Document:

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                                                                   Exhibit 10.19

                           INVESTMENT AGENCY AGREEMENT

                                     (DATE)
                                 --------------

         This is an INVESTMENT AGENCY AGREEMENT dated as of the date first
written above, by and between ___________________(the "Principal"), a (STATE)
corporation, and Nationwide Cash Management Company (the "Agent"), an Ohio
corporation.

                                   BACKGROUND

         The Agent is a subsidiary of Nationwide Mutual Insurance Company and
Nationwide Advisory Services, Inc. (the "Parent Companies") and was formed for
the purpose of making, holding and administering short-term investments
(maturing in one year or less) for and on behalf of the Parent Companies and
other companies affiliated with or related to the Parent Companies.

         The purpose of this Agreement is to provide for the terms and
conditions under which the Agent will make, hold and administer certain
investments for and on behalf of the Principal.

                             STATEMENT OF AGREEMENT

         In consideration of their mutual promises, the Principal and the Agent
hereby agree as follows.

         1.       INVESTMENT ACCOUNT. The Agent shall maintain in an investment
                  account (the "Account") for and on behalf of the Principal all
                  money, securities, evidences of indebtedness, certificates of
                  deposit and other property (collectively "Investments")
                  deposited in or purchased or otherwise acquired for and on
                  behalf of the Principal from time to time pursuant to the
                  terms and upon the conditions of this Agreement.

         2.       AUTHORITY OF AGENT. The Principal hereby authorizes the Agent,
                  upon the terms and subject to the conditions of this
                  Agreement, to engage in any of the following activities for
                  and on behalf of the Principal:

                  (a)      Upon the written instructions or oral instructions
                           confirmed in writing of the Principal or any
                           authorized representative of the Principal, to sell,
                           purchase, hypothecate, transfer or otherwise acquire
                           or dispose of, whether through brokerage transactions
                           or otherwise, Investments for the Account of the
                           Principal;

                  (b)      To collect and credit to the Account of the Principal
                           all dividends, interest and other income on the
                           Investments held for the Account of the Principal;

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                  (c)      To collect and credit to the Account of the Principal
                           all proceeds from the sale, redemption or other
                           disposition of the Investments held for and on behalf
                           of the Principal; and

                  (d)      To hold all funds deposited with the Agent and
                           Investments purchased with such funds on behalf of
                           Principal at the Agent's designated banks. These
                           funds and/or Investments will be held by such banks
                           in the Agent's account on behalf of the Principal.

         3.       DUTIES OF THE AGENT. Upon the terms and subject to the
                  conditions of this Agreement, the Agent shall perform the
                  following duties:

                  (a)      At all times hold all funds and other Investments in
                           the Account of the Principal subject to the written
                           instructions with respect thereto as the Principal or
                           its representative designated in writing to the Agent
                           shall direct from time to time; and

                  (b)      Furnish to the Principal statements of receipts,
                           disbursements and investment income earned of and for
                           the Account for such periods and in such reasonable
                           detail as the Principal may from time to time
                           request.

                  (c)      Upon termination of this Agreement, the Agent shall
                           immediately withdraw from the Account all funds held
                           therein by Agent on behalf of the Principal and
                           deliver and pay over the same to the Principal.

         4.       AUTHORITY TO COMMINGLE INVESTMENTS. The Principal understands
                  and agrees that the Agent may from time to time act as agent
                  solely for the Parent Companies and other companies or
                  entities which are affiliated with or related to the Parent
                  Companies (collectively with the Parent Companies, the
                  "Related Principals") under the terms and subject to the
                  conditions of Investment Agency Agreements which are
                  substantially identical to this Agreement. The Principal
                  expressly authorizes the Agent to intermingle or commingle the
                  Investments held for the Account of the Principal with the
                  Investments held for the several Accounts of one or more
                  Related Principals and to jointly hold or jointly purchase,
                  sell, hypothecate, transfer or otherwise acquire or dispose of
                  Investments for the several Accounts of the Principal and one
                  or more Related Principals.

         5.       OWNERSHIP OF INVESTMENT. All Investments held or acquired for
                  the Account of the Principal whether or not commingled,
                  intermingled or jointly acquired for the several Accounts of
                  the Principal and one or more Related Principals, shall for
                  all purposes continue to be the property of the Principal,
                  either in its individual capacity of as joint or common tenant
                  or owner with such other Related Principal or Related
                  Principals.

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         6.       LIMITED AUTHORITY. The Agent shall have only such authority
                  and duties to make, hold and administer Investments for the
                  Account of the Principal as specifically provided for in this
                  Agreement. Specifically, and without limitation of the
                  foregoing sentence, the Agent shall not have (i) the
                  discretionary authority to purchase, sell, hypothecate,
                  transfer or otherwise acquire or dispose of any Investments
                  for the Account of the Principal, nor (ii) the duty to advise
                  the Principal or its representatives as to the value of any
                  Investment or to provide analysis of any Investment to the
                  Principal or its representatives.

         7.       RELATIONSHIP TO THIRD PARTIES. In order that the negotiability
                  or transferability of the Investments shall not be limited and
                  notwithstanding the provisions of Section 6 of this Agreement,
                  the Principal acknowledges that every person or entity dealing
                  with the Agent shall be justified and protected in relying
                  upon the authority of the Agent to act for and on behalf of
                  the Principal in the purchase, sale, hypothecation, transfer
                  or other acquisition or disposition of Investments and shall
                  not be required to ascertain whether the approval or direction
                  of the Principal or its representatives has been obtained.

         8.       INSURANCE DEPARTMENT EXAMINATION. The Principal and Agent
                  understand and agree that the Ohio Department of Insurance, or
                  such other insurance departments of those states in which the
                  Principal is admitted, if any, shall be entitled to examine
                  the records of the Agent as they pertain to the Principal's
                  Investments in the Account.

         9.       INSOLVENCY. In the event of the insolvency of the Principal,
                  all funds of the Principal deposited with the Agent shall be
                  payable directly to the liquidator, receiver, or statutory
                  successor of the Principal, without diminution of the
                  insolvency of the Principal.

         10.      COMPENSATION AND REIMBURSEMENT OF AGENT. The Agent shall be
                  entitled to reasonable compensation for its services hereunder
                  as the Principal and Agent shall from time to time agree.

         11.      INDEMNIFICATION OF AGENT. The Principal shall indemnify the
                  Agent and hold the Agent harmless from and against all
                  actions, claims, demands, liabilities, losses, damages or
                  expenses of whatever kind, including without limitation,
                  attorneys' fees, sustained or incurred by the Agent in
                  carrying out its authority or duties under this Agreement,
                  unless resulting from its own negligence or willful misconduct
                  which shall be deemed to exist unless the Agent can prove that
                  it was not negligent or did not act with willful misconduct.
                  Notwithstanding the above, however, the Agent shall be liable
                  to Principal for all losses of or to the Investments due to
                  fire, robbery, burglary, theft or mysterious disappearance
                  while in the possession of the Agent.

         12.      TERMINATION OF AGREEMENT. This Agreement may be terminated at
                  the end of each

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                  business day by the Principal upon written notice to the Agent
                  and at any time by the Agent upon 30 days' written notice to
                  the Principal.

         13.      NO PARTNERSHIP CREATED. Nothing herein contained shall
                  constitute the Principal as a partner of the Agent or as a
                  partner of the Related Principals.

         14.      GOVERNING LAW. This Agreement will be deemed to have been
                  entered into and shall be construed and enforced in accordance
                  with the laws of Ohio.

         15.      COMPLETE AGREEMENT WAIVERS, AMENDMENTS, ETC. This Agreement
                  constitutes the complete agreement of the Principal and Agent
                  with respect to the subject matter hereof. No waiver of any
                  rights under this Agreement shall be deemed effective unless
                  contained in a writing signed by the party charged with such
                  waiver, and no waiver of any right arising from any breach or
                  failure to perform will be deemed to be a waiver of any future
                  such right or of any other right arising under this Agreement.

         16.      HEADINGS. Section headings contained in this Agreement are
                  included for convenience only and form no part of the
                  Agreement between the parties.

         17.      NOTICE. Notices required or permitted hereunder will be in
                  writing and shall be sent to the addresses given below or to
                  such other addresses as the parties may hereafter specify, and
                  will be deemed given:

                  (a)      When delivered to an authorized officer of either
                           party; or

                  (b)      Three days after mailing by prepaid first class to an
                           authorized officer of either party.

         18.      COUNTERPARTS. This Agreement may be executed in any number of
                  counterparts, each of which will be an original and all of
                  which will constitute together but one and the same document.

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         This Agreement was executed in duplicate originals by the Principal and
the Agent as of the date first written above.

                                             NATIONWIDE CASH MANAGEMENT COMPANY

(Principal)                                  (Agent)
                                             One Nationwide Plaza
                                             Columbus, Ohio 43215

By: _____________________________            By: _____________________________
Title:                                           Title:

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                                                                   Exhibit 10.20

                           MASTER REPURCHASE AGREEMENT

                   Dated as of Enter the date of the Master Repurchase Agreement
Between:

COMPANY NAME 1 (CAPS)

and

COMPANY NAME 2 (CAPS)

1.       APPLICABILITY

         From time to time the parties hereto may enter into transactions in
which one party ("Seller") agrees to transfer to the other ("Buyer") securities
or financial instruments ("Securities") against the transfer of funds by Buyer,
with a simultaneous agreement by Buyer to transfer to Seller such Securities at
a date certain or on demand, against the transfer of funds by Seller. Each such
transaction shall be referred to herein as a "Transaction" and shall be governed
by this Agreement.

2.       DEFINITIONS

         (a) "Act of Insolvency", with respect to any party, (i) the
commencement by such party as debtor of any case or proceeding under any
bankruptcy, insolvency, reorganization, liquidation, dissolution or similar law,
or such party seeking the appointment of a receiver, trustee, custodian or
similar official for such party or any substantial part of its property, or (ii)
the commencement of any such case or proceeding against such party, or another
seeking such an appointment, or the filing against a party of an application for
a protective decree under the provisions of the Securities Investor Protection
Act of 1970, which (A) is consented to or not timely contested by such party,
(B) results in the entry of an order for relief, such an appointment, the
issuance of such a protective decree or the entry of an order having a similar
effect, or (C) is not dismissed within 15 days, (iii) the making by a party of a
general assignment for the benefit of creditors, or (iv) the admission in
writing by a party of such party's inability to pay such party's debts as they
become due;

         (b) "Additional Purchased  Securities",  Securities provided by Seller
to Buyer pursuant to Paragraph 4(a) hereof;

         (c) "Buyer's Margin Amount", with respect to any Transaction as of any
date, the amount obtained by application of a percentage (which may be equal to
the percentage that is agreed to as the Seller's Margin Amount under
subparagraph (q) of this Paragraph), agreed to by Buyer and Seller prior to
entering into the Transaction, to the Repurchase Price for such Transaction as
of such date. The parties agree that the percentage to be applied to the
Repurchase Price for purposes of determining Buyer's Margin Amount shall be
102%;

         (d) "Confirmation", the meaning specified in Paragraph 3(b) hereof;

         (e) "Income",  with respect to any Security at any time,  any principal
thereof then payable and all interest, dividends or other distributions thereon;

         (f) "Margin Deficit", the meaning specified in Paragraph 4(a) hereof;

         (g) "Margin Excess", the meaning specified in Paragraph 4(b) hereof;

         (h) "Market Value", with respect to any Securities as of any date, the
price for such Securities on such date obtained from a generally recognized
source agreed to by the parties or the most recent closing bid quotation from
such a source, plus accrued Income to the extent not included therein (other
than any Income credited or transferred to, or applied to the obligations of,
Seller pursuant to Paragraph 5 hereof) as of such date (unless contrary to
market practice for such Securities). The parties agree that the most recent
quotation in The Wall Street Journal shall constitute a generally recognized
source;

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         (i) "Price Differential", with respect to any Transaction hereunder as
of any date, the aggregate amount obtained by daily application of the Pricing
Rate for such Transaction to the Purchase Price for such Transaction on a 360
day per year basis for the actual number of days during the period commencing on
(and including) the Purchase Date for such Transaction and ending on (but
excluding) the date of determination (reduced by any amount of such Price
Differential previously paid by, Seller to Buyer with respect to such
Transaction);

         (j) "Pricing Rate", the per annum percentage rate for determination of
the Price Differential;

         (k) "Prime  Rate",  the prime rate of U.S.  money  center  commercial
banks as published in The Wall Street Journal;

         (1) "Purchase Date", the date on which Purchased Securities are
transferred by Seller to Buyer;

         (m) "Purchase Price", (i) on the Purchase Date, the price at which
Purchased Securities are transferred by Seller to Buyer, and (ii) thereafter,
such price increased by the amount of any cash transferred by Buyer to Seller
pursuant to Paragraph 4(b) hereof and decreased by the amount of any cash
transferred by Seller to Buyer pursuant to Paragraph 4(a) hereof or applied to
reduce Seller's obligations under clause (ii) of Paragraph 5 hereof;

         (n) "Purchased Securities", the Securities transferred by Seller to
Buyer in a Transaction hereunder, and any Securities substituted therefor in
accordance with Paragraph 9 hereof. The term "Purchased Securities" with respect
to any Transaction at any time also shall include Additional Purchased
Securities delivered pursuant to Paragraph 4(a) and shall exclude Securities
returned pursuant to Paragraph 4(b);

         (o) "Repurchase Date", the date on which Seller is to repurchase the
Purchased Securities from Buyer, including any date determined by application of
the provisions of Paragraphs 3(c) or 11 hereof;

         (p) "Repurchase Price", the price at which Purchased Securities are to
be transferred from Buyer to Seller upon termination of a Transaction, which
will be determined in each case (including Transactions terminable upon demand)
as the sum of the Purchase Price and the Price Differential as of the date of
such determination, increased by any amount determined by the application of the
provisions of Paragraph 10 hereof;

         (q) "Seller's Margin Amount", with respect to any Transaction as of any
date, the amount obtained by application of a percentage (which may be equal to
the percentage that is agreed to as the Buyer's Margin Amount under subparagraph
(c) of this Paragraph), agreed to by Buyer and Seller prior to entering into the
Transaction, to the Repurchase Price for such Transaction as of such date. The
parties agree that the percentage to be applied to the Repurchase Price for
purposes of determining Seller's Margin Amount shall be 102%.

3.       INITIATION; CONFIRMATION; TERMINATION

         (a) An agreement to enter into a Transaction may be made orally or in
writing at the initiation of either Buyer or Seller. On the Purchase Date for
the Transaction, the Purchased Securities shall be transferred to Buyer or its
agent against the transfer of the Purchase Price to an account of Seller.

         (b) Upon agreeing to enter into a Transaction hereunder, Buyer or
Seller (or both), as shall be agreed, shall promptly deliver to the other party
a written confirmation of each Transaction (a "Confirmation"). The Confirmation
shall describe the Purchased Securities (including CUSIP number, if any),
identify Buyer and Seller and set forth (i) the Purchase Date, (ii) the Purchase
Price, (iii) the Repurchase Date, unless the Transaction is to be terminable on
demand, (iv) the Pricing Rate or Repurchase Price applicable to the Transaction,
and (v) any additional terms or conditions of the Transaction not inconsistent
with this Agreement. The Confirmation, together with this Agreement, shall
constitute conclusive evidence of the terms agreed between Buyer and Seller with
respect to the Transaction to which the Confirmation relates, unless with
respect to the Confirmation specific objection is made promptly after receipt
thereof. In the event of any conflict between the terms of such Confirmation and
this Agreement, this Agreement shall prevail.

         (c) In the case of Transactions terminable upon demand, such demand
shall be made by Buyer or Seller, no later than such time as is customary in
accordance with market practice, by telephone or otherwise on or prior to the
business day on which such termination will be effective. On the date specified
in such demand, or on

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the date fixed for termination in the case of Transactions having a fixed term,
termination of the Transaction will be effected by transfer to Seller or its
agent of the Purchased Securities and any Income in respect thereof received by
Buyer (and not previously credited or transferred to, or applied to the
obligations of, Seller pursuant to Paragraph 5 hereof) against the transfer of
the Repurchase Price to an account of Buyer.

4.       MARGIN MAINTENANCE

         (a) If at any time the aggregate Market Value of all Purchased
Securities subject to all Transactions in which a particular party hereto is
acting as Buyer is less than the aggregate Buyer's Margin Amount for all such
Transactions (a "Margin Deficit"), then Buyer may by notice to Seller require
Seller in such Transactions, at Seller's option, to transfer to Buyer cash or
additional Securities reasonably acceptable to Buyer ("Additional Purchased
Securities"), so that the cash and aggregate Market Value of the Purchased
Securities, including any such Additional Purchased Securities, will thereupon
equal or exceed such aggregate Buyer's Margin Amount (decreased by the amount of
any Margin Deficit as of such date arising from any Transactions in which such
Buyer is acting as Seller).

         (b) If at any time the aggregate Market Value of all Purchased
Securities subject to all Transactions in which a particular party hereto is
acting as Seller exceeds the aggregate Seller's Margin Amount for all such
Transactions, then Seller may by notice to Buyer require Buyer in such
Transactions at such time (a "Margin Excess"), at Buyer's option, to transfer
cash or Purchased Securities to Seller, so that the aggregate Market Value of
the Purchased Securities, after deduction of any such cash or any Purchased
Securities so transferred, will thereupon not exceed such aggregate Seller's
Margin Amount (increased by the amount of any Margin Excess as of such date
arising from any Transactions in which such Seller is acting as Buyer).

         (c) Any cash transferred pursuant to this Paragraph shall be attributed
to such Transactions as shall be agreed upon by Buyer and Seller.

         (d) Seller and Buyer may agree, with respect to any or all Transactions
hereunder, that the respective rights of Buyer or Seller (or both) under
subparagraphs (a) and (b) of this Paragraph may be exercised only where a Margin
Deficit or Margin Excess exceeds a specified dollar amount or a specified
percentage of the Repurchase Prices for such Transactions (which amount or
percentage shall be agreed to by Buyer and Seller prior to entering into any
such Transactions).

         (e) Seller and Buyer may agree, with respect to any or all Transactions
hereunder, that the respective rights of Buyer and Seller under subparagraphs
(a) and (b) of this Paragraph to require the elimination of a Margin Deficit or
a Margin Excess, as the case may be, may be exercised whenever such a Margin
Deficit or Margin Excess exists with respect to any single Transaction hereunder
(calculated without regard to any other Transaction outstanding under this
Agreement).

5.       INCOME PAYMENTS

         Where a particular Transaction's term extends over an Income payment
date on the Securities subject to that Transaction, Buyer shall, as the parties
may agree with respect to such Transaction (or, in the absence of any agreement,
as Buyer shall reasonably determine in its discretion), on the date such Income
is payable either (i) transfer to or credit to the account of Seller an amount
equal to such Income payment or payments with respect to any Purchased
Securities subject to such Transaction or (ii) apply the Income payment or
payments to reduce the amount to be transferred to Buyer by Seller upon
termination of the Transaction. Buyer shall not be obligated to take any action
pursuant to the preceding sentence to the extent that such action would result
in the creation of a Margin Deficit, unless prior thereto or simultaneously
therewith Seller transfers to Buyer cash or Additional Purchased Securities
sufficient to eliminate such Margin Deficit.

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6.       SECURITY INTEREST

         Although the parties intend that all Transactions hereunder be sales
and purchases and not loans, in the event any such Transactions are deemed to be
loans, Seller shall be deemed to have pledged to Buyer as security for the
performance by Seller of its obligations under each such Transaction, and shall
be deemed to have granted to Buyer a security interest in, all of the Purchased
Securities with respect to all Transactions hereunder and all proceeds thereof.

7.       PAYMENT AND TRANSFER

         Unless otherwise mutually agreed, all transfers of funds hereunder
shall be in immediately available funds. All Securities transferred by one party
hereto to the other party (i) shall be in suitable form for transfer or shall be
accompanied by duly executed instruments of transfer or assignment in blank and
such other documentation as the party receiving possession may reasonably
request, (ii) shall be transferred on the book-entry system of a Federal Reserve
Bank, or (iii) shall be transferred by any other method mutually acceptable to
Seller and Buyer.

8.       SEGREGATION OF PURCHASED SECURITIES

         To the extent required by applicable law, all Purchased Securities in
the possession of Seller shall be segregated from other securities in its
possession and shall be identified as subject to this Agreement. Segregation may
be accomplished by appropriate identification on the books and records of the
holder, including a financial intermediary or a clearing corporation. Title to
all Purchased Securities shall pass to Buyer and, unless otherwise agreed by
Buyer and Seller, nothing in this Agreement shall preclude Buyer from engaging
in repurchase transactions with the Purchased Securities or otherwise pledging
or hypothecating the Purchased Securities, but no such transaction shall relieve
Buyer of its obligations to transfer Purchased Securities to Seller pursuant to
Paragraphs 3, 4 or 10 hereof, or of Buyer's obligation to credit or pay Income
to, or apply Income to the obligations of, Seller pursuant to Paragraph 5
hereof.

9.       SUBSTITUTION

         (a) Seller may, subject to agreement with and acceptance by Buyer,
substitute other Securities for any Purchased Securities. Such substitution
shall be made by transfer to Buyer of such other Securities and transfer to
Seller of such Purchased Securities. After substitution, the substituted
Securities shall be deemed to be Purchased Securities.

         (b) In Transactions in which the Seller retains custody of Purchased
Securities, the parties expressly agree that Buyer shall be deemed, for purposes
of subparagraph (a) of this Paragraph, to have agreed to and accepted in this
Agreement substitution by Seller of other Securities for Purchased Securities;
provided, however, that such other Securities shall have a Market Value at least
equal to the Market Value of the Purchased Securities for which they are
substituted.

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10.      EVENTS OF DEFAULT

         In the event that (i) Seller fails to repurchase or Buyer fails to
transfer Purchased Securities upon the applicable Repurchase Date, (ii) Seller
or Buyer fails, after one business day's notice, to comply with Paragraph 4
hereof, (iii) Buyer fails to comply with Paragraph 5 hereof, (iv) an Act of
Insolvency occurs with respect to Seller or Buyer, or (v) Seller or Buyer shall
admit to the other its inability to, or its intention not to, perform any of its
obligations hereunder (each an "Event of Default"):

         (a) At the option of the nondefaulting party, exercised by written
notice to the defaulting party (which option shall be deemed to have been
exercised, even if no notice is given, immediately upon the occurrence of an Act
of Insolvency), the Repurchase Date for each Transaction hereunder shall be
deemed immediately to occur.

         (b) In all Transactions in which the defaulting party is acting as
Seller, if the nondefaulting party exercises or is deemed to have exercised the
option referred to in subparagraph (a) of this Paragraph, (i) the defaulting
party's obligations hereunder to repurchase all Purchased Securities in such
Transactions shall thereupon become immediately due and payable, (ii) to the
extent permitted by applicable law, the Repurchase Price with respect to each
such Transaction shall be increased by the aggregate amount obtained by daily
application of (x) the greater of the Pricing Rate for such Transaction or the
Prime Rate to (y) the Repurchase Price for such Transaction as of the Repurchase
Date as determined pursuant to subparagraph (a) of this Paragraph (decreased as
of any day by (A) any amounts retained by the nondefaulting party with respect
to such Repurchase Price pursuant to clause (iii) of this subparagraph, (B) any
proceeds from the sale of Purchased Securities pursuant to subparagraph (d) (i)
of this Paragraph, and (C) any amounts credited to the account of the defaulting
party pursuant to subparagraph (e) of this Paragraph) on a 360 day per year
basis for the actual number of days during the period from and including the
date of the Event of Default giving-rise to such option to but excluding the
date of payment of the Repurchase Price as so increased, (iii) all Income paid
after such exercise or deemed exercise shall be retained by the nondefaulting
party and applied to the aggregate unpaid Repurchase Prices owed by the
defaulting party, and (iv) the defaulting party shall immediately deliver to the
nondefaulting party any Purchased Securities subject to such Transactions then
in the defaulting party's possession.

         (c) In all Transactions in which the defaulting party is acting as
Buyer, upon tender by the nondefaulting party of payment of the aggregate
Repurchase Prices for all such Transactions, the defaulting party's right, title
and interest in all Purchased Securities subject to such Transactions shall be
deemed transferred to the nondefaulting party, and the defaulting party shall
deliver all such Purchased Securities to the nondefaulting party.

         (d) After one business day's notice to the defaulting party (which
notice need not be given if an Act of Insolvency shall have occurred, and which
may be the notice given under subparagraph (a) of this Paragraph or the notice
referred to in clause (ii) of the first sentence of this Paragraph), the
nondefaulting party may:

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                  (i) as to Transactions in which the defaulting party is acting
as Seller, (A) immediately sell, in a recognized market at such price or prices
as the nondefaulting party may reasonably deem satisfactory, any or all
Purchased Securities subject to such Transactions and apply the proceeds thereof
to the aggregate unpaid Repurchase Prices and any other amounts owing by the
defaulting party hereunder or (B) in its sole discretion elect, in lieu of
selling all or a portion of such Purchased Securities, to give the defaulting
party credit for such Purchased Securities in an amount equal to the price
therefor on such date, obtained from a generally recognized source or the most
recent closing bid quotation from such a source, against the aggregate unpaid
Repurchase Prices and any other amounts owing by the defaulting party hereunder;
and

                  (ii) as to Transactions in which the defaulting party is
acting as Buyer, (A) purchase securities ("Replacement Securities") of the same
class and amount as any Purchased Securities that are not delivered by the
defaulting party to the nondefaulting party as required hereunder or (B) in its
sole discretion elect, in lieu of purchasing Replacement Securities, to be
deemed to have purchased Replacement Securities at the price therefor on such
date, obtained from a generally recognized source or the most recent closing bid
quotation from such a source.

         (e) As to Transactions in which the defaulting party is acting as
Buyer, the defaulting party shall be liable to the nondefaulting party (i) with
respect to Purchased Securities (other than Additional Purchased Securities),
for any excess of the price paid (or deemed paid) by the nondefaulting party for
Replacement Securities therefor over the Repurchase Price for such Purchased
Securities and (ii) with respect to Additional Purchased Securities, for the
price paid (or deemed paid) by the nondefaulting party for the Replacement
Securities therefor. In addition, the defaulting party shall be liable to the
nondefaulting party for interest on such remaining liability with respect to
each such purchase (or deemed purchase) of Replacement Securities from the date
of such purchase (or deemed purchase) until paid in full by Buyer. Such interest
shall be at a rate equal to the greater of the Pricing Rate for such Transaction
or the Prime Rate.

         (f) For purposes of this Paragraph 10, the Repurchase Price for each
Transaction hereunder in respect of which the defaulting party is acting as
Buyer shall not increase above the amount of such Repurchase Price for such
Transaction determined as of the date of the exercise or deemed exercise by the
nondefaulting party of its option under subparagraph (a) of this Paragraph.

         (g) The defaulting party shall be liable to the nondefaulting party for
the amount of all reasonable legal or other expenses incurred by the
nondefaulting party in connection with or as a consequence of an Event of
Default, together with interest thereon at a rate equal to the greater of the
Pricing Rate for the-relevant Transaction or the Prime Rate.

         (h) The nondefaulting party shall have, in addition to its rights
hereunder, any rights otherwise available to it under any other agreement or
applicable law.

11.      SINGLE AGREEMENT

     Buyer and Seller acknowledge that, and have entered hereunto and will
enter into each Transaction hereunder in consideration of and in reliance upon
the fact that, all Transactions hereunder constitute a single business and
contractual relationship and have been made in consideration of each other.
Accordingly, each of Buyer and Seller agrees (i) to perform all of its
obligations in respect of each Transaction hereunder, and that a default in the
performance of any such obligations shall constitute a default by it in respect
of all Transactions hereunder, (ii) that each of them shall be entitled to set
off claims and apply property held by them in respect of any Transaction against
obligations owing to them in respect of any other Transactions hereunder and
(iii) that payments, deliveries and other transfers made by either of them in
respect of any Transaction shall be deemed to have been made in consideration of
payments, deliveries and other transfers in respect of any other Transactions
hereunder, and the obligations to make any such payments, deliveries and other
transfers may be applied against each other and netted.

12.      NOTICES AND OTHER COMMUNICATIONS

         All notices or communications between the parties shall be in writing
or confirmed in writing.

<PAGE>   7

13.      ENTIRE AGREEMENT; SEVERABILITY

         This Agreement shall supersede any existing agreements between the
parties containing general terms and conditions for repurchase transactions.
Each provision and agreement herein shall be treated as separate and independent
from any other provision or agreement herein and shall be enforceable
notwithstanding the unenforceability of any such other provision or agreement.

14.      NON-ASSIGNABILITY; TERMINATION

         The rights and obligations of the parties under this Agreement and
under any Transaction shall not be assigned by either party without the prior
written consent of the other party. Subject to the foregoing, this Agreement and
any Transactions shall be binding upon and shall inure to the benefit of the
parties and their respective successors and assigns. This Agreement may be
cancelled by either party upon giving written notice to the other, except that
this Agreement shall, notwithstanding such notice, remain applicable to any
Transactions then outstanding.

15.      GOVERNING LAW

         This Agreement shall be governed by the laws of the State of Ohio
without giving effect to the conflict of law principles thereof.

16.      NO WAIVERS, ETC.

         No express or implied waiver of any Event of Default by either party
shall constitute a waiver of any other Event of Default and no exercise of any
remedy hereunder by any party shall constitute a waiver of its right to exercise
any other remedy hereunder. No modification or waiver of any provision of this
Agreement and no consent by any party to a departure herefrom shall be effective
unless and until such shall be in writing and duly executed by both of the
parties hereto. Without limitation on any of the foregoing, the failure to give
a notice pursuant to subparagraphs 4(a) or 4(b) hereof will not constitute a
waiver of any right to do so at a later date.

<PAGE>   8

Insert               Aggregate            Limit                 Clause
Be sure to bold the words "17.  Aggregate Limit"

Re-enter company name #1 in CAPS                Re-enter company name #2 in CAPS

By:                                             By:
   -----------------------------------------       -----------------------------
         Edwin P. McCausland, Jr.                     Robert J. Woodward.
         Senior Vice President-Fixed Income           Executive Vice President-
         Securities                                   Chief Investment Officer

<PAGE>   9

                                    ANNEX I

                        Supplemental Terms and Conditions

<PAGE>   10

                                  CONFIRMATION
                                  ------------

Buyer:--------------------------------------------------------------------------

Seller:-------------------------------------------------------------------------

Date:---------------------------------------------------------------------------

DESCRIPTION OF TRANSACTION
--------------------------------------------------------------------------------

1.       Purchased Securities -
         --------------------

         a)       Issuer name---------------------------------------------------

         b)       Rate/coupon---------------------------------------------------

         c)       Amount--------------------------------------------------------

         d)       Maturity------------------------------------------------------

         e)       CUSIP---------------------------------------------------------

2.       Purchase Date -   -----------------------------------------------------
         -------------

3.       Purchase Price -   ----------------------------------------------------
         --------------

4.       Repurchase Date -  ----------------------------------------------------
         ---------------

         [insert a specific date or "demand"]

5.       Pricing Rate or Repurchase Price -
         --------------------------------   ------------------------------------

         [Pricing Rate applies where transaction is terminable on demand;
         Repurchase Price may-be calculated where there is a specific Repurchase
         Date]

6.       Additional Terms -
         ----------------

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