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                                                                    EXHIBIT 10.4

                             RefcoFund Holdings, LLC
                           One World Financial Center
                               Tower A, 23rd Floor
                               200 Liberty Street
                            New York, New York 10281

                             ________________, 2003

PlusFunds Group Inc.
1500 Broadway
11th Floor
New York, NY  10036

     Re:  S&P Managed Futures Index Fund, LP

Ladies and Gentlemen:

     This Letter Agreement will set forth our understanding of the terms upon
which PlusFunds Group Inc. ("PlusFunds") will serve as sub-investment manager of
S&P Managed Futures Index Fund, LP (the "Fund") to facilitate the management of
the Fund. Pursuant to an Investment Management Agreement effective as of the
12th day of July, 2002 between SPhinX(TM) Managed Futures Fund SPC (the "SPC")
and PlusFunds (the "Investment Management Agreement"), PlusFunds serves as the
investment manager of the SPC. The Fund will invest all or substantially all of
its assets in the SPC (the "Interests"). This Letter Agreement supplements the
Investment Management Agreement. In the event of any inconsistency between the
Investment Management Agreement and this Letter Agreement, this Letter Agreement
shall control with respect to the Fund's investment in the SPC.

     (a)  PlusFunds will allocate the Interests in the same manner as the
          Standard & Poor's Managed Futures Index is constituted, to the
          greatest extent possible.

     (b)  PlusFunds will provide the Fund with the SPC's monthly and audited
          annual reports in accordance with CFTC rules. PlusFunds will provide
          the Fund with the information necessary for its investors to prepare
          any required tax filings on or about March 31 of each year. PlusFunds
          will inform the Fund, in a timely manner, of any anticipated delay in
          delivery of such information.

     (c)  PlusFunds will provide RefcoFund Holdings, LLC, the general partner of
          the Fund ("Refco") with the net asset value of the Interests as of the
          last day of each month at the close of business no later than the end
          of the next succeeding business day. PlusFunds will also provide Refco
          with daily indicative and monthly finalized net asset values for the
          Interests, including month to date and year to date performance.

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PlusFunds Group Inc.
Page 2
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                                        2

     (d)  PlusFunds represents and warrants to Refco that it is registered as a
          commodity pool operator and commodity trading advisor under the
          Commodity Exchange Act, as amended, and that the SPC is not an
          investment company and is not excluded from regulation under the
          Investment Company Act by 3(c)(1) or 3(c)(7) thereof.

     (e)  PlusFunds represents that the only fees and expenses borne by the
          Interests will be the Interests' pro rata portion of the management
          fees and incentive allocations payable to the portfolio managers of
          the various series of SPC; the fees payable to the administrator of
          the SPC; audit, accounting and legal fees of the SPC; organizational
          expenses of the SPC; custodial expenses of the SPC, brokerage fees and
          other transaction-related expenses of the various series of the SPC;
          and any extraordinary expenses of the SPC. PlusFunds does not expect
          the fees and expenses borne by the Interests to exceed 0.05% of the
          net assets of the Interests.

     (f)  PlusFunds will accept subscriptions for Interests from the Fund on at
          least six (6) business days notice prior to the offering date (the
          first day of each month), with subscription proceeds to be received at
          least three (3) days prior to the offering date (the first day of each
          month). PlusFunds will allocate the subscription proceeds to the
          portfolio managers on the offering date.

     (g)  PlusFunds will ordinarily redeem the Fund's investment in the
          Interests on the last day of each month (each, a "redemption date") on
          at least six business days notice. PlusFunds will pay at least 95% of
          the redemption proceeds to the Fund within five business days of the
          redemption date and will pay the balance, if any, within 20 business
          days of the redemption date. Redemptions of the Fund's Interests as of
          any particular redemption date cannot exceed 20% of the Fund's
          Interests as of that date unless PlusFunds has received at least 15
          business days' notice prior to a redemption date that is a month-end.
          PlusFunds will honor redemption requests that exceed the 20% limit and
          will redeem the balance of the requested amounts in full on the next
          succeeding redemption date if such redemption date is a month-end and
          subject to the 20% limit if the next succeeding redemption date is not
          a month-end.

     (h)  Refco will pay to PlusFunds, as compensation for its services
          hereunder, a sub-investment management fee as agreed to between the
          parties.

     (i)  Each of Refco and PlusFunds has full power to execute and deliver this
          Agreement and to perform its obligations hereunder. This Agreement has
          been duly authorized, executed and delivered by each of Refco and
          PlusFunds, and constitutes a valid and binding agreement of each of
          them enforceable in accordance with its terms.

     (j)  The performance by Refco and PlusFunds of their respective obligations
          under this Agreement will not constitute a breach of, or default
          under, the organizational

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PlusFunds Group Inc.
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                                        3

          documents of either of them, any instrument by which either of them or
          their respective principals is bound or under any order, rule or
          regulation applicable to either of them or their respective
          principals, or any court or any governmental body or administrative
          agency having jurisdiction over either of them or their respective
          principals.

     (k)  PlusFunds agrees to indemnify, defend and hold harmless Refco, the
          Fund and each of their respective affiliates, officers, directors,
          agents and employees, and their respective successors and assigns,
          from and against any and all losses, claims, liabilities, actions,
          judgments, causes of action, fines, assessments, penalties, costs and
          expenses (including but not limited to reasonable attorneys' and
          accountants' fees and expenses, investigatory expenses, court costs,
          and any reasonable expenses incurred in connection with and any
          amounts paid in any settlement) arising out of, relating to or
          otherwise in connection with: (i) the breach of any representation,
          warranty or covenant made by PlusFunds herein or in the Investment
          Management Agreement, or (ii) fraud, bad faith, misconduct, negligence
          or violation of law by PlusFunds or its officers, directors, agents
          and employees. Refco agrees to indemnify, defend and hold harmless
          PlusFunds and its affiliates, officers, directors, agents and
          employees, and their respective successors and assigns, from and
          against any and all losses, claims, liabilities, actions, judgments,
          causes of action, fines, assessments, penalties, costs and expenses
          (including but not limited to reasonable attorneys' and accountants'
          fees and expenses, investigatory expenses, court costs, and any
          reasonable expenses incurred in connection with and any amounts paid
          in any settlement) arising out of, relating to or otherwise in
          connection with: (i) the breach of any representation, warranty or
          covenant made by Refco herein, or (ii) fraud, bad faith, misconduct,
          negligence or violation of law by Refco or its officers, directors,
          agents and employees. Promptly after receipt by an indemnified party
          under this Section of notice of the commencement of any action, such
          indemnified party will, if a claim in respect thereof is to be made
          against any indemnifying party under this Section, notify in writing
          the indemnifying party of the commencement thereof; and the omission
          to so notify the indemnifying party will relieve the indemnifying
          party from any liability under this Section as to the particular item
          for which indemnification is then being sought, but not from any other
          liability which it may have to any indemnified party, and if the
          indemnified party notifies any indemnifying party of the commencement
          thereof, the indemnifying party will be entitled to participate
          therein, and, to the extent that it may wish, jointly with any other
          indemnifying party similarly notified, to assume the defense thereof,
          with counsel who shall be to the reasonable satisfaction of such
          indemnified party, and after notice from the indemnifying party to
          such indemnified party of its election to so assume the defense
          thereof, the indemnifying party will not be liable to such indemnified
          party under this Section for any legal or other expenses subsequently
          incurred by such indemnified party in connection with the defense
          thereof, other than the reasonable costs of

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PlusFunds Group Inc.
Page 4
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                                        4

          investigation, unless incurred at the written request of the
          indemnifying party, or the indemnifying party shall not have employed
          counsel to have charge of the defense of such action or proceeding, or
          such indemnified party shall have reasonably concluded that there may
          be defenses available to it which are different from or additional to
          those available to the indemnifying party (in which case the
          indemnifying party shall not have the right to direct the defense of
          any such action or proceeding on behalf of the indemnified party), in
          any of which events such legal or other expenses shall be borne by the
          indemnifying party. Any such indemnifying party shall not be liable to
          any such indemnified party on account of any settlement of any claim
          or action effected without the consent of such indemnifying party.

     (l)  This Letter Agreement shall remain in effect until (i) the Fund no
          longer owns the Interests, or (ii) PlusFunds no longer serves as
          investment manager of the SPC.

     (m)  This Letter Agreement shall be governed by and construed in accordance
          with the laws of the State of New York, without regard to principles
          of conflicts of law. Any action or proceeding brought by any party
          relating to this Letter Agreement shall be brought and enforced in the
          courts located in the Borough of Manhattan, City and State of New
          York, and the parties irrevocably submit to the jurisdiction of such
          courts in respect of any such action or proceeding.

     (n)  All notices under this Letter Agreement shall be in writing and shall
          be delivered to the addresses set forth below or to such other
          addresses as are designated in writing by the parties hereto. Notices
          shall be delivered by courier, postage prepaid mail, fax or other
          similar means and shall be effective upon actual receipt by the party
          to which such notice shall be directed.

               If to RefcoFund Holdings, LLC:

                    RefcoFund Holdings, LLC
                    One World Financial Center
                    Tower A, 23rd Floor
                    200 Liberty Street
                    New York, New York  10281
                    Attention: Richard Butt
                    Telephone: (212) 693-7046
                    Facsimile: (212) 693-7898

               If to PlusFunds:

                    PlusFunds Group Inc.
                    1500 Broadway
                    11th Floor
                    New York, NY  10036

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PlusFunds Group Inc.
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                                        5

                    Attention: Christopher Sugrue
                    Telephone: (212) 653-1900
                    Facsimile: (212) 653-1970

     (o)  This Letter Agreement shall not be amended except by a writing signed
          by the parties hereto. No waiver of any provision of this Agreement
          shall be implied from any course of dealing between the parties or
          from any failure by any party to assert its rights hereunder on any
          occasion or series of occasions. This Letter Agreement constitutes the
          entire agreement between the parties hereto with respect to the
          matters referred to herein, and supersedes all prior and
          contemporaneous agreements, oral or written, relating to the subject
          matter of this Letter Agreement. This Agreement shall not be assigned
          by any party without the prior express written consent of the other
          parties. The provisions of this Agreement shall survive the
          termination hereof with respect to any matter arising while this
          Agreement shall be in effect.

     Kindly indicate your agreement to the terms set forth above by signing
below and returning the fully signed copy to us, whereupon this Letter Agreement
will become effective.

                                        Sincerely,

                                        REFCOFUND HOLDINGS, LLC

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

Acknowledged and Agreed this
___ day of _________, 2003

PLUSFUNDS GROUP, INC.

By:
   ---------------------------------
Name:
     -------------------------------
Title:
      ------------------------------EX-4.15                                  SENIOR SECURED CONVERTIBLE NOTE

No. 1                                                             $50,000

                               TRANSAXIS, INC.

                       SENIOR SECURED CONVERTIBLE NOTE

                      Maturity Date: September 29, 2003

THIS NOTE AND THE COMMON STOCK THAT MAY BE ISSUABLE TO THE HOLDER
HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, AND MAY NOT BE SOLD, PLEDGED, HYPOTHECATED, DONATED OR
OTHERWISE TRANSFERRED WITHOUT COMPLIANCE WITH THE REGISTRATION OR
QUALIFICATION PROVISIONS OF APPLICABLE FEDERAL AND STATE SECURITIES
LAWS OR APPLICABLE EXEMPTIONS THEREFROM.

FOR VALUE RECEIVED, TRANSAXIS, INC. (formerly Digital Courier
Technologies, Inc.), a Delaware corporation (the "Company"), promises
to pay to FREESTAR TECHNOLOGY CORPORATION, the registered holder or
registered assigns hereof (the "Holder"), the principal amount of
FIFTY THOUSAND DOLLARS ($50,000) payable on September 29, 2003 (the
"Maturity Date"), together with interest on the outstanding principal
amount of this Note, calculated on the basis of a 360 day year and
payable in arrears on a quarterly basis on the first day of December,
March, June and September of each year, accruing at the rate of (i)
twelve and one-half (12%) per annum, commencing on September 1, 2003,
provided the acquisition by Holder of not less than 70% of the capital
stock of the Company (the "Acquisition") has not been consummated on
or before August 31, 2003, and (ii) fifteen percent (15%) per annum,
commencing on January 1, 2004, provided the Acquisition has not been
consummated as of such date.  Notwithstanding any provision to the
contrary contained in this Note, in the event that the Acquisition is
consummated on or before August 31, 2003, the Maturity Date shall be
extended for an additional period of one year after the closing of the
Acquisition pursuant to Section 2 of the Letter of Intent (defined below).

     1.  Payments and Prepayments.

        (a)  Payments of principal and interest on this Note shall
be made at the principal office of the Holder, located at Calle
Fantino Falco, J.A. Baez Building, 2nd Floor, Santo Domingo, Dominican
Republic, or such other place or places as may be specified by the
Holder of this Note in a written notice to the Company at least ten
(10) days before a given payment date.

        (b)  Payments of principal and interest on this Note shall
be made in lawful money of the United States of America by mailing the
Company's good check in the proper amount to the Holder at least five
days prior to the due date of each payment or otherwise transferring
funds so as to be received by the Holder on the due date of each such
payment.

        (c)  If any payment on this Note becomes due and payable on
a Saturday, Sunday or other day on which commercial banks in New York,
New York are authorized or required by law to close, the maturity
thereof shall be extended to the next succeeding business day and,
with respect to payments of principal, interest thereon shall be
payable during such extension at the then applicable rate.

        (d)  This Note is subject to prepayment, in whole or in
part, at the option of the Company, at any time, without premium or
penalty; provided, however, that this Note shall not be prepayable if
the Holder has given notice of election to convert pursuant to Section
4 below.

     2.  Security.  The payment of this Note is secured by a security
agreement dated as of June 30, 2003 (the "Security Agreement").

     3.  Seniority.  The payment of this Note is a senior obligation
of the Company.

     4.  Conversion.  In the event this Note is not repaid in full on
or before December 31, 2003, the Holder shall have the option for a
one-year period (the "Option"), commencing on January 1, 2004 to
convert this Note, without the payment of any other consideration,
into such number of shares of common stock of the Company (the
"Conversion Shares") as will equal the percentage determined in the
following sentence (the "Conversion Percentage") of the Company's then
outstanding number of shares of voting capital stock on a fully-
diluted basis.  The Conversion Percentage shall be at least five
percent (5%) and shall be increased by the number of percentage points
that is obtained by dividing (i) the aggregate amount of principal and
interest that remains outstanding on this Note and any other notes
made by the Holder pursuant to the Letter of Intent as of the date of
calculation by (ii) 15,000.  Until the Note is repaid in full the
Company shall not borrow or become otherwise liable for any sum of
money, incur any debt or subject any of its assets to any lien or
encumbrance whatsoever without the prior written consent of Holder
(the "TransAxis Indebtedness Covenant"), except (i) any borrowing made
to repay Holder in full under this Note or (ii) in the ordinary course
of the Company's business consistent with past practice.  In the event
the Company breaches the TransAxis Indebtedness Covenant, this Note
shall be deemed in default and the Option shall become exercisable as
provided in the first sentence of this Section 4.

     5.  Events of Default.  In the event that any one or more of the
following occurs:

        (i)  the Company defaults in the payment of any installment
of interest required to be made on this Note and such default shall
continue for a period of ten (10) days;

        (ii)  the Company defaults in making any payment of principal
on this Note required to be made on this Note and such default shall
continue for a period of five (5) days;

        (iii)  the occurrence of any default under the Security
Agreement;

        (iv)  the failure of the Company to perform any of its
obligations or the breach of any of its representations or covenants
under Section 1 of the letter of intent dated as of June 30, 2003
between the Holder, the Company and certain stockholders of the
Company (the "Letter of Intent");

        (v)  the failure in any material respect to apply the
proceeds of this Note in accordance with Exhibit C to the Letter of
Intent; or

        (vi)  the Company hereafter makes an assignment for the
benefit of creditors, or files a petition in bankruptcy as to itself,
is adjudicated insolvent or bankrupt, petitions a receiver of or any
trustee for the Company or any substantial part of the property of the
Company under any bankruptcy, reorganization, arrangement,
readjustment of debt, dissolution or liquidation law or statute of any
jurisdiction, whether or not hereafter in effect; or if there is
hereafter commenced against the Company any such proceeding and an
order approving the petition is entered or such proceeding remains
undismissed for a period of sixty (60) days, or the Company by any act
or omission to act indicates its consent to the approval of or
acquiescence in any such proceeding or the appointment of any receiver
of, or trustee for, the Company or any substantial part of its
properties, or suffers any such receivership or trusteeship to
continue undischarged for a period of sixty (60) days.

then, and in any such event, and at any time thereafter, if such event
shall then be continuing, the holder of this Note may declare this
Note due and payable, whereupon the same shall be due and payable
without presentment, demand, protest or other notice of any kind.

     6.  Investment Representation.

        (a)  The Holder hereby acknowledges that this Note and the
Conversion Shares are not being registered (i) under the Act on the
ground that the issuance of the Note is exempt from registration under
Section 4(2) of the Act as not involving any public offering or (ii)
under any applicable state securities law because the issuance of this
Note does not involve any public offering; and that the Company's
reliance on the Section 4(2) exemption of the Act and under applicable
state securities laws is predicated in part on the representations
hereby made to the Company by the Holder that it is acquiring this
Note for investment for its own account, with no present intention of
dividing its participation with others or reselling or otherwise
distributing the same except pursuant to any requirement of law that
the disposition of its property shall at any time be within its control.

        (b)  The Holder hereby agrees that it will not sell or
transfer all or any part of this Note and/or Conversion Shares other
than to its subsidiaries or Affiliates (as such term is defined in
Rule 144 promulgated under the Securities Act of 1933, as amended)
unless and until it shall first have given notice to the Company
describing such sale or transfer and furnished to the Company either
(a) an opinion, reasonably satisfactory to counsel for the Company, of
counsel (skilled in securities matters, selected by the Holder and to
the Company) to the effect that the proposed sale or transfer may be
made without registration under the Act and without registration or
qualification under any state law, or (b) an interpretive letter from
the Securities and Exchange Commission to the effect that no
enforcement action will be recommended if the proposed sale or
transfer is made without registration under the Act.

        (c)  If, at the time of issuance of the Conversion Shares,
no registration statement is in effect with respect to such shares
under applicable provisions of the Act, the Company may at its
election require that Holder provide the Company with written
reconfirmation of the Holder's investment intent and that any stock
certificate delivered to the Holder upon conversion of this Note shall
bear legends reading substantially as follows:

     "TRANSFER OF THE SHARES REPRESENTED BY THIS CERTIFICATE IS
     SUBJECT TO CERTAIN RESTRICTIONS SET FORTH IN THE NOTE
     PURSUANT TO WHICH THESE SHARES WERE ISSUED BY THE COMPANY.
     COPIES OF THOSE RESTRICTIONS ARE ON FILE AT THE PRINCIPAL
     OFFICES OF THE COMPANY, AND NO TRANSFER OF SUCH SHARES OR OF
     THIS CERTIFICATE, OR OF ANY SHARES OR OTHER SECURITIES (OR
     CERTIFICATES THEREFOR) ISSUED IN EXCHANGE FOR OR IN RESPECT
     OF SUCH SHARES, SHALL BE EFFECTIVE UNLESS AND UNTIL THE
     TERMS AND CONDITIONS THEREIN SET FORTH SHALL HAVE BEEN
     COMPLIED WITH."

     "THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
     REGISTERED UNDER THE SECURITIES ACT OF 1933, AND MAY NOT BE
     SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF IN THE
     ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
     SECURITIES ACT OF 1933 OR AN OPINION OF COUNSEL SATISFACTORY
     TO THE ISSUER OF THIS CERTIFICATE THAT REGISTRATION IS NOT
     REQUIRED UNDER SAID ACT."

In addition, so long as the foregoing legend may remain on any stock
certificate delivered to the Holder, the Company may maintain
appropriate "stop transfer" orders with respect to such certificates
and the shares represented thereby on its books and records and with
those to whom it may delegate registrar and transfer functions.

        (d)  The Company may refuse to recognize a transfer of this
Note or any Conversion Shares on its books should a holder attempt to
transfer this Note or any Conversion Shares otherwise than in
compliance with this Section 6.

     7.  Miscellaneous.

        (a)  This Note is the obligation of the Company only, and no
recourse shall be had for the payment thereof or interest thereon
against any shareholder, officer or director of the Company, whether
by virtue or any constitution, statute, rule or law or otherwise, all
such liability, by the acceptance hereof, and as part of the
consideration hereof, being expressly waived.

        (b)  Upon receipt of evidence reasonably satisfactory to the
Company of the loss, theft, destruction or mutilation of this Note and
of a letter of indemnity reasonably satisfactory to the Company, and
upon reimbursement to the Company of all reasonable expenses incident
thereto, and upon surrender or cancellation of this Note, if
mutilated, the Company will make and deliver a new Note of like tenor
in lieu of such lost, stolen, destroyed or mutilated Note.

        (c)  THIS NOTE AND THE RIGHTS AND OBLIGATIONS OF EACH OF THE
COMPANY AND THE HOLDER HEREUNDER SMALL BE CONSTRUED IN ACCORDANCE WITH
AND BE GOVERNED BY THE LAWS OF THE STATE OF DELAWARE APPLICABLE TO
AGREEMENTS AND INSTRUMENTS MADE AND TO BE PERFORMED IN DELAWARE AND
CANNOT BE MODIFIED OR CHANGED ORALLY.

IN WITNESS WHEREOF, the Company has duly caused this Note to
be signed on its behalf, in its corporate name and by its duly
authorized officer as of this 14th day of July, 2003.

TRANSAXIS, INC.

By: /s/  Lynn Langford
Name: Lynn Langford
Title: Chief Financial Officer

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