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                                                                Exhibit 10.01(d)

MAN FINANCIAL INC
CUSTOMER AGREEMENT

This agreement ("Agreement") sets forth the terms and conditions under which we,
Man Financial Inc, will open and maintain one or more accounts (collectively,
the "account") in your name and on your behalf and otherwise transact business
with you. If this account has been introduced to us, all references to us in
this Agreement shall include your broker, and your broker shall enjoy all
benefits and rights here under.

1. PARTIES.

You agree that the parties to this Agreement shall consist of us and you. If
this is a joint account (including a community property account), the term "you"
refers to each account holder. Except as disclosed in writing to us, no person
other than you has any interest in the account. If this is a joint account, each
account holder has full authority to act on behalf of the account and you
authorize us to follow the instructions of any account holder as if such person
were the sole account holder. All obligations arising hereunder are joint and
several and may be enforced by us against any or all account holders.
Notwithstanding the foregoing, we may require joint action by all account
holders with respect to any matter concerning the account, including the giving
or cancellation of orders, and the withdrawal of monies, securities or other
property. In the event of the death of either or any of the joint account
holders, the surviving joint account holder(s) shall immediately give us written
notice thereof, and we m a y, before or after receiving such notice, take such
action, require such papers and inheritance or estate tax waivers, retain such
portion of and/or restrict transactions in the account as we may deem advisable.
The surviving joint account holder(s) and the estate of the deceased joint
account holder shall be jointly and severally liable to us for any net debit
balance or loss in the account in any way resulting from transactions initiated
prior to the receipt by us of the written notice of the death or incurred in the
liquidation of the account or the adjustment of the interests of the respective
parties.

Laws governing joint ownership of property vary from jurisdiction to
jurisdiction. Generally, however, for joint tenants with rights of survivorship,
in the event of the death of either tenant, the entire interest in the joint
account shall be vested in the surviving joint tenant(s) on the same terms and
conditions. For tenants in common, the interest in the tenancy shall be equal
unless specified and in the event of death of either tenant, the interest in
their share of the tenancy shall vest in the decedent's legal representative.
State laws regulating community property vary. Consult your own legal adviser.

2. APPLICABLE LAW AND REGULATIONS; MARKETS.

All transactions shall be subject to all applicable law and the rules and
regulations of all federal, state and self-regulatory agencies including, but
not limited to, the Board of Governors of the Federal Reserve System and the
constitution, rules and customs of the exchange or market (and clearing house)
where executed. Unless you provide us with specific instructions, we may use our
discretion in selecting the market in which to place your orders.

3. DEPOSITS ON TRANSACTIONS.

You agree to maintain, without demand from us, such margin, cash or other
acceptable collateral as we in our discretion require from time to time and you
agree to pay on demand any debit balances in your account. You will make
deposits of such margin or collateral immediately upon our request. You will
provide us with any information we may require for immediate confirmation of
wire transfers.

4. SECURITY INTEREST AND LIEN.

As security for the payment of all of your obligations and liabilities to us or
any of our affiliates through whom you conduct business, we shall have a
continuing security interest in all property in which you have an interest held
by or through us or any of our affiliates including, but not limited to,
securities, futures contracts, cash commodities, commercial paper, monies, any a
f t e r-acquired property and all rights you may have against us or any of our
affiliates. In addition, in order to satisfy any such outstanding liabilities or
obligations, we may, at any time and without prior notice to you, use, apply or
transfer any of such securities or property interchangeably (including cash and
fully-paid securities). In the event of a breach or default under this Agreement
or any other agreement you may have with us or any of our affiliates, we shall
have all rights and remedies available to a secured creditor under any
applicable law in addition to the rights and remedies provided herein.

5. DEFAULT.

Should we deem it desirable for our protection, or should we feel insecure, or
should you be in breach of or violate any of the terms of this Agreement, we are
authorized to declare (and without the necessity of a call for additional
capital) you in default under this and any other agreement you may then have
with us or our affiliates, whether heretofore or hereafter entered into. In the
event of default, each of us and our affiliates reserves the right to sell,
without prior notice to you, any and all property in which you have an interest
held by or through us or our affiliates, to buy any or all property which may
have been sold short, to cancel any or all outstanding transactions and/or to
purchase or sell any other property to offset market risk, and to offset any
indebtedness or position you may have, including by means of an exchange for
physicals transaction, after which you shall be liable to us, for any remaining
deficiencies, losses, costs or expenses sustained by us in connection therewith.
Such purchases and/or sales may be effected publicly or privately without notice
or advertisement in such manner as we may in our sole discretion determine. At
any such sale or purchase, we may purchase or

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sell the property free of any right of redemption. In addition, we shall have
the right to set off and apply any amount owing from our affiliates to you
against any indebtedness in your account, whether matured or unmatured. You are
unconditionally obligated to pay to us the amount of any debit balance in your
account, however incurred, at the lesser of the highest rate permitted by
applicable law or two percent above the current prime rate as announced from
time to time by the banking institutions with which we normally do business.

6. FEES AND CHARGES.

You understand that we will charge commissions and other fees for clearing,
execution, custody, storage, delivery or any other service furnished to you and
you agree to pay such commissions, fees and interest on monies owed to us at our
then-prevailing rates. You understand further that such commissions, fees and
interest rates may be changed from time to time. You will also be charged a fee
for positions transferred to another broker. We may receive remuneration for
directing orders to a particular broker or dealer or market center for
execution. Such remuneration is considered compensation to us. We may pay a
portion of fees and commissions charged to your Account to third-parties that
have introduced your account to us or serviced your account. You understand that
we or an affiliate may act as principal in certain transactions with you,
including but not limited to, cash market transactions, forward contracts, or
exchanges of physicals for futures ("EFPs").

7. MAKING DELIVERY; LIQUIDATION INSTRUCTIONS.

You agree to give us timely notice if you intend to make or take delivery under
a contract or to exercise any option contract. If so requested by us, you shall
satisfy us that you can fulfill your obligations to make or take delivery and
shall furnish us with property deliverable by you under any contract in
accordance with our directions. We shall not have any obligation to exercise any
long option contract unless you have furnished us with timely exercise
instructions and sufficient initial margin with respect to each underlying
contract. If we sell any property at your direction and you fail for any reasons
to supply us with such property, we may (but shall not be obligated to) borrow
or buy for you any property necessary to make such delivery. Under no
circumstances shall we be obliged to make any payment or delivery to you except
against receipt of payment or delivery by you of monies or other property
requested by us. You shall be responsible for providing insurance coverage for
any deliveries made or accepted by you. We do not provide any insurance
coverage. If you do not provide insurance coverage, you agree to bear the risk
of loss.

8. CONSENT TO LOAN OR PLEDGE.

Within the limits of applicable law and regulations, you hereby authorize us to
lend either to ourselves or to others any securities or other property held by
us in your margin account together with all attendant rights of ownership, and
to use all such property as collateral for our general loans. Any such property,
together with all attendant rights of ownership, may be pledged, repledged,
hypothecated or rehypothecated either separately or in common with other such
property for any amounts due to us thereon or for a greater sum, and we shall
have no obligation to retain a like amount of similar property in our possession
and control.

9. REPORTS.

Reports of execution of orders sent by us to you shall be binding and conclusive
on you unless, in the case of a verbal report, you object at the time the report
is received by you or your agent; and in the case of a written report, you
object in writing prior to the opening of trading on the business day following
the day you have received the report. In addition, if after you have placed an
order with us and have not received a written or verbal confirmation thereof in
accordance with our practice, you immediately shall notify us thereof. If you
fail to notify us as set forth in this section, you agree that you shall be
deemed estopped to object and to have waived any objection to our execution or
failure to execute any transaction. Nothing contained in this section, however,
shall bind us with respect to any transaction or price reported (whether verbal
or in writing) in error, or prevent us, upon discovery of any error or omission,
from correcting the error or omission, and putting the account in the same
position it would have been in if the error or omission had not occurred.

10. WAIVER, ASSIGNMENT AND NOTICES.

Neither our failure to insist at any time upon strict compliance with this
Agreement or with any of the terms hereof nor any continued course of such
conduct on our part shall constitute or be considered a waiver by us of any of
our rights or privileges hereunder. We may assign this Agreement and your
account upon notice to you. Any assignment of your rights and obligations
hereunder or interest in any property held by or through us without obtaining
the prior written consent of an authorized representative of ours shall be null
and void. Notices or other communications, including margin calls, delivered or
mailed, including by facsimile or electronic transmission, to the address
provided by you, shall, until we have received notice in writing of a different
address, be deemed to have been personally delivered to you.

11. CLEARANCE ACCOUNTS.

If your account has been introduced to us by another broke r, that broker is
acting as your agent and your broker in this relationship is not an agent of or
affiliated with us. You agree that your broker and its employees are third-party
beneficiaries of this Agreement. Unless we receive from you prior written notice
to the contrary, we may accept from such other broke r, without any inquiry or
investigation: (a) orders for the purchase or sale of securities and other
property in your account on margin or otherwise; and (b) any other instructions
concerning your account or the property therein. YOU UNDERSTAND AND AGREE THAT
OUR ROLE IS LIMITED TO EXECUTION, CLEARING AND BOOKKEEPING FOR TRANSACTIONS MADE
PURSUANT TO INSTRUCTIONS FROM YOU OR YOUR BROKER, AND WE GENERALLY WILL NOT
INQUIRE INTO THE CIRCUMSTANCES SURROUNDING ANY TRANSACTION FOR YOUR ACCOUNT. WE
ARE NOT

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RESPONSIBLE FOR ANY ACTS OR OMISSIONS OF YOUR BROKE R, INCLUDING, BUT NOT
LIMITED TO, SALES PRACTICES, TRADING PRACTICES OR RECOMMENDATIONS. YOU AGREE TO
LOOK SOLELY TO YOUR BROKER FOR REDRESS OF ANY LOSS OR DAMAGE ARISING OUT OF
CIRCUMSTANCES OTHER THAN OUR OWN GROSS NEGLIGENCE OR WILLFUL MISCONDUCT IN THE
EXECUTION, CLEARANCE OR BOOKKEEPING OF TRANSACTIONS FOR YOUR ACCOUNT. YOU
UNDERSTAND AND AGREE THAT WE WILL PAY A SUBSTANTIAL PORTION OF THE BROKERAGE
COMMISSIONS CHARGED TO YOUR ACCOUNT IN CONSIDERATION OF INTRODUCING AND
SERVICING YOUR ACCOUNT.

12. INDEMNIFICATION; COSTS OF COLLECTION.

You agree to indemnify and hold harmless each of us, our affiliates and our
respective shareholders, directors, officers, employees and agents from and
against any liability, damage, cost or expense (including, without limitation,
legal fees and expenses, amounts paid in settlement of any claims, interest and
any fines or penalties imposed by any exchange, self-regulatory organization or
governmental agency) any of them may incur or be subjected to with respect to
you or your Account or any transaction or position therein, or as a result of
your violation of any of your representations, agreements or obligations under
this Agreement. You agree to pay and authorize us to charge you for any direct
or indirect costs of collection, defense and enforcing any of our rights under
this Agreement including, but not limited to, interest, legal fees, court costs
and other expenses.

13. FREE CREDIT BALANCES; TRANSFER ARRANGEMENTS.

You hereby direct us to use any free credit balance in your account in
accordance with all applicable rules and regulations and you authorize us, in
our discretion, to transfer any free credit balances and cash in your account
daily to a non-regulated account.

14. RESTRICTIONS.

You understand that we may restrict or prohibit trading in, or close, your
account.

15. CREDIT INFORMATION AND INVESTIGATION.

You authorize us and, if applicable, your broker, in our or their discretion, to
make and obtain reports concerning your credit standing and business conduct.

16. LEGALLY BINDING.

This Agreement shall be binding upon the parties hereto and their respective
successors and assigns and supersedes any prior agreements between the parties
with respect to the subject matter hereof. You further agree that all purchases
and sales shall be exclusively for your account in accordance with your oral or
written instructions. You hereby waive any and all defenses that any such
instruction was not in writing as may be required by the statute of frauds or
any similar law, rule or regulation.

17. AMENDMENT.

You agree that we may modify the terms of this Agreement at any time upon prior
written notice to you. By continuing to accept services from us, you will have
indicated your acceptance of any such modification. If you do not accept any
such modification, you must notify us thereof in writing and your account may
then be terminated, but you will still be liable thereafter to us for all
remaining liabilities and obligations. Otherwise, this Agreement may not be
waived or modified absent a written instrument signed by an authorized
representative of ours. No oral agreements or instructions purporting to amend
this Agreement will be recognized or enforceable.

18. SEVERABILITY.

If any provision hereof is or should become or be deemed to be inconsistent with
any present or future law, rule or regulation of any court, arbitral body,
sovereign government or regulatory body having jurisdiction over the subject
matter of this Agreement, such provision shall be deemed to be rescinded or
modified in accordance with any such law, rule or regulation. In all other
respects, this Agreement shall continue to remain in full force and effect.

19. LIMITATION OF LIABILITY.

You shall have no claim against us or any of our affiliates for any loss,
damage, liability, cost, charge, expense, penalty, fine or tax caused directly
or indirectly by: (A) any law, regulation, rule or order; (B) suspension, or
termination of trading; (C) w a r, civil or labor disturbance; (D) any delays or
inaccuracies in the transmission or reporting of orders or other information due
to a breakdown or failure of any transmission or communication facilities for
any reason; (E) failure or delay for any reason of any broker, bank, depository
or custodian to fulfill its obligations or to pay in full any amounts owed to
us; (F) failure or delay by any entity which, consistent with applicable
regulations, is holding customer segregated funds, securities or other property,
to pay or deliver same to us; or (G) any other causes beyond our control.

We will execute your transactions solely as your agent. In executing
transactions on an exchange, we may use floor brokers (who may be our employees
or other agents of ours), but we will not be responsible to you for negligence
or misconduct of an independent floor broker if, at the time the floor broker
was selected, the floor broker was authorized to act as such under the rules of
the relevant exchange and the appropriate regulatory agency. We will not be
responsible to you in the event of error, failure, negligence or misconduct on
the part of any intermediary, commodity trading advisor or other person acting
on your behalf and, without limitation, we have no obligation to investigate the
facts surrounding any transaction in your Account(s) which is introduced by such
intermediary, commodity trading advisor or other person. You will indemnify us
and hold us harmless from and against any and all liabilities, penalties, losses
and expenses, including legal expenses and attorneys' fees, incurred by us as a
result of any error, failure, negligence or misconduct on the part of any

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such intermediary, commodity trading advisor or other person acting on your
behalf. We shall only be liable for actions or inactions by us which amount to
gross negligence or fraud. You also agree that we shall not be liable to you for
any losses, costs, expenses or other damages sustained by you in the event of
any failure or delay by any exchange, market, clearing house, bank or other
depository institution where any of your funds or other assets are maintained,
or a failure or delay by any member, bank or agent of any of the foregoing, or a
failure or delay by any of the foregoing to enforce its rules, to fulfill its
obligations or to make any payment, for any reason whatsoever. You waive any
claim, cause of action or right as against us, our employees or agents that may
arise or occur as a result thereof.

20. TELEPHONE CONVERSATIONS.

For the protection of both you and us, and as a way of correcting
misunderstandings, you hereby authorize us, at our discretion and without prior
notice to you, to monitor and/or record (with or without tone warning devices)
any or all telephone conversations between you and any of our employees or
agents.

21. ADDITIONAL RIGHTS AND REMEDIES.

The rights and remedies granted herein to us are in addition to any other rights
and remedies provided to us in any other agreement you may have with us, and you
hereby appoint us as your agent to take any action necessary to perfect
ourselves with respect to the security interest granted to us in this Agreement.

22. AUTHORITY.

You represent that this Agreement has been duly authorized and executed by you
and that you have full power and authority to trade futures, physical
commodities, currencies, securities and options on the foregoing and related
instruments. By signing this Agreement on behalf of an entity, you represent
that the entity on whose behalf you are acting is authorized to enter into this
Agreement and that you are duly authorized to sign this Agreement in its name.

23. CUSTOMER'S REPRESENTATIONS AND WARRANTIES.

You represent to us that all information supplied by you in connection with the
opening of your account, including the Customer Account Application, is accurate
and complete, and that we are legally entitled to rely on such information, and
you agree to report promptly to us any material change in such information. You
represent to us that you have read and understand all risk disclosure statements
that we have provided to you, and understand that all transactions effected for
your account are at your risk, and that you are solely liable therefor under all
circumstances. You acknowledge that futures trading is only suitable for persons
who are financially able to withstand losses. Such losses may substantially
exceed margins or other funds you have deposited with us. You agree to inform us
immediately if you cease to be willing or financially able to sustain such
losses.

24. PENSION ACCOUNTS.

If you are a Keogh Plan, Pension and Profit Sharing Trust, or other employee
benefit plan as defined by Section 3(3) of the Employee Retirement Income
Security Act (Collectively a "Plan"; "ERISA"), the undersigned trustee
("Trustee") acknowledges that the establishment of the account and all
transactions executed through the account are subject to certain restrictions
under Section 404(a) of ERISA, including the requirement that such transactions
be prudent, that the investments be diversified, and that there are certain
transactions which the Plan is prohibited from entering into under Section 406
of ERISA and Section 4975 of the Internal Revenue Code ("Code"), regardless of
whether such transactions are prudent; and Trustee further acknowledges that
certain transactions if entered into by the Plan may result in the recognition
of taxable income under Section 511 of the Code. Trustee represents and warrants
that, with respect to each transaction to be executed through the account, the
determination as to whether such transaction complies with the standards of
Section 404(a) of ERISA, will constitute a transaction prohibited under Section
406 of ERISA, or Section 4975 of the Code, or will result in the recognition of
taxable income, will be made either by Trustee or by another person who has been
determined by Trustee to be either a fiduciary or an investment manager properly
delegated the authority to make, or to advise the Plan as to, such
determinations. Trustee understands and agrees that the individual account plan
permits participant-directed investments pursuant to Section 404(c) of ERISA. In
no event shall we have any responsibility or authority to make, or to advise the
Plan or Trustee as to, such determinations. Trustee understands and agrees that
we are neither a fiduciary nor an investment manager with respect to the Plan as
defined in Sections 3(21) and 3(38) of ERISA. Nevertheless, if, contrary to the
expectations of the parties, it is ever finally determined that we are a
fiduciary or investment manager, our responsibility and authority in acting in
such capacity shall be limited to performing our obligations as specifically set
forth herein, and Trustee represents and warrants that such allocation of
fiduciary responsibility is authorized under the instrument pursuant to which
you maintained in accordance with Section 402(c) of ERISA. By signing this
Agreement, Trustee agrees to indemnify us for any liability which may be imposed
on us including, but not limited to, Section 409 of ERISA or any tax which may
be assessed against us under Section 4975 of the Code, or any other damage or
expense which may be suffered by us by reason of your being subject to the
provisions of ERISA, including all costs and expense (including attorneys' fees)
incurred by us in defending against the foregoing. The foregoing provision shall
also apply to any federal or state fiduciary law governing the investments of
employee benefit plans which is supplementary to, or in lieu of, the specific
provisions of ERISA referred to herein.

25. CURRENCY EXCHANGE RATES.

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If any transaction is effected in a foreign currency, any profit or loss arising
as a result of a fluctuation in the exchange rate affecting such currency will
be entirely for your account and risk. All deposits shall be made in United
States currency, unless we request any such deposit in the currency of some
other country, in which case such deposit shall be made in such currency. When
any position is liquidated, we shall debit or credit your account in United
States currency at the rate of exchange determined by us in our sole discretion
on the basis of the then prevailing money rates for such foreign currency,
unless you shall have given us specific written instructions to make such debit
or credit in the foreign currency involved.

26. FUNDS ON DEPOSIT IN NON-U.S. BANKING INSTITUTIONS.

Funds of customers trading on United States contract markets may be held in
accounts denominated in a foreign currency with depositories located outside the
United States or its territories if you are domiciled in a foreign country or if
the funds are held in connection with contracts priced and settled in a foreign
currency. Such accounts are subject to the risk that events could occur which
would hinder or prevent the availability of these funds for distribution to you.
Such accounts may also be subject to foreign currency exchange rate risks.

You authorize the deposit of funds into such foreign depositories. For customers
domiciled in the United States, this authorization permits the holding of funds
in regulated accounts offshore only if such funds are used to margin, guarantee,
or secure positions in such contracts or accrue as a result of such positions.

In order to avoid the possible dilution of other customer funds, if you have
funds held outside the United States, you further agree that your claims based
on such funds will be subordinated in the unlikely event BOTH of the following
conditions are met: (1) Your futures commission merchant is placed in
receivership or bankruptcy; and (2) there are insufficient funds available for
distribution denominated in the foreign currency as to which you have a claim to
satisfy all claims against those funds.

You agree that if both of the conditions listed above occur, your claim against
our assets attributable to funds held overseas in a particular foreign currency
may be satisfied out of segregated customer funds held in accounts denominated
in dollars or other foreign currencies only after each customer whose funds are
held in dollars or in such other foreign currencies received its pro-rata
portion of such funds. You further agree that in no event may a customer whose
funds are held overseas receive more than its pro-rata share of the aggregate
pool consisting of funds held in dollars, funds held in the particular foreign
currency, and nonsegregated assets of the company.

27. CFTC REGULATIONS.

You are aware that CFTC Regulation 1.35(a-2)(2) requires you to create, retain
and produce upon the request of the CFTC, the United States Department of
Justice and the applicable exchange, documentation of cash transactions
underlying exchanges of futures for cash commodities or exchanges of futures in
connection with cash commodity transactions and, if you effect any such exchange
of futures, you will comply with Regulation 1.35 (1-2)(2). If you maintain
separate accounts in which, pursuant to CFTC Regulation 1.46(d)(6), offsetting
positions are not closed out, you understand that, if held open, offsetting long
and short positions in the separate accounts may result in the charging of
additional margins even though offsetting positions will result in no additional
market gain or loss. If you are a non-United States person, you acknowledge
that: (a) CFTC Regulation 15.05 designates us as the agent of foreign brokers,
customers of foreign brokers, and foreign traders for certain purposes; and (b)
CFTC Regulation 21.03 authorizes the CFTC to request, when unusual market
circumstances exist, certain account information from us as well as foreign
brokers and traders.

28. ONLINE SERVICES/ELECTRONIC STATEMENTS.

If we provide you with access to online brokerage service facilities, you agree
to our posted terms of use, privacy statement and service agreement and the
Electronic Order Entry & Account Access Agreement as if the same were set forth
in this Agreement. We do not guarantee access to your account at all times, nor
do we guarantee the receipt, acceptance and entry of any order transmitted to us
electronically. You further agree that any market data or information provided
to you will not be broadcast, retransmitted or commercially exploited and you
acknowledge that exchanges and markets have a proprietary interest in this data
and information. If you have agreed to the electronic transmission of
information, you understand that we do not guarantee delivery.

29. GOVERNING LAW; JURISDICTION AND VENUE; SERVICE OF PROCESS; LIMITATION ON
ACTIONS; WAIVER OF JURY TRIAL.

In order to induce us to accept this Agreement, and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, you
hereby agree to the following:

A. This Agreement is made, upon acceptance by us, in the State of Illinois, and
shall be governed by, and the rights and liabilities of the parties shall be
determined in accordance with, the laws of the State of Illinois, without regard
to any of its conflicts of laws, principles or rules, and by the laws of the
United States.

B. IF YOU HAVE NOT ENTERED INTO AN ARBITRATION AGREEMENT OR IF ARBITRATION IS
UNAVAILABLE, ALL ACTIONS OR PROCEEDINGS, WHETHER INITIATED BY YOU OR US, WITH
RESPECT TO ANY CONTROVERSY ARISING OUT OF OR RELATED TO THIS AGREEMENT, SHALL BE
LITIGATED ONLY IN COURTS WHOSE SITUS IS IN THE STATE OF ILLINOIS. YOU HEREBY
SUBMIT TO THE JURISDICTION OF THE UNITED STATES DISTRICT COURT OF THE NORTHERN
DISTRICT OF ILLINOIS, EASTERN DIVISION, AND ANY OTHER COURT OF COMPETENT
JURISDICTION WHOSE SITUS IS IN CHICAGO, ILLINOIS. IF YOU BRING ANY ARBITRATION
(INCLUDING, BUT

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NOT LIMITED TO, NFA ARBITRATIONS), ADMINISTRATIVE OR REPARATIONS PROCEEDINGS
AGAINST US, YOU HEREBY AUTHORIZE AND DIRECT SUCH ARBITRATORS, ADMINISTRATIVE LAW
JUDGES, OR JUDGMENT OFFICERS TO HOLD ANY SUCH PROCEEDINGS IN CHICAGO, ILLINOIS.
YOU HEREBY WAIVE ANY RIGHT YOU MAY HAVE TO TRANSFER OR CHANGE THE VENUE OF ANY
LITIGATION YOU MAY BRING AGAINST US, OR THAT SUCH LITIGATION IS BROUGHT IN AN
INCONVENIENT FORUM OR THAT FORUM IS IMPROPER.

C. You agree to accept court service of process by registered or certified mail
addressed to you at the address you provided in your customer application, or to
such other addresses as you have supplied to us in writing, and such service
shall constitute personal service of process.

D. No judicial, administrative, arbitration or reparations proceeding may be
commenced by you or us more than one (1) year after any claim arises, directly
or indirectly, out of this Agreement or the transactions contemplated thereby.
You hereby waive any statutes of limitation, including, but not limited to, the
Commodity Exchange Act's and the National Futures Association's two (2) year
limitation on actions.

E. You hereby waive any right you may have to a trial by jury.

30. HEADINGS.

The headings of the provisions hereof are for descriptive purposes only and
shall not modify or qualify any of the rights or obligations set forth in such
provisions.

CUSTOMER AGREEMENT

I ACKNOWLEDGE THAT THIS IS A CONTRACTUAL AGREEMENT. I HAVE READ IT CAREFULLY
AND, BY SIGNING, I AGREE TO BE BOUND BY EVERY TERM AND CONDITION, INCLUDING THE
CONSENTS RELATING TO JURISDICTION, VENUE, SERVICE AND LIMITATIONS ON ACTIONS SET
FORTH IN PARAGRAPH 29. NO MODIFICATION OF THIS AGREEMENT IS VALID UNLESS
ACCEPTED BY US IN WRITING AS PROVIDED IN PARAGRAPH 17. [I CONFIRM THAT I HAVE
DOWNLOADED A FULL SET OF ACCOUNT DOCUMENTS FROM YOUR WEBSITE AND I HAVE NOT MADE
ANY ALTERATIONS OR DELETIONS TO THIS AGREEMENT OR ANY SUCH DOCUMENTS FROM THE
ORIGINAL FORMS POSTED ON THE WEBSITE. IN THE EVENT THAT THERE ARE ANY
ALTERATIONS OR DELETIONS TO THIS AGREEMENT OR ANY SUCH DOCUMENTS, SUCH
ALTERATIONS AND DELETIONS SHALL NOT BE BINDING ON YOU AND SAID ORIGINAL FORMS
SHALL GOVERN MY ACCOUNT RELATIONSHIP WITH YOU.]

<TABLE>
<S>                                           <C>                       <C>
Signature of Customer _______________________ Title ___________________ Date__________________________
Signature of Customer _______________________ Title ___________________ Date__________________________
Signature of Customer _______________________ Title ___________________ Date__________________________
Signature of Customer _______________________ Title ___________________ Date__________________________
</TABLE>

IF A PARTNERSHIP ACCOUNT, EACH GENERAL PARTNER MUST SIGN; IF A CORPORATE
ACCOUNT, AN AUTHORIZED OFFICER MUST SIGN; IF AN L.L.C. ACCOUNT, EACH MANAGING
MEMBER MUST SIGN; IF A TRUST ACCOUNT, EACH TRUSTEE MUST SIGN.

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                                                                Exhibit 10.01(e)

                        FOREIGN EXCHANGE MASTER AGREEMENT

         This FOREIGN EXCHANGE MASTER AGREEMENT sets forth the terms and
conditions that will govern foreign currency trading between Bear Stearns Forex
Inc. ("BSF") and (CUSTOMER NAME) (an investment fund organized under Luxembourg
law, which hereinafter shall be referred to as the "Counterparty"). This
Agreement shall not require the Parties to enter into any Forex or Option
Contracts but shall govern any Forex or Option Contracts which are currently
outstanding or hereafter entered into. All transactions are entered into in
reliance on the fact that this Master Agreement and all confirmations form a
single agreement between the Parties, and the parties would not otherwise enter
into any transactions. Each Party hereto represents and warrants that it is
fully authorized under its charter and/or by-laws and under local and United
States ("U.S.") law and regulations and an appropriate and suitable "person" to
enter into this Agreement and into the type of transactions described herein. An
advisor ("Advisor") may be appointed to act as Counterparty's advisor and agent
for any and all purposes under this Agreement; said appointment will be by
investment management agreement between Counterparty and Advisor and may also be
documented on a power of attorney.

1. DEFINITIONS

         As used in this Foreign Exchange Master Agreement, the following terms
shall have the following meanings unless the context clearly indicates
otherwise:

         (a)      "Account" means the account maintained by BSSC as agent for
BSF in the name of Counterparty.

         (b)      "Advisor" means one or more entities appointed pursuant to
Section 12(k) and the Schedule, Part I., of this Agreement.

         (c)      "Affiliate" means parent company or affiliate of BSF,
including but not limited to BSSC.

         (d)      "Agreement" means this Master Foreign Exchange Agreement,
including the Schedule hereto, together with all Forex or Option Contracts
entered into hereunder.

         (e)      "American Style Option" means an Option which may be exercised
on any Business Day up to and including the Expiration Time.

         (f)      "Broker's Call Rate" means the broker's call rate quoted daily
by BSSC at its main office in New York. Factors affecting the determination of
BSSC's broker's call rate are the broker's call rates posted by various money
center banks that BSSC selects, other representative broker's call rates, such
as the "call money" rate published by the Wall Street Journal and the New York
Times, and the rate that BSSC is charged when borrowing money.

         (g)      "BSSC" means Bear, Stearns Securities Corp.

         (h)      "Business Day" means any day, excluding Saturday or Sunday, on
which commercial banks in New York City are open for business, provided however,
that for purposes of settlement under a Forex or Option Contract, a Business Day
must also be a day on which banks are open for business in the principal
financial center of each of the countries whose currencies are covered by that
Forex or Option Contract.

         (i)      "Buyer" means the owner of an Option.

         (j)      "Call" means an option entitling, but not obligating, the
Buyer to purchase from the Seller, at the Strike Price, a specified quantity of
the Call Currency.

         (k)      "Call Currency" means the currency agreed as such at the time
an Option is entered into.

         (l)      "Contract Value" shall mean the U.S. Dollar value of the
Currency subject to such Forex or Option Contract, at the contract price.

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                                                         BEAR STEARNS FOREX INC.
                                                      FOREIGN EXCHANGE AGREEMENT

         (m)      "Currency Pair" means the two currencies which may be
potentially exchanged upon the exercise of an Option, one of which shall be the
Put Currency and the other the Call Currency.

         (n)      "European Style Option" means an Option for which Notice of
Exercise may be given only on the Option's Expiration Date, up to and including
the Expiration Time, unless otherwise agreed.

         (o)      "Exercise Date" means the Business Day on which a Notice of
Exercise received by the Seller becomes effective.

         (p)      "Expiration Date" means the date specified as such in a
Confirmation.

         (q)      "Expiration Time" means the latest time on the Expiration Date
on which the Seller must accept a Notice of Exercise as specified in a
Confirmation.

         (r)      "Forex Contract" means a Forward Contract or Spot Contract;
"Forward Contract" means any contract between the Parties for the purchase or
sale of currency having a maturity date of more than two Business Days after the
date on which such contract is entered into, provided, however, that for
purposes of Section 4 of this Agreement, Forward Contract shall be any contract
having a maturity date more than two days after the date on which such contract
is entered into; and "Spot Contract" means any contract between the Parties for
the purchase or sale of currency having a maturity date of two Business Days or
less after the date on which such contract is entered into.

         (s)      "In-the-Money-Amount" means (i) in the case of a Call, the
excess of the Spot Price over the Strike Price, multiplied by the aggregate
amount of the Call Currency to be purchased under the Call, where both prices
are quoted in terms of the amount of the Put Currency to be paid for one unit of
the Call Currency; and (ii) in the case of a Put, the excess of the Strike Price
over the Spot Price, multiplied by the aggregate amount of the Put Currency to
be sold under the Put, where both prices are quoted in terms of the amount of
the Call Currency to be paid for one unit of the Put Currency.

         (t)      "Market Value" of any currency at any time means (i) for U.S.
Dollars, the amount of U.S. Dollars, and (ii) for any other currency, the amount
of U.S. Dollars that could be purchased at that time in exchange for that amount
of currency, based on then current exchange rates in the New York foreign
exchange market for delivery of such currency on the relevant Settlement Date,
as determined by BSF in any commercially reasonable manner.

         (u)      "Maturity Date" shall mean the date such Forex Contract or
Option is to be performed between the parties to that Contract.

         (v)      "Notice of Exercise" means telex, telephonic or other
electronic notification (excluding facsimile transmission) providing assurance
of receipt, given by the Buyer prior to or at the Expiration Time, of the
exercise of an Option, which notification shall be irrevocable.

         (w)      "Offsetting Forward Contracts" mean any two or more
outstanding Forward Contracts having the same Settlement Date where under one or
more of such Forward Contracts BSF has agreed to receive one currency in
exchange for a second currency, and under the other of such Forward Contracts,
BSF has agreed to receive such second currency in exchange for such first
currency.

         (x)      "Option" means a Put or a Call on a Forex Contract, as the
case may be, including any unexpired Put or Call previously entered into by the
Parties, which shall become subject to the Agreement unless otherwise noted.

         (y)      "Parties" means the parties to this Agreement including their
successors and permitted assigns (but without prejudice to the application of
clause 4.(a)(vii)); and the term "Party" shall mean whichever of the Parties is
appropriate in the context in which such expression may be used.

         (z)      "Person" means an appropriate person or entity to engage in
Forex or Option Contracts, both under applicable laws and under any internal
documents authority.

                                  Page 2 of 18
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                                                         BEAR STEARNS FOREX INC.
                                                      FOREIGN EXCHANGE AGREEMENT

         (aa)     "Premium" means the purchase price of the Option as agreed
upon by the Parties, and payable by the Buyer to the Seller thereof.

         (ab)     "Premium Payment Date" means unless otherwise agreed by the
parties hereto the date specified at the time of the execution of the option
unless otherwise provided for in the Confirmation.

         (ac)     "Put" means an option entitling, but not obligating, the Buyer
to sell to the Seller at the Strike Price a specified quantity of the Put
Currency.

         (ad)     "Put Currency" means the currency agreed as such at the time
an Option is entered into.

         (ae)     "Seller" means the Party granting an Option.

         (af)     "Settlement Date" means the Business Day specified for
delivery of the currencies bought and sold under a Forex or Option Contract, or
the date such Forex Contract or Option is to be performed between the Parties.

         (ag)     "Spot Date" means the spot delivery day for the relevant
Currency Pair as generally used by the foreign exchange market;

         (ah)     "Spot Price" means the price at the time at which such price
is to be determined for foreign exchange transactions in the relevant Currency
Pair for value on the Spot Date, as determined in good faith by the Seller
and/or BSF;

         (ai)     "Strike Price" means the price specified in a Confirmation at
which the Currency Pair may be exchanged.

2. ENTRY INTO FOREX CONTRACTS AND OPTIONS

         The Parties shall be legally bound by the terms of each Forex Contract
or Option (hereinafter Forex Contracts and Options may be collectively referred
to as "FX Transaction(s)") from the moment they agree to those terms (whether
orally or otherwise). BSF shall issue a confirmation ("Confirmation") or shall
procure that BSSC does so as soon as practicable after an FX Transaction is
entered into. Absent manifest error, unless the Counterparty objects to the
terms contained in any Confirmation within one (1) Business Day of receipt (as
such term is defined in Section 12 (c)) thereof (the "Applicable Period"), the
terms of such Confirmation shall be deemed correct. However, if a corrected
Confirmation is issued by BSF or an Affiliate of BSF within the Applicable
Period, it shall supersede the previous Confirmation and be deemed correct,
unless the Counterparty objects to the terms contained in such corrected
Confirmation within the subsequent Applicable Period, as measured from the
receipt (as such term is defined in Section 12 (c)) of the corrected
Confirmation. The failure by BSF or its Affiliates to issue a Confirmation shall
not prejudice or invalidate the terms of any FX Transactions governed by the
Agreement. Should Counterparty request suppression of Confirmations, that lack
of a Confirmation shall not prejudice or invalidate the terms of any FX
Transaction governed by this Agreement.

3. NETTING

         (a)      If at the time the Parties enter into a Forward Contract, one
or more other Forward Contracts are outstanding, which, when taken together with
such new Forward Contract, constitute Offsetting Forward Contracts, then (unless
the Parties otherwise specifically agree in writing or by exchange of telexes
evidencing mutual agreement with respect to one or more such Forward Contracts)
all such Offsetting Forward Contracts will automatically be canceled and
discharged and simultaneously replaced through novation by a new Forward
Contract which provides as follows: with respect to each currency, the amount to
be delivered by each Party under such Offsetting Forward Contracts shall be
compared and the Party having the greater obligation with respect to such
currency shall deliver to the other Party on the Settlement Date of such
Offsetting Forward Contracts an amount of such currency equal to the difference
between the amounts originally required to be delivered by the Parties pursuant
to such Offsetting Forward Contracts. Such new Forward Contract should be
considered a "Forward Contract" under this Agreement.

                                  Page 3 of 18
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                                                         BEAR STEARNS FOREX INC.
                                                      FOREIGN EXCHANGE AGREEMENT

         (b)      If each Party has sold a Call Option to the other Party, or if
each Party has sold a Put Option to the other Party, then such pair of Call
Options or such pair of Put Options shall be terminated and discharged
automatically upon the payment in full of the last Premium payable in respect of
such Options; provided that such termination and discharge may only occur in
respect of Options:

                   (i)     each being with respect to the same Currency Pair;

                   (ii)    each having a Put Currency amount equal to the Put
                           Currency amount of the other and a Call Currency
                           amount equal to the Call Currency amount of the
                           other;

                   (iii)   each having the same Expiration Date and Expiration
                           Time;

                   (iv)    each being of the same style, i.e., either both being
                           American Style Options or both being European Style
                           Options;

                   (v)     each having the same Strike Price;

                   (vi)    neither of which shall have been exercised by
                           delivery of a Notice of Exercise; and

                   (vii)   that are otherwise identical in terms that are
                           material for purposes of set-off and discharge.

         In the case of a pair of Options meeting all the conditions for
termination and discharge except condition (ii) above, the Option having the
smaller Put Currency amount and Call Currency amount shall be automatically
terminated and discharged in its entirety upon payment in full of the last
premium payable in respect of such Options; and the Put Currency and Call
Currency amounts of the surviving Option shall be reduced by the respective Put
Currency and Call Currency amount of the Option discharged. The surviving
Option, with Put Currency and Call Currency amounts reduced as aforesaid, shall
continue to be an Option for all purposes of this Agreement, including this
Section 3. Upon the occurrence of termination and discharge under this Section
3., neither Party shall have any further obligation to the other party in
respect of Options discharged.

         Any Forward Contract and Option resulting from netting as provided for
in this Section 3 remains a "Forward Contract" and "Option", respectively,
hereunder.

4. LIQUIDATION OF CONTRACTS

         (a)      A "default" shall occur with respect to any Party if: (i) the
defaulting Party shall fail to pay or perform any obligation under this
Agreement or any FX Transaction; (ii) the defaulting Party shall commence a case
or proceeding under any bankruptcy or insolvency law or have any such case or
proceeding commenced against it; (iii) otherwise become bankrupt or insolvent
(however evidenced) or be unable to pay its debts as they become due; (iv) the
defaulting Party shall have a trustee, receiver, liquidator, conservator,
administrator, custodian or other similar official appointed with respect to
itself or any substantial part of its assets under the laws of any jurisdiction
application to it or to all or part of its assets, and in each such case such
event is not cured after notice from BSF; (v) the defaulting Party shall
disaffirm, disclaim or repudiate any obligation; (vi) any representation or
warranty of the defaulting Party shall prove to have been false or misleading in
any material respect when made or repeated or when deemed to be made or
repeated; (vii) the defaulting Party consolidates or amalgamates with, or merges
into, or transfers all or substantially all its assets to, another entity and
the creditworthiness of the resulting, surviving or transferee entity is
materially weaker than that of the defaulting Party immediately prior to such
action; (viii) Counterparty fails to give adequate assurance of its ability
and/or its eligibility to perform its obligations under this Agreement after a
written notice requesting it to do so when BSF or any Affiliate has reasonable
grounds for insecurity; (ix) Counterparty is in default under any other
agreement with any Bear Stearns Entity; or (x) Counterparty fails to provide to
BSF a copy of payment instructions from their paying bank by 3:00 p.m. New York
time after a request by BSF on any day that a payment is due.

         (b)      Notwithstanding any other provision of this or any other
agreement between the Counterparty and BSF, immediately upon the occurrence of a
default, BSF shall have the right, in its sole and absolute discretion, to
cancel, terminate and liquidate any or all Forward Contracts then outstanding at
any time or from time to time by:

                                  Page 4 of 18
<PAGE>

                                                         BEAR STEARNS FOREX INC.
                                                      FOREIGN EXCHANGE AGREEMENT

                   (i)     closing out each such Forward Contract at a price
                           equal to the difference between the respective Market
                           Values of the currencies that are the subject of that
                           Forward Contract at the time of liquidation, so that
                           such Forward Contract is canceled and a settlement
                           payment in an amount equal to the difference between
                           such Market Values is due to the Party owed the
                           currency having the greater Market Value;

                   (ii)    discounting each amount then due, where applicable,
                           under clause (i) to present value as at the time of
                           liquidation (to take account of the period between
                           the date of liquidation and the Settlement Date of
                           the relevant Forward Contract) or in the case of
                           Forward Contracts where the Settlement Date has
                           occurred adding interest to the amount owing by the
                           Defaulting Party at a rate equal to Broker's Call
                           Rate plus a spread to be determined by BSF in a
                           commercially reasonable manner; and

                   (iii)   closing out each such Option at the time of
                           liquidation so that each such Option is canceled.
                           Market damages shall be calculated in U.S. Dollars
                           for each party such that they are equal to the
                           aggregate of (a) with respect to each Option
                           purchased by a party, the current market value for
                           such Option, (b) with respect to each Option sold by
                           a party, any unpaid Premium, and, to the extent
                           permitted by applicable law, interest on any unpaid
                           Premium in the same currency as such Premium at the
                           then prevailing market rate, and (c) with respect to
                           any exercised Option, any unpaid amount due in
                           settlement of such Option and, to the extent
                           permitted by applicable law, interest thereon from
                           the applicable Settlement Date to the day of
                           close-out; and (d) any costs and expenses incurred by
                           the non-defaulting Party in covering its obligations
                           (including a delta hedge) with respect to such
                           Option, all as determined in good faith by the
                           non-defaulting Party; and

                   (iv)    setting-off against each other or aggregating, as
                           appropriate, all such discounted amounts owing by one
                           Party to the other and, at the election of BSF any or
                           all Margin (as defined below) then held by BSF, and
                           any or all other amounts owing by one Party to the
                           other which relate to this Agreement or any Forward
                           Contract (whether or not then due), so that all such
                           amounts are netted to a single net amount due to one
                           Party. The net amount due after liquidation shall be
                           paid within one Business Day.

         (c)      After a default by Counterparty, BSF or an Affiliate may at
any time and from time to time, liquidate any or all non-cash Margin (as defined
in Section 11) without notice to Counterparty. BSF or an Affiliate may, at its
option, include the proceeds of any such liquidation in any set off under
Section 4(b)(iv) and/or Section 4(e).

         (d)      The rate of interest to be used for purposes of calculating
present value under Section 4 (b) (ii) and Section 4 (e) shall be as determined
by BSF in any commercially reasonable manner.

         (e)      BSF's rights under this Section 4 shall be in addition to, and
not in limitation or exclusion of, any other rights which BSF or any of its
Affiliates may have (whether by agreement, operation of law or otherwise), and
BSF and its Affiliates shall have a general right of set-off with respect to all
amounts owed by Counterparty to BSF or to any of BSF's Affiliates whether due or
not due (provided that any amount not due at the time of such set-off shall be
discounted to present value). In addition to, and without limiting any of BSF's
rights under Section 4 (b), after a default, BSF may, in its sole and absolute
discretion, liquidate any or all outstanding such Spot Contracts in a manner
comparable to that set forth in Section 4 (b) (i) and (if BSF so elects)
including any settlement payments resulting from that close out in any set-off
pursuant to Section 4 (b) (iv) and/or this Section 4 (e).

         (f)      BSF's parent, subsidiaries and affiliates have the right to
liquidate any other positions which Counterparty may have in any other accounts
with BSF, its parent, subsidiaries, and affiliates, and to set-off the proceeds
therefrom against any amounts owing by Counterparty to BSF and/or to any of its
affiliates and subsidiaries. Any property of Counterparty in accounts of
Counterparty at BSF, its parent, subsidiaries or Affiliates (collectively and
individually "Bear Stearns Entity" or "Bear Stearns") is subject to a first
security interest and lien by said Bear Stearns

                                  Page 5 of 18
<PAGE>

                                                         BEAR STEARNS FOREX INC.
                                                      FOREIGN EXCHANGE AGREEMENT

Entity. Each Bear Stearns entity is an intended third-party beneficiary of this
Agreement and BSF is entering into this Agreement upon reliance of said fact.

         (g)      BSF and its Affiliates shall have a general right of set-off
with respect to all amounts owed by Counterparty to BSF or to any of BSF's
Affiliates or by BSF or any of its Affiliates to Counterparty, whether due or
not due (provided that any amount not due at the time of such set-off shall be
discounted to present value).

         (h)      To the extent any margin posted by Counterparty pursuant to
this Agreement is held in another Bear Stearns Entity (parent, subsidiary, or
affiliate of BSF), said Bear Stearns Entity has all the rights which BSF has
under this Agreement and under any agreement between Counterparty and such
Affiliate, including but not limited to the rights of liquidation and set-off.

         (i)      In addition to each Party's obligations noted in this Section
4, each Party shall be liable to the other Party (and in the case of BSF, this
means BSF and its Affiliates) for any remaining deficiency, loss, costs or
expenses sustained by the other Party and pay to such other Party all
out-of-pocket expenses incurred (including fees and disbursements of counsel) in
connection with any reasonable collection or other enforcement proceedings
related to any required payments.

         (j)      In the event of default, the Bear Stearns Entity reserves the
right to sell, without prior notice to Counterparty, any and all property in
which Counterparty has an interest held by or through a Bear Stearns Entity, to
buy any or all property which may have been sold short, to cancel any or all
outstanding transactions and/or to purchase or sell any other securities or
property to offset market risk, and to offset any indebtedness it may have,
after which the Counterparty shall be liable to the Bear Stearns Entity for any
remaining deficiency, loss, costs or expenses sustained by the Bear Stearns
Entity in connection therewith. Such purchases and/or sales may be effected
publicly or privately without notice or advertisement in such manner as the Bear
Stearns Entity may in its sole reasonable discretion determine. At any such sale
or purchase, the Bear Stearns Entity may purchase or sell the property free of
any right of redemption.

5. OPTIONS PREMIUMS

         (a)      The Premium related to an Option shall be paid on its Premium
Payment Date in the currency specified by the parties and in immediately
available funds.

         (b)      If any Premium is not received on the Premium Payment Date,
BSF may elect either: (i) to accept a late payment of such Premium; or (ii) to
give written notice of such non-payment and treat the related Option as void
and/or treat such non-payment as an Event of Default under clause (i) of the
definition of Event of Default. Counterparty shall pay all out-of-pocket costs
and actual damages incurred in connection with any unpaid or late Premium or
void Option, including, without limitation, interest on any 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, a delta hedge) with respect to such Option.

6. EXERCISE OF OPTIONS

         (a)      The Buyer may exercise an Option by delivery to the Seller of
a Notice of Exercise. If an Option has not been exercised prior to or at the
Expiration Time, it shall expire and become void and of no effect. Any Notice of
Exercise shall: (i) if received prior to 3:00 p.m. on a Business Day, be
effective upon receipt thereof by the Seller; and (ii) if received after 3:00
p.m. on a Business Day, be effective only as of the opening of business of the
Seller on the first Business Day subsequent to its receipt, or if the Expiration
Date occurs before such Business Day, at the Expiration Time on the Expiration
Date. Any Notice of Exercise relating to a European Style Option, if received
prior to or at the Expiration Time on the Expiration Date, or at any time prior
to the Expiration Date, shall be effective at the Expiration Time on the
Expiration Date.

         (b)      Unless the Seller is otherwise instructed by the Buyer, if an
Option has an In-the-Money Amount at its Expiration Time that equals or exceeds
the product of 1% of the Strike Price and the amount of the Call or Put
Currency, as appropriate, then the Option shall be deemed automatically
exercised.

                                  Page 6 of 18
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                                                         BEAR STEARNS FOREX INC.
                                                      FOREIGN EXCHANGE AGREEMENT

7. PAYMENT NETTING; MANNER OF PAYMENT

         (a)      Prior to the Settlement Date of each Forex Contract, such
Forex Contract shall, by mutual agreement, be offset or rolled forward;
provided, however, that if, such Forex Contract has not been offset or rolled
forward by mutual agreement, the Parties agree that BSF shall have the right but
not the obligation in its sole discretion to (i) close out such Forex Contract
(the "Old Contract") at a price equal to the difference between the respective
Market Values of the currencies that are the subject of the Old Contract at the
time of such close out, so that such Old Contract is canceled and a settlement
payment in an amount equal to the difference between such Market Values is due
to the Party owed the currency having the greater Market Value, which settlement
payment shall be due and payable on the Settlement Date of such Old Contract,
and (ii) establish a new Forex Contract between the Parties for the purchase and
sale of the same currencies for delivery on a Settlement Date (the "New
Settlement Date") that is the first Business Day following the Settlement Date
of the Old Contract at a price based on then current exchange rates in the New
York foreign exchange market for delivery of such currencies on the New
Settlement Date, as determined by BSF in any commercially reasonable manner.

         (b)      If, at any time, BSF, in its sole discretion, allows
Counterparty to settle rather than roll a contract, then: if, on any date, any
amounts would otherwise be payable hereunder by each Party to the other in the
same currency, then (subject to any right to liquidate under Section 4) each
Party's obligation to make payment of any such amount in that currency will be
automatically satisfied and discharged on such date 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 the other Party the excess of the larger aggregate amount over
the smaller aggregate amount.

         (c)      All payments under this Agreement or any Forex or Option
Contract (i) if of U.S. Dollars, shall be made by wire transfer of immediately
available funds to the bank account in a major U.S. financial center designated
by the Party receiving payment, and (ii) if of any other currency, shall be made
by wire transfer of immediately available funds to the bank account in a major
financial center in the country in which that currency is legal tender
designated by the Party receiving payment, provided that each such bank
designated hereunder must be reasonably acceptable to the other Party.

         (d)      If, at any time, BSF, in its sole discretion, allows
Counterparty to take or make delivery, then payment shall be per paragraph 7(c)
above and with a written record.

         (e)      Regarding the netting of Options, if on any date, Premiums
would otherwise be payable hereunder, in the same currencies, between the
Parties then, on such date, each Party's obligation to make payment of any such
Premium will be automatically satisfied and discharged and, if the aggregate
Premium(s) that would otherwise have been payable by one Party exceeds the
aggregate Premium(s) that would otherwise have been payable the other Party,
replaced by an obligation upon the Party by whom the larger aggregate Premium(s)
would have been payable to the other Party the excess of the larger aggregate
Premium(s) over the smaller aggregate Premium(s). The netting and settlement of
Premiums shall be separate from the netting and settlement of Forex Contracts.

         (f)      Any obligation of BSF (whether or not matured) to pay any sums
to Counterparty under this Agreement shall be conditional upon all obligations
(whether or not matured) owed by the Counterparty to BSF hereunder having been
fully and effectively discharged (or if not matured, provided for in a manner
acceptable to BSF.)

                                  Page 7 of 18
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                                                         BEAR STEARNS FOREX INC.
                                                      FOREIGN EXCHANGE AGREEMENT

8. TERMINATION

         This Agreement may be terminated by either Party on five (5) days prior
written notice, but such termination shall not affect any rights of any Party
which have arisen prior to such termination including, but not limited to any
Forex or Option Contract outstanding at the time such termination is effective,
which shall remain subject to the terms and conditions of this Agreement until
all outstanding obligations are performed or liquidated. Nothing herein shall be
construed to limit BSF or any of its Affiliates' right to refuse to engage in
any Forex or Option Contract with Counterparty or to limit open positions in
accordance with any agreement between the Parties. The provisions of Section 4
(h) and 12 (n) shall survive the termination of this Agreement.

9. 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 payment of any currency under a
Forex or Option Contract, or if it becomes unlawful or impossible for either
Party to make or receive any such payment, then the Party for whom such
performance has been prevented, hindered or delayed or has become illegal or
impossible shall promptly give notice thereof to the other Party and such
notified Party may, by written notice to the Counterparty, require the close-out
of each affected Forex or Option Contract in accordance with the provisions of
Section 4.

10. CREDIT INFORMATION

         Counterparty shall give BSF such credit information concerning
Counterparty as BSF may reasonably request from time to time including, without
limitation, annual financial statements for Counterparty in certified or audited
form commencing with the most recent such report issued when this Agreement is
entered into and thereafter for each fiscal year as soon as available.
Counterparty agrees to promptly advise BSF in writing should there be any
material change in Counterparty's financial condition, business, or prospects.
BSF may obtain this information as a credit review process to protect firm
exposure, but not to determine status or suitability to engage in FX
Transactions. Since such a credit check is not a suitability test, and you
should not engage in any FX Transactions simply because you are deemed credit
eligible.

11. MARGIN/MARK-TO-MARKET

         Initial Margin (as defined below) and Variation Margin (as defined
below) shall be paid and returned as provided for in this Section 11. (Initial
Margin and Variation Margin are referred to collectively as "Margin".)

         (a)      At the time of entry into each Forex Contract, Counterparty
shall provide BSF, or an Affiliate, as initial margin ("Initial Margin"), a
percentage of that Contract's Contract Value (as defined below), as BSF elects
from time to time in BSF's sole discretion. After a Forex Contract ceases to be
outstanding, BSF shall return to Counterparty any Initial Margin that BSF holds
with respect to such Forex Contract. The "Contract Value" of a Forex Contract is
the amount of U.S. Dollars to be delivered on the Settlement Date of that
Contract. But, if the U.S. Dollar is not one of the currencies covered by that
Forex Contract, then the "Contract Value" is the amount of U.S. Dollars that
could be purchased on the date such Forex Contract is entered into, in exchange
for the amount of currency to be purchased by BSF under that Contract, based on
the then current exchange rate in the New York foreign exchange market on such
date for delivery of such currency on the relevant Settlement Date, as
determined by BSF in any commercially reasonable manner.

         (b)      At the time of sale of an Option Contract by Counterparty, it
shall provide BSF as initial margin a percentage of that Option Contract value
(as defined below). The "Option Contract Value" of an Option Contract is (i) the
amount of U.S. Dollars to be delivered on the Settlement Date if that contract
is exercised or (ii) if the U.S. Dollar is not one of the currencies covered by
such Option, the amount of U.S. Dollars that could be purchased on the date such
Option is entered into, in exchange for the currency to be delivered by the
Seller under such Option, based on the then current exchange rate in the New
York foreign exchange market for delivery of such currency on the Expiration
Date of such Option, as determined by BSF in any commercially reasonable manner.

                                  Page 8 of 18
<PAGE>

                                                         BEAR STEARNS FOREX INC.
                                                      FOREIGN EXCHANGE AGREEMENT

         (c)      As of the close of business on each Business Day, the net
aggregate unrealized gain on all Forex Contracts and the market value of Option
Contracts then outstanding shall be calculated by BSF by:

                   (i)     first determining for each such Forex Contract the
                           difference between the respective Market Values of
                           each of the Currencies that is the subject of that
                           Forex Contract, it being understood that the party
                           owed the Currency with the larger Market Value has an
                           unrealized gain equal to such difference,

                   (ii)    then determining the sum of each party's unrealized
                           gains under all such Forex Contracts, and

                   (iii)   plus the Market Value of long options positions, less
                           the Market Value of short options positions.

If the aggregate unrealized gain of BSF, adjusted for the Market Value of Forex
Options, exceeds that of the Counterparty, BSF shall have a "Market Exposure" in
an amount equal to such excess.

         (d)      If on any Business Day, the Market Exposure of BSF exceeds a
percentage (as determined by BSF in its sole discretion from time to time) of
the aggregate amount of Initial Margin then held by BSF with respect to all
Forex and Option Contracts then outstanding, Counterparty shall provide BSF with
additional Margin ("Variation Margin") in an amount equal to such Market
Exposure.

         (e)      If, on any Business Day, the aggregate amount of Variation
Margin held by BSF with respect to all Forex or Option Contracts then
outstanding exceeds BSF's Market Exposure, BSF shall return the Variation Margin
to Counterparty in an amount equal to such excess.

         (f)      Each payment or return of Variation Margin shall be made on
the day demanded if notified by 1:00 p.m. New York time and otherwise within the
Business Day after notification. Margin shall be provided in the form of: (i)
cash; (ii) U.S. Treasury Bills maturing not more than 180 days from the date of
delivery from Counterparty to BSF (provided that for purposes of determining the
amount of Margin held by BSF at any time, U.S. Treasury Bills shall be valued at
90% of their then current market value for sale in the ordinary course in the
government securities market, as determined by BSF in any commercially
reasonable manner) or (iii) such other collateral as BSF, in its sole
discretion, shall deem acceptable with such "haircut" applied thereto as BSF, in
its sole discretion, shall deem appropriate. Non-cash Margin shall be delivered
to BSF in accordance with its instructions.

         (g)      Counterparty hereby grants to each Bear Stearns Entity a valid
and first priority, perfected, continuing security interest in and assign (a)
all property now or hereafter held or carried by any Bear Stearns Entity in any
of your accounts, in all property in which you now have or hereafter acquire an
interest, which is now or hereafter held by or through any Bear Stearns Entity
and all property or otherwise held or subject to the control of any Bear Stearns
Entity or agent thereof, including (without limitation) all margin, securities,
monies, investment property (including without limitation all financial assets
and instruments), (b) all rights you have in any Obligation (as defined below)
of any Bear Stearns Entity, and (c) any and all rights, claims or causes of
actions you may now or hereafter have against any Bear Stearns Entity (including
without limitation all rights you have in any repurchase agreement to which any
Bear Stearns Entity is a party) and, (d) all proceeds of or distributions on any
of the foregoing (collectively (a) through (d), "Collateral"), as security for
the payment and performance of any and all of your Obligations to each Bear
Stearns Entity. The description of any property that is collateral under any
activity, including, but not limited to, collateral described in any
confirmation, account statement, or activity report, is hereby incorporated into
this Agreement as if fully set forth herein and constitutes collateral
hereunder. You hereby acknowledge and agree that all such property of yours held
by or through any Bear Stearns Entity is held as Collateral by such Bear Stearns
Entity as agent and bailee for itself and all other Bear Stearns entities. Each
Bear Stearns Entity agrees to act as agent and bailee of and for each other Bear
Stearns Entity in respect of the Collateral and shall hold any Collateral both
secured party and as agent and bailee of and for each other Bear Stearns Entity.
Each Bear Stearns Entity shall, and hereby agrees to, comply without your
further consent with any orders or instructions of each other Bear Stearns
Entity with respect to the Collateral, including (without limitation), (i) any
entitlement orders, including without limitation, all notifications it receives
directing it to transfer or redeem any Collateral and (ii), if the Bear Stearns
Entity is a commodity intermediary, any instructions to

                                  Page 9 of 18
<PAGE>

                                                         BEAR STEARNS FOREX INC.
                                                      FOREIGN EXCHANGE AGREEMENT

Stearns Entity to apply any value distributed on account of a commodity contract
as directed by each other Bear Stearns Entity. Each Bear Stearns Entity has the
right, in its sole discretion, to not comply with (i) any entitlement order
originated by you or a third party that would require a Bear Stearns Entity to
make a delivery of Collateral to you or any other person and (ii) any
instruction from you to apply any value on account of any commodity contract
(whether such value is distributable or not), to the extent that such Collateral
is necessary to satisfy any Obligation (including, without limitation, any
requirement for margin or other security) to another Bear Stearns Entity if such
other Bear Stearns Entity requests (orally or in writing) that such entitlement
order or instruction not be complied with. Each activity has been entered into
in consideration of each other and your performance of each and every one of
your Obligations is a condition precedent to Bear Stearns' performance of its
Obligations; provided however, that Activities shall not be merged. In
furtherance of the foregoing, any Bear Stearns Entity may, at any time and
without prior notice to you, use, credit, apply or transfer any such Collateral
between your accounts (or other arrangements) at any Bear Stearns Entity to
satisfy or secure any of your Obligations. Collateral pledged by you in
connection with a particular Activity shall secure first your Obligations under
that Activity and second, your Obligations under all Activities.

         "Obligations" means each and every obligation or liability (including
payment and delivery obligations, any "debt" as defined in the United States
Bankruptcy Code, any obligation arising under a guarantee that you have provided
to a Bear Stearns Entity and every obligation or requirement you have under any
activity to maintain or deliver margin or other collateral with respect to such
other activity) between Bear Stearns and you in connection with a guarantee, or
an activity or its acceleration, cancellation, termination or liquidation,
whether arising hereunder, heretofore, or hereafter.

         (h)      BSF shall have the free and unrestricted right to use and
dispose of any Margin provided to it hereunder, subject only to its obligation
to return Margin (or, in the case of Treasury Bills, comparable Treasury Bills)
when and if so provided in this Agreement.

         (i)      Cash held by BSF as Margin shall bear interest calculated on a
daily basis at the Broker's Call Rate as in effect, as advised by BSF, minus a
spread to be determined by BSF from time to time, with the amount of interest
accrued and paid monthly.

         (j)      Notwithstanding any other provision of this Section 11, BSF
may from time to time make intra-day Margin calls and/or change Margin
provisions contained in this Section 11 (including, without limitation, by
increasing and/or decreasing any of the percentages or amounts set forth in this
Section 11), effective immediately, on notice actually received by the
Counterparty. Each such change in Margin provisions shall apply to Forex or
Option Contracts outstanding at the time such revised provisions become
effective, as well as to Forex or Option Contracts entered into thereafter.

         (k)      The parties acknowledge and agree that the security interest
granted hereunder shall be an automatically perfected security interest of first
priority (i) granted by an "entitlement holder" (as defined in Section
8-102(a)(7) of the Uniform Commercial Code as in effect in the State of New York
(the "UCC")) in favor of a "securities intermediary" (as defined in Section
8-102(a)(14) of the UCC) and (ii) granted by a "commodity customer" (as defined
in Section 9-115(1)(c) of the UCC) in favor of a "commodity intermediary" (as
defined is Section 9-115(1)(d) of the UCC). The Parties acknowledge and agree
that New York shall be the security intermediary's jurisdiction, pursuant to
Section 8-110 of the UCC, and the commodity intermediary's jurisdiction,
pursuant to Section 9-103(6) of the UCC.

12. MISCELLANEOUS

         (a)      This Agreement is solely for the benefit of the Parties and
their respective successors and permitted assigns. Neither Party may assign any
of its rights or obligations under this Agreement without the prior written
consent of the other Party. This Agreement may not be amended except by a
writing signed by both Parties. The Section headings in this Agreement are for
convenience of reference only and shall not affect the construction or
interpretation of any provision of this Agreement.

         (b)      Any rights granted to BSF under this Agreement may be
exercised by any of BSF's Affiliates, its successors or assigns.

                                 Page 10 of 18
<PAGE>

                                                         BEAR STEARNS FOREX INC.
                                                      FOREIGN EXCHANGE AGREEMENT

         (c)      All notices, requests and other communications shall be
delivered by hand, registered mail (return receipt requested), telex, facsimile
or by electronic mail if the Counterparty has been approved by Bear Stearns to
trade electronically and there is confirmation that the e-mail was delivered to
the proper e-mail address, or telephone when a section hereof so allows, and
shall be deemed to have been received on the date received if delivered by hand;
on the date stated in the return mail receipt if sent to the respective Party's
address set forth in the Schedule; when transmitted to the telex number of the
respective Party set forth in the Schedule (if confirmed by the respective
answerback set forth in the Schedule); when received at the facsimile number set
forth in the Schedule; when delivered by e-mail; or when spoken when delivered
telephonically to the telephone number set forth in the Schedule. These
addresses, telex numbers, facsimile numbers and answerbacks may be changed by
written notice, which shall only be effective upon receipt; it is each Party's
obligation to keep the other Party appraised of such updates.

         (d)      This Agreement shall be governed by and construed in
accordance with the internal laws of the State of New York, without giving
effect to principles of conflicts of law, and any dispute arising hereunder
shall be resolved by binding and final arbitration between BSF and Counterparty
at the facilities and before an all securities panel, to the maximum extent
allowed by law or arbitration law, of the National Association of Securities
Dealers, Inc. (NASD) or of the New York Stock Exchange, Inc. By entering into
this arbitration clause BSF and Counterparty waive any and all rights to trial
and rights to trial by jury they would otherwise have. Any arbitration which
occurs hereunder shall be at a situs in New York, New York. The United Nations
Convention on Contracts for the International Sale of Goods shall not apply to
this Agreement.

         (e)      Each Party hereby 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.

         (f)      Counterparty agrees to file whatever documents and notices are
required of it under its own local law, with copies to BSF, in order to allow it
to carry out each provision of this Agreement. In addition, Counterparty agrees
to execute such documents and to take all steps necessary to make the terms of
this Agreement effective. To the extent the filing of any such documents and
notices may violate your local jurisdiction laws on secrecy; you waive any
rights to such secrecy provision.

         (g)      Counterparty agrees to irrevocably appoint a process agent as
indicated in Part II of the Schedule to this Agreement if Counterparty is not
domiciled in the United States.

         (h)      No waiver of any breach or condition of this Agreement shall
be deemed a waiver of any other breach or condition, whether of a like or
different nature. This Agreement represents the entire agreement with respect to
transactions described herein and supersedes any prior or contemporaneous oral
or written agreements between the Parties. In the event that any provision of
this Agreement is declared to be illegal, invalid or otherwise unenforceable by
a court of competent jurisdiction, the remainder of this Agreement shall not be
affected except to the extent necessary to delete such illegal, invalid or
unenforceable provision, unless the deletion of such provision shall
substantially impair the benefits of the remaining provisions of this Agreement.

         (i)      The Parties agree that each may electronically record all
telephonic conversations between or among them and their respective employees
and that any such recordings may be submitted in evidence to any court or in any
Proceeding for the purpose of establishing any matters pertinent to this
Agreement.

         (j)      Should Counterparty appoint an advisor, Counterparty hereby
appoints the Advisor that is listed in Part I of the Schedule to this Agreement.

         (k)      Counterparty hereby makes the following representations and
warranties which are deemed to be repeated at the time of entry into any FX
Transaction:

                                 Page 11 of 18
<PAGE>

                                                         BEAR STEARNS FOREX INC.
                                                      FOREIGN EXCHANGE AGREEMENT

                  (i)      None of the assets of Counterparty are "plan assets"
                           within the meaning of 29 C.F.R. Section 2510.3-101;

                  (ii)     Counterparty is not subject to the fiduciary
                           responsibilities of the Employee Retirement Income
                           Security Act of 1974, as amended ("ERISA"); and

                  (iii)    Counterparty's entry into Forex or Option Contracts
                           under this Agreement will not give rise to any
                           prohibited transaction under Title I of ERISA or
                           Section 4975 of the Internal Revenue Code.

                  (iv)     Counterparty is an "eligible swap participant" within
                           the meaning of Commodity Futures Trading Commission
                           Rule 35.1 (codified at 17 C.F.R. Section. 35.1).
                           Counterparty agrees to notify BSF promptly if, at any
                           time, it no longer is an "eligible swap participant."

                  (v)      (a) Counterparty understands that the foreign
                           exchange spot, forward, and options markets are
                           subject to complex risks which may arise without
                           warning and may at times be volatile and that losses
                           may occur quickly and in unanticipated magnitude,

                           (b) Counterparty is a sophisticated investor able to
                           evaluate the risks of FX Transactions,

                           (c) Counterparty is prepared to bear and is capable
                           of bearing (financially and otherwise) all risks
                           associated with FX Transactions, and

                           (d) Counterparty is entering into FX Transactions
                           based upon the advice of its Advisor and its traders,
                           and is not relying upon advice of Bear Stearns.

                  (vi)     Counterparty understands that whether or not an
                           affiliate of BSF has acted as agent for other
                           transactions, for these FX Transactions, BSF and its
                           affiliates will be acting as principal, neither in an
                           agency capacity nor as broker nor as advisor.

                  (vii)    Counterparty understands that BSF may have or take
                           positions similar or opposite to those of
                           Counterparty, and further that the price of each FX
                           Transaction will be as mutually agreed upon by the
                           Parties, and in this instance, Counterparty may by
                           verbal instruction give time and price discretion to
                           BSF.

                  (viii)   Counterparty understands that BSF is dealing on a
                           principal basis and that the prices of FX
                           Transactions quoted by BSF may not be the best prices
                           available in the market and are subject to a mark-up.

         (l)      BSF represents and warrants that it is a financial institution
under the provisions of Section IV of The Federal Deposit Insurance Corporation
Improvement Act of 1991 as amended by regulation EE in January 1994 ("FDICIA").
This Agreement shall be a Netting Contract, as defined in FDICIA, and each
receipt or payment for delivery obligation hereunder shall be a covered
contractual payment entitlement or covered contractual payment obligation,
respectively as defined in FDICIA.

         (m)      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 a court or pursuant to Section 4 or 9, 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 such purchase of Currency.

                                 Page 12 of 18
<PAGE>

                                                         BEAR STEARNS FOREX INC.
                                                      FOREIGN EXCHANGE AGREEMENT

         (n)      Each Party shall enter into each FX 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 Forex
or Option Contract as to any subsequent actions relating thereto or on any other
commercial matters concerned with any Forex or Option Contract governed by the
Agreement. Neither Party shall have any responsibility or liability whatsoever
in respect of any advice of this nature given, or views expressed, by it or any
of such persons to the other Party, whether or not such advice is given or such
views are expressed at the request of the Party. To the extent Counterparty may
communicate with BSF traders or other personnel or receive information from or
on behalf of BSF, Counterparty acknowledges and agrees that any such information
and/or recommendation may be incomplete, may not be verified, and may be changed
without notice to Counterparty.

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

         (p)      For FX Forward and Spot transactions, BSSC carries the
Counterparty's account(s) as clearing broker for Counterparty. For FX Options,
BSF carries the accounts and BSSC solely provides an operational reporting
service. Unless BSSC receives from Counterparty prior written notice to the
contrary, BSF, BSSC or their affiliates may accept from Counterparty without any
inquiry or investigation: (a) orders for the purchase or sale of securities,
futures, foreign exchange and other property in the Counterparty's account(s) on
margin or otherwise; (b) any positions executed in FX Transactions, and (c) any
other instructions concerning the Counterparty's account(s) or the property
therein.

         (q)      Counterparty hereby acknowledges, consents and agrees that, in
accordance with Bear Stearns and industry policies, practices and procedures,
Bear Stearns and its affiliates and branches may transmit any and all
information relating to you, this Agreement, and the transactions undertaken
hereunder to such affiliates and branches for efficient processing, database
maintenance, record keeping or other use in accordance with such practices,
policies and procedures, and that Bear Stearns and such affiliates may disclose
the same as Bear Stearns determines in good faith to be appropriate to auditors,
counsel, regulators and self-regulatory organizations. In addition Bear Stearns
may disclose such information to the extent that it determines in good faith to
be required by applicable law, rule, regulation or order.

         (r)      This Agreement may be executed in counterparts, each of which
when executed shall be deemed an original.

                                 Page 13 of 18
<PAGE>

                                                         BEAR STEARNS FOREX INC.
                                                      FOREIGN EXCHANGE AGREEMENT

                                    SCHEDULE

Part I.           APPOINTMENT OF ADVISOR

         Should Counterparty appoint an advisor, Counterparty hereby appoints
QUADRIGA ASSET MANAGEMENT INC. ("Advisor") as its agent and attorney-in-fact for
any and all purposes under this Agreement. Advisor shall act through its
officers, employees and agents. The powers of Advisor shall include, without
limitation, the right to enter into or liquidate Forex or Option Contracts on
behalf of Counterparty in such amounts, at such times and on such other terms as
Advisor shall determine, the right to give and receive notices hereunder on
behalf of Counterparty, and the right to agree to amendments to this Agreement
on behalf of Counterparty. All acts or omissions of Advisor under or in
connection with this Agreement shall have the same force and effect as if taken
by a duly authorized employee of Counterparty. BSF is hereby authorized and
directed to follow the instructions of Advisor in every respect concerning this
Agreement and all matters related thereto. Counterparty hereby ratifies and
confirms any and all Forex or Option Contracts and instructions made or given by
Advisor. Counterparty's appointment of Advisor is coupled with an interest and
is irrevocable. Neither BSF nor BSSC, nor its employees, officers, or directors
have any duty to supervise or review the acts or advice of the Advisor, nor
shall Bear Stearns, its officers, directors or employees be liable for any
damage which arise from Advisor's acts or omissions.

Part II.          APPOINTMENT OF AGENT FOR SERVICE OF PROCESS FOR NON-U.S.
                  ENTITIES

         Counterparty agrees to irrevocably appoint as process agent ("Process
Agent") to receive, for it and on its behalf, service of process in any
proceeding. If for any reason Counterparty's Process Agent is unable to act as
such, Counterparty will promptly notify the other party and within 10 days
appoint a substitute process agent acceptable to the other party. Counterparty
irrevocably consents to service of process in the manner provided for in this
Agreement. Nothing in this Agreement will affect the right of BSF to serve
process in any other manner permitted by law.

Part III.         TRADING AUTHORIZATION FOR FX TRANSACTIONS

The following individuals are authorized to engage in FX Transactions:

<TABLE>
<CAPTION>
           Name                            Title
           ----                            -----
<S>                              <C>
___________________________      ___________________________
___________________________      ___________________________
___________________________      ___________________________
___________________________      ___________________________
___________________________      ___________________________
___________________________      ___________________________
</TABLE>

                                 Page 14 of 18
<PAGE>

                                                         BEAR STEARNS FOREX INC.
                                                      FOREIGN EXCHANGE AGREEMENT

Trade confirmation should be addressed as follows:

<TABLE>
<CAPTION>
          Original                    Interested Party
          --------                    ----------------
<S>                              <C>
Name:                            Name:
___________________________      ___________________________

Address:                         Address:
___________________________      ___________________________
___________________________      ___________________________
___________________________      ___________________________

Attention:                       Attention:
___________________________      ___________________________
</TABLE>

         As changes in trading personnel or address occur we will forward a
revised Schedule. Bear Stearns Forex Inc. may rely upon this authorization as
continuing in full force and effect until Bear Stearns receives a revised
Schedule changing the above information or notice of termination. In either
event, however, it is understood that no change or termination will effect our
obligations to you with respect to any transaction arising prior to your receipt
of such written notice.

Part IV.          ADDRESS FOR NOTICES

Address for notices or communications to Counterparty:

         Address:          ___________________________
                           ___________________________
         Attention:        ___________________________
         Telephone:        ___________________________
         Facsimile:        ___________________________

Address for notices or communications to Bear Stearns Forex Inc.:

         Address:          383 Madison Avenue
                           New York, NY 10179
         Attention:        David M. Schoenthal
                           Foreign Exchange - 7th Floor
         Telephone:        (212) 272-7683
         Facsimile:        (212) 272-2314

                                 Page 15 of 18
<PAGE>

                                                         BEAR STEARNS FOREX INC.
                                                      FOREIGN EXCHANGE AGREEMENT

         IN WITNESS WHEREOF, the Parties have caused this Agreement to be
executed by their respective authorized officers as of the ______ day of
_______________, 2003.

                                              BEAR STEARNS FOREX INC.

Attention:    David Schoenthal                By: ______________________________
Address:      383 Madison Avenue                  President & Director
              New York, NY  10179

                                              (CUSTOMER NAME)

Attention: ______________________________     By: ______________________________
Address:   ______________________________         Title:

                                              QUADRIGA ASSET MANAGEMENT INC.

Attention: ______________________________     By: ______________________________
Address:   ______________________________         Title:

                                 Page 16 of 18
<PAGE>

                                                         BEAR STEARNS FOREX INC.
                                                      FOREIGN EXCHANGE AGREEMENT

                           PRECIOUS METALS SUPPLEMENT

                                     to the

         Foreign Exchange Master Agreement (the "Agreement") annexed hereto,
between Bear Stearns Forex Inc. ("BSF") and (CUSTOMER NAME). This Precious
Metals Supplement sets forth the additional terms and conditions that will
govern precious metals trading and precious metal options trading between BSF
and (CUSTOMER NAME) ("Counterparty"). This Precious Metals Supplement shall not
require the Parties to enter into any Precious Metals Transactions (as defined
below), but shall govern any such Transactions which are currently outstanding
or hereafter entered into. Each Party hereto represents and warrants that it is
fully authorized to enter into this Agreement and into the type of transactions
described herein and is a commercial user of or a merchant handling precious
metals with the capacity to make or take delivery of precious metals.

         1.       Definitions

                  (a)      "Precious Metal" means Gold, Silver, Platinum and
         Palladium in each case in the form and having the minimum fineness
         required for good delivery at the agreed delivery location.

                  (b)      "Precious Metals Contract" means a Forward Contract
         or Spot Contract for Precious Metals; "Forward Contract" shall also
         mean any contract between the Parties for the purchase and sale of a
         type of Precious Metal having a settlement date of more than two
         Business Days after the date on which such contract is entered into;
         provided, however, that for purposes of Section 4 of the Agreement,
         Forward Contract shall be any such contract having a settlement date
         more than two days after the date on which such contract is entered
         into; and "Spot Contract" shall also mean any contract between the
         Parties for the purchase and sale of a type of Precious Metal having a
         settlement date of two Business Days or less after the date on which
         such contract is entered into. "FX Transactions" shall also include any
         Precious Metals Contracts or options thereupon.

                  All terms used herein and not defined shall have the meanings
ascribed thereto in the Agreement.

         2.       Delivery And Purchase Price

                  (a)      On the settlement Date of each Transaction, Seller
         shall deliver the agreed quantity of the agreed type of Precious Metals
         (a) if delivery is to be in London, by transfer to Buyer's unallocated
         account at a member of the London Bullion Market for that type of
         Precious Metal or another London bullion dealer or bank designated by
         Buyer which is reasonably acceptable to Seller, (b) if delivery is in
         New York, to a Comex depository, and (c) if delivery is in a different
         city, to a mutually agreed depository. Each Party acknowledges that (i)
         unallocated gold represents only the right to receive Precious Metal
         from the dealer or bank (collectively, "Depository") it selects and
         (ii) it bears responsibility for the selection of the Depository at
         which it maintains unallocated Precious Metal and for any credit or
         operational rules at that Depository. The Buyer shall pay the agreed
         price for that Precious Metal on the Settlement Date.

         3.       Title And Risk Of Loss

                  (a)      Title to and all risk of loss or damage of or to any
         and all Precious Metals delivered hereunder shall pass to Buyer on
         delivery.

         4.       Warranty

                  (a)      Seller represents and warrants that (a) title to
         Precious Metals delivered hereunder will pass to Buyer on delivery free
         and clear of all liens, encumbrances and claims; (b) it has the right
         to sell such Precious Metal hereunder; and (c) such Precious Metals
         meet the requirements specified in the definition of that term herein.
         THERE ARE, HOWEVER, NO OTHER WARRANTIES, EXPRESS OR IMPLIED INCLUDING,
         WITHOUT LIMITATION, ANY WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE OR
         MERCHANTABILITY.

                                 Page 17 of 18
<PAGE>

                                                         BEAR STEARNS FOREX INC.
                                                      FOREIGN EXCHANGE AGREEMENT

         5.       Taxes

                  (a)      When laws, ordinances and regulations permit,
         Counterpart shall assume liability for and pay, in addition to the
         purchase price of the precious metal, all federal, state, municipal and
         foreign taxes (including Value Added Taxes), excises, charges and other
         fees now or hereinafter imposed, levied or assessed by any governmental
         authority or agency that may be applicable to the sale and/or delivery
         of precious metals hereunder (but excluding net income, excess profits,
         or corporate franchise taxes).

                  (b)      In those cases in which the laws, regulations or
         ordinances impose upon the Seller the obligation to collect or pay such
         taxes, excises, charges, or other fees, Buyer shall pay to Seller an
         amount equivalent to such governmental execution for which Seller shall
         be liable. If Buyer is entitled to purchase precious metals free of any
         tax, fee or charge, Buyer shall furnish to Seller proper exemption
         certificates to cover such purchase or purchases. In addition, Buyer
         acknowledges receipt of the disclosure statement from Seller (as set
         forth in Section 4101 of Internal Revenue Code of 1986) or is
         knowledgeable of the contents thereof.

                                 Page 18 of 18

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