Document:

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                                                                    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

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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,

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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 may be terminated at any time by Customer or UBS-S LLC by
written notice to the other; 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. In the event of such notice, Customer shall
either close out open positions in the Account or arrange for such open
positions to be transferred to another futures commission merchant. Upon
satisfaction by Customer of all of Customer's Liabilities, UBS-S LLC shall
transfer to another futures commission merchant all Contracts, if any, then held
for the Account, and shall transfer to Customer or to another futures commission
merchant, as Customer may instruct, all cash, securities and other property held
in the Account, whereupon this Agreement shall terminate.

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

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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-<PAGE>

[Logo of Bank of America]
Banc of America Futures, Incorporated
A Bank of America Company
                                                                   Exhibit 10.21

                               Customer Agreement

In consideration of Banc of America Futures, Incorporated ("Broker") agreeing to
carry one or more electronic accounts ("Account(s)") for the undersigned
("Customer") and provide services to Customer in connection with the purchase
and sale of cash commodities, commodity futures contracts, options on cash
commodities, options on futures contracts, forward or leverage contracts and any
similar instruments ("Commodities") which may be purchased or sold by or through
Broker for Customer's Account(s), Customer agrees and represents that:

1. Broker authorization. Customer authorizes Broker to purchase and sell
Commodities, as either agent or principal, for Customer's Account(s) in
accordance with the oral or written instructions of Customer or persons
authorized in writing to act on Customer's behalf. All such instructions must
contain sufficient information to permit Broker to execute orders without the
exercise of discretion. 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 law, rule or regulation. Unless Customer specifies to the contrary,
Broker is authorized to execute all orders on any contract market, exchange,
board of trade or other market where such business is conducted which may be
deemed by Broker, in its sole and absolute discretion, to be appropriate.
Customer further authorizes Broker to employ clearing members (including,
without limitation, on exchanges where Broker is not a member), floor brokers
and other agents in connection with the execution, carrying, clearance, delivery
and settlement of any such purchases and sales of Commodities. Neither Broker
nor any managing director, officer, employee or affiliate of Broker will act as
a fiduciary, commodity pool operator, commodity trading advisor or investment
adviser in respect of Customer's Account(s) nor shall Broker have any
responsibility for compliance with any law or regulation governing the conduct
of fiduciaries, commodity pool operators, commodity trading advisors or
investment advisers.

2. Broker's responsibility. Broker will attempt to execute all orders which it
may, in its sole discretion, choose to accept for the purchase or sale of
Commodities in accordance with the oral or written instructions of the Customer.
Broker's purchase and sale of Commodities for Customer's Account(s) shall be
subject to the terms of this Agreement and to the constitution, bylaws, rules,
regulations, rulings of relevant exchanges or clearing houses, and to all
applicable governmental laws and regulations (collectively, "Rules of Law"),
including without limitation, any Rules of Law relating to the conduct of
Broker's futures trading business and Broker's status as a subsidiary of a
United States bank holding company; provided however, that Customer shall not be
relieved of any obligation hereunder by reason of Broker's failure to comply
with any of the foregoing; and provided further that Customer shall be granted
no rights under any Rules of Law solely as a consequence of having executed this
Agreement.

3. Margin. Customer, without notice or demand, shall deposit and continuously
maintain in Customer's Account(s) sufficient funds to comply with any and all
margin requirements established by Broker, in its sole and absolute discretion,
or if none has been established by Broker, to comply with all applicable
exchange or legally imposed margin requirements. Customer acknowledges and
agrees that margins required by Broker may exceed the minimum legally imposed or
exchange margin requirements and may be increased or decreased from time to time
at the sole discretion of Broker, without advance notice to Customer. No
previous margin requirement shall establish any precedent nor shall Broker be
bound by any such previous margin requirement. If requested by Broker, all
margin deposits shall be made immediately by bank wire transfer, and Customer
shall provide Broker with any information requested by Broker to confirm such
transfers. Broker shall not be liable to Customer for the loss of any margin
deposits which results, directly or indirectly, from the bankruptcy, insolvency,
liquidation, receivership, custodianship, or assignment for the benefit of
creditors of any bank, clearing broker, exchange, clearing organization or other
entity.

                                       1

<PAGE>

[Logo of Bank of America]
Banc of America Futures, Incorporated
A Bank of America Company

4. Position limits. Broker shall have the right to limit the size of any
positions (net or gross) of Customer with respect to Customer's Account(s) and
to refuse to accept orders to establish new positions. Customer shall not,
either acting alone or in combination with others, exceed any position limits
established under any Rules of Law unless Customer has obtained an exemption
from such limits and Broker has been provided with a copy thereof. Customer will
provide Broker with copies of any and all reports filed by Customer with any
regulatory or self-regulatory authorities regarding positions in Commodities
contracts held or controlled by Customer or held or controlled by any other
person on behalf of Customer.

5. Commissions and charges. Customer agrees to pay Broker on demand; (a)
brokerage and commission charges and service fees at Broker's rates as in effect
from time to time ( whether or not other customers of Broker pay different
commissions or charges); (b) separate commissions, at Broker's rates in effect
from time to time upon the exercise or offset of a Commodity option; (c) any
fees, fines, penalties or other charges imposed on any transaction undertaken
for Customer by the exchange or clearing organization through which it is
executed and any fee or tax imposed on such transactions by any competent
authority or self-regulatory organization; (d) the amount of any trading loss
that may result from transactions in Customer's Account(s); interest and service
charges on any Customer deficit balances or on any other amounts due from
Customer at Bank of America N A's then prevailing reference rate plus one
percent together with Broker's costs and reasonable attorney's fees incurred in
collecting any such deficit.

6. Liquidation instructions/delivery. Customer shall provide Broker with
liquidating instructions on open futures positions in expiring contracts five
(5) business days prior to the last trading day or, alternatively, Customer
shall provide to Broker sufficient funds to take delivery or necessary delivery
documents by such deadline. If Customer fails to provide such instructions,
funds or documents by such deadline, Broker may, in its sole discretion, at any
time during the five-day period prior to the last trading day, without notice,
liquidate Customer's position or make or receive delivery on Customer's behalf
upon such terms and conditions as Broker deems advisable, and neither Broker's
exercise of such discretion or its timing shall impose any liability on Broker
or create a defense for Customer against any liability to Broker. If Broker
elects to make delivery on Customer's behalf, Customer authorizes Broker, in its
sole discretion, to borrow or purchase and deliver the necessary delivery
documents. Customer shall guarantee and hold Broker harmless against any costs,
losses, damages or premiums it may incur in making such delivery or may sustain
from its inability to borrow or purchase the necessary contracts and deliver the
necessary delivery documents. In the event Broker takes delivery of any property
for Customer's Account(s), Customer agrees to pay all delivery, storage,
insurance, interest and related charges, and to guarantee and hold Broker
harmless against any loss Broker may suffer directly or indirectly, from a
decline in the value of such property. Customer expressly acknowledges that,
particularly in volatile markets, the making or accepting of delivery may
involve a higher degree of risk than liquidating a position by offset.

7. Maintenance of offsetting positions. It is understood and agreed that Broker
shall liquidate any Commodities contracts for which an offsetting order is
entered by Customer, unless Customer instructs Broker not to liquidate such
Commodities contracts and to maintain the offsetting Commodities contracts as
open positions, provided, however, that Broker shall not be obligated to comply
with any such instructions given by Customer if Customer fails to provide Broker
with any representations, documentation or information reasonably requested by
Broker or if, in Broker's reasonable judgment, any failure to liquidate such
offsetting Commodities contracts against each other would result in a violation
of any Rules of Law.

                                       2

<PAGE>

[Logo of Bank of America]
Banc of America Futures, Incorporated
A Bank of America Company

8. Options and provisions

a.   Customer understands that

i.     all short options positions are subject to assignment at any time during
the life of the option, including positions established on the same day that
exercise notices are assigned;
ii.    exercise assignment notices shall be allocated randomly from among all
Customers' short options positions which are subject to exercise, and
iii.   such assignment will automatically result in a commodity futures contract
in Customer's Account(s). Any such future contract shall be subject to
additional margin as may be required with respect to such resulting futures
contract position.

b.   Customer understands that some exchanges and clearing houses have
     established cutoff times for the tender of exercise instructions and that
     an option will become worthless if instructions are not delivered before
     such expiration time. Customer also understands that certain exchanges and
     clearing houses automatically will exercise some "in-the-money" options
     unless instructed otherwise. Customer acknowledges full responsibility for
     taking action either to exercise or to prevent the exercise of an option
     contract. Broker is not required to take any action with respect to an
     option contract, including without limitation any action either to exercise
     a valuable option prior to its expiration date or to prevent the automatic
     exercise of an option, except upon Customer's express instructions. In the
     event that Customer's offset, exercise or closeout instructions cannot be
     executed under prevailing market conditions, Broker may, without notice or
     demand, offset, closeout, abandon or exercise the option and dispose of the
     commodity futures contract created by any such exercise upon any terms and
     by any method which it deems reasonable in its sole discretion.

9. Security interest

a.   All monies, securities, financial instruments, futures contracts, options,
     precious metals or other property (collectively, the "Collateral")
     maintained in the Customer's Account(s) or held for the benefit of the
     Customer by Broker or any of its affiliates, by any clearing house through
     which transactions are executed and/or positions are held by Broker or any
     of its affiliates, on behalf of Customer, now or at any future time, hereby
     are pledged to Broker and shall be subject to a general lien and security
     interest in Broker's favor to secure any and all indebtedness at any time
     owing from Customer to Broker. Customer agrees to take such actions and to
     execute and deliver such documents as Broker may reasonably require from
     time to time to perfect the lien and security interest granted hereunder.

b.   Customer authorizes Broker to borrow, pledge, repledge, hypothecate,
     rehypothecate, loan or invest any such Collateral without notice to
     Customer, whenever Broker deems it necessary or advisable for its
     protection. The rights of Broker set forth above shall be qualified by any
     applicable Rules of Law requiring the segregation of Customer's property.

                                       3

<PAGE>

[Logo of Bank of America]
Banc of America Futures, Incorporated
A Bank of America Company

10. Customer's events of default; Broker's remedies. In the event that:

a.   Customer commences a voluntary proceeding, or an involuntary proceeding is
     commenced against the Customer, under any applicable bankruptcy, insolvency
     or other similar law now or hereafter in effect, or a receiver, liquidator,
     trustee, custodian, sequestrator, or other similar official is appointed or
     takes possession (before or after the commencement of any such voluntary or
     involuntary case) of Customer or of any substantial part of the property of
     Customer, or Customer is insolvent, makes any general assignment for the
     benefit of creditors, or fails generally to pay debts as they become due,
     or any similar event shall occur;

b.   Customer shall take any corporate or other action to effect a dissolution,
     liquidation, reorganization, winding up of its affairs or similar event;

c.   Customer's Account(s) is being attached or garnished or Broker receives
     notice of such attachment or garnishment;

d.   Customer shall fail or refuse to pay margin or any other sum as and when
     pursuant to this Agreement or shall breach or default in the performance of
     any other obligation of Customer under this Agreement;

e.   Broker determines, acting in good faith that it is necessary or appropriate
     for any other reason, with or without regard to market quotations, that any
     Collateral or margins deposited with Broker to secure any Customer
     Account(s) is inadequate; then, and in any such event, Broker may at its
     election (in addition to any other rights or remedies it may have at law,
     in equity, under this Agreement or otherwise):

i.     sell, exercise, offset or otherwise liquidate any or all property long in
any Customer Account(s) with Broker or any affiliate of Broker; or clearinghouse
on which contracts are traded, and/or
ii.    buy in, offset or otherwise liquidate any or all property short in any
Customer Account(s) with Broker or any affiliate of Broker; or clearinghouse on
which contracts are traded, and/or
iii.   buy or sell property to enter into and liquidate straddle or spread
positions with respect to any property long or short in any Customer Account(s)
with Broker or any affiliate of Broker; or clearinghouse on which contracts are
traded, and/or
iv.    cancel any outstanding orders, close out any or all outstanding
contracts, close any Customer Account(s) with Broker or any affiliate, sell, set
off against or otherwise dispose of any property of Customer in the custody or
control of Broker or an affiliate of Broker (whether held as margin, or for
safekeeping or otherwise) and satisfy any obligation Customer may have to Broker
or an affiliate of Broker (either directly or by way of guarantee or suretyship)
out of any such property or the proceeds from the sale or other disposition
thereof; and/or
v.     exercise all rights and remedies of a secured party under the Uniform
Commercial Code and under other applicable law.
Any action referred to herein may be taken without notice to Customer. In all
cases, a prior demand, call or notice of the time or place of sale or purchase
shall not be considered a waiver of Broker's right to sell or to buy without
demand, call or notice as herein provided. Any purchase, sale, offset or
liquidation of property may be made according to Broker's judgment and in acting
in good faith in a commercially reasonable manner on any exchange, other
recognized electronic market, through a clearing house, at public auction, by
private transaction, or elsewhere as Broker deems appropriate. In the event that
the property held and applied by Broker pursuant to this Agreement is
insufficient for the payment in full of all liabilities of Customer due to
Broker and any affiliates of Broker, Customer shall remain liable for and shall
promptly pay the deficit upon demand, together with interest thereon and all
costs of collection incurred by Broker in collecting any sums owed hereunder and
any cost incurred in successfully defending against

                                       4

<PAGE>

[Logo of Bank of America]
Banc of America Futures, Incorporated
A Bank of America Company

any claims asserted by Customer, including, without limitation, interest and
expenses (including reasonable attorney's fees).

11. Communications

a.     All communications, reports, statements, monies, securities, Commodities
       and other property shall be mailed or otherwise transmitted to Customer
       at Customer's Account(s) mailing address shown on the Customer Account(s)
       Application or to such other address as Customer may designate in
       writing. All communications so sent, by whatever method, shall be deemed
       received by Customer personally at the time so sent whether actually
       received;

b.     no statement of account rendered by Broker to Customer may be objected to
       by Customer, unless Customer objects to Broker in writing within ten (10)
       business days. If Customer fails to object, Customer will be deemed to
       have adopted and ratified all transactions reflected on such
       communications, and to have waived any rights to have such transactions
       removed from Customer's Account(s);

c.     margin calls may not be objected to by Customer unless objected to
       immediately by telephone or wire; and (d) Customer shall provide to
       Broker any information requested by Broker pursuant to any applicable
       Rules of Law.

12. Market recommendations and information. Customer agrees that:

a.     any market recommendations or information communicated to Customer by
       Broker, although based upon information obtained from sources believed by
       Broker to be reliable, are opinions only and may be inaccurate,
       incomplete and unverified; and

b.     Broker makes no representation, warranty or guarantee as to, and shall
       not be responsible for the accuracy or completeness of, or Customer's
       reliance upon, any such recommendations or information. Customer agrees
       that Broker, its affiliates or representatives, may have a position in
       and may intend to buy or sell Commodities which are the subject of market
       recommendations furnished to Customer, and that the market position of
       Broker or any such affiliate or representative may or may not be
       consistent with the recommendations furnished to Customer by Broker.

13. Foreign exchange rates. Sums paid to Broker by way of margin and otherwise
("Margin Accounts") shall be paid in the currency that Broker, in its sole and
absolute discretion, shall require. Any risk or cost resulting from conversion
between currencies with respect to Customer's Account(s) or with respect to any
Margin Accounts shall be borne by Customer. Broker shall debit or credit
Customer's Account(s) or Margin Accounts as Broker shall determine for such
conversions in the currency in which Customer's Account(s) or any such Margin
Accounts are maintained at rates of exchange determined by Broker, in its sole
and absolute discretion, on the basis of then prevailing money markets.

14. Credit. Customer authorizes Broker, its affiliates and its or their agents
to investigate Customer's credit standing and in connection therewith to contact
such banks, financial institutions and credit agencies as Broker shall deem
appropriate to verify information regarding Customer. Customer acknowledges that
Bank of America NA is an agent of Broker for such credit analysis. Customer
hereby consents to Bank of America NA as agent, sharing credit and other
information concerning Customer with Broker. Customer further consents to Broker
sharing credit and other information concerning Customer with its parent and
affiliated companies.

15. Recordings. Customer acknowledges, authorizes and consents to the electronic
recording of Customer's telephone conversations with Broker or any of its agents
or associated persons, on tape or otherwise, with or without the use of an
automatic tone warning device. Customer further agrees to the admissibility into
evidence and the use of such recordings and transcripts thereof as evidence by
either

                                       5

<PAGE>

[Logo of Bank of America]
Banc of America Futures, Incorporated
A Bank of America Company

party in any dispute between Broker and Customer. Broker shall not be required
to maintain copies of such recordings and transcripts.

16. Cross-trade authorization. Customer consents to transactions whereby Broker,
its directors, officers, employees, affiliates or floor brokers may become the
buyer to Customer's sell order or the seller to Customer's buy order, provided
that such transactions are made in compliance with any applicable Rules of Law,
contract market, exchange, board of trade or other market that, from time to
time, adopts rules requiring Customer's authorization for such transactions.

17. Deleted per your request.

18. Customer representations and warranties. Customer represents and warrants
that:

a.     Customer is duly organized, validly existing and in good standing in all
       jurisdictions when failure to be empowered as described above would have
       a material adverse effect;

b.     Customer has full power, right and authority to enter into this Agreement
       and to effectuate transactions in futures contracts and options as
       contemplated hereby;

c.     the agent signing this Agreement is authorized and duly empowered to do
       so on behalf of Customer;

d.     the statements contained on Customer's Account Application (including any
       financial statement submitted therewith) are true and correct to the best
       of the Customer's knowledge;

e.     no person or entity has any interest in or control of the Customer's
       Account(s) to which this Agreement pertains except as disclosed herein;

f.     no person with any interest in the Customer's Account(s) is an officer,
       director, partner or employee of any commodity exchange, commodity
       self-regulatory organization or member firm of any such exchange or
       self-regulatory organization; and

g.     Customer shall promptly notify Broker in writing if any of the above
       representations shall materially change or cease to be true and correct.

If more than one person or entity owns an interest in the Customer's Account(s)
to which this Agreement pertains, all such persons and entities shall execute
this Agreement and each shall be deemed to be the Customer.

19. Customer Acknowledgements. Customer acknowledges the following:

a.     a contract market, exchange, board of trade or other market may, from
       time to time, subject Customer to affirmative reporting obligations;

b.     Broker does not permit its Account Executives to either exercise
       discretion or manage a commodity account, or hold a power of attorney
       over a commodity account;

c.     Broker is a separate and independent corporate entity, distinct from its
       affiliates;

d.     Broker may purchase and sell futures contracts for its affiliates without
       limitation or restriction; and

e.     Customer's opening and maintaining Account(s) with Broker does not in any
       way affect the providing of credit to Customer by Bank of America NA or
       any other affiliate of Broker.

                                       6

<PAGE>

[Logo of Bank of America]
Banc of America Futures, Incorporated
A Bank of America Company

20. Limitation of Liability and Indemnification. Broker shall not be responsible
for any loss or damage caused, directly or indirectly, from any delays or
inaccuracies in the transmission of orders or other information due to a
breakdown in or failure of any transmission or communication facility or any
other cause beyond Broker's control. Customer will not hold Broker responsible
for any losses incurred through following Broker's trading recommendations or
suggestions. Broker shall not be liable for any loss, cost, expense or damage to
Customer other than as a- result of Broker's gross negligence, willful
misconduct or fraud. Customer agrees that Broker will not be liable for
consequential, incidental or special damages unless due to the Broker's gross
negligence, willful misconduct or fraud. In no event shall Broker be liable for
the acts of any person other than Broker and its employees. Broker is not acting
as a fiduciary of the Customer and shall have no responsibility for compliance
with -any law or regulation governing the conduct of fiduciaries. In the event
Broker is made a party to any claim, dispute or litigation or otherwise incurs
any loss or expense in connection with Customer's obligations arising from this
Agreement, Customer hereby agrees to pay, indemnify and hold Broker harmless
from and against any and all loss, liability, damage, cost or expense incurred
(including, without limitation, Broker's reasonable attorneys fees).

21. Miscellaneous provisions

a.     This Agreement, including all authorizations, shall be binding on and
       inure to the benefit of Broker, its successors and assigns and shall be
       binding on and inure to the benefit of Customer and Customer's legal
       representatives, executors, trustees, administrators, successors and
       assigns.

b.     If any provision or condition of this Agreement shall be held to be
       invalid or unenforceable by any court or any regulatory or
       self-regulatory authority, such invalidity or unenforceability shall
       attach only to such provision or condition. The validity of the remaining
       provisions and conditions of this Agreement shall not be affected thereby
       and this Agreement shall be carried out as if such invalid or
       unenforceable provision or condition were not contained herein.

c.     No amendment to this Agreement shall be effective unless in writing and
       signed by both Customer and a properly authorized executive officer of
       Broker. This instrument contains the entire Agreement of the parties,
       superseding any and all prior agreements and there are no other terms,
       conditions or obligations other than those contained herein.

d.     Customer shall immediately notify Broker in writing of any intent on the
       part of Customer to dissolve or of any amendments to its corporate
       resolution(s) affecting its ability to act under this Agreement or to
       trade Commodities.

e.     Except as otherwise provided in this section, the Broker agrees to
       maintain the confidentiality of all information in connection with this
       Agreement or other information respecting the Customer and/or its
       accounts and business with the Broker, provided to the Broker by the
       Customer or otherwise known to the Broker ("Customer Information"). The
       Customer acknowledges and agrees that the Broker may disclose from time
       to time Customer Information to other offices and branches of the Broker
       and to the Broker's subsidiaries and affiliates. The Customer further
       consents to the disclosure of Customer Information by the Broker, or any
       such subsidiary or affiliate of the Broker

       i.     at the request of any governmental, regulatory or other similar
              agency or authority having jurisdiction over the Broker or such
              subsidiary or affiliate,

       ii.    pursuant to subpoena or other court process, or to the extent
              required in connection with any litigation between such Broker,
              subsidiary or affiliate and the Customer, provided that such
              disclosure is subject to an appropriate protective order if such
              protective order is available, and (iii) when otherwise required
              to do so in accordance with applicable law.

f.     "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,

                                       7

<PAGE>

[Logo of Bank of America]
Banc of America Futures, Incorporated
A Bank of America Company

liabilities, obligations and expenses incurred, contracted for or otherwise
existing with respect to each series of the Trust shall be enforceable against
the assets 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 Agreement of the Trust."

22. Term. This Agreement shall be retroactive and shall apply to any transaction
which may have been previously entered into for Customer's Account(s). Either
party may cancel this Agreement by notifying the other party in writing of its
desire to do so, but all of the rights, duties and obligations of the parties
hereunder relating to transactions effected prior to cancellation shall survive
cancellation.

This agreement is not exclusive and runs for successive one-year terms to be
renewed automatically each year unless terminated. This Agreement is terminable
by the Customer or the Banc of America Futures, Incorporated without penalty
upon (60) day's prior written notice.

23. Governing law and jurisdiction. This Agreement and its enforcement shall be
governed by the laws of the State of Illinois, U.S.A., including construction,
validity, performance and enforcement, without regard to principles of choice of
law.

24. Consent to jurisdiction and service of process. If Customer determines not
to enter into arbitration under the separate arbitration agreement or
arbitration is denied because the controversy is not arbitrable, the following
shall apply:

a.     in any action or proceeding on or in connection with this Agreement, or
       alleged breach thereof or default thereunder, the Customer hereby submits
       and agrees to the jurisdiction and venue of the federal, state and local
       courts in the City of Chicago, waives any and all objections to personal
       jurisdiction within such City and agrees that process may be served on
       Customer in any such action or proceeding by United States registered
       mail directed to Customer at the address referred to in the Customer
       Account Application in accordance with the provisions of any law or rule
       applicable to the court in which such action or proceeding is brought
       with respect to service of process on nonresidents;

b.     in the event that Customer is not domiciled in the United States, such
       Customer hereby appoints and designates Broker as Customer's true and
       lawful attorney-in-fact and duly authorized agent for service of legal
       process, and agrees that service of process upon Broker shall constitute
       personal service of process upon such Customer; provided that Broker
       shall within seven (7) business days after receipt of any such process,
       forward the same by certified or registered mail to the address of such
       Customer as it appears herein; and

c.     Customer hereby waives trial by jury in any such action or proceeding.

25. Notices. Except as otherwise expressly provided in this Agreement, all
instructions, notices or other communications may be oral or written. All
written instructions, notices or other communications shall be sent to a party
at its address as last supplied to the other party.

26. Acceptance of agreement. This Agreement becomes effective only upon
acceptance and execution by an authorized officer of Broker.

27. Signature and additional provisions. Customer agrees to be bound by all
provisions of this Agreement and the applicable account provisions classified
hereunder.

                                       8

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