Document:

<PAGE>

                                                                    Exhibit 10.1
                         INVESTMENT ADVISORY AGREEMENT

     AGREEMENT made as of April 28, 2000 between the Imperial Special
Investments, Inc., a California corporation (hereinafter called the "Fund"), and
Imperial Asset Management, Inc., a California corporation registered under the
Investment Adviser's Act of 1940, with its principal office in Inglewood,
California (hereinafter called the "Investment Adviser").

     WHEREAS, the Fund is registered as a closed-end, non-diversified,
management investment company under the Investment Company Act of 1940, as
amended ("1940 Act"); and

     WHEREAS, the Fund desires to retain the Investment Adviser to furnish
certain investment advisory and related services described below in connection
with the management of the Fund, and the Investment Adviser represents that it
is willing and possesses the legal authority to furnish such services;

     NOW, THEREFORE, in consideration of the premises and mutual covenants
herein contained, it is agreed between the parties hereto as follows:

     1.   Appointment.  The Fund hereby appoints the Investment Adviser to act
          -----------
as investment adviser to the Fund for the period and on the terms set forth in
this Agreement.  The Investment Adviser accepts such appointment and agrees to
furnish the services herein set forth for the compensation herein provided.

     2.   Delivery of Documents.  The Fund has furnished the Investment Adviser
          ---------------------
with copies properly certified or authenticated of each of the following
documents:

          (a)  the Fund's Articles of Incorporation, dated April 24, 2000 and
filed with the Secretary of State of the State of California, and all amendments
thereto or restatements thereof (such Articles of Incorporation, as presently in
effect and as it shall from time to time be amended or restated, is herein
called the "Articles of Incorporation");

          (b)  the Fund's Bylaws and amendments thereto;

          (c)  resolutions of the Fund's Board of Directors authorizing the
appointment of the Investment Adviser and approving this Agreement;

          (d)  the Fund's original Notification of Registration on Form N-8A
under the 1940 Act as filed with the Securities and Exchange Commission on April
28, 2000 and all amendments thereto;

          (e)  the Fund's most recent Private Offering Memorandum (such Private
Offering Memorandum, as presently in effect, and all amendments and supplements
thereto are herein collectively called the "Private Offering Memorandum").
<PAGE>

     The Fund will promptly furnish the Investment Adviser with copies of all
amendments of or supplements to the foregoing documents.

     3.   Management.  Subject to the supervision of the Fund's Board of
          ----------
Directors, the Investment Adviser will provide or cause to be provided a
continuous investment program for the Fund, including investment research and
management with respect to all securities and investments and cash equivalents
in the Fund.  The Investment Adviser will determine or cause to be determined
from time to time what securities and other investments will be purchased,
retained or sold by the Fund and will place or cause to be placed orders for
purchase and sale on behalf of the Fund.

     The Investment Adviser will provide the services under this Agreement in
accordance with the Fund's investment objective, policies and restrictions as
stated in the Private Offering Memorandum, resolutions of the Fund's Board of
Directors, and any undertakings with regulatory authorities which are provided
by the Fund to the Investment Adviser.  The Investment Adviser further agrees
that it:

          (a)  will use the same skill and care in providing such services as it
uses in providing services to fiduciary accounts for which it has investment
responsibilities;

          (b)  will comply in all material respects with all applicable Rules
and Regulations of the Securities and Exchange Commission under the Investment
Company Act of 1940 and in addition will conduct its activities under this
Agreement in accordance with any applicable regulations pertaining to the
investment advisory activities of the Investment Adviser;

          (c)  will place or cause to be placed orders for the Fund either
directly with the issuer or with any broker or dealer and, in placing orders
with brokers and dealers, the Investment Adviser or any sub-investment adviser
employed by the Investment Adviser will attempt to obtain prompt execution of
orders in an effective manner at the most favorable price.  Consistent with this
obligation, when the execution and price offered by two or more brokers or
dealers are comparable, the Investment Adviser or any sub-investment adviser
employed by the Investment Adviser may, in its discretion, purchase and sell
portfolio securities to and from brokers and dealers who provide the Investment
Adviser or any such subinvestment adviser with research advice and other
services; and

          (d)  will treat confidentially and as proprietary information of the
Fund all records and other information relative to the Fund and prior, present,
or potential shareholders of the Fund learned by, or disclosed to, the
Investment Adviser in the course of its performance of its responsibilities and
duties under this Agreement, and will not use such records and information for
any purpose other than performance of its responsibilities and duties hereunder,
except after prior notification to and approval in writing by the Fund, which
approval shall not be unreasonably withheld and may not be withheld where the
Investment Adviser may be exposed

                                      -2-
<PAGE>

to civil, regulatory, or criminal sanctions for failure to comply when requested
to divulge such information by duly constituted authorities, or when so
requested by the Fund.

     4.   Use of Sub-Investment Adviser.  The Investment Adviser may, subject to
          -----------------------------
the approvals required under the 1940 Act, employ a sub-investment adviser to
assist the Investment Adviser in the performance of its duties under this
Agreement.  Such use does not relieve the Investment Adviser of any duty or
liability it would otherwise have under this Agreement.  Compensation of any
such sub-investment adviser for services provided and expenses assumed under any
agreement between the Investment Adviser and such sub-investment adviser
permitted under this paragraph is the sole responsibility of the Investment
Adviser.

     5.   Services Not Exclusive.  The investment management services furnished
          ----------------------
by the Investment Adviser hereunder are not to be deemed exclusive.  Except to
the extent necessary to perform the Investment Adviser's obligations under this
Agreement, nothing herein shall be deemed to limit or restrict the right of the
Investment Adviser, or any subsidiary or affiliate of the Investment Adviser, or
any employee of the Investment Adviser, to engage in any other business or to
devote time and attention to any other business, whether of a similar or
dissimilar nature, or to render services of any kind to any other person.

     6.   Books and Records.  In compliance with the requirements of Rule 3la-3
          -----------------
under the 1940 Act, the Investment Adviser hereby agrees that all records which
it maintains for the Fund are the property of the Fund and further agrees to
surrender promptly to the Fund any of such records upon the Fund's request.  The
Investment Adviser further agrees to preserve for the periods prescribed by Rule
3la-2 under the 1940 Act the records required to be maintained by Rule 3la-1
under the 1940 Act.

     7.   Expenses.  During the term of this Agreement, the Investment Adviser
          --------
will pay all expenses incurred by it in connection with its activities under
this Agreement other than the cost of securities (including brokerage
commissions or charges, if any) purchased for the Fund.  The Fund will be
responsible for all of the Fund's expenses and liabilities.

     8.   Compensation.  For the services provided and the expenses assumed
          ------------
pursuant to this Agreement, the Fund will pay the Investment Adviser and the
Investment Adviser will accept as full compensation therefor an annual fee paid
monthly on the first business day of each month equal to the lesser of (i)
$200,000 or (ii) such fee as may from time to time be agreed upon in writing by
the Fund and the Investment Adviser.  If the fee payable to the Investment
Adviser pursuant to this paragraph begins to accrue after the beginning of any
month or if this Agreement terminates before the end of any month, the fee for
the period from such date to the end of such month or from the beginning of such
month to the date of termination, as the case may be, shall be prorated
according to the proportion which such period bears to the full month in which
such effectiveness or termination occurs.

                                      -3-
<PAGE>

     9.   Limitation of Liability.  The Investment Adviser shall not be liable
          -----------------------
for any error of judgment or mistake of law or for any loss suffered by the Fund
in connection with the performance of this Agreement, except a loss resulting
from a breach of fiduciary duty under the Investment Company Act of 1940 with
respect to the receipt of compensation for services or a loss resulting from
willful misfeasance, bad faith or gross negligence on the part of the Investment
Adviser in the performance of its duties or from reckless disregard by it of its
obligations and duties under this Agreement.  In no case shall the Investment
Adviser be liable for actions taken or nonactions with respect to the
performance of services under this Agreement based upon specific information,
instructions, or requests given or made to the Investment Adviser by an officer
of the Fund thereunto duly authorized.  Notwithstanding the foregoing, nothing
in this paragraph should be deemed to be a waiver or limitation of any rights
the Fund may have under the Federal securities laws.

     10.  Duration and Termination.  This Agreement will become effective as of
          ------------------------
the date first written above, provided that it shall have been approved by vote
of a majority of the outstanding voting securities of the Fund, in accordance
with the requirements under the 1940 Act, and, unless sooner terminated as
provided herein, shall continue in effect until October 31, 2001.  Thereafter,
if not terminated, this Agreement shall continue in effect for successive
periods of twelve months each ending on October 31 of each year, provided such
                                                                 --------
continuance is specifically approved at least annually (a) by the vote of a
majority of those members of the Fund's Board of Directors who are not parties
to this Agreement or interested persons of any party to this Agreement, cast in
person at a meeting called for the purpose of voting on such approval, and (b)
by the vote of a majority of the Fund's Board of Directors or by the vote of a
majority of the outstanding voting securities of the Fund.  Notwithstanding the
foregoing, this Agreement may be terminated at any time on sixty days' written
notice, without the payment of any penalty, by the Fund (by vote of the Fund's
Board of Directors or by vote of a majority of the outstanding voting securities
of the Fund) or by the Investment Adviser.  This Agreement will immediately
terminate in the event of its assignment. (As used in this Agreement, the terms
"majority of the outstanding voting securities", "interested persons" and
"assignment" shall have the same meaning of such terms in the 1940 Act.)

     11.  Amendment of this Agreement.  No provision of this Agreement may be
          ---------------------------
changed, waived, discharged or terminated orally, but only by an instrument in
writing signed by the party against which enforcement of the change, waiver,
discharge or termination is sought.

     12.  Legal Advice.  The Investment Adviser shall notify the Fund at any
          ------------
time the Investment Adviser believes that it is in need of the advice of counsel
with regard to its responsibilities and duties pursuant to this Agreement; if
the Investment Adviser wishes to seek the advice of legal counsel to the Fund it
must first notify the Fund and seek its approval, which shall not be
unreasonably withheld, such advice to be at the expense of the Fund unless
relating to a matter involving the Investment Adviser's willful misfeasance, bad
faith, gross negligence or reckless disregard with respect to the Investment
Adviser's responsibilities and duties hereunder

                                      -4-
<PAGE>

and the Investment Adviser shall in no event be liable to the Fund or any
shareholder or beneficial owner of the Fund for any action reasonably taken
pursuant to such advice.

     13.  Miscellaneous.  The captions in this Agreement are included for
          -------------
convenience of reference only and in no way define or delimit any of the
provisions hereof or otherwise affect their construction or effect.

     Any notice required or permitted to be given by either party to the other
shall be deemed sufficient if sent by registered or certified mail, postage
prepaid, addressed by the party giving notice to the other party at the last
address furnished by the other party to the party giving notice:  if to the
Fund, at 9920 S. La Cienega Blvd., Suite 636, Inglewood, California  90301,
Attention: Controller Department; and if to the Investment Adviser, at 9920 S.
La Cienega Blvd., Suite 636, Inglewood, California  90301, Attention: Controller
Department.

     If any provision of this Agreement shall be held or made invalid by a court
decision, statute, rule or otherwise, the remainder of this Agreement shall not
be affected thereby.

     This Agreement shall be binding upon and shall inure to the benefit of the
parties hereto and their respective successors and shall be governed by the laws
of the State of California.

     The names "Imperial Special Investments, Inc." and "Director of Imperial
Special Investments, Inc." refer respectively to the Fund created and the
Directors, as directors but not individually or personally, acting from time to
time under Articles of Incorporation dated as of April 24, 2000 to which
reference is hereby made and a copy of which is on file at the office of the
Secretary of the State of California and elsewhere as required by law, and to
any and all amendments thereto so filed or hereafter filed.  The obligations of
"Imperial Special Investments, Inc." entered into in the name or on behalf
thereof by any of the Directors, representatives or agents are made not
individually, but in such capacities, and are not binding upon any of the
Directors, shareholders or representatives of the Fund personally, but bind only
the assets of the Fund, and all persons dealing with the Fund must look solely
to the assets of the Fund for the enforcement of any claims against the Fund.

                                      -5-
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this instrument to be
executed by their officers designated below as of the day and year first above
written.

                          Imperial Special Investments, Inc.

                          By: /s/ Richard M. Baker
                              ________________________________________________
                          Title: SVP & General Counsel

                          Imperial Asset Management, Inc.

                          By: /s/ Richard M. Baker
                              ________________________________________________
                          Title: SVP & General Counsel

                                      -6-<PAGE>

                                                                    EXHIBIT 10.2
                           FUND ACCOUNTING AGREEMENT

     AGREEMENT made this 28th day of April, 2000, between IMPERIAL SPECIAL
INVESTMENTS, INC. (the "Fund"), a California corporation having its principal
place of business at 9920 S. La Cienega Blvd., Suite 636, Inglewood, California
90301, and IMPERIAL BANK ("Fund Accountant"), a California banking corporation
having its principal place of business at 9920 S. La Cienega Blvd., Suite 636,
Inglewood, California  90301.

     WHEREAS, the Fund desires that Fund Accountant perform certain fund
accounting services for the Fund, all as now or hereafter may be established
from time to time; and

     WHEREAS, Fund Accountant is willing to perform such services on the terms
and conditions set forth in this Agreement;

     NOW, THEREFORE, in consideration of the mutual promises and covenants
herein set forth, the parties agree as follows:

     1.   Services as Fund Accountant.
          ---------------------------

          (a)  Maintenance of Books and Records.  Fund Accountant will keep and
               ---------------------------------
               maintain the following books and records of the Fund pursuant to
               Rule 31a-1 under the Investment Company Act of 1940 (the "Rule"):

               (i)   Journals containing an itemized daily record in detail of
                     all purchases and sales of securities, all receipts and
                     disbursements of cash and all other debits and credits, as
                     required by subsection (b)(1) of the Rule;

               (ii)  General and auxiliary ledgers reflecting all asset,
                     liability, reserve, capital, income and expense accounts,
                     including interest accrued and interest received, as
                     required by subsection (b)(2)(i) of the Rule;

               (iii) Separate ledger accounts required by subsection (b)(2)(ii)
                     and (iii) of the Rule; and

               (iv)  A monthly trial balance of all ledger accounts (except
                     shareholder accounts) as required by subsection (b)(8) of
                     the Rule.

          (b)  Performance of Accounting Services.  In addition to the
               -----------------------------------
               maintenance of the books and records specified above, Fund
               Accountant shall perform the following accounting services for
               the Fund:

               (i)    Calculate the net asset value per share utilizing prices
                      obtained from the sources described in subsection 1(b)(ii)
                      below;

               (ii)   Obtain security prices from independent pricing services,
                      or if such quotes are unavailable, then obtain such prices
                      from the Fund's
<PAGE>

                      investment adviser or its designee, as approved by the
                      Fund's Board of Directors;

               (iii)  Verify and reconcile with the Fund's custodian all daily
                      trade activity;

               (iv)   Compute, as appropriate, the Fund's net income and capital
                      gains, dividend payables, dividend factors, 7-day yields,
                      7-day effective yields, 30-day yields, and weighted
                      average portfolio maturity;

               (v)    Review the net asset value calculation and dividend factor
                      (if any) for the Fund prior to release to shareholders,
                      check and confirm the net asset values and dividend
                      factors for reasonableness and deviations;

               (vi)   Determine unrealized appreciation and depreciation on
                      securities held by the Fund;

               (vii)  Amortize premiums and accrete discounts on securities
                      purchased at a price other than face value, if requested
                      by the Fund;

               (viii) Update fund accounting system to reflect rate changes, as
                      received from the Fund's investment adviser, on variable
                      interest rate instruments;

               (ix)   Post Fund transactions to appropriate categories;

               (x)    Accrue expenses of the Fund according to instructions
                      received from the Fund's Investment Adviser;

               (xi)   Determine the outstanding receivables and payables for all
                      (1) security trades, (2) Fund share transactions, and (3)
                      income and expense accounts;

               (xii)  Provide accounting reports in connection with the Fund's
                      regular annual audit and other audits and examinations by
                      regulatory agencies; and

               (xiii) Provide such periodic reports as the parties shall agree
                      upon, as set forth in a separate schedule.

                                       2
<PAGE>

          (c)  Special Reports and Services.
               -----------------------------

               (i)    Fund Accountant may provide additional special reports
                      upon the request of the Fund's Investment Adviser, which
                      may result in an additional charge, the amount of which
                      shall be agreed upon between the parties.

               (ii)   Fund Accountant may provide such other similar services
                      with respect to the Fund as may be reasonably requested by
                      the Fund, which may result in an additional charge, the
                      amount of which shall be agreed upon between the parties.

          (d)  Additional Accounting Services.  Fund Accountant shall also
               -------------------------------
               perform the following additional accounting services for the
               Fund:

               (i)    Provide monthly a download (and hard copy thereof) of the
                      financial statements described below, upon request of the
                      Fund.  The download will include the following items:

                      Statement of Assets and Liabilities,
                      Statement of Operations,
                      Statement of Changes in Net Assets, and
                      Condensed Financial Information;

               (ii)   Provide accounting information for the following:

                      (A)  federal and state income tax returns and federal
                           excise tax returns;
                      (B)  the Fund's semi-annual reports with the Securities
                           and Exchange Commission ("SEC") on Form N-SAR;
                      (C)  the Fund's annual, semi-annual and quarterly (if any)
                           shareholder reports;
                      (D)  registration statements on Form N-2 and other filings
                           relating to the registration of shares;
                      (E)  the Investment Adviser's monitoring of the Fund's
                           status as a regulated investment company under
                           Subchapter M of the Internal Revenue Code, as
                           amended;
                      (F)  annual audit by the Fund's auditors; and
                      (G)  examinations performed by the SEC.

     2.   Subcontracting.
          --------------

     Fund Accountant may, at its expense, subcontract with any entity or person
concerning the provision of the services contemplated hereunder; provided,
however, that Fund Accountant shall not be relieved of any of its obligations
under this Agreement by the appointment of such

                                       3
<PAGE>

subcontractor and provided further, that Fund Accountant shall be responsible,
to the extent provided in Section 7 hereof, for all acts of such subcontractor
as if such acts were its own.

     3.   Compensation.
          ------------

     The Fund shall pay Fund Accountant for the services to be provided by Fund
Accountant under this Agreement in accordance with, and in the manner set forth
in, Schedule A hereto, as such Schedule may be amended from time to time.

     4.   Reimbursement of Expenses.
          -------------------------

     In addition to paying Fund Accountant the fees described in Section 3
hereof, the Fund  agrees to reimburse Fund Accountant for its out-of-pocket
expenses in providing services hereunder, including without limitation the
following:

     (a)  All freight and other delivery and bonding charges incurred by Fund
          Accountant in delivering materials to and from the Fund;

     (b)  All direct telephone, telephone transmission and telecopy or other
          electronic transmission expenses incurred by Fund Accountant in
          communication with the Fund, the Fund's Investment Adviser or
          custodian, dealers or others as required for Fund Accountant to
          perform the services to be provided hereunder;

     (c)  The cost of obtaining security market quotes pursuant to Section
          l(b)(ii) above;

     (d)  The cost of microfilm or microfiche of records or other materials; and

     (e)  Any expenses Fund Accountant shall incur at the written direction of
          an officer of the Fund thereunto duly authorized.

     5.   Effective Date.
          --------------

     This Agreement shall become effective with respect to the Fund as of the
date first written above (or, if the Fund is not in existence on that date, on
the date the Fund commences operation) (the "Effective Date").

     6.   Term.
          ----

     This Agreement shall continue in effect with respect to the Fund, unless
earlier terminated by either party hereto as provided hereunder, until April 28,
2002 and thereafter shall be renewed automatically for successive two-year terms
unless written notice not to renew is given by the non-renewing party to the
other party at least 60 days prior to the expiration of the then-current term;
provided, however, that after such termination for so long as Fund Accountant,
with the written consent of the Fund, in fact continues to perform any one or
more of the services contemplated by this Agreement or any schedule or exhibit
hereto, the provisions of this Agreement, including

                                       4
<PAGE>

without limitation the provisions dealing with indemnification, shall continue
in full force and effect. Compensation due Fund Accountant and unpaid by the
Fund upon such termination shall be immediately due and payable upon and
notwithstanding such termination. Fund Accountant shall be entitled to collect
from the Fund, in addition to the compensation described under Section 3 hereof,
the amount of all of Fund Accountant's cash disbursements for services in
connection with Fund Accountant's activities in effecting such termination,
including without limitation, the delivery to the Fund and/or its designees of
the Fund's property, records, instruments and documents, or any copies thereof.
Subsequent to such termination, for a reasonable fee, Fund Accountant will
provide the Fund with reasonable access to any Fund documents or records
remaining in its possession.

     7.   Standard of Care; Reliance on Records and Instructions;
          -------------------------------------------------------
          Indemnification.
          ---------------

     Fund Accountant shall use its best efforts to insure the accuracy of all
services performed under this Agreement, but shall not be liable to the Fund for
any action taken or omitted by Fund Accountant in the absence of bad faith,
willful misfeasance, negligence or from reckless disregard by it of its
obligations and duties.  The Fund agrees to indemnify and hold harmless Fund
Accountant, its employees, agents, directors, officers and nominees from and
against any and all claims, demands, actions and suits, whether groundless or
otherwise, and from and against any and all judgments, liabilities, losses,
damages, costs, charges, counsel fees and other expenses of every nature and
character arising out of or in any way relating to Fund Accountant's actions
taken or nonactions with respect to the performance of services under this
Agreement with respect to the Fund or based, if applicable, upon reasonable
reliance on information, records, instructions or requests with respect to the
Fund given or made to Fund Accountant by a duly authorized representative of the
Fund; provided that this indemnification shall not apply to actions or omissions
of Fund Accountant in cases of its own bad faith, willful misfeasance,
negligence or from reckless disregard by it of its obligations and duties, and
further provided that prior to confessing any claim against it which may be the
subject of this indemnification, Fund Accountant shall give the Fund written
notice of and reasonable opportunity to defend against said claim in its own
name or in the name of Fund Accountant.

     8.   Record Retention and Confidentiality.
          ------------------------------------

     Fund Accountant shall keep and maintain on behalf of the Fund all books and
records which the Fund and Fund Accountant is, or may be, required to keep and
maintain pursuant to any applicable statutes, rules and regulations, including
without limitation Rules 31a-1 and 31a-2 under the Investment Company Act of
1940, as amended (the "1940 Act"), relating to the maintenance of books and
records in connection with the services to be provided hereunder.  Fund
Accountant further agrees that all such books and records shall be the property
of the Fund and to make such books and records available for inspection by the
Fund or by the Securities and Exchange Commission at reasonable times and
otherwise to keep confidential all books and records and other information
relative to the Fund and its shareholders; except when requested to divulge such
information by duly-constituted authorities or court process.

                                       5
<PAGE>

     9.   Uncontrollable Events.
          ---------------------

     Fund Accountant assumes no responsibility hereunder, and shall not be
liable, for any damage, loss of data, delay or any other loss whatsoever caused
by events beyond its reasonable control.

     10.  Reports.
          -------

     Fund Accountant will furnish to the Fund and to its properly authorized
auditors, investment advisers, examiners, distributors, dealers, underwriters,
salesmen, insurance companies and others designated by the Fund in writing, such
reports and at such times as are prescribed pursuant to the terms and the
conditions of this Agreement to be provided or completed by Fund Accountant, or
as subsequently agreed upon by the parties pursuant to an amendment hereto.  The
Fund agrees to examine each such report or copy promptly and will report or
cause to be reported any errors or discrepancies therein no later than three
business days from the receipt thereof.  In the event that errors or
discrepancies, except such errors and discrepancies as may not reasonably be
expected to be discovered by the recipient within ten days after conducting a
diligent examination, are not so reported within the aforesaid period of time, a
report will for all purposes be accepted by and binding upon the Fund and any
other recipient, and, except as provided in Section 7 hereof, Fund Accountant
shall have no liability for errors or discrepancies therein and shall have no
further responsibility with respect to such report except to perform reasonable
corrections of such errors and discrepancies within a reasonable time after
requested to do so by the Fund.

     11.  Rights of Ownership.
          -------------------

     All computer programs and procedures developed to perform services required
to be provided by Fund Accountant under this Agreement are the property of Fund
Accountant.  All records and other data except such computer programs and
procedures are the exclusive property of the Fund and all such other records and
data will be furnished to the Fund in appropriate form as soon as practicable
after termination of this Agreement for any reason.

     12.  Return of Records.
          -----------------

     Fund Accountant may at its option at any time, and shall promptly upon the
Fund's demand, turn over to the Fund and cease to retain Fund Accountant's
files, records and documents created and maintained by Fund Accountant pursuant
to this Agreement which are no longer needed by Fund Accountant in the
performance of its services or for its legal protection.  If not so turned over
to the Fund, such documents and records will be retained by Fund Accountant for
six years from the year of creation. At the end of such six-year period, such
records and documents will be turned over to the Fund unless the Fund authorizes
in writing the destruction of such records and documents.

                                       6
<PAGE>

     13.  Representations of the Fund.
          ---------------------------

     The Fund certifies to Fund Accountant that:  (1) as of the close of
business on the Effective Date, each Fund that is in existence as of the
Effective Date has authorized 10,000,000,000 shares, and (2) this Agreement has
been duly authorized by the Fund and, when executed and delivered by the Fund,
will constitute a legal, valid and binding obligation of the Fund, enforceable
against the Fund in accordance with its terms, subject to bankruptcy,
insolvency, reorganization, moratorium and other laws of general application
affecting the rights and remedies of creditors and secured parties.

     14.  Representations of Fund Accountant.
          ----------------------------------

     Fund Accountant represents and warrants that:  (1) the various procedures
and systems which Fund Accountant has implemented with regard to safeguarding
from loss or damage attributable to fire, theft, or any other cause the records,
and other data of the Fund and Fund Accountant's records, data, equipment
facilities and other property used in the performance of its obligations
hereunder are adequate and that it will make such changes therein from time to
time as are required for the secure performance of its obligations hereunder,
and (2) this Agreement has been duly authorized by Fund Accountant and, when
executed and delivered by Fund Accountant, will constitute a legal, valid and
binding obligation of Fund Accountant, enforceable against Fund Accountant in
accordance with its terms, subject to bankruptcy, insolvency, reorganization,
moratorium and other laws of general application affecting the rights and
remedies of creditors and secured parties.

     15.  Insurance.
          ---------

     Fund Accountant shall notify the Fund should any of its insurance coverage
be canceled or reduced.  Such notification shall include the date of change and
the reasons therefor.  Fund Accountant shall notify the Fund of any material
claims against it with respect to services performed under this Agreement,
whether or not they may be covered by insurance, and shall notify the Fund from
time to time as may be appropriate of the total outstanding claims made by Fund
Accountant under its insurance coverage.

     16.  Information to be Furnished by the Fund.
          ---------------------------------------

          The Fund has furnished to Fund Accountant the following:

          (a)  Copies of the Articles of Incorporation of the Fund and of any
               amendments thereto, certified by the proper official of the state
               in which such document has been filed.

          (b)  Copies of the following documents:

               (i)    The Fund's Bylaws and any amendments thereto; and

                                       7
<PAGE>

               (ii)   Certified copies of resolutions of the Board of Directors
                      covering the approval of this Agreement, authorization of
                      a specified officer of the Fund to execute and deliver
                      this Agreement and authorization for specified officers of
                      the Fund to instruct Fund Accountant thereunder.

          (c)  A list of all the officers of the Fund, together with specimen
               signatures of those officers who are authorized to instruct Fund
               Accountant in all matters.

          (d)  Two copies of the Private Offering Memorandum ("Memorandum") for
               the Fund.

     17.  Information Furnished by Fund Accountant.
          ----------------------------------------

          (a)  Fund Accountant has furnished to the Fund the following:

               (i)    Fund Accountant's Charter; and

               (ii)   Fund Accountant's Bylaws and any amendments thereto.

     18.  Amendments to Documents.
          -----------------------

     The Fund shall furnish Fund Accountant written copies of any amendments to,
or changes in, any of the items referred to in Section 17 hereof forthwith upon
such amendments or changes becoming effective.  In addition, the Fund agrees
that no amendments will be made to the Memorandum of the Fund which might have
the effect of changing the procedures employed by Fund Accountant in providing
the services agreed to hereunder or which amendment might affect the duties of
Fund Accountant hereunder unless the Fund first obtains Fund Accountant's
approval of such amendments or changes.

     19.  Compliance with Law.
          -------------------

     Except for the obligations of Fund Accountant set forth in Section 8
hereof, the Fund assumes full responsibility for the preparation, contents and
distribution of the Memorandum of the Fund as to compliance with all applicable
requirements of the Securities Act of 1933, as amended (the "Securities Act"),
the 1940 Act and any other laws, rules and regulations of governmental
authorities having jurisdiction.  Fund Accountant shall have no obligation to
take cognizance of any laws relating to the sale of the Fund's shares.  The Fund
represents and warrants that no shares of the Fund will be offered until the
Fund's registration statement under  the 1940 Act has become effective.

     20.  Notices.
          -------

     Any notice provided hereunder shall be sufficiently given when sent by
registered or certified mail to the party required to be served with such
notice, at the following address: 9920 S.

                                       8
<PAGE>

La Cienega Blvd., Suite 636, Inglewood, California 90301, or at such other
address as such party may from time to time specify in writing to the other
party pursuant to this Section.

     21.  Headings.
          --------

     Paragraph headings in this Agreement are included for convenience only and
are not to be used to construe or interpret this Agreement.

     22.  Assignment.
          ----------

     This Agreement and the rights and duties hereunder shall not be assignable
with respect to the Fund by either of the parties hereto except by the specific
written consent of the other party.

     23.  Governing Law.
          -------------

     This Agreement shall be governed by and provisions shall be construed in
accordance with the laws of the State of California.

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed all as of the day and year first above written.

                              IMPERIAL SPECIAL INVESTMENTS, INC.

                              By:/s/ Richard M. Baker
                                 ----------------------

                              IMPERIAL BANK

                              By:/s/ Richard M. Baker
                                 ----------------------

                                       9
<PAGE>

                                                           Dated:         , 2000

                              FORM OF SCHEDULE A
                       TO THE FUND ACCOUNTING AGREEMENT
                                    BETWEEN
                      IMPERIAL SPECIAL INVESTMENTS, INC.
                                      AND
                                 IMPERIAL BANK

                                     FEES
                                     ----

     Imperial Bank shall be entitled to receive a fee from the Fund at the
annual rate of $800,000 plus Imperial Bank's reasonable out-of-pocket expenses
incurred in the performance of its services as provided in Section 4 of the Fund
Accounting Agreement to which this Schedule A is attached.

IMPERIAL SPECIAL INVESTMENTS, INC.           IMPERIAL BANK

By: /s/ Richard M. Baker                     By: /s/ Richard M. Baker
   ---------------------                        ---------------------

                                       10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00009-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00009-of-00352.parquet"}]]