Common use of Ownership of Investments Clause in Contracts

Ownership of Investments. All Investments held or acquired for the Account whether or not commingled, intermingled or jointly acquired for the Principal and one or more Participants, shall for all purposes continue to be the property of the Principal and the Participants. The Principal shall have an undivided interest in such Investments with the Participants. Proportionate Share shall mean the Principal’s share of the Investments in the Account determined on any day by dividing the value of Principal’s contribution to the Account by the current value on such day of the Investments in the Account (“Proportionate Share”). The Principal’s ownership interest in the Investments and the Account shall be evidenced by book-entries maintained by the Manager. The underlying assets of the Account are held solely for the benefit of each Principal.