Document:

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                                                                    EXHIBIT 10.1

                                ESCROW AGREEMENT

     THIS AGREEMENT (this "Agreement") is entered into as of this 22/nd/ day of
August, 2003, by and between The Frontier Fund, a Delaware statutory trust (the
"Trust"), Equinox Fund Management, LLC, a limited liability company formed under
the laws of the state of Delaware ("Equinox" and together with the Trust, the
"Company") and U.S. Bank National Association, a national banking association
("Escrow Agent"). All capitalized terms used herein and not defined shall have
the meanings set forth in the prospectus of the Trust, including all the
appendices and exhibits thereto, as the same may be amended and updated from
time to time (the "Prospectus").

                                    RECITALS

     A.   Equinox serves as the managing owner of the Trust and has complete
management authority over the Trust.

     B.   The Trust is conducting a private offering of units of beneficial
interest (the "Units") at an initial price of $100.00 per Unit, in six separate
and distinct Series identified below, under applicable state and Federal laws
and regulations (the "Offering").

     C.   The Company wishes to assure those who subscribe for any of the Units
(the "Subscriber") that the Subscribers' monies will be released to the Company
only if and when not less than the following amounts as determined in accordance
with the methods below (the "Threshold Amount") in subscriptions from such
number of investors for each Series as set forth in the Prospectus (which number
shall be provided in writing to the Escrow Agent by the Company) are accepted by
the Company from the sale of Units and upon the direction of the Company, it
being understood that release of monies may be for each Series separately:

          Name of Series                               Threshold Amount
          --------------                               ----------------
          Balanced Series                                $ 20,000,000
          Graham Series                                  $  5,000,000
          Beach Series                                   $  5,000,000* or
                                                         when the Balanced
                                                         Series reaches its
                                                         Threshold Amount
          C-View Currency Series                         $  1,000,000* or
                                                         when the Balanced
                                                         Series reaches its
                                                         Threshold Amount
          Dunn Series                                    $  2,000,000*

* This amount includes proceeds raised from the sale of the Balanced Series
Units which will be traded by the applicable Trading Advisor in the same Trading
Company as the proceeds from the applicable single Trading Advisor Series.

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     D.   The Company desires to provide for the safekeeping of the proceeds of
the Offering until such time as subscriptions for the Units in any Series
totaling the Threshold Amounts (or such greater amount as the Company may direct
in writing) have been received and upon the direction of the Company, or until
such time as the Escrow Agent is required to pay and return such proceeds to the
payors upon the terms hereinafter provided.

                                    AGREEMENT

     1.   Deposit and Disbursement.

          a.   The Escrow Agent hereby agrees to receive and disburse the
proceeds from the Offering and any interest earned thereon in accordance with
the terms of this Agreement.

          b.   The Company or its authorized placement agents, on behalf of the
Subscribers, shall from time to time cause to be wired or deposited with Escrow
Agent all proceeds received from the sales of Units to be placed in a special
interest-bearing escrow account, in the appropriate sub-account at the Escrow
Agent designated for each Series (the "Escrow Account") until the Threshold
Amounts for each Series (or such greater amount as the Company may direct in
writing) have been deposited in said account. The Company shall direct
Subscribers to identify the Series for which such deposits are being made, and
direct subscribers to make payments to the Escrow Agent using the instructions
identified on Exhibit C attached hereto and incorporated herein. All proceeds
are to be deposited in the Escrow Account within three (3) business days after
receipt by Escrow Agent.

          c.   As deposits are made in the Escrow Account and at least every
3/rd/ business day, the Company shall cause to be delivered to the Escrow Agent
with each such deposit a list showing the name, address, and tax identification
number of each Subscriber as well as the name and address of each payor, by
Series, which list shall not be cumulative but shall identify only new deposits.
The Escrow Agent shall keep a current list by Series of the persons who have
subscribed for the Units and deposited money, showing name, date, address and
amount of each subscription. All funds so deposited shall remain the property of
the Subscribers, subject to the provisions of Section 5 herein. The Escrow Agent
shall promptly forward to the Company any subscription agreements which it may
receive directly from Subscribers.

          d.   If the Company rejects any subscriptions for which the Escrow
Agent has already collected funds, or in the event that the Subscriber rescinds
its subscription in conformity with the requirements of the North American
Securities Administrators Association Inc. Guidelines for Registration of
Commodity Pool Programs, which rescission has been approved by the Company and
the Company has notified the Escrow Agent thereof, the Escrow Agent shall
promptly issue a refund check to the payor, in the amount of the original
deposit collected

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from such payor via first class U.S. mail, with interest and without deduction
for expenses. If the Company rejects any subscription for which the Escrow Agent
has not yet collected funds but has submitted the Subscriber's check for
collection, the Escrow Agent shall promptly issue a check in the amount of the
rejected Subscriber's check upon actual collection. The Escrow Agent shall
promptly remit the Subscriber's check directly to the Subscriber.

          e.   In the event that the Threshold Amount for any Series is not
deposited with Escrow Agent on or before the date for the closing of the initial
offering period as set forth in the Prospectus, which date shall be provided to
the Escrow Agent in writing by the Company (unless that date is extended in
accordance therewith, and the Company has notified the Escrow Agent in writing
of such extension), a copy of which is attached hereto as Exhibit A, the Escrow
Agent shall promptly return the funds which have been deposited in the Escrow
Account to the payors (in the same way described above in Section 1 (d)), in the
amount and to the addresses as shown on its records, plus any Interest Income
earned on such subscription funds.

          f.   Upon receipt of (i) the Threshold Amount for each Series (or such
greater amount as the Company may direct in writing) and (ii) written
confirmation from the Company that funds may be released from escrow, the Escrow
Agent shall release the escrow funds, including all Interest Income to the
Trust. At the Company's option, it may continue to deposit proceeds from the
sale of additional Units (after receipt and/or distribution of the Threshold
Amount or any greater amount as directed in writing by the Company) and to
direct the disbursement from time to time of funds so deposited after
subscriptions for the Threshold Amount have been received but not to exceed 3
months from the date of this Agreement.

     2.   Responsibilities and Obligations of Escrow Agent.

          a.   The Escrow Agent assumes no responsibilities, obligations, or
liabilities except those expressly provided for in this Agreement as follows:

               (1)  The Escrow Agent shall have no responsibility, obligation or
liability to any person with respect to any action taken, suffered or omitted to
be taken by it in good faith under this Agreement and shall in no event be
liable hereunder except for its gross negligence or willful misconduct.

               (2)  Notwithstanding anything herein to the contrary, no
reference in this Agreement to any other agreement, including but not limited to
Exhibit A, shall be construed or deemed to enlarge the responsibilities,
obligations, or liabilities of the Escrow Agent as set forth in this Agreement,
and the Escrow Agent is not charged with knowledge of any other agreement.

          b.   The Escrow Agent shall be protected in relying upon the truth of
any statement contained in any requisition, notice, request, certificate,
approval, consent or other proper paper, and in acting on any such document,
which on its face and without inquiry as to any other facts, appears to be
genuine and to be signed by the proper party

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or parties, and is entitled to believe all signatures are genuine and that any
person signing any such paper who claims to be duly authorized is in fact so
authorized.

          c.   The Escrow Agent shall be entitled to act on any instruction
given to it in writing and signed by an authorized signatory of the Company and
shall be fully protected in doing so.

          d.   The Escrow Agent shall be entitled to act in accordance with any
court order or other final determination by any governmental authority with
jurisdiction of any matter arising hereunder.

          e.   The Escrow Agent shall have no responsibility for, and makes no
representation as to the value, validity or genuineness of any article, asset or
document deposited with Escrow Agent in the Escrow Account under this Agreement,
provided that it will give notice to the Company of any check for money not
credited and the reason stated therefore and of any discrepancy with respect to
the value, validity or genuineness of any article, asset or document so
deposited if and when it has actual knowledge thereof.

          f.   The Escrow Agent shall have no responsibility to make payments
out of the Escrow Account for any amount in excess of the amount of collected
funds deposited in the Escrow Account, together with interest earnings thereon,
at the time any payment is to be made.

          g.   If any controversy arises between the parties hereto or with any
third person relating to the Escrow Account, the Escrow Agent shall not be
required to resolve the same or to take any action to do so but may at its
discretion, institute such interpleader or other proceedings as it deems proper.
The Escrow Agent may rely on any joint written instructions as to the
disposition of funds, assets, documents or other assets held in escrow
hereunder.

          h.   The Escrow Agent may execute any of its powers or
responsibilities hereunder and exercise any of its rights hereunder either
directly or by or through its agents or attorneys. Nothing in this Agreement
shall be deemed to impose upon the Escrow Agent any duty to qualify to do
business or to act as a fiduciary or otherwise in any jurisdiction. The Escrow
Agent shall not be responsible for and shall not be under a duty to examine or
pass upon the validity, binding effect, execution or sufficiency of the
Agreement or of any agreement amendatory of supplemental hereto or of any other
agreement.

     3.   Investment of Escrow Funds.

          The Escrow Agent shall invest funds in an interest-bearing U.S. Bank
Money Market Savings Account. Equinox acknowledges that this is a FDIC insured
U.S. Bank Money Market Deposit Account designed to meet the needs of U.S. Bank
Corporate Trust Services Escrow Group and other Corporate Trust customers of
U.S. Bank National Association. This is a tiered account and the interest rate
paid on the

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account is based upon the daily balance maintained in your account. U.S. Bank
National Association uses the daily balance method to calculate interest on
these accounts. This method applies a daily periodic rate to the principal
balance in the account each day. Interest is accrued daily and credited monthly
to the account. The owner of the accounts is U.S. Bank as Agent for its
customers. At our discretion, we may change the interest rate for the Money
Market Deposit Accounts at any time. All account deposits and withdrawals are
performed by U.S. Bank National Association. Any and all interest earned on the
Proceeds after the deposit shall be added to the Proceeds and shall become a
part thereof. All entities entitled to receive interest from the escrow account
will provide Escrow Agent with a W-9 or W-8 IRS tax form prior to the
disbursement of interest. A statement of citizenship will be provided if
requested by the Escrow Agent. The Escrow Agent shall have no responsibility for
preparing or filing any Federal or state tax returns in connection therewith.

     4.   Compensation of Escrow Agent.

          The Escrow Agent shall be paid reasonable compensation as set forth on
Exhibit B attached hereto and incorporate herein, for services hereunder and
shall be reimbursed for any actual out-of-pocket expenses incurred by the Escrow
Agent for performing its duties hereunder. Payment of all fees shall be the
responsibility of the Company and may, to the extent of unpaid fees and
expenses, be deducted from any property placed within the escrow with Escrow
Agent, which belongs to the Company.

          In the event that the Escrow Agent is made a party to litigation with
respect to the property held hereunder, or brings an action in interpleader or
in the event that the conditions of this escrow are not promptly fulfilled, or
the Escrow Agent is required to render any service not provided for in this
Agreement, or there is any assignment of the interest of this escrow or any
modification hereof, the Escrow Agent shall be entitled to reasonable
compensation for such extraordinary services and reimbursement for all fees,
costs, liability and expenses, including reasonable attorneys' fees. The Escrow
Agent may amend its fee schedule from time to time on ninety (90) days prior
written notice to the Company, provided, however, that any fee increase shall
not exceed 10% of the amounts set forth on the existing fee schedule.

     5.   Indemnification of Escrow Agent.

          The Company hereby indemnifies and hold harmless the Escrow Agent
against any and all claims, losses, and damages it may suffer in connection with
its carrying out the terms of this Agreement, including, without limitation, the
Escrow Agent's unpaid fees and reimbursable expenses, but excluding any loss the
Escrow Agent may sustain as a result of its gross negligence or willful
misconduct. The Escrow Agent shall have a lien or right of setoff on all Company
funds, monies or other assets held hereunder to pay all of its fees and
reimbursable expenses permitted under this Agreement. The obligations of the
Company under this Section 5 shall survive termination for any reason of this
Agreement or resignation or removal of Escrow Agent.

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     6.   Termination and Resignation.

          a.   This Agreement shall terminate when (i) the Escrow Agent or its
successor or assign receives written notification of termination from the
Company including final disposition instructions signed by the Company, and (ii)
there occurs the actual final disposition of the monies held in escrow hereunder
as provide in this Agreement. The rights and obligations of the Escrow Agent
shall survive the termination of this Agreement.

          b.   The Escrow Agent may resign at any time and be discharged from
its duties as Escrow Agent hereunder by giving the Company not fewer than thirty
(30) days prior written notice thereof. As soon as practicable after its
resignation, the Escrow Agent shall turn over to a successor escrow agent
appointed by the Company all monies held hereunder upon presentation of the
document from the Company appointing a successor escrow agent and its acceptance
of appointment. If no successor has been appointed by the Company, the Escrow
Agent may designate its successor by written notice to the Company so long as
any such successor is a bank or trust company. Upon the designation of a
successor escrow agent and the delivery to a resigning escrow agent of the
document appointing such successor escrow agent and its acceptance of
appointment, the resigning escrow agent shall be released from any and all
liabilities arising thereafter except as provided in Sections 2(a)(1) and (5) of
this Agreement.

          If no successor escrow agent is appointed by the Company within the
thirty (30) day period following such notice of resignation, the Escrow Agent
reserves the right to forward the matter and all monies and other property held
by the Escrow Agent pursuant to this Agreement to a court of competent
jurisdiction at the expense of the Company.

          c.   The Company may discharge the Escrow Agent and appoint a
successor escrow agent hereunder at any time by giving the Escrow Agent no fewer
than thirty (30) days prior written notice thereof. As soon as practicable after
its discharge, the Escrow Agent shall turn over to the successor escrow agent
appointed by the Company all monies held hereunder upon presentation of the
document from the Company appointing such successor escrow agent and its
acceptance of appointment. Upon the designation of a successor escrow agent, the
delivery of the document appointing a successor escrow agent and the delivery of
all monies held hereunder to such successor escrow agent pursuant to the
immediately preceding sentence, the discharged escrow agent shall be released
from any and all liabilities arising thereafter except as provided in Sections
2(a)(1) and 5 of this Agreement.

     7.   Notices.

          All notices provided for herein shall be in writing, shall be
delivered by hand or by registered or certified mail and shall be deemed given
when actually received, and shall be addressed to the parties hereto at their
respective addresses, which may be changed by any party from time to time by
written notice to all other parties hereto as follows:

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          a.   If to the Company:

               Equinox Fund Management, LLC
               1660 Lincoln Street, Suite 100
               Denver, Colorado 80264
               Attn: Brent Bales
               (303) 572-1000 (tel.)
               (303) 832-9354 (fax)

          b.   If to the Escrow Agent:

               U.S. Bank Corporate Trust Services
               60 Livingston Avenue, EP-MN-WS3T
               St. Paul, Minnesota 55107-2292
               Attn: Chris Smith
               (651) 495-3726 (tel.)
               (651) 495-8087 (fax)

               With a fax copy to:

               Dawnita Ehl
               (206) 344-4685 (tel.)
               (206) 344-4630 (fax)

     8.   Disclosure.

          The parties hereby agree not to use the name of U.S. Bank National
Association to imply an association with the Offering other than that of a legal
escrow agent.

     9.   Brokerage Confirmation.

          The parties acknowledge that to the extent regulations of the
Comptroller of Currency or other applicable regulatory entity grant a right to
receive brokerage confirmations of security transactions of the escrow, the
parties waive receipt of such confirmations to the extent permitted by law. The
Escrow Agent shall furnish a statement of security transactions on its regular
monthly reports to the Company.

     10.  Parties Bound.

          This Agreement shall extend to and be binding upon the respective
successors, representatives, and assigns of the Company and Escrow Agent.

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     11.  Entire Agreement.

          This Agreement constitutes the entire agreement of the parties hereto
with respect to the subject matter hereof and cannot be modified, amended,
supplemented, or changed, nor can any provisions hereof be waived, except by
written instrument executed by the parties hereto.

     12.  Assignment.

          Neither party may assign its rights or obligations under this
Agreement without the written consent of the other party hereto.

     13.  Applicable Law.

          The Agreement shall be governed by and construed and enforced in
accordance with the laws of the State of Colorado.

     14.  Severability.

          If at any time subsequent to the date hereof, any provision of this
Agreement shall be held by a court of competent jurisdiction to be illegal,
void, or unenforceable, such provision shall be of no force or effect, and shall
be limited or expanded in scope so as to carry out the intent of the parties as
expressed herein to the greatest extent possible. The illegality or
unenforceability of any such provision shall have no effect upon and shall not
impair the enforceability of any other provision of this Agreement.

     15.  Counterparts.

          This Agreement may be executed in any number of counterparts, each of
which shall be deemed to be one and the same instrument. The exchange of copies
of this Agreement and of signature pages by facsimile transmission shall
constitute effective execution and delivery of this Agreement as to the parties
and may be used in lieu of the original Agreement for all purposes. Signatures
of the parties transmitted by facsimile shall be deemed to be their original
signatures for all purposes.

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          IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date first above written.

THE FRONTIER FUND

__________________________________________

Name: ____________________________________

Title:____________________________________

EQUINOX FUND MANAGEMENT, LLC

__________________________________________

Name: ____________________________________

Title:____________________________________

U.S. BANK NATIONAL ASSOCIATION

__________________________________________

Name: ____________________________________

Title:____________________________________

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                                    Exhibit A

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                                    Exhibit B

                  Schedule of Fees for Services as Escrow Agent

(1)  Initial Fees

Acceptance Fee - The acceptance fee includes the administrative review of
documents, initial se-up of the account, and other reasonably required services
up to and including the execution and closing of the escrow agreement. This is a
one-time non-refundable fee payable at closing.

$500.00

(2)  Administration Fees - Transaction Fees

Administration - Annual administration fee for the performance of the routine
duties associated with the management of the escrow account will be based on the
number of transaction receipts. Charge per receipt of funds via wire or check
for deposit from a Subscriber (Subscriber Deposit). This fee is payable in
arrears and billed monthly.

$8.00 per Subscriber Deposit received.

Disbursement Fee - Charge per wire or check to Subscribers for return of
deposited funds to Subscribers for a failed subscription.

$5 per check or wire disbursed to Subscriber at the written direction of the
Company.

(3)  Direct Out of Pocket Expenses

Reimbursement of actual reasonable expenses associated with the performance of
our duties, including but not limited to publications, mailings, legal counsel
after the initial close, travel expenses, and filing fees. (none anticipated) At
Cost

(4)  Extraordinary Services

Extraordinary services are duties or responsibilities of an unusual nature, but
not provided for in the governing documents or otherwise set forth in this
schedule. A reasonable charge will be assessed based on the nature of the
service and the responsibility involved. At our option, these charges will be
billed at a flat fee or at our hourly rate then in effect.

Account approval is subject to review and qualification. Fees paid in advance
will not be prorated.

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                                    Exhibit C

Payment instructions:

If by check:                             If by wire:

U.S. Bank National Association           U.S. Bank National Association
60 Livingston Avenue                     ABA #091000022
EP-MN-WS3T                               Credit: A/C #180121167365
Attn: Chris Smith                        Ref: Frontier [Insert Fund Series Name]
Ref: Frontier [Insert Fund Series Name]  Attn: Chris Smith (651) 495-3726

                                       12<PAGE>

                                                                    EXHIBIT 10.2

                               CUSTOMER AGREEMENT

     This Customer Agreement ("Agreement") between UBS Securities LLC ("UBS-S
LLC") and ________________ ("Customer") shall govern the purchase and sale by
UBS-S LLC of certain futures contracts, options thereon and options contracts
for the account and risk of Customer through one or more accounts carried by
UBS-S LLC on behalf and in the name of Customer (collectively, the "Account"),
as more fully described below.

1.   UBS-S LLC'S AUTHORIZATION TO ACT AS BROKER

     Customer authorizes UBS-S LLC, acting through employees and agents selected
by it in its sole discretion, to purchase and sell for the Account contracts for
future delivery of financial instruments, foreign currency or precious metals
and any other instruments and commodities and for option contracts for which
UBS-S LLC has notified Customer that UBS-S LLC is prepared to execute
transactions (collectively, "Contracts") within or outside the United States of
America in accordance with Customer's instructions.

2.   CUSTOMER'S REPRESENTATIONS AND WARRANTIES

     (a)   Representations and Warranties. Customer represents and warrants as
follows:

          (i)   Authority. Customer has full right, power and authority to enter
          into this Agreement, and the person executing this Agreement on behalf
          of Customer is authorized to do so. This Agreement is binding on
          Customer and enforceable against Customer in accordance with its
          terms;

          (ii)  Lawful Agreement. Customer may lawfully establish and open the
          Account for the purpose of effecting purchases and sales of Contracts
          through UBS-S LLC. Transactions entered into pursuant to this
          Agreement will not violate any "Applicable Law" (as defined below) to
          which Customer is subject or any agreement to which Customer is
          subject or a party and the execution, delivery and performance of this
          Agreement by Customer require no action by or in respect of or filing
          with any governmental body, agency or official;

          (iii) Customer's Statements. The statements made to UBS-S LLC by
          Customer regarding Customer's futures trading (including any financial
          statements submitted therewith) are true and correct to the best of
          Customer's knowledge;

          (iv)  Interest or Control of Account. If any person or entity has, or
          during the term of this Agreement will have, any interest in the
          Account other than Customer, Customer hereby agrees to so notify UBS-S
          LLC immediately (and no later than within one business day); and

          (v)   Designation. If Customer is not a citizen or resident of the
          United States, Customer has been informed by UBS-S LLC of Commodity
          Futures Trading Commission ("CFTC") Regulations concerning the
          designation of a futures commission merchant as the agent of foreign
          brokers, customers of a foreign broker and foreign traders for certain
          purposes as set forth in CFTC Regulation (S)15.05 and concerning
          special calls for information from futures commission merchants,
          foreign brokers and members of contract markets as set forth in CFTC
          Regulation (S)21.03.

     (b)   Notice of Change. Customer shall immediately (and no later than
within one business day) notify UBS-S LLC in writing if any of the
representations contained herein materially change or cease to be true and
correct.

3.   APPLICABLE LAW

     The Account and all transactions and agreements in respect of the Account
shall be subject to the regulations of all applicable Federal, state and
self-regulatory agencies or authorities, including but not limited to: (a) the
provisions of the Commodity Exchange Act, as amended, and any rules,
regulations, orders and interpretations promulgated thereunder by the CFTC; (b)
the constitution, by-laws, rules, regulations, orders and interpretations of the
contract market (and its clearing house, if any) on which such transactions are
executed and cleared, and any relevant registered futures association,
including, without limitation, the National Futures Association ("NFA"); and (c)
custom and usage of the trade. All such provisions, rules, regulations, orders,
interpretations, constitution, by-laws, custom and usage are hereinafter
collectively referred to as "Applicable Law."

4.   RELIANCE ON INSTRUCTIONS

     UBS-S LLC shall be entitled to rely on any instructions, notices and
communications, whether oral or in writing, that it believes to be that of an
individual authorized to act on behalf of Customer, including, but not limited
to, any individual identified in writing by Customer as authorized to act on its
behalf, and Customer shall be bound thereby. Customer hereby waives any defense
that any such instruction was not in writing as may be required by the Statute
of Frauds or any other similar law, rule or regulation.

5.   ACCEPTANCE OF ORDERS; POSITION LIMITS

     (a)   Acceptance of Orders. UBS-S LLC shall have the right to limit the
size of open positions (net or gross) of Customer with respect to the Account at
any time and to refuse acceptance of orders to establish new positions (whether
such refusal or limitation is required by, and whether such refusal is based on
position limits imposed under, Applicable Law). UBS-S LLC shall immediately
notify Customer of its rejection of any order. Unless specified by Customer,
UBS-S LLC may designate the exchange or other markets (including, without
limitation, GLOBEX) on which it will attempt to execute orders.

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     (b) Position Limits. Customer shall not, either alone or in combination
with others, violate any position or exercise limit established by or under
Applicable Law. If Customer intends at any time to exceed such position limits,
Customer shall cause to be filed an application with the CFTC or the relevant
contract market requesting authorization for Customer to exceed such position
limits and shall provide UBS-S LLC with a copy of such application and such
other information as UBS-S LLC may reasonably request with respect to such
application. Customer shall immediately (and no later than within one business
day) notify UBS-S LLC of any positions for which Customer is required to file
reports under Applicable Law, including any large trader reports filed with the
CFTC or any contract market. Customer shall indemnify and hold UBS-S LLC
harmless from and against all claims, damages, fines or assessments of any kind
whatsoever, including reasonable attorneys' fees in connection with the defense
thereof, made and incurred in connection with any violation by Customer of its
obligations under this Section 5(b).

6.   ORIGINAL AND VARIATION MARGIN; PREMIUMS; OTHER CONTRACT OBLIGATIONS

     With respect to every Contract purchased, sold or cleared for the Account,
Customer shall make, or cause to be made, all applicable original margin,
variation margin, intra-day margin and premium payments, and perform all other
obligations attendant to transactions or positions in such Contracts, as may be
required by Applicable Law or by UBS-S LLC in its sole and absolute discretion.
Requests for margin deposits and/or premium payments may, at UBS-S LLC's
election, be communicated to Customer orally, telephonically or in writing.
Margin requirements established by UBS-S LLC may exceed the margin requirements
set by any contract market or clearing organization on which transactions are
executed or cleared or caused to be executed or cleared by UBS-S LLC or any
agent thereof for Customer and may be changed by UBS-S LLC without prior notice
to Customer. Except as otherwise provided herein, all such margin and premium
payments shall be in the form, as UBS-S LLC permits, of cash in U.S. dollars,
securities of the U.S. Government, or a combination thereof. If at any time
Customer fails timely to deposit or maintain required margin, or Customer fails
timely to make any premium payments, UBS-S LLC may at any time, without further
notice to Customer, close out Customer's open position in whole or in part and
take any action it deems appropriate.

7.   SECURITY INTEREST AND RIGHTS RESPECTING COLLATERAL

     All Contracts, cash, securities, and/or other property of Customer,
including all proceeds of all such property such as profits from Account
transactions (collectively, the "Collateral") now or at any future time in the
Account or otherwise held by UBS-S LLC or its affiliates, any clearing house
through which trades of the Account are executed and/or positions are held, or
any other entity authorized to act as an agent of UBS-S LLC or Customer, hereby
are pledged to UBS-S LLC and shall be subject to a general lien and security
interest in UBS-S LLC's favor to secure any indebtedness or other amounts at any
time owing from Customer to UBS-S LLC, and to secure any and all other
obligations and liabilities of Customer to UBS-S LLC (collectively, the
"Customer's Liabilities"). Customer hereby grants UBS-S LLC the right to borrow,
pledge, repledge, hypothecate, rehypothecate, loan or invest any of the
Collateral without notice to Customer, and without any obligation to pay or to
account to Customer for any interest, income or benefit that may be derived
therefrom. UBS-S LLC shall be under no obligation to deliver to Customer the
identical Collateral in the Account, but shall only be under an obligation to
deliver to Customer Collateral of like or equivalent kind and amount. The rights
of UBS-S LLC set forth above shall be qualified by any applicable requirements
for segregation of customer's property under Applicable Law.

8.   PAYMENT OBLIGATIONS OF CUSTOMER

     (a)   Charges to the Account. With respect to every Contract purchased,
sold or cleared for the Account, Customer shall pay UBS-S LLC upon demand and
UBS-S LLC hereby is authorized to charge Customer's Account for: (i) all
brokerage charges, give-up fees, commissions and service fees as UBS-S LLC may
from time to time charge; (ii) all contract market, clearing house, clearing
member, NFA or CFTC fees or charges, fines or penalties; (iii) any tax imposed
on such transactions by any competent taxing authority; (iv) the amount of any
trading losses in the Account; (v) any debit balance or deficiency in the
Account; (vi) interest and service charges on any debit balances or deficiencies
in the Account, any advances or any loan (including interest on the amount of
variation margin calls, until satisfaction of such calls, when the Customer
posts U.S. Treasury Bills for original margin purposes), at the rate customarily
charged by UBS-S LLC (which may be at the prevailing and/or allowable rates
according to the laws of the State of Illinois) from the day any such deficit
was incurred to (but not including) the day of payment (calculated on the basis
of a 360 day year and for the actual number of days elapsed for all deficits,
except for those denominated in foreign currencies for which generally accepted
accounting principles require that the interest rate shall be calculated
otherwise), together with costs and reasonable attorneys' fees incurred in
collecting any such deficit; (vii) all storage and delivery service fees; and
(viii) any other amounts owed by Customer to UBS-S LLC with respect to the
Account or any transactions therein.

     (b)   Payment in U.S. Dollars. Any and all payment obligations of
Customer, if not deducted from Customer's Account as permitted hereunder, shall
be made upon demand in immediately available U.S. dollars to UBS-S LLC or at
such other place and at such time and in such manner as UBS-S LLC notifies
Customer. The obligation of Customer to make all payments due hereunder shall
not be discharged or satisfied by any tender, or any recovery pursuant to any
judgment, which is expressed in or converted into any other currency other that
U.S. dollars, except to the extent that such tender or recovery shall result in
the actual receipt by UBS-S LLC of the full amount of such U.S. dollars
expressed to be payable in respect of such amounts. Customer agrees that its
obligations to make payment in U.S. dollars as aforesaid shall be enforceable as
an alternative or additional cause of action for the purpose of recovery of the
amount (if any) by which such actual receipt shall fall short of the full amount
of U.S. dollars expressed to be payable in respect of such amount due hereunder,
and shall not be affected by judgment being obtained for other sums due
hereunder.

     (c)   Setoff. Any Collateral may at any time or from time to time
without notice or compliance with any condition precedent (which notice hereby
is expressly waived) be setoff, appropriated and applied by UBS-S LLC against
any and all payment obligation of Customer hereunder including, but not limited
to, any deficit balance in the Account, in such manner as UBS-S LLC in its
discretion may determine.

     (d)   Gross-Up. All payments made by Customer to UBS-S LLC hereunder
will be made without setoff or counterclaim free and clear and without deduction
or withholding for, any present or future taxes, levies, assessments or other
charges of whatever nature, now or hereinafter imposed by

                                      -2-

<PAGE>

any jurisdiction or by any agency, state or other political subdivision or
taxing authority thereof or therein, and all interest, penalties, or similar
liabilities with respect thereto (collectively, "Taxes"). If any Taxes are so
levied or imposed, Customer agrees to pay the full amount of such Taxes, and
such additional amounts as may be necessary so that every net payment of all
amounts due hereunder, after withholding or deduction for or on account of any
Taxes, will not be less than the amount provided for herein. Customer will
furnish to UBS-S LLC within thirty days after the date the payment of any Taxes
is due pursuant to Applicable Law certified copies of tax receipts evidencing
such payment by Customer.

9.   DELIVERY PROCEDURES; OPTIONS ALLOCATION PROCEDURE

     (a)   Instructions. Customer will provide UBS-S LLC with instructions
either to liquidate Contracts previously established by Customer, make or take
delivery under any such Contracts, or exercise options entered into by Customer,
within such time limits as may be specified by UBS-S LLC. UBS-S LLC shall have
no responsibility to take any action on behalf of Customer, including, without
limitation, exercising option Contracts, unless and until UBS-S LLC receives
oral or written instructions reasonably acceptable to UBS-S LLC indicating the
action UBS-S LLC is to take. Any instructions, if given orally to UBS-S LLC,
shall immediately be confirmed in writing by Customer. Funds sufficient to take
delivery pursuant to such Contract or deliverable grade commodities to make
delivery pursuant to such Contract must be delivered to UBS-S LLC at such time
as UBS-S LLC may require in connection with any delivery.

     (b)   Allocation Procedures. Short option Contracts may be subject to
exercise at any time. Exercise notices received by UBS-S LLC with respect to
option Contracts sold by Customer may be allocated to Customer pursuant to a
random allocation procedure, and Customer shall be bound by any such allocation
of exercise notices. Such notices may be allocated to Customer after the close
of trading on the day on which such notices have been allocated to UBS-S LLC by
the applicable contract market. In the event of any allocation to Customer,
unless UBS-S LLC has previously received instructions from Customer, UBS-S LLC's
sole responsibility shall be to use its best efforts to notify Customer by
telephone of such allocation at any time before trading commences on the first
day on which such option Contracts are traded on the applicable contract market
following the day on which the applicable contract market has allocated such
notices to UBS-S LLC.

     (c)   Failure to Provide Instructions. If Customer fails to comply with any
of the foregoing obligations, UBS-S LLC may, in its sole and absolute
discretion, liquidate any open positions, make or receive delivery of any
commodities or instruments, or exercise or allow the expiration of any options,
in such manner and on such terms as UBS-S LLC, in its sole and absolute
discretion, deems necessary or appropriate. Any such action taken shall be in
the sole and absolute discretion of UBS-S LLC and Customer shall remain fully
liable for all costs, losses, expenses, liabilities and damages (including
special, indirect and consequential damages, penalties and fines) which UBS-S
LLC may be required to pay or which it has sustained in connection with such
transactions and for any remaining debit balance in the Account.

10.  EVENTS OF DEFAULT; UBS-S LLC'S REMEDIES

     (a)   Events of Default. As used herein, each of the following shall be
deemed an "Event of Default": (i) the commencement of a case under any
bankruptcy, insolvency or reorganization law or similar law effecting creditors'
rights of any jurisdiction, or the filing of a petition for the appointment of a
receiver by or against Customer, an assignment made by Customer for the benefit
of creditors, an admission in writing by Customer that it is insolvent or is
unable to pay its debts when they mature, or the suspension by the Customer of
its usual business or any material portion thereof; (ii) the issuance of any
warrant or order of attachment against the Account or the levy of a judgment
against the Account; (iii) if Customer is an employee benefit plan, the
termination of Customer or the filing by Customer of a notice of intent to
terminate with the Pension Benefit Guaranty Corporation (or other similar
governmental agency or body of any jurisdiction), or the receipt of a notice of
the Pension Benefit Guaranty Corporation's (or other similar governmental
agency's or body's) intent to terminate Customer, or the inability of Customer
to pay benefits under the relevant employee benefit plan when due; (iv) the
failure by Customer to deposit or maintain margins, to pay required premiums, or
to make payments required by Section 8 hereof and such failure is not cured
within one business day of Customer's receipt of notice of such failure from
UBS-S LLC; (v) UBS-S LLC acting in good faith in a commercially reasonable
manner determines that the Collateral in Customer's Account, regardless of
current marked quotations, is inadequate to secure the Account and Customer's
obligations to UBS-S LLC hereunder; (vi) the Account shall incur a deficit
balance and such deficit balance is not cured within one business day of
customer's receipt of notice of such deficit from UBS-S LLC; (vii) the failure
by Customer to perform, in any material respect, its obligations respecting
delivery, exercise or a notice of allocation of exercise, payment for delivery,
or settlement under Contracts held in the Account (it being understood that any
failure to comply with any Applicable Law shall be deemed material); or (viii)
the failure by Customer, in any material respect, to perform any of its other
obligations hereunder (it being understood that any failure to comply with any
Applicable Law shall be deemed material) and such material failure is not cured
within one business day of Customer's receipt of notice of such material failure
from UBS-S LLC.

     (b)   Remedies. Upon the occurrence of an Event of Default, UBS-S LLC shall
have the right, in addition to any other remedy available to UBS-S LLC at law or
in equity, and in addition to any other action UBS-S LLC may deem appropriate
under the circumstances, to liquidate any or all open Contracts held in or for
the Account, sell any or all of the securities or other property of Customer
held by UBS-S LLC and to apply the proceeds thereof to any amounts owed by
Customer to UBS-S LLC, borrow or buy any options, securities, Contracts or other
property for the Account and cancel any unfilled orders for the purchase or sale
of Contracts for the Account, or take such other or further actions as UBS-S
LLC, in its reasonable discretion, deems necessary or appropriate for its
protection, all without demand for margin and without notice or advertisement.
In the event UBS-S LLC's position would not be jeopardized thereby, UBS-S LLC
will make reasonable efforts under the circumstances to notify Customer prior to
taking any such action. Any such liquidation, sale, purchase, borrowing or
cancellation shall be made at the discretion of UBS-S LLC acting in good faith
in a commercially reasonable manner on a contract market, through a clearing
house, on other markets, at public auction or by private transaction. Customer
acknowledges and agrees that a prior demand or margin call of any kind from
UBS-S LLC or prior notice from UBS-S LLC shall not be considered a waiver of
UBS-S LLC's right to take any action without notice or demand. In any
transaction described above, UBS-S LLC may sell any Collateral to itself or its
affiliates or buy any Collateral from itself or its affiliates. UBS-S LLC may,
to the extent permitted by law, purchase the whole or any part thereof free from
any right of redemption. In all cases, Customer shall remain liable for and
shall pay to UBS-S LLC on demand the amount of any deficiency in its Account
resulting from any such transaction, and Customer shall reimburse, compensate
and indemnify UBS-S LLC for any and all costs, losses, penalties, fines,

                                      -3-

<PAGE>

taxes and damages which UBS-S LLC may incur, including reasonable attorneys'
fees incurred in connection with the exercise of its remedies and the recovery
of any such costs, losses, penalties, fines, taxes and damages.

11.  EXCULPATION AND INDEMNIFICATION

     (a)   Exculpation. Neither UBS-S LLC nor any of its managing directors,
officers, employees or affiliates shall be liable for any costs, losses,
penalties, fines, Taxes and damages sustained or incurred by Customer other than
as a result of UBS-S LLC's negligence or reckless or intentional misconduct or
breach of this Agreement. Without limiting the generality of the foregoing,
neither UBS-S LLC nor any of its managing directors, officers, employees or
affiliates shall have any responsibility or liability to Customer hereunder for
any costs, losses, penalties, fines, Taxes and damages, including consequential,
incidental or special damages, sustained or incurred by Customer, (i) in
connection with the performance or non-performance by any contract market,
clearing house, clearing firm or other third party (including other exchange
members, banks and floor brokers) to UBS-S LLC of its obligations in respect of
any Contract or other property of Customer; (ii) as a result of any prediction,
recommendation or advice made or given by a representative of UBS-S LLC whether
or not made or given at the request of Customer; (iii) as a result of any delay
in the performance or non-performance of any of UBS-S LLC's obligations
hereunder to the extent that losses arising therefrom are, directly or
indirectly, caused by the occurrence of any contingency beyond the control of
UBS-S LLC including, but not limited to, the unscheduled closure of an exchange
or contract market or delays in the transmission of orders due to breakdowns or
failures of transmission or communication facilities, execution, and/or trading
facilities or other systems; (iv) as a result of any action taken by UBS-S LLC,
its managing directors, officers, employees, agents (including other clearing
firms through which transactions are effected on behalf of Customer) or floor
brokers, to comply with Applicable Law; or (v) for any acts or omissions of
those neither employed nor supervised by UBS-S LLC. Moreover, UBS-S LLC shall
have no responsibility for compliance by Customer with any law or regulation
governing Customer's conduct as a fiduciary, if applicable.

     (b)   Force Majeure and Acts of State. In the event that UBS-S LLC's
performance of any of its obligations and undertakings hereunder shall be
interrupted or delayed by any occurrence not occasioned by the conduct of either
party hereto, whether such occurrence shall be an act of God or the common enemy
or the result of war, riot, civil commotion, sovereign conduct or other acts of
State, or the act or conduct of any person or persons not party or privy hereto,
then UBS-S LLC shall be excused from performance for such period of time as is
reasonably necessary after such occurrence to remedy the effects thereof and
neither UBS-S LLC nor any of its managing directors, officers, employees or
affiliates shall be directly or indirectly responsible for losses occasioned
thereby.

     (c)   Indemnification. Customer agrees to indemnify and hold UBS-S LLC
harmless from and against any and all costs (including reasonable attorneys'
fees), losses, penalties, fines, taxes and damages ("Losses") incurred by UBS-S
LLC as a result of any action taken or not taken by UBS-S LLC in reliance upon
any instructions, notices and communications which UBS-S LLC believes to be that
of an individual authorized to act on behalf of Customer, or in connection with
UBS-S LLC's recovery of any such Losses, except for such Losses which arise out,
are based upon or related to UBS-S LLC' negligence, reckless or intentional
misconduct or breach of this Agreement. UBS-S LLC agrees to indemnify and hold
harmless Customer from and against any and all Losses which arise out, are based
upon or related to UBS-S LLC' negligence, reckless or intentional misconduct or
breach of this Agreement.

12.  TERMINATION

     This Agreement is not exclusive and runs for successive one year terms to
be renewed automatically each year unless terminated. This Agreement may be
terminated by the Customer or UBS-S LLC without penalty upon thirty (30) days'
prior written notice to the other party (except where an Event of Default has
occurred or in UBS-S LLC's reasonable discretion, there has been a material
adverse change in the Customer's financial position, in which case, only prior
written notice will be required); provided, however, that any such termination
shall not relieve either party of any obligations in connection with any debit
or credit balance in the Account or other liability or obligation arising or
accruing prior to such termination.

13.  LIQUIDATION OF OFFSETTING POSITIONS

     UBS-S LLC shall liquidate any Contract for which an offsetting order is
entered by Customer, unless Customer instructs UBS-S LLC not to liquidate such
Contract and to maintain the offsetting Contracts as open positions; provided,
that UBS-S LLC shall not be obligated to comply with any such instructions given
by Customer if Customer fails to provide UBS-S LLC with any representations,
documentation or information reasonably requested by UBS-S LLC or if, in UBS-S
LLC's reasonable judgment, any failure to liquidate such offsetting Contracts
against each other would result in a violation of Applicable Law.

14.  REPORTS AND OBJECTIONS

(a)  All confirmations, purchase and sale notices, correction notices and
account statements (collectively, "Reports") shall be submitted to Customer and
shall be conclusive and binding on Customer unless Customer notifies UBS-S LLC
of any objection thereto prior to the opening of trading on the contract market
on which such transaction occurred on the business day following the day on
which Customer receives such Report; provided, that with respect to monthly
statements, Customer may notify UBS-S LLC of any objection thereto within five
business days after receipt of such monthly statement, provided the objection
could not have been raised at the time any prior Report was received by Customer
as provided for above. Any such notice of objection, if given orally to UBS-S
LLC, shall immediately (and in no event later than within one business day) be
confirmed in writing by Customer.

(b)  Customer consents to the electronic delivery of Reports via facsimile,
electronic mail, computer networks (e.g., local area networks, commercial
on-line services and SwisKey) or other electronic means agreed upon by Customer
and UBS-S LLC. Customer may revoke its consent at any time upon

                                      -4-

<PAGE>

reasonable notice to UBS-S LLC.

15.  FOREIGN CURRENCY TRANSACTIONS

     In the event that the Customer directs UBS-S LLC to enter into any Contract
on an exchange on which such transactions are effected in a currency other than
the U.S. dollar, any profit or loss arising as a result of a fluctuation in the
exchange rate affecting such currency will be entirely for the account and risk
of the Customer. All initial and subsequent deposits for margin purposes, and
the return to the Customer of any funds, are expected to be made in the currency
of contract settlement. Should the Customer elect to deposits funds other than
the currency of settlement or instruct UBS-S LLC to convert funds which are
already on deposit in another currency, UBS-S LLC shall debit or credit the
Account of Customer at a rate of exchange determined by UBS-S LLC in its sole
discretion on the basis of the then prevailing market rate of exchange for such
foreign currency.

16.  UBS-S LLC'S RESPONSIBILITY

     UBS-S LLC is not acting as a fiduciary, foundation manager, commodity pool
operator, commodity trading advisor or investment adviser in respect of any
Account opened by Customer and UBS-S LLC shall have no responsibility hereunder
for compliance with any law or regulation governing the conduct of fiduciaries,
foundation managers, commodity pool operators, commodity trading advisors or
investment advisers.

17.  ADVICE

     All advice communicated by UBS-S LLC with respect to any Account opened by
Customer hereunder is incidental to the conduct of UBS-S LLC's business as a
futures commission merchant, does not constitute an offer to sell or the
solicitation of an offer to buy any Contract, and such advice will not serve as
the primary basis for any decision by or on behalf of Customer. UBS-S LLC shall
have no discretionary authority, power or control over any decisions made by or
on behalf of Customer in respect of the Account, regardless of whether Customer
relies on the advice of UBS-S LLC in making any such decision. Any such advice,
although based upon information from sources UBS-S LLC believes to be reliable,
may be incomplete or inaccurate, may not be verified and may be changed without
notice to Customer. UBS-S LLC makes no representation as to the accuracy,
completeness, reliability or prudence of any such advice or information or as to
the tax consequences of Customer's futures or options trading. UBS-S LLC is a
separate and independent corporate entity, distinct from its affiliates and it
shall be free to purchase and sell Contracts for any affiliates without
limitation or restriction. The relationship between UBS-S LLC and Customer as
described herein shall not affect any provisions of credit to Customer by UBS AG
or any other subsidiary of UBS AG. Moreover, Customer acknowledges that UBS-S
LLC and its managing directors, officers, employees and affiliates may take or
hold positions in, or advise other customers concerning, contracts which are the
subject of advice from UBS-S LLC to Customer. The positions and advice of UBS-S
LLC and its managing directors, officers, employees and affiliates may be
inconsistent with or contrary to positions of, and the advice given by, UBS-S
LLC to Customer.

18.  FINANCIAL AND OTHER INFORMATION

     Customer agrees to furnish appropriate financial statements to UBS-S LLC
and to inform UBS-S LLC of any material changes in the financial position of
Customer and to furnish promptly such other information concerning Customer as
UBS-S LLC reasonably requests. UBS-S LLC is authorized from time to time to
contact banks, financial institutions and credit agencies for verification of
the financial condition of Customer. Customer agrees that UBS-S LLC may, from
time to time, share with its branches, agencies and affiliates, certain
non-public information concerning Customer.

19.  RECORDING

     UBS-S LLC, in its sole and absolute discretion, may record, on tape or
otherwise, any telephone conversation between UBS-S LLC and Customer involving
their respective officers, agents and employees. Customer hereby agrees and
consents to such recording, with or without the use of an automatic tone warning
device, and waives any right Customer may have to object to the use or
admissibility into evidence of such recording in any legal proceeding between
Customer and UBS-S LLC or in any other proceeding to which UBS-S LLC is a party
or in which UBS -S LLC's records are subpoenaed. Customer acknowledges that
UBS-S LLC may erase such recordings after a reasonable period of time.

20.  ACCOUNTS INTRODUCED BY OTHER BROKERS

     If UBS-S LLC is carrying the Account of Customer as executing or clearing
broker by arrangement with another broker through whose courtesy the Account has
been introduced to UBS-S LLC, then, until receipt from Customer of written
notice to the contrary, UBS-S LLC may accept from such other broker, without
inquiry or investigation by UBS-S LLC, (i) orders for the purchase or sale in
the Account of Contracts, and (ii) any other instructions concerning the
Account. UBS-S LLC shall not be responsible or liable for any acts or omissions
of such other broker or its employees.

21.  SEVERABILITY

     If any provision of this Agreement is, or at any time becomes, inconsistent
with any present or future Applicable Law, and if any of these authorities have
jurisdiction over the subject matter of this Agreement, the inconsistent
provision shall be deemed superseded or modified to conform with such law, rule
or regulation but in all other respects, this Agreement shall continue and
remain in full force and effect.

                                      -5-

<PAGE>

22.  BINDING EFFECT

     This Agreement shall be binding on and inure to the benefit of the parties
and their successors. UBS-S LLC shall have the right to transfer or assign this
Agreement (and thereby the Account) to any successor entity or to another
properly registered futures commission merchant in its sole and absolute
discretion and without then obtaining the consent of Customer. Customer hereby
expressly consents to any such transfer and assignment.

23.  ENTIRE AGREEMENT

     This Agreement contains the entire agreement between the parties and
supersedes any prior agreements between the parties as to the subject matter
hereof. No provision of this Agreement shall in any respect be waived, altered,
modified, or amended unless such waiver, alteration, modification or amendment
is signed by the party against whom such waiver, alteration, modification or
amendment is to be enforced.

24.  INSTRUCTIONS, NOTICES OR COMMUNICATIONS

     (a)   Except as specifically otherwise provided in this Agreement, all
instructions, notices or other communications may be oral or written. All oral
instructions, unless custom and usage of trade dictate otherwise, shall be
promptly confirmed in writing. All written instructions, notices or other
communications shall be addressed as follows:

     (i)   if to UBS-S LLC:

           UBS Securities LLC
           677 Washington Blvd
           Stamford, CT 06901
           Attn: Client Services Representative

     (ii)  if to Customer at the address as indicated on the New Account
           Information Form.

     (b)   All instructions, notices or other communications sent, whether by
mail, telex, facsimile transmission or otherwise, shall be deemed given when
deposited in the mail, or sent by telex or facsimile transmission or other
electronic means acceptable to the recipient thereof, and deemed delivered to
Customer personally, whether actually received by Customer or not. All
instructions, notices or other communications to UBS-S LLC shall be directed to
UBS-S LLC's office at the address listed above or such other addresses as UBS-S
LLC may hereafter direct to Customer in writing.

25.  RIGHTS AND REMEDIES CUMULATIVE

     All rights and remedies arising under this Agreement as amended and
modified from time to time are cumulative and not exclusive of any rights or
remedies which may be available at law or otherwise.

26.  NO WAIVER

     No failure on the part of UBS-S LLC to exercise, and no delay in
exercising, any contractual right will operate as a waiver thereof, nor will any
single or partial exercise by UBS-S LLC of any right preclude any other or
future exercise thereof or the exercise of any other partial right.

27.  GOVERNING LAW

     THE INTERPRETATION AND ENFORCEMENT OF THIS AGREEMENT AND THE RIGHTS,
OBLIGATIONS AND REMEDIES OF THE PARTIES SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF ILLINOIS, WITHOUT REGARD TO PRINCIPLES
OF CHOICE OF LAW.

28.  CONSENT TO JURISDICTION

     Any litigation between UBS-S LLC and Customer relating to this Agreement or
transactions hereunder shall take place in the Courts of the State of Illinois
located in Cook County or in the United States District Court for the Northern
District of Illinois, and the parties agree to submit to such exclusive
jurisdiction. Customer consents to the service of process by the mailing to
Customer of copies of such court filing by certified mail to the address of
Customer as it appears on the books and records of UBS-S LLC, such service to be
effective ten days after mailing. Customer hereby waives irrevocably any
immunity to which it might otherwise be entitled in any arbitration, action at
law, suit in equity or any other proceeding arising out of or based on this
Agreement or any transaction in connection herewith.

29.  WAIVER OF JURY TRIAL

     Customer hereby waives trial by jury in any action or proceeding arising
out of or relating to this Agreement or any transaction in connection herewith.

30.  ACCEPTANCE OF AGREEMENT

     This Agreement shall not be deemed to be accepted by UBS-S LLC or become a
binding contract between Customer and UBS-S LLC until

                                      -6-

<PAGE>

approved by a duly authorized officer of UBS-S LLC in writing.

31.  CUSTOMER ACKNOWLEDGEMENTS

     (a) CUSTOMER HEREBY ACKNOWLEDGES THAT IT HAS RECEIVED AND UNDERSTANDS THE
FOLLOWING DISCLOSURE STATEMENTS FURNISHED HEREWITH (check where applicable):

( )  Risk Disclosure Statement for Futures and Options

     (b) (The following must be completed by Customers who will engage in
transactions for hedging purposes only.) Customer has indicated on the New
Account Information Form that the Account is for hedging purposes. Customer
represents that it is familiar with CFTC and exchange laws, rules, regulations,
and advisories concerning hedging. Unless Customer specifically notifies UBS-S
LLC to the contrary in writing with respect to any transaction, all transactions
effected for the Account will be bona fide hedging transactions as described in
Section 4a of the Commodity Exchange Act, as amended, and Rule 1.3(z)
promulgated thereunder (a copy of which may be obtained from UBS-S LLC upon
request). As such, in accordance with CFTC Rule 190.06, Customer may specify
whether, in the unlikely event of UBS-S LLC's bankruptcy, Customer prefers that
the trustee liquidate open commodity contracts in the Account without seeking
Customer's instructions. Accordingly, in the event of UBS-S LLC's bankruptcy,
the trustee should (check one of the following):

( )  Attempt to contact Customer for instructions regarding the disposition of
open contracts in the Account.

( )  Liquidate open commodity contracts without seeking Customer's instructions.

This instruction may be changed at any time by written notice sent to UBS-S LLC.

32.  SERIES DISCLAIMER.

The parties hereto acknowledge and agree that the Customer is a wholly-owned
subsidiary of The Frontier Fund, a Delaware statutory trust (the " Trust") and
that the Trust is organized in series pursuant to Sections 3804(a) and
3806(b)(2) of the Delaware Statutory Trust Act. As such, the debts, liabilities,
obligations and expenses incurred, contracted for or otherwise existing with
respect to each series of the Trust shall be enforceable against the assets of
such series of the Trust only, and not against the assets of the Trust generally
or the assets of any other series of the Trust or against the Trustee of the
Trust. There may be several series of the Trust created pursuant to the
Declaration of Trust and Trust Agreement of the Trust.

                                      -7-

<PAGE>

     IN WITNESS WHEREOF, Customer has executed this Agreement on the date
indicated below.

__________________________________
("Customer")

<TABLE>
<S>                                 <C>                                 <C>
By:______________________________   _________________________________   ___________________
    Print Name and Title                Signature                                 Date

By:______________________________   _________________________________   ___________________
    Print Name and Title                Signature                                 Date

-------------------------------------------------------------------------------------------
ATTESTED BY:

By:______________________________   _________________________________   ___________________
    Print Name and Title                Signature                                 Date

-------------------------------------------------------------------------------------------

ACCEPTED BY UBS SECURITIES LLC

By:______________________________   _________________________________   ___________________
    Print Name and Title                Signature                                 Date

By:______________________________   _________________________________   ___________________
    Print Name and Title                Signature                                 Date
</TABLE>

                                      -8-

<PAGE>

                            CONSENT TO TRANSFER FUNDS

     The undersigned acknowledges that UBS-S LLC may, until it receives a
written notice of revocation with respect thereto, in its sole and absolute
discretion and without prior notice to the undersigned, transfer any funds,
securities, commodities, Contracts or other property from any account maintained
by the undersigned to any other account of the undersigned maintained by UBS-S
LLC or any of its affiliates. UBS-S LLC will promptly confirm in writing each
transfer of funds, securities, commodities, Contracts or other property pursuant
hereto. UBS-S LLC shall not be liable for making or failing to make any transfer
authorized hereby.

Signature:_________________________________       Signature:
Date:______________________________________       Date:
Name & Title - Please Print _______________       Name & Title - Please Print
     ______________________________________

                               CROSS TRADE CONSENT

     The undersigned consents to transactions whereby UBS-S LLC, its officers,
directors, employees or subsidiaries or other customers of UBS-S LLC or of the
servicing floor broker may be from time to time on the opposite side of orders
for physicals or for purchase or sale of futures contracts and option contracts
placed for the undersigned's Account in conformity with regulations of the
Commodity Futures Trading Commission and the by-laws, rules and regulations of
the contract market (and its clearing house, if any) on which such order is
executed.

Signature:_________________________________       Signature:
Date:______________________________________       Date:
Name & Title - Please Print _______________       Name & Title - Please Print
     ______________________________________

                                      -9-

<PAGE>

                POWER OF ATTORNEY LIMITED TO PURCHASES AND SALES
                              OF FUTURES CONTRACTS

The undersigned hereby authorizes ___________________________ (the "Advisor") as
his/her agent and attorney to buy, sell and trade in commodities and/or futures
contracts and options thereon, in accordance with UBS SECURITIES LLC ("UBS-S
LLC") terms and conditions for the undersigned's account and risk and in the
undersigned's name through UBS-S LLC as brokers. The undersigned hereby agrees
to indemnify and hold UBS-S LLC harmless from and to pay UBS-S LLC promptly on
demand any and all losses arising therefrom or debit balance due thereon. The
undersigned confirms it has received a copy of Advisor's Disclosure Document. If
not, the undersigned has attached a written explanation of the reason(s)
therefor.

In all such purchases, sales or trades UBS-S LLC is authorized to follow the
instructions of the Advisor in every respect concerning the undersigned's
account with UBS-S LLC; and the Advisor is authorized to act for the undersigned
and on the undersigned's behalf in the same manner and with the same force and
effect as the undersigned might or could do with respect to such purchases,
sales or trades as well as with respect to all other things necessary or
incidental to the furtherance or conduct of such purchases, sales or trades. The
undersigned understands that UBS-S LLC is in no way responsible for any loss to
the undersigned occasioned by the actions of the Advisor and that UBS-S LLC does
not, by implication or otherwise, endorse the operating methods of the Advisor.
The undersigned hereby ratifies and confirms any and all transactions with UBS-S
LLC heretofore or hereafter made by the Advisor for the undersigned's account.

This authorization and indemnity is in addition to (and in no way limits or
restricts) any rights which UBS-S LLC may have under any other agreement or
agreements between the undersigned and UBS-S LLC. This authorization and
indemnity is a continuing one and shall remain in full force and effect until
revoked by the undersigned by a written notice addressed to UBS-S LLC but such
revocation shall not affect any liability in any resulting transaction initiated
prior to such revocation. This authorization and indemnity shall inure to the
benefit of UBS-S LLC and any successors or assigns.

  ___________________________________   Signature: ___________________________
  (Name of Customer - Please Print)            Date: ___________________________
                                               Name & Title - Please Print _____
                                                ________________________________

                                      -10-

<PAGE>

                              ACCOUNT TRANSFER FORM

                                                           _____________________
                                                           Date

________________________________________
Current Broker Name

________________________________________
Address

________________________________________
City, State Zip Code

Attn: Account Transfers

Dear Sir:

Please be advised that I (we) wish to transfer all open positions and/or equity
in account number(s) _______________________________________________ maintained
at your firm to UBS SECURITIES LLC, 677 Washington Blvd, Stamford, CT 06901
effective on the close of business on ___________________________ . You are
hereby directed to immediately transfer all open positions in the account(s) and
to issue a check representing the net available cash to UBS SECURITIES LLC In
addition, all securities, certificates, warehouse receipts, etc. are to be
transferred immediately.

Please contact UBS SECURITIES LLC's account transfer department at (203)
719-5178 with any questions.

<TABLE>
<CAPTION>
<S>                                                <C>
INDIVIDUAL OR JOINT ACCOUNTS                           PARTNERSHIP ACCOUNTS

____________________________________________        ___________________________________________
Signature of Customer                               Signature of General Partner

____________________________________________        ___________________________________________
Printed Name                                        Printed Name

____________________________________________        ___________________________________________
Signature of Customer                               Signature of General Partner

____________________________________________        ___________________________________________
Printed Name                                        Printed Name

CORPORATE ACCOUNTS                                     TRUST ACCOUNTS

____________________________________________        ___________________________________________
Account Name                                        Account Name

____________________________________________        ___________________________________________
Signature of Authorized Officer                     Signature of Trustee

____________________________________________        ___________________________________________
Printed Name                                        Printed Name
</TABLE>

                                      -11-

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