Document:

exv10w4

EXHIBIT 10.4

The Global Trend Series (GLD), a series of Campbell Global Trend Fund, LP.

 

Futures Account Agreement

 

 

Thank you for your interest in opening a futures trading account with Newedge USA, LLC

This package includes the agreements and forms necessary to establish a futures trading account
as well as certain documentation which may, at your discretion, be completed by you to allow
specific types of trading activities. Included is a set of Disclosure Statements required by
different exchanges and regulators for certain types of activities. You should review these
statements to understand some of the risks of trading and be aware of how your rights in certain
markets might be limited. These Statements should be kept by you and copies should be distributed
to the relevant parties within your organization.

In addition to the attached documents, specific legal and financial information may be required
from you prior to approving a new account.

Employees of banks and brokerage firms will be asked to submit an Employee Consent Letter.

If your account will be traded by a party other than yourself under a Power of Attorney, additional
documentation will be required prior to the start of trading.

Hedge clients must be sure to complete the Hedge Election section on page 15 of the Futures Account
Agreement.

Encl: Futures Account Agreement

          Newedge USA, LLC Disclosure Documents

 

 

NEWEDGE USA, LLC

FUTURES ACCOUNT AGREEMENT

In consideration of the acceptance by Newedge USA, LLC (“Newedge”) of one or more accounts of the
undersigned (“Customer”) (if more than one account is at any time opened or reopened with Newedge,
all are covered by this Agreement and are referred to individually and collectively as the
“Account”), and Newedge’s agreement to act as broker, directly or indirectly, or as dealer, for the
execution, clearance and/or carrying of transactions for the purchase and sale of commodity
interests, including commodities, spot and forward contracts, commodity futures contracts, options
on commodity futures contracts, security futures product contracts, and transactions involving the
exchange of futures for cash commodities or the exchange of futures in connection with cash
commodity transactions, Newedge and Customer agree as follows:

	1	 	APPLICABLE RULES AND REGULATIONS
	 
	 	 	The Account and each transaction therein shall be subject to the terms of this Agreement and
to (a) all applicable laws and the regulations, rules and orders (collectively
“regulations”) of all regulatory and self-regulatory organizations having jurisdiction and
(b) the constitution, by-laws, rules, regulations, orders, resolutions, interpretations and
customs and usages (collectively “rules”) of the market and any associated clearing
organization or clearing house (each an “exchange”) on or subject to the rules of which such
transaction is executed and/or cleared. The reference in the preceding sentence to exchange
rules is solely for Newedge’s protection and Newedge’s failure to comply therewith shall not
constitute a breach of this Agreement or relieve Customer of any obligation or
responsibility under this Agreement. Newedge shall not be liable to Customer as a result of
any action or omission by Newedge, its officers, directors, employees or agents to comply
with any exchange rule.
	 
	2	 	PAYMENTS TO NEWEDGE
	 
	 	 	Customer agrees to pay to Newedge immediately on request (a) commissions, give-up charges,
fees and service charges as are in effect from time to time for the Customer, together with
all applicable regulatory and self-regulatory organization and exchange fees, charges,
including all such fees, charges or costs assessed against Newedge with respect to any
equity securities of Customer deposited for margin obligations, and taxes;
(b) the amount of any debit balance or any other liability that may result from transactions
executed for the Account; and (c) interest on such debit balance or liability at the
prevailing rate charged by Newedge at the time such debit balance or liability arises and
service charges on any such debit balance or liability together with any reasonable
attorneys’ fees and costs incurred in collecting any such debit balance or liability.
Customer understands that most of the payment obligations enumerated in subsection (a) above
are automatically charged against its Account after each transaction. Customer acknowledges
that Newedge may charge commissions at other rates to other customers.
	 
	3	 	CUSTOMER’S DUTY TO MAINTAIN ADEQUATE MARGIN
	 
	 	 	Customer shall at all times maintain adequate margin (also known as “performance bond”) in
the Account so as continually to meet the original and maintenance margin requirements
established by Newedge for Customer. Newedge may change such requirements from time to time
at Newedge’s discretion upon notice to Customer. Such margin requirements may exceed the
margin requirements set by any exchange or other regulatory authority and may vary from
Newedge’s requirements for other customers.

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	 	 	Customer agrees, when so requested, orally or by written notice, on the business day it is
received, unless sooner required by Newedge for an intraday requirement, to wire transfer (by the
Fed wire system to the account of Newedge) margin funds, and to furnish Newedge with names of bank
officers for immediate verification of such transfers. Customer acknowledges and agrees that
Newedge may receive and retain as its own any interest, increment, profit, gain or benefit,
directly or indirectly, accruing from any of the funds Newedge receives from Customer.

	4	 	DELIVERY; OPTION EXERCISE, ASSIGNMENT AND EXPIRATION

	 	A.	 	Delivery. If Customer desires to make or take delivery under a commodity interest
contract, Customer agrees to give Newedge timely notice of such intent for open positions
maturing in a current delivery month according to applicable rules and regulations of the
exchange or clearing house and Newedge’s instructions. Sufficient funds to take delivery
or the necessary delivery documents must be delivered by Customer to Newedge
according to Newedge’s instructions. If funds, documents or Customer’s intentions with
respect to delivery are not received, Newedge may, without notice, either liquidate
Customer’s position or make or receive delivery on behalf of Customer upon such terms
and by such methods as Newedge reasonably determines. Customer understands that
Newedge may, upon prior notice to Customer, establish cut-off times for timely notification
that may be earlier than the times established by the applicable rules and regulations of the
exchanges or clearing houses to ensure that Newedge complies with such rules and
regulations. If Customer desires to make or take delivery of a security futures product,
Customer agrees to open a securities account pursuant to Newedge’s Securities and
Options Account Agreement to effect such delivery.
	 
	 	 	 	If, at any time, Customer fails to deliver to Newedge any property previously sold by Newedge
on Customer’s behalf in compliance with commodity interest contracts, or Newedge shall deem it
necessary (whether by reason of the requirements of any exchange, clearing house or otherwise)
to replace any securities, commodity interest contracts, financial instruments, or other
property previously delivered by Newedge for the Account of Customer with other property of
like or equivalent kind or amount, Customer hereby authorizes Newedge to borrow or to buy any
property necessary to make delivery thereof, or to replace any such property previously
delivered, or to deliver the same to such other party or to whom delivery is to be made.
Newedge may subsequently repay any borrowing or purchase thereof with property purchased or
otherwise acquired for the Account of Customer. Customer shall pay Newedge for any actual
costs, losses and damages from the foregoing, including, but not limited to, consequential
damages, penalties and fines that Newedge may incur or that Newedge may sustain from its
inability to borrow or buy any such property.
	 
	 	B.	 	Option Exercise, Assignment and Expiration. Customer agrees to give Newedge timely
notice if Customer intends to exercise or abandon an option contract according to the rules
and regulations of the exchanges or clearing houses. Customer understands that most
exchanges and clearing houses have established cut-off times for the tender of exercise or
abandonment 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 will automatically 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, as the case may be, and

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	 	 	 	Newedge is not required to take any action with respect to an option contract,
including without limitation any action to exercise an option prior to its expiration
date, or to prevent the automatic exercise of an option, except upon Customer’s
express instructions. Customer further understands that Newedge may, upon prior notice
to Customer, establish exercise instruction cut-off times that may be earlier than the
times established by the applicable rules and regulations of the exchanges and
clearing houses to ensure that Newedge complies with such rules and regulations.
	 
	 	 	 	Customer understands that (a) all short option positions are subject to assignment at
any time, including positions established on the same day that exercises are assigned,
and (b) exercised assignment notices are allocated in a manner that has been approved
by the applicable exchange or clearing house from among all Newedge customers’ short
options positions that are subject to assignment.

	5	 	FOREIGN CURRENCY
	 
	 	 	If Newedge enters into any transaction for Customer effected in a currency other than U.S.
dollars: (a) any profit or loss caused by changes in the rate of exchange for such currency
shall be for Customer’s Account and risk and (b) unless another currency is designated in
Newedge’s confirmation of such transaction, all margin for such transaction and the profit
or loss on the liquidation of such transaction shall be in U.S. dollars at a rate of
exchange determined by Newedge on the basis of then prevailing market rates of exchange for
such foreign currency.
	 
	6	 	NEWEDGE MAY LIMIT POSITIONS HELD
	 
	 	 	Customer agrees that Newedge, upon notice to Customer, may limit the number of open
positions (net or gross) that Customer may execute, clear and/or carry with or acquire
through it. Customer agrees (a) not to make any trade that would have the effect of
exceeding such limits, (b) that Newedge may require Customer to reduce open positions
carried with Newedge and (c) that Newedge may refuse to accept orders to establish new
positions. Newedge may impose and enforce such limits, reduction or refusal whether or not
they are required by applicable law, regulations or rules. Customer shall comply with all
position limits established by any regulatory or self-regulatory organization or any
exchange. In addition, Customer agrees to notify Newedge promptly if Customer is required to
file position reports with any regulatory or self-regulatory organization or with any
exchange.
	 
	7	 	NO WARRANTY AS TO INFORMATION OR RECOMMENDATION
	 
	 	 	Customer acknowledges that:

	 	(a)	 	Any market recommendations and information Newedge may communicate to Customer,
although based upon information obtained from sources believed by Newedge to be
reliable, may be incomplete and not subject to verification;
	 
	 	(b)	 	Newedge makes no representation, warranty or guarantee as to, and shall not be
responsible for, the accuracy or completeness of any information or trading
recommendation furnished to customer;
	 
	 	(c)	 	Recommendations to Customer as to any particular transaction at any given time
may differ among Newedge’s personnel due to diversity in analysis of fundamental and
technical factors and may vary from any standard recommendation made by Newedge in its
research reports or otherwise; and

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	 	(d)	 	Newedge has no obligation or responsibility to update any market recommendations, research or
information it communicates to Customer.
	 
	 	Customer understands that Newedge and its officers, directors, affiliates, stockholders,
representatives or associated persons may have positions in and may intend to buy or sell commodity
interests that are the subject of market recommendations furnished to Customer, and that the market
positions of Newedge or any such officer, director, affiliate, stockholder, representative or
associated person may or may not be consistent with the recommendations furnished to Customer by
Newedge.

	8	 	LIMITS ON NEWEDGE DUTIES; LIABILITY
	 
	 	 	Customer acknowledges that:

	 	(a)	 	That Newedge has no duty to apprise Customer of news or of the value of any commodity
interests or collateral pledged or in any way to advise Customer with respect to the market;
	 
	 	(b)	 	That the commissions, which Newedge receives, are consideration solely for the execution,
clearing, carrying and reporting of Customer’s trades;
	 
	 	(c)	 	If there is an Account Manager, an Account Manager’s Agreement for the Account Manager will
be provided to Newedge. The Account Manager specified therein is authorized to exercise
discretion and to act on behalf of Customer with respect to the Account.

	 	(1)	 	Account Manager is duly organized, empowered and authorized to make the
representations set forth in Section 17 hereof as if the Account Manager were
substituted for the term Customer therein.
	 
	 	(2)	 	Account Manager shall direct Customer to take such action in respect of the
Account as is required of Customer under this Agreement or under the rules and
regulations.
	 
	 	(3)	 	Customer agrees that (1) Account Manager is authorized to act on Customer’s
behalf with respect to the Account, including the authority to select and authorize the
payment of executing brokers, and to receive and give communications, instructions and
authorizations; and (2) any right of Newedge arising in connection with this Agreement
is enforceable against all of Customer’s assets, notwithstanding that Account Manager
may exercise discretion over less than all of the assets of Customer.
	 
	 	(4)	 	Account Manager represents that it has provided to Customer and Customer
represents it has received: (1) a disclosure document concerning such Account Manager’s
trading advice, including, in the event the Account Manager will trade options, the
options strategies to be utilized, or (2) a written statement explaining why Account
Manager is not required under applicable law to provide such a disclosure document to
Customer; and
	 
	 	(5)	 	Customer acknowledges, understands and agrees that (1) any communication, notice,
report, statement, advice or information given to Account Manager by

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	 	 	 	Newedge or received from Account Manager by Newedge in respect of the
Account shall be deemed to have been given to, or received from, Customer as
the case may be; (2) any decision, instruction or action of, or authorization
by, Account Manager in respect of the Account shall be deemed to constitute
the decision, instruction, action or authorization of Customer; (3) Customer
has carefully examined the provision of the documents by which it has given
trading authority or control over the Account to the Account Manager and
understands fully the obligations which it has assumed by executing such
document; (4) Newedge is in no way responsible for any loss to Customer
occasioned by the actions of the Account Manager and Newedge does not by
implication or otherwise endorse the operating methods or trading strategies
or programs of the Account Manager; and (5) Customer gives the Account Manager
authority to exercise Customer’s rights over the Account, and does so at its
own risk.

	 	(d)	 	That Newedge or its shareholders, directors, officers, employees, agents,
affiliates and controlling persons shall have no liability for damages, claims, losses
or expenses caused by any errors, omissions or delays: (a) of sub-agents employed by
Newedge, provided that Newedge has used reasonable care in their selection; or (b) of
Newedge itself, except those caused by Newedge’s gross negligence or willful
misconduct.

	9	 	EXTRAORDINARY EVENTS
	 
	 	 	Customer agrees that Newedge shall have no liability for damages, claims, losses or
expenses caused by any errors, omissions or delays resulting from an act, condition or
cause beyond the reasonable control of Newedge, including, but not limited to: war;
insurrection; riot; strike; act of God; fire; flood; extraordinary weather conditions;
accident; action of government authority; action of exchange, clearing house or clearing
organization; communications or power failure; equipment or software malfunction (including
any electronic order routing or direct execution trading system or facility); error,
omission or delay in the report of transactions; prices, exchange rates or other market or
transaction information; or the insolvency, bankruptcy, receivership, liquidation or other
financial difficulty of any bank, clearing broker, exchange, market, clearing house or
clearing organization.
	 
	10	 	INDEMNIFICATION OF NEWEDGE, CONTRIBUTION AND REIMBURSEMENT

	 	(a)	 	To the extent permitted by law, Customer agrees to indemnify and hold
harmless Newedge and its shareholders, directors, officers, employees, agents,
affiliates and controlling persons against any liability for damages, claims, losses
or expenses which they may incur as a result, directly or indirectly of: (x)
Customer’s violation of federal or state laws or regulations, or of rules of any
exchange or self-regulatory organization; (y) any other breach of this Agreement by
Customer; or (z) Customer’s failure to timely deliver any security, commodity or other
property previously sold by Newedge on Customer’s behalf. Such damages, claims, losses
or expenses shall include reasonable legal fees and all expenses, costs of settling
claims, interest, and fines or penalties imposed by the exchanges, self regulatory
organization or governmental authority.
	 
	 	(b)	 	Customer agrees to reimburse Newedge and its shareholders, directors,
officers, employees, agents, affiliates and controlling persons on demand for any
costs incurred in collecting any sums Customer owes under this Agreement and any costs
of successfully defending against claims asserted against them by Customer.

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	11	 	NOTICES; TRANSMITTALS
	 
	 	 	Newedge shall transmit all communications to Customer at Customer’s address, facsimile or
telephone number set forth below or to such other address as Customer may hereafter direct
in writing. Customer shall transmit all communications to Newedge regarding this Agreement
(except routine inquiries concerning the Account) to 550 West Jackson Blvd., Suite 500,
Chicago, Illinois 60661-5716; facsimile, (312) 762-1175, Attention: Legal Department. All
payments and deliveries to Newedge shall be made as instructed by Newedge from time to time
and shall be deemed received only when actually received by Newedge.
	 
	12	 	CONFIRMATION
	 
	 	 	All confirmations, correction notices and account statements (collectively, “Statements”)
shall be submitted to Customer and shall be deemed to be accurate unless the Customer
notifies Newedge 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 Statement; provided that with respect to monthly Statements,
Customer may notify Newedge of any objection thereto within three business days after
receipt of such monthly Statement, provided the objection could not have been raised at the
time the prior Statement, e.g. confirmations and correction notices, was received by the
Customer as provided for above. Any such notice of objection, if given orally, shall be
confirmed promptly in writing by the Customer. Neither Customer nor Newedge shall be bound
by any transaction or price reported in error.
	 
	13	 	SECURITY INTEREST
	 
	 	 	Customer hereby grants to Newedge a first lien upon and a security interest in any and all
cash, securities, whether certificated or uncertificated, security entitlements, investment
property, financial assets, foreign currencies, commodity interests, commodity accounts,
commodity contracts and other property (including securities and options) and the proceeds
of all of the foregoing (together the “Collateral”) belonging to Customer or in which
Customer may have an interest, now or in the future, and held by Newedge or in Newedge’s
control or carried in any of Customer’s Accounts, or in Customer’s accounts carried under
other agreements with Newedge or its affiliates. Such security interest is granted as
security for the performance by Customer of its obligations hereunder and for the payment
of all loans and other liabilities which Customer has or may in the future have to Newedge,
whether under this Agreement or any other agreement between the parties hereto. Customer
agrees to execute such further instruments, documents, filings and agreements as may be
requested at any time by Newedge in order to perfect and maintain perfected the foregoing
lien and security interest. Newedge, in its discretion, may liquidate any Collateral to
satisfy any margin or Account deficiencies or to transfer the Collateral to the general
ledger account of Newedge. Terms defined in the Uniform Commercial Code, as enacted in the
State of New York, shall for purposes of this paragraph have the meanings set forth
therein.
	 
	 	 	In the event that the provisions of Section 13, which relate to Collateral in any account
carried by Newedge for Customer other than an Account established hereunder, conflict with
the agreement under which such other account was established, such other agreement between
Newedge and Customer shall take precedence over the provisions of this Section 13.
	 
	14	 	TRANSFER OF FUNDS
	 
	 	 	At any time and from time to time, Newedge may transfer from one account to another
account in which Customer has any interest, such excess funds, equities, securities or
other property as in Newedge’s judgment may be required for margin, or to reduce any debit
balance or to reduce or

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	 	 	satisfy any deficits in such other accounts except that no such transfer may be made from
a segregated account subject to the Commodity Exchange Act to another account maintained
by Customer unless either Customer has authorized such transfer in writing or Newedge is
effecting such transfer to enforce Newedge’s security interest pursuant to Section 13.
Newedge promptly shall confirm all transfers of funds made pursuant hereto to Customer in
writing.

	15	 	NEWEDGE’S RIGHT TO LIQUIDATE CUSTOMER POSITIONS
	 
	 	 	In addition to all other rights of Newedge set forth in this Agreement:

	 	(a)	 	When directed or required by a regulatory or self-regulatory organization or
exchange having jurisdiction over Newedge or the Account;
	 
	 	(b)	 	Whenever, in its discretion, Newedge considers it necessary for its protection
because of margin requirements or otherwise;
	 
	 	(c)	 	If Customer or any affiliate of Customer repudiates, violates, breaches or fails
to perform on a timely basis any term, covenant or condition on its part to be performed
under this Agreement or another agreement with Newedge or an affiliate of
Newedge; and such repudiation, violation, breach, or failure continues for (3) business
days after notice thereof from Newedge or an affiliate of Newedge, except that such
grace period shall not be applied to a term, covenant, or condition that relates to any
financial obligations on Customer’s part, including, but not limited to, the payment of
margin or any delivery requirements;
	 
	 	(d)	 	If a case of bankruptcy is commenced or if a proceeding under any insolvency or
other law for the protection of creditors or for the appointment of a receiver,
liquidator, trustee, conservator, custodian or similar officer is filed by or against
Customer or any affiliate of Customer or if Customer or any affiliate of Customer makes
or proposes to make any arrangement or composition for the benefit of its creditors, or
if Customer or (any such affiliate) or any or all of its property is subject to any
agreement, order, judgment or decree providing for Customer’s dissolution, winding-up,
liquidation, merger, consolidation, reorganization or for the appointment of a receiver,
liquidator, trustee, conservator, custodian or similar officer of Customer, such
affiliate or such property;
	 
	 	(e)	 	In the case of a natural person, Newedge is informed of Customer’s death or
mental incapacity; or
	 
	 	(f)	 	If an attachment or similar order is levied against the Account or any other
account maintained by a Customer or any affiliate of Customer with Newedge or an
affiliate of Newedge;

	 	 	Newedge shall have the right to (i) satisfy any obligations due Newedge out of any Customer’s
property (also referred to as “Collateral”) in Newedge’s custody or control, (ii) liquidate any or
all of Customer’s commodity interest positions, such liquidation shall include transactions
involving the exchange of futures for cash commodities or the exchange of futures in connection
with cash commodity transactions (iii) cancel any or all of Customer’s outstanding orders, (iv)
treat any or all of Customer’s obligations due Newedge as immediately due and payable, (v) sell any
or all of Customer’s property in Newedge’s custody or control in such manner as Newedge determines
to be commercially reasonable, and/or (vi) terminate any or all of Newedge’s obligations for future

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	 	 	performance to Customer, all without any notice to or demand on Customer, if deemed necessary by
Newedge. Any action hereunder may be made in any commercially reasonable manner. Customer agrees
that a prior demand, call or notice shall not be considered a waiver of Newedge’s right to act
without demand or notice as herein provided, that Customer shall at all times be liable for the
payment of any debit balance owing in each Account upon demand whether occurring upon a liquidation
as provided under this Section 15 or otherwise under this Agreement, and that in all cases Customer
shall be liable for any deficiency remaining in each Account in the event of liquidation thereof in
whole or in part together with interest thereon and all costs relating to liquidation and
collection (including reasonable attorneys’ fees). In the event that the provisions of Section 15,
which relate to Collateral in any account carried by Newedge for Customer other than an Account
instituted hereunder, conflict with the agreement under which such other account was instituted,
such other agreement between Newedge and Customer shall take precedence over the provisions of this
Section 15.
	 
	16	 	NEWEDGE’S RIGHT TO SET-OFF
	 
	 	 	Any amount payable to Newedge by the Customer in the case where an event under Section 15
has occurred, will, at the option of Newedge, be reduced by its set-off against any amounts
payable by Newedge or any affiliate of Newedge to Customer under this Agreement or any
other agreement between Newedge or any affiliate of Newedge and Customer, or instrument or
undertaking in favor of Newedge or an affiliate of Newedge (the “Newedge payable amount”).
The Newedge payable amount will be discharged promptly and in all respects to the extent it
is so set-off. Newedge will give notice to Customer of any set-off effected under this
Section 16. If a Customer’s obligation to Newedge or an affiliate is unascertained, Newedge
may, in good faith, estimate that obligation and set off any amount owing by Newedge or any
affiliate to Customer on any account in respect of the estimate, which amount will be
revised when the obligation is ascertained. This Section and Section 15 shall be without
prejudice and in addition to any right of set-off, combination of accounts, lien or other
right to which Newedge is at any time otherwise entitled whether by operation of law,
contract or otherwise. For purposes of this Section and Section 15, an “affiliate” of
Newedge shall mean: Newedge Group, its direct or indirect parent company(ies) and all other
companies owned materially or controlled in substantial part by or affiliated with Newedge
Group and which bear the “Newedge” name, or their successors or assigns.
	 
	17	 	CUSTOMER REPRESENTATIONS, WARRANTIES AND AGREEMENTS
	 
	 	 	Customer represents and warrants to and agrees with Newedge that:

	 	(a)	 	Customer has full power and authority to enter into this Agreement and to
engage in the transactions and perform its obligations hereunder and contemplated
hereby, and:

	 	(1)	 	If Customer is a corporation or partnership, Customer
represents and warrants that (a) it is duly organized and in good standing
under the laws of the jurisdiction in which it is established and in every
state in which it does business; (b) is empowered to enter into and perform
this Agreement and to effectuate transactions in commodity interests, financial
instruments and foreign currency as contemplated hereby; and (c) no person or
entity has any interest in or control of the Account to which this Agreement
pertains except as disclosed by Customer to Newedge in writing.
	 
	 	(2)	 	If Customer is a trust, Customer represents and warrants that
(a) it is a duly formed and existing trust under the laws of the state of its
formation or such other laws as are applicable, including ERISA or similar
state law, and the party or parties

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	 	 	 	designated as trustee or trustees by Customer to Newedge in writing submitted
herewith constitute the only or all of the proper trustees thereof; (b) the trustee
or trustees are empowered to enter into and perform this Agreement and to effectuate
transactions in commodity interests, financial instruments, and foreign currency as
contemplated hereby; (c) the trustee or trustees make the representations set forth
in Section 17 hereof as if the term trustee(s) were substituted for the term
Customer therein; and (d) no person or entity has any interest in or control of the
Account to which this Agreement pertains except as disclosed by Customer to Newedge
in writing.

	(b)	 	To the best of its knowledge, neither Customer nor any partner, director, officer, member,
manager or employee of Customer nor any affiliate of Customer is a partner, director, officer,
member, manager or employee of a futures commission merchant, introducing broker, bank,
broker-dealer, exchange or self-regulatory organization or an employee or commissioner of the
Commodity Futures Trading Commission (the “CFTC”), except as previously disclosed in writing
to Newedge.
	 
	(c)	 	To help the government fight the funding of terrorism and money-laundering activities, U.S.
Federal law requires Newedge to obtain, verify and record information that identifies each and
every person for which an account is opened by Newedge, whether that person is an individual,
association, partnership, corporation, trust or other entity.
	 
	 	 	Customer will furnish information and documentation as requested by Newedge so that Newedge
can verify Customer’s identity as required by U.S. Federal law. Any financial statements or
information, or identifying information and documentation furnished to Newedge are true,
correct and complete. Customer hereby authorizes Newedge to contact such banks, financial
institutions and credit agencies as Newedge shall deem appropriate for verification of such
financial statements or other information. Upon the Customer’s request, Newedge will inform
the Customer whether it has obtained credit reports, and if so, Newedge will inform the
Customer of the name and address of the reporting agency that furnished those reports.
	 
	 	 	Except as disclosed in writing, (i) Customer is not a commodity pool or is exempt from
registration under the rules of the CFTC, and (ii) Customer is acting solely as principal and
no one other than Customer has any interest in any Account of Customer.
	 
	(d)	 	Customer has determined that trading in commodity interests is appropriate for Customer, is
prudent in all respects and does not and will not violate Customer’s charter or by-laws (or
other comparable governing document) or any law, rule, regulation, judgment, decree, order or
agreement to which Customer or its property is subject or bound.
	 
	(e)	 	As required by CFTC regulations, Customer shall create, retain and produce upon request of
the applicable contract market, the CFTC or other regulatory authority documents (such as
contracts, confirmations, telex printouts, invoices and documents of title) with respect to
cash transactions underlying exchanges of futures for cash commodities or exchange of futures
in connection with cash commodity transactions.
	 
	(f)	 	Customer consents to the electronic recording, at Newedge’s discretion, of any or all
telephone conversations with Newedge (without automatic tone warning device), the use of

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	 	 	same as evidenced by either party in any action or proceeding arising out of the Agreement and in
Newedge’s erasure, at its discretion, of any recording as part of its regular procedure for
handling of recordings.
	 
	(g)	 	Absent a separate written agreement between Customer and Newedge with respect to
give-ups, Newedge, in its discretion, may, but shall have no obligation to, accept from other
brokers commodity interest transactions executed by such brokers on an exchange for
Customer and proposed to be “given-up” to Newedge for clearance and/or carrying in the
Account.
	 
	(h)	 	Newedge, for and on behalf of Customer, is authorized and empowered to place orders for
commodity interest transactions through one or more electronic or automated trading or
order routing systems maintained or operated by or under the auspices of an exchange or
by Newedge, or any third party vendors, that Newedge shall not be liable or obligated to
Customer for any losses, claims, damages, liabilities, costs or expenses (including but not
limited to loss of profits, loss of use, direct or indirect incidental or consequential
damages)
incurred or sustained by Customer and arising in whole or in part, directly or indirectly,
from
any error, fault, failure, inadequate performance or nonperformance, delay, omission,
malfunction, inaccuracy or termination of an electronic trading system or order routing
system or Newedge’s inability to enter, cancel or modify an order on behalf of Customer on
or through an electronic trading system or order routing system. The provisions of this
Section 17(h) shall apply regardless of whether any customer claim arises in contract,
negligence, tort, strict liability, breach of fiduciary obligations or otherwise. This
Section
17(h) does not effect Newedge’s obligations under Section 8(d) herein.
	 
	(i)	 	Newedge shall be entitled to rely on any instructions, notices and communications, whether
oral or in writing, that it reasonably believes to be from an individual authorized to act on
behalf of Customer, including, but not limited to, any individual(s) 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 relevant statutes or any other similar law, rule or regulation.
	 
	(j)	 	If Customer is subject to the Financial Institution Reform, Recovery and Enforcement Act of
1989, the certified resolutions set forth following this Agreement have been caused to be
reflected in the minutes of Customer’s Board of Directors (or other comparable governing body)
and this Agreement is and shall be, continuously from the date hereof, an official record of
Customer.
	 
	(k)	 	Customer is aware of and agrees to be bound by the rules of FINRA applicable to the trading
of security futures product contracts.
	 
	(l)	 	Customer is aware of and agrees not to violate applicable security futures product position
limits.
	 
	(m)	 	Customer acknowledges that Newedge has furnished it with a copy of the current Security
Futures Risk Disclosure Statement.

June 2009  

10

 

	 	 	Customer agrees to promptly notify Newedge in writing if any of the warranties and
representations contained in this Section 17 become inaccurate or in any way cease to be
true, complete and correct.
	 
	18	 	NEWEDGE’S REPRESENTATIONS AND WARRANTIES

	 	Newedge represents and warrants that:
	 
	 	(a)	 	Newedge is registered as a futures commission merchant with the CFTC and is a
member of the National Futures Association.
	 
	 	(b)	 	Newedge has all requisite authority, whether arising under applicable federal
or state laws and rules and regulations, or the rules and regulations of any contract
market or other self-regulatory organization to which Newedge is subject, to enter
into this Agreement.
	 
	 	(c)	 	This Agreement does not violate any applicable law, any judgment, order or
agreement to which Newedge or any of its property is subject or by which it or its
property is bound.
	 
	 	(d)	 	This Agreement is a valid and binding agreement of Newedge enforceable
against Newedge in accordance with its terms and the person signing and delivering the
Agreement is duly authorized to do so on behalf of Newedge.

	19	 	SUCCESSORS AND ASSIGNS
	 
	 	 	This Agreement shall inure to the benefit of Newedge, its successors and assigns, and shall
be binding upon Customer and Customer’s executors, trustees, administrators, successors and
assigns, provided, however, that this Agreement is not assignable by Customer without the
prior written consent of Newedge, which consent shall not be unreasonably withheld if such
assignment is approved in accordance with Newedge’s credit policies and procedures.
	 
	20	 	MODIFICATION OF AGREEMENT; NON-WAIVER PROVISION
	 
	 	 	This Agreement may only be altered, modified or amended by mutual written consent of the
parties. The rights and remedies conferred upon the parties shall be cumulative, and its
forbearance to take any remedial action available to it under this Agreement shall not
waive its right at any time or from time to time thereafter to take such action.
	 
	21	 	SEVERABILITY
	 
	 	 	If any term or provision hereof or the application thereto to any persons or circumstances
shall to any extent be contrary to any exchange, government or self-regulatory regulation
or contrary to any federal, state or local law or otherwise be invalid or unenforceable,
the remainder of this Agreement or the application of such term or provision to persons or
circumstances other than those as to which it is contrary, invalid or unenforceable, shall
not be affected thereby.
	 
	22	 	CAPTIONS
	 
	 	 	All captions used herein are for convenience only, are not a part of this Agreement, and
are not to be used in construing or interpreting any aspect of this Agreement.
	 
	23	 	TERMINATION
	 
	 	 	This Agreement shall continue in force until written notice of termination is given by
Customer or Newedge. Termination shall not relieve either party of any liability or
obligation incurred prior to

June 2009

11

 

	 	 	such notice. Upon giving or receiving notice of termination, Customer will promptly take
all action necessary to transfer all open positions in each Account to another futures
commission merchant.
	 
	24	 	ENTIRE AGREEMENT
	 
	 	 	This Agreement constitutes the entire agreement between Customer and Newedge with respect
to the subject matter hereof and supersedes any prior agreements between the parties with
respect to such subject matter.
	 
	25	 	GOVERNING LAW; CONSENT TO JURISDICTION

	 	(a)	 	In case of a dispute between Customer and Newedge arising out of or relating
to the making or performance of this Agreement or any transaction pursuant to this
Agreement (i) this Agreement and its enforcement shall be governed by the laws of the
State of New York without regard to principles of conflicts of laws, and (ii) Customer
hereby consents in any legal proceeding by Newedge to the jurisdiction of, any state
or federal court located within the Borough of Manhattan in New York City in
connection with legal proceedings arising directly, indirectly or otherwise in
connection with, out of, related to or from Customer’s Account, transactions
contemplated by this Agreement or the breach thereof. Customer hereby waives all
objections Customer, at any time, may have as to the propriety of the court in which
any such legal proceedings may be commenced. Customer also agrees that any service of
process mailed to Customer at any address specified to Newedge shall be deemed a
proper service of process on the undersigned.
	 
	 	(b)	 	Notwithstanding the provisions of Section 25(a)(ii), Customer may elect at
this time to have all disputes described in this Section resolved by arbitration. To
make such election, Customer must sign the Arbitration Agreement set forth in Section
26. Notwithstanding such election, any question relating to whether Customer or
Newedge has commenced an arbitration proceeding in a timely manner, whether a dispute
is within the scope of the Arbitration Agreement or whether a party (other than
Customer or Newedge) has consented to arbitration and all proceedings to compel
arbitration shall be determined by a court as specified in Section 25(a)(ii).

	26	 	ARBITRATION AGREEMENT (OPTIONAL)
	 
	 	 	Every dispute between Customer and Newedge arising out of or relating to the making or
performance of this Agreement or any transaction pursuant to this Agreement, shall be
settled by arbitration in accordance with the rules, then in effect, of the National
Futures Association, the contract market upon which the transaction giving rise to the
claim was executed, or the National Association of Securities Dealers as Customer may
elect. If Customer does not make such election by registered mail addressed to Newedge USA,
LLC at 550 West Jackson Blvd., Suite 500, Chicago, Illinois 60661-5716, Attention: Legal
Department, within 45 days after demand by Newedge that the Customer make such election,
then Newedge may make such election. Newedge agrees to pay any incremental fees which may
be assessed by a qualified forum for making available a “mixed panel” of arbitrators,
unless the arbitrators determine that Customer has acted in bad faith in initiating or
conducting the proceedings. Judgment upon any award rendered by the arbitrators may be
entered in any court having jurisdiction thereof.

     THREE FORUMS EXIST FOR THE RESOLUTION OF COMMODITY DISPUTES: CIVIL COURT LITIGATION,
REPARATIONS AT THE COMMODITY FUTURES TRADING COMMISSION (“CFTC”)

June 2009

12

 

AND ARBITRATION CONDUCTED BY A SELF-REGULATORY OR OTHER PRIVATE ORGANIZATION.

     THE CFTC RECOGNIZES THAT THE OPPORTUNITY TO SETTLE DISPUTES BY ARBITRATION MAY IN SOME CASES
PROVIDE MANY BENEFITS TO CUSTOMERS, INCLUDING THE ABILITY TO OBTAIN AN EXPEDITIOUS AND FINAL
RESOLUTION OF DISPUTES WITHOUT INCURRING SUBSTANTIAL COSTS. THE CFTC REQUIRES, HOWEVER, THAT EACH
CUSTOMER INDIVIDUALLY EXAMINE THE RELATIVE MERITS OF ARBITRATION AND THAT YOUR CONSENT TO THIS
ARBITRATION AGREEMENT BE VOLUNTARY.

     BY SIGNING THIS AGREEMENT, YOU (1) MAY BE WAIVING YOUR RIGHT TO SUE IN A COURT OF LAW AND (2)
ARE AGREEING TO BE BOUND BY ARBITRATION OF ANY CLAIMS OR COUNTERCLAIMS WHICH YOU OR NEWEDGE MAY
SUBMIT TO ARBITRATION UNDER THIS AGREEMENT. YOU ARE NOT, HOWEVER, WAIVING YOUR RIGHT TO ELECT
INSTEAD TO PETITION THE CFTC TO INSTITUTE REPARATIONS PROCEEDINGS UNDER SECTION 14 OF THE COMMODITY
EXCHANGE ACT WITH RESPECT TO ANY DISPUTE WHICH MAY BE ARBITRATED PURSUANT TO THIS AGREEMENT. IN THE
EVENT A DISPUTE ARISES, YOU WILL BE NOTIFIED IF NEWEDGE INTENDS TO SUBMIT THE DISPUTE TO
ARBITRATION. IF YOU BELIEVE A VIOLATION OF THE COMMODITY EXCHANGE ACT IS INVOLVED AND IF YOU PREFER
TO REQUEST A SECTION 14 “REPARATIONS” PROCEEDINGS BEFORE THE CFTC, YOU WILL HAVE 45 DAYS FROM THE
DATE OF SUCH NOTICE IN WHICH TO MAKE THAT ELECTION.

     YOU NEED NOT AGREE TO THIS ARBITRATION AGREEMENT TO OPEN AN ACCOUNT WITH NEWEDGE.

See 17 CFR 166.5.

Acceptance of this arbitration agreement requires a separate signature on page 15.

	27	 	CONSENT TO TAKE THE OTHER SIDE OF ORDERS (OPTIONAL)
	 
	 	 	Without its prior notice, Customer agrees that when Newedge executes sell or buy orders on
Customer’s behalf, Newedge, its directors, officers, employees, agents, affiliates, and any
floor broker may take the other side of Customer’s transaction through any Account of such
person subject to its being executed at prevailing prices in accordance with and subject to
the limitations and conditions, if any, contained in applicable rules and regulations.
	 
	28	 	AUTHORIZATION TO TRANSFER FUNDS (OPTIONAL)
	 
	 	 	Without limiting other provisions herein, Newedge is authorized to transfer from any
segregated account subject to the Commodity Exchange Act carried by Newedge for the
Customer to any other account carried by Newedge for the Customer such amount of excess
funds as in Newedge’s judgment may be necessary at any time to avoid a margin call or to
reduce a debit balance in said account. It is understood that Newedge will confirm in
writing each such transfer of funds made pursuant to this authorization within a
reasonable time after such transfer.
	 
	29	 	TRANSMISSION OF STATEMENTS (CUSTOMER TO ELECT)
	 
	 	 	Customer may elect and consent until further notice to receive statements solely by
electronic means, including without limitation, by electronic mail or facsimile, and not by
mail. Customer shall not incur any costs or fees in connection with the receipt of such
statements by electronic transmission.
	 
	 	 	By subscribing to electronic document delivery, the Customer understands and agrees to the
following:

June 2009

13

 

	 	(a)	 	Customer has the right to receive daily and monthly statements by mail or electronically or a
combination thereof.
	 
	 	(b)	 	The Customer has the right to request and receive a written confirmation of a specific trade
and/or monthly statement, even if the Customer chooses to receive daily and monthly statements
only by electronic means.
	 
	 	(c)	 	The Customer will not receive any other notice regarding the delivery of electronic
documents, and the Customer takes sole responsibility for promptly notifying Newedge in the
event that documents fail to be properly delivered electronically.
	 
	 	(d)	 	The Customer may terminate the option to receive electronic document delivery at any time by
notifying Newedge in writing.

June 2009

14

 

OPTIONAL ELECTIONS/ACKNOWLEDGMENTS

The following provisions, which are set forth in this Agreement, need not be entered into to open
the Account. Customer agrees that by its signature or checking the box (þ) after each such
election below its optional elections are as follows:

	 	 	 	 	 	 	 

	A)	 	ARBITRATION AGREEMENT: (Agreement Paragraph 26)	 	 
	 

	 	 	 	(must sign and date).  [ILLEGIBLE] 	 	 
	 
	 	 	 	 	 	 
	B)	 	CONSENT TO TAKE THE OTHER SIDE OF ORDERS: (Agreement Paragraph 27)	 	þ
	 
	 	 	 	 	 	 
	C)	 	AUTHORIZATION TO TRANSFER FUNDS: (Agreement Paragraph 28)	 	þ
	 
	 	 	 	 	 	 
	D)	 	INSTRUCTIONS TO RECEIVE STATEMENTS: (Agreement Paragraph 29)	 	 

	 	 	Customer must complete the following:

	 	 	Customer, until further notice, elects delivery by electronic or facsimile or mail
transmission for each category or a combination thereof (check the appropriate box(es)):

									
	 	 	 	 	Electronic	 	Facsimile	 	Mail
	 

	 	Daily Statements
	 	þ
	 	o
	 	o
	 

	 	(including confirmations and purchase and sale statements)	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Monthly Statements
	 	þ
	 	o
	 	o

	E)	 	HEDGE ELECTION

	 	 	 	 	 

	 	 	CUSTOMER WARRANTS, BY INITIALLING BELOW, THAT ITS TRANSACTIONS WILL BE BONA FIDE
HEDGING TRANSACTIONS, AS DEFINED BY CFTC REGULATION 1.3(Z).
	 
	 	 	 	 
	 

	 	 	 	HEDGE ELECTION                                         
	 
	 	 	 	 
	 	 	PURSUANT TO CFTC REGULATION 190.06(d), CUSTOMER AGREES, WITH RESPECT TO HEDGING
TRANSACTIONS, THAT IN THE UNLIKELY EVENT OF THE NEWEDGE COMPANY’S BANKRUPTCY, CUSTOMER
PREFERS THAT THE TRUSTEE (PLEASE INITIAL CHOICE)

	 	1.	 	Liquidate all open contracts without first seeking instructions
from or on behalf of the Customer                                          (Initial here)
	 
	 	2.	 	Attempt to obtain instructions with respect to the disposition
of all open contracts                                          (Initial here)

If neither election is initialed, Customer shall be deemed to elect 2.

June 2009

15

 

REQUIRED DISCLOSURE/ACKNOWLEDGMENT

The undersigned hereby acknowledges (by checking the box below þ) its separate receipt
from Newedge of the following documents, and its understanding of the following required
document prior to the opening of the Account:

     DISCLOSURE DOCUMENTS FOR FUTURES TRADING

	 	•	 	Risk Disclosure Statement for Futures and Options

	 	•	 	General Disclosures
           
           
           
           
           
           

           
           

                      

           
           
           
           þ 

REQUIRED CUSTOMER SIGNATURES

The undersigned has received, read, understands and agrees to all the provisions of
this Agreement, and by checking the applicable boxes or signing or initialing above
acknowledges that it has received and understood each such disclosure statement and/or
made such consents or elections, and agrees to promptly notify Newedge in writing if
any of the warranties and representations contained herein become inaccurate or in any
way cease to be true, complete and correct.

The Global Trend Series (GLD), a series of Campbell Global Trend Fund, L.P.

 

Customer Name(s)

	 	 	 	 	 

	/s/
Thomas P. Lloyd

	 	/s/ Gregory T Donovan
	 	[ILLEGIBLE]
	 
	Authourized Signature(s)

	 	Gregory T Donovan
	 	(Date)
	Thomas P. Lloyd
	 	Chief Financial Officer

 Campbell & Company, Inc 
General Partner	 	 
	General Counsel

	 	 	 
	Campbell & Company, Inc. General Partner

	 	 	 
	 
	[If
applicable, print name and title of signatory]

	 	 	 	 

	 	 	 	 	 
	NEWEDGE USA, LLC

Accepted and Agreed:

 	 
	By:  	/s/
ANGELIQUE MURPHY 	 
	 	Name:  	ANGELIQUE MURPHY 	 
	 	Title:  	MANAGING DIRECTOR & GLOBAL HEAD OF SFG	 
	 	Date:  	MAR 05 2010 	 
	 

June 2009

16

 

SECURITY FUTURES PRODUCT REGULATORY

PROTECTIONS AND ACCOUNT ELECTIONS

This disclosure document is furnished to a customer that desires to engage in the trading of
securities futures products pursuant to §41.41(b) of the Commodity Exchange Act and §240.15c3-3(o)
of the Securities Exchange Act of 1934.

1. Set forth below are descriptions of protections provided by the requirements set forth (i) under
the Securities Exchange Act Rule 15c3-3 and the Securities Investor Protection Act of 1970
applicable to a securities account, and (ii) under Section 4d of the Commodity Exchange Act
applicable to a futures account.

A. Protections for Securities Accounts. Positions in security futures products carried
in a
securities account are covered by SEC rules governing the safeguarding of customer funds and
securities, which are Section 15(c)(3) of the Securities Exchange Act of 1934 and Rule 15c3-3
thereunder. Newedge USA, LLC (“Newedge”) is required to follow these rules as a
broker/dealer. These rules prohibit a broker/dealer from using customer funds and securities
to
finance its business. As a result, the broker/dealer is required to set aside funds equal to
the
net of all its excess payables to customers over receivables from customers. The rules also
require a broker/dealer to segregate all customer fully paid and excess margin securities
carried by the broker/dealer for customers.

The Securities Investor Protection Corporation (“SIPC”) also covers positions held in
securities accounts. SIPC was created in 1970 as a non-profit, non-government, membership
corporation, funded by member broker/dealers.
Its primary role is to return funds and securities to customers if the broker/dealer holding
these assets becomes insolvent. SIPC coverage applies to customers of current (and in some
cases former) SIPC members. Most broker/dealers registered with the SEC are SIPC members;
those few that are not must disclose this fact to their customers. SIPC members must display
an official sign showing their membership. Newedge is a member of SIPC.

SIPC coverage is limited to $500,000 per customer, including up to $100,000 for cash. For
example, if a customer has 1,000 shares of XYZ stock valued at $200,000 and $10,000 cash in
the account, both the security and the cash balance would be protected. However, if the
customer has shares of stock valued at $500,000 and $100,000 in cash, only a total of $500,000
of those assets will be protected.

For purposes of SIPC coverage, customers are persons who have securities or cash on deposit
with a SIPC member for the purpose of, or as a result of, securities transactions. SIPC does
not protect customer funds placed with a broker/dealer just to earn interest. Insiders of the
broker/dealer, such as its owners, officers, and partners, are not customers for purposes of
SIPC coverage.

B. Protections for Futures Accounts. If positions in security futures products are
carried
in a futures account, they must be segregated from a futures commission merchants’ (“FCMs”)
or brokerage firm’s own funds and cannot be borrowed or otherwise used for the firm’s own
purposes according to Section 4d of the Commodity Exchange Act and the rules thereunder.
Newedge is a registered FCM and is required to follow these rules. If the funds are deposited

June
2009

17

 

with another entity (e.g., a bank, clearing broker, or clearing organization), that entity
must acknowledge that the funds belong to customers and cannot be used to satisfy the FCM’s
debts. Moreover, although a brokerage firm may carry funds belonging to different customers in
the same bank or clearing account, it may not use the funds of one customer to margin or
guarantee the transactions of another customer. As a result, the brokerage firm must add its
own funds to its customers’ segregated funds to cover customer debits and deficits. Brokerage
firms must calculate their segregation requirements daily.

A customer may not be able to recover the full amount of any funds in its account if, in the
unlikely event, Newedge becomes insolvent and has insufficient funds to cover its obligations
to all of its customers. However, customers with funds in segregation receive priority in
bankruptcy proceedings. Furthermore, all customers whose funds are required to be segregated
have the same priority in bankruptcy, and there is no ceiling on the amount of funds that must
be segregated for or can be recovered by a particular customer.

Please be aware that a futures account, including any contracts that may be defined as
security futures products that are maintained in that account, is not provided with any
protections under the Securities Investor Protection Act of 1970.

Newedge is also required to separately maintain funds invested in security futures contracts
traded on a foreign exchange (foreign security futures contract). However, these funds may not
receive the same protections once they are transferred to a foreign entity (e.g., a foreign
broker, exchange or clearing organization) to satisfy margin requirements for those products.

2. Customer may choose or elect to hold its positions in and margin for security futures products
(“SFPs”) in either a securities account or futures account established and maintained by Newedge.

3. Customer’s election of account type for positions in and related margin for SFPs shall be made
by completing the Account Election Form attached and returning it to Newedge.

4. Customer may not change an election of account type after trading has commenced in SFPs.

5. The regulatory protections afforded a customer in connection with trading in security futures
products differ depending on whether the positions are carried in a securities account or a futures
account. If positions are carried in a securities account, Customer will not receive the
protections available for futures accounts. Similarly, if positions are carried in a futures
account, Customer will not receive the protections available for securities accounts.

June
2009

18

 

Futures Account Election

	þ	 	 Customer elects to hold positions in and related margin for securities futures
products in a futures
account established by Newedge pursuant to Newedge’s Futures Account Agreement.

[Please note if you elect to trade security futures products In a futures account,
you must also complete
account paperwork to open a securities account in the event that you take delivery
on a security futures
product.]

or

Securities Account Election

	o	 	 Customer elects to hold positions in and related margin for
securities futures products in a securities account established by Newedge
pursuant to Newedge’s Securities & Options Account Agreement. 

[Please note if you
elect to trade security futures products in a securities account, you must also
complete account paperwork to open a securities account]

The Global Trend Series (GLD), a series of Campbell Global Trend Fund, L.P.

(Name of Customer)

	 	 	 	 	 	 	 

	By:

	 	/s/ Thomas P. Lloyd
	 	By:
	 	/s/ Gregory T Donovan
	 

	 	 
	 	 	 	 
	 

	 	Name: Thomas P. Lloyd
	 	 	 	Name: Gregory T Donovan
	 

	 	Title:
General Counsel

Campbell & Company, Inc.

	 	 	 	Title: Chief Financial Officer

Campbell & Company, Inc.

	 

	 	Date: [ILLEGIBLE]
	 	 	 	 

June
2009

19

 

Newedge USA LLC

Futures, Securities and/or FX Sub-Account Declaration

Customer wishes to establish an additional account with Newedge USA LLC (“Newedge”) for
the purposes stated below, All trading in this account will be initiated by individuals
authorized to trade for the account and will be made solely for the benefit of the
account. Under no circumstances will the trading activity in this account be for the
beneficial ownership or interest of other parties.

FOR FUTURES SUB-ACCOUNTS ONLY, Customer is aware of Commodity Futures Trading Commission
(“CFTC”) Regulation 1.46 regarding the closing out of offsetting long and short
positions. The substance of this regulation provides that a customer may not maintain more
than one account for the purpose of holding open a long and short position in the same
futures or option on futures contract. Customer declares that the trading in this account
will be conducted in accordance with the provisions of CFTC Regulation 1.46 and
any corresponding exchange regulations. Hedge accounts may be long and short the same
contract, provided the positions are bona fide hedge positions and a hedge agreement has
been executed. Accounts of exchange members may be long and short the same contract,
provided that the positions are part of an exchange recognized spread, reversals,
conversions, etc.

	•	 	Hedge Election (leave blank unless account owner is a “bonafide hedger”)

	 	 	 
	o	 	Customer confirms that all transactions in the account will
represent bona fide hedging transactions, as defined by the CFTC, unless Newedge is
notified otherwise not later than the time an order is placed for the
account.

	 
	•	 	Products to be Traded (check each appropriate box)         

	 	 	 	 	 	 	 	 	 	 	 

	    þ

	 	Futures
	 	o
	 	FX
	 	o
	Securities	 

     PURPOSE of the sub-account:                                                 
                                                   

	•	 	Margining. Will the sub-account be “grouped” and margined collectively with the main account
and any other sub-accounts? (check appropriate box)

     o       Yes             þ       No

     Interest If a “group” account is established, only one account can be
credited/debited with interest payments. Please identify that account.                                                                   

Account Number               

Global
Trend Series (GLD) (TF portfolio)

(Name of Account)

	 	 	 

	Main Account Number: 412-97051

	 	Sub-Account Number: 412-97052
	 

	 	(Sub-Account Number to be provided upon  Compliance
	 

	 	Department approval)

	 	 	 	 	 	 	 	 	 	 	 

	By: /s/ Thomas P. Lloyd

	/s/ Gregory T Donovan 
	 	 	 	By: /s/ ANGELIQUE
MURPHY

	(Customer Signature) 

	 	Gregory T Donovan 	 	 	 	(Newedge
Signature) 

	
Thomas P. Lloyd

	 	Chief Financial Officer 
	 	 	 	Name:
ANGELIQUE MURPHY

	 

	 	 	 	 	 	 	 	 	 	 
	
General Counsel

	 	Campbell & Company, Inc. 
	 	 	 	Title: MANAGING DIRECTOR & GLOBAL HEAD OF SFG

	Campbell & Company, Inc.

	 	 
	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	Date: 3.19.10

	 	3.19.10 	 	 	 	 	 	Date: MAR 19 2010exv10w5

EXHIBIT 10.5

CAMPBELL GLOBAL TREND FUND, L.P. — TREND FOLLOWING SERIES (USD)

GLOBAL INSTITUTIONAL

MASTER CUSTODY AGREEMENT

(limited partnership)

     THIS AGREEMENT, effective as of the 25th day of March, 2010, is made between the
Campbell Global Trend Series (USD), a series (the “Series”) of the CAMPBELL GLOBAL TREND FUND,
L.P., a series limited partnership organized and existing under the laws of Delaware (the
“Partnership”), and THE NORTHERN TRUST COMPANY, an Illinois corporation, of Chicago,
Illinois (“Northern”).

     Pursuant to the Delaware Revised Uniform Limited Partnership Act, as amended,the Partnership
provides for the limitation of liability of each series formed under the Partnership with respect
to the debts, liabilities, obligations and expenses of such series and not those of any other
series or the Partnership. The Series and classes within the Series currently existing under the
Partnership are identified in Exhibit A attached hereto.

     The Series hereby appoints Northern as its agent to establish and maintain custody accounts in
the name of the Series (the “Accounts”) and to hold in such Accounts those assets of the Series as
are transferred to it from time to time.

     The Series shall direct Northern to establish one or more separate accounts (“Separate
Account”) for cash, securities and other property of the Accounts received by Northern from time to
time. Each Separate Account shall be managed by either the Series or an investment manager
appointed by the Series. By written direction the Series will designate assets of the Accounts to
be allocated to each Separate Account and direct Northern to transfer assets of the Accounts to or
from each Separate Account. With respect to cash deposited in Northern’s banking department, the
Separate Accounts are maintained as a matter of convenience and, therefore, Northern may aggregate
the Separate Accounts for purposes of its depository requirements. All assets, other than cash,
will be maintained by Northern in segregated accounts and accounted for separately from Northen’s
own assets.

     Unless directed otherwise in writing, Northern shall have with respect to the Accounts the
powers and duties as hereinafter provided, except that no such direction shall change Northern’s
powers and duties hereunder without Northern’s consent.

     Northern and the Series agree as follows:

     1. Northern shall hold and safeguard the cash, securities, and other property in the
Accounts and shall collect the income and principal thereof when due.

     2. Northern may hold securities or other property of each Separate Account through an agent
or in the name of its nominee or in a corporate depository or federal book

 

 

entry account system or other form as it deems best. All securities held directly or indirectly in
the Account shall be segregated on Northern’s books and records from Northern’s own assets and the
assets of other Northern clients, and shall be held by Northern for the exclusive account and
benefit of the Series, and beneficial ownership of the securities shall at all times remain vested
in the Series; the books and records of Northern shall so identify the securities and the Accounts.
Northern shall forward any proxies relating to securities or other property held in the Accounts
to the appropriate investment manager, or, in accounts where no investment manager has been
appointed, to the Series or the Series’ designee, and Northern shall process such proxies as
directed by the investment manager, the Series, or the Series’ designee.

     3. With respect to a Separate Account managed by the Series, all security transactions shall
be placed through brokers of its choice. Each investment manager appointed by the Series is
authorized to execute security trades directly with respect to its respective Separate Account.
Northern is hereby directed to receive and pay for securities purchased, in accordance with
industry practice, and to deliver, in accordance with industry practice, securities sold, by the
Series or by an investment manager. The Series has the right under applicable law to receive, at
no additional cost, separate notifications of certain securities transactions; however, unless the
Series directs otherwise in writing, the Series agrees not to receive such separate notifications
of securities transactions and that all securities transactions will be reported on the Series’
periodic statements of account. Under no circumstance shall Northern pay any money to an
investment manager except pursuant to written instructions by the Series. Northern shall issue its
operating instructions to the Series and to an investment manager as it deems appropriate.

     4. Northern is authorized, but shall not be obligated, to credit the Accounts provisionally
on payable date with interest, dividends, distributions, redemptions or other amounts due.
Otherwise, such amounts will be credited to the Accounts on the date such amounts are actually
received by Northern and reconciled to the Accounts. In cases where Northern has credited the
Accounts with such amounts prior to actual collection and reconciliation, the Series agrees that
Northern may reverse such credit as of payable date if and to the extent that it does not receive
such amounts in the ordinary course of business. The Series acknowledges that Northern shall be
entitled to recover from the Series on demand such provisional credit, plus its fee, applicable
from time to time, in connection with such provisional credit.

     5. Northern is authorized, but shall not be obligated, to advance its own funds to complete
transactions in cases where adequate funds may not otherwise be available to the Accounts. The
Series acknowledges that Northern shall be entitled to repayment of any amounts advanced plus its
fee, applicable from time to time, in connection with advancing such funds.

     6. The Series recognizes that any decision to effect a provisional credit or an advancement
of Northern’s own funds to the Accounts pursuant to this Agreement will be an accommodation granted
entirely at Northern’s option and in light of the particular circumstances, which circumstances may
involve conditions in different countries, markets and classes of assets at different times. All
amounts thus due to Northern under this

2

 

agreement with respect to a provisional credit or advancement of Northern’s funds to the Accounts
shall be paid by Northern from the Accounts unless otherwise paid by the Series on a timely basis
and in that connection the Series acknowledges that Northern has a continuing lien on all Account
assets to secure such payments and agrees that Northern may apply or set off against such amounts
any amounts credited by or due from Northern to the Series. If funds in the Accounts are
insufficient to make any such payment, the Series shall promptly deliver to Northern the amount of
such deficiency in immediately available funds when and as specified by Northern’s written or oral
notification.

     7. Northern may execute and deliver as agent of the Series, and pursuant to the Series’
directions or the directions of an investment manager, any assignments, stock or bond powers or
other documents or instruments and, in particular (a) may sell, assign, transfer, or make other
disposition of any security or other property in the Accounts in accordance with industry practice;
(b) may obtain any payment due; and (c) may make payment in accordance with industry practice for
any securities purchased or otherwise acquired. Northern may execute any and all documents by
signing as agent of the Series or as its attorney-in-fact pursuant to this authorization.

     8. Subject to contrary instructions from the Series or an investment manager, United States
Dollars held by Northern shall be invested for short term purposes in the investment fund specified
in a separate writing from the Series (which writing may be modified by the Series from time to
time). The Series accepts that temporary cash investments may require additional documentation and
such investments may include, without limitation, deposit obligations of Northern’s banking
department or that of an affiliate, common and collective funds maintained by Northern or an
affiliate, and money market mutual funds of which Northern or an affiliate may be a sponsor,
investment advisor, manager or custodian, and from which Northern or an affiliate may receive
separate compensation.

     9. Northern shall at all times exercise due care in dealing with the Accounts pursuant to the
standard of care of a prudent, professional custodian for hire in the United States with the care,
skill, prudence, and diligence under the circumstances then prevailing that a professional
custodian acting in like capacity and familiar with such matters would use..

     10. If a corporation whose common stock declares a dividend in such stock, and payment of
such dividend results in a fractional share, Northern shall sell such fraction.

     11. Northern’s duties shall be limited to those expressly set forth in this agreement.
Northern shall have no obligation to make any investment review, to consider the propriety of
holding or selling any property in the Accounts or to provide any advice in that regard. Northern
shall incur no liability to the Series or the Accounts for any act taken or omitted by Northern or
any of its agents pursuant to this agreement and shall be indemnified by the Series for any
losses, expenses, penalties or taxes arising from following directions given to Northern pursuant
to this agreement or for failing to act in the absence of directions. Northern shall have no
responsibility for the solvency or financial condition of any agent engaged in connection with the
provision of services to the

3

 

Accounts, and shall incur no liability to the Series or the Accounts for any loss arising
therefrom. This paragraph 11 shall survive the termination of this agreement.

     12. Northern shall furnish the Series with periodic statements of account showing all
receipts and disbursements and the property in each Separate Account and the market value thereof.
Northern shall provide the Series with daily access to unaudited data pursuant to Northern’s
Northern Trust Passport® applications, subject to such additional terms and conditions as Northern
may require. Account statements will be provided monthly. Northern shall incur no liability to
the Series or the Accounts for any loss which may arise from the mispricing of Account assets by
any broker, pricing service or other person upon whose valuation Northern relies in good faith. A
statement of account shall be approved by the Series by written notice delivered to Northern or by
failure to object to the statement of account within sixty (60) days of the date upon which the
statement of account was delivered to the Series. To the extent permitted by law, the approval of
a statement of account shall constitute a full and complete discharge to Northern as to all matters
set forth in that statement of account. In no event shall Northern be precluded from having its
statement of account settled by a judicial proceeding.

     13. This agreement may be terminated at any time upon thirty (30) days written notice from
the Series to Northern or from Northern to the Series and upon the expiration of such forty-five
(45) day period, Northern shall promptly deliver all cash, securities and other property then in
the Accounts to the Series or in accordance with the Series’ order.

     14. The Series warrants that the performance by Northern of its duties in accordance with
this agreement will not cause Northern to violate any applicable law, and that applicable law
imposes no duties beyond those expressly assumed by Northern under this agreement.

     15. Northern shall receive such reasonable compensation for its services as agreed upon from
time to time between it and the Series. In addition, Northern shall be reimbursed for any expenses
(including accounting and legal fees) it reasonably incurs in connection with the Accounts. Those
items of expense and compensation shall be paid from the Accounts unless otherwise agreed in
writing. This paragraph 20 shall survive the termination of this agreement.

     16. Northern shall make distributions from the Accounts to such persons, in such amounts, at
such times and in such manner as the Series shall from time to time direct in writing. Northern
shall not be liable for any distribution made in good faith without actual notice or knowledge of
the changed condition or status of the recipient. If any distribution made by Northern is returned
unclaimed, it shall notify the Series and shall dispose of the distribution as the Series directs.
Pursuant to making distributions, Northern may deposit cash in any depository including its own
banking department, without any liability for the payment of interest thereon, notwithstanding
Northern’s receipt of “float” from such uninvested cash.

4

 

     17. Northern shall have no duty to file any tax information, reports, returns or other
filings of any kind except where it is directed by the Series and consents in writing to do so.

     18. The provisions of the law of New York shall govern the validity, interpretation and
enforcement of this agreement. The invalidity of any part of this agreement shall not affect the
remaining parts hereof. This agreement may be modified at any time by a writing signed by the
parties hereto.

     19. Any action required to be taken by the Series shall be by the written direction of one
or more person or persons as shall be authorized by the Series and as identified in a certificate
signed by the General Partner of the Partnership or Serieswhich certificate shall be filed with
Northern. Northern may conclusively rely on a direction which it believes in good faith is from a
person or persons identified as provided above until further written notice from the Series.
Northern shall incur no liability to the Series or the Accounts for acting on any instruction,
direction or other communication on which Northern is authorized to rely pursuant to this
agreement, or for any delay in delivery or non-delivery or error in transmission.

Notices to the Series shall be sent to:

Thomas P. Lloyd &

Gregory T. Donovan

Campbell & Company, Inc.

2850 Quarry Lake Drive

Baltimore, MD 21209

     20. Notwithstanding any other provision of this agreement, instructions, directions and
other communications provided under this agreement may be given to Northern by letter, telex, SWIFT
or other electronic or electro-mechanical means deemed acceptable by Northern, including the use of
Northern’s Northern Trust Passport® applications, subject to such additional terms and conditions
as Northern may require. In its sole discretion, Northern may, but shall not be required to,
accept instructions, directions or other communications given to Northern by telephone. Any
instructions, directions or other communications given to Northern by telephone shall promptly
thereafter be confirmed in writing, but Northern will incur no liability for the Series’ failure,
or the failure of an investment manager, to send such written confirmation or for the failure of
any such written confirmation to conform to the telephonic instruction received by Northern.

     21. Northern shall incur no liability to the Series or the Accounts (i) for any indirect,
incidental, consequential, special, exemplary or punitive damages, whether or not Northern knew of
the likelihood of such damages, or (ii) for any delay in performance, or non-performance, of any
obligation hereunder to the extent that the same is due to forces beyond Northern’s reasonable
control, including but not limited to delays, errors or interruptions caused by the Series or third
parties, any industrial, juridical, governmental, civil or military action, acts of terrorism,
insurrection or revolution, nuclear fusion, fission

5

 

or radiation, failure or fluctuation in electrical power, heat, light, air conditioning or
telecommunications equipment, or acts of God.

     22. The Series may engage Northern or any of Northern’s affiliates, as the Series’ agent, to
provide transition or liquidation services in connection with the removal of an investment manager,
or for any other reason, pursuant to a separate written agreement between the Series and Northern
or any of Northern’s affiliates. The Series may engage Northern Trust Securities, Inc., or any
other of Northern’s affiliates, as a commission recapture provider.

[CONTINUED ON NEXT PAGE]

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     IN WITNESS WHEREOF, the Series, of the Partnership, and Northern have each executed
this agreement by their respective duly authorized officers, effective as of the day and year first
above written.

	 	 	 	 	 
	 	CAMPBELL GLOBAL TREND FUND, 

L.P. — TREND FOLLOWING SERIES 

(USD) by Campbell & Company, Inc., its

General Partner

 	 
	 	By:  	/s/ Thomas P. Lloyd
 	 
	 	 	Thomas P. Lloyd 	 
	 	 	Its:  General Counsel 	 
	 
	 	 	 
	 	By:  	/s/ Gregory T. Donovan
 	 
	 	 	Gregory T. Donovan 	 
	 	 	Its:   Chief Financial Officer 	 
	 

The undersigned, Thomas P. Lloyd, does hereby certify that he/she is the duly elected,
qualified and acting General Counsel of Campbell & Company, Inc. the General Partner (the “General
Partner”) of Campbell Global Trend Fund, L.P. (the “Partnership”) and further certifies
that the person whose signature appears above is a duly elected, qualified and acting officer of
the General Partner with full power and authority to execute this Master Custody Agreement on
behalf of the Series of the Partnership and the General Partner and to take such other actions and
execute such other documents as may be necessary to effectuate this agreement.

	 	 	 	 	 
	 	 	 
	 	      /s/ Thomas P. Lloyd
 	 
	 	General Counsel 	 

	 	 	 	 	 
	 	THE NORTHERN TRUST COMPANY

 	 
	 	By:  	/s/ Ryan Barns
 	 
	 	 	Ryan Barns 	 
	 	 	Its:  Vice President 	 

7

 

	 	 	 	 	 

Exhibit A

	•	 	Campbell Global Trend Fund, L.P., Global Trend Series (USD)

Class A (USD)

Class B (USD)

Class C (USD)

Class D (USD)

8

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