Document:

CONSENT OF DELOITTE & TOUCHE

EXHIBIT 10.23

INDEPENDENT AUDITORS' CONSENT

We consent to the incorporation by reference in Registration Statements No. 333-69077, No. 333-51091, No. 333-50895 and No. 333-17097 of DVI, Inc. on Form S-3 and in Registration Statements No. 333-69083, No. 333-50837, No. 333-50695, No. 333-50693 and
No. 333-50691 of DVI, Inc. on Form S-8 of our report dated August 18, 2000, appearing in the Annual Report on Form 10-K of DVI, Inc. for the year ended June 30, 2000.

 

/s/ DELOITTE & TOUCHE LLP

Parsippany, New Jersey

September 7, 2000<PAGE>   1
                                                                    EXHIBIT 10.1

                               ADVISORY AGREEMENT

         This Advisory Agreement (the "Agreement") made as of August 29, 2000
among Shaffer Diversified Fund, LP, a Delaware limited partnership (the "Fund"),
and Shaffer Asset Management, Inc., a New York corporation ("SAM"),

                              W I T N E S S E T H:

         WHEREAS, the Fund buys, sells, trades and generally deals in
commodities, commodity futures contracts, commodity options, forward contracts,
and other commodity interests; and

         WHEREAS, the Fund and its general partner are authorized to utilize the
services of one or more commodity trading advisors in connection with the
commodity trading activities of the Fund; and

         WHEREAS, the Fund and its general partner have determined to utilize
SAM to render commodity trading services to the Fund; and

         WHEREAS, the Fund and SAM wish to enter into this Agreement in order to
set forth the terms and conditions upon which SAM will render and implement
commodity management services in connection with the commodity trading
activities of the Fund during the term of this Agreement;

         NOW, THEREFORE, the parties agree as follows:

         1. ADVISORY DUTIES. As of the commencement of trading operations of the
Fund and until the termination of this Agreement, SAM shall have sole authority
and responsibility for directing the investment and reinvestment in commodity
interests of the assets of the Fund. SAM shall determine the trades in commodity
interests on behalf of the Fund in accordance with the prospectus included in
the registration statement on Form S-1 of the Fund as declared effective by the
Securities and Exchange Commission (as amended or supplemented from time to
time, the "Prospectus"). All purchases and sales of commodity interests shall be
for the account and at the risk of the Fund. All brokerage and floor commissions
and fees, option premiums and other transaction costs and expenses incurred in
connection with transactions by and for the Fund shall be charged to the Fund.
SAM shall receive a commodity trading authorization appointing it the agent and
attorney-in-fact of the Fund for such purpose. SAM has selected ADM Investor
Services, Inc., a Delaware corporation, as the commodity broker for the Fund
(the "Commodity Broker"). From time to time, SAM may engage another or an
additional firm as commodity broker for the Fund.

         2. INDEPENDENCE OF SAM. When acting as the commodity trading advisor of
the Fund, SAM shall be an independent contractor. Unless otherwise expressly
provided herein or authorized in writing, SAM shall have no authority to act for
or represent the Fund and shall not otherwise be deemed an agent of the Fund.

         3. COMPENSATION. In consideration of the services to be provided by SAM
as commodity trading advisor, the Fund shall pay SAM in 12.5% of the Brokerage
Fee (as defined in the agreement of limited partnership of the Fund dated as of
August 29, 2000, as such agreement may be amended or modified from time to
time). Such fee shall be paid within 10 days after the date on which it is
earned. Neither SAM nor its principals or employees shall receive any
per-transaction compensation, remuneration or payments whatsoever from any
broker for any transactions executed for the account of the Fund.
<PAGE>   2
         4. RIGHT TO ADVISE OTHERS. (a) The advisory services to be rendered by
SAM hereunder shall not be deemed to be exclusive. The Fund acknowledges that
SAM renders advisory, consulting and management services to other customers for
which SAM may charge different fees from those charged the Fund. SAM shall be
free to advise other customers, to manage other commodity accounts, to trade for
proprietary accounts during the term of this Agreement and to use the same or
different information and trading methods and strategies that SAM obtains,
produces or utilizes in the performance of services for the Fund. SAM shall be
free to compete for the same commodity interests as the Fund or to take
positions in commodity interests that are the same as or opposite to the
positions taken on behalf of the Fund or any other account advised, managed or
traded by SAM.

                  (b) Notwithstanding Section 4(a), SAM warrants that the
rendering of consulting, advisory and management services to other commodity
futures trading accounts and entities shall not materially impair the discharge
of SAM's responsibilities under this Agreement and that SAM shall not knowingly
and deliberately favor other customer accounts over the Fund. SAM shall not be
deemed to favor another account over the account of the Fund if SAM acts in
accordance with Section 4(a) and as described in the Prospectus. If SAM's
trading recommendations for the Fund are altered because of the application of
speculative limits to the positions of the Fund as a result of the trading
activities of SAM, SAM shall not modify the trading instructions to the Fund in
a manner that affects the Fund materially and disproportionately when compared
with other accounts managed by SAM.

         5. TERM. This Agreement shall continue for the earliest to occur of 12
months following the date hereof, the withdrawal of SAM as general partner of
the Fund or the termination of the Fund as a limited partnership.
Notwithstanding the foregoing, the Fund may terminate this Agreement upon
written notice if SAM's registration as a commodity trading advisor or
membership in the National Futures Association terminates or is suspended or SAM
materially breaches this Agreement.

         6. STANDARD OF LIABILITY AND INDEMNITIES. (a) In acting as trading
advisor, SAM shall not be liable to the Fund or its successors or assigns other
than for losses, damages, costs and expenses sustained by the Fund or its
successors or assigns as a result of (i) acts or omissions of SAM in such
capacity that constitute recklessness or gross misconduct or (ii) a material
breach by SAM of this Agreement.

                  (b) SAM shall indemnify, defend and hold harmless the Fund
from and against any and all losses, claims, damages, liabilities, costs and
expenses sustained by the Fund (including in connection with the defense or
settlement of claims and in connection with any administrative proceedings), to
the extent and only to the extent that SAM is liable to the Fund pursuant to the
standard in Section 6(a). SAM shall reimburse any legal and other expenses
reasonably incurred by the Fund in connection with the investigating or
defending any such loss, claim, damage, liability, cost or expense.

         7.       REPRESENTATIONS AND WARRANTIES. SAM represents and warrants
                  that:

                  (a) it has full capacity and authority to enter into this
         Agreement and to provide the services required hereunder;

                  (b) it will not, by acting as commodity trading advisor to the
         Fund, breach any undertaking, agreement, contract, statute, rule or
         regulation to which it is a party or by which it is bound that would
         limit or materially affect the performance of its duties under this
         Agreement;

                  (c) it is duly registered as a commodity trading advisor and
         commodity pool operator under the Commodity Exchange Act and is a
         member in good standing of the National Futures
<PAGE>   3
         Association in such capacities, and it will maintain and renew such
         registration and membership during the term of this Agreement;

                  (d) all of the information in the Prospectus concerning SAM,
         including without limitation with respect to SAM's performance records,
         is complete, true and accurate in all material respects and complies in
         all material respects with the Commodity Exchange Act and the rules
         thereunder and the rules of the National Futures Association; and

                  (e) it will promptly provide to the Fund the most current
         version of its commodity trading advisor disclosure document and any
         amendments thereto upon request.

Such representations and warranties shall be continuing during the term of this
Agreement, and SAM shall promptly notify the Fund if at any time any event
occurs that would make any of the foregoing not materially true. SAM makes no
promises, representations, warranties or guarantees that any of the trading
services to be rendered to the Fund will result in a profit or shall not result
in a loss to the Fund.

         8. MISCELLANEOUS. This Agreement constitutes the entire agreement
between the parties, and no other agreement as to the matters referred to
herein, verbal or otherwise, shall be binding upon the parties hereto. This
Agreement may not be assigned without the prior written consent of the other
party. This Agreement may not be amended except by the written consent of the
parties. This Agreement shall be binding upon and inure to the benefit of the
parties hereto, their permitted successors and assigns. This Agreement shall be
governed by and construed in accordance with the laws of the State of Delaware.

         9. SURVIVAL OF CERTAIN TERMS. The obligation of the Fund to pay fees to
SAM for services rendered prior to any termination of this Agreement pursuant to
Section 3 and the indemnities set forth in Section 6 shall survive any
termination of this Agreement.

         10. NOTICES. All notices required or desired to be delivered under this
Agreement shall be delivered personally or by registered or certified mail,
postage prepaid, return receipt requested, as follows:

                  If to the Fund:           Shaffer Diversified Fund, LP
                                            c/o Shaffer Asset Management, Inc.
                                            70 West Red Oak Lane
                                            White Plains, NY  10604

                  If to SAM:                Shaffer Asset Management, Inc.
                                            70 West Red Oak Lane
                                            White Plains, NY  10604

Any notice required or desired to be delivered under this Agreement shall be
deemed delivered and received by the party to which such notice is addressed
upon actual receipt of such notice by such party.
<PAGE>   4
         IN WITNESS WHEREOF, this Agreement has been executed for and on behalf
of the undersigned as of the day and year first above written.

                                   SHAFFER DIVERSIFIED FUND, LP

                                   By:      Shaffer Asset Management, Inc.
                                            General Partner

                                            By:      /s/ Daniel S. Shaffer
                                                     Daniel S. Shaffer
                                                     President

                                   SHAFFER ASSET MANAGEMENT, INC.

                                   By:      /s/ Daniel S. Shaffer
                                            Daniel S. Shaffer
                                            President

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