Document:

<PAGE>

                                                                   EXHIBIT 10.11

                           THIRD AMENDATORY AGREEMENT

                  THIS THIRD AMENDATORY AGREEMENT ("Agreement") is entered into
by and among the signatories hereto (the "Signatories") as of __________, 2001.

                               W I T N E S S E T H

                  WHEREAS, the Signatories (or certain thereof) have previously
entered into a Selling Agreement dated as of April 25, 1996, a Joint Venture
Agreement dated as of April 25, 1996, as amended, a Customer Agreement dated as
of July 15, 1996, as amended (collectively, and as amended by the Amendatory
Agreements dated as of July 31, 1998 and May 4, 1999, the "Original Agreements")
relating to the distribution of units of limited partnership ("Units") in, and
the operation, trading and safekeeping the assets of, ML JWH Strategic
Allocation Fund L.P. (the "Partnership");

                  WHEREAS, all of the Original Agreements were filed as exhibits
to the Partnership's Registration Statement No. 33-80509, which became effective
under the Securities Act of 1933 (the "Securities Act") as of April 25, 1996 for
the initial offering of the Units (the "First Offering");

                  WHEREAS, the Partnership filed a Registration Statement (Reg.
No. 333-47439) on March 6, 1998 pursuant to which the Partnership registered
2,000,000 additional Units for public sale (the "Second Offering");

                  WHEREAS, the Partnership filed a new Registration Statement
(Reg. No. 333-75299) on March 30, 1999 pursuant to which the Partnership
registered 960,000 additional Units for public sale (the "Third Offering");

                  WHEREAS, the Partnership filed a new Registration Statement
(Reg. No. 333-____) on April 13, 2001 pursuant to which the Partnership
registered 350,000 additional Units for public sale (the "Fourth Offering").

                  WHEREAS, Merrill Lynch Investment Partners Inc. ("MLIP") is
the general partner of the Partnership;

                  WHEREAS, all the Signatories other than JWH (the "MLIP
Parties") are affiliates of MLIP; and

                  WHEREAS, the Signatories wish to further amend the Original
Agreements to reflect the Fourth Offering and the operation, trading and
safekeeping of the assets of the Partnership thereafter, but without otherwise
effecting any substantive change therein.

                  NOW THEREFORE, the Signatories agree as follows.

<PAGE>

                  1. DEFINED TERMS. Capitalized terms not otherwise defined
herein are used with the meanings set forth in the Original Agreements, as
amended.

                  2. THE SELLING AGREEMENT. The Selling Agreement is hereby
amended to reflect the registration and public offering of an additional
350,000 Units in the Fourth Offering. As the Partnership is an operating
entity, there is no minimum number of new Units which must be sold as of the
beginning of any calendar month during the Fourth Offering for subscription,
then to be accepted, and -- as provided in the Selling Agreement in the case
of the ongoing offering of the Units following the initial Closing Date
during the First Offering, the Second Offering and the Third Offering --
subscriptions are debited directly from investors' Merrill Lynch Customer
Securities Accounts as of each month-end settlement date directly into the
Partnership's account without being previously collected into an escrow
account.

                  The initial Closing of the Fourth Offering shall be subject to
the same closing conditions as was the initial Closing of each of the First
Offering, the Second Offering and the Third Offering as stated in Section 8 of
the Selling Agreement.

                  In all other respects, the terms of the Selling Agreement are
restated in their entirety and shall apply to the Fourth Offering.

                  3. THE JOINT VENTURE AGREEMENT. The Joint Venture Agreement
is hereby amended to reflect the registration and public offering of an
additional 350,000 Units, and the renewal of the Joint Venture Agreement to
allow the Joint Venture to continue in effect until December 31, 2001. In all
other respects, the terms of the Joint Venture Agreement are restated in
their entirety.

                  4. THE CUSTOMER AGREEMENT. The Customer Agreement is hereby
amended to reflect the fact that the interest credit arrangements shall be as
set forth under "Interest Income Arrangements" in the Prospectus.

                  5. REPRESENTATIONS AND WARRANTIES OF THE SIGNATORIES. The
Signatories, other than MLIP, hereby restate and reaffirm the representations
and warranties made by them in the Original Agreements in respect of such
Agreements as hereby amended (the "Amended Agreements").

                  6. REPRESENTATIONS AND WARRANTIES OF MLIP. MLIP represents and
warrants to the Signatories, as follows:

                  (a) The Partnership has provided to the Signatories and filed
         with the SEC a Registration Statement on Form S-1 (Registration No.
         333-_____), as filed with the SEC on April 13, 2001 for the
         registration of 350,000 Units under the Securities Act, has filed two
         copies thereof with the CFTC under the Commodity Act and one copy with
         the NFA in accordance with NFA Compliance Rule 2-13. The term,
         "Registration Statement," shall, from and after the declaration of the
         effectiveness of the Registration

                                   -2-
<PAGE>

         Statement under the Securities Act on __________, 2001, refer to the
         Registration Statement as it becomes effective, and the term,
         "Prospectus" shall refer to the prospectus of the Partnership dated
         __________, 2001. Except as required by law, the Partnership will
         not file any amendment to the Registration Statement or any
         amendment or supplement to the Prospectus which shall be reasonably
         objected to in writing by any Signatory, upon reasonable prior
         notice.

                  (b) The Certificate of Limited Partnership pursuant to which
         the Partnership was formed and the Limited Partnership Agreement each
         provides for the subscription for and sale of the Units; all action
         required to be taken by MLIP and the Partnership as a condition to the
         sale of the Units to qualified subscribers therefor has been, or prior
         to the initial Closing Time of the Fourth Offering and Subsequent
         Closing Times during the Fourth Offering will have been taken; and,
         upon payment of the consideration therefor specified in all accepted
         Subscription Agreements and Powers of Attorney, the Units will
         constitute valid limited partnership interests in the Partnership.

                  (c) The Partnership is a limited partnership duly organized
         pursuant to the Certificate of Limited Partnership, the Limited
         Partnership Agreement and the DRULPA and validly existing under the
         laws of the State of Delaware with full power and authority to engage
         in the trading of futures, forward and option contracts, as described
         in the Prospectus; the Partnership has received a certificate of
         authority to do business in the State of New Jersey as provided by the
         New Jersey Uniform Limited Partnership Act.

                  (d) MLIP is duly organized and validly existing and in good
         standing as a corporation under the laws of the State of Delaware and
         in good standing as a foreign corporation under the laws of the State
         of New Jersey and in each other jurisdiction in which the nature or
         conduct of its business requires such qualification and the failure to
         so qualify would materially adversely affect the Partnership or MLIP's
         ability to perform its obligations hereunder.

                  (e) The Joint Venture, the Partnership and MLIP have
         partnership or corporate power and authority under applicable law to
         perform their respective obligations under the Joint Venture Agreement,
         the Limited Partnership Agreement, the Customer Agreement, and this
         Agreement (as the case may be), as described in the Registration
         Statement and Prospectus.

                  (f) The Registration Statement and Prospectus contain all
         statements and information regarding the Joint Venture, the Partnership
         and MLIP required to be included therein by the Commodity Act and the
         rules and regulations thereunder. When the Registration Statement
         became effective under the 1933 Act and at all times subsequent thereto
         up to and including the initial Closing Time of the Fourth Offering,
         the Registration Statement and Prospectus complied in all material
         respects with the requirements of the 1933 Act, the Commodity Act and
         the rules and regulations under such Acts. The Registration Statement
         as of its effective date did not contain any untrue

                                   -3-
<PAGE>

         statement of a material fact or omit to state a material fact
         required to be stated therein or necessary to make the statements
         therein not misleading. The Prospectus as of its date of issue and
         at the initial Closing Time of the Fourth Offering did not contain
         an untrue statement of a material fact or omit to state a material
         fact necessary to make the statements therein, in light of the
         circumstances under which such statements were made, not misleading.
         This representation and warranty shall not, however, apply to any
         statement or omission in the Registration Statement or Prospectus
         made in reliance upon and in conformity with information relating to
         JWH and furnished or approved in writing by JWH.

                  (g) Deloitte & Touche, the accountants who certified the
         financial statements filed with the SEC as part of the Registration
         Statement, are, with respect to the Partnership and MLIP, independent
         public accountants as required by the 1933 Act and the SEC Regulations.

                  (h) The financial statements filed as part of the Registration
         Statement and those included in the Prospectus present fairly the
         financial position of the Partnership and of MLIP as of the dates
         indicated; and said financial statements have been prepared in
         conformity with generally accepted accounting principles (as described
         therein), applied on a basis which is consistent in all material
         respects for each balance sheet date presented.

                  (i) Since the respective dates as of which information is
         given in the Registration Statement and the Prospectus, there has not
         been any material adverse change in the condition, financial or
         otherwise, business or prospects of the Partnership or MLIP, whether or
         not arising in the ordinary course of business.

                  (j) The Limited Partnership Agreement, the Joint Venture
         Agreement and this Agreement have each been duly and validly
         authorized, executed and delivered by MLIP on behalf of the Partnership
         or by the Partnership on behalf of the Joint Venture and each
         constitutes a legal, valid and binding agreement of MLIP, the
         Partnership or the Joint Venture (as applicable) enforceable in
         accordance with its terms. The Customer Agreement has been duly and
         validly authorized, executed and delivered by the Partnership on behalf
         of the Joint Venture.

                  (k) The execution and delivery of the Joint Venture Agreement,
         the Limited Partnership Agreement, the Customer Agreement, and this
         Agreement, the incurrence of the obligations set forth in each of such
         agreements and the consummation of the transactions contemplated
         therein and in the Prospectus will not constitute a breach of, or
         default under, any instrument by which the Joint Venture, the
         Partnership or MLIP, as the case may be, is bound or any order, rule or
         regulation applicable to the Joint Venture, the Partnership or MLIP of
         any court or any governmental body or administrative agency having
         jurisdiction over the Joint Venture, the Partnership or MLIP.

                  (l) There is not pending, or, to the best of MLIP's knowledge
         threatened, any action, suit or proceeding before or by any court or
         other governmental body to which the Joint Venture, the Partnership or
         MLIP is a party, or to which any of the assets of the Joint Venture,
         the Partnership or MLIP is subject, which is not referred to in the
         Prospectus and which might reasonably be expected to result in any
         material adverse change in the condition (financial or otherwise),
         business or prospects of the Joint

                                   -4-
<PAGE>

         Venture, the Partnership or MLIP or is required to be disclosed in
         the Prospectus pursuant to applicable CFTC regulations. MLIP has not
         received any notice of an investigation or warning letter from the
         NFA or the CFTC regarding non-compliance by MLIP with the Commodity
         Act or the regulations thereunder.

                  (m) MLIP has all Federal and state governmental, regulatory
         and commodity exchange approvals and licenses, and has effected all
         filings and registrations with Federal and state governmental agencies
         required to conduct its business and to act as described in the
         Registration Statement and Prospectus or required to perform its
         obligations as described under the Limited Partnership Agreement and
         this Agreement (including, without limitation, registration as a
         commodity pool operator under the Commodity Act and membership in the
         NFA as a commodity pool operator), and the performance of such
         obligations will not contravene or result in a breach of any provision
         of its certificate of incorporation, by-laws or any agreement, order,
         law or regulation binding upon it. The principals of MLIP identified in
         the Registration Statement are all of the principals of MLIP, as
         "principals" is defined by the CFTC regulations. Such principals are
         duly registered as such on MLIP's commodity pool operator Form 7-R
         registration.

                  (n) Neither the Joint Venture nor the Partnership requires any
         Federal or state governmental, regulatory or commodity exchange
         approvals or licenses, or needs to effect any filings or registrations
         with any Federal or state governmental agencies in order to conduct its
         businesses and to act as contemplated by the Registration Statement and
         Prospectus and to issue and sell the Units (other than filings relating
         solely to the offering of the Units), and to trade in the commodity
         markets.

                  7. COVENANTS. The Signatories each restate and recommit to the
respective covenants made by them in the Original Agreements.

                  8. FURTHER ASSURANCES AND DOCUMENTATION. The Signatories each
agree that they will execute all such other documents and instruments as any
Signatory may reasonably request of any other Signatory to evidence the intent
and purpose of this Amendatory Agreement so as to achieve the purpose of
providing under the Selling Agreement for the Fourth Offering.

                                  -5-
<PAGE>

                  IN WITNESS WHEREOF, the undersigned have hereto set their
hands as of the day and year first above written.

                             ML JWH STRATEGIC ALLOCATION FUND L.P.

                             By:  Merrill Lynch Investment Partners Inc.
                                  General Partner

                             By:
                                   --------------------------------------------
                                   Name:
                                   Title:

                             MERRILL LYNCH INVESTMENT PARTNERS INC.

                             By:
                                   --------------------------------------------
                                   Name:
                                   Title:

                             MERRILL LYNCH FUTURES INC.

                             By:
                                   --------------------------------------------
                                   Name:
                                   Title:

                             MERRILL LYNCH, PIERCE, FENNER & SMITH,
                               INCORPORATED

                             By:
                                   --------------------------------------------
                                   Name:
                                   Title:

                             JOHN W. HENRY & COMPANY, INC.

                             By:
                                   --------------------------------------------
                                   Name:
                                   Title:

                                       -6-
<PAGE>

                                 ML JWH STRATEGIC JOINT VENTURE

                                 By:  ML JWH Strategic Allocation Fund L.P.
                                            Manager

                                 By:  Merrill Lynch Investment Partners Inc.
                                            General Partner

                                 By:
                                       --------------------------------------
                                       Name:
                                       Title:

                                    -7-<PAGE>

                                 LIMITED WAIVER
                                      TO
                           REVOLVING CREDIT AGREEMENT

     This LIMITED WAIVER TO CREDIT AGREEMENT is made and entered into as of
March 13, 2001 (this "WAIVER"), among (a) ITEQ, INC., a Delaware corporation
(the "BORROWER"), (b) THE GUARANTORS signatories hereto as guarantors, (c)
FLEET NATIONAL BANK (f/k/a/ BankBoston, N.A.), a national banking association
having its principal place of business at 100 Federal Street, Boston,
Massachusetts 02110 (acting in its individual capacity, "FLEET"), and the
other lending institutions which are or become parties to the Credit
Agreement defined below (together with Fleet, the "BANKS"), (d) DEUTSCHE BANK
AG, as documentation agent (the "DOCUMENTATION AGENT"), and (e) FLEET
NATIONAL BANK, as agent for the Banks (acting in such capacity, the "AGENT").
Capitalized terms used herein without definition shall have the meanings
assigned to such terms in the Credit Agreement defined below.

     WHEREAS, the Borrower, the Guarantors, the Banks, the Documentation
Agent and the Agent have entered into the Revolving Credit Agreement, dated
as of October 28, 1997 (as amended and in effect from time to time, the
"CREDIT AGREEMENT"), pursuant to which the Banks have extended credit to the
Borrower on the terms set forth therein;

     WHEREAS, the Borrower has requested that the Banks and the Agent suspend
or waive certain covenants and other provisions contained in the Credit
Agreement and other Loan Documents; and

     WHEREAS, the Banks and the Agent have agreed to honor such requests upon
the terms and subject to the conditions contained herein;

     NOW, THEREFORE, in consideration of the foregoing, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:

     SECTION 1.  DEFINITIONS.  As used in this Waiver, the following terms
have the meanings set forth below:

     NINTH AMENDMENT.  The Limited Waiver and Ninth Amendment dated as of
July 7, 2000 entered into by the Borrower, the Guarantors, the Banks and the
Agent.

     SECTION 2.  LIMITED SUSPENSION OF CERTAIN FINANCIAL COVENANTS.

     (a)  Subject to the satisfaction of the conditions precedent set forth
in Section 4 and in consideration and reliance upon the agreements of the
Borrower and the Guarantors contained herein, the Banks and the Agent hereby
agree temporarily to suspend the Borrower's obligation to comply with
Sections 8.1, 8.2, 8.3, 8.4, 8.5, 8.6 and 8.7 of the Credit Agreement and
Section 2(a)(ii) of the Ninth Amendment (the "SPECIFIED COVENANTS") from
March 15, 2001 until 5 p.m.,

<PAGE>

                                      -2-

Boston time, on April 2, 2001 (or such earlier date as this Waiver may expire
pursuant to Section 2(b) hereof); PROVIDED, that each of the following
conditions are satisfied throughout such period:

            (i) the Borrower will not make or permit any Subsidiary to make,
     Capital Expenditures or enter into Capitalized Leases and operating
     leases with rental obligations, in an aggregate amount greater than
     $750,000 for all such Capital Expenditures, Capitalized Leases and rental
     obligations for the period from June 29, 2000 to April 2, 2001,

           (ii) the Borrower shall have provided to the Banks and the Agent,
     within 10 days following the end of each month, a certificate signed by
     the Borrower's chief financial officer certifying as to the Borrower's
     compliance with each of the conditions for such month as set forth
     herein, together with the details thereof as reasonably requested by the
     Agent, and

          (iii) the Agent will have no obligation to issue, extend or renew
     any Letters of Credit during such period, PROVIDED that the Banks agree
     that the Agent may extend, if applicable, the Letter of Credit issued by
     the Agent in favor of the National Union Fire Insurance Company of
     Pittsburgh, Pennsylvania, in the amount, on the date hereof, of $714,473.

     (b)  At the earliest of (i) 5:00 p.m., Boston time, on April 2, 2001,
(ii) any condition set forth in Section 2(a) not being met, (iii) the
occurrence of any other Event of Default (other than the Borrower's failure
to comply with the Specified Covenants through April 2, 2001), and (iv) the
Agent, at any time on or after March 15, 2001, giving written notice to the
Borrower and the Guarantors of the termination of the suspension of the
Borrower's obligations to comply with the Specified Covenants, the provisions
of Section 2(a) shall expire and be of no further force or effect, and the
Banks and the Agent shall thereupon have all of the rights and remedies set
forth in the Credit Agreement and the other Loan Documents as if the
Borrower's compliance with the Specified Covenants of the Credit Agreement
and the Ninth Amendment had never been suspended.  Such rights and remedies
include the right to declare all of the Obligations due and payable by reason
of the Borrower's failure to comply with the Specified Covenants and to
exercise all rights and remedies against the Borrower, the Guarantors and the
Collateral.

     (c)  The waiver set forth in Section 2(a) shall apply only to the
Specified Covenants.  No waiver with respect to any other Default or Event of
Default, whether presently existing or hereafter arising, is granted hereby.
Any obligation to make Swing Line Loans, to make Revolving Credit Loans or to
issue, extend or renew Letters of Credit shall, at all times, be subject to
the satisfaction of all of the terms and conditions of the Credit Agreement,
including, without limitation, the conditions precedent set forth in the
Credit Agreement.  The Banks and the Agent shall, at all times, retain all of
the rights and remedies in respect of any Default or

<PAGE>

                                      -3-

Event of Default under the Credit Agreement other than, during the limited
period described in Section 2(a), with respect to the Specified Covenants.

     SECTION 3.  LIMITED SUSPENSION OF CLOSING FEE.   Subject to the
satisfaction of the conditions precedent set forth in Section 4 and in
consideration and reliance upon the agreements of the Borrower and the
Guarantors contained herein, the Banks and the Agent hereby agree temporarily
to suspend the Borrower's obligation to make the Second Payment (as defined
in the Ninth Amendment) of the Closing Fee (as defined in the Ninth
Amendment) from March 15, 2001 until 5 p.m., Boston time, on April 2, 2001;
PROVIDED, that each of the conditions set forth in Section 2(a) are satisfied
throughout such period.

     SECTION 4.  CONDITIONS TO EFFECTIVENESS.  This Waiver shall not become
effective unless on or prior to 5:00 p.m., Boston time, on March 15, 2001:

     (a)  this Waiver shall have been executed and delivered by the Borrower,
the Guarantors, the Majority Banks and the Agent;

     (b)  the Agent shall have received evidence satisfactory to it of
appropriate corporate or other entity actions approving the terms and
conditions set forth herein; and

     (c)  the Borrower shall have reimbursed the Agent for, or paid directly,
all fees, costs, and expenses incurred by the Agent, its counsel and their
professional advisors and for which invoices have been delivered.

     SECTION 5.  REPRESENTATIONS AND WARRANTIES.

     SECTION 5.1.  REPRESENTATIONS AND WARRANTIES IN CREDIT AGREEMENT.  The
Borrower hereby represents and warrants to the Banks and the Agent that each
of the representations and warranties of the Borrower contained in the Credit
Agreement as modified hereby or in any document or instrument delivered
pursuant to or in connection with the Credit Agreement as modified hereby are
true as of the date hereof (except to the extent of changes resulting from
transactions contemplated or permitted by the Credit Agreement and changes
occurring in the ordinary course of business which singly or in the aggregate
are not materially adverse, or to the extent that such representations and
warranties relate solely and expressly to an earlier date) and, taking into
account this Waiver, no Default or Event of Default has occurred and is
continuing.

     SECTION 5.2.  AUTHORITY, NO CONFLICTS, ETC.  The Borrower hereby
represents and warrants to the Banks and the Agent that the execution,
delivery and performance of this Waiver and the transactions contemplated
hereby (i) are within the corporate authority of the Borrower and the
Guarantors, (ii) have been duly authorized by all necessary corporate
proceedings, (iii) do not conflict with or result in any material breach or
contravention of any provision of law, statute, rule or regulation to which
the Borrower or any Guarantor is subject or

<PAGE>

                                      -4-

any judgment, order, writ, injunction, license or permit applicable to the
Borrower or the Guarantors so as to materially adversely affect the assets,
business or any activity of the Borrower or the Guarantors, and (iv) do not
conflict with any provision of the corporate charter or bylaws of the
Borrower or the Guarantors or any agreement or other instrument binding upon
them.  The execution, delivery and performance of this Waiver will result in
valid and legally binding obligations of the Borrower and the Guarantors
enforceable against each in accordance with the respective terms and
provisions hereof.

     SECTION 5.3.  CERTAIN SUBSIDIARIES.  The Borrower hereby represents,
warrants and covenants to the Banks and the Agent that its Subsidiaries ITEQ
Management, LLC, ITEQ Tank, LLC and ITEQ Tank Construction, LLC have no
assets and are not conducting any business and will not acquire any assets or
conduct any business other than assets or operations of a DE MINIMIS value
that are in the process of being liquidated or wound down.

     SECTION 6.  RATIFICATION, ETC.  This Waiver is limited to the waivers
and amendments to the Credit Agreement set forth herein and upon the terms
and subject to the conditions contained herein.  Except as expressly stated
herein, the Credit Agreement, the other Loan Documents and all documents,
instruments and agreements related thereto are hereby ratified and confirmed
in all respects and shall continue in full force and effect.  This Waiver is
a Loan Document.

     SECTION 7.  RELEASE.  In order to induce the Agent and the Banks to
enter into this Waiver, each of the Borrower and the Guarantors acknowledges
and agrees that: (i) neither the Borrower nor any Guarantor has any claim or
cause of action against the Agent or any Bank (or any of its respective
directors, officers, employees or agents); (ii) neither the Borrower nor any
Guarantor has any offset right, counterclaim or defense of any kind against
any of their respective obligations, indebtedness or liabilities to the Agent
or any Bank; and (iii) each of the Agent and the Banks has heretofore
properly performed and satisfied in a timely manner all of its obligations to
the Borrower and each Guarantor.  The Borrower and the Guarantors wish to
eliminate any possibility that any past conditions, acts, omissions, events,
circumstances or matters would impair or otherwise adversely affect any of
the Agent's and the Banks' rights, interests, contracts, collateral security
or remedies.  Therefore, each of the Borrower and the Guarantors
unconditionally releases, waives and forever discharges (A) any and all
liabilities, obligations, duties, promises or indebtedness of any kind of the
Agent or any Bank to either the Borrower and any Guarantor, except the
obligations to be performed by the Agent or any Bank on or after the date
hereof as expressly stated in this Waiver, the Credit Agreement and the other
Loan Documents, and (B) all claims, offsets, causes of action, suits or
defenses of any kind whatsoever (if any), whether arising at law or in
equity, whether known or unknown, which the Borrower or any Guarantor might
otherwise have against the Agent, any Bank or any of its directors, officers,
employees or agents, in either case (A) or (B), on account of any past or
presently existing condition, act, omission, event, contract, liability,
obligation, indebtedness, claim, cause of action, defense, circumstance or
matter of any kind.

<PAGE>

                                      -5-

     SECTION 8.  COUNTERPARTS.  This Waiver may be executed in any number of
counterparts, which together shall constitute one instrument.

     SECTION 9.  GOVERNING LAW.  THIS WAIVER SHALL BE A CONTRACT UNDER THE
LAWS OF THE COMMONWEALTH OF MASSACHUSETTS, SHALL FOR ALL PURPOSES BE
CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE INTERNAL LAWS OF SAID
JURISDICTION, WITHOUT REFERENCE TO CONFLICTS OF LAW, AND IS INTENDED TO TAKE
EFFECT AS A SEALED INSTRUMENT.

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed this Waiver as an
instrument under seal to be effective as of the date first above written.

THE BORROWER:

ITEQ, INC.

By:
   --------------------------------------------
   Name:
   Title:

<PAGE>

THE GUARANTORS:

ITEQ MANAGEMENT COMPANY
EXELL, INC. (a Delaware corporation which is
   successor by merger to EXELL. INC., a Texas
   corporation)
ITEQ TANK SERVICES, INC. (successor by
   merger to HMT TANK SERVICE, INC.)
RELIABLE STEEL, INC.
AIR-CURE DYNAMICS, INC.
AII HOLDINGS, INC.
OHMSTEDE, INC.
INTEREL ENVIRONMENTAL
   TECHNOLOGIES, INC.
ALLIED INDUSTRIES, INC.
ITEQ CONSTRUCTION SERVICES, INC.
   (f/k/a HMT CONSTRUCTION SERVICES,
   INC.)
ITEQ INTELLECTUAL PROPERTIES, INC.
   (f/x/a AIX INTELLECTUAL PROPERTIES,
   INC.)
ITEQ INVESTMENTS, INC. (f/k/a
   ASTROTECH INVESTMENTS, INC.)
TEXOMA TANK COMPANY, INC.
ITEQ STORAGE SYSTEMS, INC. (f/k/a
   BROWN-MINNEAPOLIS TANK &
   FABRICATING CO., successor by merger to
   HMT, INC., HMT SENTRY SYSTEMS, INC.
   and TRUSCO TANK, INC.)
G.L.M. ACQUISITION, L.L.C.
AIR-CURE (CANADA) TECHNOLOGIES, LTC.
G.L.M. TANKS & EQUIPMENT LTD.

By:
   --------------------------------------------
   Name:
   Title:

<PAGE>

THE LENDERS:

FLEET NATIONAL BANK,
(f/k/a BankBoston, N.A.)
   individually and as Agent

By:
   --------------------------------------------
   Name:
   Title:

DEUTSCHE BANK AG,
   individually and as Documentation Agent

By:
   --------------------------------------------
   Name:
   Title:

By:
   --------------------------------------------
   Name:
   Title:

BANK OF SCOTLAND

By:
   --------------------------------------------
   Name:
   Title:

BANK ONE, TEXAS, N.A.

By:
   --------------------------------------------
   Name:
   Title:

<PAGE>

BNP PARIBAS (f/k/a Paribas f/k/a Banque Paribas)

By:
   --------------------------------------------
   Name:
   Title:

By:
   --------------------------------------------
   Name:
   Title:

COMERICA BANK

By:
   --------------------------------------------
   Name:
   Title:

THE FUJI BANK, LIMITED

By:
   --------------------------------------------
   Name:
   Title:

HIBERNIA NATIONAL BANK

By:
   --------------------------------------------
   Name:
   Title:

BANK OF AMERICA, N.A. (f/k/a NationsBank, N.A.)

By:
   --------------------------------------------
   Name:
   Title:

<PAGE>

UNION BANK OF CALIFORNIA, N.A.

By:
   --------------------------------------------
   Name:
   Title:

CHASE MANHATTAN BANK
   (f/k/a Chase Bank of Texas, N.A. f/k/a Texas Commerce Bank, N.A.)

By:
   --------------------------------------------
   Name:
   Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00024-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00024-of-00352.parquet"}]]