Common use of Acting as Principal Clause in Contracts

Acting as Principal. The Subscriber is purchasing the applicable Purchased Units on the applicable Payment Date as principal for its own account, and not for the benefit of any other person (which term as used herein shall be broadly interpreted and shall include a corporation) or, if it is not purchasing as principal, it is deemed to be purchasing such Purchased Units on such Payment Date as principal for accounts fully managed by it pursuant to a statutory exemption or an exemption order from relevant securities regulatory authorities in the applicable jurisdictions permitting such purchase.

Acting as Principal. The Subscriber is purchasing the applicable Purchased Units on the applicable Payment Date as principal for its own account, and not for the benefit of any other person (which term as used herein shall be broadly interpreted and shall include a corporation) or, if it is not purchasing as principal, it is deemed to be purchasing such Purchased Units on such Payment Date as principal for accounts fully managed by it pursuant to a statutory exemption or an exemption order from relevant securities regulatory authorities in the applicable jurisdictions permitting such purchasesuchpurchase.