Common use of Subordination Agreement Clause in Contracts

Subordination Agreement. (Applies only to Accounts with funds held in foreign currencies) Funds of customers trading on United States contract markets may be held in accounts denominated in a foreign currency with depositories located outside or inside the United States or its territories if the customer is domiciled in a foreign country or if the funds are held in connection with contracts priced and settled in a foreign currency. Such accounts are subject to the risk that events could occur which hinder or prevent the availability of these funds for distribution to customers. Such accounts also may be subject to foreign currency exchange rate risks. (1) Xxxx is placed in receivership or bankruptcy, and (2) there are insufficient funds available for distribution denominated in the foreign currency as to which the customer has a claim to satisfy all claims against those funds. By initialing the Subordination Agreement below, Customer agrees that if both of the conditions listed above occur, its claim against Xxxx'x assets attributable to funds held overseas in a particular foreign currency may be satisfied out of segregated customer funds held in accounts denominated in dollars or other foreign currencies only after each customer whose funds are held in dollars or in such other foreign currencies receives its pro-rata portion of such funds. It is further agreed that in no event may a customer whose funds are so held receive more than its pro-rata share of the aggregate pool consisting of funds held in dollars, funds held in the particular foreign currency, and non-segregated assets of Xxxx. OPTIONAL ELECTIONS/ACKNOWLEDGMENT The following provisions, which are set forth in this Agreement, need not be entered into to open the Account. Customer agrees that its optional elections are as follows: SIGNATURE REQUIRED FOR EACH ELECTION ARBITRATION AGREEMENT --------------------------------------- (Agreement Paragraph 24) (Date) CONSENT TO TAKE THE OTHER SIDE OF ORDERS (Agreement Paragraph 25) X /s/ XXXX X. XXXXXX 11-6-98 --------------------------------------- (Date) AUTHORIZATION TO TRANSFER FUNDS (Agreement Paragraph 26) --------------------------------------- (Date) CONSENT TO RECEIVE STATEMENTS BY ELECTRONIC TRANSMISSION --------------------------------------- (Agreement Paragraph 27) (Date) ACKNOWLEDGMENT OF SUBORDINATION AGREEMENT (Agreement Paragraph 28) (Required for accounts holding non-U.S. X /s/ XXXX X. XXXXXX 11-6-98 currency) --------------------------------------- (Date) HEDGE ELECTION [ ] Customer confirms that all transactions in the Account will represent bona fide hedging transactions, as defined by the Commodity Futures Trading Commission, unless Xxxx is notified otherwise not later than the time an order is placed for the Account: Pursuant to CFTC Regulation 190.06(d), Customer specifies and agrees, with respect to hedging transactions in the Account, that in the unlikely event of Xxxx'x bankruptcy, it prefers that the bankruptcy trustee [check appropriate box]: A) [ ] Liquidate all open contracts without first seeking instructions either from or on behalf of Customer. B) [ ] Attempt to obtain instructions with respect to the disposition of all open contracts. (If neither box is checks, Customer shall be deemed to elect A).)

Subordination Agreement. (Applies only to Accounts with funds held in foreign currencies) Funds of customers trading on United States contract markets may be held in accounts denominated in a foreign currency with depositories located outside or inside the United States or its territories if the customer is domiciled in a foreign country or if the funds are held in connection with contracts priced and settled in a foreign currency. Such accounts are subject to the risk that events could occur which hinder or prevent the availability of these funds for distribution to customers. Such accounts also may be subject to foreign currency exchange rate risks. (1) Xxxx is placed in receivership or bankruptcy, and (2) there are insufficient funds available for distribution denominated in the foreign currency as to which the customer has a claim to satisfy all claims against those funds. By initialing the Subordination Agreement below, Customer agrees that if both of the conditions listed above occur, its claim against Xxxx'x assets attributable to funds held overseas in a particular foreign currency may be satisfied out of segregated customer funds held in accounts denominated in dollars or other foreign currencies only after each customer whose funds are held in dollars or in such other foreign currencies receives its pro-rata portion of such funds. It is further agreed that in no event may a customer whose funds are so held receive more than its pro-pro- rata share of the aggregate pool consisting of funds held in dollars, funds held in the particular foreign currency, and non-segregated assets of Xxxx. OPTIONAL ELECTIONS/ACKNOWLEDGMENT The following provisions, which are set forth in this Agreement, need not be entered into to open the Account. Customer agrees that its optional elections are as follows: SIGNATURE REQUIRED FOR EACH ELECTION Signature required for each election ARBITRATION AGREEMENT --------------------------------------- (Agreement Paragraph 24) (Date) CONSENT TO TAKE THE OTHER SIDE X /s/ Xxxx X. Xxxxxx OF ORDERS (Agreement Paragraph 12-1-97 25) X /s/ XXXX X. XXXXXX 11-6-98 --------------------------------------- (Date) AUTHORIZATION TO TRANSFER FUNDS (Agreement Paragraph 26) --------------------------------------- (Date) CONSENT TO RECEIVE STATEMENTS BY ELECTRONIC TRANSMISSION --------------------------------------- X /s/ Xxxx X. Xxxxxx (Agreement Paragraph 27) 12-1-97 (Date) ACKNOWLEDGMENT OF SUBORDINATION AGREEMENT (Agreement Paragraph 28) (Required for accounts X /s/ Xxxx X. Xxxxxx holding non-U.S. X /s/ XXXX X. XXXXXX 11-6-98 currency) --------------------------------------- 12-1-97 (Date) HEDGE ELECTION [ ] Customer confirms that all transactions in the Account will represent bona fide hedging transactions, as defined by the Commodity Futures Trading Commission, unless Xxxx is notified otherwise not later than the time an order is placed for the Account: Pursuant to CFTC Regulation 190.06(d), Customer specifies and agrees, with respect to hedging transactions in the Account, that in the unlikely event of Xxxx'x bankruptcy, it prefers that the bankruptcy trustee [check appropriate box]: A) [ ] Liquidate all open contracts without first seeking instructions either from or on behalf of Customer. B) [ ] Attempt to obtain instructions with respect to the disposition of all open contracts. (If neither box is checks, Customer shall be deemed to elect A).)

Subordination Agreement. (Applies only to Accounts with xxxx funds held in foreign currencies) Funds of customers trading on United States contract markets may be held in accounts denominated in a foreign currency with depositories located outside or inside the United States or its territories if the customer is domiciled in a foreign country or if the funds are held in connection with contracts priced and settled in a foreign currency. Such accounts are subject to the risk that events could occur which hinder or prevent the availability of these funds for distribution to customers. Such accounts also may be subject to foreign currency exchange rate risks. (1) Xxxx Carr is placed in receivership or bankruptcy, and (2) there are insufficient axx xnsufficient funds available for distribution denominated in the foreign currency as to which the customer has a claim to satisfy all claims against those funds. By initialing the Subordination Agreement below, Customer agrees that if both of the conditions listed above occur, its claim against Xxxx'x Carr's assets attributable to funds held overseas in a particular foreign particulxx xxxeign currency may be satisfied out of segregated customer funds held in accounts denominated in dollars or other foreign currencies only after each customer whose funds are held in dollars or in such other foreign currencies receives its pro-rata portion of such funds. It is further agreed that in no event may a customer whose funds are so held receive more than its pro-rata share of the aggregate pool consisting of funds held in dollars, funds held in the particular foreign currency, and non-segregated assets of XxxxCarr. OPTIONAL ELECTIONS/ACKNOWLEDGMENT The following provisionsprovisionx, which are set forth in this Agreement, need not be entered into to open the Account. Customer agrees that its optional elections are as follows: SIGNATURE REQUIRED FOR EACH ELECTION Signature required for each election ARBITRATION AGREEMENT --------------------------------------- (Agreement Paragraph 24) (Date) CONSENT TO TAKE THE OTHER SIDE OF ORDERS (Agreement Paragraph 25) X /s/ XXXX X. XXXXXX 11Mark J. Hawley 12-61-98 97 --------------------------------------- (Date) AUTHORIZATION TO TRANSFER FUNDS (Agreement Paragraph 26) --------------------------------------- (Date) CONSENT TO RECEIVE STATEMENTS BY ELECTRONIC TRANSMISSION --------------------------------------- (Agreement Paragraph 27) (Date) ACKNOWLEDGMENT OF SUBORDINATION AGREEMENT (Agreement Paragraph 28) X /s/ Mark J. Hawley 12-1-97 (Required for accounts holding non-U.S. X /s/ XXXX X. XXXXXX 11-6-98 X.X. --------------------------------------- currency) --------------------------------------- (Date) HEDGE ELECTION [ ] / / Customer confirms that all transactions in the Account will represent bona fide hedging transactions, as defined by the Commodity Futures Trading Commission, unless Xxxx Carr is notified otherwise not later than the time an order is placed ix xxaced for the Account: Pursuant to CFTC Regulation 190.06(d), Customer specifies and agrees, with respect to hedging transactions in the Account, that in the unlikely event of Xxxx'x Carr's bankruptcy, it prefers that the bankruptcy trustee [check appropriate xxxxxpriate box]: A) [ ] Liquidate all open contracts without first seeking instructions either from or on behalf of Customer. B) [ ] Attempt to obtain instructions with respect to the disposition of all open contracts. (If neither box is checks, Customer shall be deemed to elect A).)

Subordination Agreement. (Applies only to Accounts with funds held in foreign currencies) Funds of customers trading on United States contract markets may be held in accounts denominated in a foreign currency with depositories located outside or inside the United States or its territories if the customer is domiciled in a foreign country or if the funds are held in connection with contracts priced and settled in a foreign currency. Such accounts are subject to the risk that events could occur which hinder or prevent the availability of these funds for distribution to customers. Such accounts also may be subject to foreign currency exchange rate risks. (1) Xxxx is placed in receivership or bankruptcy, and (2) there are insufficient funds available for distribution denominated in the foreign currency as to which the customer has a claim to satisfy all claims against those funds. By initialing the Subordination Agreement below, Customer agrees that if both of the conditions listed above occur, its claim against Xxxx'x assets attributable to funds held overseas in a particular foreign currency may be satisfied out of segregated customer funds held in accounts denominated in dollars or other foreign currencies only after each customer whose funds are held in dollars or in such other foreign currencies receives its pro-rata portion of such funds. It is further agreed that in no event may a customer whose funds are so held receive more than its pro-rata share of the aggregate pool consisting of funds held in dollars, funds held in the particular foreign currency, and non-segregated assets of Xxxx. OPTIONAL ELECTIONS/ACKNOWLEDGMENT The following provisions, which are set forth in this Agreement, need not be entered into to open the Account. Customer agrees that its optional elections are as follows: SIGNATURE REQUIRED FOR EACH ELECTION ARBITRATION AGREEMENT --------------------------------------- ------------------------------ (Agreement Paragraph 24) (Date) CONSENT TO TAKE THE OTHER SIDE OF ORDERS (Agreement Paragraph 25) X /s/ /S/ XXXX X. XXXXXX 11-6-98 --------------------------------------- 12/1/97 ------------------------------ (Date) AUTHORIZATION TO TRANSFER FUNDS (Agreement Paragraph 26) --------------------------------------- ------------------------------ (Date) CONSENT TO RECEIVE STATEMENTS BY ELECTRONIC TRANSMISSION --------------------------------------- ------------------------------ (Agreement Paragraph 27) (Date) ACKNOWLEDGMENT OF SUBORDINATION AGREEMENT (Agreement Paragraph 28) (Required for accounts holding non-U.S. X /s/ /S/ XXXX X. XXXXXX 11-6-98 12/1/97 currency) --------------------------------------- ------------------------------ (Date) HEDGE ELECTION [ ] |_| Customer confirms that all transactions in the Account will represent bona fide hedging transactions, as defined by the Commodity Futures Trading Commission, unless Xxxx is notified otherwise not later than the time an order is placed for the Account: Pursuant to CFTC Regulation 190.06(d), Customer specifies and agrees, with respect to hedging transactions in the Account, that in the unlikely event of Xxxx'x bankruptcy, it prefers that the bankruptcy trustee [check appropriate box]: A) [ ] |_| Liquidate all open contracts without first seeking instructions either from or on behalf of Customer. B) [ ] |_| Attempt to obtain instructions with respect to the disposition of all open contracts. (If neither box is checkschecked, Customer shall be deemed to elect AA.).)

Subordination Agreement. (Applies only to Accounts with funds held in foreign currencies) Funds of customers trading on United States contract markets may be held in accounts denominated in a foreign currency with depositories located outside or inside the United States or its territories if the customer is domiciled in a foreign country or if the funds are held in connection with contracts priced and settled in a foreign currency. Such accounts are subject to the risk that events could occur which hinder or prevent the availability of these funds for distribution to customers. Such accounts also may be subject to foreign currency exchange rate risks. (1) Xxxx is placed in receivership or bankruptcy, and (2) there are insufficient funds available for distribution denominated in the foreign currency as to which the customer has a claim to satisfy all claims against those funds. By initialing the Subordination Agreement below, Customer agrees that if both of the conditions listed above occur, its claim against Xxxx'x assets attributable to funds held overseas in a particular foreign currency may be satisfied out of segregated customer funds held in accounts denominated in dollars or other foreign currencies only after each customer whose funds are held in dollars or in such other foreign currencies receives its pro-rata portion of such funds. It is further agreed that in no event may a customer whose funds are so held receive more than its pro-rata share of the aggregate pool consisting of funds held in dollars, funds held in the particular foreign currency, and non-segregated assets of Xxxx. OPTIONAL ELECTIONS/ACKNOWLEDGMENT The following provisions, which are set forth in this Agreement, need not be entered into to open the Account. Customer agrees that its optional elections are as follows: SIGNATURE REQUIRED FOR EACH ELECTION Signature required for each election ARBITRATION AGREEMENT --------------------------------------- ------------------------------- (Agreement Paragraph 24) (Date) CONSENT TO TAKE THE OTHER SIDE OF ORDERS (Agreement Paragraph 25) X /s/ XXXX X. XXXXXX 11-6-98 --------------------------------------- ------------------------------- (Date) AUTHORIZATION TO TRANSFER FUNDS ------------------------------- (Agreement Paragraph 26) --------------------------------------- (Date) CONSENT TO RECEIVE STATEMENTS BY ELECTRONIC TRANSMISSION --------------------------------------- ------------------------------- (Agreement Paragraph 27) (Date) ACKNOWLEDGMENT OF SUBORDINATION AGREEMENT (Agreement Paragraph 28) (Required for accounts holding non-U.S. X /s/ XXXX X. XXXXXX 11-6-98 currency) --------------------------------------- ------------------------------- (Date) HEDGE ELECTION [ ] |_| Customer confirms that all transactions in the Account will represent bona fide hedging transactions, as defined by the Commodity Futures Trading Commission, unless Xxxx is notified otherwise not later than the time an order is placed for the Account: Pursuant to CFTC Regulation 190.06(d), Customer specifies and agrees, with respect to hedging transactions in the Account, that in the unlikely event of Xxxx'x bankruptcy, it prefers that the bankruptcy trustee [check appropriate box]: A) [ ] |_| Liquidate all open contracts without first seeking instructions either from or on behalf of Customer. B) [ ] |_| Attempt to obtain instructions with respect to the disposition of all open contracts. (If neither box is checks, Customer shall be deemed to elect A).)

Subordination Agreement. (Applies only to Accounts with funds held in foreign currencies) Funds of customers trading on United States contract markets may be held in accounts denominated in a foreign currency with depositories located outside or inside the United States or its territories if the customer is domiciled in a foreign country or if the funds are held in connection with contracts priced and settled in a foreign currency. Such accounts are subject to the risk that events could occur which hinder or prevent the availability of these funds for distribution to customers. Such accounts also may be subject to foreign currency exchange rate risks. (1) Xxxx is placed in receivership or bankruptcy, and (2) there are insufficient funds available for distribution denominated in the foreign currency as to which the customer has a claim to satisfy all claims against those funds. By initialing the Subordination Agreement below, Customer agrees that if both of the conditions listed above occur, its claim against Xxxx'x assets attributable to funds held overseas in a particular foreign currency may be satisfied out of segregated customer funds held in accounts denominated in dollars or other foreign currencies only after each customer whose funds are held in dollars or in such other foreign currencies receives its pro-rata portion of such funds. It is further agreed that in no event may a customer whose funds are so held receive more than its pro-rata share of the aggregate pool consisting of funds held in dollars, funds held in the particular foreign currency, and non-segregated assets of Xxxx. OPTIONAL ELECTIONS/ACKNOWLEDGMENT The following provisions, which are set forth in this Agreement, need not be entered into to open the Account. Customer agrees that its optional elections are as follows: SIGNATURE REQUIRED FOR EACH ELECTION Signature required for each election ARBITRATION AGREEMENT --------------------------------------- (Agreement Paragraph 24) --------------------------------------- (Date) CONSENT TO TAKE THE OTHER SIDE OF X ORDERS (Agreement Paragraph 25) X /s/ XXXX X. XXXXXX 11-6-98 --------------------------------------- (Date) AUTHORIZATION TO TRANSFER FUNDS (Agreement Paragraph 26) --------------------------------------- (Date) CONSENT TO RECEIVE STATEMENTS BY ELECTRONIC TRANSMISSION --------------------------------------- X (Agreement Paragraph 27) --------------------------------------- (Date) ACKNOWLEDGMENT OF SUBORDINATION AGREEMENT (Agreement Paragraph 28) (Required for X accounts holding non-U.S. X /s/ XXXX X. XXXXXX 11-6-98 currency) --------------------------------------- (Date) HEDGE ELECTION [ ] |_| Customer confirms that all transactions in the Account will represent bona fide hedging transactions, as defined by the Commodity Futures Trading Commission, unless Xxxx is notified otherwise not later than the time an order is placed for the Account: Pursuant to CFTC Regulation 190.06(d), Customer specifies and agrees, with respect to hedging transactions in the Account, that in the unlikely event of Xxxx'x bankruptcy, it prefers that the bankruptcy trustee [check appropriate box]: A) [ ] |_| Liquidate all open contracts without first seeking instructions either from or on behalf of Customer. B) [ ] |_| Attempt to obtain instructions with respect to the disposition of all open contracts. (If neither box is checks, Customer shall be deemed to elect A).)

Subordination Agreement. (Applies only to Accounts with funds held in foreign currencies) Funds of customers trading on United States contract markets may be held in accounts denominated in a foreign currency with depositories located outside or inside the United States or its territories if the customer is domiciled in a foreign country or if the funds are held in connection with contracts priced and settled in a foreign currency. Such accounts are subject to the risk that events could occur which hinder or prevent the availability of these funds for distribution to customers. Such accounts also may be subject to foreign currency exchange rate risks. (1) Xxxx is placed in receivership or bankruptcy, and (2) there are insufficient funds available for distribution denominated in the foreign currency as to which the customer has a claim to satisfy all claims against those funds. By initialing the Subordination Agreement below, Customer agrees that if both of the conditions listed above occur, its claim against Xxxx'x assets attributable to funds held overseas in a particular foreign currency may be satisfied out of segregated customer funds held in accounts denominated in dollars or other foreign currencies only after each customer whose funds are held in dollars or in such other foreign currencies receives its pro-rata portion of such funds. It is further agreed that in no event may a customer whose funds are so held receive more than its pro-rata share of the aggregate pool consisting of funds held in dollars, funds held in the particular foreign currency, and non-segregated assets of Xxxx. OPTIONAL ELECTIONS/ACKNOWLEDGMENT The following provisions, which are set forth in this Agreement, need not be entered into to open the Account. Customer agrees that its optional elections are as follows: SIGNATURE REQUIRED FOR EACH ELECTION ARBITRATION AGREEMENT --------------------------------------- (Agreement Paragraph 24) (Date) CONSENT TO TAKE THE OTHER SIDE OF ORDERS (Agreement Paragraph 25) X /s/ /S/ XXXX X. XXXXXX 1112-61-98 97 --------------------------------------- (Date) AUTHORIZATION TO TRANSFER FUNDS (Agreement Paragraph 26) --------------------------------------- (Date) CONSENT TO RECEIVE STATEMENTS BY ELECTRONIC TRANSMISSION --------------------------------------- (Agreement Paragraph 27) (Date) ACKNOWLEDGMENT OF SUBORDINATION AGREEMENT (Agreement Paragraph 28) X /S/ XXXX X. XXXXXX 12-1-97 ------------------------------------- (Required for accounts holding non-U.S. X /s/ XXXX X. XXXXXX 11-6-98 currency) --------------------------------------- (Date) currency) HEDGE ELECTION [ ] Customer confirms that all transactions in the Account will represent bona fide hedging transactions, as defined by the Commodity Futures Trading Commission, unless Xxxx is notified otherwise not later than the time an order is placed for the Account: Pursuant to CFTC Regulation 190.06(d), Customer specifies and agrees, with respect to hedging transactions in the Account, that in the unlikely event of Xxxx'x bankruptcy, it prefers that the bankruptcy trustee [check appropriate box]: A) [ ] Liquidate all open contracts without first seeking instructions either from or on behalf of Customer. B) [ ] Attempt to obtain instructions with respect to the disposition of all open contracts. (If neither box is checkschecked, Customer shall be deemed to elect A).)

Subordination Agreement. (Applies only to Accounts with funds held in foreign currencies) Funds of customers trading on United States contract markets may be held in accounts denominated in a foreign currency with depositories located outside or inside the United States or its territories if the customer is domiciled in a foreign country or if the funds are held in connection with contracts priced and settled in a foreign currency. Such accounts are subject to the risk that events could occur which hinder or prevent the availability of these funds for distribution to customers. Such accounts also may be subject to foreign currency exchange rate risks. (1) Xxxx is placed in receivership or bankruptcy, and (2) there are insufficient funds available for distribution denominated in the foreign currency as to which the customer has a claim to satisfy all claims against those funds. By initialing the Subordination Agreement below, Customer agrees that if both of the conditions listed above occur, its claim against Xxxx'x assets attributable to funds held overseas in a particular foreign currency may be satisfied out of segregated customer funds held in accounts denominated in dollars or other foreign currencies only after each customer whose funds are held in dollars or in such other foreign currencies receives its pro-rata portion of such funds. It is further agreed that in no event may a customer whose funds are so held receive more than its pro-rata share of the aggregate pool consisting of funds held in dollars, funds held in the particular foreign currency, and non-segregated assets of Xxxx. OPTIONAL ELECTIONS/ACKNOWLEDGMENT The following provisions, which are set forth in this Agreement, need not be entered into to open the Account. Customer agrees that its optional elections are as follows: SIGNATURE REQUIRED FOR EACH ELECTION ARBITRATION AGREEMENT --------------------------------------- (Agreement Paragraph 24) (Date) CONSENT TO TAKE THE OTHER SIDE OF ORDERS (Agreement Paragraph 25) X /s/ XXXX Xxxx X. XXXXXX 11Xxxxxx 12-61-98 97 --------------------------------------- (Date) AUTHORIZATION TO TRANSFER FUNDS (Agreement Paragraph 26) --------------------------------------- (Date) CONSENT TO RECEIVE STATEMENTS BY ELECTRONIC TRANSMISSION --------------------------------------- (Agreement Paragraph 27) (Date) ACKNOWLEDGMENT OF SUBORDINATION AGREEMENT (Agreement Paragraph 28) X /s/ Xxxx X. Xxxxxx 12-1-97 (Required for accounts holding non-U.S. X /s/ XXXX X. XXXXXX 11-6-98 --------------------------------------- currency) --------------------------------------- (Date) HEDGE ELECTION [ ] Customer confirms that all transactions in the Account will represent bona fide hedging transactions, as defined by the Commodity Futures Trading Commission, unless Xxxx is notified otherwise not later than the time an order is placed for the Account: Pursuant to CFTC Regulation 190.06(d), Customer specifies and agrees, with respect to hedging transactions in the Account, that in the unlikely event of Xxxx'x bankruptcy, it prefers that the bankruptcy trustee [check appropriate box]: A) [ ] Liquidate all open contracts without first seeking instructions either from or on behalf of Customer. B) [ ] Attempt to obtain instructions with respect to the disposition of all open contracts. (If neither box is checkschecked, Customer shall be deemed to elect A).)

Subordination Agreement. (Applies only to Accounts Axxxxnts with funds held in foreign currencies) Funds of customers trading on United States contract markets may be held in accounts denominated in a foreign currency with depositories located outside or inside the United States or its territories if the customer is domiciled in a foreign country or if the funds are held in connection with contracts priced and settled in a foreign currency. Such accounts are subject to the risk that events could occur which hinder or prevent the availability of these funds for distribution to customers. Such accounts also may be subject to foreign currency exchange rate risks. (1) Xxxx Carr is placed in receivership or bankruptcy, and (2) there xxxre are insufficient funds available for distribution denominated in the foreign currency as to which the customer has a claim to satisfy all claims against those funds. By initialing the Subordination Agreement below, Customer agrees that if both of the conditions listed above occur, its claim against Xxxx'x Carr's assets attributable to funds held overseas in a particular xxxxxxular foreign currency may be satisfied out of segregated customer funds held in accounts denominated in dollars or other foreign currencies only after each customer whose funds are held in dollars or in such other foreign currencies receives its pro-rata portion of such funds. It is further agreed that in no event may a customer whose funds are so held receive more than its pro-rata share of the aggregate pool consisting of funds held in dollars, funds held in the particular foreign currency, and non-segregated assets of XxxxCarr. OPTIONAL ELECTIONS/ACKNOWLEDGMENT The following provisionsprovisioxx, which are set forth in this Agreement, need not be entered into to open the Account. Customer agrees that its optional elections are as follows: SIGNATURE REQUIRED FOR EACH ELECTION Signature required for each election ARBITRATION AGREEMENT --------------------------------------- ---------------------------------- (Agreement Paragraph 24) (Date) CONSENT TO TAKE THE OTHER SIDE OF ORDERS (Agreement Paragraph 25) X /s/ XXXX X. XXXXXX Mark J. Hawley 11-6-98 --------------------------------------- ---------------------------------- (Date) AUTHORIZATION TO TRANSFER FUNDS (Agreement Paragraph 26) --------------------------------------- ---------------------------------- (Date) CONSENT TO RECEIVE STATEMENTS BY ELECTRONIC TRANSMISSION --------------------------------------- (Agreement Paragraph 27) ---------------------------------- (Date) ACKNOWLEDGMENT OF SUBORDINATION AGREEMENT (Agreement Paragraph 28) (Required for accounts holding non-U.S. X /s/ XXXX X. XXXXXX Mark J. Hawley 11-6-98 currencyholding non-U.S currency ----------------------------------- ) --------------------------------------- (Date) HEDGE ELECTION [ ] / / Customer confirms that all transactions in the Account will represent bona fide hedging transactions, as defined by the Commodity Futures Trading Commission, unless Xxxx Carr is notified otherwise not later than the time an order is ordex xx placed for the Account: Pursuant to CFTC Regulation 190.06(d), Customer specifies and agrees, with respect to hedging transactions in the Account, that in the unlikely event of Xxxx'x Carr's bankruptcy, it prefers that the bankruptcy trustee [check appropriate xxxxxpriate box]: A) [ ] Liquidate all open contracts without first seeking instructions either from or on behalf of Customer. B) [ ] Attempt to obtain instructions with respect to the disposition of all open contracts. (If neither box is checkschecked, Customer shall be deemed to elect A).)

Subordination Agreement. (Applies only to Accounts with funds held in foreign currencies) Funds of customers trading on United States contract markets may be held in accounts denominated in a foreign currency with depositories located outside or inside the United States or its territories if the customer is domiciled in a foreign country or if the funds are held in connection with contracts priced and settled in a foreign currency. Such accounts are subject to the risk that events could occur which hinder or prevent the availability of these funds for distribution to customers. Such accounts also may be subject to foreign currency exchange rate risks. (1) Xxxx is placed in receivership or bankruptcy, and (2) there are insufficient funds available for distribution denominated in the foreign currency as to which the customer has a claim to satisfy all claims against those funds. By initialing the Subordination Agreement below, Customer agrees that if both of the conditions listed above occur, its claim against Xxxx'x assets attributable to funds held overseas in a particular foreign currency may be satisfied out of segregated customer funds held in accounts denominated in dollars or other foreign currencies only after each customer whose funds are held in dollars or in such other foreign currencies receives its pro-rata portion of such funds. It is further agreed that in no event may a customer whose funds are so held receive more than its pro-rata share of the aggregate pool consisting of funds held in dollars, funds held in the particular foreign currency, and non-segregated assets of Xxxx. OPTIONAL ELECTIONS/ACKNOWLEDGMENT The following provisions, which are set forth in this Agreement, need not be entered into to open the Account. Customer agrees that its optional elections are as follows: SIGNATURE REQUIRED FOR EACH ELECTION ARBITRATION AGREEMENT --------------------------------------- -------------------------------------------------- (Agreement Paragraph 24) (Date) CONSENT TO TAKE THE OTHER SIDE OF ORDERS (Agreement Paragraph 25) X /s/ XXXX X. XXXXXX 1112-61-98 --------------------------------------- 97 -------------------------------------------------- (Date) AUTHORIZATION TO TRANSFER FUNDS (Agreement Paragraph 26) --------------------------------------- -------------------------------------------------- (Date) CONSENT TO RECEIVE STATEMENTS BY ELECTRONIC TRANSMISSION --------------------------------------- (Agreement Paragraph 27) -------------------------------------------------- (Date) ACKNOWLEDGMENT OF SUBORDINATION AGREEMENT (Agreement Paragraph 28) (Required for accounts holding non-U.S. X /s/ XXXX X. XXXXXX 11-6-98 currency) --------------------------------------- X 12-1-97 -------------------------------------------------- (Date) HEDGE ELECTION [ ] |_| Customer confirms that all transactions in the Account will represent bona fide hedging transactions, as defined by the Commodity Futures Trading Commission, unless Xxxx is notified otherwise not later than the time an order is placed for the Account: Pursuant to CFTC Regulation 190.06(d), Customer specifies and agrees, with respect to hedging transactions in the Account, that in the unlikely event of Xxxx'x bankruptcy, it prefers that the bankruptcy trustee [check appropriate box]: A) [ ] |_| Liquidate all open contracts without first seeking instructions either from or on behalf of Customer. B) [ ] |_| Attempt to obtain instructions with respect to the disposition of all open contracts. (If neither box is checks, Customer shall be deemed to elect A).)) ACKNOWLEDGMENT OF RECEIPT OF RISK DISCLOSURE STATEMENTS The undersigned hereby acknowledges its separate receipt from Xxxx, and its understanding of each of the following documents prior to opening of the Account: * Risk Disclosure Statement for Futures and Options * LME Risk Warning Notice * NYMEX ACCESSSM Risk Disclosure Statement * Globex(R) Customer Information and Risk Disclosure Statement * Project A(TM) Customer Information Statement * Questions & Answers on Flexible Options Trading at the CBOT * CME Average Pricing System Disclosure Statement * Special Notice to Foreign Brokers and Foreign Traders REQUIRED SIGNATURES CUSTOMER The undersigned has received, read, understands and agrees to all the provisions of this Agreement and the separate risk disclosure statements enumerated above and agrees to promptly notify Xxxx in writing if any of the warranties and representations contained herein become inaccurate or in any way cease to be true, complete and correct. ------------------------------------------------------------------------------ Customer name(s) By: DEMETER MANAGEMENT CORPORATION December 1, 1997 By: ______________________________________________________ ________________ Authorized signature(s) Date Xxxx X. Xxxxxx, President [If applicable, print name and title of signatory] XXXX FUTURES INC. Accepted and Agreed: Xxxx Futures Inc. By: _________________________________ By: _________________________________ Title: _______________________________ Title: _______________________________ Date: December 1, 1997 Date: ________________________________ Exhibit 10.01(b) XXXX FUTURES INC. 00 Xxxxx Xxxxxx Xxxxx, Suite 1100 Chicago, IL 60606 Facsimile (000) 000-0000 INTERNATIONAL FOREIGN EXCHANGE MASTER AGREEMENT MASTER AGREEMENT dated as of __________________, by and between XXXX FUTURES INC., a Delaware corporation and XXXXXX XXXXXXX XXXX XXXXXX CHARTER L.P.

Subordination Agreement. (Applies only to Accounts with funds held in foreign currenciesAPPLIES ONLY TO ACCOUNTS WITH FUNDS HELD IN FOREIGN COUNTRIES) - Funds of customers trading on United States contract markets may be held in accounts denominated in a foreign currency with depositories located outside or inside the United States or its territories if the customer is domiciled in a foreign country or if the funds are held in connection with contracts priced and settled in a foreign currency. Such accounts are subject to the risk that events could occur which hinder or prevent the availability of these funds for distribution to customers. Such accounts also may be subject to foreign currency exchange rate risks. (1) Xxxx Morgan Stanley DW is placed in receivership or bankruptcy, and xxx (2) there are xxxxx xxe insufficient funds available for distribution denominated in the foreign currency as to which the customer has a claim to satisfy all claims against those funds. By initialing the Subordination Agreement below, Customer agrees that if both of the conditions listed above occur, its claim against Xxxx'x Morgan Stanley DW's assets attributable to funds held overseas in overxxxx xn a particular particxxxx foreign currency may be satisfied out of segregated customer funds held in accounts denominated in dollars or other foreign currencies only after each customer whose funds are held in dollars or in such other foreign currencies receives its pro-rata portion of such funds. It is further agreed that in no event may a customer whose funds are so held overseas receive more than its pro-rata share of the aggregate pool consisting of funds held in dollars, funds held in the particular foreign currency, and non-segregated assets of XxxxMorgan Stanley DW. OPTIONAL ELECTIONS/ACKNOWLEDGMENT XPXXXXXX XXXCTIONS The following provisions, which are set forth in this Agreementagreement, need not be entered into to open the Account. Customer agrees that its optional elections are as follows: SIGNATURE REQUIRED FOR EACH ELECTION ARBITRATION AGREEMENT --------------------------------------- AGREEMENT: (Agreement Paragraph 24) (Date) CONSENT TO TAKE THE OTHER SIDE OF ORDERS (Agreement Paragraph 25) X /s/ XXXX X. XXXXXX 11-6-98 --------------------------------------- (Date) AUTHORIZATION TO TRANSFER FUNDS (Agreement Paragraph 26) --------------------------------------- (Date) CONSENT TO RECEIVE STATEMENTS BY ELECTRONIC TRANSMISSION --------------------------------------- (Agreement Paragraph 27) (Date) ACKNOWLEDGMENT OF SUBORDINATION AGREEMENT (Agreement Paragraph 28) (Required for accounts holding non-U.S. X /s/ XXXX X. XXXXXX 11-6-98 currency) --------------------------------------- (Date) HEDGE ELECTION [ ] Customer confirms that all transactions in the Account will represent bona fide hedging transactions, as defined by the Commodity Futures Trading Commission, unless Xxxx is notified otherwise not later than the time an order is placed for the Account: Pursuant to CFTC Regulation 190.06(d), Customer specifies and agrees, with respect to hedging transactions in the Account, that in the unlikely event of Xxxx'x bankruptcy, it prefers that the bankruptcy trustee [check appropriate box]: A) [ ] Liquidate all open contracts without first seeking instructions either from or on behalf of Customer. B) [ ] Attempt to obtain instructions with respect to the disposition of all open contracts. (If neither box is checks, Customer shall be deemed to elect A).)------------------------------

Subordination Agreement. (Applies only to Accounts with xxxx funds held in foreign currencies) Funds of customers trading on United States contract markets may be held in accounts denominated in a foreign currency with depositories located outside or inside the United States or its territories if the customer is domiciled in a foreign country or if the funds are held in connection with contracts priced and settled in a foreign currency. Such accounts are subject to the risk that events could occur which hinder or prevent the availability of these funds for distribution to customers. Such accounts also may be subject to foreign currency exchange rate risks. (1) Xxxx Carr is placed in receivership or bankruptcy, and (2) there are insufficient axx xnsufficient funds available for distribution denominated in the foreign currency as to which the customer has a claim to satisfy all claims against those funds. By initialing the Subordination Agreement below, Customer agrees that if both of the conditions listed above occur, its claim against Xxxx'x Carr's assets attributable to funds held overseas in a particular foreign particulxx xxxeign currency may be satisfied out of segregated customer funds held in accounts denominated in dollars or other foreign currencies only after each customer whose funds are held in dollars or in such other foreign currencies receives its pro-rata portion of such funds. It is further agreed that in no event may a customer whose funds are so held receive more than its pro-rata share of the aggregate pool consisting of funds held in dollars, funds held in the particular foreign currency, and non-segregated assets of XxxxCarr. OPTIONAL ELECTIONS/ACKNOWLEDGMENT The following provisionsprovisionx, which are set forth in this Agreement, need not be entered into to open the Account. Customer agrees that its optional elections are as follows: SIGNATURE REQUIRED FOR EACH ELECTION Signature required for each election ARBITRATION AGREEMENT --------------------------------------- (Agreement Paragraph 24) (Date) CONSENT TO TAKE THE OTHER SIDE OF ORDERS (Agreement Paragraph 25) X /s/ XXXX X. XXXXXX 11Mark J. Hawley 12-61-98 97 --------------------------------------- (Date) AUTHORIZATION TO TRANSFER FUNDS (Agreement Paragraph 26) --------------------------------------- (Date) CONSENT TO RECEIVE STATEMENTS BY ELECTRONIC TRANSMISSION --------------------------------------- (Agreement Paragraph 27) (Date) ACKNOWLEDGMENT OF SUBORDINATION AGREEMENT (Agreement Paragraph 28) X /s/ Mark J. Hawley 12-1-97 (Required for accounts holding --------------------------------------- non-U.S. X /s/ XXXX X. XXXXXX 11-6-98 currency) --------------------------------------- (Date) HEDGE ELECTION [ ] / / Customer confirms that all transactions in the Account will represent bona fide hedging transactions, as defined by the Commodity Futures Trading Commission, unless Xxxx Carr is notified otherwise not later than the time an order is placed ix xxaced for the Account: Pursuant to CFTC Regulation 190.06(d), Customer specifies and agrees, with respect to hedging transactions in the Account, that in the unlikely event of Xxxx'x Carr's bankruptcy, it prefers that the bankruptcy trustee [check appropriate xxxxxpriate box]: A) [ ] Liquidate all open contracts without first seeking instructions either from or on behalf of Customer. B) [ ] Attempt to obtain instructions with respect to the disposition of all open contracts. (If neither box is checks, Customer shall be deemed to elect A).)

Subordination Agreement. (Applies only to Accounts with funds held in foreign currencies) Funds of customers trading on United States contract markets may be held in accounts denominated in a foreign currency with depositories located outside or inside the United States or its territories if the customer is domiciled in a foreign country or if the funds are held in connection with contracts priced and settled in a foreign currency. Such accounts are subject to the risk that events could occur which hinder or prevent the availability of these funds for distribution to customers. Such accounts also may be subject to foreign currency exchange rate risks. (1) Xxxx is placed in receivership or bankruptcy, and (2) there are insufficient funds available for distribution denominated in the foreign currency as to which the customer has a claim to satisfy all claims against those funds. By initialing the Subordination Agreement below, Customer agrees that if both of the conditions listed above occur, its claim against Xxxx'x assets attributable to funds held overseas in a particular foreign currency may be satisfied out of segregated customer funds held in accounts denominated in dollars or other foreign currencies only after each customer whose funds are held in dollars or in such other foreign currencies receives its pro-rata portion of such funds. It is further agreed that in no event may a customer whose funds are so held receive more than its pro-rata share of the aggregate pool consisting of funds held in dollars, funds held in the particular foreign currency, and non-segregated assets of Xxxx. OPTIONAL ELECTIONS/ACKNOWLEDGMENT The following provisions, which are set forth in this Agreement, need not be entered into to open the Account. Customer agrees that its optional elections are as follows: SIGNATURE REQUIRED FOR EACH ELECTION Signature required for each election ARBITRATION AGREEMENT --------------------------------------- _______________________________________ (Agreement Paragraph 24) (Date) CONSENT TO TAKE THE OTHER SIDE OF _______________________________________ ORDERS (Agreement Paragraph 25) X /s/ XXXX X. XXXXXX 11-6-98 --------------------------------------- (Date) AUTHORIZATION TO TRANSFER FUNDS _______________________________________ (Agreement Paragraph 26) --------------------------------------- (Date) CONSENT TO RECEIVE STATEMENTS BY _______________________________________ ELECTRONIC TRANSMISSION --------------------------------------- (Date) (Agreement Paragraph 27) (Date) ACKNOWLEDGMENT OF SUBORDINATION _______________________________________ AGREEMENT (Agreement Paragraph 28) (Date) (Required for accounts holding non-U.S. X /s/ XXXX X. XXXXXX 11-6-98 currency) --------------------------------------- (Date) HEDGE ELECTION [ ] |_| Customer confirms that all transactions in the Account will represent bona fide hedging transactions, as defined by the Commodity Futures Trading Commission, unless Xxxx is notified otherwise not later than the time an order is placed for the Account: Pursuant to CFTC Regulation 190.06(d), Customer specifies and agrees, with respect to hedging transactions in the Account, that in the unlikely event of Xxxx'x bankruptcy, it prefers that the bankruptcy trustee [check appropriate box]: A) [ ] |_| Liquidate all open contracts without first seeking instructions either from or on behalf of Customer. B) [ ] |_| Attempt to obtain instructions with respect to the disposition of all open contracts. (If neither box is checks, Customer shall be deemed to elect A).)

Subordination Agreement. (Applies only to Accounts with funds held in foreign currencies) Funds of customers trading on United States contract markets may be held in accounts denominated in a foreign currency with depositories located outside or inside the United States or its territories if the customer is domiciled in a foreign country or if the funds are held in connection with contracts priced and settled in a foreign currency. Such accounts are subject to the risk that events could occur which hinder or prevent the availability of these funds for distribution to customers. Such accounts also may be subject to foreign currency exchange rate risks. (1) Xxxx is placed in receivership or bankruptcy, and (2) there are insufficient funds available for distribution denominated in the foreign currency as to which the customer has a claim to satisfy all claims against those funds. By initialing the Subordination Agreement below, Customer agrees that if both of the conditions listed above occur, its claim against Xxxx'x assets attributable to funds held overseas in a particular foreign currency may be satisfied out of segregated customer funds held in accounts denominated in dollars or other foreign currencies only after each customer whose funds are held in dollars or in such other foreign currencies receives its pro-rata portion of such funds. It is further agreed that in no event may a customer whose funds are so held receive more than its pro-rata share of the aggregate pool consisting of funds held in dollars, funds held in the particular foreign currency, and non-segregated assets of Xxxx. OPTIONAL ELECTIONS/ACKNOWLEDGMENT The following provisions, which are set forth in this Agreement, need not be entered into to open the Account. Customer agrees that its optional elections are as follows: SIGNATURE REQUIRED FOR EACH ELECTION ARBITRATION AGREEMENT --------------------------------------- (Agreement Paragraph 24) --------------------------------------- (Date) CONSENT TO TAKE THE OTHER SIDE OF ORDERS (Agreement Paragraph 25) X /s/ XXXX Xxxx X. XXXXXX 11Xxxxxx 12-61-98 97 --------------------------------------- (Date) AUTHORIZATION TO TRANSFER FUNDS (Agreement Paragraph 26) --------------------------------------- (Date) CONSENT TO RECEIVE STATEMENTS BY ELECTRONIC TRANSMISSION --------------------------------------- (Agreement Paragraph 27) --------------------------------------- (Date) ACKNOWLEDGMENT OF SUBORDINATION AGREEMENT (Agreement Paragraph 28) X /s/ Xxxx X. Xxxxxx 12-1-97 (Required for accounts holding non-U.S. X /s/ XXXX X. XXXXXX 11-6-98 --------------------------------------- currency) --------------------------------------- (Date) HEDGE ELECTION [ [] Customer confirms that all transactions in the Account will represent bona fide hedging transactions, as defined by the Commodity Futures Trading Commission, unless Xxxx is notified otherwise not later than the time an order is placed for the Account: Pursuant to CFTC Regulation 190.06(d), Customer specifies and agrees, with respect to hedging transactions in the Account, that in the unlikely event of Xxxx'x bankruptcy, it prefers that the bankruptcy trustee [check appropriate box]: A) [ [] Liquidate all open contracts without first seeking instructions either from or on behalf of Customer. B) [ [] Attempt to obtain instructions with respect to the disposition of all open contracts. (If neither box is checkschecked, Customer shall be deemed to elect A).)

Subordination Agreement. (Applies only to Accounts Xxxounts with funds held in foreign currencies) Funds of customers trading on United States contract markets may be held in accounts denominated in a foreign currency with depositories located outside or inside the United States or its territories if the customer is domiciled in a foreign country or if the funds are held in connection with contracts priced and settled in a foreign currency. Such accounts are subject to the risk that events could occur which hinder or prevent the availability of these funds for distribution to customers. Such accounts also may be subject to foreign currency exchange rate risks. (1) Xxxx Carr is placed in receivership or bankruptcy, and (2) there xxxre are insufficient funds available for distribution denominated in the foreign currency as to which the customer has a claim to satisfy all claims against those funds. By initialing the Subordination Agreement below, Customer agrees that if both of the conditions listed above occur, its claim against Xxxx'x Carr's assets attributable to funds held overseas in a particular xxxxxxular foreign currency may be satisfied out of segregated customer funds held in accounts denominated in dollars or other foreign currencies only after each customer whose funds are held in dollars or in such other foreign currencies receives its pro-rata portion of such funds. It is further agreed that in no event may a customer whose funds are so held receive more than its pro-rata share of the aggregate pool consisting of funds held in dollars, funds held in the particular foreign currency, and non-segregated assets of XxxxCarr. OPTIONAL ELECTIONS/ACKNOWLEDGMENT The following provisions, which xxich are set forth in this Agreement, need not be entered into to open the Account. Customer agrees that its optional elections are as follows: SIGNATURE REQUIRED FOR EACH ELECTION Signature required for each election ARBITRATION AGREEMENT --------------------------------------- -------------------------------- (Agreement Paragraph 24) (Date) CONSENT TO TAKE THE OTHER SIDE OF ORDERS (Agreement -------------------------------- Paragraph 25) X /s/ XXXX X. XXXXXX 11-6-98 --------------------------------------- (Date) AUTHORIZATION TO TRANSFER FUNDS (Agreement Paragraph 26) --------------------------------------- -------------------------------- (Date) CONSENT TO RECEIVE STATEMENTS BY ELECTRONIC TRANSMISSION --------------------------------------- (Agreement Paragraph 27) -------------------------------- (Date) ACKNOWLEDGMENT OF SUBORDINATION AGREEMENT (Agreement Paragraph 28) (Required for accounts holding non-U.S. X /s/ XXXX X. XXXXXX 11-6-98 currency) --------------------------------------- -------------------------------- (Date) HEDGE ELECTION [ ] /_/ Customer confirms that all transactions in the Account will represent bona fide hedging transactions, as defined by the Commodity Futures Trading Commission, unless Xxxx Carr is notified otherwise not later than the time an order is ordex xx placed for the Account: Pursuant to CFTC Regulation 190.06(d), Customer specifies and agrees, with respect to hedging transactions in the Account, that in the unlikely event of Xxxx'x Carr's bankruptcy, it prefers that the bankruptcy trustee [check appropriate xxxxxpriate box]: A) [ ] Liquidate all open contracts without first seeking instructions either from or on behalf of Customer. B) [ ] Attempt to obtain instructions with respect to the disposition of all open contracts. (If neither box is checks, Customer shall be deemed to elect A).)

Subordination Agreement. (Applies only to Accounts with funds held in foreign currencies) Funds of customers trading on United States contract markets may be held in accounts denominated in a foreign currency with depositories located outside or inside the United States or its territories if the customer is domiciled in a foreign country or if the funds are held in connection with contracts priced and settled in a foreign currency. Such accounts are subject to the risk that events could occur which hinder or prevent the availability of these funds for distribution to customers. Such accounts also may be subject to foreign currency exchange rate risks. (1) Xxxx is placed in receivership or bankruptcy, and (2) there are insufficient funds available for distribution denominated in the foreign currency as to which the customer has a claim to satisfy all claims against those funds. By initialing the Subordination Agreement below, Customer agrees that if both of the conditions listed above occur, its claim against Xxxx'x assets attributable to funds held overseas in a particular foreign currency may be satisfied out of segregated customer funds held in accounts denominated in dollars or other foreign currencies only after each customer whose funds are held in dollars or in such other foreign currencies receives its pro-rata portion of such funds. It is further agreed that in no event may a customer whose funds are so held receive more than its pro-rata share of the aggregate pool consisting of funds held in dollars, funds held in the particular foreign currency, and non-segregated assets of Xxxx. OPTIONAL ELECTIONS/ACKNOWLEDGMENT The following provisions, which are set forth in this Agreement, need not be entered into to open the Account. Customer agrees that its optional elections are as follows: SIGNATURE REQUIRED FOR EACH ELECTION ARBITRATION AGREEMENT --------------------------------------- (Agreement Paragraph 24) (Date) CONSENT TO TAKE THE OTHER SIDE OF ORDERS (Agreement Paragraph 25) X /s/ /S/ XXXX X. XXXXXX 1112-61-98 97 --------------------------------------- (Date) AUTHORIZATION TO TRANSFER FUNDS (Agreement Paragraph 26) --------------------------------------- (Date) CONSENT TO RECEIVE STATEMENTS BY ELECTRONIC TRANSMISSION --------------------------------------- (Agreement Paragraph 27) (Date) ACKNOWLEDGMENT OF SUBORDINATION AGREEMENT (Agreement Paragraph 28) X /S/ XXXX X. XXXXXX 12-1-97 --------------------------------------- (Required for accounts holding non-U.S. X /s/ XXXX X. XXXXXX 11-6-98 currency) --------------------------------------- (Date) currency) HEDGE ELECTION [ ] |_| Customer confirms that all transactions in the Account will represent bona fide hedging transactions, as defined by the Commodity Futures Trading Commission, unless Xxxx is notified otherwise not later than the time an order is placed for the Account: Pursuant to CFTC Regulation 190.06(d), Customer specifies and agrees, with respect to hedging transactions in the Account, that in the unlikely event of Xxxx'x bankruptcy, it prefers that the bankruptcy trustee [check appropriate box]: A) [ ] |_| Liquidate all open contracts without first seeking instructions either from or on behalf of Customer. B) [ ] |_| Attempt to obtain instructions with respect to the disposition of all open contracts. (If neither box is checkschecked, Customer shall be deemed to elect AA.).)

Subordination Agreement. (Applies only to Accounts with funds held in foreign currencies) Funds of customers trading on United States contract markets may be held in accounts denominated in a foreign currency with depositories located outside or inside the United States or its territories if the customer is domiciled in a foreign country or if the funds are held in connection with contracts priced and settled in a foreign currency. Such accounts are subject to the risk that events could occur which hinder or prevent the availability of these funds for distribution to customers. Such accounts also may be subject to foreign currency exchange rate risks. (1) Xxxx is placed in receivership or bankruptcy, and (2) there are insufficient funds available for distribution denominated in the foreign currency as to which the customer has a claim to satisfy all claims against those funds. By initialing the Subordination Agreement below, Customer agrees that if both of the conditions listed above occur, its claim against Xxxx'x assets attributable to funds held overseas in a particular foreign currency may be satisfied out of segregated customer funds held in accounts denominated in dollars or other foreign currencies only after each customer whose funds are held in dollars or in such other foreign currencies receives its pro-rata portion of such funds. It is further agreed that in no event may a customer whose funds are so held receive more than its pro-rata share of the aggregate pool consisting of funds held in dollars, funds held in the particular foreign currency, and non-segregated assets of Xxxx. OPTIONAL ELECTIONS/ACKNOWLEDGMENT The following provisions, which are set forth in this Agreement, need not be entered into to open the Account. Customer agrees that its optional elections are as follows: SIGNATURE REQUIRED FOR EACH ELECTION Signature required for each election ARBITRATION AGREEMENT --------------------------------------- -------------------------------------- (Agreement Paragraph 24) (Date) CONSENT TO TAKE THE OTHER SIDE OF ORDERS (Agreement Paragraph 25) X /s/ XXXX X. XXXXXX 11-6-98 --------------------------------------- -------------------------------------- (Date) AUTHORIZATION TO TRANSFER FUNDS (Agreement Paragraph 26) --------------------------------------- -------------------------------------- (Date) CONSENT TO RECEIVE STATEMENTS BY ELECTRONIC TRANSMISSION --------------------------------------- -------------------------------------- (Agreement Paragraph 27) (Date) ACKNOWLEDGMENT OF SUBORDINATION AGREEMENT (Agreement Paragraph 28) (Required for accounts holding -------------------------------------- non-U.S. X /s/ XXXX X. XXXXXX 11-6-98 currency) --------------------------------------- (Date) HEDGE ELECTION [ ] |_| Customer confirms that all transactions in the Account will represent bona fide hedging transactions, as defined by the Commodity Futures Trading Commission, unless Xxxx is notified otherwise not later than the time an order is placed for the Account: Pursuant to CFTC Regulation 190.06(d), Customer specifies and agrees, with respect to hedging transactions in the Account, that in the unlikely event of Xxxx'x bankruptcy, it prefers that the bankruptcy trustee [check appropriate box]: A) [ ] |_| Liquidate all open contracts without first seeking instructions either from or on behalf of Customer. B) [ ] |_| Attempt to obtain instructions with respect to the disposition of all open contracts. (If neither box is checks, Customer shall be deemed to elect A).)

Subordination Agreement. (Applies only to Accounts with funds held in foreign currencies) Funds of customers trading on United States contract markets may be held in accounts denominated in a foreign currency with depositories located outside or inside the United States or its territories if the customer is domiciled in a foreign country or if the funds are held in connection with contracts priced and settled in a foreign currency. Such accounts are subject to the risk that events could occur which hinder or prevent the availability of these funds for distribution to customers. Such accounts also may be subject to foreign currency exchange rate risks. (1) Xxxx is placed in receivership or bankruptcy, and (2) there are insufficient funds available for distribution denominated in the foreign currency as to which the customer has a claim to satisfy all claims against those funds. By initialing the Subordination Agreement below, Customer agrees that if both of the conditions listed above occur, its claim against Xxxx'x assets attributable to funds held overseas in a particular foreign currency may be satisfied out of segregated customer funds held in accounts denominated in dollars or other foreign currencies only after each customer whose funds are held in dollars or in such other foreign currencies receives its pro-rata portion of such funds. It is further agreed that in no event may a customer whose funds are so held receive more than its pro-rata share of the aggregate pool consisting of funds held in dollars, funds held in the particular foreign currency, and non-segregated assets of Xxxx. OPTIONAL ELECTIONS/ACKNOWLEDGMENT The following provisions, which are set forth in this Agreement, need not be entered into to open the Account. Customer agrees that its optional elections are as follows: SIGNATURE REQUIRED FOR EACH ELECTION Signature required for each election ARBITRATION AGREEMENT --------------------------------------- ---------------------------------- (Agreement Paragraph 24) (Date) CONSENT TO TAKE THE OTHER SIDE OF ORDERS (Agreement Paragraph 25) X /s/ XXXX Xxxx X. XXXXXX Xxxxxx 11-6-98 --------------------------------------- ---------------------------------- (Date) AUTHORIZATION TO TRANSFER FUNDS (Agreement Paragraph 26) --------------------------------------- ---------------------------------- (Date) CONSENT TO RECEIVE STATEMENTS BY ELECTRONIC TRANSMISSION --------------------------------------- ---------------------------------- (Agreement Paragraph 27) (Date) ACKNOWLEDGMENT OF SUBORDINATION AGREEMENT (Agreement Paragraph 28) X /s/ Xxxx X. Xxxxxx 11-6-98 (Required for accounts holding ---------------------------------- non-U.S. X /s/ XXXX X. XXXXXX 11-6-98 currency) --------------------------------------- (Date) HEDGE ELECTION [ ] |_| Customer confirms that all transactions in the Account will represent bona fide hedging transactions, as defined by the Commodity Futures Trading Commission, unless Xxxx is notified otherwise not later than the time an order is placed for the Account: Pursuant to CFTC Regulation 190.06(d), Customer specifies and agrees, with respect to hedging transactions in the Account, that in the unlikely event of Xxxx'x bankruptcy, it prefers that the bankruptcy trustee [check appropriate box]: A) [ ] |_| Liquidate all open contracts without first seeking instructions either from or on behalf of Customer. B) [ ] |_| Attempt to obtain instructions with respect to the disposition of all open contracts. (If neither box is checkschecked, Customer shall be deemed to elect A).)) ACKNOWLEDGMENT OF RECEIPT OF RISK DISCLOSURE STATEMENTS The undersigned hereby acknowledges its separate receipt from Xxxx, and its understanding of each of the following documents prior to opening of the Account: o Risk Disclosure Statement for Futures and Options o LME Risk Warning Notice o NYMEX ACCESS (SM) Risk Disclosure Statement o Globex(R)Customer Information and Risk Disclosure Statement o Project A(TM)Customer Information Statement o Questions & Answers on Flexible Options Trading at the CBOT o CME Average Pricing System Disclosure Statement o Special Notice to Foreign Brokers and Foreign Traders REQUIRED SIGNATURES CUSTOMER The undersigned has received, read, understands and agrees to all the provisions of this Agreement and the separate risk disclosure statements enumerated above and agrees to promptly notify Xxxx in writing if any of the warranties and representations contained herein become inaccurate or in any way cease to be true, complete and correct. Xxxx Xxxxxx Spectrum Technical L.P. -------------------------------------------------------------------------------- Customer name(s) By: Demeter Management Corporation By: /s/ Xxxx X. Xxxxxx December 1, 1997 -------------------------------------------------------------------------------- Authorized signature(s) Date Xxxx X. Xxxxxx, President -------------------------------------------------------------------------------- [If applicable, print name and title of signatory] XXXX FUTURES INC. Accepted and Agreed: Xxxx Futures Inc. By: /s/ Xxxxx X. Xxxxxx By: /s/ Xxxxx Xxxxxxx --------------------------------------- --------------------------------

Subordination Agreement. (Applies only to Accounts with funds held in foreign currencies) Funds of customers trading on United States contract markets may be held in accounts denominated in a foreign currency with depositories located outside or inside the United States or its territories if the customer is domiciled in a foreign country or if the funds are held in connection with contracts priced and settled in a foreign currency. Such accounts are subject to the risk that events could occur which hinder or prevent the availability of these funds for distribution to customers. Such accounts also may be subject to foreign currency exchange rate risks. (1) Xxxx is placed in receivership or bankruptcy, and (2) there are insufficient funds available for distribution denominated in the foreign currency as to which the customer has a claim to satisfy all claims against those funds. By initialing the Subordination Agreement below, Customer agrees that if both of the conditions listed above occur, its claim against Xxxx'x assets attributable to funds held overseas in a particular foreign currency may be satisfied out of segregated customer funds held in accounts denominated in dollars or other foreign currencies only after each customer whose funds are held in dollars or in such other foreign currencies receives its pro-rata portion of such funds. It is further agreed that in no event may a customer whose funds are so held receive more than its pro-pro- rata share of the aggregate pool consisting of funds held in dollars, funds held in the particular foreign currency, and non-segregated assets of Xxxx. OPTIONAL ELECTIONS/ACKNOWLEDGMENT The following provisions, which are set forth in this Agreement, need not be entered into to open the Account. Customer agrees that its optional elections are as follows: SIGNATURE REQUIRED FOR EACH ELECTION Signature required for each election ARBITRATION AGREEMENT --------------------------------------- (Agreement Paragraph 24) (Date) CONSENT TO TAKE THE OTHER SIDE X /s/ Xxxx X. Xxxxxx OF ORDERS (Agreement Paragraph 12-1-97 25) X /s/ XXXX X. XXXXXX 11-6-98 --------------------------------------- (Date) AUTHORIZATION TO TRANSFER FUNDS (Agreement Paragraph 26) --------------------------------------- (Date) CONSENT TO RECEIVE STATEMENTS BY ELECTRONIC TRANSMISSION --------------------------------------- X /s/ Xxxx X. Xxxxxx (Agreement Paragraph 27) 12-1-97 (Date) ACKNOWLEDGMENT OF SUBORDINATION AGREEMENT (Agreement Paragraph X /s/ Xxxx X. Xxxxxx 28) (Required for accounts 12-1-97 holding non-U.S. X /s/ XXXX X. XXXXXX 11-6-98 currency) --------------------------------------- (Date) HEDGE ELECTION [ ] Customer confirms that all transactions in the Account will represent bona fide hedging transactions, as defined by the Commodity Futures Trading Commission, unless Xxxx is notified otherwise not later than the time an order is placed for the Account: Pursuant to CFTC Regulation 190.06(d), Customer specifies and agrees, with respect to hedging transactions in the Account, that in the unlikely event of Xxxx'x bankruptcy, it prefers that the bankruptcy trustee [check appropriate box]: A) [ ] Liquidate all open contracts without first seeking instructions either from or on behalf of Customer. B) [ ] Attempt to obtain instructions with respect to the disposition of all open contracts. (If neither box is checks, Customer shall be deemed to elect A).)

Subordination Agreement. (Applies only to Accounts Axxxxnts with funds held in foreign currencies) Funds of customers trading on United States contract markets may be held in accounts denominated in a foreign currency with depositories located outside or inside the United States or its territories if the customer is domiciled in a foreign country or if the funds are held in connection with contracts priced and settled in a foreign currency. Such accounts are subject to the risk that events could occur which hinder or prevent the availability of these funds for distribution to customers. Such accounts also may be subject to foreign currency exchange rate risks. (1) Xxxx Carr is placed in receivership or bankruptcy, and (2) there xxxre are insufficient funds available for distribution denominated in the foreign currency as to which the customer has a claim to satisfy all claims against those funds. By initialing the Subordination Agreement below, Customer agrees that if both of the conditions listed above occur, its claim against Xxxx'x Carr's assets attributable to funds held overseas in a particular xxxxxxular foreign currency may be satisfied out of segregated customer funds held in accounts denominated in dollars or other foreign currencies only after each customer whose funds are held in dollars or in such other foreign currencies receives its pro-rata portion of such funds. It is further agreed that in no event may a customer whose funds are so held receive more than its pro-rata share of the aggregate pool consisting of funds held in dollars, funds held in the particular foreign currency, and non-segregated assets of XxxxCarr. OPTIONAL ELECTIONS/ACKNOWLEDGMENT The following provisionsprovisxxxx, which are set forth in this Agreement, need not be entered into to open the Account. Customer agrees that its optional elections are as follows: SIGNATURE REQUIRED FOR EACH ELECTION ARBITRATION AGREEMENT --------------------------------------- ------------------------------- (Agreement Paragraph 24) (Date) CONSENT TO TAKE THE OTHER SIDE OF ORDERS (Agreement Paragraph 25) X /s/ XXXX X. XXXXXX 11/S/ MARK J. HAWLEY 12-61-98 --------------------------------------- 97 ------------------------------- (Date) AUTHORIZATION TO TRANSFER FUNDS (Agreement Paragraph 26) --------------------------------------- ------------------------------- (Date) CONSENT TO RECEIVE STATEMENTS BY ELECTRONIC TRANSMISSION --------------------------------------- ------------------------------- (Agreement Paragraph 27) (Date) ACKNOWLEDGMENT OF SUBORDINATION AGREEMENT (Agreement Paragraph 28) X /S/ MARK J. HAWLEY 12-1-97 (Required for accounts holding non-U.S. X /s/ XXXX X. XXXXXX 11-6-98 ------------------------------- currency) --------------------------------------- (Date) HEDGE ELECTION [ ] Customer confirms that all transactions in the Account will represent bona fide hedging transactions, as defined by the Commodity Futures Trading Commission, unless Xxxx Carr is notified otherwise not later than the time an order is ordex xx placed for the Account: Pursuant to CFTC Regulation 190.06(d), Customer specifies and agrees, with respect to hedging transactions in the Account, that in the unlikely event of Xxxx'x Carr's bankruptcy, it prefers that the bankruptcy trustee [check appropriate xxxxxpriate box]: A) [ ] Liquidate all open contracts without first seeking instructions either from or on behalf of Customer. B) [ ] Attempt to obtain instructions with respect to the disposition of all open contracts. (If neither box is checkschecked, Customer shall be deemed to elect AA.).)