of receipt of such request and in accordance with the Customer's
instructions, the amount of any excess Collateral.

     4.6 Change in Initial and Maintenance Margin Percentages.  The Bank may at
any time in its absolute discretion change the Initial Margin Percentage and the
Maintenance Margin Percentage upon written notice to the Customer or upon
telephonic notice to the Customer subsequently confirmed by the Bank in writing.
Any such change shall apply to any outstanding or subsequent Transaction entered
into by the Parties.

     4.7 Pledge of Collateral.  To secure the due and punctual payment of its
obligations hereunder, the Customer hereby pledges, transfers, assigns and
grants to the Bank a security interest in, and a right of set-off against, (A)
the Collateral and all additions thereto and substitutions therefor, whether
heretofore, now or hereafter received by or provided or delivered to the Bank,
(B) any investments thereof and dividends, distributions, interest and other
payments and rights with respect thereto and (C) any and all process of any and
all of the foregoing, and in each case not released by the Bank to the Customer
(the "Pledged Collateral"). The Customer confirms that it shall take the steps
available to it that would be necessary to provide the Bank with a valid, first
priority, perfected security interest in the Pledged Collateral, and agrees that
the Bank may take any action necessary to ensure that it has at all times a
valid, first priority, perfected security interest in the Pledged Collateral.

After giving effect to the Close-Out and Liquidation provisions hereof, the Bank
may sell or cause to be sold (in whole or in part) any Pledged Collateral which
is in its possession or control (or that of its agents) in one or more sales or
parcels at such prices as the Bank may deem commercially reasonable, and for
cash or on credit or for other property, or for immediate or future delivery,
without assumption of any credit risk at any broker's board or at public or
private sale, in any reasonable manner permissible under the Uniform Commercial
Code (except that, to the extent permissible thereunder, the Customer hereby
waives the requirements of said Code), and the Bank or anyone else may be the
purchaser of any or all of the Pledged Collateral so sold and thereafter hold
the same free from any claim or right of whatsoever kind, including, without
limitation, any equity of redemption of the Customer, any such right of
redemption being hereby expressly waived and released. The Bank shall then apply
the proceeds thereof to all amounts owed by the Customer to the Bank under this
Agreement in such order as the Bank may deem appropriate in its sole discretion.

     4.8 Care of Collateral.  The Bank will exercise reasonable care to assure
the safe custody of all Collateral to the extent required by applicable law, and
in any event the Bank will be deemed to have exercised reasonable care if it
exercises at least the same degree of care at it would exercise with respect to
its own property. Except as specified in the preceding sentence, the Bank will
have no duty with respect to Collateral, including, without limitation, any duty
to collect any distributions, or enforce or preserve any rights pertaining
thereto.

     4.9 Interest on Collateral.  Unless and until an Event of Default has
occurred and is continuing with respect to the Customer, the Bank shall pay the
Customer interest on all cash Collateral delivered to the Bank at such rate as
shall be agreed upon between the Parties at the time such cash Collateral is
deposited.

SECTION 5. REPRESENTATIONS, WARRANTIES AND COVENANTS

     5.1 General Representations and Warranties.  Each Party represents and
warrants to the other Party as of the date of the Agreement and as of the date
of each Transaction governed by the Agreement that: (i) it has the authority to
enter into the Agreement and such Transaction; (ii) the persons executing the
                                        8
<PAGE>   9

Agreement and entering into such Transaction have been duly authorized to do so;
(iii) the Agreement and the Currency Obligations created under the Agreement are
binding upon it and enforceable against it in accordance with their terms
(subject to applicable principles of equity and bankruptcy and insolvency laws)
and do not and will not violate the terms of any agreements to which such Party
is bound; (iv) no Event of Default has occurred and is continuing with respect
to it; (v) it acts as principal in entering into each and every Transaction
governed by the Agreement; and (vi) it is an "eligible swap participant" as
defined in Section 35.1 of the Regulations of the Commodity Futures Trading
Commission.

     5.2 Representations of the Customer.  The Customer represents and warrants
to the Bank as of the date of the Agreement and as of the date of each
Transaction governed by the Agreement that: (i) the Customer is a sophisticated
investor able to evaluate the risks of foreign exchange transactions; (ii) the
Customer understands and is able to assume the risk of loss associated with
foreign exchange transactions; (iii) the Customer is the sole, absolute owner of
the Collateral; (iv) the Collateral is not and will not at any time be subject
to any adverse claim or any lien except for the security interest granted to the
Bank hereby (unless otherwise expressly agreed in writing by the Bank and the
Customer); (v) all authorizations, consents, approvals and licenses of, and
filings and registrations with, any governmental authority required under
applicable law or regulations for the Customer to pledge the Collateral as
provided herein and to make and perform this Agreement have been obtained and
are in full force and effect; (vi) the obligation of the Customer to pledge
Collateral hereunder constitutes the legal, valid and binding obligation of the
Customer, and is enforceable against the Customer in accordance with the terms
of this Agreement; (vii) Customer has made and will make (or has authorized
Advisor to make) its own investment, hedging and trading decisions (including
decisions regarding the suitability of any Transaction pursuant to this
Agreement) based upon its own judgment and upon any advice from such advisors as
it has deemed necessary, and not upon advice of or actions in foreign exchange
markets by the Bank or its affiliates; (viii) Customer has notified the Bank of
any material adverse change in its financial condition since the date of the
most recent financial statement or report that it has provided to the Bank; (ix)
Customer has sufficient assets (and in the applicable Currencies) as necessary
to effect settlement of all Transactions governed by this Agreement; (x) it is
in compliance with, and its assets are being invested in accordance with, all
investment policies and restrictions applicable to it in its most recent
prospectus and statement of additional information; and (xi) it is not, nor is
it "controlled" by an "investment company", each within the meaning of the
Investment Company Act of 1940; (xii) the assets of the Customer are not
comprised of plan assets subject to the Employee Retirement Income Security Act
of 1974, as amended; (xiii) the Advisor has the full power and authority to
commit the Customer to Transactions and conclude Transactions (including the
delivery of collateral) on behalf of the Customer on such terms and conditions
as the Advisor may determine in its sole discretion; and (xiv) no representation
or warranty contained in this Agreement or any other document or instrument
furnished to the Bank in connection herewith contains any untrue statement of
any material fact as of the date when made or omits to state any material fact
necessary to make the statements herein or therein not misleading as of the date
when made.

     Partnership Representations.  Customer also represents and warrants that
     (i) it is a duly organized and validly existing limited partnership and is
     in good standing under the laws of the jurisdiction in which it was formed
     and in each other jurisdiction in which such qualification is required
     (except where the failure to so qualify would not have a material adverse
     effect on its ability to perform its obligations hereunder); (ii) it has
     full power and authority to execute and deliver this Agreement and to
     perform its obligations hereunder and is not prohibited from doing so by
     any provision of its certificate of incorporation, charter, by-laws, or by
     any contract, agreement, or otherwise; (iii) this Agreement and all FX
     Transactions are legal, valid and binding obligations on its part,
     enforceable against it in accordance with their respective terms; (iv) its
     execution, delivery and performance of this Agreement do not and will not
     violate or conflict with any statute, rule, regulation or order by which it
     or its property or assets is bound or affected; (v) the statements
     contained on Customer's Data Sheet submitted herewith, and all financial
     information furnished or to be furnished by Customer in connection
     herewith, are (or will be when furnished) true and correct; and (vi) no

                                        9
<PAGE>   10

     person or entity has any interest in or control of the account to which
     this Agreement pertains except as disclosed in the Customer's Data Sheet.

     5.3 Covenants.

     (a) Each Party covenants to the other Party that: (i) it will at all times
obtain and comply with the terms of and do all that is necessary to maintain in
full force and effect all authorizations, approvals, licenses and consents
required to enable it to lawfully perform its obligations under the Agreement;
and (ii) it will promptly notify the other Party of the occurrence of any Event
of Default with respect to itself or any Credit Support Provider in relation to
it.

     (b) The Customer additionally covenants to the Bank that unless previously
notified in writing by the Customer, the Bank may rely on all representations
and warranties of and actions by the Advisor in relation to this Agreement and
any Transactions. For these purposes, the Customer agrees to fully and
unconditionally indemnify and hold the Bank harmless for any and all losses,
damages, costs, and expenses directly sustained by the Bank (including those
incurred in unwinding any Transaction and any relevant hedging transaction) by
reason of (i) its bona fide reliance on the appointment by the Customer of the
Advisor as the Customer's agent to enter into Transactions hereunder,
irrespective of the invalidity, unenforeceability, termination or revocation of
such appointment (unless previously notified in writing by the Customer) or
breach by the Advisor of the terms and obligations set forth in any applicable
agreement entered into between the Customer and the Advisor or (ii) as a direct
result of the Bank's bona fide reliance upon the instructions, actions or
ostensible authority of the Advisor. Notwithstanding anything to the contrary
herein, these indemnification provisions shall survive any termination of this
Agreement.

     (c) Customer further covenants to the Bank that, for so long as this
Agreement shall be effect, Customer shall provide to the Bank, from time to time
as the Bank may request, such financial statements as Customer prepares in the
ordinary course of business, including but not limited to audited annual and
unaudited interim financial statements.

SECTION 6. CLOSE-OUT AND LIQUIDATION

     6.1 Close-Out and Liquidation of FX Transactions.  If an Event of Default
has occurred and is continuing, then the Non-Defaulting Party shall have the
right to close out and liquidate in the manner described below any or all
outstanding Currency Obligations (except to the extent that in the good faith
opinion of the Non-Defaulting Party certain of such Currency Obligations may not
be closed out and liquidated under applicable law), without notice to the
Defaulting Party. Where such close-out and liquidation is to be effected, it
shall be effected by:

          (i) closing out each outstanding Currency Obligation under an FX
     Transaction being liquidated (including any Currency Obligation which has
     not been performed and in respect of which the Value Date is on or precedes
     the relevant Close-Out Date) so that each such Currency Obligation is
     canceled and the Non-Defaulting Party shall calculate in good faith with
     respect to each such canceled Currency Obligation, the Closing Gain or, as
     appropriate, the Closing Loss, as follows:

             (x) for each Currency Obligation in a Currency other than the
        Non-Defaulting Party's Base Currency, calculate a "Close-Out Amount" by
        converting:

                (A) in the case of a Currency Obligation whose Value Date is the
           same as or is later than the relevant Close-Out Date, the amount of
           such Currency Obligation; or

                (B) in the case of a Currency Obligation whose Value Date
           precedes the relevant Close-Out Date, the amount of such Currency
           Obligation increased, to the extent permitted by applicable law, by
           adding interest thereto from the Value Date to the relevant Close-Out
           Date at the rate representing the cost (expressed as a percentage
           rate per annum) at which the Non-Defaulting Party would have been
           able, on such Value Date, to fund the amount of such Currency
           Obligation for the period from the Value Date to the relevant
           Close-Out Date;

        into such Base Currency at the rate of exchange at which the
        Non-Defaulting Party can buy or sell, as appropriate, such Base Currency
        with or against the Currency of such Currency
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<PAGE>   11

        Obligation for delivery on the Value Date of that Currency Obligation,
        or if such Value Date precedes the Close-Out Date, for spot delivery
        after that Close-Out Date; and

             (y) determine in relation to each Value Date: (A) the sum of all
        Close-Out Amounts relating to Currency Obligations under which, and of
        all Currency Obligations in the Non Defaulting Party's Base Currency
        under which, the Non-Defaulting Party would otherwise have been obliged
        to deliver the relevant amount to the Defaulting Party on that Value
        Date, adding (to the extent permitted by applicable law), in the case of
        a Currency Obligation in the Non-Defaulting Party's Base Currency whose
        Value Date precedes the relevant Close-Out Date, interest for the period
        from the Value Date to the relevant Close Out Date at the Non-
        Defaulting Party's Base Currency Rate as at such Value Date for such
        period; and (B) the sum of all Close-Out Amounts relating to Currency
        Obligations under which, and of all Currency Obligations in the
        Non-Defaulting Party's Base Currency under which, the Non-Defaulting
        Party would otherwise have been entitled to receive the relevant amount
        on that Value Date, adding (to the extent permitted by applicable law),
        in the case of a Currency Obligation in the Non-Defaulting Party's Base
        Currency whose Value Date precedes the relevant Close-Out Date, interest
        for the period from the Value Date to the relevant Close-Out Date at the
        Non-Defaulting Party's Base Currency Rate as at such Value Date for such
        period;

             (z) if the sum determined under (y)(A) is greater than the sum
        determined under (y)(B), the difference shall be the Closing Loss for
        such Value Date; if the sum determined under (y)(A) is less than the sum
        determined under (y)(B), the difference shall be the Closing Gain for
        such Value Date;

          (ii) to the extent permitted by applicable law, adjusting the Closing
     Gain or Closing Loss for each Value Date falling after the final Close-Out
     Date to present value by discounting the Closing Gain or Closing Loss from
     the Value Date to the final Close-Out Date, at the Non-Defaulting Party's
     Base Currency Rate, or at such other rate as may be prescribed by
     applicable law;

          (iii) aggregating the following amounts so that all such amounts are
     netted into a single liquidated amount payable by or to the Non-Defaulting
     Party: (x) the sum of the Closing Gains for all Value Dates (discounted to
     present value, where appropriate, in accordance with the provisions of
     Clause (ii) of this Section 6.1) (which for the purposes of this
     aggregation shall be a positive figure) and (y) the sum of the Closing
     Losses for all Value Dates (discounted to present value, where appropriate,
     in accordance with the provisions of Clause (ii) of this Section 6.1)
     (which for the purposes of the aggregation shall be a negative figure); and

          (iv) if the resulting net amount is positive, it shall be payable by
     the Defaulting Party to the Non-Defaulting Party, and if it is negative,
     then the absolute value of such amount shall be payable by the
     Non-Defaulting Party to the Defaulting Party.

     6.2 Calculation of Interest.  Any addition of interest or discounting
required under Section 6.1 shall be calculated on the basis of the actual number
of days elapsed and of a year of such number of days as is customary for
transactions involving the relevant Currency in the relevant foreign exchange
market.

     6.3 Other Transactions.  Where close-out and liquidation occurs in
accordance with Section 6.1 the Non-Defaulting Party shall also be entitled to
close out and liquidate, to the extent permitted by applicable law, any other
Transactions entered into between the Parties which are then outstanding in
accordance with the provisions of Section 6.1.

     6.4 Payment and Late Interest.  The amount payable by one Party to the
other Party pursuant to the provisions of Sections 6.1 and 6.3 shall be paid by
the close of business on the Business Day following such close-out and
liquidation (converted as required by applicable law into any other Currency,
any costs of such conversion to be borne by, and deducted from any payment to,
the Defaulting Party). To the extent permitted by applicable law, any amounts
required to be paid under Sections 6.1 or 6.3 and not paid on the due date
therefor shall bear interest at the Non-Defaulting Party's Base Currency Rate
plus 1% per annum (or, if conversion is required by applicable law into some
other Currency, either (x) the average rate at which overnight deposits in such
other Currency are offered by major banks in the London

                                       11
<PAGE>   12

interbank market as of 11:00 a.m. (London time) plus 1% per annum, or (y) such
other rate as may be prescribed by such applicable law) for each day for which
such amount remains unpaid.

     6.5 Suspension of Obligations.  Without prejudice to the foregoing, so long
as a Party shall be in default in payment or performance to the Non-Defaulting
Party under the Agreement and so long as the Non-Defaulting Party has not
exercised its rights under Section 6.1 the Non-Defaulting Party may, at its
election and without penalty, suspend its obligation to perform under the
Agreement.

     6.6 Expenses.  The Defaulting Party shall reimburse the Non-Defaulting
Party in respect of all out-of-pocket expenses incurred by the Non-Defaulting
Party (including fees and disbursements of counsel, including attorneys who may
be employees of the Non-Defaulting Party) in connection with any Event of
Default and reasonable collection or other enforcement proceedings related to
the payments required under this Section 6.

     6.7 Reasonable Pre-Estimate.  The Parties agree that the amounts
recoverable under this Section 6 are a reasonable pre-estimate of loss and not a
penalty. Such amounts are payable for the loss of bargain and the loss of
protection against future risks and, except as otherwise provided in the
Agreement, neither Party will be entitled to recover any additional damages as a
consequence of such losses.

     6.8 No Limitation of Other Rights; Set-Off.  The Non-Defaulting Party's
rights under this Section 6 shall be in addition to, and not in limitation or
exclusion of, any other rights which the NonDefaulting Party may have (whether
by agreement, operation of law or otherwise). To the extent not prohibited by
applicable law, the Non-Defaulting Party shall have a general right of set-off
from time to time with respect to all amounts owed by each Party to the other
Party, whether due and payable or not due and payable (provided that any amount
not due and payable at the time of such set-off shall, if appropriate, be
discounted to present value in a commercially reasonable manner by the
Non-Defaulting Party). The Non-Defaulting Party's rights under this Section 6.8
are subject to Section 6.7.

SECTION 7. ILLEGALITY, IMPOSSIBILITY AND FORCE MAJEURE

     If either Party is prevented from or hindered or delayed by reason of force
majeure or act of State in the delivery or receipt of any Currency in respect of
a Transaction, or if it becomes or, in the good faith judgment of one of the
Parties, may become unlawful or impossible for either Party to make any delivery
or receive any Currency which is the subject of a Transaction, then either Party
may, by notice to the other Party, require the close-out and liquidation of each
affected Transaction in accordance with the provisions of Sections 6.1, 6.2 and
6.4 and, for the purposes of enabling the calculations prescribed by Sections
6.1, 6.2 and 6.4 to be effected, both Parties shall effect the relevant
calculations, and the arithmetic average of the amounts so determined shall be
due to the appropriate Party. Each Party shall make such calculations based on
(a) for exchange rates, the average of the rates quoted by at least three and no
more than five leading dealers for a transaction between the Party obtaining the
quote and the quoting dealer in the appropriate Currency and (b) for interest
rates, the rate at which deposits in the appropriate Currency for the relevant
period (interpolated between dates, if necessary) are offered by major banks in
the London interbank market as of 11:00 a.m. (London time) on the relevant date,
as quoted on Telerate or, if not so quoted, as determined by such Party in any
commercially reasonable manner. A "dealer" is a person who regularly quotes as
part of its business a two-way market to commercial parties in the relevant
Currencies, selected in a commercially reasonable manner. Nothing in this
Section 7 shall be taken as indicating that a Party has committed any breach or
default.

SECTION 8. PARTIES TO RELY ON THEIR OWN EXPERTISE

     Each Party shall enter into each Transaction governed by the Agreement in
reliance only upon its own judgment. Neither Party holds itself out as advising,
or any of its employees or agents as having the authority to advise, the other
Party as to whether or not it should enter into any such Transaction or as to
any subsequent actions relating thereto or on any other commercial matters
concerned with any Transaction governed by the Agreement, and neither Party
shall have any responsibility or liability whatsoever in respect of any advise
of this nature given, or views expressed, by it or any of such persons to

                                       12
<PAGE>   13

the other Party, whether or not such advice is given or such views are expressed
at the request of the other Party.

SECTION 9. MISCELLANEOUS

     9.1 Currency Indemnity.  The receipt or recovery by either Party (the
"first Party") of any amount in respect of an obligation of the other Party (the
"second Party") in a Currency other than that in which such amount was due,
whether pursuant to a judgment of any court or pursuant to Section 6 or 7, shall
discharge such obligation only to the extent that on the first day on which the
first Party is open for business immediately following such receipt, the first
Party shall be able, in accordance with normal banking practice, to purchase the
Currency in which such amount was due with the Currency received. If the amount
so purchasable shall be less than the original amount of the Currency in which
such amount was due, the second Party shall, as a separate obligation and
notwithstanding any judgment of any court, indemnify the first Party against any
loss sustained by it. The second Party shall in any event indemnify the first
Party against any costs incurred by it in making any such purchase of Currency.

     9.2 Assignments.  Neither Party may assign, transfer or charge, or purport
to assign, transfer or charge, its rights or its obligations under the Agreement
or any interest therein without the prior written consent of the other Party,
and any purported assignment, transfer or charge in violation of this Section
9.2 shall be void.

     9.3 Telephonic Recording.  The Parties agree that each may electronically
record all telephonic conversations between them and that any such tape
recordings may be submitted in evidence in any Proceedings relating to the
Agreement. In the event of any dispute between the Parties as to the terms of a
Transaction governed by the Agreement, the Parties may use electronic recordings
between the persons who entered into such Transaction as the preferred evidence
of the terms of such Transaction, notwithstanding the existence of any writing
to the contrary.

     9.4 No Obligation.  Neither Party to this Agreement shall be required to
enter into any Transaction with the other.

     9.5 Notices.  Unless otherwise agreed, all notices, instructions and other
communications to be given to a Party under the Agreement shall be given to the
address, telex (if confirmed by the appropriate answerback), facsimile
(confirmed if requested) or telephone number and to the individual or department
specified by such Party in Part VI of the Schedule attached hereto. Unless
otherwise specified, any notice, instruction or other communication given in
accordance with this Section 9.5 shall be effective upon receipt.

     9.6 Termination.  Each of the Parties hereto may terminate this Agreement
at any time by seven days prior written notice to the other Party delivered as
prescribed above, and termination shall be effective at the end of such seventh
day; provided, however, that any such termination shall not affect any
outstanding Transactions, and the provisions of the Agreement shall continue to
apply until all the obligations of each Party to the other under the Agreement
have been fully performed.

     9.7 Severability.  In the event any one or more of the provisions contained
in the Agreement should be held invalid, illegal or unenforceable in any respect
under the law of any jurisdiction, the validity, legality and enforceability of
the remaining provisions under the law of such JURISDICTION, AND THE VALIDITY,
legality and enforceability of such and any other provisions under the law of
any other jurisdiction, shall not in any way be affected or impaired thereby.

     9.8 Waiver.  No indulgence or concession granted by a Party and no omission
or delay on the part of a Party in exercising any right, power or privilege
under the Agreement shall operate as a waiver thereof, nor shall any single or
partial exercise of any such right, power or privilege preclude any other or
further exercise thereof or the exercise of any other right, power or privilege.

     9.9 Master Agreement.  Where one of the Parties to the Agreement is
domiciled in the United States, the Parties intend that the Agreement shall be a
master agreement, as defined in 11 U.S.C. Section 101 (55)(C) and 12 U.S.C.
Section 1821(e)(8)(D)(vii), and that FX Transactions governed by this Agreement
shall be "swap agreements" as defined in 11 U.S.C. Section 101(55).

                                       13
<PAGE>   14

     9.10 Time of Essence.  Time shall be of the essence in the Agreement.

     9.11 Headings.  Headings in the Agreement are for ease of reference only.

     9.12 Wire Transfers.  Every payment or delivery of Currency to be made by a
Party under the Agreement shall be made by wire transfer, or its equivalent, of
same day (or immediately available) and freely transferable funds to the bank
account designated by the other Party for such purpose.

     9.13 Adequate Assurances.  If the Parties have so agreed in Part VIII of
the Schedule, the failure by a Party ("first Party") to give adequate assurances
of its ability to perform any of its obligations under the Agreement within two
(2) Business Days of a written request to do so when the other Party ("second
Party") had reasonable grounds for insecurity shall be an Event of Default under
the Agreement, in which case during the pendency of a reasonable request by the
second Party to the first Party for adequate assurances of the first Party's
ability to perform its obligations under the Agreement, the second Party may, at
its election and without penalty, suspend its obligations under the Agreement.

     9.14 FDICIA Representation.  If the Parties have so agreed in Part IX of
the Schedule, each Party represents and warrants to the other Party that it is a
financial institution under the provisions of Title IV of the Federal Deposit
Insurance Corporation Improvement Act of 1991 ("FDICIA"), and the Parties agree
that the Agreement shall be a netting contract, as defined in FDICIA, and each
receipt or payment or delivery obligation under the Agreement shall be a covered
contractual payment entitlement or covered contractual payment obligation,
respectively, as defined in and subject to FDICIA.

     9.15 Confirmation Procedures.  In relation to Confirmations, unless either
Party objects to the terms contained in any Confirmation within three (3)
Business Days of receipt thereof, or such shorter time as may be appropriate
given the Value Date of the FX Transaction, the terms of such Confirmation shall
be deemed correct and accepted absent manifest error, unless a corrected
Confirmation is sent by a Party within such three Business Days, or shorter
period, as appropriate, in which case the Party receiving such corrected
Confirmation shall have three (3) Business Days, or shorter period, as
appropriate, after receipt thereof to object to the terms contained in such
corrected Confirmation. In the event of any conflict between the terms of a
Confirmation and this Master Agreement, the terms of this Master Agreement shall
prevail, and the Confirmation shall not modify the terms of this Master
Agreement unless the Confirmation expressly states that it intends to amend this
Master Agreement with respect to such specific Confirmation and both Parties
agree.

     9.16 Amendments.  No amendment, modification or waiver of the Agreement
will be effective unless in writing executed by each of the Parties.

     9.17 Customer's Acknowledgement of Risks.

     (a) The Customer understands that the risk of loss in trading foreign
exchange can be substantial. The Customer acknowledges that engaging in FX
Transactions is speculative, involves a high degree of risk and is suitable only
for those who are sophisticated and can assume the risk of loss in excess of
their margin deposits.

     (b) The Customer understands and agrees that if the amount of margin
required by it to be deposited with the Bank ever drops below the Maintenance
Margin Amount established by the Bank and advised to the Customer from time to
time, the Bank immediately may (but is not required to) close out any or all
Transactions, without notice to the Customer, and any loss resulting from this
will be for the account of the Customer.

     (c) Due to the volatility of the foreign exchange markets, the Customer
understands that the Bank cannot guarantee execution of "stop limit" or "stop
loss" orders instructing the Bank to close out any or all of the Customer's
Transactions in the event that the current market exchange rate for one or more
currencies into U.S. Dollars or another currency reaches an exchange rate
specified by the Customer to the Bank.

     (d) The Customer acknowledges and agrees that Collateral in the form of
securities may decline speedily in value and is of a type customarily sold on a
recognized market, and, accordingly, the Customer

                                       14
<PAGE>   15

is not entitled to prior notice of any sale of Collateral, except notice
required by lava which cannot be waived.

     (e) The Customer understands that the Bank and its affiliates are active,
both for their own account and for the account of other customers, in the
foreign exchange markets, AND THAT THE Bank and its affiliates may frequently be
trading and holding Currency positions in the same Currencies as the Customer.
Customer will make its own independent decisions on Transactions and will in no
way rely on advice of or the actions in the foreign exchange markets by the BANK
or its affiliates.

     (f) The Customer acknowledges and agrees that the Bank is not a trustee and
does not assume any fiduciary obligations hereunder.

SECTION 10. TAXES

     10.1 Withholding Taxes.  All payments under the 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 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 or Y under this SECTION 10), PROMPTLY UPON the
earliest of determining that such withholding or deduction is required or
receiving notice that such amount has been assessed against Y; (3) promptly
forward to Y an official receipt (or 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 the Agreement, such additional amount as is
necessary in order that the net amount actually received by Y after the required
deduction or withholding (including any required deduction and withholding on
such additional amount whether assessed against X or Y), shall equal the full
amount Y would have received has not such deduction or withholding been
required; provided, however that X will not be required to pay any additional
amount to Y to the extent that it would not be required to pay such amount but
for the failure by Y to comply with or perform any agreement contained in
Section 10.3 hereof.

     10.2 Tax Indemnity.  If (i) X is required by any applicable law to make any
deduction or withholding in respect of which X would not be required to pay an
additional amount to Y under Section 10.1(4) above, (ii) X does not so deduct or
withhold and (iii) 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 upon demand pay to X the amount of
such liability (including any related liability for interest, but including any
related liability for penalties only is such liability for penalties results
from Y's failure to comply with or perform any agreement contained in Section
10.3 hereof).

     10.3 Furnish Specified Information.  Each Party agrees with the other that
so long as either Party has or may have any obligation under the Agreement, it
will deliver to the other Party or, in certain cases, to such government or
taxing authority as the other Party reasonably directs, any form, certificate or
document that may be required or reasonably requested in writing in order to
allow such other Party to make a payment under the 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, certificate 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. A Party
shall deliver any such form, certificate or documentation described in this
Section 10.3 promptly upon the earlier to occur of (i) reasonable demand by such
other Party or (ii) learning that such form, certificate or document is
required.

     10.4 Certain Definitions.  The following terms used in this Section 10
shall have the meanings set forth below:

          "Tax" shall mean any present or future tax, levy, duty, fee or charge
     of any nature whatsoever (including interest, penalties, and addition
     thereto) that is imposed by any government or other taxing
                                       15
<PAGE>   16

     authority in respect of any payment under the Agreement other than a stamp,
     registration, documentation or similar tax.

          "Change in Tax Law" shall mean the enactment, promulgation, execution
     or ratification of, or any change in or amendment to, any law (or in the
     official interpretation or application of any law) that occurs on or after
     the date on which the relevant Transaction is entered into.

          "Indemnifiable Tax" shall mean any Tax other than a Tax that would not
     be imposed in respect of a payment under the Agreement but for a present or
     former connection between the jurisdiction of the government or taxation
     authority imposing such Tax and the recipient of such payment or 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 organized,
     present or engaged in a trade or business in such jurisdiction, or having
     or having had a permanent establishment or fixed placed 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, the Agreement or a Credit Support
     Document.

     10.5 Tax Event Close-Out.  In the event that either Party (the "Affected
Party") (i) is required to pay the other Party an additional amount in respect
of an Indemnifiable Tax under Section 10.1(4) or (ii) will receive a payment
from which an amount is required to be deducted or withheld for or on account of
a Tax and no additional amount is required to be paid in respect of such Tax
under Section 10.1(4) as a result of (a) a Change in Tax Law or (b) 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) then
such Affected Party may, upon written notice to the other Party, close out each
affected Currency Obligation and Transaction in accordance with the provisions
of Section 6 hereof. For purposes of Section 6, the Affected Party shall be
deemed the Defaulting Party and the other Party shall be deemed the
Non-Defaulting Party.

SECTION 11. LAW AND JURISDICTION

     11.1 Governing Law.  The Agreement shall be governed by, and construed in
accordance with the laws of the State of New York without giving effect to
conflict of laws provisions.

     11.2 Consent to Jurisdiction.  With respect to any Proceedings, each Party
irrevocably (i) submits to the nonexclusive 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 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 jurisdiction over such Party. Nothing in the
Agreement precludes either Party from bringing Proceedings in any other
jurisdiction, nor will the bringing of Proceedings in any one or more
jurisdictions preclude the bringing of Proceedings in any other jurisdiction.

     11.3 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
courts, (iii) relief by way of injunction, order for specific performance or for
recovery of property, (iv) attachment of its assets (whether 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. Each
Party consents generally in respect of any Proceedings to the giving of any
relief or the issue of any process in connection with such Proceedings,
including, without limitation, the making, enforcement or execution against any
property whatsoever of any order or judgment which may be made or given in such
Proceedings.

     11.4 Waiver of Jury Trial.  Each Party hereby irrevocably waives any and
all right to trial by jury in any Proceedings.
                                       16
<PAGE>   17

     11.5 Counterparts.  This Master Agreement and the Schedule attached hereto
may be executed in any number of counterparts, each of which when so executed
shall be deemed an original and all of which taken together shall constitute but
one instrument.

     IN WITNESS WHEREOF, the Parties have caused the Agreement to be duly
executed by their respective authorized officers as of the date first written
above.

<TABLE>
<S>                                            <C>
ABN AMRO BANK N.V., CHICAGO BRANCH             CAMPBELL ALTERNATIVE ASSET TRUST

BY:                                          BY:
  ---------------                                ---------------
NAME:                                          NAME:
TITLE:                                         TITLE:

BY:
  ---------------
NAME:
TITLE:
</TABLE>

                                       17
<PAGE>   18

                                    SCHEDULE

<TABLE>
<S>              <C>
Part I:          Scope of Agreement
                 The Agreement shall apply to all Transactions outstanding
                 between any two Designated Offices of ABN AMRO Bank N.V. and
                 Campbell Alternative Asset Trust on the Effective Date.
Part II:         Designated Offices
                 Each of the following shall be a Designated Office:
                 With respect to ABN AMRO Bank N.V.: Chicago Branch
                 With respect to Campbell Alternative Asset Trust: Towson, MD
Part III:        Settlement Netting Offices
                 Net settlement provisions of Section 3.2 shall apply to the
                 following Settlement Netting Offices:
                 Same as Part II above.
Part IV:         Novation Netting Offices
                 Netting by novation provisions of Section 3.3(a) shall apply
                 to the following Novation Netting Offices and shall apply to
                 all FX Transactions:
                 Same as Part II above.
Part V:          Matched Pair Novation Netting Offices
                 Matched pair netting by novation provisions of Section
                 3.3(b) shall not apply.
Part VI:         Notices
                 Addresses for Notices:
                 With respect to ABN AMRO Bank N.V.:
                 With respect to FX transactions through its Chicago Branch:
                 Address:
                      ABN AMRO Bank N. V., Chicago Branch
                      181 West Madison Avenue
                      Chicago, Illinois 60602
                      Attention:Treasury Operations
                      Telex No.: 62734                    Answerback: ABN UW
                      Facsimile No.: (312)-904-5778
                      Telephone No.:(312)-904-5905
                      Electronic Messaging System Details:ABN AUS 33a XXX
                 With respect to Campbell Alternative Asset Trust:
                 Address:
                      c/o Campbell & Company, Inc.
                      210 West Pennsylvania Avenue
                      Towson, MD 21204
                      Attn: Theresa D. Becks, CPA
                      Chief Financial Officer
                      Tele: (410)-296-3301
                      Fax: (410)-296-3311
Part VII:        Base Currency
                 U.S. Dollars
</TABLE>

                                       18
<PAGE>   19
<TABLE>
<S>              <C>
Part VIII:       Adequate Assurances
                 The provisions of Section 9.13 shall not apply to the
                 Agreement.
Part IX:         FDICIA Representations
                 The provisions of Section 9.14 shall not apply to the
                 Agreement.
Part X:          Credit Support
                 Credit Support Document with respect to
                 ABN AMRO Bank N.V.:  Inapplicable
                 Credit Support Document with respect to
                 Campbell Alternative Asset Trust:  Inapplicable
Part XI:         Margin Percentage
                 Initial Percentage: TBD
                 Maintenance Percentage: TBD
</TABLE>

<TABLE>
<S>              <C>                                     <C>
Part XII:        Collateral/Collateral Value
                 Collateral                              Collateral Value
                 Cash (U.S. dollars)                     100% of Market Value
                 U.S. Treasury Bills                     % of Principal Amount
                 maturity under 90 days                  98% of Principal Amount
                 maturity 91-181 days                    95% of Principal Amount
                 maturity 182-365 days                   90% of Principal Amount
                 U.S. Treasury obligations
                 maturity beyond 365 days                TBD% of Market Value
                 Letters of Credit issued
                 by depository institutions
                 acceptable to the Bank                  TBD% of Face Value
Part XIII:       Tax ID Numbers
                 With respect to ABN AMRO Bank N.V.: 13-5268975
                 With respect to Campbell Alternative Asset Trust: 52-2238521
</TABLE>

                                       19<PAGE>   1

                                                                   EXHIBIT 10.05

(MULTICURRENCY-CROSS BORDER)

                                    ISDA(R)

                  International Swap Dealers Association, Inc.

                                MASTER AGREEMENT
            dated as of ...........................................

DEUTSCHE BANK AG and CAMPBELL ALTERNATIVE ASSET TRUST 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.

     (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
<PAGE>   2

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.

                                        2
<PAGE>   3

          (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 organized and validly existing under the laws
     of the jurisdiction of its Organization 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
     authorize 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, reorganization, insolvency,
     moratorium or similar laws affecting creditors' rights generally and
     subject, as to enforceability, to

                                        3
<PAGE>   4

     equitable principles of general application (regardless of whether
     enforcement is sought in a proceeding in equity or at law)).

     (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 AUTHORIZATIONS.  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.

     (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

                                        4
<PAGE>   5

incorporated, organized, 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 noticerequirement 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
     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
                                        5
<PAGE>   6

     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:-

          (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

                                        6
<PAGE>   7

     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
                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-

                                        7
<PAGE>   8

defaulting Party") may, by not more than 20 days notice to the Defaulting Party
specifying the relevant Event of Default, designate a 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.

                                        8
<PAGE>   9

           (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.

          (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) n 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(c)) 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
                                        9
<PAGE>   10

                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, 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.

                                       10
<PAGE>   11

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.

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.

                                       11
<PAGE>   12

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.

     (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 be entered
                into as soon as practicable and may be 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 Organization 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

                                       12
<PAGE>   13

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 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
                                       13
<PAGE>   14

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 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, authorization,
     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 I % per annum.

          "Defaulting Party" has the meaning specified in Section 6(a).
                                       14
<PAGE>   15

          "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 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
     organized, present or engaged in a trade or business in such jurisdiction,
     or having or having bad 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 refer-red to under Section I 1. 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

                                       15
<PAGE>   16

     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 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 bead 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, organized, 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

                                       16
<PAGE>   17

             (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 meaning 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
     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.
                                       17
<PAGE>   18

          "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.

     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.

<TABLE>
<CAPTION>

<S>                                                  <C>

 .........................................            .........................................
             (Name of Party)                                      (Name of Party)

By: .....................................            By: .....................................
     Name:                                           Name:
     Title:                                          Title:
     Date:                                           Date:

By: .....................................
     Name:
     Title:
     Date:
</TABLE>

                                       18
<PAGE>   19

                                    SCHEDULE
                                     TO THE
                             ISDA MASTER AGREEMENT
                  DATED AS OF
                             ------------------------------

AMONG DEUTSCHE BANK AG ("PARTY A"), CAMPBELL & COMPANY, INC., A CORPORATION
ORGANIZED AND EXISTING UNDER THE LAWS OF THE STATE OF MARYLAND (THE "AGENT") AND
CAMPBELL ALTERNATIVE ASSET TRUST, A TRUST ORGANIZED AND EXISTING UNDER THE LAWS
OF THE STATE OF DELAWARE (THE "FUND" OR "PARTY B") (EXCEPT WHERE OTHERWISE
INDICATED HEREIN, CAPITALIZED TERMS USED HEREIN SHALL HAVE THE RESPECTIVE
MEANINGS SET FORTH IN PART 5 OF THIS SCHEDULE)

PART 1. TERMINATION PROVISIONS.

     (a) "SPECIFIED ENTITY" means:

         in relation to Party A: Not Applicable

         and in relation to the Fund for the purpose of:

         Section 5(a)(v):  Not Applicable

         Section 5(a)(vi):  Not Applicable

         Section 5(a)(vii): the Agent

         Section 5(b)(iv):  Not Applicable

     (b) The definition of "SPECIFIED TRANSACTION" in Section 14 of this
         Agreement is hereby amended by: (A) deleting in the second through the
         fourth lines thereof the words "between one party...which is a" and
         replacing them with the words "(i) in the case of Party A, between
         Party A and the Fund (or any Credit Support Provider of such party or
         any applicable Specified Entity of such party), and (ii) in the case of
         the Fund, between the Fund (or any Credit Support Provider of such
         party or any applicable Specified Entity of such party) and any other
         person or entity, including without limitation Party A, including
         without limitation any" and (B) adding the text "commodity transaction,
         credit derivative transaction, repurchase or reverse repurchase
         transaction, securities lending transaction, futures transaction, prime
         brokerage or margin lending transaction" after the words "foreign
         exchange transaction" in the sixth line thereof.

     (c) The "CROSS DEFAULT" provisions of Section 5(a)(vi) will apply to Party
         A and the Fund and is hereby amended by adding the following at the end
         thereof:

            , and in either case, the other party determines in good faith that
            it has reasonable grounds to conclude that the performance by the
            Defaulting Party of its financial obligations hereunder is
            endangered.

        With regard to Party A, "THRESHOLD AMOUNT" means, at any time, three
        percent (3%) of the total capital and reserves of Deutsche Bank AG as
        reported in the most recently published annual audited consolidated
        financial statements of Deutsche Bank AG.

        With regard to the Fund, any Credit Support Provider or any applicable
        Specified Entity of the Fund, "THRESHOLD AMOUNT" means: three percent
        (3%) of its Net Asset Value.

     (d) The "CREDIT EVENT UPON MERGER" provision in Section 5(b)(iv), which
         applies to both parties, is hereby amended to read as follows:

          (iv) CREDIT EVENT UPON MERGER.  "Credit Event Upon Merger" means that
               a Designated Event (as defined below) occurs with respect to a
               party, any Credit Support Provider of such party or any
               applicable Specified Entity of such party (in each case, "X") and
               such Designated Event does not constitute a Merger Without
               Assumption under Section 5(a)(viii) hereof and, in the reasonable
               opinion of the other party, the creditworthiness of X or, if
               applicable, the successor, surviving or transferee entity of X,
               after taking into account any applicable Credit Support Document,
               is materially weaker than X immediately prior to such action,
               (and, in such event, such party or its successor, surviving or
               transferee

                                       19
<PAGE>   20

           entity, as appropriate, will be the Affected Party). For purposes
           hereof, a Designated Event with respect to X means that, after the
           date of this Agreement:

             (1) X consolidates or amalgamates with, or merges into, or
                 transfers all or substantially all of its assets (or any
                 substantial part of the assets comprising the business
                 conducted by X as of the date of this Agreement) to, or
                 receives all or substantially all the assets or obligations of,
                 another entity;

             (2) any person or entity acquires directly or indirectly the
                 beneficial ownership of equity securities having the power to
                 elect a majority of the board of directors of X or otherwise
                 acquires directly or indirectly the power to control the
                 policy-making decisions of X;

             (3) X effects any substantial change in its capital structure by
                 means of the issuance, incurrence or guarantee of debt or the
                 issuance of preferred stock or other securities convertible
                 into, or exchangeable for, debt or preferred stock; or

             (4) X enters into any agreement providing for any of the
                 foregoing."

      (e) The "BANKRUPTCY" provisions of Section 5(a)(vii) shall apply to Party
          A and Party B, provided that in the case of Party B, such provisions
          shall be amended by: (i) deleting in clause (4) thereof the number
          "30" and substituting in lieu thereof the number "10" in such clause
          (4); and (ii) deleting in clause (7) thereof the number "30" and
          substituting in lieu thereof the number "10" in such clause (7).

      (f) The "AUTOMATIC EARLY TERMINATION" provisions of Section 6(a) will not
          apply to Party A or to the Fund.

      (g) PAYMENTS ON EARLY TERMINATION.  For the purpose of Section 6(e) of
          this Agreement:

          (i) Loss will apply.

          (ii) The Second Method will apply.

     (h) "TERMINATION CURRENCY" means United States Dollars.

      (i) ADDITIONAL TERMINATION EVENTS.  The occurrence of any of the following
          events shall constitute a Termination Event:

            (i) the Agent fails to notify Party A in writing of the Fund's Net
                Asset Value in accordance with the terms of Part 3 of this
                Schedule;

           (ii) the Fund's Net Asset Value declines by (x) twenty percent (20%)
                or more during any one-month period, (y) thirty percent (30%) or
                more during any three month period or (z) fifty percent (50%) or
                more within any twelve-month period, in each case calculated on
                a rolling basis with respect to the immediately preceding
                one-month, three-month or twelve-month period;

           (iii) the Net Asset Value of the Fund declines below the Net Asset
                 Value Floor with respect to the Fund;

           (iv) in the event that the Agent enters into a Transaction with Party
                A on behalf of the Fund and the Other Funds, either (i) the
                Agent fails to allocate such Transactions among the Fund and the
                Other Funds on the same Business Day on which such Transactions
                are entered into or (ii) after giving effect to such allocation,
                any of such Transactions exceed the applicable Exposure Limit
                for the Fund or the Other Funds;

            (v) the Fund discharges the Agent as its sole trading advisor
                ("Trading Advisor") or reduces by any material amount the assets
                of the Fund under the Agent's management or the Agent otherwise
                fails to act on behalf of the Fund in principally the same or
                similar capacity as that held as of the date of this Agreement;

           (vi) the Trust Agreement dated January 2, 2001 (the "Investment
                Management Agreement") between the Fund and the Agent or any
                Operative Document is (a) terminated or ceases

                                       20
<PAGE>   21

            to be in full force and effect or (b) is amended or modified and
            such amendment or modification may have a material adverse effect on
            the rights of Party A under this Agreement, any Credit Support
            Document or any Transaction or on the ability of the Fund to perform
            its obligations under, or its authority to enter into, this
            Agreement, any Credit Support Document or any Transaction;

           (vii) any representation or warranty made or deemed made by the Agent
                 herein to Party A proves false or misleading when made or
                 deemed made, or if the Agent defaults in the fulfillment of any
                 obligation binding upon it hereunder whether in its individual
                 capacity or as Agent;

          (viii) an Adverse Regulatory Change occurs and is continuing;

           (ix) the Additional Termination Events set forth in the Credit
                Support Annex; or

           (x) Unless a confirmation of a Transaction otherwise provides Party A
               with the right to elect to terminate a Transaction, the parties
               agree that either party (the "Electing Party") may elect to
               terminate any Transaction (which shall be the only Affected
               Transaction) on the second anniversary of the Effective Date of
               such Transaction and annually thereafter (which date shall be the
               Early Termination Date with respect to such Transaction) by at
               least five days' prior notice, provided that no other Event of
               Default, Potential Event of Default or Termination Event shall
               have occurred and then be continuing under this Agreement on such
               Early Termination Date (any such termination, an "Elective
               Termination").

        For the purpose of the foregoing Termination Events specified in clauses
        (i) through (ix) above, the Fund shall be deemed to be the Affected
        Party and Party A shall not be an Affected Party. For purposes of the
        Termination Event specified in clause (x) above, the Electing Party
        shall be deemed to be the Affected Party and the other party shall not
        be an Affected Party.

PART 2. TAX REPRESENTATIONS.

     (a) PAYER REPRESENTATIONS.  For the purpose of Section 3(e) of this
         Agreement, Party A and the Fund make the following representations to
         the other:

         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, each party 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 of the other party 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,

        provided that 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 TAX REPRESENTATIONS.

        For the purpose of Section 3(f) of this Agreement, Party A and Party B
        each represent to the other that, in respect of each Transaction which
        it enters into through an Office or discretionary agent in the United
        States of America ("U.S."), each payment received or to be received by
        it under that Transaction will be effectively connected with its conduct
        of a trade or business in the U.S.
                                       21
<PAGE>   22

PART 3.  DOCUMENTS TO BE DELIVERED.

     (a) For the purpose of Section 4(a)(i), the documents to be delivered are:

<TABLE>
<CAPTION>
PARTY REQUIRED TO DELIVER                                                               SECTION 3(d)
        DOCUMENT           FORM/ DOCUMENT/ CERTIFICATE  DATE BY WHICH TO BE DELIVERED  REPRESENTATION
-------------------------  ---------------------------  -----------------------------  --------------
<S>                        <C>                          <C>                            <C>
Party A                    An executed United States    (i) Upon execution of this
                           Internal Revenue Service     Agreement, (ii) promptly upon
                           Form W-8ECI (or any          reasonable demand by Party B
                           successor thereto) and an    and (iii) promptly upon
                           executed United States       learning that any such form
                           Internal Revenue Service     previously provided by Party
                           Form W-8BEN (or any          A has become obsolete or
                           successor thereto).          incorrect.
The Fund                   An executed United States    (i) Upon execution of this
                           Internal Revenue Service     Agreement, (ii) promptly upon
                           Form W-8ECI (or any          reasonable demand by Party A
                           successor thereto), Form     and (iii) promptly upon
                           W-8BEN (or any successor     learning that any such form
                           thereto), or Form W-9 (or    previously provided by Party
                           any successor thereto), as   B has become obsolete or
                           applicable.                  incorrect.
</TABLE>

     (b) For the purposes of Section 4(a)(ii), the other documents to be
delivered are:

<TABLE>
<CAPTION>
PARTY REQUIRED TO DELIVER                                                               SECTION 3(d)
        DOCUMENT           FORM/ DOCUMENT/ CERTIFICATE  DATE BY WHICH TO BE DELIVERED  REPRESENTATION
-------------------------  ---------------------------  -----------------------------  --------------
<S>                        <C>                          <C>                            <C>
Party A, the Agent, the    Evidence of the authority,   Upon or prior to the           Applicable
Fund                       incumbency and specimen      execution and delivery of
                           signature of each person     this Agreement and, with
                           executing this Agreement or  respect to any Confirmation
                           any Confirmation, Credit     upon request by the other
                           Support Document or other    party.
                           document entered into in
                           connection with this
                           Agreement on its behalf or
                           on behalf of a Credit
                           Support Provider or
                           otherwise, as the case may
                           be.
</TABLE>

                                       22
<PAGE>   23

<TABLE>
<CAPTION>
PARTY REQUIRED TO DELIVER                                                               SECTION 3(d)
        DOCUMENT           FORM/ DOCUMENT/ CERTIFICATE  DATE BY WHICH TO BE DELIVERED  REPRESENTATION
-------------------------  ---------------------------  -----------------------------  --------------
<S>                        <C>                          <C>                            <C>
The Agent                  Evidence of the authority    Upon execution of this         Applicable
                           of the Agent to act on       Agreement, any Confirmation
                           behalf of and to bind the    and promptly upon demand by
                           Fund, including Powers of    Party A.
                           Attorney, Trading
                           Authorizations or other
                           documents evidencing such
                           other actions taken by the
                           Fund to authorize the
                           Agent's execution of this
                           Agreement and each
                           Confirmation, and the
                           performance of its
                           obligations hereunder.
The Fund                   Its most recent Prospectus,  As of execution of this        Applicable
                           Private Placement or         Agreement.
                           Offering Memorandum, the
                           Investment Management
                           Agreement and other
                           Operative Documents.
The Agent and the Fund     The notices specified in     As soon as available and in    Applicable
                           Section 4 of this Agreement  any event at the times
                           as added by Part 5 of this   specified in such Section 4.
                           Schedule.
Party A                    A copy of its most recent    Promptly after request by the  Applicable
                           annual report containing     other party and promptly
                           consolidated financial       following the end of each
                           statements, certified        fiscal year while there are
                           without qualification by     obligations outstanding under
                           independent public           this Agreement.
                           accountants, and such other
                           public information
                           respecting its condition or
                           operations, financial or
                           otherwise, as the other
                           party may reasonably
                           request from time to time.
</TABLE>

                                       23
<PAGE>   24

<TABLE>
<CAPTION>
PARTY REQUIRED TO DELIVER                                                               SECTION 3(d)
        DOCUMENT           FORM/ DOCUMENT/ CERTIFICATE  DATE BY WHICH TO BE DELIVERED  REPRESENTATION
-------------------------  ---------------------------  -----------------------------  --------------
<S>                        <C>                          <C>                            <C>
The Fund                   Copies of (i) its most       Promptly after request by      Applicable
                           recent annual financial      Party A if available in
                           statements, certified        writing or otherwise on a
                           without qualification by     verbal basis, within five (5)
                           independent public           days after the end of the
                           accountants, (ii) its most   relevant calendar month,
                           recent quarterly financial   within thirty (30) days after
                           statements, (iii) its most   the end of the relevant
                           recent unaudited month-end   quarter or within sixty (60)
                           balance sheet (such          days after the end of the
                           financial statements         relevant year, as the case
                           referred to in clauses (i)   may be.
                           through (iii) shall include
                           as financial statement
                           items its Net Asset Value,
                           and (iv) such other
                           information respecting the
                           condition or operations,
                           financial or otherwise, of
                           the Agent and the Fund as
                           Party A may reasonably
                           request from time to time.
The Fund                   A duly executed and          As of execution of this        No
                           delivered copy of the        Agreement.
                           Credit Support Document
</TABLE>

PART 4. MISCELLANEOUS.

     (a)ADDRESS FOR NOTICES.  For the purpose of Section 12(a) of this
        Agreement, the addresses for notices and communications to Party A and
        the Fund shall be as follows:

        TO PARTY A:

          (i) All notices to Party A under Sections 5 or 6 of the Agreement
              (other than notices under Section 5(a)(i)) shall be sent to:

          Deutsche Bank AG, Head Office
           Taunusanlage 12
           60262 Frankfurt
           GERMANY
           Attention:     Legal Department
           Telex No:     411836 or 416731 or 41233
           Answerback:  DBF-D

          (ii) All notices to Party A (other than those provided for in
               paragraph (i) above) shall be sent directly to the office through
               which Party A is acting for the relevant Transaction, using the
               address and contact particulars specified in the Confirmation for
               the purposes of confirming

                                       24
<PAGE>   25

           that Transaction. If no such particulars are so specified, such
           notices shall be sent to the address of the relevant office set out
           below:

<TABLE>
<S>                                    <C>
WHERE PARTY A IS ACTING THROUGH ITS    WHERE PARTY A IS ACTING THROUGH ITS
FRANKFURT HEAD OFFICE:                 LONDON BRANCH:
Deutsche Bank AG, Head Office          Deutsche Bank AG, London Branch
Taunusanlage 12                        6, Bishopsgate
60262 Frankfurt                        London EC2N 4DA
GERMANY                                UNITED KINGDOM
Attention: Trading & Sales/Evidenz     Attn: OTC Derivatives
Tel: (49)(69) 910 33339                Tel: (44)(171) 545 8000 Fax:
Fax No: (49)(69) 910-38406             (44)(171) 545 4455 Telex: 94015555
Telex No: 41730-701                    Answerback: DBLN G
Answerback: 41730-702 FMD
WHERE PARTY A IS ACTING THROUGH ITS    WHERE PARTY A IS ACTING THROUGH ITS
NEW YORK BRANCH:                       TOKYO BRANCH:
Deutsche Bank AG, New York Branch      Deutsche Bank AG, Tokyo Branch
31 W. 52nd Street                      Deutsche Bank Building
New York, New York 10019               12-1, Toranomon 3-Chome
USA                                    Minato-ku, Tokyo 1050001
Attn: Swap Group                       JAPAN
Tel: (1)(212) 469 4338                 Attn: Head of Derivatives
Fax: (1)(212) 469 4654                 Tel: (81)(3) 5401 1971
Telex: 429166                          Fax: (81)(3) 5401 6550
Answerback: DEUTNYK                    Telex: 24814
                                       Answerback: DEUTBKTK J
WHERE PARTY A IS ACTING THROUGH ITS    WHERE PARTY A IS ACTING THROUGH ITS
SINGAPORE BRANCH:                      PARIS BRANCH:
Deutsche Bank AG, Singapore Branch     Deutsche Bank AG, Paris Branch
5 Temasek Boulevard                    3, Avenue Friedland
#11-03 Suntec City Tower               75008 Paris
SINGAPORE 038985                       FRANCE
Attn: Derivatives Settlements          Attn: Swap Group
Tel: (65) 423 6896 or 423 6872         Tel: (33)(1) 4495 6400
Fax: (65) 883 0836                     Fax: (33)(1) 5375 0701
Telex: RS 21189                        Telex: 644192
Answerback: DBA                        Answerback: DEUTBANK
</TABLE>

                                       25
<PAGE>   26
<TABLE>
<S>                                    <C>
WHERE PARTY A IS ACTING THROUGH ITS    WHERE PARTY A IS ACTING THROUGH ITS
SYDNEY BRANCH:                         BRUSSELS BRANCH:
Deutsche Bank AG, Sydney Branch        Deutsche Bank AG, Brussels Branch
Level 18, Grosvenor Place              100 Boulevard du Souverain
225 George Street                      1170 Brussels
Sydney NSW 2000                        BELGIUM
AUSTRALIA                              Attn: Corporate Department
Attn: Settlements Manager              Tel: (32)(2) 674 3711
     Treasury Division                 Fax: (32)(2) 672 2371
Tel: (61)(2) 9258 1234                 Telex: 63798
Fax: (61)(2) 9258 3632
Telex: AA122258
Answerback: DBALFX
</TABLE>

<TABLE>
<S>                <C>
TO THE FUND:       Campbell & Company, Inc.
                   210 West Pennsylvania Avenue
                   Towson, Maryland 21204
Attention:         Theresa D. Becks, CFO
Telephone          800-698-7235
  No.:
Fax No.:           410-842-4702
</TABLE>

     (b)PROCESS AGENT.  For the purpose of Section 13(c) of this Agreement:

        Party A appoints as its Process Agent:  Not applicable

        The Fund and the Agent appoint as Process Agent:  the Agent

     (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 a Multibranch Party and may act through the following
        Offices: New York Branch, London Branch, Tokyo Branch, Singapore Branch,
        Brussels Branch, Paris Branch, Sydney Branch and Head Office, Frankfurt.

        The Fund is not a Multibranch Party.

     (e) CALCULATION AGENT.  The Calculation Agent shall be Party A.

     (f)CREDIT SUPPORT DOCUMENT.  Details of any Credit Support Document:

        The ISDA Credit Support Annex and supplementary "Paragraph
        13 -- Elections & Variables" in the form appended hereto shall
        constitute a "Credit Support Document" in relation to each party,
        respectively, with respect to all of the obligations of the parties and
        for all purposes of this Agreement.

     (g)CREDIT SUPPORT PROVIDER.  Credit Support Provider means in relation to
        Party B:

        Not applicable.

     (h)GOVERNING LAW.  This Agreement shall be governed by, and construed and
        enforced in accordance with, the laws of the State of New York (without
        reference to its choice of law doctrine).

     (i)JURISDICTION.  Section 13(b) is hereby amended by (i) deleting in the
        second line of subparagraph (i) thereof the word "non-" and (ii)
        deleting the final paragraph thereof.

     (j)"AFFILIATE"  will have the meaning specified in Section 14 of this
Agreement.

     (k) NOTICES.  Section 12(a) of this Agreement is amended by adding the
words "given to Party A" after the word "communication" in the second line
thereof.

                                       26
<PAGE>   27

PART 5. OTHER PROVISIONS.

     1. REPRESENTATIONS.

          (a) REPRESENTATIONS OF ALL PARTIES.  Each party will be deemed to
     represent to the other party on the date that 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 decisions 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 advisers 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 to be 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 and 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 adviser to it in respect of that
                   Transaction.

              (iv) COMMODITY EXCHANGE ACT.  Each Transaction is intended to be
                   exempt from, or otherwise not subject to regulation under,
                   the Commodity Exchange Act. Such party is an "eligible swap
                   participant" within the meaning of CFTC Regulation Section
                   35.1(b)(2); and is entering into each Transaction in
                   connection with its line of business.

              (v) SECURITIES ACT REPRESENTATIONS.

                (a) it acknowledges that certain Transactions under the
                    Agreement may involve the purchase or sale of "securities"
                    as defined under the U.S. Securities Act of 1933, as
                    amended, and understands that any such purchase or sale of
                    securities will not be registered under the Securities Act
                    and that any such securities may not be reoffered, resold,
                    pledged or otherwise transferred except (1) pursuant to an
                    effective registration statement under the Securities Act or
                    pursuant to an exemption from the registration requirements
                    of the Securities Act and (2) in accordance with any
                    applicable securities laws of any state of the United States
                    of America;

                (b) it is a "qualified institutional buyer" as defined in Rule
                    144A under the Securities Act or an "accredited investor" as
                    defined under the Securities Act; and

                (c) unless otherwise expressly provided in a Confirmation for a
                    Transaction, any securities it is required to deliver under
                    this Agreement and any Transaction will not at the time of
                    such delivery constitute "restricted securities" or be
                    subject to restriction or transfer (including so-called
                    "control securities") under the Securities Act or otherwise.
                    This representation will be deemed repeated at the time of
                    such delivery.

          (b) ADDITIONAL REPRESENTATIONS OF THE FUND.  The Fund represents to
     Party A on and as of the date hereof and at all times until the termination
     of this Agreement that:

              (i) with respect to this Agreement and each Transaction, it will
                  maintain, and be in full compliance with, all Operative
                  Documents, and this Agreement and each Transaction is, and
                  will be, authorized and permissible transactions and
                  investments thereunder;
                                       27
<PAGE>   28

              (ii) each Transaction will comply in all respects with all
                   applicable laws, rules, regulations, interpretations,
                   guidelines, procedures, and policies of applicable
                   governmental and regulatory authorities affecting the Fund,
                   this Agreement, the Transactions, or the performance of its
                   obligations hereunder;

             (iii) with respect to each source of funds to be used by it to
                   enter into such Transactions (each such source being referred
                   to herein as a "Source"), the Source is not the assets of any
                   "plan" (as such term is defined in Section 4975 of the Code)
                   subject to Section 4975 of the Code or any "employee benefit
                   plan" (as such term is defined in Section 3(3) of ERISA)
                   subject to Title I of ERISA, or otherwise out of "plan
                   assets" within the meaning of United States Department of
                   Labor regulation sec. 2510.3-101, 29CFR sec. 2510-3-101; and

              (iv) the Fund represents that (i) it is entering into this
                   Agreement and each Transaction as principal (and not as agent
                   or in any other capacity, fiduciary or otherwise); (ii) the
                   persons executing this Agreement on its behalf have been
                   authorized to do so; and (iii) it has granted the Agent the
                   authority to execute and deliver this Agreement on its behalf
                   and to act on its behalf in all matters related to this
                   Agreement, including, without limitation, on a fully
                   discretionary basis in accordance with its Operative
                   Documents entering into Transactions on its behalf.

          (c) AGENT'S REPRESENTATIONS.  The Agent represents to, and covenants
     and agrees with, Party A on and as of the date hereof and on each date on
     which a Transaction is entered into and regardless of whether such
     Transaction or any portion thereof has been finally allocated to the Fund
     that:

              (i) it is duly incorporated and validly existing under the laws of
                  its place of incorporation;

              (ii) it is "commodity trading advisor" or a "commodity pool
                   operator" registered under the Commodity Exchange Act, as
                   amended, and all similar state laws under which it is
                   required to be registered or is exempt from any such
                   registration, and it maintains the records required by, and
                   complies in all other material respects with, all such laws;

              (iii) the Agent represents (a) that it is entering into this
                    Agreement and each Transaction on behalf of the Fund as
                    agent; (b) the persons executing this Agreement on its
                    behalf have been authorized to do so; (c) that it has the
                    power and the authority to execute and deliver this
                    Agreement as agent for the Fund and to bind the Fund and to
                    act on its behalf in all matters related to this Agreement;
                    and (d) this Agreement is binding upon the Fund and
                    enforceable against the Fund in accordance with its terms
                    and does not and will not violate the terms of any agreement
                    by which the Fund is bound;

              (iv) it will enter into a Transaction only when the assets in the
                   accounts of the Fund under its control are sufficient to meet
                   the obligations resulting from such Transaction;

              (v) pursuant to the Investment Management Agreement the Fund
                  authorized it to take all action with respect to Transactions
                  on behalf of the Fund, including, without limitation, opening
                  accounts with Party A on behalf of the Fund; it has examined
                  all applicable trust instruments, corporate charters, by-laws
                  or authorizations, partnership agreements, trust indentures or
                  other authorizing documentation of the Fund and is satisfied
                  that the person or persons signing the Investment Management
                  Agreement were themselves properly authorized by the Fund;

              (vi) Party A may rely on the representations of the Agent
                   respecting its authority to act on behalf of the Fund
                   contained herein until Party A shall have received written
                   notice of a change in, revocation or rescission of such
                   authority; no change in, revocation or rescission of such
                   authority shall affect in any manner the rights and
                   indemnities inuring to Party A with respect to the obligation
                   of the Fund hereunder arising prior to actual receipt by
                   Party A of written notice of such change in, revocation or
                   rescission; and
                                       28
<PAGE>   29

             (vii) it agrees to indemnify Party A and Party A's Affiliates, to
                   the fullest extent permitted by law, from and against any
                   loss, liability, cost, claim, action, demand or expense
                   (including, without limitation, the costs, expenses and
                   disbursements of legal counsel), whether direct, indirect,
                   incidental or consequential, resulting from, arising out of
                   or relating to (i) any claim by Party B that any Transaction
                   entered into by the Agent on Party B's behalf was not
                   suitable, (ii) any claim by Party B that any Transaction
                   entered into by the Agent on Party B's behalf was without
                   authority, and (iii) any breach by the Agent of any
                   representation, warranty, covenant or agreement contained
                   herein.

     2. CONSENT TO RECORDING.

     Each party (i) consents to the recording of the telephone conversations of
trading and marketing and/or other personnel of the parties and their Affiliates
in connection with this Agreement or any potential Transaction (ii) agrees to
obtain any necessary consent of and give notice of such recording to such
personnel of it and its Affiliates; and (iii) agrees that recordings may be
submitted in evidence in any Proceedings relating to this Agreement.

     3. TAX PROVISIONS.

          (a) The definition of Tax Event, Section 5 (b)(ii), is hereby modified
              by adding the following provision at the end thereof:

           "provided, however, that for purposes of clarification, the parties
           acknowledge that the introduction or proposal of legislation, shall
           not, in and of itself, give rise to a presumption that a Tax Event
           has occurred."

          (b) The definition of term "Indemnifiable Tax" is amended by adding
              the following provisions at the end thereof:

           "Notwithstanding the foregoing, "Indemnifiable Tax" also means any
           Tax imposed in respect of a payment under this Agreement by reasons
           of a Change in Tax Law by a government or taxing authority of a
           Relevant Jurisdiction of the party making such payment, unless the
           other party is incorporated, organized, managed and controlled or
           considered to have its seat in such jurisdiction, or is acting for
           purposes of this Agreement through a branch or office located in such
           jurisdiction."

     4. SET OFF.

          Section 6 of this Agreement is amended by the addition of the
     following Section 6(f):

        "(f) Upon the designation of any Early Termination Date, the party that
        is not the Defaulting Party or Affected Party ("X") may, without prior
        notice to the Defaulting or Affected Party ("Y"), set off any sum or
        obligation (whether or not arising under this Agreement, whether matured
        or unmatured, whether or not contingent and irrespective of the
        currency, place of payment or booking office of the sum or obligation)
        owed by Y to X or any Affiliate of X (the "X Set Off Amount") against
        any sum or obligation (whether or not arising under this Agreement,
        whether matured or unmatured, whether or not contingent and irrespective
        of the currency, place of payment or booking office of the sum or
        obligation) owed by X or any Affiliate of X to Y (the "Y Set Off
        Amount"). X will give notice to the other party of any set off effected
        under this Section 6(f).

        For this purpose, either the X Set Off Amount or the Y Set Off Amount
        (or the relevant portion of such set off amounts) may be converted by X
        into the currency in which the other set off amount is denominated at
        the rate of exchange at which X would be able, acting in a reasonable
        manner and in good faith, to purchase the relevant amount of such
        currency.

        If a sum or 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.

                                       29
<PAGE>   30

        Nothing in this Section 6(f) shall be effective to create a charge or
        other security interest. This Section 6(f) shall be without prejudice
        and in addition to any right of set-off, combination of accounts, lien
        or other rights to which any party is at any time otherwise entitled
        (whether by operation of law, contract or otherwise)."

     5. ESCROW.

        On any date on which both parties are required to make payments
        hereunder, either party may at its option and in its sole discretion
        notify the other party that payments on that date are to be made in
        escrow. In this case deposit of the payment due earlier on that date
        shall be made by 2:00 p.m. (local time at the place for the earlier
        payment if there is a time difference between the cities in which
        payments are to be made) on that date with an escrow agent selected by
        the party giving the notice and reasonably acceptable to the other
        party, accompanied by irrevocable payment instructions (a) to release
        the deposited payment to the intended recipient upon receipt by the
        escrow agent of the required deposit of the corresponding payment from
        the other party on the same date accompanied by irrevocable payment
        instructions to the same effect or (b) if the required deposit of the
        corresponding payment is not made on that same date, to return the
        payment deposited to the party that paid it into escrow at such party's
        request. The party that elects to have payments made in escrow shall pay
        the costs of the escrow arrangements and shall cause those arrangements
        to provide that the intended recipient of the payment due to be
        deposited first shall be entitled to interest on that deposited payment
        for each day in the period of its deposit at the rate offered by the
        escrow agent for that day for overnight deposits in the relevant
        currency in the office where it holds that deposited payment (at 11:00
        a.m. local time on that day) if that payment is not released by 5:00
        p.m. local time on the date it is deposited for any reason other than
        the intended recipient's failure to make the escrow deposit it is
        required to make hereunder in a timely fashion.

     6. ADDITIONAL ACKNOWLEDGMENTS AND AGREEMENTS OF THE PARTIES.  Section 4 is
hereby amended by adding the following new agreements:

          (a) ADDITIONAL AGREEMENTS OF THE FUND, THE AGENT AND PARTY A.

             (1) ACTIONS AFFECTING REPRESENTATIONS.  The Fund, the Agent and
                 Party A each agree not to take any action during the term of
                 this Agreement or any Transaction hereunder that renders or
                 could render any of the representations and warranties in this
                 Agreement materially untrue, incorrect, or incomplete. If any
                 event or condition occurs that renders or could render any such
                 representation made by it untrue, incorrect, or incomplete, the
                 Fund and/or the Agent, as applicable, will immediately give
                 written notice thereof to Party A.

             (2) NOTICE OF CERTAIN EVENTS.  The Fund and the Agent will provide
                 Party A, promptly upon becoming aware of the same, with written
                 notice of (A) any proposed action, change, or modification to
                 any Operative Document, the Investment Management Agreement or
                 any investment guidelines, policies, procedures or restrictions
                 to which the Agent may be subject, or any action that causes or
                 could cause a Termination Event or Event of Default, or any
                 event or circumstance that might reasonably be expected to
                 directly or indirectly lead to a Termination Event or Event of
                 Default, (B) any Potential Event of Default, Event of Default
                 or Termination Event, or event or condition that, with the
                 giving of notice or the passage of time or both, could
                 constitute a Termination Event with respect to the Fund, (C)
                 any pending or threatened litigation, action, claim,
                 proceeding, or investigation which could adversely affect the
                 ability of the Fund or the Agent to perform its obligations
                 under this Agreement, any Credit Support Document or any
                 Transaction, and (D) the Agent's impending resignation or
                 termination as investment adviser to the Fund, or of any other
                 facts or developments which could adversely affect the status
                 of the Fund or the Agent with respect to this Agreement, any
                 Credit Support Document or any Transaction including, without

                                       30
<PAGE>   31

               limitation, any change which results in the Agent no longer
               managing 100% of the assets of the Fund.

          (b) DEUTSCHE BANK SECURITIES INC.  Each party acknowledges and agrees
              that (i) Deutsche Bank Securities Inc. or another designated
              Affiliate of Party A (the "Designated Agent") will act as agent
              for Party A in connection with certain Transactions when so
              specified in the Transaction Confirmation; and (ii) the Designated
              Agent is acting solely as agent and shall have no liability for
              the performance of either party's obligations under this Agreement
              or any Transaction, or for costs, expenses, damages or claims
              arising out of the failure of either party to perform any such
              obligation.

          (c) BANKRUPTCY CODE.  Without limiting the applicability if any, of
              any other provision of the U.S. Bankruptcy Code as amended (the
              "Bankruptcy Code") (including without limitation Sections 362,
              546, 556, and 560 thereof and the applicable definitions in
              Section 101 thereof), the parties acknowledge and agree that all
              Transactions entered into hereunder will constitute "forward
              contracts" or "swap agreements" as defined in Section 101 of the
              Bankruptcy Code or "commodity contracts" as defined in Section 761
              of the Bankruptcy Code, that the rights of the parties under
              Section 6 of this Agreement will constitute contractual rights to
              liquidate Transactions, that any margin or collateral provided
              under any margin, collateral, security, pledge, or similar
              agreement related hereto will constitute a "margin payment" as
              defined in Section 101 of the Bankruptcy Code, and that the
              parties are entities entitled to the rights under, and protections
              afforded by, Sections 362, 546, 556, and 560 of the Bankruptcy
              Code.

          (d) WAIVER OF RIGHT TO TRIAL BY JURY.  Each of the parties hereby
              irrevocably waives any and all right to a trial by jury with
              respect to any legal proceeding arising out of or relating to this
              Agreement or any Transaction.

          (e) LIABILITY AND OBLIGATIONS OF THE AGENT.  Each of Party A and the
              Fund agrees that (i) the Agent (x) is acting as agent for purposes
              of this Agreement and any Transaction hereunder and (y) is not a
              principal to this Agreement or any Transaction hereunder and is
              executing this Agreement and any Confirmation solely in its
              capacity as agent and (ii) if the representations and warranties
              of the Agent under the Agreement and each Transaction are true and
              correct in all material respects during the term of this Agreement
              and each Transaction and the Agent otherwise complies with the
              provisions of this Agreement and performs its obligations
              hereunder, then the Agent's obligations under the Agreement shall
              not include a guarantee of performance by the Fund under the
              Agreement or any Transaction hereunder. In connection with the
              Fund's entering into this Agreement and any Transactions
              hereunder, the Fund agrees that Party A will be entitled to rely
              conclusively upon any request, instruction, certificate, opinion,
              or other document furnished to Party A by any employee or agent of
              the Agent identified from time to time by the Fund or the Agent
              whom Party A reasonably believes to be genuine in connection with
              this Agreement and any Transaction hereunder as though such
              request, instruction, certificate, opinion, or other document was
              given by the Fund.

     7. DEFINITIONS.

            (i) "Adverse Regulatory Change" means the adoption of, or any change
                in, any applicable law after the date on which a Transaction is
                entered into, or issuance of any directive or the promulgation
                of, or any change in, the interpretation of any law or directive
                (or any requests, whether or not having the force of law) made
                by any court, tribunal or regulatory authority with competent
                jurisdiction after such date which, in respect of a Transaction
                or any assets or hedge incidental thereto, has the effect with
                regard to either party of: (A) imposing or adversely modifying,
                in any material respect, any reserve, special deposit, or
                similar requirement; or (B) materially affecting the amount of
                regulatory capital to be maintained by such party.

                                       31
<PAGE>   32

           (ii) "Exposure Limit" means separate exposure limits established by
                Party A for the Fund and each Other Fund.

           (iii) "Other Funds" means each and every entity managed by the Agent
                 which engages in Specified Transactions with Party A.

           (iv) "Net Asset Value" means with respect to the Fund, as applicable,
                the aggregate net asset value of the Fund calculated in
                accordance with U.S. generally accepted accounting principles.

            (v) "Net Asset Value Floor" means, with respect to the Fund,
                4,000,000, provided that in the event Net Asset Value based on
                the most recent annual financial statement is greater than
                8,000,000, "Net Asset Value Floor" shall mean 50% of Net Asset
                Value as of the date of such statement.

           (vi) "Code" shall mean the Internal Revenue Code of 1986, as amended.

           (vii) "ERISA" shall mean the Employee Retirement Income Security Act
                 of 1974, as amended.

          (viii) "Operative Documents" means the trust indenture, corporate
                 charter, limited partnership agreement, and the by-laws or
                 other similar documents, instruments or other constituent
                 documents of the Fund as applicable, the investment policies,
                 procedures, restrictions, or guidelines of the Fund, the
                 then-current disclosure document of the Fund, if any, and the
                 power of attorney or trading authorization by the Fund issued
                 in favor of the Agent.

           (ix) "Investment Management Agreement" means: The operating agreement
                between the Agent and the Fund, whether such agreement is an
                Advisory Agreement, Management Agreement or Trust Agreement, as
                applicable.

           (x) "Trading Advisor" means: The Agent, whether referred to as
               Trading Advisor, General Partner or Managing Owner in the
               Investment Management Agreement, as applicable.

     8. CONFIRMATIONS FOR FOREIGN EXCHANGE TRANSACTIONS

           (i) With effect from the date hereof, any FX Transaction or Currency
               Option (as defined in the 1998 FX and Currency Option
               Definitions, as published by the International Swaps and
               Derivatives Association, Inc., the Emerging Markets Traders
               Association and The Foreign Exchange Committee (the "FX
               Definitions")) which the parties may enter, or may have entered
               into prior to the date hereof, in respect of which the
               Confirmation fails by its terms expressly to exclude the
               application of this Agreement, shall (to the extent not otherwise
               provided for in this Agreement) be deemed to incorporate the
               terms of and shall be governed by and be subject to this
               Agreement (in substitution for any existing terms, if any,
               whether express or implied) and, for the purposes hereof, shall
               be deemed to be a Transaction.

           (ii) Where a Transaction is confirmed by means of exchange of
                electronic messages on an electronic messaging system or other
                document or other confirming evidence exchanged between the
                parties confirming such Transaction such messages, document or
                evidence will constitute a Confirmation for the purposes of this
                Agreement even where not so specified therein.

          (iii) Reference is made to the FX Definitions with respect to any FX
                Transaction or Currency Option. Unless otherwise specified in a
                Confirmation relating to a FX Transaction or a Currency Option,
                any terms used in that Confirmation which are not otherwise
                defined herein and which are contained in the FX Definitions
                shall have the meaning set forth in those definitions. In the
                event of any inconsistency between the provisions of this
                Agreement and the FX Definitions, the provisions of this
                Agreement shall prevail.

                                       32
<PAGE>   33

     9. PREMIUM PAYMENTS

        If any Premium relating to a Currency Option is not received on the
        Premium Payment Date, the Seller may elect: (1) to accept a late payment
        of such Premium; (2) to give written notice of such non-payment and, if
        such payment shall not be received within two (2) Local Business Days of
        such notice, treat the related Currency Option as void; or (3) to give
        written notice of such non-payment and, if such payment shall not be
        received within two (2) Local Business Days of such notice, treat such
        non-payment as an Event of Default under Section 5(a)(i). If the Seller
        elects to act under either clause (1) or (2) of the preceding sentence,
        the Buyer shall pay all out-of-pocket costs and actual damages incurred
        in connection with such unpaid or late Premium or void Currency Option,
        including, without limitation, interest on such Premium in the same
        currency as such Premium at the then prevailing market rate and any
        other costs or expenses incurred by the Seller in covering its
        obligations (including, without limitation, any hedge) with respect to
        such Currency Option.

<TABLE>
<S>                                         <C>
DEUTSCHE BANK AG                            CAMPBELL & COMPANY, INC.
By:                                         By:
------------------------------------------  ------------------------------------------
    Name:                                   Name:
    Title:                                  Title:
By:                                         CAMPBELL ALTERNATIVE
------------------------------------------
    Name:                                   ASSET TRUST
    Title:
                                            By:
                                            ------------------------------------------
                                            Name:
                                            Title:
</TABLE>

                                       33
<PAGE>   34

(BILATERAL FORM)                  (ISDA AGREEMENTS SUBJECT TO NEW YORK LAW ONLY)

                                      ISDA
             INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC.

                              CREDIT SUPPORT ANNEX
                          TO THE SCHEDULE TO THE ISDA
                           MASTER AGREEMENT DATED AS
                     OF                          BETWEEN
                        ------------------------
                                DEUTSHCE BANK AG
                                  ("PARTY A")
                                      AND

                        CAMPBELL ALTERNATIVE ASSET TRUST
                                  ("PARTY B")

     This Annex supplements, forms part of, and is subject to, the
above-referenced Agreement, is part of its Schedule and is a Credit Support
Document under this Agreement with respect to each party.

     Accordingly, the parties agree as follows:

PARAGRAPH 1. INTERPRETATION

     (a) DEFINITIONS AND INCONSISTENCY.  Capitalized terms not otherwise defined
         herein or elsewhere in this Agreement have the meanings specified
         pursuant to Paragraph 12, and all references in this Annex to
         Paragraphs are to Paragraphs of this Annex. In the event of, any
         inconsistency between this Annex and the other provisions of this
         Schedule, this Annex will prevail, and in the event of any
         inconsistency between Paragraph 13 and the other provisions of this
         Annex, Paragraph 13 will prevail.

     (b) SECURED PARTY AND PLEDGOR.  All references in this Annex to the
         "Secured Party" will be to either party when acting in that capacity
         and all corresponding references to the "Pledgor" will be to the other
         party when acting in that capacity; provided, however, that if Other
         Posted Support is held by a party to this Annex, all references herein
         to that party as the Secured Party with respect to that Other Posted
         Support will be to that party as the beneficiary thereof and will not
         subject that support or that party as the beneficiary thereof to
         provisions of law generally relating to security interests and secured
         parties.

PARAGRAPH 2. SECURITY INTEREST

     Each party, as the Pledgor, hereby pledges to the other party, as the
Secured Party, as security for its Obligations, and grants to the Secured Party
a first priority continuing security interest in, lien on and right of Set-off
against all Posted Collateral Transferred to or received by the Secured Party
hereunder. Upon the Transfer by the Secured Party to the Pledgor of Posted
Collateral, the security interest and lien granted hereunder on that Posted
Collateral will be released immediately and, to the extent possible, without any
further action by either party.

PARAGRAPH 3. CREDIT SUPPORT OBLIGATIONS

     (a) DELIVERY AMOUNT.  Subject to Paragraphs 4 and 5, upon a demand made by
         the Secured Party on or promptly following a Valuation Date, if the
         Delivery Amount for that Valuation Date
<PAGE>   35

         equals or exceeds the Pledgor's Minimum Transfer Amount, then the
         Pledgor will Transfer to the Secured Patty Eligible Credit Support
         having a Value as of the date of Transfer at least equal to the
         applicable Delivery Amount (rounded pursuant to Paragraph 13). Unless
         otherwise specified in Paragraph 13, the "Delivery Amount" applicable
         to the Pledgor for any Valuation Date will equal the amount by which:

           (i) the Credit Support Amount exceeds

          (ii) the Value as of that Valuation Date of all Posted Credit Support
               held by the Secured Party.

     (b) RETURN AMOUNT.  Subject to Paragraphs 4 and 5, upon a demand made by
         the Pledgor on or promptly following a Valuation Date, if the Return
         Amount for that Valuation Date equals or exceeds the Secured Party's
         Minimum Transfer Amount, then the Secured Party will Transfer to the
         Pledgor Posted Credit Support specified by the Pledgor in that demand
         having a Value as of the date of Transfer as close as practicable to
         the applicable Return Amount (rounded pursuant to Paragraph 13). Unless
         otherwise specified in Paragraph 13, the "Return Amount"  applicable to
         the Secured Party for any Valuation Date will equal the amount by
         which:

           (i) the Value as of that Valuation Date of all Posted Credit Support
               held by the Secured Party exceeds

          (ii) the Credit Support Amount.

     "CREDIT SUPPORT AMOUNT" means, unless otherwise specified in Paragraph 13,
for any Valuation Date (i) the Secured Party's Exposure for that Valuation Date
plus (ii) the aggregate of all Independent Amounts applicable to the Pledgor, if
any, minus (iii) all Independent Amounts applicable to the Secured Party, if
any, minus (iv) the Pledgor's Threshold; provided, however, that the Credit
Support Amount will be deemed to be zero whenever the calculation of Credit
Support Amount yields a number less than zero.

PARAGRAPH 4. CONDITIONS PRECEDENT, TRANSFER TIMING, CALCULATIONS AND
SUBSTITUTIONS

     (a) CONDITIONS PRECEDENT.  Each Transfer obligation of the Pledgor under
         Paragraphs 3 and 5 and of the Secured Party under Paragraphs 3,
         4(d)(ii), 5 and 6(d) is subject to the conditions precedent that:

           (i) no Event of Default, Potential Event of Default or Specified
               Condition has occurred and is continuing with respect to the
               other party; and

          (ii) no Early Termination Date for which any unsatisfied payment
               obligations exist has occurred or been designated as the result
               of an Event of Default or Specified Condition with respect to the
               other party.

     (b) TRANSFER TIMING.  Subject to Paragraphs 4(a) and 5 and unless otherwise
         specified, if a demand for the Transfer of Eligible Credit Support or
         Posted Credit Support is made by the Notification Time, then the
         relevant Transfer will be made not later than the close of business on
         the next Local Business Day; if a demand is made after the Notification
         Time, then the relevant Transfer will be made not later than the close
         of business on the second Local Business Day thereafter.

     (c) CALCULATIONS.  All calculations of Value and Exposure for purposes of
         Paragraphs 3 and 6(d) will be made by the Valuation Agent as of the
         Valuation Time. The Valuation Agent will notify each party (or the
         other party, if the Valuation Agent is a party) of its calculations not
         later than the Notification Time on the Local Business Day following
         the applicable Valuation Date (or in the case of Paragraph 6(d),
         following the date of calculation).

     (d) SUBSTITUTIONS.

           (i) Unless otherwise specified in Paragraph 13, upon notice to the
               Secured Patty specifying the items of Posted Credit Support to be
               exchanged, the Pledgor may, on any Local Business Day, Transfer
               to the Secured Party substitute Eligible Credit Support (the
               "Substitute Credit Support"); and

                                        2
<PAGE>   36

          (ii) subject to Paragraph 4(a), the Secured Party will Transfer to the
               Pledgor the items of Posted Credit Support specified by the
               Plcdgor in its notice not later than the Local Business Day
               following the date on which the Secured Party receives the
               Substitute Credit Support, unless otherwise specified in
               Paragraph 13 (the "Substitution Date"); provided that the Secured
               Patty will only be obligated to Transfer Posted Credit Support
               with a Value as of the date of Transfer of that Posted Credit
               Support equal to the Value as of that date of the Substitute
               Credit Support.

PARAGRAPH 5. DISPUTE RESOLUTION

If a party (a "Disputing Party") disputes (1) the Valuation Agent's calculation
of a Delivery Amount or a Return Amount or (II) the Value of any Transfer of
Eligible Credit Support or Posted Credit Support, then (1) the Disputing Party
will notify the other party and the Valuation Agent (if the Valuation Agent is
not the other party) not later than the close of business on the Local Business
Day following (X) the date that the demand is made under Paragraph 3 in the case
of (I) above or (Y) the date of Transfer in the case of (II) above, (2) subject
to Paragraph 4(a), the appropriate party will Transfer the undisputed amount to
the other party not later than the close of business on the Local Business Day
following (X) the date that the demand is made under Paragraph 3 in the case of
(1) above or (Y) the date of Transfer in the case of (II) above, (3) the parties
will consult with each other in an attempt to resolve the dispute and (4) if
they fail to resolve the dispute by the Resolution Time, then:

           (i) In the case of a dispute involving a Delivery Amount or Return
               Amount, unless otherwise specified in Paragraph 13, the Valuation
               Agent will recalculate the Exposure and the Value as of the
               Recalculation Date by:

             (A) utilizing any calculations of Exposure for the Transactions (or
                 Swap Transactions) that the parties have agreed are not in
                 dispute;

             (B) calculating the Exposure for the Transactions (or Swap
                 Transactions) in dispute by seeking four actual quotations at
                 mid-market from Reference Market-makers for purposes of
                 calculating Market Quotation, and taking the arithmetic average
                 of those obtained; provided that if four quotations are not
                 available for a particular Transaction (or Swap Transaction),
                 then fewer than four quotations may be used for that
                 Transaction (or Swap Transaction); and if no quotations are
                 available for a particular Transaction (or Swap Transaction),
                 then the Valuation Agent's original calculations will be used
                 for that Transaction (or Swap Transaction); and

             (C) utilizing the procedures specified in Paragraph 13 for
                 calculating the Value, if disputed, of Posted Credit Support.

          (ii) In the case of a dispute involving the Value of any Transfer of
               Eligible Credit Support or Posted Credit Support, the Valuation
               Agent will recalculate the Value as of the date of Transfer
               pursuant to Paragraph 13.

Following a recalculation pursuant to this Paragraph, the Valuation Agent will
notify each party (or the other party, if the Valuation Agent is a party) not
later than the Notification Time on the Local Business Day following the
Resolution Time. The appropriate party will, upon demand following that notice
by the Valuation Agent or a resolution pursuant to (3) above and subject to
Paragraphs 4(a) and 4(b), make the appropriate Transfer.

PARAGRAPH 6. HOLDING AND USING POSTED COLLATERAL

     (a) CARE OF POSTED COLLATERAL.  Without limiting the Secured Party's rights
         under Paragraph 6(c), the Secured Party will exercise reasonable care
         to assure the safe custody of all Posted Collateral to the extent
         required by applicable law, and in any event the Secured Party will be
         deemed to have exercised reasonable care if it exercises at least the
         same degree of care as it would exercise with respect to its own
         property. Except as specified in the preceding sentence, the Secured
         Party will have no duty with respect to Posted Collateral, including,
         without limitation, any duty to collect any Distributions, or enforce
         or preserve any rights pertaining thereto.
                                        3
<PAGE>   37

     (b) ELIGIBILITY TO HOLD POSTED COLLATERAL; CUSTODIANS.

           (i) GENERAL.  Subject to the satisfaction of any conditions specified
               in Paragraph 13 for holding Posted Collateral, the Secured Party
               will be entitled to hold Posted Collateral or to appoint an agent
               (a "Custodian") to hold Posted Collateral for the Secured Party.
               Upon notice by the Secured Party to the Pledgor of the
               appointment of a Custodian, the Pledgor's obligations to make any
               Transfer will be discharged by making the Transfer to that
               Custodian. The holding of Posted Collateral by a Custodian will
               be deemed to be the holding of that Posted Collateral by the
               Secured Party for which the Custodian is acting.

           (ii) FAILURE TO SATISFY CONDITIONS.  If the Secured Party or its
                Custodian fails to satisfy any conditions for holding Posted
                Collateral, then upon a demand made by the Pledgor, the Secured
                Party will, not later than five Local Business Days after the
                demand, Transfer or cause its Custodian to Transfer all Posted
                Collateral held by it to a Custodian that satisfies those
                conditions or to the Secured Party if it satisfies those
                conditions.

          (iii) LIABILITY.  The Secured Party will be liable for the acts or
                omissions of its Custodian to the same extent that the Secured
                Party would be liable hereunder for its own acts or omissions.

     (c) USE OF POSTED COLLATERAL.  Unless otherwise specified in Paragraph 13
         and without limiting the rights and obligations of the parties under
         Paragraphs 3, 4(d)(ii), 5, 6(d) and 8, if the Secured Party is not a
         Defaulting Party or an Affected Party with respect to a Specified
         Condition and no Early Termination Date has occurred or been designated
         as the result of an Event of Default or Specified Condition with
         respect to the Secured Party, then the Secured Party will,
         notwithstanding Section 9-207 of the New York Uniform Commercial Code,
         have the right to:

           (i) sell, pledge, rehypothecate, assign, invest, use, commingle or
               otherwise dispose of, or otherwise use in its business any Posted
               Collateral it holds, free from any claim or right of any nature
               whatsoever of the Pledgor, including any equity or right of
               redemption by the Pledgor; and

          (ii) register any Posted Collateral in the name of the Secured Party,
               its Custodian or a nominee for either.

For purposes of the obligation to Transfer Eligible Credit Support or Posted
Credit Support pursuant to Paragraphs 3 and 5 and any rights or remedies
authorized under this Agreement, the Secured Party will be deemed to continue to
hold all Posted Collateral and to receive Distributions made thereon, regardless
of whether the Secured Party has exercised any rights with respect to any Posted
Collateral pursuant to (i) or (ii) above.

     (d) DISTRIBUTIONS AND INTEREST AMOUNT.

           (i) DISTRIBUTIONS.  Subject to Paragraph 4(a), if the Secured Party
               receives or is deemed to receive Distributions on a Local
               Business Day, it will Transfer to the Pledgor not later than the
               following Local Business Day any Distributions it receives or is
               deemed to receive to the extent that a Delivery Amount would not
               be created or increased by that Transfer, as calculated by the
               Valuation Agent (and the date of calculation will be deemed to be
               a Valuation Date for this purpose).

          (ii) INTEREST AMOUNT.  Unless otherwise specified in Paragraph 13 and
               subject to Paragraph 4(a), in lieu of any interest, dividends or
               other amounts paid or deemed to have been paid with respect to
               Posted Collateral in the form of Cash (all of which may be
               retained by the Secured Party), the Secured Party will Transfer
               to the Pledgor at the times specified in Paragraph 13 the
               Interest Amount to the extent that a Delivery Amount would not be
               created or increased by that Transfer, as calculated by the
               Valuation Agent (and the date of calculation will be deemed to be
               a Valuation Date for this purpose). The Interest Amount or
               portion thereof not Transferred pursuant to this Paragraph will
               constitute Posted Collateral in the form of Cash and will be
               subject to the security interest granted under Paragraph 2.

                                        4
<PAGE>   38

PARAGRAPH 7. EVENTS OF DEFAULT

     For purposes of Section 5(a)(iii)(1) of this Agreement, an Event of Default
will exist with respect to a patty if:

           (i) that party fails (or fails to cause its Custodian) to make, when
               due, any Transfer of Eligible Collateral, Posted Collateral or
               the Interest Amount, as applicable, required to be made by it and
               that failure continues for two Local Business Days after notice
               of that failure is given to that party;

           (ii) that party fails to comply with any restriction or prohibition
                specified in this Annex with respect to any of the rights
                specified in Paragraph 6(c) and that failure continues for five
                Local Business Days after notice of that failure is given to
                that party; or

          (iii) that party fails to comply with or perform any agreement or
                obligation other than those specified in Paragraphs 7(i) and
                7(ii) and that failure continues for 30 days after notice of
                that failure is given to that party.

PARAGRAPH 8. CERTAIN RIGHTS AND REMEDIES

     (a) SECURED PARTY'S RIGHTS AND REMEDIES.  If at any time (1) an Event of
         Default or Specified Condition with respect to the Pledgor has occurred
         and is continuing or (2) an Early Termination Date has occurred or been
         designated as the result of an Event of Default or Specified Condition
         with respect to the Pledgor, then, unless the Pledgor has paid in full
         all of its Obligations that are then due, the Secured Party may
         exercise one or more of the following rights and remedies:

           (i) all rights and remedies available to a secured party under
               applicable law with respect to Posted Collateral held by the
               Secured Party;

           (ii) any other rights and remedies available to the Secured Party
                under the terms of Other Posted Support, if any;

          (iii) the right to Set-off any amounts payable by the Pledgor with
                respect to any Obligations against any Posted Collateral or the
                Cash equivalent of any Posted Collateral held by the Secured
                Party (or any obligation of the Secured Party to Transfer that
                Posted Collateral); and

           (iv) the right to liquidate any Posted Collateral held by the Secured
                Party through one or more public or private sales or other
                dispositions with such notice, if any, as may be required under
                applicable law, free from any claim or right of any nature
                whatsoever of the Pledgor, including any equity or right of
                redemption by the Pledgor (with the Secured Party having the
                right to purchase any or all of the Posted Collateral to be
                sold) and to apply the proceeds (or the Cash equivalent thereof)
                from the liquidation of the Posted Collateral to any amounts
                payable by the Pledgor with respect to any Obligations in that
                order as the Secured Party may elect.

Each party acknowledges and agrees that Posted Collateral in the form of
securities may decline speedily in value and is of a type customarily sold on a
recognized market, and, accordingly, the Pledgor is not entitled to prior notice
of any sale of that Posted Collateral by the Secured Party, except any notice
that is required under applicable law and cannot be waived.

     (b)  PLEDGOR'S RIGHTS AND REMEDIES.  If at any time an Early Termination
Date has occurred or been designated as the result of an Event of Default or
Specified Condition with respect to the Secured Party, then (except in the case
of an Early Termination Date relating to less than all Transactions (or Swap
Transactions) where the Secured Party has paid in full all of its obligations
that are then due under Section 6(e) of this Agreement):

          (i)   the Pledgor may exercise all rights and remedies available to a
                pledgor under applicable law with respect to Posted Collateral
                held by the Secured Party;

                                        5
<PAGE>   39

          (ii)   the Pledgor may exercise any other rights and remedies
                 available to the Pledgor under the terms of Other Posted
                 Support, if any;

          (iii)  the Secured Party will be obligated immediately to Transfer all
                 Posted Collateral and the Interest Amount to the Pledgor; and

          (iv)   to the extent that Posted Collateral or the Interest Amount is
                 not so Transferred pursuant to (iii) above, the Pledgor may:

             (A)  Set-off any amounts payable by the Pledgor with respect to any
                  Obligations against any Posted Collateral or the Cash
                  equivalent of any Posted Collateral held by the Secured Party
                  (or any obligation of the Secured Party to Transfer that
                  Posted Collateral); and

             (B)  to the extent that the Pledgor does not Set-off under (iv)(A)
                  above, withhold payment of any remaining amounts payable by
                  the Pledgor with respect to any Obligations, up to the Value
                  of any remaining Posted Collateral held by the Secured Party,
                  until that Posted Collateral is Transferred to the Pledgor.

     (c)  DEFICIENCIES AND EXCESS PROCEEDS.  The Secured Party will Transfer to
the Pledgor any proceeds and Posted Credit Support remaining after liquidation,
Set-off and/or application under Paragraphs 8(a) and 8(b) after satisfaction in
full of all amounts payable by the Pledgor with respect to any Obligations; the
Pledgor in all events will remain liable for any amounts remaining unpaid after
any liquidation, Set-off and/or application under Paragraphs 8(a) and 8(b).

     (d)  FINAL RETURNS.  When no amounts are or thereafter may become payable
by the Pledgor with respect to any Obligations (except for any potential
liability under Section 2(d) of this Agreement), the Secured Party will Transfer
to the Pledgor all Posted Credit Support and the Interest Amount, if any.

PARAGRAPH 9. REPRESENTATIONS

     Each party represents to the other party (which representations will be
deemed to be repeated as of each date on which it, as the Pledgor, Transfers
Eligible Collateral) that:

          (i)   it has the power to grant a security interest in and lien on any
                Eligible Collateral it Transfers as the Pledgor and has taken
                all necessary actions to authorize the granting of that security
                interest and lien;

          (ii)   it is the sole owner of or otherwise has the right to Transfer
                 all Eligible Collateral it Transfers to the Secured Party
                 hereunder, free and clear of any security interest, lien,
                 encumbrance or other restrictions other than the security
                 interest and Lien granted under Paragraph 2;

          (iii)  upon the Transfer of any Eligible Collateral to the Secured
                 Party under the terms of this Annex, the Secured Party will
                 have a valid and perfected first priority security interest
                 therein (assuming that any central clearing corporation or any
                 third-party financial intermediary or other entity not within
                 the control of the Pledgor involved in the Transfer of that
                 Eligible Collateral gives the notices and takes the action
                 required of it under applicable law for perfection of that
                 interest); and

          (iv)   the performance by it of its obligations under this Annex will
                 not result in the creation of any security interest, lien or
                 other encumbrance on any Posted Collateral other than the
                 security interest and lien granted under Paragraph 2.

PARAGRAPH 10. EXPENSES

     (a)  GENERAL.  Except as otherwise provided in Paragraphs 10(b) and 10(c),
each party will pay its own costs and expenses in connection with performing its
obligations under this Annex and neither party will be liable for any costs and
expenses incurred by the other party in connection herewith.

     (b)  POSTED CREDIT SUPPORT.  The Pledgor will promptly pay when due all
taxes, assessments or charges of any nature that are imposed with respect to
Posted Credit Support held by the Secured Party

                                        6
<PAGE>   40

upon becoming aware of the same, regardless of whether any portion of that
Posted Credit Support is subsequently disposed of under Paragraph 6(c), except
for those taxes, assessments and charges that result from the exercise of the
Secured Party's rights under Paragraph 6(c).

     (c)  LIQUIDATIONL APPLICATION OF POSTED CREDIT SUPPORT ALL reasonable costs
and expenses incurred by or on behalf of the Secured Party or the Pledgor in
connection with the liquidation and/or application of any Posted Credit Support
under Paragraph 8 will be payable, on demand and pursuant to the Expenses
Section of this Agreement, by the Defaulting Party or, if there is no Defaulting
Party, equally by the patties.

PARAGRAPH 11. MISCELLANEOUS

     (a)  DEFAULT INTEREST.  A Secured Party that fails to make, when due, any
Transfer of Posted Collateral or the Interest Amount will be obligated to pay
the Pledgor (to the extent permitted under applicable law) an amount equal to
interest at the Default Rate multiplied by the Value of the items of property
that were required to be Transferred, from (and including) the date that Posted
Collateral or Interest Amount was required to be Transferred to (but excluding)
the date of Transfer of that Posted Collateral or Interest Amount. This interest
will be calculated on the basis of daily compounding and the actual number of
days elapsed.

     (b)  FURTHER ASSURANCES.  Promptly following a demand made by a party, the
other party will execute, deliver, file and record any financing statement,
specific assignment or other document and take any other action that may be
necessary or desirable and reasonably requested by that party to create,
preserve, perfect or validate any security interest or lien granted under
Paragraph 2, to enable that party to exercise or enforce its rights under this
Annex with respect to Posted Credit Support or an Interest Amount or to effect
or document a release of a security interest on Posted Collateral or an Interest
Amount.

     (c)  FURTHER PROTECTION.  The Pledgor will promptly give notice to the
Secured Party of, and defend against, any suit, action, proceeding or lien that
involves Posted Credit Support Transferred by the Pledgor or that could
adversely affect the security interest and lien granted by it under Paragraph 2,
unless that suit, action, proceeding or lien results from the exercise of the
Secured Party's rights under Paragraph 6(c).

     (d)  GOOD FAITH AND COMMERCIALLY REASONABLE MANNER.  Performance of all
obligations under this Annex, including, but not limited to, all calculations,
valuations and determinations made by either party, will be made in good faith
and in a commercially reasonable manner.

     (e)  DEMANDS AND NOTICES.  All demands and notices made by a party under
this Annex will, be made as specified in the Notices Section of this Agreement,
except as otherwise provided in Paragraph 13.

     (f)  SPECIFICATIONS OF CERTAIN MATTERS.  Anything referred to in this Annex
as being specified in Paragraph 13 also may be specified in one or more
Confirmations or other documents and this Annex will be construed accordingly.

PARAGRAPH 12. DEFINITIONS

     As used in this Annex:

          "CASH" means the lawful currency of the United States of America.

          "CREDIT SUPPORT AMOUNT" has the meaning specified in Paragraph 3.

          "CUSTODIAN" has the meaning specified in Paragraphs 6(b)(i) and 13.

          "DELIVERY AMOUNT" has the meaning specified in Paragraph 3(a).

          "DISPUTING PARTY" has the meaning specified in Paragraph 5.

          "DISTRIBUTIONS" means with respect to Posted Collateral other than
     Cash, all principal, interest and other payments and distributions of cash
     or other property with respect thereto, regardless of whether the Secured
     Patty has disposed of that Posted Collateral under Paragraph 6(c).
     Distributions WILL not include any item of property acquired by the Secured
     Party upon any disposition or
                                        7
<PAGE>   41

     liquidation of Posted Collateral or, with respect to any Posted Collateral
     in the form of Cash, any distributions on that collateral, unless otherwise
     specified herein.

          "ELIGIBLE COLLATERAL" means, with respect to a party, the items, if
     any, specified as such for that party in Paragraph 13.

          "ELIGIBLE CREDIT SUPPORT" means Eligible Collateral and Other Eligible
     Support.

          "EXPOSURE" means for any Valuation Date or other date for which
     Exposure is calculated and subject to Paragraph 5 in the case of a dispute,
     the amount, if any, that would be payable to a party that is the Secured
     Party by the other party (expressed as a positive number) or by a party
     that is the Secured Party to the other party (expressed as a negative
     number) pursuant to Section 6(e)(ii)(2)(A) of this Agreement as if all
     Transactions (or Swap Transactions) were being terminated as of the
     relevant Valuation Time; provided that Market Quotation will be determined
     by the Valuation Agent using its estimates at raid-market of the amounts
     that would be paid for Replacement Transactions (as that term is defined in
     the definition of "Market Quotation").

          "INDEPENDENT AMOUNT" means, with respect to a party, the amount
     specified as such for that party in Paragraph 13; if no amount is
     specified, zero.

          "INTEREST AMOUNT" means, with respect to an Interest Period, the
     aggregate sum of the amounts of interest calculated for each day in that
     Interest Period on the principal amount of Posted Collateral in the form of
     Cash held by the Secured Party on that day, determined by the Secured Party
     for each such day as follows:

             (x)  the amount of that Cash on that day; multiplied by

             (y)  the Interest Rate in effect for that day; divided by

             (z)  360.

          "INTEREST PERIOD" means the period from (and including) the last Local
     Business Day on which an Interest Amount was Transferred (or, if no
     Interest Amount has yet been Transferred, the Local Business Day on which
     Posted Collateral in the form of Cash was Transferred to or received by the
     Secured Party) to (but excluding) the Local Business Day on which the
     current Interest Amount is to be Transferred.

          "INTEREST RATE" means the rate specified in Paragraph 13.

          "LOCAL BUSINESS DAY", unless otherwise specified in Paragraph 13, has
     the meaning specified in the Definitions Section of this Agreement, except
     that references to a payment in clause (b) thereof will be deemed to
     include a Transfer under this Annex.

          "MINIMUM TRANSFER AMOUNT" means, with respect to a party, the amount
     specified as such for that patty in Paragraph 13; if no amount is
     specified, zero.

          "NOTIFICATION TIME" has the meaning specified in Paragraph 13.

          "OBLIGATIONS" means, with respect to a party, all present and future
     obligations of that party under this Agreement and any additional
     obligations specified for that party in Paragraph 13.

          "OTHER ELIGIBLE SUPPORT" means, with respect to a party, the items, if
     any, specified as such for that party in Paragraph 13.

          "OTHER POSTED SUPPORT" means all Other Eligible Support Transferred to
     the Secured Party that remains in effect for the benefit of that Secured
     Party.

          "PLEDGOR" means either party, when that patty (i) receives a demand
     for or is required to Transfer Eligible Credit Support under Paragraph 3(a)
     or (ii) has Transferred Eligible Credit Support under Paragraph 3(a).

          "POSTED COLLATERAL" means all Eligible Collateral, other property,
     Distributions, and all proceeds thereof that have been Transferred to or
     received by the Secured Party under this Annex and not Transferred to the
     Pledgor pursuant to Paragraph 3(b), 4(d)(ii) or 6(d)(i) or released by the

                                        8
<PAGE>   42

     Secured Party under Paragraph 8. Any Interest Amount or portion thereof not
     Transferred pursuant to Paragraph 6(d)(ii) will constitute Posted
     Collateral in the form of Cash.

          "POSTED CREDIT SUPPORT" means Posted Collateral and Other Posted
     Support.

          "RECALCULATION DATE" means the Valuation Date that gives rise to the
     dispute under Paragraph S; provided, however, that if a subsequent
     Valuation Date occurs under Paragraph 3 prior to the resolution of the
     dispute, then the "Recalculation Date" means the most recent Valuation Date
     under Paragraph 3.

          "RESOLUTION TIME" has the meaning specified in Paragraph 13.

          "RETURN AMOUNT" has the meaning specified in Paragraph 3(b).

          "SECURED PARTY" means either party, when that party (i) makes a demand
     for or is entitled Lo receive Eligible Credit Support under Paragraph 3(a)
     or (ii) holds or is deemed to hold Posted Credit Support.

          "SPECIFIED CONDITION" means, with respect to a party, any event
     specified as such for that party in Paragraph 13.

          "SUBSTITUTE CREDIT SUPPORT" has the meaning specified in Paragraph
     4(d)(i).

          "SUBSTITUTION DATE" has the meaning specified in Paragraph 4(d)(ii).

          "THRESHOLD" means, with respect to a party, the amount specified as
     such for that party in Paragraph 13; if no amount is specified, zero.

          "TRANSFER" means, with respect to any Eligible Credit Support, Posted
     Credit Support or Interest Amount, and in accordance with the instructions
     of the Secured Party, Pledgor or Custodian, as applicable:

             (i)   in the case of Cash, payment or delivery by wire transfer
                   into one or more bank accounts specified by the recipient;

             (ii)   in the case of certificated securities that cannot be paid
                    or delivered by book-entry, payment or delivery in
                    appropriate physical form to the recipient or its account
                    accompanied by any duly executed instruments of transfer,
                    assignments in blank, transfer tax stamps and any other
                    documents necessary to constitute a legally valid transfer
                    to the recipient;

             (iii)  in the case of securities that can be paid or delivered by
                    book-entry, the giving of written instructions to the
                    relevant depository institution or other entity specified by
                    the recipient, together with a written copy thereof to the
                    recipient, sufficient if complied with to result in a
                    legally effective transfer of the relevant interest to the
                    recipient; and

             (iv)   in the case of Other Eligible Support or Other Posted
                    Support, as specified in Paragraph 13.

          "VALUATION AGENT" has the meaning specified in Paragraph 13.

          "VALUATION DATE" means each date specified in or otherwise determined
     pursuant to Paragraph 13.

          "VALUATION PERCENTAGE" means, for any item of Eligible Collateral, the
     percentage specified in Paragraph 13.

          "VALUATION TIME" has the meaning specified in Paragraph 13.

                                        9
<PAGE>   43

          "VALUE" means for any Valuation Date or other date for which Value is
     calculated and subject to Paragraph S in the case of a dispute, with
     respect to:

             (i)   Eligible Collateral or Posted Collateral that is:

                (A)  Cash, the amount thereof; and

                (B)  a security, the bid price obtained by the Valuation Agent
                     multiplied by the applicable Valuation Percentage, if any;

              (ii)  Posted Collateral that consists of items that are not
                    specified as Eligible Collateral, zero; and

             (iii)  Other Eligible Support and Other Posted Support, as
                    specified in Paragraph 13.

PARAGRAPH 13. ELECTIONS AND VARIABLES

     (a)  SECURITY INTEREST FOR "OBLIGATIONS".  The term "OBLIGATIONS" as used
          in this Annex includes the following additional obligations.

     With respect to Party A: "Obligations" means any and all present and future
     obligations of Party A under or in connection with this Agreement
     (including all Credit Support Annexes hereto, including this Annex, and all
     Transactions and Confirmations hereunder), or any other contract, or any
     other transaction between the Party A and Party B.

     With respect to Party B, "Obligations" means any and all present and future
     obligations of Party B under or in connection with this Agreement
     (including all Credit Support Annexes hereto, including this Annex, and all
     Transactions and Confirmations hereunder), or any other contract, or any
     other transaction between Party B and Party A.

     (b)  CREDIT SUPPORT OBLIGATIONS.

          (i)  DELIVERY AMOUNT, RETURN AMOUNT AND CREDIT SUPPORT AMOUNT.

             (A)  "DELIVERY AMOUNT" has the meaning specified in Paragraph 3(a),
        except that each reference therein to "Valuation Date" is hereby amended
        to be "Valuation Time".

             (B)  "RETURN AMOUNT" has the meaning specified in Paragraph 3(b),
        except that each reference therein to "Valuation Date" is hereby amended
        to be "Valuation Time".

             (C)  "CREDIT SUPPORT AMOUNT" means, for any Valuation Time, (i) the
        Secured Party's Exposure for that Valuation Time plus (ii) the aggregate
        of all Independent Amounts applicable to the Pledgor, if any, minus
        (iii) the Pledgor's Threshold; provided, however, that the Credit
        Support Amount will be deemed to be zero whenever the calculation of
        Credit Support Amount yields an amount less than zero.

                                       10
<PAGE>   44

          (ii)  ELIGIBLE COLLATERAL.  The following items will qualify as
     "ELIGIBLE COLLATERAL" for the party specified:

<TABLE>
<CAPTION>
                                                                                   VALUATION
                                                           PARTY A   PARTY B      PERCENTAGE
            <C>  <S>                                       <C>       <C>       <C>
            (A)  Cash                                        [X]       [X]           100%
            (B)  Negotiable debt obligations issued by       [X]       [X]            98%
                 the U.S. Treasury Department having a
                 remaining maturity of not more than 1
                 year ("TREASURY BILLS")
            (C)  negotiable debt obligations issued by       [X]       [X]            95%
                 the U.S. Treasury Department having a
                 remaining maturity of more than one year
                 but not more than 10 years ("TREASURY
                 NOTES")
            (D)  negotiable debt obligations issued by       [X]       [X]            90%
                 the U.S. Treasury Department having a
                 remaining maturity of more than 10
                 years("TREASURY BONDS")
            (E)  Such other collateral as Party A and        [X]       [X]     As may be agreed.
                 Party B may agree.
</TABLE>

          (iii) OTHER ELIGIBLE SUPPORT. The following items will qualify as
     "OTHER ELIGIBLE SUPPORT" for the party specified:

<TABLE>
<CAPTION>
                              PARTY A         PARTY B
                              -------         -------
<S>      <C>                  <C>             <C>
(A)      Inapplicable           [X]             [X]
(B)      Inapplicable           [X]             [X]
</TABLE>

          (iv) THRESHOLDS.

             (A)  "INDEPENDENT AMOUNT" means with respect to Party A:
                  Inapplicable

                  "INDEPENDENT AMOUNT" means, with respect to Party B: an amount
                  in the Base Currency equal to the sum of (1) for Derivatives
                  Transactions, the aggregate of the amounts specified in the
                  Confirmations for such Transactions or as otherwise agreed by
                  the parties, and (2) for Foreign Exchange Transactions, an
                  amount equal to the sum of (a) the product of the Standard Net
                  Open Position multiplied by the Standard Independent Amount
                  Ratio, (b) the product of the Exotic Net Open Position
                  multiplied by the Exotic Independent Amount Ratio and (c) the
                  Forward Risk Adjustment Amount.

             (B)  "THRESHOLD" means with respect to Party A: $250,000.

                  "THRESHOLD" means with respect to Party B: Zero.

             (C)  "MINIMUM TRANSFER AMOUNT" means with respect to Party A:
                  $250,000.

                  "MINIMUM TRANSFER AMOUNT" means with respect to Party B:
                  $250,000.

             (D)  ROUNDING. The Delivery Amount and the Return Amount will be
                  rounded up and down respectively to the nearest integral
                  multiple of $50,000.

     (c)  VALUATION AND TIMING.

          (i)   "VALUATION AGENT" means: Party A

          (ii)   "VALUATION DATE" means: any Local Business Day.

          (iii)  "VALUATION TIME" means: with respect to Foreign Exchange
                 Transactions, any time on any Valuation Date, and with respect
                 to Derivatives Transactions, the close of business on the Local
                 Business Day preceding any Valuation Date.

                                       11
<PAGE>   45

          (iv)   "NOTIFICATION TIME" means 12:00 p.m., New York time, on any
     Valuation Date.

     (d)  CONDITIONS PRECEDENT AND SECURED PARTY'S RIGHTS AND REMEDIES.  Each
Termination Event specified below with respect to a party will be a "SPECIFIED
CONDITION" for that party (the specified party being the Affected Party if a
Termination Event occurs with respect to that party):

<TABLE>
<CAPTION>
                                                              PARTY A  PARTY B
<S>                                                           <C>      <C>
Illegality                                                      [X]      [X]
Tax Event                                                       [ ]      [ ]
Tax Event Upon Merger                                           [ ]      [ ]
Credit Event Upon Merger                                        [X]      [X]
The Additional Termination Events specified in Part 1 (other    [ ]      [X]
  than an Elective Termination) of the Schedule to this
  Agreement or any event which, with the giving of notice or
  the lapse of time or both, would constitute an Additional
  Termination Event
</TABLE>

     (e)  SUBSTITUTION.

          (i)   "SUBSTITUTION DATE" has the meaning specified in Paragraph
                4(d)(ii).

          (ii)  CONSENT.  If specified here as applicable, then the Pledgor must
                obtain the Secured Party's consent for any substitution pursuant
                to Paragraph 4(d): Applicable.

     (f)  DISPUTE RESOLUTION.

          Paragraph 5 of this Annex is deleted in its entirety and thus is
          inapplicable.

     (g)  HOLDING AND USING POSTED COLLATERAL.

          (i)  ELIGIBILITY TO HOLD POSTED COLLATERAL; CUSTODIANS.

               Party A and its Custodian will be entitled to hold Posted
               Collateral pursuant to Paragraph 6(b); provided that the
               following conditions applicable to it are satisfied:

             (A)  Party A is not a Defaulting Party.

             (B)  Posted Collateral may be held only in the following
                  jurisdictions: Posted Collateral consisting of certificated
                  securities must be held in New York.

                  Initially, the Custodian for Party A is: Deutsche Bank AG, New
                  York Branch.

           Party B and its Custodian will be entitled to hold Posted Collateral
           pursuant to Paragraph 6(b); provided that the following conditions
           applicable to it are satisfied:

             (A)  Party B is not a Defaulting Party.

             (B)  Posted Collateral consisting of certificated securities must
                  be held in New York.

             (C)  In the event that the Custodian holds Posted Collateral, the
                  long-term unsubordinated unsecured debt of the Custodian is
                  rated at least A by Standard & Poors, a division of The
                  McGraw-Hill Companies, Inc. (or any successor thereto) and at
                  least A2 by Moody's Investors Service, Inc. (or any successor
                  thereto).

                  Initially, the Custodian for Party B is [please advise].

          (ii)   USE OF POSTED COLLATERAL.  The provisions of Paragraph 6(c)
                 will apply to Party A and Party B.

     (h)  DISTRIBUTIONS AND INTEREST AMOUNT.

          (i)   INTEREST RATE.  The "INTEREST RATE" will be with respect to
                Eligible Collateral in the form of Cash, for any day, the rate
                opposite the caption "Federal Funds (Effective)" for such day as
                published for such day in Federal Reserve Publication H.15(519)
                or any successor publication as published by the Board of
                Governors of the Federal Reserve System.

          (ii)   TRANSFER OF INTEREST AMOUNT.  The Transfer of the Interest
                 Amount will be made on the first Local Business Day of each
                 calendar month and on any Local Business Day that

                                       12
<PAGE>   46

             Posted Collateral in the form of Cash is Transferred to the Pledgor
             pursuant to Paragraph 3(b).

          (iii)  ALTERNATIVE TO INTEREST AMOUNT.  The provisions of Paragraph
                 6(d)(ii) will apply.

     (i)  OTHER ELIGIBLE SUPPORT AND OTHER POSTED SUPPORT.

          (i)   "VALUE" with respect to Other Eligible Support and Other Posted
                Support means: Inapplicable

          (ii)   "TRANSFER" with respect to Other Eligible Support and Other
                 Posted Support means: Inapplicable

     (j)  DEMANDS AND NOTICES.  All demands, specifications and notices under
this Annex will be made pursuant to the Notices Section of this Agreement,
unless otherwise specified here:

        Party A:  Deutsche Bank AG,
                  New York Branch
                  130 Liberty Street -- 37th floor
                  New York, New York 10006
                  Attention:Global Margin Management

        Party B:  Campbell & Company, Inc.
                  210 West Pennsylvania Avenue
                  Townson, Maryland 21204
                  Attention: Theresa Becks, CFO

     (k)  ADDRESSES FOR TRANSFERS

          Party A:  For Cash: DBAG NY, ABA: 026003780, Ref: A / C# [to be
                    provided]

                    For Eligible Collateral: Bank of NY / [DBNYC], ABA:
                    021000018, Ref: GMM / Campbell & Company, Inc.

        Party B:  [please advise]

     (l)  OTHER PROVISIONS.

          (i)    The following definitions are hereby inserted into Paragraph 12
                 in the appropriate alphabetical order:

             (A)   "AGGREGATE CEILING LIMIT" means USD 28,000,000.

             (B)   "AGGREGATE NET OPEN POSITION" means, at any time, the sum of
                   (i) the Standard Net Open Position and (ii) the Exotic Net
                   Open Position.

             (C)   "BASE CURRENCY" means U.S. Dollars.

             (D)   "BASE CURRENCY COUNTERVALUE" means, with respect to an amount
                   of currency at any time (i) if such currency is the Base
                   Currency, such amount and (ii) in all other cases, the amount
                   of Base Currency which could be purchased at the Market Rate
                   prevailing at such time against delivery of such amount of
                   currency.

             (E)   "DERIVATIVES TRANSACTION" means any Transaction other than a
                   Foreign Exchange Transaction.

           (F)   "ELIGIBLE CURRENCY" means each currency specified as such in
                 Paragraph 13(b)(ii)(A).

             (G)   "EXOTIC CEILING LIMIT" means USD 6,000,000.

             (H)   "EXOTIC CLOSE-OUT RATIO" means a number expressed as a
                   percentage representing the quotient of (A) the portion of
                   the Net Collateral Value attributable to all FX Transactions
                   and Currency Option Transactions involving Tier II
                   Currencies, divided by (B) the Exotic Net Open Position, such
                   number being determined and notified by Party A to Party B
                   from time to time, and initially being 6%.

                                       13
<PAGE>   47

             (I)   "EXOTIC INDEPENDENT AMOUNT RATIO" means a number expressed as
                   a percentage representing the minimum proportion of (1) the
                   Net Collateral Value attributable to all FX Transactions and
                   Currency Option Transactions involving Tier II Currencies to
                   (2) the Exotic Net Open Position, which Party B must maintain
                   in respect of outstanding FX Transactions and Currency Option
                   Transactions involving Tier II Currencies, such number being
                   determined and notified by Party A to Party B from time to
                   time, and initially being 10%.

             (J)   "EXOTIC NET OPEN POSITION" at any given time, the amount
                   obtained by calculating the Net Open Position as it applies
                   to all FX Transactions and Currency Option Transactions
                   involving Tier II Currencies.

             (K)   "FOREIGN EXCHANGE TRANSACTIONS" means any Transaction that is
                   a FX Transaction or Currency Option Transaction as defined in
                   the FX Definitions (as defined below).

             (L)   "FORWARD RISK ADJUSTMENT AMOUNT" means an amount in the Base
                   Currency determined by Party A in a commercially reasonable
                   manner to account for the risk attributable to movements in
                   the yield curves of the underlying currencies of the FX
                   Transactions.

             (M)  "MARKET RATE" means, at any given time, the rate determined by
                  Party A (in good faith and in a commercially reasonable
                  manner) to be the market rate available to it at such time in
                  the New York foreign exchange market (or, at the sole option
                  of Party A, in the foreign exchange market of any other
                  financial center which is then open for business) for the spot
                  purchase or, as the case may be, sale of one currency against
                  another currency.

           (N)   "NET COLLATERAL VALUE" means an amount expressed in the Base
                 Currency equal to the difference of (1) the Value of Posted
                 Credit Support, minus (2) the Secured Party's Exposure, such
                 amount being determined and notified by Party A to Party B from
                 time to time, provided that if such difference shall be an
                 amount less than zero, the Net Collateral Value shall be zero.

             (O)   "NET OPEN POSITION" means: At any time at which no Currency
                   Option Transactions are outstanding under this Agreement, an
                   amount determined as follows:

                (1)  For each currency, determine the net of the currency
                     amounts owed by Party A and Party B under all FX
                     Transactions;

                (2)  Determine the Base Currency Countervalue of the net amounts
                     for each currency in which Party B owes the net amount to
                     Party A;

                (3)  Add the Base Currency Countervalues determined pursuant to
                     clause (2) above; and

               At any time at which Currency Option Transactions are outstanding
               under this Agreement, "NET OPEN POSITION" means an amount
               determined as follows:

                (1)  For each currency pair in which there are outstanding
                     Currency Option Transactions, after giving effect to the
                     delta equivalent of each currency owed under a Currency
                     Option Transaction in such currency pair, determine the
                     maximum amount that could be owed by Party B to Party A
                     with respect to all FX Transactions and Currency Option
                     Transactions in such pair at all potential exchange rates;

                (2)  Determine the Base Currency Countervalue of the amounts
                     determined in clause (1) for each such currency pair;

                (3)  With respect to all FX Transactions in currency pairs that
                     do not include Currency Option Transactions, determine the
                     net of the currency amounts owed by Party A and Party B
                     under all FX Transactions for each currency in such pair;

                                       14
<PAGE>   48

                (4)  Determine the Base Currency Countervalue of the net amount
                     determined pursuant to clause (3) for the currency in each
                     currency pair in which Party B owes the net amount to Party
                     A;

                (5)  Add the Base Currency Countervalues determined pursuant to
                     clauses (2) and (4) above.

             (P)   "STANDARD CEILING LIMIT" means USD 28,000,000.

             (Q)   "STANDARD CLOSE-OUT RATIO" means a number expressed as a
                   percentage representing the quotient of (A) the portion of
                   the Net Collateral Value attributable to all FX Transactions
                   and Currency Option Transactions not involving Tier II
                   Currencies, divided by (B) the Standard Net Open Position,
                   such number being determined and notified by Party A to Party
                   B from time to time, and initially being 4%.

             (R)   "STANDARD INDEPENDENT AMOUNT RATIO" means a number expressed
                   as a percentage representing the minimum proportion of (1)
                   the Net Collateral Value attributable to all FX Transactions
                   and Currency Option Transactions not involving Tier II
                   Currencies to (2) the Standard Net Open Position, which Party
                   B must maintain in respect of outstanding FX Transactions and
                   Currency Option Transactions not involving Tier II
                   Currencies, such number being determined and notified by
                   Party A to Party B from time to time, and initially being 5%.

             (S)   "STANDARD NET OPEN POSITION" means, at any given time, the
                   amount obtained by calculating the Net Open Position as it
                   applies to all FX Transactions and Currency Option
                   Transactions not involving Tier II currencies.

             (T)   "TIER I CURRENCIES" means Australian Dollars, Canadian
                   Dollars, Swiss Francs, Danish Kroner, Euros, British Pounds,
                   Hong Kong Dollar, Japanese Yen, Norwegian Kroner, New Zealand
                   Dollars, Swedish Krona, and U.S. Dollars

             (U)   "TIER II CURRENCIES" means Indonesian Rupiah, Mexican Pesos,
                   and South African Rand.

          (ii)   DEFINITIONS. Any terms used in this Credit Support Annex which
                 are not otherwise defined herein and which are defined in the
                 1998 FX and Currency Option Definitions (the "FX Definitions")
                 (published by the International Swaps and Derivatives
                 Association, Inc., the Emerging Markets Traders Association,
                 and the Foreign Exchange Committee) shall have the meaning set
                 forth in the FX Definitions (without regard to any amendments
                 thereto subsequent to the date hereof). Nothing in this Annex
                 shall affect the parties' agreement that this Agreement and all
                 Credit Support Annexes hereto (including this Annex) and all
                 Transactions and related Confirmations hereunder are entered
                 into in reliance on the fact that this Agreement, all Credit
                 Support Annexes and all Transactions and Confirmations form a
                 single agreement between the parties, the Posted Credit Support
                 under all Credit Support Annexes constitutes a pledge with
                 respect to and shall secure all Transactions and all
                 Obligations, and the parties would not otherwise enter into any
                 Transactions.

          (iii)   LIMIT ON SECURED PARTY'S LIABILITY.  The Secured Party will
                  not be liable for any losses or damages that the Pledgor may
                  suffer as a result of any failure by the Secured Party to
                  perform, or any delay by it in performing, any of its
                  obligations under this Annex if the failure or delay results
                  from circumstances beyond the reasonable control of the
                  Secured Party or its Custodian, including but not limited to
                  interruption or loss of computer or communication services,
                  labor disturbance, natural disaster or local or national
                  emergency.

          (iv)   FURTHER ASSURANCES.  If the Pledgor fails (A) to execute and
                 deliver to the Secured Party financing statements, assignments,
                 or other documents or (B) to do other things relating to the
                 Posted Credit Support as the Secured Party may reasonably
                 request in order to

                                       15
<PAGE>   49

              protect and maintain its security interest in the Posted Credit
              Support and to protect, preserve, and realize upon the Posted
              Credit Support, then the Secured Party is hereby authorized (but
              not required) by the Pledgor to complete and execute such
              financing statements, assignments, and other documents as the
              Secured Party deems appropriate for such purposes. The Pledgor
              hereby appoints the Secured Party, during the term of this
              Agreement, as the Pledgor's agent and attorney-in-fact to complete
              and execute such financing statements, assignments, and other
              documents and to perform all other acts which the Secured Party
              may deem appropriate to protect and maintain its security interest
              in the Posted Credit Support and to protect, preserve, and realize
              upon the Posted Credit Support. The power-of-attorney granted
              herein to the Secured Party is coupled with an interest and is
              irrevocable during the term of this Agreement.

          (v)    ADDITIONAL TERMINATION EVENTS.

                 Each of the following shall constitute an Additional
                 Termination Event with respect to Party B:

             (A)  the quotient of (I) the portion of Net Collateral Value
                  attributable to all FX Transactions and Currency Option
                  Transactions not involving Tier II Currencies, divided by (II)
                  the Standard Net Open Position is equal to or less than the
                  Standard Close Out Ratio;

           (B)  the quotient of (I) the portion of the Net Collateral Value
                attributable to all FX Transactions and Currency Option
                Transactions involving Tier II Currencies, divided by (II) the
                Exotic Net Open Position is equal to or less than the Exotic
                Close Out Ratio;

             (C)  the Aggregate Net Open Position is equal to or greater than
                  the Aggregate Ceiling Limit;

             (D)  the Standard Net Open Position is equal to or greater than the
                  Standard Ceiling Limit; or

             (E)  the Exotic Net Open Position is equal or greater than the
                  Exotic Ceiling Limit;

           in each case irrespective of whether or not Eligible Credit Support
           has been requested by Party A, or is being delivered to Party A,
           pursuant to the terms of this Annex. For purposes of determining
           whether such an Additional Termination Event has occurred, at the
           discretion of Party A, Exposure and Net Collateral Value may be
           calculated at any time on any calendar day and, if such day is not a
           Valuation Date, the Value of Posted Credit Support may at the
           discretion of Party A be calculated based on the Value on the
           preceding Valuation Date. For purposes of each such Additional
           Termination Event, Party B shall be the sole Affected Party.

           Notwithstanding any provision of this Agreement that may be to the
           contrary, if an Additional Termination Event specified in this Credit
           Support Annex shall occur with respect to Party B, Party A shall be
           entitled to designate an Early Termination Date with respect to all
           Transactions with immediate effect. Without limiting such right,
           Party A agrees to use reasonable efforts to deliver to Party B notice
           of such designation in accordance with Section 12 of this Agreement.

          (vi)   NO ADDITIONAL AMOUNTS.  Notwithstanding Section 2(d) of this
                 Agreement, Party A shall not be obliged to pay any additional
                 amount in respect of Tax in relation to any amount required to
                 be paid by it under this Annex.

        (vii)   TRANSFER TIMING.  Paragraph 4(b) is hereby amended by: (A)
                replacing "the next Local Business Day" in the third line
                thereof with "that same Local Business Day"; and (B) replacing
                "second Local Business Day thereafter" in the fifth line thereof
                with "next Local Business Day".

                                       16
<PAGE>   50

        (viii)  "GRACE PERIOD.  Paragraph 7(i) is hereby amended in the last
                line thereof by replacing "two Local Business Days" with "one
                Local Business Day".

        (ix)   EXPOSURE.  The definition of "Exposure" in Paragraph 12 is hereby
               amended by:

             (A)  replacing "Valuation Date" in the first line thereof with
                  "Valuation Time"; and

             (B)  adding the following at the end thereof prior to the period:

, and provided further that for purposes of determining the Credit Support
Amount and the Net Collateral Value, if Party A's net Exposure for all Currency
Option Transactions is greater than zero, the amount determined as set forth
above shall be increased by reducing the value of Currency Option Transactions
owned by Party B by a factor determined and notified by Party A to Party B from
time to time.

                                       17

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